External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Havells India’s (HAVL) reported healthy growth in revenue led by Cables and Lloyd’s non-season products (22.8%/18.5% YoY), while Switchgear saw soft revenue growth (+3.4% YoY).</li><li>The company expects ECD segment growth momentum to continue from non-season products with positive demand outlook and some uptick in consumer trends.</li><li>With Lloyd strategy focused on growth with profitability, we estimate positive EBIT for FY25. Led by capacity addition at Tumakuru and stability in RM prices, Cables business growth is likely to pick up in the coming quarters.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells India’s (HAVL) reported healthy growth in revenue led by Cables and Lloyd’s non-season products (22.8%/18.5% YoY), while Switchgear saw soft revenue growth (+3.4% YoY).The company expects ECD segment growth momentum to continue from non-season products with positive demand outlook and some uptick in consumer trends.With Lloyd strategy focused on growth with profitability, we estimate positive EBIT for FY25. Led by capacity addition at Tumakuru and stability in RM prices, Cables business growth is likely to pick up in the coming quarters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells India - Healthy Growth in Cables & Lloyd, Margins Contracted

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls</li>
<li>Top Large Cap Bullish Ideas include <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> &amp; <a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (GOPAL IN)</a> are names that we have a bearish view on. </li>
</ul>


Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls
Top Large Cap Bullish Ideas include HDFC Asset Management Co Ltd (HDFCAMC IN), Bajaj Auto Ltd (BJAUT IN) &amp; Pvr Inox (PVRINOX IN).

D.B. Corp Ltd (DBCL IN), IndiaMart (INMART IN) &amp; Gopal Snacks (GOPAL IN) are names that we have a bearish view on. 


Namaste India 🙏 | Earnings Editions Are Back

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Havells reported strong performance in B2C segment with 20% revenue growth YoY.</li><li>Broad-based growth across segments led to strong revenues but higher operational costs weighed on margins.</li><li>Takeaways: (1) Higher consumer demand led to strong double digit revenue growth in key segments of ECD, cables and Lloyd.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells reported strong performance in B2C segment with 20% revenue growth YoY.Broad-based growth across segments led to strong revenues but higher operational costs weighed on margins.Takeaways: (1) Higher consumer demand led to strong double digit revenue growth in key segments of ECD, cables and Lloyd.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>While Havells’ Q2 revenue print (+16% YoY) surprised positively (+3% vs HSIE), its operational performance disappointed with EBITDAM falling by 120bps YoY to 8.4% (HSIE: 10.6%)</li><li>Revenue growth was aided by improvement in consumer demand trends</li><li>Moreover, early trends from the festive season have been encouraging while the B2B portfolio is expected to witness a better 2H with an anticipated pick-up in government spending</li><li>On the other hand, EBITDA was impacted due to (1) high volatility in commodity prices (especially in the cables segment), (2) advancement of A&amp;P spending due to the festive season (up 54% YoY), and (3) enhanced investments in alternate/emerging channels (especially in ECD segment)</li><li>Lloyd on the back of improved efficiency and consumer acceptance is progressing well on its journey of growth and profitability (Revenue grew 19% YoY, EBIT Margin at -3.8% vs -15% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

While Havells’ Q2 revenue print (+16% YoY) surprised positively (+3% vs HSIE), its operational performance disappointed with EBITDAM falling by 120bps YoY to 8.4% (HSIE: 10.6%)Revenue growth was aided by improvement in consumer demand trendsMoreover, early trends from the festive season have been encouraging while the B2B portfolio is expected to witness a better 2H with an anticipated pick-up in government spendingOn the other hand, EBITDA was impacted due to (1) high volatility in commodity prices (especially in the cables segment), (2) advancement of A&amp;P spending due to the festive season (up 54% YoY), and (3) enhanced investments in alternate/emerging channels (especially in ECD segment)Lloyd on the back of improved efficiency and consumer acceptance is progressing well on its journey of growth and profitability (Revenue grew 19% YoY, EBIT Margin at -3.8% vs -15% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells India (Q2FY25): Near-term blip an opportunity to ADD

Thematic (Sector/Industry)

<ul><li>With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressures</li><li>As channel inventory ran dry post a sizzling summer season, primary sales of cooling products (more so RAC and air coolers) are likely to support overall industry growth</li><li>While Onam demand (start of the festive season) was below expectation, early trends from Navratri/Dusshera have been encouraging</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressuresAs channel inventory ran dry post a sizzling summer season, primary sales of cooling products (more so RAC and air coolers) are likely to support overall industry growthWhile Onam demand (start of the festive season) was below expectation, early trends from Navratri/Dusshera have been encouragingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS (Q2FY25 Results Preview): Soft Quarter, Festive Season a Key Monitorable

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

Havells India - Healthy Growth in Cables & Lloyd, Margins Contracted

Havells India’s (HAVL) reported healthy growth in revenue led by Cables and Lloyd’s non-season products (22.8%/18.5% YoY), while Switchgear saw...

Prabhudas Lilladhar

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

Havells - White Goods

Havells reported strong performance in B2C segment with 20% revenue growth YoY. Broad-based growth across segments led to strong revenues but...

ICICI Securities Limited

Havells India (Q2FY25): Near-term blip an opportunity to ADD

While Havells’ Q2 revenue print (+16% YoY) surprised positively (+3% vs HSIE), its operational performance disappointed with EBITDAM falling by...

HDFC Securities

Consumer Durables & EMS (Q2FY25 Results Preview): Soft Quarter, Festive Season a Key Monitorable

With Q2 being seasonally the weakest quarter, the demand environment remained impeded by weak consumer sentiment due to inflationary pressures

HDFC Securities

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