Institute of Management Nirma
University
Havells Ltd Annual Report Analysis
Financial Accounting and Reporting
Group Assignment - 1
Group no :- E4
Master of Business Administration
ASSIGNMENT
Submitted by:
SECTION – E
Name Roll no.
Nikhil Kochrekar 221528
Sagar Mirchandani 221540
Abhishek Waghachaware 221504
Jaishree Bansal 221516
Swastik Punyani 221552
Submitted to:
Prof. Harsh Pratap Singh
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Table of Contents
Sr.no Index Pg no.
1. What is the company’s business? Explain in about 50-60 3
2. What industry does the company belong to and what is the company’s 4
position in that industry
3. What are its main products and services? Name some of the company’s 6
brands, if any.
4. Who are the company’s Auditors? 8
5. Who are the Board of Directors of the Company and members of the Audit 9
Committee?
6. State the high and the low share prices of the company during the F.Y. 11
2021-22 and F.Y. 2022-23 (Till date).
7. What is the turnover of the company for the current year and the previous 12
year? How much is the change in turnover compared to the previous year?
8. What is the profit before tax (PBT) for the current year and the previous 13
year? Compute the change in PBT compared to the previous year?
9. What is the profit after tax (PAT) for the current year and the previous 15
year? Compute the change in PAT compared to the Profit After Tax (PAT)
to the previous year?
10. How much dividend company has distributed during the current year? 16
How much dividend had distributed in the previous year? Compute the
change in dividend compared to the previous year?
11. State briefly significant information in public domain such as newspapers, 19
magazines) about the company since April 1, 2022, till date, if any. The
information must be supported by reference of a newspaper or a magazine.
12. Extra ordinary and unique information or comments 22
13. References 25
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Company Overview
Havells India Ltd was consolidated as Havells Pvt Ltd in August 1983 and changed over into
a public restricted organization in March 1992. The organization began its tasks by delivering
small circuit breakers and dispersion sheets in the year 1984. Havells India Limited is a main
Fast Moving Electrical Goods (FMEG) Company and a significant power distribution
equipment maker with a solid worldwide presence. Havells appreciates advantageous market
strength across a wide range of items, including Industrial and Domestic Circuit Protection
Devices, Cables and Wires, Motors, Fans, Modular Switches, Home Appliances, Air
Conditioners, and Electric Water Heaters, Power Capacitors, Luminaires for Domestic,
Commercial and Industrial Applications.
The company pioneered the concept of the exclusive brand showroom in the electrical industry
with ‘Havells Exclusive Brand Stores’. Today over 700 plus Havells Exclusive Brand Stores
across the country are helping domestic and commercial customers choose from a wide variety
of products for different applications.
Objective
• To carry out an in-depth analysis of the company using their annual reports.
• To know how the company is functioning.
• To know about the current position of the company in the stock market
• To predict the prospects based on the annual report of the company
• To study the organizational structure of the company
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1. What is the company’s business? Explain in about 50-60 words.
Havells make various products such as fans, lighting, appliances, water heater, air-cooler, water
purifier, personal grooming, consumer durables, solar, pump, switches, switchgear, and
flexible cables. Havells has a well-organized business with over 14000+ dealers and more than
10000 retail outlets in India. Havells offers the same quality items for both Indian and
International business sectors. It is resolved to continue to drive the world with its cutting-edge
advancements and energy-effective arrangements. Right now, more than 90% of its item
contributions are energy productive and fabricated in-house. Along with this, Havells has a
global presence in more than 50 countries.
2. What industry does the company belong to and what is the company’s position in that
industry?
Havells belongs to fast moving consumer goods and consumer Durable industry. It has various
competitors in the industry like Polycab Cables, Crompton Greaves, Dixon Tech, etc. The
graph below shows how the company is performing in the Indian Market. Within the Consumer
Durables sector, Havells India stock has a market cap rank of 1. Havells India has a market cap
of Rs 81,389.66 Cr.
