While topline was in line with our estimate, Ebitda margin was above our estimate by 158 basis points mainly due to positive margin posted by Lloyd. Lloyd surprised on the upside with positive margins, but at the cost of topline growth. Lower incentives + Sri City plant cost stabilisation drove margins. Benign raw material prices led to no price hikes in fans. However, recent increase in raw material prices indicate price hikes in Fans in Q1 FY25. Cables: As new capacities by peers get…
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Havells India Q4 Results Review
