Fwd: Havells India Company Update; Myth Resolved, Growth On Track, Retain BUY; Target: Rs460

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Dec 10, 2011, 12:13:57 AM12/10/11

Havells India

Myth Resolved, Growth On Track, Retain BUY

BUY

CMP: Rs437 Target Price: Rs460

We met Havells to analyze its stellar operational performance in H1FY12 and get an outlook on the business in this testing environment

n New product launches across business segments and expansion in distribution network to drive 14-15% domestic revenue growth

n Europe business fairly stable; LATAM and Asia to continue as revenue growth drivers for Sylvania. Margins to be sustained at 7.3% for FY12E

n Strong H1FY12; Continuity of growth momentum in domestic operations and sustainability of Sylvania profitability in H2FY12 as well

n Retain Buy with price target of Rs 460, thereby implying target multiple of 8.6x FY13E EV/EBIDTA.

Regards,

Pritesh Chheda

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email: pritesh...@emkayglobal.com

Board No. : +91- 22- 6612 1212 | Extn. : 273 | DID : +91-22- 6612 1273 | Mob : +91 98208 07241

Prashant Kutty
Research Analyst \| Emkay Global Financial Services Ltd. \| www.emkayglobal.com \| Email : prashan...@emkayglobal.com
Board No. : +91-22-6612 1212 \| Extn. : 341 \| DID : 6612 1341 \| Mob : +919819081715

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Havells India Company Update_081211.pdf

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