Havells slumps 7% on disappointing Q2 results

NEW DELHI: Shares of

Havells India

slumped more than 7 per cent in early trading Mumbai on Thursday as the consumer electrical goods maker posted a 7.34 per cent fall in consolidated net profit to Rs 302.39 crore in July-September.

At 09:22 hours (IST) the company’s scrip was at Rs 1,305.15, down 7.22 per cent on the National Stock Exchange.

In an exchange filing on Wednesday, the company said that its revenue from operations rose 31.65 per cent to Rs 3,238.04 crore in the previous quarter as against Rs 2,459.49 crore a year ago.

Havells Chairman and Managing Director said that an unabated increase in commodity costs had resulted in headwinds for margins in July-September.

The company’s total expenses were at Rs 2,866.54 crore during the period under review, a rise of 35.60 per cent from Rs 2,113.92 crore a year ago.

At a board meeting held Wednesday, the company declared an interim pidend of Rs 3 per equity share.