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Project-Report-Havells BY ANSHUL

Master of Business Administration in hr (Guru Jambheshwar University of Science and

Technology)

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A
Summer Internship Report On
FINANCIAL ANALYSIS OF HAVELLS INDIA LTD.

Submitted in the partial fulfilment of the requirements for the award of the Degree
Masters of Business Administration (MBA)

(2023-2025)

Under the Guidance of: Submitted by:

Mr. DINESH KUMAR ANSHUL
FINANCE MANAGER MBA 3rd Semester
HAVELLS INDIA Ltd. 230101010033

HARYANA SCHOOL OF BUSINESS

GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY,
HISAR (HARYANA)

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CERTIFICATE OF INTERNSHIP

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DECLARATION

I ANSHUL Student of MBA Final Year (3 Semester) hereby submit this report on topic
“Financial Analysis of Havells” In partial fulfillment of the requirements for the award of
degree of MBA. I declare that the work presented in this report is my original and is not
submitted anywhere else for the award of any other degree/diploma by any other university.
To the best of my knowledge and belief, this report contains no material previously published
or written by any other person, except where due reference is made.

ANSHUL
(Signature of Student)

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ACKNOWLEDGEMENT

I take the opportunity to express our gratitude to all of them, who in some or the other way
helped us to accomplish this project. The report can’t be completed without their guidance,
assistance, inspiration and co-operation.

This work is a culmination of sincere efforts put in during the making of this project.

This task could not have been accomplished without the support and help of lots of people. It
is with great pleasure and privilege that I wish to thanks all of them who actively supported
me in this project.

I would like to give my hearties thanks to the officers and staff of Havells India Limited.

I would like to place on record my gratitude to MR. DINESH KUMAR whose valuable
advice and suggestion were available throughout the preparation of this project.

Last but not the least, I would like to thanks to all my faculties who spared couple of hours in
spite of their busy schedule.

ANSHUL
(Signature of Student)

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TABLE OF CONTENT
CHAPTER NO. PARTICULAR PAGE NO.
CHAPTER – 1 PART - 1

 INTRODUCTION 6-7
 COMPANY PROFILE 7-8
 ORGANIZATIONAL STRUCTURE 8-9

 ORGANIZATIONAL PERFORAMANCE 9-10

 PRODUCT/ SERVICES 10-11
 COMPETITORS 11-12
 SWOT ANALYSIS 12-13

CHAPTER - 2 PART - 2
 MAIN TASK ASSIGNED 14-16

 TIME DURATION AND GEOGRAPHICAL AREA 16

CHAPTER - 3 THEORITICAL FRAMEWORK OF 17-18
FINANCIALSTATEMENT ANALYSIS
CHAPTER - 4 PART-4
 ACTIVITY REPORT 19-21

 DATA ANALYSIS 22-42

CHAPTER - 5 FINDINGS AND OBSERVATION 43
CHAPTER - 6 CONCLUSION 44

BIBLIOGRAPHY 45

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CHAPTER – 1

1.1 INTRODUCTION
Havells India is under the QRG group and was set up in 1958, with its corporate office in
Noida. Havells India is a company worth US$ 1.4 billion and is one of the leading companies
in India's equipment-power distribution industry. Havells India Ltd. produces and supplies
low-voltage electrical equipment in India.

Havells India Company has 3 divisions – consumer electrical durables, wires and cables, and
switchgears. It has entered into alliances with electrical companies like DZG, Electrium, and
Geyer AG and this has helped the company improve their technical expertise in the segment
of electrical products. A lot many international certifications such as KEMA, ASTA,
SEMKO, and CSA have been acquired by Havells India.
All the manufacturing plants of Havells India are highly technologically developed and as a
result, all the products are of the best quality. The turnover of the Havells India Ltd.
amounted to Rs.140989m in 2022, Rs.170884m in 2023. The various products manufactured
by the Havells India are:
 Building Circuit Protection
 Miniature Circuit Breaker
 Industrial Circuit Protection
 Motors
 Professional and Consumer Lighting
 LED Lights and Bulbs
 Small Domestic Appliances
 Air Purifiers
 Air Coolers
 Capacitors
 Ceiling Fans, Table Fans, Pedestal Fans, Wall Fans, Exhaust Fans
 Water Heaters
 Water Purifiers
 Domestic Water Pump

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Havells India Ltd. had established its cables plant in Alwar in 1996. It is a unit which has
been certified with ISO: 9001-2000 for its standards in manufacturing cables and wires from
the best quality of raw materials. Its latest automatic laser-controlled machines are also of
international standards. This has ensured that the wires and cables manufactured by Havells
India are of the best quality. The company entered the fan business in 2003 and offers great
variety in order to satisfy client requirements.
Havells India Company designs and produces capacitors by using S3 technology. The bath
accessories and fittings manufactured by the company are of the best quality and are available
in a wide variety. Havells India has become the top-most company in India on the basis of its
quality of products which are of the world class standards and its pricing which is accessible
by the common man.

1.2 COMPANY PROFILE

BRIEF HISTORY OF THE ORGANISATION
In 1958 Qimat Rai Gupta dropped out of school and founded an electric trading operation in
the electric wholesale market of Old Delhi. With an investment of Rs.10000, he started
Havells Industries. In 1971 Gupta Bought HAVELLS Brand from Haveli Ram Gandhi, and
in next five years he started the first manufacturing Plant at Tilak Nagar, New Delhi of the
Rewireable Switches and Changeover Switches in his Kirti Nagar Plant, near New Delhi. In
next few years, Havells started to set up manufacturing of the Energy Meters. later, it
acquired Towers and Transformers Ltd. and turned it into a profitable manufacturing Energy
Meters Company in just one year. Later, the Company entered MCBs manufacturing at Badli,
Delhi in a Joint Venture with Geyer, Germany. In 1974 company started manufacturing of the
Changeover Switches plant at Sahibabad, UP. In 1980 they started manufacturing Control
Gear Products at their Faridabad, Haryana plants. Later in the '80s they Acquired a
manufacturing plant at Alwar, Rajasthan for Power Cables & Wires. In that same year, they
Entered into a Joint Venture with Electrium, UK for manufacturing Dorman Smith MCCB
and Crabtree Modular Plate Switches. Acquired an Electric Control & Switchboards at Noida
for manufacturing customized packaged solutions. Introduced high-end Ferraris Meters in
Joint Venture with DZG, Germany. Acquired controlling stake in Duke Arnics Electronics
(P) Limited engaged in manufacturing of Electronic Meters-Single Phase, Three Phase,
Multi-Function, Tri-Vectors and acquired controlling interest in an industry major-Standard
Electricals Ltd and also an Acquired business of Havells Industries Ltd, MCCB of Crabtree

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India Limited and merged ECS Limited in the company to consolidate its area of core

competence.

