1812 (3) 1712 (3) Var. (%) 1812 (9) 1712 (9) Var. (%) 1803 (12) 1703 (12) Var. (%) Sales 2518.43 1965.77 28 7305.76 5603.67 30 8138.57 6135.26 33 OPM (%) 11.7 13.3   11.9 12.3   12.9 13.4   OP 294.58 262.22 12 869.34 691.57 26 1049.29 824.14 27 Other inc. 33.06 27.76 19 96.60 91.25 6 116.99 134.28 -13 PBIDT 327.64 289.98 13 965.94 782.82 23 1166.28 958.42 22 Interest 3.56 5.49 -35 9.77 15.61 -37 23.97 12.15 97 PBDT 324.08 284.49 14 956.17 767.21 25 1142.31 946.27 21 Dep. 35.32 36.31 -3 109.50 104.78 5 139.52 119.63 17 PBT before EO 288.76 248.18 16 846.67 662.43 28 1002.79 826.64 21 EO Income 0.00 20.98   0.00 20.98   11.91 -57.81 -121 PBT after EO 288.76 269.16 7 846.67 683.41 24 1014.70 768.83 32 Taxation 93.09 74.80 24 261.98 196.65 33 302.18 229.79 32 PAT 195.67 194.36 1 584.69 486.76 20 712.52 539.04 32 Other comprehensive income (net of tax) -0.55 -1.43 -62 -1.81 -4.31 -58 1.68 -2.75 -161 Total comprehensive income 195.12 192.93 1 582.88 482.45 21 714.20 536.29 33 EPS (Rs)* # #   # #   11.3 9.3   * EPS is on current equity of Rs 62.55 crore, Face value of Rs 1
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

Havells India : Segment results

 

 

Sales * 1812 (3) 1712 (3) Var. (%) % to total 1812 (9) 1712 (9) Var. (%) % to total 1803 (12) 1703 (12) Var. (%) % to total
Switchgear 416.21 344.27 21 17 1243.44 1029.82 21 17 1424.45 1467.68 -3 17
Cable 820.31 625.64 31 33 2336.71 1914.55 22 32 2683.41 2675.61 0 32
Lighting & Fixture 369.51 287.10 29 15 913.44 846.01 8 13 1168.70 1022.80 14 14
Electrical Consumer Durables 555.23 415.77 34 22 1489.02 1104.95 35 20 1569.57 1419.87 11 19
Lloyd Consumer 357.17 292.99 22 14 1323.15 830.04 59 18 1414.14     17
Total Reportable Segment 2518.43 1965.77 28 100 7305.76 5725.37 28 100 8260.27 6585.96 25 100
Less: Inter segment revenues                        
Net sales 2518.43 1965.77 28   7305.76 5725.37 28   8260.27 6585.96 25  
PBIT                        
Switchgear 163.08 137.96 18 27 480.75 404.92 19 27 557.20 561.03 -1 28
Cable 129.36 107.03 21 22 364.23 306.25 19 21 438.03 325.63 35 22
Lighting & Fixture 108.87 81.80 33 18 264.66 235.85 12 15 335.63 265.06 27 17
Electrical Consumer Durables 141.22 122.97 15 24 402.89 293.98 37 23 420.15 349.37 20 21
Lloyd Consumer 53.13 47.98 11 9 237.78 140.02 70 14 268.32     13
Total 595.66 497.74 20 100 1750.31 1381.02 27 100 2019.33 1501.09 35 100
Less: Interest 3.56 5.49 -35   9.77 15.61 -37   23.97 12.15 97  
Add: Other un-allcoable Inc -303.34 -244.07 24   -893.87 -702.98 27   -992.57 -662.30 50  
Less: EO Exp   -20.98       -20.98     -11.91 57.81    
Total profit before tax 288.76 269.16 7   846.67 683.41 24   1014.70 768.83 32  
Segment Assets                        
Switchgear 695.29 649.88 7 10 695.29 649.88 7 10 640.28 624.06 3 10
Cable 834.76 742.49 12 12 834.76 742.49 12 12 757.94 748.64 1 12
Lighting & Fixture 555.72 509.40 9 8 555.72 509.40 9 8 491.58 446.60 10 8
Electrical Consumer Durables 722.58 501.75 44 11 722.58 501.75 44 11 505.54 488.15 4 8
Lloyd Consumer 2482.29 2226.66 11 36 2482.29 2226.66 11 36 2195.26     34
Un allocated 1511.48 1216.52 24 22 1511.48 1216.52 24 22 1950.81 2652.54 -26 30
Total Segment Assets 6802.12 5846.70 16 100 6802.12 5846.70 16 100 6541.41 4959.99 32 100
Segment Liabilities                        
Switchgear 336.50 239.32 41 12 336.50 239.32 41 12 307.51 252.68 22 11
Cable 499.23 324.17 54 18 499.23 324.17 54 18 529.05 254.05 108 19
Lighting & Fixture 254.51 206.11 23 9 254.51 206.11 23 9 240.75 212.94 13 9
Electrical Consumer Durables 495.17 331.51 49 18 495.17 331.51 49 18 385.01 275.09 40 14
Lloyd Consumer 278.62 529.17 -47 10 278.62 529.17 -47 10 646.82     23
Un allocated 899.70 709.02 27 33 899.70 709.02 27 33 693.12 691.65 0 25
Total Segment Liabilities 2763.73 2339.30 18 100 2763.73 2339.30 18 100 2802.26 1686.41 66 100
Figures in Rs crore
Source: Capitaline Corporate Database
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Havells India, engaged in the business of switchgear, cable and consumer durables has registered 8% fall in its standalone PAT to Rs 206.83 crore for the quarter ended March 2019 even while the sales for the period was higher by 9% to Rs 2751.86 crore. Fall in PAT despite high single digit growth in revenue was largely due to 240 bps contraction in operating margin as well as higher tax rate. But for higher other income, lower interest as % of operating profit and lower EO expense the fall at PAT would have been steeper than reported.

