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

Executive summary

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

• Revenue for Q2 FY25 was ₹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), both higher year-over-year.

• Lloyd segment showed decent growth in non-AC products 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%, B2C grew 20% in the quarter.

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

• Lighting segment achieved 15% volume growth.

• 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.

Outlook and guidance

• Expect normalization of margins in subsequent quarters as advertising spend and commodity volatility stabilize.

• Anticipate return to industry-leading margins in lighting and ECD by FY 2026.

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

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