Havells India Limited (HAVELLS) Q2 24/25 earnings summary

Executive summary

• Delivered healthy performance across categories, driven by improved consumer demand and early festival season sales.

• Revenue for Q2 FY25 stood at ₹4,625.75 crore (standalone) and ₹4,632.20 crore (consolidated), up from Q2 FY24.

• Net profit for Q2 FY25 was ₹271.25 crore (standalone) and ₹266.80 crore (consolidated), higher than Q2 FY24.

• Lloyd segment showed decent growth, benefiting from cost efficiency initiatives, but reported a loss in Q2 FY25.

• Board approved unaudited results on October 17, 2024; auditors issued unmodified review reports.

Financial highlights

• B2B growth rate was 9%, while B2C grew 20% this quarter.

• Volume growth in cables and wires was 15%, with value growth at 22%.

• Standalone revenue for H1 FY25 reached ₹10,500.89 crore, up from ₹8,832.02 crore in H1 FY24.

• Standalone net profit for H1 FY25 was ₹681.10 crore, up from ₹534.41 crore in H1 FY24.

• Lighting segment saw 15% volume growth this quarter.

Outlook and guidance

• Expect normalization of margins over subsequent quarters as festival-related ad spend moderates.

• Anticipate return to industry-leading margin levels in key segments by FY 2026.

• Lighting market pricing expected to bottom out by Q3/Q4, with growth resuming in FY 2026.

• Management commentary and board approval indicate continued focus on growth and operational efficiency.