Havells India Ltd Q4FY25 Result Analysis

Havells India Limited is one a leading Fast-Moving Electrical Goods company with a significant global footprint. The company manufactures a wide range of electrical products catering to residential, commercial, and industrial segments. Known for its strong brand portfolio—including Havells, Lloyd, Crabtree, Standard Electricals, REO, and Havells Studio—the company emphasizes innovation, quality, and sustainability, supported by a robust distribution network and customer-centric approach.

Result Analysis:   Havells India Limited  (CMP: Rs 1,588)

Result Update: Q4FY25

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	59.41	59.43
FIIs	22.64	25.18
DIIs	12.76	9.89
Public and Other	5.19	5.51

Management Commentary:

• The Board of Havells India Ltd. Has announced a final dividend of ₹6 per equity share for the FY25.
• Overall decent performance with healthy revenue and profit growth. Large appliances and cables led the revenue growth; however, the inflation pressures persist on overall consumer sentiments. Lloyd’s focus remains on consistent revenue growth, along with improving profitability.

Outlook:

Havells India delivered a strong Q4FY25 performance with double-digit revenue and profit growth, driven by robust momentum in cables and large appliances. Operational efficiencies supported EBITDA margin expansion, despite inflationary headwinds and muted consumer sentiment. Lloyd continues to show steady growth, with a focus on margin improvement. The Switchgear segment remains a key profit driver with its high-margin. It has posted an EPS of ₹23.48 in FY25, and the stock is currently trading at a P/E of 67.63x and P/B of 11.9x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Sales	6543.56	5442.02	4888.98	20.2	33.8	21778.06	18590.01	17.1
Other Income	68.72	75.75	64.33	-9.3	6.8	303.27	248.96	21.8
Total Income	6612.28	5517.77	4953.31	19.8	33.5	22081.33	18838.97	17.2
Total Expenditure	5786.51	4807.42	4462.48	20.4	29.7	19647.2	16747.39	17.3
EBIDT	825.77	710.35	490.83	16.2	68.2	2434.13	2091.58	16.4
Interest	15.22	17.71	9.39	-14.1	62.1	43.24	45.71	-5.4
EBDT	810.55	692.64	481.44	17	68.4	2390.89	2045.87	16.9
Depreciation	109.66	93.37	104.1	17.4	5.3	400.4	338.5	18.3
EBT	700.89	599.27	377.34	17	85.7	1990.49	1707.37	16.6
Tax	176.37	162.63	94.01	8.4	87.6	502.45	440.6	14
Deferred Tax	7.52	-10.06	5.37	174.8	40.0	17.8	-3.99	546.1
PAT	517	446.7	277.96	15.7	86.0	1470.24	1270.76	15.7

Segmental Revenue

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Switchgears	691.83	651.28	576.88	6.2	19.9	2396.8	2246.31	6.7
Cables	2169.37	1789.55	1687.87	21.2	28.5	7183.63	6317.57	13.7
Lighting & Fixtures	441.72	435.3	446.43	1.5	-1.1	1670.77	1639.75	1.9
Electrical Consumer Durables	997.26	910.37	1104.77	9.5	-9.7	4013.85	3482.48	15.3
Lloyd Consumer	1873.55	1345.88	742.22	39.2	152.4	5134.08	3810.3	34.7
Others	369.83	309.64	330.81	19.4	11.8	1378.93	1093.6	26.1

Source: Company website, EWL Research

 

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