Havells India stocks: Buy Havells India, target price Rs 1170 : Axis Securities

Axis Securities has buy call on with a target price of Rs 1170.The current market price of Havells India is Rs 1148.35. Axis Securities recommended to keep stop loss at Rs 1130.

Havells India, incorporated in the year 1983, is a Large Cap company (having a market cap of Rs 71970.11 Crore) operating in Consumer Durables sector.

Havells India key Products/Revenue Segments include Cables, Electrical Consumer Durables, Others, Domestic Switchgears, Light Fittings & Fixture, Export Incentives for the year ending 31-Mar-2022.

Financials

For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 3723.26 Crore, down -13.25 % from last quarter Total Income of Rs 4292.05 Crore and up 13.81 % from last year same quarter Total Income of Rs 3271.33 Crore. Company has reported net profit after tax of Rs 187.01 Crore in latest quarter.

The company’s top management includes Mr.Anil Rai Gupta, Mr.Ashish Bharat Ram, Mr.Upendra Kumar Sinha, Mr.Subhash S Mundra, Mr.Jalaj Ashwin Dani, Mr.Vivek Mehra, Mr.B Prasada Rao, Mr.T V Mohandas Pai, Mr.Puneet Bhatia, Mr.Surjit Kumar Gupta, Mr.Siddhartha Pandit, Mr.Ameet Kumar Gupta, Mr.Rajesh Kumar Gupta, Ms.Namrata Kaul. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 30-09-2022, the company has a total of 63 Crore shares outstanding.

Investment Rationale
Stock broke above downward sloping trendline supported by increase in volume. Daily RSI is in bullish.

Promoter/FII Holdings
Promoters held 59.45 per cent stake in the company as of 30-Sep-2022, while FIIs owned 23.1 per cent, DIIs 9.56 per cent.