Havells, Voltas, Symphony: Many white goods companies such as air conditioner maker Voltas Ltd or cooler maker Symphony, fan and cooler maker Havells India and maker of refrigerators Whirlpool of India rely on summer sales.
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Havells India shares traded 7 per cent higher to hit a fresh record high of Rs 1,190 on the BSE in an otherwise weak market on Thursday, on expectation of higher growth in the next few quarters due to a low base (lockdown quarters) and effect of price hikes. The fast moving electrical goods company s stock has surpassed its previous high of Rs 1,164, touched on January 22.
In the past one month, Havells India has rallied 32 per cent, after the company reported a strong set of numbers for the quarter ended December 2020 (Q3FY21) with standalone net profit jumping 75 per cent year on year (YoY) to Rs 349 crore, on the back of strong revenue growth. In comparison, the S&P BSE Sensex was down 1 per cent during the same period.
Shares of Havells India hit a new high of Rs 1,086 on Thursday after rallying 6 per cent on the BSE in early morning trade after the company reported a strong set of numbers for the quarter ended December 2020 (Q3FY21). Havells India s standalone net profit for Q3FY21 jumped 75 per cent year on year (YoY) at Rs 349 crore, on the back of strong revenue growth. The company’s revenue during the quarter increased by 40 per cent YoY at Rs 3,166 crore. Ebitda (earnings before interest, taxes, depreciation, and amortization) margins expanded by 420 basis points (bps) at 16.0 per cent from 11.8 per cent in the corresponding quarter of previous fiscal.