Havells India Q4 Review - Core Portfolio Delivers Strongly; Lloyd Fares Below Expectations: Motilal Oswal

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Motilal Oswal Report

Havells India Ltd.’s Q4 FY21 revenue grew a strong 50% YoY (two-year compound annual growth rate: 10%), with the recovery seen in Q3 FY21 sustaining in Q4 FY21 as well.

The company continued to accrue market share gains in its core portfolio at the cost of the unorganised sector.

The core portfolio reported a two-year CAGR of 11% and Lloyd posted a two-year CAGR of 5%.

Lloyd performed below our expectations, with sequential growth of just 15% QoQ versus strong growth by peers such as Voltas Ltd. and Blue Star Ltd. going into the summer season.

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