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3. What are its main products and services? Name some of the company’s brands, if any.
Brand Name Products and services offered
• Air conditioners
• Washing Machines
• LED Televisions
• Refrigerator
• Dishwasher
• Fans
• Ivy Modular Range Switches
• Cables
• Switch Gear
• Water Heater
• Accessories
• Flair and Bliss switches
• Fans
• MCBs
• Automation
• Video Door Phone
• Switches
Source - Mahindra CIE
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Source – Havells
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4. Who are the company’s Auditors?
Statutory Auditor – Price Waterhouse & Co Chartered Accountants LLP
Cost Auditors – M/s Sanjay Gupta & Associates, Cost Accountants
Secretarial Auditor – M/s MZ & Associates, Company Secretaries
Company Secretary & Compliance Officer – Mr. Sanjay Kumar Gupta
Havells Ltd, 2022
5. Who are the Board of Directors of the Company and members of the Audit
Committee?
Board of Directors
Name Category Designation
Mr. Anil Gupta Non-Independent Chairman and
Managing Director
Mr. Surjit Kumar Gupta Non-Executive Member
Non-Independent Director
Mr. Ameet Kumar Gupta Whole-Time Director Member
(Finance) and Group CFO
Non-Independent
Mr. Rajesh Kumar Gupta Whole-Time Director Member
Non-Independent
Mr. Siddhartha Pandit Whole-Time Director Member
Non-Independent
Mr. T.V. Mohandas Pai Non-Executive Member
Non-Independent Director
Mr. Puneet Bhatia Non-Executive Member
Non-Independent Director
Mr. Jalaj Ashwin Dani Independent Director Member
Mr. Upendra Kumar Sinha Independent Director Member
Mr. Subhash S. Mundra Independent Director Member
Mr. B. Prasada Rao Independent Director Member
Mr. Vivek Mehra Independent Director Member
Mrs. Namrata Kaur Independent Director Member
Mr. Ashish Bharat Ram Independent Director Member
Havells, 2022
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Audit Committee Board
Name Category Designation
Mr. U K Sinha Independent Director Chairman
Mrs. Namrata Kaul Independent Director Member
Mr. B P Rao Independent Director Member
Mr. Ameet K Gupta Non-Independent Director Member
Havells, 2022
6. State the high and the low share prices of the company during the F.Y. 2021-22 and
F.Y. 2022-23 (Till date).
High and the low share prices of the company during the F.Y. 2021-22 and low share prices of
Havells Limited for Financial Year 2021-2022 were-
52 Week High and Low for Financial Year 2021-2022
Date BSE Date NSE
52 Week High 18-10-2021 ₹ 1,503.70 18-10-2021 ₹ 1,504.45
52 Week Low 21-06-2021 ₹ 958.35 21-06-2021 ₹ 958.00
(Source - (Investing, n.d.))
BSE
1600 1503.7
1369.95
1400
1200 1058.7
958.35
1000
800
600
400
200
0
High Low
2021 2022
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52 Week High and Low for Financial Year 2022-2023(Till date)
Date BSE Date NSE
52 Week High 19-08-2022 ₹ 1,369.95 19-08-2022 ₹ 1,369.75
52 Week Low 20-06-2022 ₹ 1058.70 20-06-2022 ₹ 1,057.45
Source - Investing.com
NSE
1600 1504.45
1369.75
1400
1200 1057.45
958
1000
800
600
400
200
0
High Low
2021 2022
Monthly High & Low F.Y 2021- F.Y 2022 (Till Date)
1,600.00
1,400.00
1,200.00
1,000.00
800.00
600.00
400.00
200.00
0.00
High Low
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Below is a snippet from the annual report showing the monthly lowest and highest share prices
of the company.
