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Havells India dips post Q2 results

SI Reporter / Mumbai 19 Oct 16 | 02:20 PM

Havells India has dipped nearly 5% to Rs 411 on BSE after the company reported a net profit of Rs 146 crore, against an average analyst’s estimate of Rs 157 crore, for the quarter ended September 30, 2016 (Q2FY17). The company had profit of Rs 120 crore in the same quarter year ago.

Total income from operations rose 8.7% to Rs 1,548 crore during the quarter under review against Rs 1,434 crore in the corresponding quarter of previous fiscal.

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“Weak demand in industrial cable, volume grew by 8% in Q2FY17. Value growth impacted by drop in commodity prices," Havells India said in a statement.

Analyst at Motilal Oswal Securities was expected 31% year on year growth in net profit, aided by improvement in non-operating income, driven by incremental cash infusion on account of sale of Sylvania to Sanghai Fielo.

The stock had a strong run-up in past eight months, rose 53% as compared to 18% rise in Sensex till yesterday.

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