Top 3 Indian Companies - Two Wheeler Wholesales October 2022

Havells Q2FY23 Update

Havells Q2FY23 • Strong sales growth of 14% YoY driven by healthy growth across all segments. • PAT down 38% and Operating Margins at 7.8% are down 590 bps impacted by high cost inventory. • Volume growth of 10% YoY in Q2FY23 and 18% YoY for C&W. • Capex to be around Rs 1000-1200 crore in FY23 & FY24. • Management is optimistic in the upcoming festive season and is seeing encouraging primary and secondary sales. • Price hikes will be taken in Llyod product portfolio in Q4FY23 due to new BEE norms. • In fans segment de-stocking is expected and price hikes will be taken due to new BEE norms in Q3FY23. • According to the management, inflationary pressures on demand are visible, but no downtrading is happening. • The company is currently not looking for M&A. • Capital allocation is more towards Lloyd for the next 1-2 years to gain market share.

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