Havells India shares jump 6% to hit a new 52-week high after Q3 profit surges 74%

Havells posted a 74.5 percent year-on-year (YoY) growth in its Q3FY21 consolidated net profit at Rs 350.14 crore on the back of a strong growth in its topline, lead by Lloyd, electrical consumer durables and switchgears business.

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Havells India share price jumped 6 percent in the morning session on January 21 after the company declared its Q3 numbers.

Electrical goods firm Havells posted a 74.5 percent year-on-year (YoY) growth in its Q3FY21 (December quarter) consolidated net profit at Rs 350.14 crore. This was on the back of a strong growth in its topline, lead by Lloyd, electrical consumer durables and switchgears business.

Total income grew by 40 percent YoY in Q3 to Rs 3,214.24 crore. Meanwhile, Lloyd revenue grew by 70.2 percent YoY to Rs 511.56 crore in the third quarter.

Among the other business segments, switchgears saw a 32 percent YoY growth to Rs 437 crore in Q3. Electrical consumer durables saw a 46 percent YoY growth to Rs 783 crore. Lighting/fixtures business saw a 28 percent Yo growth to Rs 353 crore.

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin improved to 16 percent in Q3FY21 compared to 11.8 percent in the year-ago period.

In its investor presentation, Havells said that the encouraging business performance with growth across divisions and regions led by an improvement in consumer sentiment and festive season.

The stock was trading at Rs 1,075.05, up Rs 55.20, or 5.41 percent at 09:23 hours. It has touched a 52-week high of Rs 1,082.35. It has touched an intraday high of Rs 1,082.35 and an intraday low of Rs 1,051.80.

Havells has also declared an interim dividend of Rs 3 per equity share. This will be payable to all those shareholders whose names appear in the register of members as on January 21, 2021.

Brokerage firm UBS however has a neutral call on the stock with target of Rs 800 per share. The firm is of the view that the neutral call on the back of a balanced risk reward. The stock has gained 120 percent from March lows which is in recognition of strong demand scenario and market share gains, according to a CNBC-TV18 report.

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