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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.
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