Havells India stock hit a 52-week high on September 8th at Rs 1,444 after the electrical-goods maker saw nearly 29 lakh shares exchange hands against a monthly average of 7 lakh shares at the exchanges.
At 1.00 pm on the NSE, the Havells India stock was quoting at Rs 1,446.85, up Rs 76.45, or 5.58 percent.
Financials
In Q1FY24, the company reported a 13.90 percent year-on-year (YoY) increase in its revenue from operations at Rs 4,834 crore. Net profits for the quarter were up 18.10 percent YoY at Rs 287 crore while the operating profit margins expanded by 100 basis points on year to 8 percent.
Brokerage rating
UBS has recommended a ‘buy’ on the company stock with the target price set at Rs 1,900 per share.
“Improvement in consistent supply of electricity in tier-two and tier-three towns is creating growth opportunities. We expect the company to continue its focus on in-house manufacturing as this improves internal efficiency and ensures product quality,” the brokerage said.
Havells India in a regulatory filing at the exchanges last month said that it intended to set-up a new manufacturing facility in Ghiloth, Rajasthan.
“We are exploring the possibility to set-up a new facility to manufacture refrigerators as the company is currently engaged in the business of outsourcing refrigerators,” the company said.
Havells India is engaged in the business of manufacturing electrical and consumer goods. The company’s product portfolio includes a wide range of electrical equipment, lighting solutions, fans, and home appliances.
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