Shares of consumer electrical goods maker Havells India plunged over 5% today after the firm reported a decline of 12.7 per cent in its consolidated net profit for the quarter ended December 2021. Net profit in Q3 came at Rs 305.82 crore compared to net profit of Rs 350.14 crore in the October-December quarter a year ago.
Havells India stock opened with a loss of 2.53% at Rs 1,277 today. It extended losses to touch an intra day low of Rs 1242.05, down 5.20% against the previous close of Rs 1,310.20 on BSE.
The share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. Havells India share has gained 10.68% in one year but fallen 10.31% since the beginning of this year.
Also read: Havells Q3 net profit declines 12.7% to Rs 305.82 cr
Total 0.45 lakh shares of the firm changed hands amounting to a turnover of Rs 5.81 crore on BSE. Market cap of the firm fell to Rs 78,178 crore. The stock hit a 52 week high of Rs 1,503 on October 18, 2021 and a 52 week low of Rs 958.35 on June 26, 2021.
Revenue rose 15.4 per cent to Rs 3,664.21 crore in Q3 against Rs 3,175.20 crore revenue in the corresponding period of last fiscal.
Commenting on the earnings, Havells India Chairman and Managing Director Anil Rai Gupta said, ''Festive demand was encouraging. The last few weeks have seen the return of Covid-led anxiety in the demand markets but it seems that recovery could be swift. We remain positive on demand resilience.''
Also read: Another round of price hikes imminent : Anil Rai Gupta, CMD, Havells
Havells total expenses were at Rs 3,302.50 crore, up 20.32 per cent, in Q3/FY 2021-22 as against Rs 2,744.72 crore a year ago. Revenue from the Switchgears segment was Rs 495.97 crore, up 13.46 per cent as against Rs 437.12 crore in the October-December quarter a year ago.
Revenue from the firm's cables segment zoomed 33.22 per cent to Rs 1,205.83 crore in Q3 against Rs 905.17 crore in the corresponding quarter of previous fiscal. Revenue from lighting and fixtures rose 13.86 per cent to Rs 412.92 crore in Q3 against Rs 362.64 crore in the corresponding quarter of the previous year.
Revenue from Lloyd Consumer, a company which Havells had acquired in 2017, fell 8.16 per cent to Rs 469.82 crore during the October-December quarter against Rs 511.56 crore. Havells' revenue from 'Other Segment' climbed 4.83% to Rs 184.14 crore in Q3 against Rs 175.65 crore in the third quarter of previous fiscal.