Profit

BSE Code: | NSE Code: | ISIN: | Sector:

NSE
668.70
Change Change %
-17.35 -2.53%

Updated:16 Nov, 2018, 14:24 PM IST

BSE
666.55
Change Change %
-19.20 -2.80%

Updated:16 Nov, 2018, 14:52 PM IST

Research Report Detail

Brokerage
Analyst
Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
Edelweiss
N/A
20-07-2017 Buy 463.65 564.00
N/A
Target Hit Long (1Y)
20-07-2018

Edelweiss maintains buy on Havells India

Havells India (HAVL) missed Q1FY18 sales / EBITDA by a huge margin- 22% / 35%-due to multiple factors which, in our view, are non-recurring. Key highlights: a) INR2bn plus sales attributable to Lloyds wherein HAVL reported only 50 days of sales, missing the crucial AC season, apart from impact of GST affecting primary off take; and b) weak switchgears / consumer durables sales, sharp rise in low margin cables & wires' sales and one-time expenses impacted EBITDA margin-down 440bps YoY. While we revise down FY18/19E EPS around 2.5% each building in Q1 impact, we expect HAVL to do much better in coming quarters given strong underlying demand outlook and gradual transition of Lloyds' business. Maintain 'BUY' with revised TP of INR564 (INR575 earlier).

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