Havells shocks investors with Q3 numbers, brokerages lower target price

Losses in the Lloyd segment widened to Rs 60 crore from a loss of Rs 42 crore a year ago, while its switchgears and lighting and fixtures business posted a 12 percent and 39 percent drop in profit, respectively

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Shares of electrical equipment maker Havells India Ltd tumbled 3 percent in trade on January 20, a day after it reported a 7.2 percent fall in quarterly profit as it spent more on advertising, and high inflation hurt consumer demand.

The company posted consolidated net profit to Rs 283.52 crore for the third quarter ended December 31, 2022. The company had posted a consolidated net profit of Rs 305.82 crore in the same quarter last fiscal.

At 11:41 am, the stock was quoting at Rs 1,156 on the NSE, down by 4 percent amid heavy volumes. The stock has declined 10 percent in the past one year.

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The cost of raw materials and components consumed stood at Rs 2,321.99 crore compared to Rs 2,089.59 crore in the year-ago period, the company said.

Losses in the Lloyd segment widened to Rs 60 crore from a loss of Rs 42 crore a year ago, while its switchgears and lighting and fixtures business posted a 12 percent and 39 percent drop in profit, respectively.

Foreign brokerage houses Morgan Stanley and Nomura flagged off the weak B2C business of the company. “While B2B growth was robust, demand revival in B2C will be key,” they noted. Morgan Stanley has lowered its target price on the stock to Rs 1310 apiece while Nomura has a Neutral rating on the stock with a target of Rs 1250.

Also Read: Havells India Q3 profit falls on subdued consumer business

For UBS Securities, Lloyd and consumer demand hold key to re-rating. “Don’t see case for a re-rating given modest growth scenario and challenges for Lloyd,” noted the firm. It has a Neutral rating on the stock with target at Rs 1360 apiece.

Meanwhile, CLSA has an Underweight call with target lowered to Rs 1275. “At a 44x FY25 price-to-earnings ratio, we see risk-reward as unfavourable and further downside to consensus estimate,” it noted.

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