Havell’s, a leading player in Cables, lighting, switches / switchgear and household appliances, is a secular growth story. All its divisions benefits from rising domestic consumption and increased spending on home and office improvement. The company’s focus on innovation and deeper geographic penetration has paid rich dividends. Acquisition of Lloyd’s large appliance (AC) business is a good growth driver as it provides new vertical to expand its operations. Diversified product range has lead to a de-risked business model. Slow down in consumer spending and construction activity are the major risk factors and global health pandemic had impacted near term performance but company is back on growth trajectory albeit headwinds from the second Covid wave. We have an over weight rating despite rich valuations due to strong near term performance in the context of challenges, rising market share and positive structural trends within the industry – 20-07-2021 Price : 1103.40 Rating: Over Weight Recommendation: Buy
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