  • Sales were higher by 9% to Rs 2751.86 crore with upside coming from all business segments barring Lloyd Consumer. While the segment revenue of Lloyd Consumer was down by 9% (to Rs 532.40 crore) that of switchgear was up by 11% to Rs 436.76 crore. The segment revenue of cables was up by 17% to Rs 897.89 crore and that of Lighting & Fixtures (L&F) was up by 18% to Rs 379.96 crore. The segment revenue of electrical consumer durable (ECD) was up by 9% to Rs 504.85 crore.
  • Segment margin of all business segments barring cables stood lower for the quarter. While segment margin of switchgear contracted by 70 bps to 37.9% that of L&F was down by 340 bps to 27.6%. Similarly the segment margin of ECD was down by 100 bps to 26.2%. While the segment margin of cables were up by 40 bps to 17.5% that of Lloyd was down by 700 bps to 15%.
  • With 190 bps contraction in EBIT margin to 23.2%, the EBIT was flat (up 0%) at Rs 639.62 crore. Considering contraction in segment margin of all business segment barring cables, the upside in EBIT was largely due higher revenue reported by all segment barring Lloyd Consumer.
  • EBIT of switchgear and L&F were up by 9% (to Rs 165.63 crore) and 5% (to Rs 104.69 crore) respectively largely due to higher sales. Similarly the segment profit of ECD was up by 5% (to Rs 132.03 crore) facilitated by higher sales. However the segment profit of cables was up by 20% to Rs 157.48 crore driven by higher sales and higher margin. Segment profit of Lloyd Consumer was down by 38% to Rs 79.79 crore hit by lower sales as well as lower margin.
  • Other income was higher by 20% to Rs 30.95 crore and thus the fall at PBIDT was 8% to Rs 353.80 crore. The interest cost was lower by 27% to Rs 6.14 crore and depreciation was higher by 12% to Rs 39.07 crore. Thus the PBT before EO was down by 9% to Rs 308.59 crore.
  • EO income for the quarter was nil compared to an expense of Rs 9.07 crore in the corresponding previous period. And thus the PBT after EO was down by 7% to Rs 308.59 crore.
  • Taxation in absolute term was down by 4% to Rs 101.76 crore. But the effective tax rate for the quarter was higher at 33% compared to 31.9% in the corresponding previous period. Thus the PAT was eventually lower by 8% to Rs 206.83 crore.
  • Other comprehensive expense net of tax was Rs 2.96 crore compared to an income of Rs 5.99 crore in the corresponding previous period. Thus the total comprehensive income was down by 12% to Rs 203.87 crore.

Yearly performance

Figures for fiscal ended March 31, 2019 includes financials of Lloyd Consumer Segment (formerly consumer durable business of LEEL Electricals) for full period unlike corresponding previous period which include the financials only for part of the period that is from May 8, 2017 onwards. Lloyd Consumer was acquired on May 8, 2017 along with the trade mark 'Lloyd' from Fedders Lloyd Corporation for Rs 1547.38 crore. Hence the financials for fiscal ended March 2019 not comparable with corresponding previous periods to that extent.

