Havells India

July 9 (Reuters) - Havells India Ltd HVEL.NS:

• ENTERS BATTERY ENERGY STORAGE SEGMENT THROUGH STRATEGIC COLLABORATION WITH PIXII AS

Further company coverage: HVEL.NS

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** Shares of electrical consumer goods co Havells India HVEL.NS climb 2% to 1,183.40 rupees

** Citi upgrades HVEL to "buy" from "neutral"; keeps target price at 1,500 rupees

** Sees growth improving from FY27, led by strong cables & wires business

** Expects recovery in consumer segments, including Lloyd and lighting

** Flags margin expansion from operating leverage, better price-cost pass-through

** Says recent correction in stock offers attractive entry into high-quality franchise

** Avg rating of 37 analysts on HVEL "buy"; median PT is 1,535 rupees - LSEG-compiled data

** YTD, stock down ~17%

(Reporting by Kashish Tandon in Bengaluru)

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April 22 (Reuters) - Consumer electronics and power distribution equipment maker Havells India HVEL.NS reported a 40% rise in fourth-quarter consolidated profit on Wednesday, helped by strong demand across its portfolio that spans wires and cables to home appliances.

• Profit rose to 7.23 billion rupees ($77.05 million) for the March quarter, from 5.18 billion rupees a year ago.

• Revenue grew 2.47% to 67.05 billion rupees, helped by a 14% growth in the cables segment, the firm's biggest.

• India's consumer durables and electricals industry is entering a challenging summer season as rising raw material and energy costs squeeze margins, prompting firms to raise prices, analysts say.

• Havells is better off than its peers due to a diversified portfolio and greater reliance on segments such as wires, cables and switchgear, analysts said.

• Its shares rose as much as 6.2% to 1,410.70 rupees in Mumbai after the results. They have fallen 1.6% so far in 2026.

($1 = 93.8362 Indian rupees)

(Reporting by Abhinav Parmar and Urvi Dugar in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Electrical consumer goods major Havells India HVEL.NS rise 1.32% to 1,308.1 rupees

** Ambit Capital maintains "buy" rating on stock, with PT at 1,669 rupees

** Brokerage expects HVEL to deliver 16% revenue growth and 22% EBITDA CAGR over FY26–28, driven by 9%/19% growth in mature and growth categories

** Brokerage says diversified portfolio and strong non-summer mix that includes wires and cables, switchgear, lighting makes co more resilient than fast moving electrical good cos

** Adds while room air conditioners or fans performance remain uncertain, strong tailwinds in wires and cables continue to support growth

** HVEL rated "buy" on avg by 39 analysts, median PT 1,630 rupees- data compiled by LSEG

** YTD, stock down 9.39%

(Reporting by Devika Nair in Bengaluru)

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By Praveen Paramasivam

CHENNAI, March 12 (Reuters) - Indian households are rushing to buy electric induction stoves, draining stocks online and in stores, amid fears of a potential cooking gas shortage tied to the Middle East conflict.

India, the world's ​second-largest importer of liquefied petroleum gas (LPG), has invoked emergency powers to boost supplies for households even as availability tightens for commercial users including canteens, hostels and restaurants.

Meanwhile, consumers are buying electric cooking appliances as a precaution, with some households worried about refill delays and higher prices.

Checks by Reuters on Thursday showed several induction stove models were unavailable on Amazon AMZN.O, Walmart-backed WMT.O Flipkart, Eternal's ETEA.NS Blinkit and Zepto, while some offline chains said fresh supplies were still days away.

Induction stove sales on Amazon India have jumped more than 30-fold, while rice cookers and electric pressure cookers are up fourfold, a company spokesperson said.

Kitchen appliances maker TTK Prestige TTKL.NS said demand for induction stoves had surged far beyond supply.

"There is a threefold surge (in demand)," CEO Venkatesh Vijayaraghavan told Reuters.

The company has raised its production capacity to 100% from about 70% before the start of the war, and increased staffing by roughly 15%. It also plans to raise prices of induction stoves in the June quarter to offset any higher costs.

