Havells India released its earnings for the first quarter of FY24 and witnessed sluggish consumer demand, along with unseasonal rains impacting sales of cooling products. Revenues rose 14 percent to Rs 4,833 crore versus Rs 4,244 crore in the same quarter of last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) is 11 percent higher at Rs 403 crore versus Rs 362 crore year on year.

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EBITDA margins are flat at 8.3 percent, while the net profits are 19 percent higher at Rs 288 crore versus Rs 243 crore year on year.

The switchgears segment which contributes 11 percent of revenues, clocked 5 percent higher sales at Rs 541 crore, while the margins improved 200 bps to 28 percent for the quarter.

The cables segment with 30 percent revenue contribution to company, witnessed 24 percent jump in sales and 400 bps improvement in margins. The lighting segment with 7 percent revenue contribution saw flat sales during the quarter at Rs 371 crore and margins declined to 14 percent from 16.4 percent same quarter last year.

Lloyd, with 27 revenue contribution to Havells, saw its revenue jump of 20 percent year on year to Rs 1,310 crore. However, the net loss widened to Rs 62 crore versus Rs 56 crore in the same quarter of last year.

Shares of Havells India are trading 1 percent lower on NSE, post its results announcement.