Standalone sales were higher by 24% to Rs 10057.62 crore. Sale excluding the incremental sales from Lloyds Consumer, which was acquired on May 2017 in both the periods, was higher by 20% to Rs 8202.06 crore facilitated by higher sales registered by all business segments of the company.

Sales of switchgear, cable and ECD was up by 18% (to Rs 1680.20 crore), 21% (to Rs 3234.60 crore), 27% (to Rs 1993.86 crore) respectively. While the lighting & fixtures revenue was up by 11% to Rs 1293.40 crore that of Lloyd Consumer was up by 31% to Rs 1855.56 crore.

EBIT grew by 18% to Rs 2389.93 crore even as EBIT margin contract by 70 bps to 23.8%. But excluding the profit of Lloyd Consumer for both the periods, the EBIT was up by 18% to Rs 2072.36 crore. The segment profit of Lloyds Consumer was up by 18% to Rs 317.57 crore. The segment profit of Switchgears, cables, and ECD was up by 16% (to Rs 646.38 crore), 19% (to Rs 521.71 crore) and 27% (to Rs 534.92 crore) respectively. The segment profit of L&F was up by 10% to Rs 369.35 crore. The PBT (after EO) was up by 14% to Rs 1155.26 crore. Eventually the PAT was up by 11% to Rs 791.52 crore with taxation stand higher by 20% to Rs 363.74 crore.

Consolidated sales was higher by 24% to Rs 10073.43 crore and with OPM contract by 100 bps to 11.8%, the OP was up by 14% to Rs 1184.35 crore. The PAT was up by 17% to Rs 785.87 crore. Eventually total comprehensive income attributable to owners was up by 16% to Rs 781.21 crore.

Havels India: Standalone Results

 

 

  1903 (3) 1803 (3) Var. (%) 1903 (12) 1803 (12) Var. (%)
Sales 2751.86 2534.90 9 10057.62 8138.57 24
OPM (%) 11.7 14.1   11.9 12.9  
OP 322.85 357.72 -10 1192.19 1049.29 14
Other inc. 30.95 25.74 20 127.55 116.99 9
PBIDT 353.80 383.46 -8 1319.74 1166.28 13
Interest 6.14 8.36 -27 15.91 23.97 -34
PBDT 347.66 375.10 -7 1303.83 1142.31 14
Dep. 39.07 34.74 12 148.57 139.52 6
PBT before EO 308.59 340.36 -9 1155.26 1002.79 15
EO Income 0.00 -9.07 -100 0.00 11.91 -100
PBT after EO 308.59 331.29 -7 1155.26 1014.70 14
Taxation 101.76 105.53 -4 363.74 302.18 20
PAT 206.83 225.76 -8 791.52 712.52 11
Other comprehensive income (net of tax) -2.96 5.99 PL -4.77 1.68 PL
Total comprehensive income 203.87 231.75 -12 786.75 714.20 10
EPS (Rs)* # #   12.7 11.3  
* EPS is on current equity of Rs 62.55 crore, Face value of Rs 1
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

Havells India : Segment results

 

 

Sales * 1903 (3) 1803 (3) Var. (%) % to total 1903 (12) 1803 (12) Var. (%) % to total
Switchgear 436.76 394.63 11 16 1680.20 1424.45 18 17
Cable 897.89 768.86 17 33 3234.60 2683.41 21 32
Lighting & Fixture 379.96 322.69 18 14 1293.40 1168.70 11 13
Electrical Consumer Durables 504.85 464.62 9 18 1993.86 1569.57 27 20
Lloyd Consumer 532.40 584.10 -9 19 1855.56 1414.14 31 18
Total Reportable Segment 2751.86 2534.90 9 100 10057.62 8260.27 22 100
Less: Inter segment revenues                
Net sales 2751.86 2534.90 9   10057.62 8260.27 22  
PBIT                
Switchgear 165.63 152.28 9 26 646.38 557.20 16 27
Cable 157.48 131.78 20 25 521.71 438.03 19 22
Lighting & Fixture 104.69 99.78 5 16 369.35 335.63 10 15
Electrical Consumer Durables 132.03 126.16 5 21 534.92 420.15 27 22
Lloyd Consumer 79.79 128.31 -38 12 317.57 268.32 18 13
Total 639.62 638.31 0 100 2389.93 2019.33 18 100
Less: Interest 6.14 8.36 -27   15.91 23.97 -34  
Add: Other un-allcoable Inc -324.89 -289.59 12   -1218.76 -992.57 23  
Less: EO Exp   9.07       -11.91    
Total profit before tax 308.59 331.29 -7   1155.26 1014.70 14  
Segment Assets                
Switchgear 684.75 640.28 7 10 684.75 640.28 7 10
Cable 798.71 757.94 5 11 798.71 757.94 5 11
Lighting & Fixture 576.81 491.58 17 8 576.81 491.58 17 8
Electrical Consumer Durables 761.45 505.54 51 11 761.45 505.54 51 11
Lloyd Consumer 2631.61 2195.26 20 37 2631.61 2195.26 20 37
Un allocated 1725.75 1950.81 -12 24 1725.75 1950.81 -12 24
Total Segment Assets 7179.08 6541.41 10 100 7179.08 6541.41 10 100
Segment Liabilities                
Switchgear 309.78 307.51 1 11 309.78 307.51 1 11
Cable 513.33 529.05 -3 17 513.33 529.05 -3 17
Lighting & Fixture 225.14 240.75 -6 8 225.14 240.75 -6 8
Electrical Consumer Durables 460.53 385.01 20 16 460.53 385.01 20 16
Lloyd Consumer 504.31 646.82 -22 17 504.31 646.82 -22 17
Un allocated 923.46 693.12 33 31 923.46 693.12 33 31
Total Segment Liabilities 2936.55 2802.26 5 100 2936.55 2802.26 5 100
Figures in Rs crore
Source: Capitaline Corporate Database

