Electrical goods maker Havells India has reported three-fold jump in standalone net profit at Rs 366.49 crore for the quarter ended March, 31 on account of revenue and profitability growth.
According to a report in PTI: The company had posted a net profit of Rs 121.85 crore in the January-March period a year ago, Havells said in a BSE filing.
Its net sales on standalone basis during the quarter under review was Rs 1,463.36 crore, up 9.23 per cent, as against Rs 1,339.69 crore during the same quarter of the previous fiscal.
“The performance in March quarter underlines an encouraging trend of positive revenue and profitability growth. We have implemented several structural decisions which should support growth going forward as well,” CMD, Havells India, Anil Rai Gupta said.
Revenue from switchgears was up 7.09 per cent to Rs 327.23 crore as against Rs 305.54 crore in the year-ago period. Earnings from cable went up by 7.02 per cent to Rs 609.00 as compared to Rs 569.04 crore.
During the period under review, revenue from lighting and fixtures segment was up 23.32 per cent to Rs 231.82 crore from Rs 187.98 crore, while its electric consumer durables segment revenue rose by 7.20 per cent to Rs 307.39 crore.
For the entire 2015-16 fiscal, the company’s net profit was up 53.85 per cent to Rs 715.35 crore as against Rs 464.94 crore in the previous fiscal. Net sales was up 3.83 per cent to Rs 5,395.14 crore in the latest fiscal as compared to Rs 5,196.08 crore in 2014-15. The company has divested its 80 per cent stake in Sylvania Malta and Havells Exim, through which it has made a profit of Rs 202.39 crore.
“Net profit for 2015-16 before exceptional item grew by 10 per cent to Rs 513 crore as compared to Rs 465 crore in the corresponding quarter of previous financial year. The exceptional item of Rs 202 crore is the result of profit on 80 per cent stake sale in Sylvania,” the company said.
Meanwhile, in a separate filing, Havells India informed that its board has recommended a dividend of Rs 3 per equity share of Re 1 each. This is in addition to interim dividend of Rs 3 per equity share already paid in February 2016 amounting to a total dividend of Rs 6 per equity share which is 600 per cent for 2015-16.