Havells India said in a regulatory filing that the search operation was conducted at its Noida office on Saturday, November 4. DRI is the main agency to control cases related to Smuggling and Commercial fraud. Havells India’s share price increased by 0.09 percent last Friday.
The Directorate of Revenue Intelligence (DRI) has conducted a search operation at the office of Havells India, a leading company manufacturing electrical goods. The company said in a regulatory filing that the search operation was conducted at its Noida office on Saturday, November 4. DRI is the main agency to control cases related to smuggling and commercial fraud. Last Friday, the share price of Havells India increased by 0.09 percent and the stock closed at Rs 1265.85 per share. The stock’s 52-weekly high is ₹1466 and its 52-weekly low is ₹1092.
Know Company’s Statement
“Directorate of Revenue Intelligence has conducted a search of Havells India Limited at the corporate office of the company i.e. Noida, which concluded at about 2:20 am today, November 4, 2023,” Havells India said in a BSE filing. The company said that the search has been conducted regarding alleged misclassification in the import of heating elements.
Company sells electrical appliances in the market under the brand names Havells, Lloyd, Crabtree, Standard and Rio. The company said that it is difficult to know at this time the impact of the search operation on its financial, operations or other activities. It said, “In the initial assessment, we believe that this will not have any material impact on the financial operations or other activities of the company.”
Havells India’s Quarterly Results
Havells India had a turnover of Rs 16,868.38 crore in the last financial year. The company has 15 manufacturing units. Havells India reported consolidated net profit of ₹249.08 crore in the September quarter. Its revenue from operations stood at ₹3,900.33 crore. Havells India’s total expenses in the September quarter increased by 4.20 per cent to ₹3,617.49 crore.
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