*Havells India Ltd.* | *CMP* Rs. 463 | *M Cap* Rs. 28944 Cr | *52 W H/L* 526/303
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1860.5 Cr vs expectation of Rs. 2057.6 Cr, QoQ Rs. 1710.2 Cr, YoY Rs. 1466.8 Cr
EBIDTA came at Rs. 172.4 Cr vs expectation of Rs. 244.2 Cr, QoQ Rs. 229.6 Cr, YoY Rs. 200.4 Cr
EBITDA Margin came at 9.3% vs expectation of 11.9%, QoQ 13.4%, YoY 13.7%
Adj. PAT came at Rs. 121.4 Cr vs expectation of Rs. 168.5 Cr, QoQ Rs. 171.5 Cr, YoY Rs. 145.6 Cr
Quarter EPS is Rs. 1.9
Share is trading at P/E of 41.4x FY18E EPS

*OUR COMMENTS*

*Stock appears very expensive. Q2 too should be bad due to big slowdown in sales caused by GST and inventory pile up*