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  • Havells India
  • June 08,2019  21:56
  • Havells India, engaged in the business of switchgear, cable and consumer durables has registered 8% fall in its standalone PAT to Rs 206.83 crore for the quarter ended March 2019 even while the sales for the period was higher by 9% to Rs 2751.86 crore. Fall in PAT despite high single digit growth in revenue was largely due to 240 bps contraction in operating margin as well as higher tax rate. But for higher other income, lower interest as % of operating profit and lower EO expense the fall at PAT would have been steeper than reported.
    • Sales were higher by 9% to Rs 2751.86 crore with upside coming from all business segments barring Lloyd Consumer. While the segment revenue of Lloyd Consumer was down by 9% (to Rs 532.40 crore) that of switchgear was up by 11% to Rs 436.76 crore. The segment revenue of cables was up by 17% to Rs 897.89 crore and that of Lighting & Fixtures (L&F) was up by 18% to Rs 379.96 crore. The segment revenue of electrical consumer durable (ECD) was up by 9% to Rs 504.85 crore.
    • Segment margin of all business segments barring cables stood lower for the quarter. While segment margin of switchgear contracted by 70 bps to 37.9% that of L&F was down by 340 bps to 27.6%. Similarly the segment margin of ECD was down by 100 bps to 26.2%. While the segment margin of cables were up by 40 bps to 17.5% that of Lloyd was down by 700 bps to 15%.
    • With 190 bps contraction in EBIT margin to 23.2%, the EBIT was flat (up 0%) at Rs 639.62 crore. Considering contraction in segment margin of all business segment barring cables, the upside in EBIT was largely due higher revenue reported by all segment barring Lloyd Consumer.
    • EBIT of switchgear and L&F were up by 9% (to Rs 165.63 crore) and 5% (to Rs 104.69 crore) respectively largely due to higher sales. Similarly the segment profit of ECD was up by 5% (to Rs 132.03 crore) facilitated by higher sales. However the segment profit of cables was up by 20% to Rs 157.48 crore driven by higher sales and higher margin. Segment profit of Lloyd Consumer was down by 38% to Rs 79.79 crore hit by lower sales as well as lower margin.
    • Other income was higher by 20% to Rs 30.95 crore and thus the fall at PBIDT was 8% to Rs 353.80 crore. The interest cost was lower by 27% to Rs 6.14 crore and depreciation was higher by 12% to Rs 39.07 crore. Thus the PBT before EO was down by 9% to Rs 308.59 crore.
    • EO income for the quarter was nil compared to an expense of Rs 9.07 crore in the corresponding previous period. And thus the PBT after EO was down by 7% to Rs 308.59 crore.
    • Taxation in absolute term was down by 4% to Rs 101.76 crore. But the effective tax rate for the quarter was higher at 33% compared to 31.9% in the corresponding previous period. Thus the PAT was eventually lower by 8% to Rs 206.83 crore.
    • Other comprehensive expense net of tax was Rs 2.96 crore compared to an income of Rs 5.99 crore in the corresponding previous period. Thus the total comprehensive income was down by 12% to Rs 203.87 crore.

    Yearly performance

    Figures for fiscal ended March 31, 2019 includes financials of Lloyd Consumer Segment (formerly consumer durable business of LEEL Electricals) for full period unlike corresponding previous period which include the financials only for part of the period that is from May 8, 2017 onwards. Lloyd Consumer was acquired on May 8, 2017 along with the trade mark 'Lloyd' from Fedders Lloyd Corporation for Rs 1547.38 crore. Hence the financials for fiscal ended March 2019 not comparable with corresponding previous periods to that extent.

    Standalone sales were higher by 24% to Rs 10057.62 crore. Sale excluding the incremental sales from Lloyds Consumer, which was acquired on May 2017 in both the periods, was higher by 20% to Rs 8202.06 crore facilitated by higher sales registered by all business segments of the company.