Induction stoves accounted for about a tenth of TTK's 25.30 billion rupees ($274.52 million) standalone revenue in 2024–25.

Online shopping platforms also showed models from Butterfly CROP.NS, Havells India HVEL.NS and Bajaj Electricals BJEL.NS marked as "currently unavailable".

Google Trends showed search interest for induction stoves hit a record high on March 12, while some restaurant chains, including Wow Momo and California Burrito, said they were exploring induction stoves as a contingency plan.

Anand Rathi analyst Manish Valecha said large kitchen appliance makers with domestic assembly and strong distribution, including TTK Prestige, Butterfly and Stove Kraft STOE.NS, are best placed to benefit from the surge in induction cooktop demand. But reliance on imported components could pose supply risks if the spike persists, he added.

TTK Prestige will switch from sea shipments to airlifting components sourced from China and Southeast Asia, absorbing higher costs to ensure supplies if disruptions persist, Vijayaraghavan said.

The Middle East conflict has disrupted shipping through the Strait of Hormuz and the Gulf, raising costs and tightening oil and gas supplies from the Middle East. O/R

On Thursday, the Suezmax tanker Shenlong reached Mumbai with Saudi crude, becoming the first crude carrier to arrive in India from the Middle East since the war between Iran and the United States and Israel erupted in late February, LSEG data showed.

($1 = 92.1625 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Leroy Leo)

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Jan 19 (Reuters) - Havells India Ltd HVEL.NS:

• Q3 CONSOL NET PROFIT 3.01 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 55.88 BILLION RUPEES

• BOARD DECLARES INTERIM DIVIDEND OF 4 RUPEES PER SHARE

Further company coverage: HVEL.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add topic codes.

By Ujjaini Dutta

BENGALURU, Oct 9 (Reuters Breakingviews) - Rich valuations are a defining feature of Indian equities. So, it’s eye-catching when a global company listing its subsidiary in the South Asian market shuns the lofty multiples on offer. That’s the decision South Korea’s LG Electronics 066570.KS took this week.

Few global brands are as embedded in Indian homes as the maker of refrigerators, microwaves, televisions and air conditioners. It is the country’s biggest white-goods retailer by sales and LG Electronics India LGEL.NS is more profitable than its rivals. Instead of leveraging that advantage, the South Korean group is accepting a steep valuation discount on the $1.3 billion offering of its shares in the unit.

The $9 billion market capitalisation it's set to secure almost matches its parent’s but values the subsidiary at about 35 times its trailing earnings. That is close to the multiple of distant rival Whirlpool India WHIR.NS, which is half as profitable, and compares to 65 times Havells India HVEL.NS and 57 times for Voltas. It's so cheap that the offer was fully subscribed on the first day of bidding; BlackRock and the sovereign funds of Abu Dhabi, Singapore and Norway led the charge.

True, competition in India is heating up. Over the last three years, LG Electronics India's market share has slipped just about two percentage points in its leading product segments as global brands from Haier to Samsung Electronics 005930.KS muscle in. Yet LG is growing in the emerging market in other ways. It’s opening a third factory, plans to export Made-in-India goods to Europe, and generates oodles of cash to fund those ambitions. New Delhi’s effort to sign more free trade agreements also will support its goals.

The South Korean group may have wanted to secure a strong secondary market performance but Hyundai Motor India HYUN.NS did that without short-changing existing owners: the stock is up nearly 30% on the offer price since its October debut. Investors in LG Electronics may ultimately feel the company gave away too much value.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

LG Electronics' initial public offering of its Indian business was fully subscribed on the first day of bidding on October 7.

The offering, comprised entirely of existing shares, is worth up to 116 billion rupees ($1.3 billion). At the upper end of the price band, the company will have an IPO market capitalisation of $8.73 billion.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

- Source link: (https://bitl.to/4ixR)

- Note: Reuters has not verified this story and does not vouch for its accuracy

(Bengaluru newsroom)

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By Hritam Mukherjee and Ananta Agarwal

May 5 (Reuters) - Indian wire and cables maker R R Kabel's RRKA.NS expects volume growth to more than double in fiscal 2026, with the U.S. tariff policy presenting "an opportunity" for exports amid higher levies on China, a top executive told Reuters on Monday.

In fiscal 2026, R R Kabel expects volumes to grow between 16% and 18%, finance chief Rajesh Jain told Reuters, partly bolstered by U.S. tariff policy that affects Indian exporters less severely than Chinese rivals.

Higher levies on China make India's exports more competitive.

"I was having only one customer till last year, now I am already in talks with four or five big customers... There may be challenges for China, but not for us," Jain said.

The company's volumes grew 7% in fiscal 2025, below the company's own targets of 15%, due to a slowdown in construction spurred by Indian elections and disruptions in export markets caused by Red Sea tensions.

Jain noted that President Trump's fluctuating tariffs, which have unsettled global markets and threatened trade stability, have been beneficial for the company.

The U.S. has imposed a baseline 10% tariff on all exports, with additional reciprocal levies including a 26% rate on India, which are set to kick in July 8. In contrast, China faces a 145% tariff rate as both nations seek a trade agreement.

The U.S. is R R Kabel's fourth largest market by revenue and makes up about 10% of R R Kabel's export revenue. Overall exports make up 26% of sales for the company, a significantly higher proportion compared to larger domestic competitors Havells HVEL.NS and Polycab POLC.NS.

(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru; Editing by Tasim Zahid)

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** Havells India HVEL.NS falls as much as 5% to 1,583.4 rupees; set to snap eight-day winning streak

** Co posts better-than-expected fourth-quarter earnings, but was cautious on demand for cooling products due to adverse seasonality in southern India

** More than 3.4 million shares change hands, marking busiest day in a month

** Milder-than-expected summer could lead to elevated channel inventory and price corrections across industry, says BOB Capital Markets

** Kotak Institutional Equities cuts earnings estimates by 3%-4% for FY26 and FY27, reduces PT to 1,400 rupees from 1,450 rupees on cautious commentary

** Analysts on avg rate stock "buy"; median PT 1,817.5 rupees, as per data compiled by LSEG

** YTD, HVEL down 5.5%

(Reporting by Vivek Kumar M)

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April 22 (Reuters) - Havells India Ltd HVEL.NS:

• Q4 CONSOL NET PROFIT 5.18 BILLION RUPEES; IBES PROFIT EST. 4.67 BILLION RUPEES

• Q4 CONSOL REVENUE FROM OPERATIONS 65.44 BILLION RUPEES; IBES EST. 62.32 BILLION RUPEES

• DIVIDEND OF 6 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: HVEL.NS

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By Aditya Kalra

NEW DELHI, April 21 (Reuters) - South Korea's LG 066570.KS and Samsung 005930.KS have sued India's government to quash a policy which increases payouts to electronic-waste recyclers, court filings show, joining other major companies in contesting the country's environmental rules citing business impact.

The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies' and Prime Minister Narendra Modi's government over its stance towards waste management practices.

LG and Samsung did not respond to Reuters' requests for comment. India's Environment Ministry also did not respond.

India is the third-biggest e-waste generator behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers.

Daikin 6367.T, India's Havells HVEL.NS and Tata's Voltas VOLT.NS have already sued Modi's administration.

Samsung and LG had lobbied against a decision to fix a floor price payable to recyclers, which New Delhi says is needed to get more formal players into the sector and boost investment in e-waste recycling.

LG's filing in the Delhi High Court, which is not public but was reviewed by Reuters on Monday, said the pricing rules "fail to take into consideration that merely by fleecing companies and taxing them in the name of the 'polluter pays principle', the (government) objectives sought to be achieved cannot be achieved."

"(If) the authorities have not been able to regulate the informal sector, then it is an enforcement failure," the 550-page court filing from April 16 showed.

Samsung in its 345-page filing, seen by Reuters, said: "The regulation of prices does not inherently serve the purposes of environmental protection," and said this was "expected to cause substantial financial impact."

India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics. Electronics companies say that will roughly triple their costs and benefit recyclers at their expense.

LG's court filing showed it wrote to the Indian government in August saying the proposed rates were "very high and should be reduced" and the government should let market forces determine the prices.

Samsung wrote to Modi's office last year, the company's court filing showed, saying the new pricing was "5-15 times the price currently paid."

Research firm Redseer said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.

Indian air conditioner maker, Blue Star BLUS.NS, has also filed a lawsuit challenging the rules, citing compliance burdens, its court filings, seen by Reuters, showed.

Johnson Controls-Hitachi has moved to withdraw its lawsuit in recent days without giving reasons, based on court filings seen by Reuters.

Blue Star and Johnson Controls-Hitachi did not respond to requests for comment.

(Reporting by Aditya Kalra. Editing by Jane Merriman)

((Email: [email protected]; X: @adityakalra;))

By Aditya Kalra, Arpan Chaturvedi

NEW DELHI, April 11 (Reuters) - India wants to tackle its mounting e-waste problem. Global electronics companies say the cost is too high.

Daikin, Hitachi and Samsung are among manufacturers alarmed by new Indian government rules that require them to pay significantly more to recycle air conditioners, refrigerators, TVs and other appliances, court papers and lobbying letters show.

The electronics giants are urging environment officials to abandon the approach, with four companies suing Prime Minister Narendra Modi's administration in New Delhi over the measures they say will heighten compliance woes and unsettle businesses.

The previously unreported standoff marks the latest chapter in foreign companies' battles with India over what some perceive as protectionist policies and shifting regulatory goal posts.

India is the third-biggest e-waste generator behind China and the U.S. But government data shows only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers, whose methods can pose environmental and health risks.

Concerned about poor waste-processing practices, New Delhi in September set a floor price that electronics makers must pay recyclers, with the aim of formalising the sector and encouraging investment in e-waste management.

A Reuters review of hundreds of pages of non-public court papers and letters to the government by an industry group representing Samsung and LG reveals the impasse over the new rates, which the industry says have roughly tripled manufacturers' recycling costs.

Johnson Controls-Hitachi, Japan's Daikin 6367.T, India's Havells HVEL.NS and Tata Group's Voltas VOLT.NS each sued Modi's government between November and March to quash the pricing rules.

The measures are unconstitutional, exceed the government's powers under environmental law, and raise compliance costs manifold, the companies said in submissions to New Delhi judges. The government has called for the cases to be dismissed.

Daikin said no Indian government had ever previously drafted policies with the "sole intention" of providing financial gain to some businesses, in this case recyclers, at others' expense. Voltas predicted a "cascading effect" on product prices.

The companies are part of an Indian consumer electronics market Euromonitor estimates will be worth $62 billion this year. The sector has experienced average annual growth of 10% since 2021.

As sales of consumer electronics skyrocket due to rapid urbanisation, companies such as Daikin, Hitachi and Samsung have expanded production in India. In line with global trends, India's e-waste reached 1.7 million metric tons in 2023-24, more than doubling in six years.

Samsung declined to comment. The other companies and India's Environment Ministry didn't respond to Reuters queries about the pricing rules and the industry's response.

'REASONABLE' INTERVENTION

For years, India has resisted foreign companies' demands to revoke protectionist policies. Lobbying by Walmart and Amazon, for example, failed to ease regulations that protect small retailers.

On e-waste, too, Modi's administration is digging in.

In a March 18 submission, the Environment Ministry urged the judges to dismiss the lawsuits, saying it was "reasonable" and within its powers to fix prices.

The alternative of letting companies and recyclers determine prices may not account for all costs of environmentally sound waste management, the ministry said, adding that it wanted to prevent a "race to the bottom" in pricing.

India's government says there are 322 authorised recyclers in the country.

But informal waste handlers flourish nationwide, using methods such as open burning and acid leaching to extract metals and components, which can release hazardous materials.

In western Gujarat state, 60-year-old scrap dealer Mustakeem Malik uses a hammer to dismantle televisions, air conditioners and routers.

Inside his tin-roofed shed where electronic equipment was stacked in haphazard piles, Malik told Reuters he earns 50,000 rupees, or about $580, a month by selling the plastic, circuit boards and copper he extracts from the devices. He doesn't want to work in the formal e-waste sector.

