The brokerage firm has a ‘buy’ call on Havells India with a target price of Rs 1,650, implying an upside of 30% from the current market price.
“We believe Havells will report a strong revenue CAGR of 16% over FY22- 24E led by product launches and dealer expansion. We believe softening of raw material prices and the launch of premium products will result in a strong EBITDA margin recovery for the company from H2FY23 onwards. Strong brand, robust balance sheet position & focus on improving the profitability of its Lloyds business make Havells an attractive stock in the FMEG space,” ICICI Direct said.
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