Havells India Remains Rock Solid, Retain BUY ::Emkay,

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Havells India

Remains Rock Solid, Retain BUY

BUY

CMP: Rs381                                       Target Price: Rs460

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n     Q2FY12 standalone performance above expectations - revenues grew 28% yoy to Rs 8.5bn; EBIDTA margins 170bps to 13.5% & APAT at Rs 702mn, up 20% yoy

n     Against expectation of moderation, delivers strong performance with healthy growth in lighting and consumer durables. Improves Ebidta margins despite cost pressure

n     Strong operating performance in Sylvania- with Europe registering 4% growth being positive surprise. But, forex loss curtails net profit to € 1.7mn for Q2FY12

n     Stellar quarter, Drivers to domestic business remains intact, Improvement in performance of Sylvania to continue. Maintain Buy with target price of Rs460/Share