CLSA has retained outperform rating on Havells India in the long term and lowered target price to Rs 730 from Rs 770. Shares of Havells India ended down 0.9% at Rs 646.55 on Thursday while BSE Sensex closed 115.35 points up at 41,673.92.
For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 2232.65 crore, down -17.82% from last quarter sales of Rs 2716.88 crore and up 1.76% from last year same quarter sales of Rs 2194.13 crore. The company has reported net profit after tax of Rs 179.51 crore in the latest quarter.
The company’s top management includes Dr.Adarsh Kishore, Mr.Ameet Kumar Gupta, Mr.Anil Rai Gupta, Mr.Jalaj Ashwin Dani, Mr.Puneet Bhatia, Mr.Rajesh Kumar Gupta, Mr.Siddhartha Pandit, Mr.Surender Kumar Tuteja, Mr.Surjit Kumar Gupta, Mr.T V Mohandas Pai, Mr.Upendra Kumar Sinha, Mr.Vellayan Subbiah, Mr.Vijay Kumar Chopra, Mrs.Pratima Ram. Company has S R Batliboi & Co. LLP as its auditors. As on 30-06-2019, the company has a total of 625,802,834 shares outstanding.
Given high base on core business, continued pressure in LED TVs and seasonal issues for ACs, CLSA expect a weak third quarter performance. However, CLSA remains positive on the long-term prospects as it expects benefits on structural changes in Lloyd to start playing from FY21 and core categories benefiting.
Source: Economic Times