    Sales of switchgear, cable and ECD was up by 18% (to Rs 1680.20 crore), 21% (to Rs 3234.60 crore), 27% (to Rs 1993.86 crore) respectively. While the lighting & fixtures revenue was up by 11% to Rs 1293.40 crore that of Lloyd Consumer was up by 31% to Rs 1855.56 crore.

    EBIT grew by 18% to Rs 2389.93 crore even as EBIT margin contract by 70 bps to 23.8%. But excluding the profit of Lloyd Consumer for both the periods, the EBIT was up by 18% to Rs 2072.36 crore. The segment profit of Lloyds Consumer was up by 18% to Rs 317.57 crore. The segment profit of Switchgears, cables, and ECD was up by 16% (to Rs 646.38 crore), 19% (to Rs 521.71 crore) and 27% (to Rs 534.92 crore) respectively. The segment profit of L&F was up by 10% to Rs 369.35 crore. The PBT (after EO) was up by 14% to Rs 1155.26 crore. Eventually the PAT was up by 11% to Rs 791.52 crore with taxation stand higher by 20% to Rs 363.74 crore.

    Consolidated sales was higher by 24% to Rs 10073.43 crore and with OPM contract by 100 bps to 11.8%, the OP was up by 14% to Rs 1184.35 crore. The PAT was up by 17% to Rs 785.87 crore. Eventually total comprehensive income attributable to owners was up by 16% to Rs 781.21 crore.

    Havels India: Standalone Results

     

    1903 (3)1803 (3)Var. (%)1903 (12)1803 (12)Var. (%)
    Sales2751.862534.90910057.628138.5724
    OPM (%)11.714.111.912.9
    OP322.85357.72-101192.191049.2914
    Other inc.30.9525.7420127.55116.999
    PBIDT353.80383.46-81319.741166.2813
    Interest6.148.36-2715.9123.97-34
    PBDT347.66375.10-71303.831142.3114
    Dep.39.0734.7412148.57139.526
    PBT before EO308.59340.36-91155.261002.7915
    EO Income0.00-9.07-1000.0011.91-100
    PBT after EO308.59331.29-71155.261014.7014
    Taxation101.76105.53-4363.74302.1820
    PAT 206.83225.76-8791.52712.5211
    Other comprehensive income (net of tax) -2.965.99PL-4.771.68PL
    Total comprehensive income 203.87231.75-12786.75714.2010
    EPS (Rs)*##12.711.3
    * EPS is on current equity of Rs 62.55 crore, Face value of Rs 1
    # EPS is not annualised due to seasonality of business
    Figures in Rs crore
    Source: Capitaline Corporate Database

    Havells India : Segment results

     

    Sales *1903 (3)1803 (3)Var. (%)% to total1903 (12)1803 (12)Var. (%)% to total
    Switchgear436.76394.6311161680.201424.451817
    Cable897.89768.8617333234.602683.412132
    Lighting & Fixture379.96322.6918141293.401168.701113
    Electrical Consumer Durables504.85464.629181993.861569.572720
    Lloyd Consumer532.40584.10-9191855.561414.143118
    Total Reportable Segment2751.862534.90910010057.628260.2722100
    Less: Inter segment revenues
    Net sales2751.862534.90910057.628260.2722
    PBIT
    Switchgear165.63152.28926646.38557.201627
    Cable157.48131.782025521.71438.031922
    Lighting & Fixture104.6999.78516369.35335.631015
    Electrical Consumer Durables132.03126.16521534.92420.152722
    Lloyd Consumer79.79128.31-3812317.57268.321813
    Total639.62638.3101002389.932019.3318100
    Less: Interest6.148.36-2715.9123.97-34
    Add: Other un-allcoable Inc-324.89-289.5912-1218.76-992.5723
    Less: EO Exp9.07-11.91
    Total profit before tax308.59331.29-71155.261014.7014
    Segment Assets
    Switchgear684.75640.28710684.75640.28710
    Cable798.71757.94511798.71757.94511
    Lighting & Fixture576.81491.58178576.81491.58178
    Electrical Consumer Durables761.45505.545111761.45505.545111
    Lloyd Consumer2631.612195.2620372631.612195.262037
    Un allocated1725.751950.81-12241725.751950.81-1224
    Total Segment Assets7179.086541.41101007179.086541.4110100
    Segment Liabilities
    Switchgear309.78307.51111309.78307.51111
    Cable513.33529.05-317513.33529.05-317
    Lighting & Fixture225.14240.75-68225.14240.75-68
    Electrical Consumer Durables460.53385.012016460.53385.012016
    Lloyd Consumer504.31646.82-2217504.31646.82-2217
    Un allocated923.46693.123331923.46693.123331
    Total Segment Liabilities2936.552802.2651002936.552802.265100
    Figures in Rs crore
    Source: Capitaline Corporate Database