Date Price Open High Low Volume Change%
Aug 2022 1,325.65 1,258.80 1,369.75 1,249.00 548.19K 6.11%
Jul 2022 1,249.35 1,099.85 1,276.70 1,092.25 20.53M 13.76%
Jun 2022 1,098.20 1,197.25 1,210.90 1,057.45 22.29M -8.62%
May 2022 1,201.80 1,295.00 1,310.90 1,150.00 18.55M -8.39%
Apr 2022 1,311.80 1,154.20 1,344.70 1,153.00 18.88M 13.82%
Mar 2022 1,152.55 1,175.00 1,184.20 1,037.40 25.56M -2.80%
Feb 2022 1,185.70 1,195.00 1,229.55 1,118.85 18.99M 0.11%
Jan 2022 1,184.40 1,400.00 1,419.00 1,117.00 20.74M -15.22%
Dec 2021 1,397.00 1,360.30 1,429.40 1,253.40 23.52M 2.69%
Nov 2021 1,360.35 1,275.55 1,424.35 1,260.60 24.50M 7.71%
Oct 2021 1,262.95 1,373.10 1,504.45 1,210.30 29.49M -8.02%
Sep 2021 1,373.10 1,270.00 1,482.70 1,266.15 33.76M 8.25%
Aug 2021 1,268.45 1,180.00 1,289.50 1,175.65 45.70M 8.08%
Jul 2021 1,173.65 984.80 1,195.00 980.20 47.31M 19.74%
Jun 2021 980.20 1,032.00 1,084.80 958.00 28.62M -4.91%
May 2021 1,030.80 984.90 1,088.00 970.00 33.98M 4.09%
Apr 2021 990.25 1,062.75 1,099.95 971.10 23.87M -5.73%
Candlestick Pattern Monthly High & Low F.Y 2021-2022 (till date)
1,600.00
1,400.00
1,200.00
1,000.00
800.00
600.00
400.00
200.00
0.00
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7. What is the turnover of the company for the current year and the previous year?
How much is the change in turnover compared to the previous year?
The turnover of Havells has been steadily growing at the rate of roughly 14.06% on
average over the last 5 years. Havells’ turnover for the Financial Year 2020-2021 was ₹
10503 Cr. Later in Financial Year 2021-2022 their turnover increased by 33.06% to ₹
13975.56 Cr compared to the previous F.Y 2020-2021. In absolute values the difference
between F.Y 2020-2021 turnover and F.Y 2021-2022 turnover was ₹ 3472.56 Cr.
But for the year 2020 because of Covid the turnover for 2019-20 took a huge hit. In
comparison to the year F.Y 2018-19 the turnover in F.Y 2019-20 decreased by 7.39% and
₹ 647.64 Cr in absolute value. With 33.06% increase in turnover the previous year F.Y
2021-2022 seems to have been able to compensate for the decline in revenue during the
Turnover of Last 2 Years (in ₹ Crores)
13975.56 Cr
+ 33.06 %
14000 10503 Cr
12000 + 3472.56 Cr
10000
8000
6000
4000
2000
0
2021 2022
2021 2022
Source – Prowessiq Database
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Turnover of Last 5 Years (in ₹ Crores)
2022 13975.56 Cr
+ 33.06 %
2021 10503 Cr
+ 10.60 %
2020 9495.87 Cr - 7.39 %
2019 10143.51 Cr
+ 22.70 %
2018 8267.19 Cr
0 2000 4000 6000 8000 10000 12000 14000
2018 2019 2020 2021 2022
Turnover 8267 10143 9495 10503 13975
Source – Prowessiq Database
8. What is the profit before tax (PBT) for the current year and the previous year?
Compute the change in PBT compared to the previous year?