"That business has a lot of expenses. It's for the big guys," he said.

HAPPY RECYCLERS, WORRIED COMPANIES

India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics and 34 rupees/kg for smartphones.

Makers of heavier devices such as air conditioners are likely to be hit hardest because their per-unit recycling cost has risen by a greater amount compared with makers of lighter gadgets like smartphones.

Research firm Redseer in February said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.

"We are talking about peanuts here," said Nitin Gupta, CEO of one of India's biggest recyclers, Attero, who added that the government rates require manufacturers to pay about $10 to recycle a washing machine.

"If you have to create scientific capacity for recycling, you need extra profits. This is good for us," said Gupta, whose firm counts LG and Daikin as clients.

The electronics makers, though, feel threatened.

India's Consumer Electronics and Appliances Manufacturers Association, which represents LG and Samsung, among others, said in a letter to the government in November that e-waste compliance expenses had risen to 2% to 8% of production costs. The group asked environment officials to reconsider the pricing rules.

Samsung and LG haven't sued the government but have signaled concern. LG India's December IPO prospectus warned without specifics that higher recycling rates "had a significant financial impact on our company".

A person with direct knowledge of the matter said Samsung had told senior Indian officials its recycling costs would be five to 15 times the previous rates, and urged New Delhi not to interfere in commercial dealings with recyclers.

In court, Johnson Controls-Hitachi was the only company to reveal what it previously paid for recycling: 6 rupees per kg, or 7 U.S. cents. That figure has now almost quadrupled.

The company disclosed that it recycled more than 10,000 tons of air conditioners last fiscal year, which would amount to roughly $2.6 million under the new rates. Its India business reported a net loss of $8.8 million the previous year.

(Reporting by Aditya Kalra and Arpan Chaturvedi; Additional reporting by Amit Dave in Gujarat and Jatindra Dash in Odisha; editing by David Crawshaw)

((Email: [email protected]; X: @adityakalra;))

April 3 (Reuters) - Havells India Ltd HVEL.NS:

• HAVELLS INDIA - CUSTOMS DUTY AMOUNTING TO 4.8 MILLION RUPEES HAS BEEN ORDERED

Source text: ID:nBSE8jqWHp

Further company coverage: HVEL.NS

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Feb 25 (Reuters) - UltraTech Cement ULTC.NS, India's top cement maker by capacity, will spend 18 billion rupees ($206 million) to start up a wires and cables business, deepening its foothold in the construction materials business, the company said on Tuesday.

The wires and cables business will be part of UltraTech's building products division, which includes waterproofing products, TMT steel bars, plywood, sanitary ware, hand tools as well as electrical components such as switchboards.

The investment, to be spread over two years, will involve UltraTech building a plant by December 2026 with the aim of capturing demand in a sector that, the Aditya Birla group company said, logged a compound annual growth rate of about 13% between fiscal 2019-2024.

This sector is dominated by companies such as Polycab POLC.NS and Havells HVEL.NS and one that is plagued by volatile prices of copper - a key raw material - and intense competition from smaller, cheaper local players.

Additionally, the infrastructure and construction industries, key clients of the wires and cables makers, will likely see a slowdown in 2025 due to a "modest" hike in capital spending announced in the annual budget, earlier this month.

Meanwhile, the cement industry has recently seen a slew of deals by industry leaders including UltraTech and Adani Group companies as they snap up smaller firms to deepen their presence in the industry.

($1 = 87.1700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)

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Jan 15 (Reuters) - Havells India HVEL.NS, the country's biggest home appliances maker by market value, reported a nearly 2% drop in third-quarter profit on Thursday as higher labour and advertising expenses ate into margins.

The company's profit fell to 2.83 billion rupees ($32.7 million) in the three months ended Dec. 31 from 2.88 billion rupees a year earlier.

Havells, which is the first among its peers to report third-quarter results, said revenue from operations rose nearly 11% to 48.83 billion rupees, while total expenses climbed 12.3% to 45.64 billion rupees.

