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Given the company's strong growth potential, supported by robust deal wins and superior execution capabilities, we recommend a HOLD rating on the stock.
Havells India (HAVL) reported weak 2Q results with 3-5pp margin miss across segments as segmental margins contracted 2-6pp YoY (excluding Lloyd where loss narrowed YoY).
In 2QFY25, revenue stood at INR83b (+22% YoY/+2% QoQ) against our estimate of INR78b. The YoY growth was driven by better metal and silver volumes and zinc and silver prices.
The RBI has instructed Asirvad Micro Finance, a subsidiary of Manappuram Finance, to halt the sanctioning and disbursement of loans, effective 21st Oct’24.