PBT of Last 2 Years (in ₹ Crores)
1603.79 Cr
+ 12.03 %
1431.58
15000 + 172.21 Cr
10000
5000
0
2021 2022
2021 2022
Source – Prowessiq Database
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The Profit Before Tax (PBT) of Havells has been steadily growing at the rate of roughly
12% on average over the last 5 years. Havells’ PBT for the Financial Year 2020-2021 was
₹ 1431.58 Cr. Later in Financial Year 2021-2022 their PBT increased by 12.03% to
₹1603.79 Cr compared to the previous F.Y 2020-2021 PBT. This increase in PBT was
very closer to the average increase in PBT over the last 5 years. In absolute values the
difference between F.Y 2020-2021 PBT and F.Y 2021-2022 PBT was ₹ 3472.56 Cr. But
for the year 2020. However, due to Covid, turnover decreased in 2020, and thus PBT
decreased as well. In comparison to F.Y 2018-19, F.Y 2019-20 PBT took a huge hit and
decreased by 21.94% in percentage terms and ₹ 253.53 Cr in absolute value. With 58.76%
increase in turnover to the F.Y 2019-20, F.Y 2020-2021 seems to have been able to
compensate for the decline in PBT during the year 2019-20.
PBT of Last 5 Years (in ₹ Crores)
2022 1603.79 Cr
+ 12.03 %
2021 1431.58 Cr
+ 58.76 %
2020 901.73 Cr - 21.94 %
2019 1,155.26 Cr
+ 13.85 %
1,014.70 Cr
2018
0 500 1,000 1,500 2,000
2018 2019 2020 2021 2022
PBT 1,014 1,155 901 1,431 1,603
Source – Prowessiq Database
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9. What is the profit after tax (PAT) for the current year and the previous year?
Compute the change in PAT compared to the Profit After Tax (PAT) to the previous
year?
PAT of Last 2 Years (in ₹ Crores)
1194.73 Cr
1200
1150 + 14.91 %
1100 1039.68 Cr + 155.05 Cr
1050
1000
950
2021 2022
2021 2022
Source – Prowessiq Database
The Profit After Tax (PAT) of Havells has been steadily growing at the rate of roughly
13.8% on average over the last 5 years. Havells’ PAT for the Financial Year 2020-2021
was ₹ 1039.68 Cr. Later in Financial Year 2021-2022 their PAT increased by 14.91% to
₹1194.73 Cr compared to the previous F.Y 2020-2021 PAT. This increase in PAT was
close to the average increase in PAT over the last 5 years. In absolute values the difference
between F.Y 2020-2021 PAT and F.Y 2021-2022 PAT was ₹ 155.05 Cr. But for the year
2019-2020 because of Covid the PAT decreased. F.Y. 2019–20 PAT declined by 6.9% in
percentage terms and by ₹ 54.31 Cr in absolute value when compared to F.Y. 2018–19.
F.Y. 2020-2021 appears to have been able to make up for the drop in PAT during the year
2019–20 with a 41.83% rise in PAT compared to F.Y. 2019–20.
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PBT of Last 5 Years (in ₹ Crores)
2022 1194.73 Cr
+ 14.91 %
2021 1039.68 Cr
+ 41.83 %
2020 733.03 Cr - 6.9 %
2019 787.34 Cr
+ 10.50 %
2018 712.52 Cr
0 200 400 600 800 1,000 1,200
2018 2019 2020 2021 2022
PAT 712 787 733 1,039 1,194
Source – Prowessiq Database
10. How much dividend company has distributed during the current year? How much
dividend had distributed in the previous year? Compute the change in dividend
compared to the previous year?
• Dividend Paid in year 2021 was ₹ 1878 Cr which amounted to 17.88% of the
turnover and ₹ 4071 Cr in 2022 which amounted to 29.13% of the turnover. It was
a huge increase of 116.77% when compared to the dividends paid in 2021. In
absolute values the difference between dividends paid in 2021 and 2022 was
₹ 2193 Cr.
• On 4th May 2022 Havells announced interim dividend of ₹ 4.5 per share which
was paid on 14th June 2022. At the current share price of ₹ 1323.65, this results in
a dividend yield of 0.57%.
• On 10th October 2021 Havells announced interim dividend of ₹ 3.0 per share
which was paid on 27th October 2021.