For further earnings highlights, (click here)

KEY CONTEXT

Havells has been spending more on marketing and hiring across its various businesses as part of its plan to boost R&D and improve retail distribution chains.

It is also still pumping money into home appliances brand Lloyd, which it acquired in 2017, to expand its product range to larger household goods such as refrigerators and televisions and improve its brand recognition, analysts have said.

PEER COMPARISON

** The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

--All data from LSEG

-- $1 = 86.5550 Indian rupees

(Reporting by Ananta Agarwal in Bengaluru; Editing by Janane Venkatraman)

(([email protected];))

** Shares of Havells India Ltd HVEL.NS increase as much as 2.8% to 1,663.95 rupees

** Electrical goods maker says it has decided to set up a facility for manufacturing refrigerators in Ghiloth, Rajasthan

** Adds, investment required is 4.8 bln rupees ($56.9 mln), with proposed capacity addition of 1.4 mln units to be added by Q2 FY27

** Stock on track to gain for fourth straight day

** Mean rating of 35 analysts rating the stock is "hold"; their median PT is 1,979.50 rupees - LSEG data

** HVEL last up 2.3%, adding to YTD gains of 21.1% so far

($1 = 84.4025 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Nov 4 (Reuters) - Havells India Ltd HVEL.NS:

• HAVELLS INDIA - TO RELOCATE ITS SWITCHGEARS PRODUCTION CAPACITY FROM FARIDABAD TO SAHIBABAD

Source text: [ID:]

Further company coverage: HVEL.NS

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** Shares of Havells India HVEL.NS fall as much as 7.9% to 1,785.8 rupees

** The home appliances maker posted Q2 consol net profit of 2.73 bln rupees ($32.5 mln), missing analysts' average estimate of 3.24 bln rupees, according to data compiled by LSEG

** Stock set to snap three straight months of gains

** More than 2.8 mln shares traded, 3.2 times its 30-day moving avg

** Avg rating of the 35 analysts is "hold" and median PT is 1,900 rupees, ~6% higher than current price - LSEG data

** HVEL up 31% YTD

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

** Shares of Havells Ltd HVEL.NS end 5.1% lower at 1,768.50 rupees, marking their worst day since October 2023

** Electrical goods maker reported Q1 profit miss as weak wires and cables sales and higher expenses weighed

** Jefferies ("hold"), Investec ("hold") and Nomura ("neutral") maintain their ratings on stock, believe stock has already priced in positives, including earnings recovery

** Analysts rate HVEL "hold" on avg vs "buy" for rivals Compton Greaves CROP.NS, Polycab POLC.NS and Orient Electric ONTE.NS - LSEG data

** HVEL up 29% YTD, outperforming POLC and ONTE, but trails CROP's 37% rise

(Reporting by Nandan Mandayam in Bengaluru)

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BENGALURU, July 18 (Reuters) - Home appliances maker Havells India HVEL.NS reported a smaller-than-expected first-quarter profit on Thursday, as higher expenses offset improved demand for its air conditioners and fans.

Profit rose 43.1% from a year earlier to 4.11 billion rupees ($49.15 million) for the three months ended June 30, missing analysts' expectations of 4.31 billion rupees, as per LSEG data.

The water heater maker's revenue from operations rose 20.2% to 57.98 billion rupees, while total expenses rose 18.1% to 53.22 billion rupees.

For further earnings highlights, click nFWN3JA0SB

KEY CONTEXT

India's summer lasts from March to May, yet many Indian cities saw warmer nights during June. Hot weather increases consumer spending on electrical appliances.

Analysts said that the country's consumer durables sector experienced healthy demand during the quarter due to severe summer and despite price increases.

Prices of raw material such as copper and aluminium rose, they added.

