ICICI Direct's research report on Havells India
Havells India (HIL) is India’s leading electrical appliances & equipment manufacturer with a diversified product portfolio consisting of switchgears, cables, electrical consumer durables and lighting & fixtures. Apart from ‘Havells’, HIL’s other major brands include Crabtree, Standard, Reo, and Lloyd. At all its business segment, Havells has a strong presence in the organised product category with market share ranging between 6% and 20% Robust balance sheet with RoE & RoCE of 20% & 25%, respectively (five year average), with stringent working capital policy
Outlook
We continue to remain positive and maintain BUY rating We value Havells at Rs 1345 i.e.55x P/E FY23E EPS
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