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• On 11th Jan 2021 Havells announced Final dividend of ₹ 3.5 per share which was
paid on 14th June.
• On 11th Jan 2021 Havells announced interim dividend of ₹ 3.0 per share which was
paid on 28th Jan 2021.
Dividend Paid (in Crores)
4071 Cr
4500 + 116.77 %
4000
3500
3000 1878 Cr
2500 + 2193 Cr
2000
1500
1000
500
0
2021 2022
Source – Prowessiq Database
Announcement Ex-Date Dividend (%) Dividend (Rs)
Date
Final 04-05-2022 14-06-2022 450% ₹ 4.5
Interim 11-10-2021 27-10-2021 300% ₹ 3.0
Final 20-05-2021 17-06-2021 350% ₹ 3.5
Interim 11-01-2021 28-01-2021 300% ₹ 3.0
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Dividends Paid Per Share
6
₹ 3.5 ₹ 4.0
4
2 ₹ 3.0 ₹ 3.0
0
2021 2022
Interim Final
Dividends Paid
2022
2021
2020
2019
2018
0 1 2 3 4 5 6 7
2018 2019 2020 2021 2022
Interim 0 0 4 3 3
Final 4.5 4 0 3.5 4
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11. State briefly significant information in public domain such as newspapers,
magazines) about the company since April 1, 2022, till date, if any. The information
must be supported by reference of a newspaper or a magazine.
1) 5th August 2022: Havells India to set up air-conditioner unit at Sri City.
Air conditioner unit to be set up at an investment of Rs 400 crore, the facility will have an
annual production capacity of 5 lakh units. Havells India plans to set up an air-conditioner
manufacturing facility at Sri City bordering Tamil Nadu and Andhra Pradesh at an
investment of close to Rs 400 crore. The facility, which will be operational by next year,
will have an annual production capacity of five lakh units. This will take the company’s total
manufacturing capacity to 15 lakh units per annum, along with the 10 lakh units produced
from the Ghelot facility in Rajasthan, said Vivek Yadav, Executive Vice President, Havells
India.
Source - The Hindu Business Line
2) 19th August 2022: Insured assets worth Rs 150 Cr affected in fire at Neemrana unit:
Havells.
Assets worth Rs 150 crore, which were fully insured, were affected in the massive fire at its
Neemrana-based manufacturing unit, said consumer electrical goods manufacturer Havells
India. On July 27, a massive fire had broken out at Havells factory at Neemrana in
Rajasthan's Alwar district. There was no human loss/injury and the entire building, plant and
machinery, and inventories at the Neemrana plant were fully insured, said a regulatory
update from Havells India. "The company has now ascertained the book value of the assets
affected due to the incident as around Rs 150 crore, which is fully insured," it said.
Source - Business Standard
3) 2nd June 2022: Havells lays roadmap to penetrate smaller towns in FY23.
The company Home appliances major Havells India NSE 0.95 % plans to build its own
distribution channels in India’s vast hinterland. Anil Rai Gupta, CMD, Havells India, says
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in FY23 the company will cover 2,800 additional towns with a population of 10,000-50,000.
“Currently, we sell only certain electrical products in the smaller markets and not white
goods. At present, primarily FMCG companies have an organised distribution channel in
these markets. But we are building our own channel and once it gets stable, we will keep
adding our products,” he says in this interview with ETMarkets.
Source - https://economictimes.indiatimes.com/markets/expert-view/havells-cmd-lays-
roadmap-to-penetrate-smaller-towns-in-
fy23/articleshow/91953917.cms?utm_source=contentofinterest&utm_medium=text&utm_
campaign=cppst.
4) 23rd July 2022: Lower margins weigh on Havells Q1 performance as input, staff costs
surge.