Currently the CEO of Havells is Anil Rai Gupta.

1.3 ORGANISATION STRUCTURE

The Group is driven by qualified and experienced professionals backed by a work force of
over 12384 employees. All branches and manufacturing facilities are computerized and
networked with each other. An open door policy at all levels encourages employees to be
participated, innovative and creative. Empowering employees helps the organization in
harnessing individual talents to the fullest.

By nurturing a merit-based environment that respects talent, celebrates achievement, and

rewards growth, we offer fast tracked careers that are limited only by your ambition.

The management team at Havells continues to be guided by QRG's philosophy of simplicity,

transparency, and trust.

HIERACHY OF THE POSTS

Chairman

Managing Director

Executive Director

Senior Vice President

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Vice President

Associate Vice President

Senior General Manager

General Manager

Senior Deputy Manager

Deputy General Manager

Asst. General Manager

Senior Manager

Manager

Deputy Manager

Asst. Manager

Senior Executive

HR Executive

Management Trainee

1.4 ORGANISATION PERFORAMANCE

VISION OF HAVELL’S

“We will become World’s leading Electrical-equipment Supplier by using the technology of
high quality, Skills and making use of the wealth of opportunities present. In the coming
years, we will become the most competitive Electrical-Supplier Organization.”

MISSION OF HAVELLS

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“To become a World-class research based Electrical Company by using the skills and
capabilities as well as the opportunities present in the environment”

PHILOSPHY OF HAVELLS

The essence of its success lies in the expertise of a fine team of professionals, strong
relationship with associate, the ability to adapt quickly and efficiently and ably supported
with the vision to think ahead.

QRG is continuously applying modern management technology such as kaizen to enable

employees to improve their day-to-day functioning in small steps, version of 5S, which
stands for “a place for everything and everything in its place”. The company has introduced
these techniques, as it firmly believes that small changes add up to large results and the only
way for a corporation to grow to make its people grow.

1.5 PRODUCTS/ SERVICES

 BUILDING CIRCUIT PROTECTION

 INDUSTRIAL CIRCUIT PROTECTION

 CAPACITOR

 CABLES

 ENERGY METRES

 LIGHTING SOLUTIONS

 CFL

 FANS

 HAVELL’S SWITCHES

HAVELL'S WIDE PRODUCT RANGE

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INDUSTRIAL
 Switch fuses, Fuse Switches, HRC Fuse Links, Distribution Boards, Switch isolator and
allied products.
 Contactors, Relays, Timers, Motor Starters.
 Changeover switches, Programmable Switches, Control switches
 SENTRY - Motor Protection circuit Breakers
 Dorman Smith Load line Series Moulded Case Circuit breakers

DOMESTIC
 Miniature Circuit Breakers, Residual Current Circuit Breakers, Plastic I Metallic
Distribution Boards.
 PVC Wires / Cables
 Crabtree Electrical Wiring Accessories (Modular Plate Switches)

KWH ENERGY METERS

 Single & Three Phase

POWER CABLES
 Low Voltage PVC /XLPE Cables
 Control Cables


1.6 COMPETITORS

Havells India Ltd. is a prominent player in the electrical equipment industry in India. It
operates in several segments, including electrical consumer goods, lighting and fixtures,
cables and wires, and switchgear. The competitive landscape for Havells is shaped by several
key factors, including market presence, product range, technological innovation, brand
reputation, and distribution network. Here is an overview:

Havells faces competition from both domestic and international players in various
segments:

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 Crompton Greaves Consumer Electricals Ltd.: A major competitor in the

consumer electrical goods space, Crompton is known for its fans, lighting, and
appliances.
 Bajaj Electricals Ltd.: Bajaj has a strong presence in the consumer durables
segment, including fans, lighting, and appliances, like Havells.
 Philips India: In the lighting segment, Philips is a formidable competitor, offering
a wide range of lighting solutions and fixtures.
 Schneider Electric: In the switchgear and industrial automation space, Schneider
is a key global competitor with a strong presence in India.
 Polycab India: A significant competitor in the wires and cables segment, Polycab
has been expanding its product offerings, including fans and lighting.
 Orient Electric: Competes in segments like fans, lighting, and home appliances,
like Havells.
 V-Guard Industries: Known for stabilizers, V-Guard has expanded into fans, water
heaters, and other electrical appliances, overlapping with Havells' product range.

1.8 SWOT ANALYSIS

STRENGTHS
1) Genuine concern for human resource management and development.
2) The organization perceived as a fair and model employer.
3) Excellent training opportunities and facilities.
4) Low level of absenteeism.
5) Highly satisfied and motivated workforce:
6)Technical collaboration with reputed firms abroad.

WEAKNESSES
1. Employees are not fully satisfied with the job security.
2. Employees are not fully satisfied with the raining and awareness for organizational
goals.
3.Employees are not satisfied with the approach with which the success is measured.

OPPORTUNITY
1) In Today's world there is a boom in technology so, the company can take

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advantage of this technological boom by adopting the system of recruitment Ilke

video conferencing etc.
2) More of the talented people are available these days to more and more
emphasis on professional education. So, the company can hire these talented
People.

THREATS
1) Increasing competition: Today many companies are producing the Electrical
supplies of better quality.
2) Tax-Policy: The Government can raise the tax-rates due to increasing entrants in
this industry.
3) The Increasing Competition Can increase the labors turnover ratio.

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CHAPTER 2

2.1 TASK ASSIGNED

Here is a detailed overview of potential tasks:

1. Orientation and Training:
 Introduction to the company’s accounting software (e.g., Tally, SAP,
QuickBooks, or Oracle).
 Understanding company policies, financial processes, and procedures.
 Training on basic accounting principles, internal controls, and compliance
requirements.
2. Data Entry and Documentation:
 Recording daily financial transactions, such as sales, purchases, receipts,
and payments.
 Assisting in maintaining and updating financial records, ledgers, and
journals.
 Organizing and filing invoices, receipts, and other financial documents.

3. Bookkeeping and Journal Entries:

 Record day-to-day financial transactions, including sales, purchases,
receipts, and payments.
 Maintain accurate and up-to-date ledgers, ensuring all transactions are
correctly categorized and recorded.

