Home appliance company, Havells India Ltd on Friday said the company has commenced commercial production of air conditioners (ACs) at its Sri City plant from Friday (March 17).

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Havells, in an exchange filing, said, "It is hereby informed that the company has started commercial production of air-conditioners at its Sri-City plant from today onwards i.e. 17 March 2023."

Havells, founded in 1985, manufactures home appliances, lighting for domestic, commercial, and industrial applications, LED lighting, fans, modular switches and wiring accessories, water heaters, industrial and domestic circuit protection switchgear, industrial and domestic cables and wires, induction motors, and capacitors among others.

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The Noida headquartered company has a global presence across 50 countries with manufacturing units in China, Europe, Africa, and Latin America apart from 7 manufacturing locations in India. Havells’ domestic manufacturing plants are located in Dehli NCR, Alwar, Baddi, Faridabad, Haridwar, Neemrana, and Sahibabad.

For the third quarter, Havells' profit plunged by over 7 percent to Rs 284 crore against Rs 306 crore in the same quarter last year. However, revenue rose over 12 percent to Rs 4,120 crore against Rs 3,652 crore in the same quarter last year. During the same quarter, Havells said the switchgear business should see further margin improvement in Q4.

The stocks of Havells settled at Rs 1,193.20 apiece, up nearly 0.7 percent, when the market settled.

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First Published:Mar 17, 2023 5:57 PM IST