New Delhi: Electrical goods maker Havells India on Wednesday reported a standalone net profit of Rs121.38 crore for the first quarter ended 30 June.
The company had posted a net profit of Rs145.58 crore during the April-June period of the previous fiscal, Havells India said in a BSE filing.
The company said results of the quarter is not comparable as it includes the consumer durable business of Lloyd Electric and Engineering, which it had acquired in May 2017.
“During the quarter, we saw a significant decline in primary off-take and destocking due to uncertainty and lack of clarity, pending GST rollout,” Havells India chairman and managing director Anil Rai Gupta said.
Total expenses of the company during the first quarter of the current fiscal stood at Rs1,846.78 crore. It was Rs1,402.25 crore during the same period in the 2015-16. Gupta said the secondary sale, was above normal especially in the month of June. “We expect revenue to revert to normal growth levels in the next few quarters,” he added.
Total income from operations during the quarter under review stood at Rs2,017.04 crore. It was Rs1,607.49 crore in the year ago period. The stock was trading 1.98% up at Rs466.50 at 2.18pm on BSE.