Companies

Havells India Q3 net profit up 27.5% at Rs 153 cr

PTI New Delhi | Updated on January 12, 2018 Published on January 17, 2017

Consumer electrical goods maker Havells India today reported 27.54 per cent increase in net profit at Rs 152.97 crore for the third quarter ended December 31.

The company said the increase in net profit during the third quarter was on account of an exceptional profit of Rs 19 crore due to divestment of remaining 20 per cent stake in its associate company Havells Exim.

The company had posted a net profit of Rs 119.93 crore in the same period of the previous fiscal.

Total income from operations stood at Rs 1,622.07 crore during the third quarter against Rs 1,431.59 crore during the same period of the previous fiscal, Havells India Ltd said in a regulatory filing.

“The recent demonetisation event in November 2016 caused severe anxiety and uncertainty in the industry particularly with dealers fraternity. Havells, in line with its philosophy, acted swiftly and connected with its trade partners with an extensive outreach plan,” Havells India Chairman and MD Anil Rai Gupta said.

The company recognised the market constraints and hardships faced by dealers for an intermittent period and thus decided to offer certain relaxations under ongoing trade schemes to alleviate their concerns amid lower secondary offtake and likely fund crunch, he said.

“We believe that our outreach initiative has strengthened and reinforced our long-standing trade relationships,” Gupta added.

Shares of the company ended down by 2.53 per cent at Rs 371.70 on the BSE.

Published on January 17, 2017

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.