Monday, January 4, 2010


We initiated the coverage of Havells India Ltd and set a target price of Rs.612.00.

Havells India Limited engages in the manufacture and sale of electrical and power distribution equipment in India and internationally.

The company expects to achieve Rs 500crore from exports of switchgears within a time frame of three years. The company has commenced its new automated manufacturing unit in Baddi Himachal Pradesh.

The company is aiming to attain a turnover of Rs 300core from Kerala this fiscal.

The company has bagged a $200 million export order from the West European countries for the supply of motors and compact fluorescent lamps (CFLs) for a period of five years.

CARE assigns `AA` & `PR1+` rating to Havells India.

The company’s Net sales and PAT is expected to grow at a CAGR of 10% and 18% over FY08 to FY11E.

To read the full report: HAVELLS INDIA