Havells India Limited (HAVELLS) Q4 02/03 earnings summary

Executive summary

• FY03 turnover rose 32% to Rs 29,308.24 lakh; net profit increased to Rs 895.97 lakh from Rs 857.36 lakh.

• Consolidated revenue was Rs 33,693.23 lakh and consolidated profit after tax Rs 932.61 lakh; consolidated EPS was Rs 16.09.

Financial highlights

• Gross sales Rs 29,308.24 lakh; net sales after excise Rs 25,247.62 lakh, versus Rs 19,349.49 lakh in FY02.

• PBT was Rs 1,418.60 lakh versus Rs 1,296.16 lakh; PAT was Rs 895.97 lakh versus Rs 857.36 lakh.

• Other income rose to Rs 421.61 lakh from Rs 257.93 lakh; interest expense increased to Rs 1,044.13 lakh from Rs 928.82 lakh.

• Proposed dividend was Rs 2.50 per Rs 10 equity share, or 25%; dividend plus tax totaled Rs 163.45 lakh.

Outlook and guidance

• Focus on internationalizing sales through existing international partners, with exports described as the first step toward global expansion.

• Plans included expanding the product range, continuing technology upgrades and import substitution, and pursuing ISO 14001 during FY04.

• Management expected rising domestic demand and exports to support the electrical and electronic industry; fan-market entry was under exploration.