Electrical equipment maker Havells India on May 29 reported a 8.4 percent year-on-year fall in profit at Rs 206.83 crore for quarter ended March 2019, dented by weak operating income.
Profit in corresponding period last fiscal stood at Rs 225.8 crore.
Revenue during the quarter grew 8.5 percent to Rs 2,751.9 crore compared to the same period last year.
At operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) plunged nearly 10 percent to Rs 322.9 crore and margin declined 238 bps to 11.73 percent year-on-year, hit by Lloyd consumer business which was acquired in 2017.
The sharp 35.2 percent year-on-year increase in employee benefits expense at Rs 221.3 crore hit operating performance.
Numbers were far lower than analyst estimates on every parameter. Profit was expected at Rs 260 crore on revenue of Rs 2,900 crore and EBITDA was estimated at Rs 400 crore with margin at 13.8 percent for the quarter, according to CNBC-TV18 poll expectations.
Lloyd consumer business has seen 8.9 percent year-on-year decline in revenue at Rs 532.4 crore with its EBIT falling 37.8 percent to Rs 80 crore and margin contracting 700 bps YoY.
Its switchgear business showed a 10.7 percent growth at Rs 436.7 crore with EBIT growing 8.8 percent but margin fell 70 bps YoY.
Cables segment registered a 16.8 percent growth in March quarter at Rs 898 crore and its EBIT grew 19.5 percent to Rs 157.5 crore and margin expanded 40 bps compared to same period last fiscal.
Havells reported a 17.7 percent growth in lighting and fixtures segment at Rs 380 crore. At operating level, the segment grew 4.9 percent but margin dropped 340 bps YoY.
The stock was quoting at Rs 724.95, down Rs 0.90, or 0.12 percent on the BSE, at 1214 hours IST.
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