Home appliances maker Havells India misses Q1 profit view on higher expenses
BENGALURU, July 18 (Reuters) -Home appliances maker Havells India HVEL.NS reported a smaller-than-expected first-quarter profit on Thursday, as higher expenses offset improved demand for its air conditioners and fans.
Profit rose 43.1% from a year earlier to 4.11 billion rupees ($49.15 million) for the three months ended June 30, missing analysts' expectations of 4.31 billion rupees, as per LSEG data.
The water heater maker's revenue from operations rose 20.2% to 57.98 billion rupees, while total expenses rose 18.1% to 53.22 billion rupees.
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KEY CONTEXT
India's summer lasts from March to May, yet many Indian cities saw warmer nights during June. Hot weather increases consumer spending on electrical appliances.
Analysts said that the country's consumer durables sector experienced healthy demand during the quarter due to severe summer and despite price increases.
Prices of raw material such as copper and aluminium rose, they added.
Havells India, biggest among its peers by market capitalisation, is the first to report first-quarter results.
PEER COMPARISON
Valuation (next 12 months) | Estimates (next 12 months) | Analysts' sentiment | ||||||||
RIC | PE | EV/EBITDA | Price/Sales | Revenue growth % | Profit growth % | Mean rating* | # of analysts | Stock to price target** | Div yield (%) | |
Havells India Ltd | HVEL.NS | 66.68 | 45.63 | 5.29 | 15.25 | 27.86 | Hold | 16 | 1.06 | 0.48 |
Crompton Greaves Consumer Electricals Ltd | CROP.NS | 44.45 | 29.34 | 2.77 | 12.44 | 31.54 | Buy | 31 | 1.05 | 0.70 |
Voltas Ltd | VOLT.NS | 58.84 | 44.60 | 2.66 | 16.22 | 109.53 | Hold | 34 | 1.13 | 0.36 |
Blue Star Ltd | BLUS.NS | 57.47 | 37.96 | NULL | 20.83 | 35.77 | Buy | 19 | 1.21 | 0.40 |
* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 83.6170 Indian rupees
Havells India Q1 stock performance https://tmsnrt.rs/3Yb2ctc
Reporting by Meenakshi Maidas in Bengaluru; Editing by Mrigank Dhaniwala
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