External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Havells India: Havells delivered a strong Q1FY22 performance despite the industry facing several challenges due to COVID-19. Revenue grew by 76% YoY (HSIE 68%), driven by strong performance across all segments, notably switchgears and ECD. While our channel checks suggested a ~15% revenue decline vs. Q1FY20, Havells, through its superior execution capabilities, managed to control the revenue decline to 4% (vs. Q1FY20), as against the 46% YoY dip registered in Q1FY21. With the second wave hitting India at the peak of summer season, Lloyd lost out on crucial sales; however, it posted slightly higher revenue than our expectation (24% down vs.</p><div class="content-highlight"><em>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.</em></div>

Havells India: Havells delivered a strong Q1FY22 performance despite the industry facing several challenges due to COVID-19. Revenue grew by 76% YoY (HSIE 68%), driven by strong performance across all segments, notably switchgears and ECD. While our channel checks suggested a ~15% revenue decline vs. Q1FY20, Havells, through its superior execution capabilities, managed to control the revenue decline to 4% (vs. Q1FY20), as against the 46% YoY dip registered in Q1FY21. With the second wave hitting India at the peak of summer season, Lloyd lost out on crucial sales; however, it posted slightly higher revenue than our expectation (24% down vs.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.

HSIE Results Daily: Hindustan Unilever, UltraTech Cement, Bajaj Auto, Havells India, ICICI Lombard

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>New launches, rural expansion intact in a COVID-disrupted year HAVL's FY21 Annual Report emphasizes on operations in a COVID-19 disrupted year. The management continued to focus on expanding distribution, particularly in rural areas, and launching newer and innovative products. All these measures led to HAVL's capitalizing on pent up demand arising post the lifting of lockdown restrictions,...</p><div class="content-highlight"><em>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.</em></div>

New launches, rural expansion intact in a COVID-disrupted year HAVL's FY21 Annual Report emphasizes on operations in a COVID-19 disrupted year. The management continued to focus on expanding distribution, particularly in rural areas, and launching newer and innovative products. All these measures led to HAVL's capitalizing on pent up demand arising post the lifting of lockdown restrictions,...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.

New launches, rural expansion intact in a COVID-disrupted year

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)

HSIE Results Daily: Hindustan Unilever, UltraTech Cement, Bajaj Auto, Havells India, ICICI Lombard

Havells India: Havells delivered a strong Q1FY22 performance despite the industry facing several challenges due to COVID-19. Revenue grew by 76%...

HDFC Securities

New launches, rural expansion intact in a COVID-disrupted year

New launches, rural expansion intact in a COVID-disrupted year HAVL's FY21 Annual Report emphasizes on operations in a COVID-19 disrupted year. The...

Motilal Oswal

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