Havells India: Consolidated Results

 

 

  1903 (12) 1803 (12) Var. (%)
Sales 10073.43 8146.41 24
OPM (%) 11.8 12.8  
OP 1184.35 1043.40 14
Other inc. 128.65 117.90 9
PBIDT 1313.00 1161.30 13
Interest 16.25 24.83 -35
PBDT 1296.75 1136.47 14
Dep. 152.61 140.49 9
PBT before EO 1144.14 995.98 15
EO Income 0.00 -18.67 -100
PBT after EO 1144.14 977.31 17
Taxation 358.27 303.83 18
PAT 785.87 673.48 17
P/(L) from discontinued operations net of tax -0.33 -12.51 -97
Net profit 785.54 660.97 19
Share of Profit/(Loss) from Associates 0.00 0.00  
Net profit after JV/Associate profit 785.54 660.97 19
Minority Interest 0.44 1.40 -69
Net profit 785.98 662.37 19
Other comprehensive income (net of tax) attributable to owner -4.77 8.62 PL
Total comprehensive income attributable to owners 781.21 670.99 16
EPS (Rs)* 12.6 11.0  
* EPS is on current equity of Rs 62.55 crore, Face value of Rs 1
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

Havells India : Consolidated Segment results

 

 

Sales * 1903 (12) 1803 (12) Var. (%) % to total
Switchgear 1680.20 1424.45 18 17
Cable 3234.60 2683.41 21 32
Lighting & Fixture 1309.21 1177.44 11 13
Electrical Consumer Durables 1993.86 1569.57 27 20
Lloyd Consumer 1855.56 1414.14 31 18
Total Reportable Segment 10073.43 8269.01 22 100
Less: Inter segment revenues        
Net sales 10073.43 8269.01 22  
PBIT        
Switchgear 646.38 557.20 16 27
Cable 521.71 438.03 19 22
Lighting & Fixture 381.13 333.83 14 16
Electrical Consumer Durables 534.92 420.15 27 22
Lloyd Consumer 317.57 268.32 18 13
Total 2401.71 2017.53 19 100
Less: Interest 16.25 24.83 -35  
Add: Other un-allcoable -1241.32 -1015.39 22  
Total profit before EO and tax - continuing operation 1144.14 977.31 17  
Segment Assets        
Switchgear 684.75 640.28 7 10
Cable 798.71 757.94 5 11
Lighting & Fixture 601.85 542.99 11 8
Electrical Consumer Durables 761.45 505.54 51 11
Lloyd Consumer 2631.61 2195.26 20 37
Asset classified as held for sale 17.88 17.10 5 0
Unallocated 1676.04 1948.40 -14 23
Total Segment Assets 7172.29 6607.51 9 77
Segment Liabilities        
Switchgear 309.78 307.51 1 10
Cable 513.33 529.05 -3 17
Lighting & Fixture 226.80 248.44 -9 8
Electrical Consumer Durables 460.53 385.01 20 16
Lloyd Consumer 504.31 646.82 -22 17
Liability associated with assets classified as held for sale 0.13 -100 0
Unallocated 939.55 753.74 25 32
Total Segment Liabilities 2954.30 2870.70 3 68
Figures in Rs crore        
* Sales for the quarter ended March 2018 is net of GST but the corresponding previous period figures and YTD/yearly figures are gross of excise, so not comparable. 
Source: Capitaline Corporate Database

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