Havells India Limited (HAVELLS) Q4 98/99 earnings summary

Executive summary

• FY99 sales rose 33% YoY to Rs 8,247.48 lakh; net profit increased 66% to Rs 245.24 lakh, with growth led by meters and cables.

• Directors recommended a Rs 2 per share dividend, equal to 20% of face value, despite substantial investment commitments in new projects.

Financial highlights

• Gross sales were Rs 8,247.48 lakh vs Rs 6,212.15 lakh; net sales after excise were Rs 7,010.09 lakh vs Rs 5,261.22 lakh.

• PBT rose to Rs 313.97 lakh from Rs 222.72 lakh; PAT reached Rs 245.24 lakh vs Rs 147.70 lakh.

• Other income increased to Rs 84.98 lakh from Rs 34.12 lakh; total expenditure was Rs 8,087.22 lakh vs Rs 6,098.56 lakh.

• Proposed dividend was Rs 97.90 lakh, with Rs 9.79 lakh corporate dividend tax and Rs 20 lakh transferred to general reserve.

Outlook and guidance

• Management expected better results in FY00, citing new export markets, stronger domestic marketing and expected gains from recently developed products.

• Target was to become India’s largest meter producer through combined sales with sister concern TTL Ltd.

• Exports of switchgear products were planned for FY00; a 100,000-meter order from DZG Germany had been received by TTL for the current year.