    Havells India: Consolidated Results

     

    1903 (12)1803 (12)Var. (%)
    Sales10073.438146.4124
    OPM (%)11.812.8
    OP1184.351043.4014
    Other inc.128.65117.909
    PBIDT1313.001161.3013
    Interest16.2524.83-35
    PBDT1296.751136.4714
    Dep.152.61140.499
    PBT before EO1144.14995.9815
    EO Income0.00-18.67-100
    PBT after EO1144.14977.3117
    Taxation358.27303.8318
    PAT 785.87673.4817
    P/(L) from discontinued operations net of tax-0.33-12.51-97
    Net profit785.54660.9719
    Share of Profit/(Loss) from Associates0.000.00
    Net profit after JV/Associate profit785.54660.9719
    Minority Interest0.441.40-69
    Net profit 785.98662.3719
    Other comprehensive income (net of tax) attributable to owner-4.778.62PL
    Total comprehensive income attributable to owners781.21670.9916
    EPS (Rs)*12.611.0
    * EPS is on current equity of Rs 62.55 crore, Face value of Rs 1
    # EPS is not annualised due to seasonality of business
    Figures in Rs crore
    Source: Capitaline Corporate Database

    Havells India : Consolidated Segment results

     

    Sales *1903 (12)1803 (12)Var. (%)% to total
    Switchgear1680.201424.451817
    Cable3234.602683.412132
    Lighting & Fixture1309.211177.441113
    Electrical Consumer Durables1993.861569.572720
    Lloyd Consumer1855.561414.143118
    Total Reportable Segment10073.438269.0122100
    Less: Inter segment revenues
    Net sales10073.438269.0122
    PBIT
    Switchgear646.38557.201627
    Cable521.71438.031922
    Lighting & Fixture381.13333.831416
    Electrical Consumer Durables534.92420.152722
    Lloyd Consumer317.57268.321813
    Total2401.712017.5319100
    Less: Interest16.2524.83-35
    Add: Other un-allcoable -1241.32-1015.3922
    Total profit before EO and tax - continuing operation1144.14977.3117
    Segment Assets
    Switchgear684.75640.28710
    Cable798.71757.94511
    Lighting & Fixture601.85542.99118
    Electrical Consumer Durables761.45505.545111
    Lloyd Consumer2631.612195.262037
    Asset classified as held for sale17.8817.1050
    Unallocated1676.041948.40-1423
    Total Segment Assets7172.296607.51977
    Segment Liabilities
    Switchgear309.78307.51110
    Cable513.33529.05-317
    Lighting & Fixture226.80248.44-98
    Electrical Consumer Durables460.53385.012016
    Lloyd Consumer504.31646.82-2217
    Liability associated with assets classified as held for sale0.13-1000
    Unallocated939.55753.742532
    Total Segment Liabilities2954.302870.70368
    Figures in Rs crore
    * Sales for the quarter ended March 2018 is net of GST but the corresponding previous period figures and YTD/yearly figures are gross of excise, so not comparable.
    Source: Capitaline Corporate Database

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