4. Bank Reconciliation:
 Compare and reconcile bank statements with company financial records to
ensure accuracy and completeness.
 Identify and investigate discrepancies between the bank statements and the
company’s records.

5. Accounts Payable and Receivable:

 Process invoices from suppliers and ensure timely payments.

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 Track accounts receivable, follow up on overdue invoices, and manage

collections.
 Prepare and manage payment runs, ensuring all payments are processed
accurately and on time.

6. Financial Reporting:
 Assist in the preparation of financial statements, including balance sheets,
income statements, and cash flow statements.
 Prepare monthly, quarterly, and annual financial reports for internal review
or external stakeholders.

7. GST and TDS Compliance:

 Learning about Goods and Services Tax (GST) and Tax Deducted at
Source (TDS) regulations.
 Assisting with the preparation of GST returns and TDS calculations.

8. Budgeting and Forecasting:

 Help develop and monitor budgets, ensuring alignment with company
financial goals.
 Analyze variances between actual performance and budgeted figures and
provide insights for corrective actions.

9. Expense Analysis:
 Review and categorize company expenses, ensuring they are accurately
recorded and compliant with budgetary constraints.
 Conduct cost analysis to identify trends, discrepancies, and opportunities
for cost savings.

10.Audit Preparation:
 Assist in gathering and organizing documentation needed for internal or
external audits.
 Ensure that all financial records are complete and accurate, and respond to
auditor inquiries.

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11.Tax Compliance:
 Support the preparation of tax filings and ensure compliance with relevant
tax regulations.
 Assist in gathering necessary documentation for tax returns and support
any tax-related audits.

12.Learning and Process Improvement:

 Participating in team meetings, learning sessions, and feedback sessions.
 Identifying potential improvements in accounting processes and
suggesting automation or efficiency measures.

13.Financial Analysis:
 Perform financial analysis to evaluate the company’s financial health,
profitability, and liquidity.
 Create financial models and forecasts to support decision-making and
strategic planning.

14.Data Management and Reporting Tools:

 Use financial software and tools to manage and analyze financial data.
 Generate reports and dashboards to provide insights into financial
performance.

These tasks will provide a well-rounded experience in finance and accounting,

equipping you with practical skills and knowledge applicable to various financial role.

2.2 Time duration and geographical area

I work there as an intern in finance department
Time: 9A.M to 5P.M
Duration: 17 JUNE 2024 to 19 AUGUST 2024
Location: Neemrana, Haryana

CHAPTER 3

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THEORITICAL FRAMEWORK OF FINANCIAL STATEMENT

ANALYSIS

3.1 INTRODUCTION TO FINANCE:

Financial statement is that managerial activity which is concerned with the planning
and controlling of the firm financial resources. Though it was a branch of economic
till 1890 as a separate activity or discipline it is of recent origin. Still, as no unique
body knowledge of its own, and draws heavily one economics for its theoretical
concepts even today.
The subject of financial management is of immense interest both academicians and
practising manager. It is of great interest to academicians because the subject is still
developing. And there are still certain areas where controversies exist for which no
unanimous solutions have been reached yet. Practicing manager are interested in this
subject because among the most crucial decision of the firm are those which relate
to finance and an understanding of the theory of financial management provides them
with conceptual and analytical insight to make those decision skilfully.

3.2FUNCTION:
The finance function form production, marketing, and other functions. Yet the
function themselves can be readily identified. The function of raising funds, inverting
them in assets and distributing returns earned from assets to shareholder respectively.
The finance functions are:
 Investment or long-term asset mix decision
 Financing or capital mix decision
 Dividend or profit allocation decision
 Liquidity or short-term asset mix decision.

1.4 OBJECTIVES OF THE STUDY:

1.To calculate the important financial ratio of the organization as a part of the ratio
analysis thereby to understand the change and treads in the firm financial position.
2 To access the performance of the Havells on the basis of earnings and also to
evaluate the solvency position of the company.
3 To identify the financial strengths and weaknesses of the organization

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4 To help them to make over Informed decision.

3.5 SCOPE:
The scope and period of the study is restricted to the following,
1. The scope is limited to the operation in the Havells.
2. The information obtained from the secondary data was limited to the Havells.
3. The key information performance indicated is taken from 2023-24.
4. The profit and loss, the balance sheet was on the last years.
5. Comparison analysis was done in comparison of the sister units.

3.6 LIMITATION:
1. The study is confined to a period of last years.
2. As most of the data is from secondary sources, hence the accuracy is limited.

3.7 SOURCE OF DATA

The study basically depends on:

1. SECONDARY DATA

1. SECONDARY DATA COLLECTION

Study has been taken from secondary sources i.e. published annual report of the
company. From the website of company Classifying and tabulation of the financial
data for this purpose performance data of Havells or the year 2023-24 have been used.

CHAPTER 4

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(A) Activity Report

Week 1
Orientation and Training: Attended introductory meetings and training sessions on
company policies, financial systems, and tools.
Data Collection: Gathered financial data from various sources (e.g., financial
statements, market reports).

Week 2
Data Entry and Documentation: Enter financial transactions such as sales, purchases,
receipts, and payments into the accounting software.
Maintain and organize physical and digital financial records, invoices, and receipts.
Assist in the daily update of ledgers and journals.

Week 3
Financial Reporting: Assisted in preparing monthly financial reports, including
income statements and balance sheets.
Budget Review: Reviewed departmental budgets and compared them to actual
expenditures.

Week 4
Variance Analysis: Conducted variance analysis to identify discrepancies between
budgeted and actual figures.
Market Research: Researched industry trends and competitors to provide context for
financial analysis.

Week 5
Advanced Data Analysis: Performed more detailed analysis, including profitability
and liquidity ratios.
Presentation Preparation: Prepared visual aids and presentations for a financial review
meeting.

Week 6

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Cash Flow Management: Monitoring daily cash flows and preparing cash flow
forecasts.
Assisting in optimizing the company’s working capital by analyzing accounts
receivable and payable.
Coordinating with treasury teams to manage short-term funding needs and excess
cash.
Preparing cash flow summary reports for senior management.

Week 7
Audit Preparation: Helped prepare documentation and organize data for an internal
audit.
Risk Assessment: Evaluated financial risks and helped develop strategies to mitigate
them.

Week 8
Reporting and Insights: Finalized financial reports and presented key insights to
senior analysts.
Review and Feedback: Participated in a review meeting to discuss internship
performance and learning outcomes.

