Havells India Q1 net drops 22% to Rs 114 crore

Havells India posted a 22% decline in net profit for the first quarter ended June at Rs 114 crore due to decline in off-take pending GST rollout.

The company reported Rs 146 crore net profit in the corresponding quarter previous.

Commenting on the financial performance, Anil Rai Gupta, chairman and managing director, Havells India Limited said, “During the quarter we saw a significant decline in primary off-take and destocking due to uncertainty and lack of clarity, pending GST rollout. The secondary sale, on the other hand was above normal especially in the month of June. We expect revenue to revert to normal growth levels in the next few quarters”.