Cable and switchgears maker Havells posted its annual results. According to filing data, that the company posted with BSE, net profits for the quarter ending September 30 have been computed at Rs 158.6 crores. Results for Lloyd' consumer business unit, Havells acquired in February 2017 for Rs 1600 crore, were computed seperately.
Profit before tax for Havells is up 11% at 226.2 crores, of which Lloyd contributed 17.7 crore. EBIDTA (Earnings before Interest, Depreciation, Tax and Amortization) component too showed a growth of 17%, at Rs 238 crores. Overall EBIDTA including Lloyd's business was reported at 256.9 crores, a 26% jump.
Segment wise revenue showed a 38% growth in LED lighting, while conventual lighting constituting 18% lighting products, delcined by nearly 43% year on year basis.
The results also suggest that the half yearly income has slipped to Rs 269.9 crores in first half FY18 from 287.8 crores in the same corresponding period of FY17. Net profit in the same comparison period has slipped 18.6 crore, while profit before tax is down by 18.9 crores.
The company suggested various tables, but also highlighted that owing to transition to GST during the first half, the figures should not be comparable. Analysts suggested that numbers posted by Lloyds were in line with expectations although Havells' standalone business could have delivered better results.
Company officials commented that transition to GST regime resulted in a decline in primary off take starting May 2017, and "continued its impact on the business during the quarter."
"We believe that GST would render long term benefits though currently it is disruptive in impact. We are experiencing slowdown in demand due to perceived higher pricing of electrical products and slower primary re-stocking post GST de-stocking in June," added company officials.
Post trading session, the scrip was trading 5.70 points in the red, down by 1.04% at 541.65 a share.