Key learning:
1. Understanding Financial Statements and Analysis:
Gained hands-on experience in analyzing financial statements such as balance sheets,
income statements, and cash flow statements.
Learned to interpret financial data to assess a company’s financial health and
performance.
Developed skills in ratio analysis (e.g., liquidity, profitability, solvency) and variance
analysis to identify trends and discrepancies.

2. Practical Knowledge of Financial Software and Tools:

Acquired proficiency in using financial software (e.g., SAP, Oracle, QuickBooks) and
tools like Microsoft Excel for financial modeling, data analysis, and reporting.
Learned to utilize advanced Excel functions to automate data processing and analysis
tasks.

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Gained familiarity with business intelligence tools like Power BI or Tableau for data
visualization.

3. Exposure to Financial Reporting and Compliance:

Understood the process of preparing and analyzing financial reports for internal and
external stakeholders.
Gained experience in ensuring compliance with financial regulations, such as GST,
TDS.
Learned about the importance of internal controls and their role in maintaining
financial accuracy and preventing fraud.

4. Budgeting, Forecasting, and Financial Planning:

Participated in budgeting and forecasting processes, understanding how to project
revenues, expenses, and cash flows.
Learned to create and manage financial models to support decision-making and
strategic planning.

5. Cash Flow and Working Capital Management:

Understood the importance of managing cash flow to ensure liquidity and business
continuity.
Gained hands-on experience in tracking daily cash flows and preparing cash flow
forecasts.
Learned strategies for optimizing working capital through efficient management of
accounts receivable, accounts payable, and inventory.

6. Communication and Presentation Skills:

Gained experience in preparing financial presentations and reports for management
and other departments.
Developed skills in presenting findings, analysis, and recommendations effectively in
team meetings and formal presentations

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(B) INDEPTH ANALYSIS OF FINANCIAL STATEMENTS:

(A) DEFINITIONS:
The term "financial analysis" is also known as "analysis and interpretation of financial
statements". It refers to the process of determining financial strengths and weaknesses
of the firm by establishing strategic relationships between the items of the balance
sheet, profit and loss account and other operative data.

ACCORDING TO Mr. HARRY GUTTMANN:

“The first and most important functions of financial statements are of course to those
who control and direct the business to the end of security the profits and maintaining
sound financial conditions”.

(B) NATURE OF FINANCIAL STATEMENTS:

The term “financial statements” refers to the balance sheet reflection the financial
position of the assets, liabilities a capital of a particular company during a certain
period and profit and loss account showing the operational results of the company
during a certain period. Financial statements are plain statements of informed opinion
uncompromising in their truthfulness. It is meant that within the limits of accepted
accounting principles and the very human abilities of the persons preparing them they
have to rely on judgements and estimated divorced of prejudice.

(c) CONVENTIONS:
According to the American institute of certified public accounts, financial statements
reflect, “a combination of recorded facts accounts conventions and personal
judgements and the judgements and the conventions applied affect them materially”,
this implies that the exhibited in the financial statements are affected by recorded
facts, accounting conventions personal judgements.

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(D) USES AND IMPORTANCE OF FINANCIAL STATEMENTS:

The financial statements are mirrors which reflect the financial position and operating
strengths or weaknesses of the concern. These statements are useful to management,
investors, creditors, bankers, workers, government and public at large. Points of the
following measure used of financial statements:
 As a basis for taxation.
 As a basis for- price or rate regulation
 As a guide to the value of investment already made
 As a basis for granting credit.

(E) LIMITATIONS OF FINANCIAL STATEMENTS:

 Financial statements are essentially interim reports and hence cannot be final
because the actual gain or loss of a business can be determined only efface it has
put down its shutters

 They tend to give an appearance if finality and accuracy, because they are
expressed in exact money amount Any value to the amounts presented in the
statement depends on the value standards of the person dealing with them.

 The balance sheet loses its functions as an index of current economic realities due
to the fact the financial statements are compiled based on historical costs while
there is a market decline in the value of the monitoring unit and the resultant rise
in prices.

 They do not give effort to many factors, which have a hearing on financial
conditions and operating results because they cannot be stated in terms of money
and are qualitative in nature. Such factors are reputation and prestige of the
business with the public its credit rating the efficiency and loyalty of its
employees and integrity of the management.

(F) PARTIES INTERESTED IN FINANCIAL STATEMENTS:

Now a days the ownership of capital of many public companies has become truly
board based due to dispersal of shareholding, hence, the public in general evinces
interest in the financial statements. Apart from the shareholders there are other

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persons and bodies who are also interested in financial results disclosed by the annual
reports of the companies. As already mentioned, such persons and bodies include:

1. Potential investors
2. Creditors, potential suppliers, or other doing business with the company
3. Debenture holders
4. Credit institutions like bankers.
5. Employee customers who wish to make standing contact with the company.
6. Economic and investment analysis
7. Members.

(G) ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS:

Analysis and interpretation of financial statements are and attempt to determine the
significance and meaning of the financial statement data as so that a forecast can be
made of the prospects for future earnings ability to pay interest, debt, and maturities
(current and long term) and profitability of a sound dividend policy.

Financial analysis main function is pinpointing of the strengths and weaknesses of a

business concerns by regrouping and analysis of figure contained in financial
statements by making comparisons of various component and by examine their
content. The financial manager uses this as the basis to plan future financial
requirements by means of forecasting and budgeting procedures.

The analysis of and interpretation of financial statements represents the loss of the
four measure steps of accounting viz.

 Analysis of each transaction to determine the accounts to debited and credited

and the measurements and the valuation of each transaction to determine the
amounts involved.
 Recording of the information in the journals. Summarization in largest and
preparation of work sheet.
 Preparation of financial statements,
 Analysis and interpretation of financial statements results in the presentation
of information that assets business managers, creditors and investors. This
requires a clear understanding of monitoring item of the items

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 The analysis must group that represents sound and unsound relationships
reflected by the financial statements. Those, the data is more maintain full and
it is placed in better perspective when it is provision and by means of
measurement, it`s relationship with others is established in terms of if relative
significance and it is ranked in terms of its relative significance. One can
achieve this by comparisons made between related items in the statement`s
series of years.

(H) TYPES OF FINANCIAL STATEMENTS:

Financial statements primarily comprise two basic statements:
1. The position statements of the balance sheet.
2. The income statements or the profit and loss account.

Accounting principles specify that a complete set of financial statements must

include:
1. A balance sheets
2. An income statements
3. A statement of change in owners accounts,
4. A statement of changes in financial position.

