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Haitong Securities neutral on Havells India, target price of Rs 620

Neutral Havells India Ltd. at a price target of Rs 620.0 .

ETMarkets.com|
Last Updated: Sep 06, 2019, 08.26 AM IST
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Haitong Securities initiated coverage on Havells India in the long term with a neutral rating and set a target price of Rs 620. Shares of Havells ended up 2.5% at Rs 652 on Thursday while the BSE sensex closed 80.32 points down to 36,644.42.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 2716.88 crore, down -1.38 % from last quarter sales of Rs 2754.77 crore and up 4.47 % from last year same quarter sales of Rs 2600.72 crore. The company has reported net profit after tax of Rs 177.09 crore in latest quarter.

Investment Rationale

The brokerage expects the company to report a strong net profit growth of 18.5% CAGR between FY19-FY22. Havells is looking to deepen its distribution, with focus on smaller towns, and the company plans to ramp up its durable business, given that business synergies and strong demand drivers are now in place.

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