1. Opening Hook
Diwali lights were on, but Havells’ summer products clearly missed the sunshine. The fans cooled off, air conditioners caught a cold, and even the CFO’s spreadsheets needed a fan to keep cool. While cables were flexing muscles and LED lights found a faint glow, the Lloyd business was busy offering discounts big enough to light up Delhi.
By the end of it, management sounded like they were praying for longer summers and shorter inventory lists. Stick around — the real fun begins when “premiumization” meets “inventory liquidation.”
2. At a Glance
- Revenue up ~6% YoY – A “decent” performance, said management — like calling vada pav a balanced meal.
- EBITDA flat – Profits went on a vacation, didn’t inform HR.
- Margins down ~100 bps – Heat’s missing, but cost pressures aren’t.
- Cable business shining – Power cables turned into Havells’ main power source.
- ECD (Fans & Appliances) down ~2% – Coolers got cooler… in sales too.
- Stock down 3% post-call – Traders heard “inventory,” skipped “normalizing by Q3.”
3. Management’s Key Commentary
“Summer products experienced weakness with shorter summer and higher channel inventories.”
(Translation: Weather report sponsored by Havells. Blame the sun, not the strategy. 🌞)
“Cables maintained steady growth momentum, driven by power cables.”
(Translation: When ACs flop, cables carry the company — literally.*)
“We have acquired 39 acres adjacent to Alwar facility for expansion.”
(Translation: New land to park old inventory.*)
“Lloyd’s contribution margin declined due to customer support schemes.”
(Translation: Discounts are now officially part of the business model.*)
“GST cuts on ACs, TVs, and solar are positive.”
(Translation:
