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Havells India to invest Rs 4.8 billion in Rajasthan refrigerator facility
Industry News- Nov 26,24
The project will be funded through internal accruals and aims to leverage backward integration and economies of scale.
Havells India plans to establish a refrigerator manufacturing facility in Ghlioth, Rajasthan, with an investment of approximately Rs 4.8 billion. The facility, expected to add a capacity of 1.4 million units annually, is slated to be operational by the second quarter of FY27. The project will be funded through internal accruals and aims to leverage backward integration and economies of scale.
In its financial update, Havells reported a 7.7% year-on-year increase in net profit for the September quarter to Rs 2.68 billion, below the market expectation of Rs 3.28 billion. Revenue grew 16.4% to Rs 45.39 billion, marginally surpassing estimates of Rs 43.32 billion.
However, EBITDA remained flat at Rs 3.74 billion, significantly below the projected Rs 4.59 billion, while the EBITDA margin fell by 140 basis points year-on-year to 8.2%, compared to expectations of 10.6%. The company attributed the decline to volatile commodity prices impacting margins in its cables segment and higher advertising expenses due to the festive season shift.
(cnbctv18)
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