Brands
Havells India Q1FY15 net revenue up by 21 %; PAT up by 13 %
MUMBAI: Havells India Limited, a $1.3 billion leading Fast Moving Electrical Goods (FMEG) company and a major power distribution equipment manufacturer with a strong global footprint, announced its first quarter performance ended 30 June, 2014.
Standalone Performance (Q1FY15 VS Q1FY14)
• Net Revenue grew by 21 per cent to Rs 1,277 crore during the first quarter ended June 30, 2014 compared to Rs 1,051 crore in the corresponding quarter ended June 30, 2013.
• PAT grew by 13 per cent to Rs 107 crore for the period ended June 30, 2014 compared to Rs 95 crore in the corresponding quarter previous year.
• PBT grew by 30 per cent to Rs 150 crore as against Rs 115 crore in the corresponding quarter previous year ended June 30, 2013.
Sylvania Global standalone basis Q1FY15 VS Q1FY14
• Revenue grew to € 107.2 million during the quarter ended June 30, 2014 compared to € 106.7 million to the corresponding quarter ended June 30, 2013.
• EBIDTA grew to € 4.6 million compared € 4.2 million in the corresponding quarter ended June 30, 2013.
Consolidated Performance (Q1FY15 VS Q1FY14)
• Net Revenue grew by 17 per cent to Rs 2,129 crore during the first quarter ended June 30, 2014 compared to Rs 1,823 crore in the corresponding quarter ended June 30, 2013.
• Net Profit grew by 28 per cent to Rs 112 crore during the first quarter as compared to Rs 87 crore in the corresponding quarter previous year.
• PBT grew by 44 per cent to Rs 163 crore as against Rs 113 crore in the corresponding quarter previous year ended June 30, 2013.
Commenting on the financial performance, Havells India joint managing director Anil Rai Gupta said, “Led by cable division, all our business segments have seen strong growth and improvement in margins in the first quarter of the current financial year. Our overseas operations under Sylvania has also registered profit. Overall, the outlook is upbeat as industrial, infrastructure and construction sectors gain momentum with the government taking a number of policy initiatives and reviving stalled projects. We expect strong demand in the cable segment to spread to other segments in the coming quarters. With our wide range of high quality products across segments and a robust distribution network, we are geared to take advantage of this pickup in economic activity.”
Business Segments (Q1FY15 VS Q1FY14)
• Electrical Consumer Durables grew by 21 per cent to Rs 269 cr in Q1FY15 as compared to Rs 222 cr in Q1FY14.
• The Cable division grew by 32 per cent to Rs 535 cr in Q1FY15 as compared to Rs 405 cr in Q1FY14.
• Lighting and Fixtures segment registered revenue growth of 12per cent at Rs 165 crore as against Rs 148 crore.
• Switchgear division grew by 11 per cent to Rs 307 cr in Q1FY15 as against Rs 276 cr in Q1FY 14.
• Export revenue grew by 9 per cent during the quarter from Rs 65 cr in Q1FY14 to Rs 71 cr in Q1FY15.
Other Highlights
• Expanded Havells Galaxy chain by opening 10 more stores across India, taking the total number of such stores to 235 across the country.
• Board of Directors approved split of its equity shares of face value of Rs 5 into Rs 1 each on 30 June 2014.
• Direct presence in 100 towns with more than 5 lac population.
• Focus now on towns up to 1 lac population. Out of 1200 towns, already reached nearly 750 towns.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