1. BALANCE SHEET:
The balance sheet is one of the important statements depicting the financial strength
of concern. It shows the properties that are owned on one hand and on the other hand
the sources of the assets owned by the concern and all the liabilities and claims it
owes to owners and outsiders. The balance sheet is prepared on a particular date. The
right hand shows properties and assets and the left hand shows liabilities.

2. INCOME STATEMENT OR PROFIT AND LOSS

ACCOUNT:
Income statement is prepared to determine the operation position of the concern It is a
statement of revenues The income statement may be prepared in the form of
manufacturing account to find out the cost of the production in the form of trading
accounts to determine gross profit or loss, in the form of profit and loss account to
determine net profit or net loss.

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3. STATEMENT OF CHANGES IN OWNERS’ EQUITY:

The term owners' equity refers in the claims of the owners of the business against the
assets of the firm. It consists of two elements.
1. Paid up share capital i.e. the initial amount of funds invested by the shareholders.
2. Retained earnings/reserves and surplus representing undistributed profit
The statement of changes in owners' equity simply shows the beginning balance of
each proprietors equity account, the reasons of increases and decreases in each, and its
ending balance. However, in most cases the owner’s equity account changes
significantly in retain earnings and hence the statement of changes in owners` equity
becomes merely a statement of retained earnings

4. STATEMENT OF CHANGES IN FINANCIAL POSITION:

The basic financial statement i.e. the balance sheet and profit and loss account and
income statement of a business reveals the net effect of various transactions on the
operational position of the company. But there are many transactions that do not
operate through profit and loss account. Those for better a understanding another
statement of changes in financial position has to be prepared to show the changes in
assets and liabilities from the end of another point of time. The statement of changes
in financial position may take any of the two forms. They are:
 Funds statements
 Cash flow statements

TOOLS OF FINANCIAL ANALYSIS USED IN THE STUDY:

MEANING OF COMPARATIVE STATEMENT:

The comparative financial statements are the statements of the financial position of
different periods; the elements of financial positions are then in a comparative form to
give idea of financial position of two or more periods. The comparative statement
may show:
 Absolute figures
 Changes in absolute figures i.e. increase or decrease in absolute figures.
 Absolute data in terms of percentage
 Increase or decrease in terms of percentage

COMPARATIVE BALACE SHEET:

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It is a statement of financial position of a business at a specific movement of time. It

represents all assets owned by the business at a particular movement of time and the
claims of the owners and outsiders against those assets at the time. It is X way they
shape the financial condition of the business at that time.

The important distinction between an income statement and balance sheet is that the
income statement is for a period where as balance sheet is on a particular date.

COMPARATIVE INCOME STATEMENT:

The comparative income statement gives the results of the operation of a business.
The comparative income statement gives an idea of the program of a business over a
period of time. The changes in absolute data in money values and percentages can be
determined to analyse the profitability of the business.

GUIDELINES FOR INTERPRETATION OF INCOME

STATEMENT:

The analysis and interpretation of income statement will involve the following steps:

1. The increase or decrease in sales should be compared with the increase or

decrease in cost of goods sold. An increase in sales will not always mean an
increase in profit. The profitability will improve if increase in sales promotion
and the control of operating expenses.
2. The second step of analysis should be the study of operation profit. The
operating expenses such as office and administrative expenses. Selling and
distribution expenses should be deducted from gross profit to find out
operating profit which will result from the increase in sales position and
control of operating expenses
3. The increase or decrease in net profit give an idea about overall profitability of
the concern, non-operating expenses such as interest paid, loss from sale of
assets, writing off to deferred expenses or deducted from operational profit we
get the figure of operating profit

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4. An opinion should be formed about profitability of the concern and it should

be given at the end. This should be mentioned whether the overall profitability
is good or not.

TREND ANALYSIS:

Trend percentages:
The method of trend percentages in useful analytical device for the management since
y substitution of percentage for large amounts, the clarity and readability are
achieved. Trend percentages are immensely helpful in making comparative study of
the final statements for several years. The method of calculating trend percentages
involves the calculation of percentage relationship that each item bears to the same
item in the base year. The earliest year may be taken as base year. Each item of the
base year is taken as 100 and on the basis the percentage for each of the item of each
year is calculated.

Least Square Method:

This method is widely used in practised. It is a mathematical method and with the
help of a trend line fitted to the data in such a manner by using the actual figures of
the study period, we have to calculate the trend values for these periods. Based on this
value we can easily forecast the values of the future period. The method of least
square may be used either to fit a straight-line trend or a parabolic trend. The straight
line is represented by the equation Y(C)=A+B(X),

ANALYSIS AND INTERPRETATION OF FINANCIAL

STATEMENT: l.

An attempt has been made to analyze and interpret the financial statements of Havells
for the period of 2023-24. These statements were prepared on the basis of the data in
the balance sheets and profit and loss accounts of the Havells for the above period.

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RATIO ANALYSIS:
A ratio is a simple mathematical expression. It is a number expressed in terms of
another number, expressing the quantitative relationship between the two, ratio
analysis is the technique of interpretation of financial statements with the help of
various meaningful ratios. Ratios do not add to any information that is already
available, but they show the relationship between two items in a more meaningful
way.
Ratio analysis is a very important tool of financial analysis. It is the process of
establishing a significant relationship between the items of financial statements to
provide a meaningful understanding of the performance and financial position of the
firm. They help us to draw certain conclusions. Comparison with related facts is the
basis of ratio analysis. Ratios may be used for comparison in any of the following
ways.

1. Comparison of a firm with its own performance in the past.

2. Comparison of one firm with its own performance in the past.
3. Comparison of one firm with another firm in the industry
4. Comparison of one firm with the industry as a whole.
5. Comparison of an achieved performance with pre-determined standards.
6. Comparison of one department of a concern with other departments.

TYPES OF RATIOS
 Liquidity ratio
 Capital structure/leverage ratio
 Profitability ratio
 Activity ratio

LIQUIDITY RATIOS:
It measures the short-term solvency of the firm. In a short period of a firm should be
able to meet all its short-term obligation i.e. current liabilities and provisions. It is
current assets that yield funds in the short period. Current assets are those, which the
firm can convert it into cash within one year or short run. Current assets should not
only yield sufficient funds to meet current liabilities as they fall due but also to enable
the firm to carry on its day-to-day activities.

