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Yes Securities Report
Havells India Ltd. continues to surprise positively on the revenue growth led by strong growth in volumes. Volume of the quarter on the blended basis has seen growth of 40%; even on three-year compound annual growth rate basis volume growth has been in the range if mid-single digit to low double digit.
Gross margins continued to remain under pressure as company refrained from taking price increases as they didn’t want to disturb strong demand momentum.
On the margin front, Havells expects margins to improve from Q3 as commodity prices have corrected and are trending lower. Inventory adjustments on account of lower commodity prices especially in wires and cables will be done by Q2.
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