Any current/future new fundraising through debt or equity?

Havells India management stated they are always open to fundraising opportunities, provided pricing and capital deployment returns make sense. There is no current rush or immediate plan to raise funds through debt or equity despite ongoing business developments. Past stance has been to carefully evaluate any fundraising and not rush into it. The company will continue to assess opportunities as they arise but will maintain a cautious approach to capital raising. No specific figures or timelines were given for any future fundraising through debt or equity as of July 18, 2024.

Any current/future capex/capital investment/strategic investment?

FY'25 capex is budgeted around INR 800-900 crores, including spillover from previous years. Including recently announced cable investment, overall capex could rise to INR 1,000-1,100 crores. Approximately 30-40% of capex will be allocated to the Cable & Wires segment, with ongoing capacity expansions for both domestic and export markets. Expansion includes setting up larger underground cable capacities and enhancing export capabilities, notably in Tumkur facility. Capex levels of INR 800-900 crores expected to continue into FY'26 and FY'27. Investments aimed at increasing manufacturi

Future growth expectations in sales/revenue/volumes?

Havells anticipates better growth in consumer segments like ECD (Electrical Consumer Durables) as consumer sentiment and housing improve, though recovery has been prolonged and uncertain. Growth in non-AC categories within Lloyd is expected, focusing on refrigerators and washing machines, alongside air conditioners. The company expects continued volume growth driven by category expansion and increased market shares, especially in domestic appliances. For Lloyd, growth and profitability improvements are viewed as a long-term journey with ongoing investments in brand building, R&D, and man

Future growth expectations in earnings/operating earnings/profits/EPS?

Havells expects continued growth driven by improved consumer sentiment and housing sector recovery, particularly benefiting the ECD segment (fans, domestic appliances, air coolers, water heaters). While exact growth rates like 20% are not committed, management hopes for better growth in FY'25 and beyond. Lloyd business is on a long-term growth journey with ongoing investments in manufacturing, brand building, and R&D; margins are improving but top-tier profitability is a future goal. Contribution margins in key divisions (e.g., switchgear) are expected to stabilize or improve gradually. Operat

Havells India LtdQ1 FY25Consumer Durables

Havells India Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,040P/E: 41.3Market Cap: ₹68.8K CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Havells anticipates better growth in consumer segments like ECD (Electrical Consumer Durables) as consumer sentiment and housing improve, though recovery has been prolonged and uncertain.
Growth in non-AC categories within Lloyd is expected, focusing on refrigerators and washing machines, alongside air conditioners.
The company expects continued volume growth driven by category expansion and increased market shares, especially in domestic appliances.
For Lloyd, growth and profitability improvements are viewed as a long-term journey with ongoing investments in brand building, R&D, and manufacturing.
The cable and wires segment is set for capacity expansions with expected sustained demand over 3-5 years due to infrastructure investments.
Havells remains hopeful for sustained double-digit growth in ECD over the next several years, with FY'25 and beyond potentially showing improved industry growth.
International markets and exports, especially in the U.S., are targeted for gradual revenue growth via new JVs and approvals.

Margin guidance

Category 3

Havells expects continued growth driven by improved consumer sentiment and housing sector recovery, particularly benefiting the ECD segment (fans, domestic appliances, air coolers, water heaters).
While exact growth rates like 20% are not committed, management hopes for better growth in FY'25 and beyond.
Lloyd business is on a long-term growth journey with ongoing investments in manufacturing, brand building, and R&D; margins are improving but top-tier profitability is a future goal.
Contribution margins in key divisions (e.g., switchgear) are expected to stabilize or improve gradually.
Operating margins should improve over time as investments moderate and growth picks up, with better flow-through to EBIT.
Price hikes in Q1 are partially passed on, with more to follow, alongside cost pressures.
Capex around INR 800-1100 crores annually is planned, supporting capacity expansion and market share gains.
Exports and new categories offer medium-term growth opportunities but require time to scale.

See what Havells India Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Havells India management stated they are always open to fundraising opportunities, provided pricing and capital deployment returns make sense.
There is no current rush or immediate plan to raise funds through debt or equity despite ongoing business developments.
Past stance has been to carefully evaluate any fundraising and not rush into it.
The company will continue to assess opportunities as they arise but will maintain a cautious approach to capital raising.
No specific figures or timelines were given for any future fundraising through debt or equity as of July 18, 2024.

Order book

The provided transcript from the Havells India Limited Q1 FY25 earnings call does not explicitly mention current or expected order book or pending orders details. Specific data regarding order book size or pending orders is not disclosed or discussed during the Q&A session or management commentary. The focus is mainly on: - Demand trends in various segments like ECD, Switchgear, and Lloyd’s consumer products. - Capacity expansion plans, especially in Cables & Wires. - Market outlook and margin profiles. - Price hikes and cost pressures. - Growth expectations in domestic and international markets. If you need detailed insights on order books or pending orders, that data might be available in other sections of the full earnings report or investor presentations not included in the transcript.

See what Havells India Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

FY'25 capex is budgeted around INR 800-900 crores, including spillover from previous years.
Including recently announced cable investment, overall capex could rise to INR 1,000-1,100 crores.
Approximately 30-40% of capex will be allocated to the Cable & Wires segment, with ongoing capacity expansions for both domestic and export markets.
Expansion includes setting up larger underground cable capacities and enhancing export capabilities, notably in Tumkur facility.
Capex levels of INR 800-900 crores expected to continue into FY'26 and FY'27.
Investments aimed at increasing manufacturing capabilities, brand building, R&D, and launching new product categories.
The company remains open to inorganic growth opportunities by leveraging balance sheet strength and brand presence for category expansions, but will evaluate opportunities cautiously.

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Havells India Ltd Q1 FY25 Earnings Call Analysis

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