Neutral on Havells India, target price Rs 1100: Motilal Oswal

Neutral on Havells India, target price Rs 1100:  Motilal Oswal

Motilal Oswal has neutral call on Havells India with a target price of Rs 1100. The current market price of Havells India Ltd. is Rs 1141.

Havells India Ltd., incorporated in the year 1983, is a Large Cap company (having a market cap of Rs 70861.54 Crore) operating in Consumer Durables sector.

For the quarter ended 31-12-2020, the company reported a Consolidated sales of Rs 3175.20 Crore, up 29.10 % from last quarter Sales of Rs 2459.49 Crore and up 39.67 % from last year same quarter Sales of Rs 2273.29 Crore Company has reported net profit after tax of Rs 350.14 Crore in latest quarter.

Investment Rationale
With likely improvement in the demand outlook as economic growth picks up, the brokerage increases earnings assumption by 16–20% over FY21-23E. While the near-term outlook remains strong on the demand front, our FY21–23E EPS CAGR stands at 15% (v/s a revenue CAGR of 17%). This is because FY21 is turning out to be a high-base year v/s the earlier expectation of a fairly low base

Promoter/FII Holdings
Promoters held 59.5 per cent stake in the company as of Dec 30, 2020, while FIIs held 24.4 per cent, DIIs 8.6 per cent and public and others 7.6 per cent

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