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The following are the important liquidity ratios:

 Current ratio
 Acid test/quick ratio,
 Cash ratio
 Net working capital ratio

1. Current ratio:
Current ratio is the ratio of current assets to current liabilities. Current assets are the
assets that are expected to be realized in cash or sold or consumed during the normal
operating cycle of the business or within one year, whichever is longer, they include
cash in hand and bank, bills receivable, net sundry debtors, stock of raw materials,
finished goods and working in progress, prepaid expenses, outstanding incomes,
assured incomes and short term or temporary investments. Current liabilities are the
liabilities that are to be repaid within a period of one year. They include bills payable,
sundry creditors, bank overdrafts. outstanding expenses, income receivable in
advance, proposed dividend, provision for taxation, unclaimed dividends, and short-
term loans and advanced repayable within one year. Any instalment of long-term
liability payable within the next 12 months is also current liability
1. CURRENT RATIO= CURRENT ASSETS/ CURRENT LIABILITIES
2. Generally, 2: 1 ratio is considered ideal for the company.

2. Acid Test/Quick Ratio:

The acid test ratio is the ratio between quick current assets and current liabilities and
calculated by dividing the quick assets by current liabilities. Quick assets mean those
which can be converted into cash immediately by exclusion of inventory and prepaid
expenses from current assets.
1. Acid test Ratio=Quick assets/Current liabilities
2. Generally, 1: 1 ratio is considered ideal for the company.

3. Cash Ratio:
The cash ratio is the ratio of cash and bank balance; it is calculated dividing cash and
bank balance by current liabilities.
CASH RATIO= Cash and Bank balances/Current liabilities
Generally, 1: 2 ratios are considered to be ideal for a company.

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4. Net Working Capital Ratio:

Working capital ratio refers to comparing current assets to current liabilities and serve
as the liquidity reserve avail. To satisfy contingencies and uncertainties. It is
calculated by dividing net working capital by capital employed.
Net Working Capital Ratio = net working capital/capital employed.
Generally higher ratio is considered ideal for a company.

CAPITAL STRUCTURE/LEVERAGE RATIO

These ratios indicate the relative interests of owners and creditors in a business by
showing long term financial solvency and measure the enterprise S ability to pay the
interest regularly and to repay the principal on maturity or in predetermined
instalments at due dates.
The significant leverage ratios are:
1. Debt Equity Ratio
2. Proprietary Ratio
3. Capital Gearing Ratio.
4. Fixed assets Ratio
5. Interest coverage Ratio
6. Dividend Coverage Ratio
7. Debt Service coverage Ratio.

1.Debt Equity Ratio:

It reflects the relative claim of creditors and shareholders against the assets of the
business. Debt usually refers to long-term liability.
Equity includes equity and preference share capital and reserves.
Debt Equity Ratio=long term liabilities/shareholders' funds
Ideal debt equity ratio is 2: 1

2.Propreitary Ratio:
It expresses the relationship between the net worth and total assets. A high proprietary
ratio is indicative of strong financial position of business.
Proprietary ratio = Net worth/ Total Assets

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Net worth= Equity share capital + fictitious Assets

Total assets= fixed assets + Current Assets
Generally higher the ratio the ideal it is.

3.Capital Gearing Ratio:

A company is said to be highly geared if it has high capital gearing ratio and lowly
geared if the capital gearing ratio is low. The extent of gearing determined the future
financial structure of the business. A company that is highly geared will have to raise
funds by issuing fresh equity shares whereas a lowly geared company would find it
attractive to raise funds by way of term loans and debentures.
Capital Gearing Ratio = funds bearing fixed interest and fixed dividend/equity
 shareholder`s funds
Funds bearing fixed interest and capital=Debentures + term loans +preference.
 share capital.
Equity share holder funds=Equity share capital +reserves-fictitious funds

4.Fixed Assets Ratio:

This ratio indicates the mode of financial the fixed assets,
It is calculated as
Fixed assets Ratio= Fixed assets/capital employed
Capital employed= equity share capital + preference share capital +reserves + long
term Liabilities - Fictitious Assets
Generally, a ratio of 0.67: 1 is considered ideal for a company.

5.Interest Coverage Ratio:

This ratio is called as "debt service ratio". This ratio indicates whether a business is
earning sufficient profits to pay the interest charges.
It is calculated as
Interest coverage ratio=PBIT/Fixed interest charges
PBIT=Profit before interest and taxes=PAT + Interest + Tax
Generally, a ratio of around 6 is normally considered as ideal for a company

6.Dividend Coverage Ratio:

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It indicates the ability of a business to pay and maintain the fixed preference dividend
to preference shareholders
Dividend coverage ratio=PAT/Fixed preference dividend.
PAT= Profit After Taxes

7.Debt service Coverage Ratio:

It indicates whether the business is earning sufficient profits to pay not only the
interest charges, but also the instalments due to the principal amount. It is calculated
as
Debt service Coverage Ratio = (PBIT/Interest + Periodic Loan Installation)/ (1- Rate
of income Tax)
Generally greater the ratio, the better is the servicing ability of company.

Profitibility Ratio:
Profitability ratios measure the profitability of a company. Generally, they are
calculated either in relation to sales or in relation to investments. The various
profitability ratios are discussed under the following heads

(A) GENERAL PROFITABILITY RATIO'S:

1.Gross Profit Ratio:
Gross profit is one of the most commonly used ratios. It reveals the result of trading
operations of the business. In other words, it indicates to us the profitability of the
business. It is calculated as
Gross Profit Ratio= (Gross Profit/Net sales) *100
Gross Profit=net sales-cost of goods sold.
Net Sales=Total Sales- Sales Returns
Cost of Goods Sold-Opening Stock + Purchases + Manufacturing expenses closing
Stock.
Generally, the higher the ratio, the better will be the performance of the company.

2. NET PROFIT RATIO:

It indicates the results of overall operations of the firm. While the gross profit ratio
indicates the extent of profitability of core operations.Net profit ratio tells us about
overall profitability. It is called as
Net Profit Ratio= (Net Profit after Tax/Net Sales) *100

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Generally higher the ratio, the more profitable to the company.

3.OPERATING RATIO:
It expresses the relationship between expenses
incurred for running the business, and the resultant net sales. It is calculated as
Operating Ratio=cost of goods sold + Office and Administrative expenses + selling
and distribution Expenses
Generally, lower the ratio, the better it is to the company.

4.OPERATING PROFIT RATIO:

It establishes the relationship between operating profit and sales. It is calculated
as
Operating Profit Ratio= (Operating Profit/Net Sales) * 100
Generally higher the ratio, the better it is to the company.

