Havells emphasises on expansion, R&D investment; JM Financial retains Buy

With 90 percent of its products manufactured in-house, Havells aims to strengthen its presence across the entire value chain, the annual report said.

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Havells shares gained over 1.5 percent on June 7 after JM Financial analysts expressed optimism on the company’s plans to expand its manufacturing, and invest more in research and development.

JM Financial has a Buy rating on the stock with a target price Rs 1,420, indicating a 5 percent upside from current level.

With 90 percent of its products manufactured in-house, Havells aims to strengthen its presence across the entire value chain, said the analysts citing Havells’ FY23 report added.

Firstly, the company plans to expand its footprint in the e-commerce segment, capitalising on the growing trend of online shopping. Secondly, it intends to deepen its penetration into the Indian market through the Rural Vistaar programme and Utsav stores. It has opened over 400 Utsav stores in FY23 and targets to increase it to 2,000 by FY24, stated the annual report.

Thirdly, the electrical equipment manufacturer is actively pursuing increased participation in business-to-business (B2B) projects and grow in international markets.

At 10:30 am, Havells was quoting at Rs 1,353.45 on the NSE, higher by 1.4 percent from previous close. The stock has been steadily gaining and is up 23 percent in 2023 so far.

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Over the past five years, the company has allocated over Rs 550 crore towards R&D (research and development) initiatives and the trend will sustain going forward, said the annual report.

“Lloyd, along with channel expansion, strengthened its product portfolio during the year. We believes that Lloyd is now well positioned to leverage the AC performance to spur growth of other products, such as washing machines and refrigerators,” the annual report added.

In FY23, Lloyd Consumer contributed 20 percent to the revenue mix, cables made for 32.8 percent, and switchgears were 12.6 percent.

Analysts’ view

The broking firm expects some softness in near-term demand owing to unseasonal rains and weak summer intensity.

Data from Bloomberg shows that the stock has 24 Buy, 13 Hold, and 7 Sell calls on it. The stock is currently trading at a trailing price-to-earnings ratio of 79x, which warrants some caution, according to analysts.

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