There Domestic appliances and household electrical goods major Havells declared strong
year-on-year (YoY) revenue expansion but lower margins in the first quarter of the 2022-23
financial year (Q1FY23). Revenues grew by 63 per cent YoY to Rs 4,230 crore (the 3-year
compounded annual growth rate or CAGR is 16 per cent, which indicates revenues have
grown compared to the pre-Covid-19 levels). Lloyd (which Havells acquired in 2017-18)
delivered revenue expansion and across segments like switchgear, lighting, cable & wire
(C&W), revenue expansion occurred on the YoY basis. However, QoQ (quarter-on-quarter)
revenues were down 4 per cent – there is a seasonal bias which may make Q1 weaker than
Q4. EBITDA at Rs 361 crore was up just 2.3 per cent YoY, and down 31 per cent QoQ. The
EBITDA margin dropped over 5 per cent YoY to 8.5 per cent and was down 3.25 per cent
QoQ. The gross margin also contracted by over 3 per cent QoQ and by over 6 per cent YoY.
The PAT (adjusted) was at Rs 242 crore.
Source: Business Standard
5) 10th March 2022: Havells launches new range of EcoActiv energy efficient products;
stock spurts ~3.5%
Havells India Limited, unveiled its revolutionary range of energy efficient ECOACTIV fans
by launching 19 new models under the ceiling, pedestal, wall and ventilator fan category for
the upcoming summer season. The new range of technologically advanced fan comes
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equipped with ECOACTIV super-efficient BLDC and induction motor. The basket covering
models based on ECOACTIV technology deliver excellent performance and consume lower
energy offering cost savings up to INR 1900 per annum on electricity bills
Source: India Infoline News Services
Extra ordinary and unique information or comments
Havells implemented a robust vaccination programme and successfully vaccinated 95% of
its direct and indirect employees over the age of 45 across all 13 of its manufacturing plants.
This was accomplished through a combination of on-site camps and collaborations with
local hospitals. A cross-functional team monitors the status of vaccination and employee
health across locations in order to provide timely assistance and support. Since last year,
Havells has taken numerous initiatives to ensure the mental and physical well-being of its
employees during the pandemic and lockdown. To further prevent the spread of Covid-19,
the company has extended the WFH model to its employees through technology
enablement wherever possible. To ensure ongoing holistic development, the company has
spent nearly 10,000 man hours on employee training focused on upskilling, soft skills
enhancement, and health and wellness.
Crabtree has innovated the latest ViruzSafeTM technology - the new innovative switch
ranges Crabtree Athena and Signia destroys 92.5% of viruses on the Switch surface within
1 minute of exposure, keeping consumer centric health, safety, and hygiene needs in mind.
Anti-viral action ensures that viruses are not transmitted to users through the touch of
switches, based on efficacy level and time frame. Installing these switches will significantly
reduce the chances of virus spread due to switch touch and provide a safe environment for
customers in their homes, offices, and hospitals by preventing virus, bacteria, and pathogen
transmission via switches. Crabtree's superior ViruzSafeTM technology ensures that these
Switches are made with food industry grade safety in mind, and that non-cytotoxic
materials are used. This technology employs natural extract materials that are ROHS
compliant, providing additional safety to users and the environment. These are
manufactured to industry-leading efficacy standards and are tested by third-party labs in
accordance with standards such as ISO, JIS, IP 20, and others.
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Annexure
Exhibit -1
Source – Annual Report of Havells
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Exhibit-2
Source – Havells Annual Report
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Exhibit-3
Operations held across different countries
Source- Havells Annual Report
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performance-as-input-staff-costs-surge-122072201250_1.html
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ecoactiv-energy-efficient-products-stock-spurts-3-5-122031000228_1.html
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facility-in-andhra-pradesh-stock-soars-1-122070700090_1.html
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counter-122060900296_1.html
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affected-in-fire-at-neemrana-unit-havells-122081900644_1.html
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penetrate-smaller-towns-in-fy23/articleshow/91953917.cms
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https://www.havells.com/Ir-2022/financial-capital.html
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https://www.havells.com/en/aboutus/committees.html#gref
Prowessiq Database / Havells
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