Havells India Ltd

About [ edit ]

Havells India Limited is a leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global presence.
It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans, Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters, Power Capacitors, Luminaires for Domestic, Commercial and Industrial Applications. #

Key Points [ edit ]
  • Market Cap 62,976 Cr.
  • Current Price 1,007
  • High / Low 1,238 / 447
  • Stock P/E 68.6
  • Book Value 75.2
  • Dividend Yield 0.40 %
  • ROCE 21.4 %
  • ROE 17.4 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 24.52%

Cons

  • Stock is trading at 13.38 times its book value
  • Company might be capitalizing the interest cost
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,392 2,601 2,194 2,524 2,755 2,717 2,233 2,273 2,217 1,483 2,459 3,175
1,293 2,290 1,934 2,225 2,440 2,438 1,997 2,004 1,973 1,352 2,038 2,665
Operating Profit 99 311 260 298 315 279 235 269 244 132 422 510
OPM % 7% 12% 12% 12% 11% 10% 11% 12% 11% 9% 17% 16%
Other Income -20 29 39 30 30 40 28 25 21 32 80 39
Interest 32 3 4 3 6 5 5 5 5 17 17 15
Depreciation 20 36 40 36 39 47 53 55 63 60 59 64
Profit before tax 27 301 255 289 299 267 205 234 198 87 425 470
Tax % 29% 30% 30% 32% 33% 34% 12% 14% 10% 26% 23% 25%
Net Profit -20 212 180 196 199 177 179 201 178 64 326 350
EPS in Rs -0.33 3.38 2.87 3.13 3.18 2.83 2.87 3.21 2.84 1.02 5.21 5.59

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
5,073 5,069 5,547 6,452 7,135 8,051 8,468 7,594 6,130 8,116 10,073 9,440 9,336
4,787 4,739 5,016 5,786 6,461 7,274 7,713 6,833 5,315 7,127 8,885 8,405 8,027
Operating Profit 286 330 531 666 674 777 755 761 815 989 1,188 1,035 1,308
OPM % 6% 7% 10% 10% 9% 10% 9% 10% 13% 12% 12% 11% 14%
Other Income -187 14 47 33 222 35 48 984 42 141 124 107 171
Interest 125 98 90 128 123 102 96 91 13 25 16 20 54
Depreciation 90 84 80 95 110 116 139 134 121 140 149 218 246
Profit before tax -117 163 407 476 664 594 569 1,520 723 965 1,147 904 1,179
Tax % -37% 57% 25% 22% 12% 25% 32% 14% 32% 31% 31% 19%
Net Profit -160 70 304 370 581 446 385 1,300 495 662 788 735 918
EPS in Rs -2.66 1.16 4.87 5.93 9.32 7.15 6.17 20.82 7.91 10.60 12.59 11.75 14.66
Dividend Payout % -9% 32% 10% 22% 16% 42% 49% 29% 44% 4% 36% 34%
Compounded Sales Growth
10 Years:6%
5 Years:2%
3 Years:15%
TTM:-6%
Compounded Profit Growth
10 Years:26%
5 Years:14%
3 Years:14%
TTM:21%
Stock Price CAGR
10 Years:29%
5 Years:24%
3 Years:22%
1 Year:98%
Return on Equity
10 Years:22%
5 Years:19%
3 Years:19%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
30 31 62 62 62 62 62 62 62 63 63 63 63
Reserves 582 369 591 893 1,380 1,604 1,756 2,965 3,214 3,667 4,135 4,249 4,647
Borrowings 1,228 1,066 1,117 1,027 982 1,054 424 134 208 115 94 72 1,028
1,433 1,632 1,792 2,193 2,034 2,613 2,546 1,225 1,683 2,763 2,856 2,690 2,550
Total Liabilities 3,273 3,098 3,564 4,175 4,458 5,332 4,788 4,387 5,168 6,608 7,148 7,073 8,287
1,211 1,209 1,331 1,391 1,500 1,600 1,541 1,224 1,300 2,819 2,904 3,350 3,237
CWIP 31 34 25 66 25 44 38 20 12 24 233 86 88
Investments 0 0 0 0 0 0 0 189 162 0 0 0 0
2,031 1,856 2,208 2,718 2,933 3,688 3,209 2,954 3,694 3,765 4,012 3,638 4,962
Total Assets 3,273 3,098 3,564 4,175 4,458 5,332 4,788 4,387 5,168 6,608 7,148 7,073 8,287

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
220 309 253 452 638 868 963 513 767 1,100 501 827
-163 -90 -176 -105 -144 -376 -485 -121 -220 -946 185 -548
-52 -313 -65 -247 -252 -310 -754 -621 -98 -409 -318 -716
Net Cash Flow 6 -94 11 100 242 183 -277 -229 450 -255 368 -437

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 11% 17% 31% 33% 26% 27% 27% 28% 25% 27% 29% 21%
Debtor Days 54 50 51 50 44 45 27 11 14 15 15 9
Inventory Turnover 3.33 3.68 3.29 2.91 3.15 3.25 3.44 4.05 4.00 3.78 3.47 3.02

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
59.55 59.55 59.55 59.55 59.52 59.52 59.52 59.52 59.50 59.50 59.50 59.50
24.83 25.77 26.54 27.28 26.95 26.29 25.88 23.04 21.95 22.22 24.36 24.91
5.21 5.19 4.71 4.30 4.64 5.82 5.89 8.27 9.64 9.86 8.36 7.89
0.17 0.18 0.18 0.16 0.14 0.13 0.18 0.23 0.23 0.23 0.23 0.19
10.23 9.31 9.01 8.71 8.69 8.24 8.53 8.94 8.68 8.18 7.55 7.51
0.01 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.01

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