Motilal Oswal maintained its neutral rating on Havells India post June quarter results with a target price of Rs 800.
Havells India Ltd fell by about 5 percent on Monday. The electrical equipment manufacturer had on July 27 reported a 16.3 percent year-on-year (YoY) decline in June quarter consolidated profit on muted growth in key segments such as like cables, lighting, and switchgear.
The company's profit fell to Rs 177.09 crore over the June quarter, down from Rs 211.2 crore reported for the year-ago period.
This year, the stock has underperformed benchmark indices so far. It is up nearly 2 percent in 2019, while on a yearly basis, the stock has risen a little over 14 percent.
Consolidated revenue grew by 4.5 percent YoY to Rs 2,717 crore for the June quarter, with its electrical consumer durables business showing a double digit growth of 24 percent YoY.
The rest of its segments showed tepid growth. The company's switchgears business revenue rose half a percent, cables 3.8 percent and lighting and fixtures grew by 5 percent, contributing 69 percent of the total revenue for Q1.
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