As opposed to the first quarter in the last fiscal year, earnings in the same of the current fiscal year of Havells India has seen a surge by 20.30 per cent
Consumer electrical goods manufacturer Havells India announced on Wednesday that the company has experienced a net profit of Rs 121.38 crore in the first quarter of the current financial year (2018 to 2019), ended on June 30.
Total earnings in the first quarter stood at Rs 2017.04 crore
The company stated in a Bombay Stock Exchange (BSE) filing today that as against the first quarter (April to June) in the previous fiscal year (2017-2018), it has seen a standalone net profit of Rs 121.38 crore this fiscal year.
Operations the above-mentioned quarter in the current financial year came at Rs 2, 07.04 crore whereas it was Rs 1,607.49 crore in the same quarter in the previous financial year.
However, Havells said that the growth results of previous financial year and the current financial year should not be compared because the same includes the consumer durable business of Lloyd Electric and Engineering as well. Havells had obtained Llyod in May 2017.
Havells stock was trading 3.09 per cent up at Rs 472 on BSE
Although the growth rate, Anil Rai Gupta, Havells India Chairman and Managing Director, said, “During the quarter, we saw a significant decline in primary off-take and destocking due to uncertainty and lack of clarity, pending GST rollout.”
He added that the secondary sales were above normal particularly in June 2018. “We expect revenue to revert to normal growth levels in the next few quarters,” Gupta added.