Havells India, biggest among its peers by market capitalisation, is the first to report first-quarter results.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.6170 Indian rupees

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Mrigank Dhaniwala)

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July 9 (Reuters) - Havells India Ltd HVEL.NS:

• CO PLANNING TO EXPAND ITS MANUFACTURING CAPACITIES OF CABLES AT ITS ALWAR LOCATION

• INVESTMENT REQUIRED APPROX 3.75 BILLION RUPEES

• PROPOSED CAPACITY ADDITION AT 4.12 MILLION KMS (ANNUAL)

Source text for Eikon: ID:nNSE7tcXGM

Further company coverage: HVEL.NS

(([email protected];))

June 13 (Reuters) - Havells India Ltd HVEL.NS:

• PLANNING TO EXPAND ITS EXISTING MANUFACTURING CAPACITIES OF AIR CONDITIONERS AT GHILOTH AND SRICITY LOCATIONS

• EXPANSION IN ORDER TO CATER TO INCREASED DEMAND

• TOTAL PROPOSED INVESTMENT FOR ABOVE CAPACITY ENHANCEMENTS WILL BE IN RANGE OF 500 - 600 MILLION RUPEES

Further company coverage: HVEL.NS

(([email protected];))

June 10 (Reuters) - Havells India Ltd HVEL.NS:

• HAVELLS PARTNERS WITH JUMBO GROUP FOR KITCHEN APPLIANCES IN UAE

Source text for Eikon: ID:nNSE9Cw108

Further company coverage: HVEL.NS

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BENGALURU, May 20 (Reuters) - Appliances maker Whirlpool of India WHIR.NS reported a smaller-than-expected fourth-quarter profit on Monday, hurt by stiff competition and higher input costs, while demand remained steady for its cooling appliances.

Consolidated net profit rose nearly 24% to 775.9 million rupees ($9.3 million) in the three months ended March 31, missing analysts' estimates of 899.6 million rupees, according to LSEG data.

Revenue from operations in the Indian unit of NYSE-listed Whirlpool Corp WHR.N rose nearly 4% to 17.34 billion rupees.

Expenses surged 2.2%, led by a nearly 31% rise in input costs.

For further results highlights, click [here]

KEY CONTEXT

Record high temperatures in India have led to a surge in demand for cooling products like air conditioners and refrigerators, resulting in higher sales for home appliance makers such as Whirlpool India.

However, analysts said Whirlpool's Indian arm is dealing with fierce competition from new players, premium brands diversifying into mass markets and multi-brand retailers promoting private labels.

In February, parent company Whirlpool Corporation sold 24% of its stake in the India unit for about $468 million, aiming to reduce its debt.

Rival air conditioner makers Havells India HVEL.NS and Blue Star BLUS.NS reported a rise in quarterly profit, while Voltas VOLT.NS missed quarterly profit estimates due to surging expenses.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.2810 Indian rupees

(Reporting by Navamya Ganesh Acharya in Bengaluru, Additional reporting by Manvi Pant; Editing by Ravi Prakash Kumar)

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BENGALURU, May 16 (Reuters) - Indian household appliance maker Crompton Greaves Consumer Electricals CROP.NS reported a better-than-expected profit on Thursday, benefiting from higher demand for its fans and air coolers.

Mumbai-based Crompton Greaves' consolidated net profit rose to 1.38 billion rupees ($16.5 million) for the quarter ended March 31, from 1.31 billion rupees a year ago, beating analysts' estimates of 1.20 billion rupees, according to LSEG data.

The scorching summer has pushed temperatures to record highs, boosting the need for cooling products.

India's weather department has predicted the number of heatwave days would be higher than usual from April to June.

Crompton Greaves' revenue rose by 9.5% to 19.61 billion rupees, driven primarily by growth in its core electric consumer durables business, which makes products such as fans and kitchen appliances. The segment posted a 14.4% rise in revenue.

"We expect the intense summer season and uptick in demand for home and kitchen appliances to support the growth momentum," said Promeet Ghosh, managing director and chief executive at Crompton Greaves.

Its revenue in the lighting products business rose a meagre 0.9% year-on-year.

Last month, rival Havells India HVEL.NS reported a higher quarterly profit on strong demand for room air conditioners and fans.

Shares of Crompton Greaves closed 0.3% higher ahead of its results.

($1 = 83.4650 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Shweta Agarwal)

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BENGALURU, May 14 (Reuters) - Consumer appliances maker Bajaj Electricals BJEL.NS reported a fourth straight quarter of profit decline on Tuesday, missing estimates due to sluggish demand for its lights, water heaters and kitchen appliances.

