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Havells commences manufacturing of washing machines

News: Havells India has started manufacturing washing machines in its new facility at Ghiloth, Rajasthan. The plant has a total production capacity of 3 lakh units and can also be expanded to 5 lakh unit/annum as per requirements.

Views: Currently, AC contributes ~70% to overall Lloyds revenues. Havells plans to expand its product portfolio (refrigerators and washing machines) under Lloyds brand by leveraging its existing dealer networks. Lloyds has ~10,000 direct and indirect dealers across India. We believe a favourable base and new product launches will help drive Lloyd’s revenue at a CAGR of 27% in FY21-24E (faster than Havells' overall revenue CAGR of 21%). Lloyds contributes ~16% to Havells' overall topline (Rs.10428 crore in FY21).

Impact: Positive.