Havells posts net profit of Rs 792 crore in FY19, board recommends dividend

Havells India reported a net profit of Rs 791.52 crore during the fiscal ended March 31, 2019. It has managed to register a standalone net profit of Rs 712.52 crore during the previous fiscal. Havells' revenue from operations during financial year 2018-19 was at Rs 10,057.62 crore, whereas the total income during the fiscal was 10,185.17 crore.

The firm said the figures of the two financial years were not comparable because FY18 included business of Lloyd Consumer Division. "Figures for the year ended March 31, 2018 includes business of Lloyd Consumer Division acquired from May 8, 2017, hence not comparable with year ended March 31, 2019 to that extent," Havells said in its stock exchange filing.

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Profit before tax from the Switchgears segment for the entire financial year was reported to be Rs 646.38 crore. The same from the cables segment was Rs 521.71 crore. Lighting and fixtures, and electronic consumer durables segments reported profit before tax of Rs 369.35 crore and Rs 534.92 crore, respectively. Llyod Consumer registered profit before tax of Rs 317.57 crore during FY19.

On a quarterly basis, Havells India posted a 8.38 per cent year-on-year decline in its net profit during the January-March quarter of FY19. The company posted a net profit of Rs 206.83 crore during quarter ended March 31, 2019. It had made a net profit of Rs 225.76 crore during the quarter ended March 31, 2018.

The total income of Havells increased 8.67 per cent during the March quarter of FY19 to Rs 2,782.81 crore. The company had registered total income of Rs 2,560.64 crore in the corresponding quarter of the previous financial year.

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"Fourth quarter experienced demand slowdown exacerbated by liquidity crunch, extended winters and impending general elections," said Havells India CMD Anil Rai Gupta.

Announcing the financial results for quarter and year ended March 31, 2019, the board of Havells India also recommended a dividend at Rs 4.50 per equity share of Re 1 each for the financial year 2018-19. The dividend is subject to approval of shareholders in the upcoming AGM of the company.

The Havells board also approved the appointment of Siddhartha Pandit as an Additional Director with effect from 29th May, 2019. He will hold office up to the next AGM of the Company. "The Board of Directors have further subject to the approval of shareholders in the next AGM of the Company, appointed Mr Siddhartha Pandit as a Wholetime Director for a period of 3 years," Havells said in its statement.

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