The Mumbai-based company said consolidated net profit fell to 293.1 million rupees ($3.5 million) for the three months ended March 31, from 518.5 million rupees a year earlier.

Analysts, on average, had expected a profit of 573.2 million rupees, as per LSEG data.

Revenue from its lighting products segment fell 11.3% to 2.71 billion rupees, while revenue from the segment that makes air coolers, fans, room heaters and kitchen appliances, reported a drop of 7% as consumers postponed discretionary purchases amidst persistent inflation.

Sales in its lighting products segment dropped due to lower prices of LED products in consumer lighting and a higher base effect in professional lighting, the company said in a statement.

Additionally, the company approved a proposal to borrow funds through the issuance of non-convertible debentures, up to an amount not exceeding 5 billion rupees, via private placement.

The board also recommended a dividend of 3 rupees per share for the fiscal year ended March.

Shares of Bajaj Electricals closed 3% higher on Tuesday and are down 4% so far this year.

($1 = 83.5064 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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BENGALURU, May 9 (Reuters) - Appliances maker Orient Electric ONTE.NS on Thursday reported a 48% fall in its fourth-quarter profit as higher expenses offset demand.

Driven by inflation, consumer goods makers have resorted to offering deals and discounts to attract consumers affected by rising prices, thereby impacting their profit margins.

New Delhi-based Orient reported a net profit of 128 million rupees ($1.5 million) for the three months ended March 31, compared with 246.2 million rupees a year earlier.

Orient Electric, which also sells fully automatic coffee machines, hand mixers and switchgears, said its revenue from operations rose 19.7% to 7.88 billion rupees.

Total expenses rose 23.3% year-on-year to 7.79 billion rupees, dragged by a 55% jump in employee costs and a near 24% rise in purchase of traded goods.

Despite strong sales of fans from November 2023 to mid-February 2024, the subsequent sales have been tepid for the company.

Revenue in its business that makes ceiling fans and air coolers was rose 24.4% year-on-year.

Rival Havells India HVEL.NS posted a higher quarterly profit on strong demand for room ACs and fans.

Shares of Orient Electric closed lower at 7.3% after the results. They fell 14.9% in the March quarter.

($1 = 83.4954 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Nivedita Bhattacharjee)

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May 8 (Reuters) - Havells India Ltd HVEL.NS:

• HAVELLS INDIA LTD - GETS TAX ORDER FOR TOTAL DEMAND 1.7 MILLION RUPEES

Source text for Eikon: ID:nBSE5B22Dd

Further company coverage: HVEL.NS

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BENGALURU, May 2 (Reuters) - Indian air-conditioner (AC) maker Blue Star's BLUS.NS fourth-quarter adjusted profit jumped more than 46% on Thursday, buoyed by heavy demand for its ACs as consumers prepared for a hotter-than-usual summer.

WHY IT'S IMPORTANT

India is currently experiencing a blistering summer, which has driven up sales of products such as ACs and coolers.

In March, Blue Star said it launched dozens of new home AC products, targeting a 25% jump in revenue from that business this summer, compared with a 5% rise last year.

Peer Havells India HVEL.NS also posted a higher quarterly profit on strong demand for room ACs and fans. Voltas VOLT.NS is expected to release its results next week.

BY THE NUMBERS

Mumbai-based Blue Star's consolidated profit before exceptional items and tax jumped to 2.14 billion rupees ($25.6 million) in the quarter, from 1.46 billion rupees a year ago.

Its net profit, however, fell nearly 29% due to the year-ago quarter recording a one-time gain of 1.71 billion rupees from the sale of land.

Blue Star's revenue from operations rose nearly 27%. Revenue in its business that makes ACs and commercial refrigerators jumped 35%.

KEY QUOTE

"The summer season has also begun well and we anticipate significant demand for room air conditioners and commercial refrigeration products to continue," Chairman and Managing Director Vir S. Advani said.

GRAPHIC

** All values in the graphic are expressed in percentages (%)

($1 = 83.4485 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Savio D'Souza)

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