5.Expensess Ratio:
Expenses ratios are the ratios that supplement the information given by the operating
ratio. Each of the expense rations highlights the relationship given by the particular
expense and net sales. For example, factory expenses ratio is of factory expenses to
net sales any expenditure can be shown as a ratio to sales. All such ratios fall under
the broad head of expenses ratios.

(B)_ OVERALL PROFITABILITY RATIOS:

1.Retun on Capital Employed Ratio (ROCE) OR Return On Investment Ratio

ROD:
This ratio reveals the earning capacity of the capital employed in the business. In
other words, capital employed is permanent capital invested in the business. It is also
called capital and hence, the ratio is also known as return on invested capital
ROCE= (Profit before interest and taxes/capital employed) *100

2.Return on Net Worth (RONW):

It indicates the return, which the shareholders are earning on their resources invested
in the business. It is calculated as
RONW= (Profit after Tax/Net Worth) *100

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Generally higher the ratio, the better it is to the shareholders,

3.Reurn on Equity Capital:

It expresses the return earned by the owners of the business, after adjusting for debt
and preference capital. It is calculated as
RETURN ON EQUITY= PAT- Preference dividend/equity shareholders funds.
Generally higher the ratio, the better it is to the company

4.Return on Asset Ratio (ROA):

Return on assets reflects the return earned by the firm for the company for the
shareholders of the business on the investment of all the financial resources
committed to the business. It is calculated as
ROA=PAT/TOTAL SALES
Generally higher the ratio, the better it is to the shareholders,

5.Earning Per Share (EPS)

It is the earning accruing to the equity shareholders on every share held by them. It is
calculated as
EPS= PAT-Preference dividend/number of equity shares
Generally, the ratio, the better is the performance of the company

6.Dividends per share_(DPS):

It is the amount of dividend payable to the holder of one equity share. It is calculated
as
DPS=Dividend on equity share capital/number of equity shares
Generally, from investors point of view, the higher the ratio, the happier the investor.

7.Divident Pay Out Ratio:

It is the ratio of dividend per share to earning per share. It is calculated as
Dividend Pay Out Ratio=DPS/EPS

8.Price Earning Per Ratio (P/E Ratio):

It expresses the relationship between market price of one share of a company and
earnings per share of that company.
P/E Ratio=Market Price of Equity share/EPS

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There is no ideal P/E ratio

9.Dividend Yield Ratio:

It expresses the relationship between dividend earned per share and the market price
per share. In other words, it expresses the return on investment by purchasing a share
in the stock market, without accounting for any capital appreciation. It is calculated as
DIVIDEND YIELD RATIO- Dividend per share/Market price of share

10.Book Value:
It is the fraction of the net worth of the business as depicted in the balance sheet,
which is attributable to one equity share of the business. it is calculated as
BOOK VALUE=Equity shareholders funds/number of equity shares.
Generally higher the book value of the share, the more strong the business is assumed
to be,

Activity Ratio:
Activity ratio measures the efficiency or effectiveness with which a firm manager its
resources or assets. They calculate the speed with which various assets, in which
funds are blocked up, get converted into sales. The significant activity or turnover
ratios are

1.INVENTORY TURN OVER RATIO OR_STOCK TURN OVER RATIO:

Stock turnover ratio indicates the number of items the stock has turned over into sales
in a year. It indicates to us the extent of stock required to be held in order to achieve a
desired level of sales.
Inventory Turn Over Ratio = Cost of Goods Sold/Average Stock
Cost of Goods Sold=Sales-Gross Profit.
Average Stock= (Opening Stock -+ Closing Stock)/2
Generally, 8 is considered ideal ratio of the company.

2.Debtor Turnover Ratio:

Debtors Turn Over Ratio expresses the
relationship between debtors and net credit sales. It is calculated as Debtors Turn
Over ratio= Net Credit Sales/ Average Debtors.

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Generally, the ratio between 10-12 an ideal value for the company.

3.Creditor Turnover Ratio:

Creditors turnover ratio expresses the
relationship between creditors and net credit purchases. It is calculated as
Creditors Turn Over Ratio= Net Credit Purchases/Average Creditors,
Generally, the ratio 1:2 is an ideal for the company.

4.Woking Capital Turnover Ratio:

This ratio is defined as
Working Capital Turn Over Ratio= Cost of Goods Sold/Working Capital
Working Capital=Current Assets- Current Liabilities
Generally higher ratio indicates efficient utilization of firm's funds.

5.Fixed Assets Turnover Ratio:

It is Defined as ratio of Net Sales to the Fixed Assets.
Generally, the ratio of around 5 is considered ideal for the company.

6.Total Assets Turnover Ratio:

It is defined as ratio of Net Sales to the Total Sales.
Generally higher the ratio, the greater is the ability of the firm to utilize the
investments in the business.

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DATA ANALYSIS AND INTERPRETATION

HAVELLS INDIA Income Statement Analysis

 Operating income during the year rose 9.9% on a year-on-year (YoY) basis.
 The company's operating profit increased by 16.1% YoY during the fiscal. Operating
profit margins witnessed a fall and down at 10.1% in FY24 as against 9.6% in FY23.
 Depreciation charges increased by 14.3% and finance costs increased by 52.9% YoY,
respectively.
 Other income grew by 40.1% YoY.
 Net profit for the year grew by 18.6% YoY.
 Net profit margins during the year grew from 6.3% in FY23 to 6.8% in FY24.

HAVELLS INDIA Income Statement 2023-24

No. of Mths Year Ending 12 Mar-23* 12 Mar-24* % Change

Net Sales Rs m 169,107 185,900 9.9%

Other income Rs m 1,777 2,490 40.1%

Total Revenues Rs m 170,884 188,390 10.2%

Gross profit Rs m 16,206 18,811 16.1%

Depreciation Rs m 2,962 3,385 14.3%

Interest Rs m 551 842 52.9%

Profit before tax Rs m 14,471 17,074 18.0%

Tax Rs m 3,753 4,366 16.3%

Profit after tax Rs m 10,717 12,708 18.6%

Gross profit margin % 9.6 10.1

Effective tax rate % 25.9 25.6

Net profit margin % 6.3 6.8

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HAVELLS INDIA Balance Sheet Analysis

 The company's current liabilities during FY24 stood at Rs 46 billion as compared to

Rs 42 billion in FY23, thereby witnessing an increase of 11.2%.
 Current assets rose 12% and stood at Rs 83 billion, while fixed assets rose 11% and
stood at Rs 45 billion in FY24.
 Overall, the total assets and liabilities for FY24 stood at Rs 128 billion as against Rs
115 billion during FY23, thereby witnessing a growth of 11%.

