Havells India profit rises 33% in September quarter

Home appliances maker Havells India reported a 33 per cent rise in its profit for the quarter ended September 30. The rise in second quarter profit came on the back of strong demand for cables and air-conditioners. Demand for cables remained strong due to sustained infrastructure spending and dry weather boosted air-conditioner sales.

The company's profit for the September quarter rose to Rs 249 crore from Rs 187 crore during the year-ago period, but missed analysts' average estimate of Rs 287 crore, as per LSEG data.

Revenue for the quarter rose 6 per cent to Rs 3,891 crore. A strong growth in cables and wires segment was expected due to healthy demand from the housing and infrastructure sectors.

The cables segment, Havells India's largest in terms of revenue, doubled its pre-tax profit to Rs 1.71 crore. Havells owned Lloyd benefitted from a pickup in sale of air-conditioners due to unusually dry weather during the quarter.

Lloyd segment posted a narrower loss of Rs 73.31 crore compared with a loss of Rs 83.29 during Q2 FY23. The Havells India flagged softness in consumer demand but expects an uptick in the festival season this quarter.

Shares of the company closed 0.87 per cent higher at Rs 1,352 apiece on the NSE on Thursday, October 19.