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Havells India: Running ahead of fundamentals?

Havells India's stretched working capital is an area of concern, but the management expects working capital levels to normalise once the market stabilises and production gets ramped up

July 28, 2020 / 09:19 AM IST
Havells India: Running ahead of fundamentals?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Sachin Pal

Moneycontrol Research

Highlights

- Revenues declined 45 percent YoY

- Decline across business verticals

- Cost savings supported margins

- Q2 is expected to be better than Q1

- Valuations expensive at 56 times FY22 earnings

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Havells India’s Q1 earnings took a massive hit due to the nationwide lockdown that affected sales and production. Its business is facing a challenging phase due to the Covid-induced recession. But it still merits investor attention due to its proven track record and long-term potential

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