Home appliances maker Havells India reported a 33 per cent rise in second-quarter profit on Thursday, as cables remained in demand due to sustained infrastructure spending and as dry weather boosted air-conditioner sales.
The company’s profit for the September quarter rose to Rs 249 crore from Rs 187 crore a year earlier, but missed analysts’ average estimate of Rs 287 crore, as per LSEG data.
Revenue for the quarter rose 6 per cent to Rs 3,891 crore.
Analysts had expected strong growth in the cables and wires segment due to healthy demand from the housing and infrastructure sectors.
The cables segment, the company’s largest in terms of revenue, doubled its pre-tax profit to Rs 171 crore.
The Lloyd consumer segment benefited from a pickup in the sale of air-conditioners due to unusually dry weather during the quarter.
The Lloyd segment posted a narrower loss of Rs 73.31 crore compared with a loss of Rs 83.29 crore a year earlier.
Havells India flagged softness in consumer demand but expects an uptick in the festival season this quarter.
Shares of the company closed 1.7 per cent higher at Rs 1,362.7 ahead of quarterly results.
