Havells India share price gains on kitchen appliances foray

The new venture is expected to bring benefits of synergies of business with its existing range of small domestic appliances.

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Shares of Havells India rose in early trade on March 6 as the company plans to expand its product range with the introduction of kitchen appliances.

At 9:22am, Havells India was quoting Rs 1,554.45, up Rs 13.60, or 0.88 percent, on the BSE.

The company is planning to expand its existing product portfolio with the introduction of kitchen appliances such as cooktops, hobs, chimneys and other built-in appliances. The new venture is expected to bring benefits of synergies of business with its existing range of small domestic appliances.

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The company aims to be one of the top three market players over a period of next three years from the start of operations.

The entire range of products will be outsourced and serve the domestic market. Havells India plans to introduce the new range of products in May.

According to foreign broking firm CLSA, the competitive intensity in large kitchen appliances is rising with Havells entry. The company targets to become a top three player in three years. If the company achieves a market share of 10 percent, it could lead to a Rs 45-70-per-share value accretion in Havells, it said.

The company had reported a 1.54 percent jump in net profit to Rs 287.91 crore for the quarter ended December with a 6.93 percent year-on-year (YoY) rise in consolidated revenue from operations to Rs 4,413.86 crore.

The share touched a 52-week high of Rs 1,590.90 and a 52-week low of Rs 1,128.10 on 02 March, 2024 and 29 March, 2023, respectively. Currently, the stock is trading 2.29 percent below its 52-week high and 37.79 percent above its 52-week low.