Havells India reported a 38 per cent year-on-year growth in its switchgear business during the first quarter (April to June) of FY23.
Here is a summary of the company’s performance:
- Switchgears business grew by 38 per cent to Rs.517 crore in Q1 FY23 as against Rs.374 crore in the corresponding quarter previous year.
- Cable business grew by 48 per cent to Rs.1,193 crore in Q1 FY23 vis-à-vis Rs.807 crore in the corresponding quarter of FY22.
- The Lighting and Fixtures business was up 77 per cent, reaching Rs.371 crore in Q1 of FY23 as from Rs.210 crore in Q1 of FY22.
Robust revenue growth
Commenting on the financial performance, Anil Rai Gupta, Chairman & Managing Director, Havells India Ltd, said, “Robust revenue growth over a disrupted quarter. Margins adversely impacted due to commodity cost fluctuation. We expect benefits from the recent cost moderation to reflect in a couple of quarters. The demand outlook remains stable in consumer and residential segments.”
Featured photograph is a file picture of a switchgear manufacturing facility of Havells India Ltd.
