MOSL: HAVELLS INDIA (Buy)-Strong prospects across product categories
Havells India: Strong prospects across product categories
(HAVL IN, Mkt Cap USD5.1b, CMP INR533, TP INR620, 16% Upside, Buy)
We recently met Havells India’s (HAVL) senior management at its analyst meet. Key takeaways:
Target to be in top 5 (preferably top 3) across categories
- ​HAVL remains focused on a) non-residential/B2B market and projects, b) mass premium market in electricals, c) increasing channel reach/width and d) expanding share in west and south India, where it has historically had a weak presence.
- Distribution channel: For HAVL, dealers form a key part of the distribution network. The company intends to continue expanding the width/depth of its distribution channel and also its omni-channel presence.
- The company targets to establish a meaningful presence across categories (to be among top 5, preferably top 3) to ensure industry leading growth and market share expansion across segments.
- Focus on organic growth: It does not plan any big-bang acquisitions, but will focus on India and bridging product gaps.
Havells India is a Fast Moving Electrical Goods (FMEG) company based in India. Co. is active across a variety of market segments with a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Pumps, Fans, Modular Switches, Home Appliances, Electric Water Heaters, Power Capacitors, CFL Lamps, Luminaires for Domestic, Commercial and industrial Applications. Co.'s global brand names include Havells, Crabtree, Sylvania, Concord, Luminance and Standard. Co. maintains a global network consisting of 91 branches & representative offices in over 50 countries. Co.'s manufacturing plants are loacted in India, Europe, Latin America, Africa & China.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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