Havells India posts Q4 profit rise on strong air conditioner sales
BENGALURU (Reuters) - Havells India Ltd reported a 2.5% rise in fourth-quarter profit on Wednesday, aided by strong sales for air conditioners.
The company said its profit rose to 3.62 billion rupees ($44.28 million) for the three months ended March 31, from 3.53 billion rupees a year earlier.
Havells is popular in the Indian market for its air-conditioners and home appliances label Lloyd as well as electrical switches brand Crabtree.
Consumer spending on electrical appliances usually sees an uptick ahead of the summer months. Even though analysts said that unseasonal rains and a delayed summer this year could affect demand, consumer durable makers have been reporting strong sales.
The Indian Meteorological Department (IMD) has cautioned of a heatwave from March to May in the central and northwest regions of India.
Revenue from the company's Lloyd consumer segment, which is its second-biggest after cables, rose nearly 32% to 12.64 billion rupees. The cables business reported a 5.4% rise in revenue.
Total revenue from operations rose 9.8% to 48.50 billion rupees.
Rival Voltas, had flagged that its cooling products business had performed relatively better in Q4, amid lower consumer sentiment towards discretionary spending and incessant rains in March 2023.
Havells' shares rose about 1% after the results.
($1 = 81.7610 Indian rupees)
(Reporting by Anisha Ajith in Bengaluru; Editing by Sonia Cheema)