HAVELLS INDIA Balance Sheet as on March 2024

No. of Mths Year Ending 12 Mar-23* 12 Mar-24* % Change

Networth Rs m 66,232 74,402 12.3

Current Liabilities Rs m 41,699 46,371 11.2

Long-term Debt Rs m 0 0 0.0

Total Liabilities Rs m 114,918 127,868 11.3

Current assets Rs m 73,900 82,515 11.7

Fixed Assets Rs m 40,913 45,331 10.8

Total Assets Rs m 114,918 127,868 11.3

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HAVELLS INDIA Cash Flow Statement Analysis

 HAVELLS INDIA's cash flow from operating activities (CFO) during FY24 stood at
Rs 20 billion, an improvement of 245.7% on a YoY basis.
 Cash flow from investing activities (CFI) during FY24 stood at Rs -16 billion on a
YoY basis.
 Cash flow from financial activities (CFF) during FY24 stood at Rs -5 billion, an
improvement of 41% on a YoY basis.
 Overall, net cash flows for the company during FY24 stood at Rs -2 billion from the
Rs -3 billion net cash flows seen during FY23.

HAVELLS INDIA Cash Flow Statement 2023-24

No. of
12 12
months %
Particulars
Year Mar- Mar- Change

Ending 23 24

Cash Flow from Operating

Rs m 5,649 19,529 245.7%
Activities

Cash Flow from Investing -

Rs m 350 -
Activities 16,139

Cash Flow from Financing

Rs m -9,069 -5,336 -
Activities

Net Cash Flow Rs m -3,107 -1,991 -

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Current Valuations for HAVELLS INDIA

 The trailing twelve-month earnings per share (EPS) of the company stands at Rs 20.3,
an improvement from the EPS of Rs 17.1 recorded last year.
 The price to earnings (P/E) ratio, at the current price of Rs 1,868.1, stands at 92.1
times its trailing twelve months earnings.
 The price to book value (P/BV) ratio at current price levels stands at 15.7 times, while
the price to sales ratio stands at 6.3 times.
 The company's price to cash flow (P/CF) ratio stood at 53.5 times its end-of-year
operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-23* 12 Mar-24*

Sales per share Rs 269.8 296.6

TTM Earnings per share Rs 17.1 20.3

Diluted earnings per share Rs 17.1 20.3

Price to Cash Flow x 54.4 53.5

TTM P/E ratio x 69.5 92.1

Price / Book Value ratio x 11.7 11.6

Market Cap Rs m 772,246 861,501

Dividends per share Rs 7.5 9.0

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Ratio Analysis for HAVELLS INDIA

 Solvency Ratios
Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from
1.8x during FY23. The current ratio measures the company's ability to pay short-term and
long-term obligations.
Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at
21.3x during FY24, from 27.3x during FY23. The interest coverage ratio of a company states
how easily a company can pay its interest expense on outstanding debt. A higher ratio is
preferable.

 Profitability Ratios
Return on Equity (ROE): The ROE for the company improved and stood at 17.1% during
FY24, from 16.2% during FY24. The ROE measures the ability of a firm to generate profits
from its shareholders capital in the company.
Return on Capital Employed (ROCE): The ROCE for the company improved and stood at
24.1% during FY24, from 22.7% during FY23. The ROCE measures the ability of a firm to
generate profits from its total capital (shareholder capital plus debt capital) employed in the
company.
Return on Assets (ROA): The ROA of the company improved and stood at 10.6% during
FY24, from 9.8% during FY23. The ROA measures how efficiently the company uses its
assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-23* 12 Mar-24*

Current ratio x 1.8 1.8

Debtors’ Days Days 2 2

Interest coverage x 27.3 21.3

Debt to equity ratio x 0.0 0.0

Return on assets % 9.8 10.6

Return on equity % 16.2 17.1

Return on capital employed % 22.7 24.1

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CHAPTER 5

FINDINGS AND OBSERVATION

Key findings and observations from Havells India's financial reports:

1. Revenue Growth: Revenue increased significantly, reaching ₹17,200.96

crore in FY 2023, a result of strong performance in key segments like
switchgears and cables.

2. Profitability: Net income grew at an annual rate of 10.04% over the last
five years, outpacing the industry average.

3. Market Share: The company's market share expanded from 18.38% to

21.42% over five years, indicating a stronger competitive position.

4. Cost Management: Despite rising raw material costs, Havells maintained

healthy profit margins.

5. Segment Performance: Switchgears and cables were the primary growth

drivers, while some consumer durable segments under performed.

6. Challenges and Risks: The company faces challenges from fluctuations in

raw material prices, regulatory changes, and increasing competition from
both domestic and international players.

7. Focus on Innovation and Product Diversification: Havells continues to

innovate and diversify its product portfolio, moving from traditional
electrical products to smart and connected devices. This diversification
strategy helps in reducing dependence on any single product line or
segment.

These points reflect Havells India's financial health and strategic market
positioning

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CONCLUSION

Based on Havells India's detailed financial analysis, the company has shown
strong and consistent revenue growth, particularly driven by its switchgear and
cable segments. Over the years, Havells has expanded its market share,
indicating its increasing dominance in the industry. Despite facing challenges
like rising raw material costs, the company has maintained healthy profit
margins, showcasing effective cost management. The growth in net income,
which outpaces industry averages, reflects the company's robust operational
strategies. The company’s focus on diversification, innovation, and efficient
operations makes it well-positioned to sustain its growth trajectory in the
competitive market. However, continuous vigilance on cost management and
strategic risk mitigation is essential to maintain its financial health Overall,
Havells is well-positioned for continued growth and competitiveness in the
market.

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BIBLIOGRAPHY

https://havells.com/corporate/investors/financials
HTTPS://WWW.MONEYCONTROL.COM/ANNUAL-REPORT/HAVELLSINDIA/
DIRECTORS-REPORT/HI01
HTTPS://WWW.EQUITYMASTER.COM/RESEARCH-IT/ANNUAL-RESULTS-
ANALYSIS/HAVL/HAVELLS-INDIA-2022-23-ANNUAL-REPORT-ANALYSIS/4534
HTTPS://WWW.LIVEMINT.COM/HAVELLS-INDIA/BALANCE-SHEET-
ANNUAL/COMPANYID-S0003090
HTTPS://TRENDLYNE.COM/FUNDAMENTALS/FINANCIALS/525/HAVELLS/
HAVELLS-INDIA-LTD/

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