Motilal Oswal recommended Neutral rating on Havells India with a target price of Rs 1290 in its research report dated October 21, 2021.

Broker Research

October 25, 2021 / 03:20 PM IST

Motilal Oswal’s research report on Havells India

Havells India (HAVL)’s 2QFY22 earnings were 8% below our expectations despite the topline beat of 5%. Key operating parameters confirm our thesis of margin normalization from highs of FY21 even amid a strong demand environment. We expect the trend to continue over the next 2-3 quarters – leading to strong topline growth, but muted EBITDA/earnings growth.

Outlook

We maintain our FY22–24E earnings estimate and TP of INR1,290. At CMP, the stock trades at FY23E/FY24E PE of 55x/50x. We maintain a Neutral rating on expensive valuations.

For all recommendations report, click here

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Neutral Havells India; target of Rs 1290: Motilal Oswal
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