The report recommends buying Havells India with a target price of Rs 694, representing 28% upside potential. Havells has a strong distribution network and brands, and its India business deserves a higher valuation of 18x FY14 EPS compared to its peers due to stable growth and returns. The report also views Havells' Sylvania business positively, though near-term earnings will be muted in Europe; it values Sylvania at 10x FY14 EPS. The report's sum-of-the-parts valuation arrives at a target price of Rs 694 per share.

1. ENAM Securities CMP: Rs 543
India Research Target Price: Rs 694
Potential Upside: 28%
Absolute Rating: BUY
Havells India
Relative to Sector: Outperformer Midcaps
Stock Data
No. of shares : 125 mn
Market cap : Rs 67.8 bn
52 week high/low : Rs 616/ Rs 313
Avg. daily vol. (6mth) : 349,900 shares
Bloomberg code : HAVL IB
Reuters code
Shareholding (%)
: HVEL.BO
Jun-12 QoQ chg
A closer look…calls for a re-rating
Promoters : 61.6 0.0
FIIs : 20.0 0.2
MFs / UTI : 0.9 (0.1)
Banks / FIs : 0.0 0.0
Others : 17.5 (0.0)
Relative Performance
200
Financial Summary (Consolidated)
150
Y/E N et Sales Adj. PAT Consensus EPS Change P/ E EV/ EBITDA R oE R oCE DPS
100 M arc h ( R s mn) ( R s mn) EPS* ( R s.) ( R s.) ( Y oY %) ( x) ( x) ( %) ( %) ( R s)
2011 56,126 3,071 - 25 341 - - 58 31 2.5
50
2012 65,182 3,700 - 30 20 - - 46 32 6.5
Jul-11 Jan-12 Jul-12
2013E 73,301 4,285 35 34 16 15.8 9.5 38 35 7.5
Sensex Havells India 2014E 80,692 5,188 42 42 21 13.1 8.0 35 36 8.5
Source: ENAM Research, Bloomberg Source: Company, ENAM estimates; Note: CMP as on 10 August 2012
Kashyap Pujara Punit Chokhani
Executive Director – Midcaps Asst VP – Midcaps August 13 , 2012
1
kashyap.pujara@enam.com (+91 22 4325 1146) punit.chokhani@enam.com (+91 22 4325 1130)

2. Investment argument…
We believe valuation at 16x FY13E and 13x FY14E EPS does not fully reflect the benefits from unmatched distribution,
premium branding, and scalability potential from Sylvania. We value India business at 18x FY14E EPS of Rs 35 and
Sylvania at 10x FY14E EPS of Rs 7 to arrive at our SOTP-based TP of 694 (17x FY14E). Initiate coverage with BUY.
India business -- pillar of strength -- should be compared to companies like Page Ind, TTK Prestige, Exide and Whirlpool
given similar (1) nature of business (dealer and brand-driven), (2) return ratios, and (3) consumption plays.
While Page trades at 23x FY14E (5-yr PAT CAGR of 40% with avg. RoCE of 30%), TTK trades at 22x FY14E despite higher RoCE and
PAT CAGR - the street expects return ratios of TTK to moderate over the next 2 years
Exide and Whirlpool are both secular stories with high return ratios but they trade at lower valuations as they are prone to business
cycles (whirlpool – vulnerable to mid cycle slowdowns and Exide - exposed to cyclical auto OEM market)
Given Havells standalone’s growth sustainability and return profile, we value it at 18x, which is higher than the valuation of Exide and
Whirlpool but lower than that of Page and TTK Prestige
Earnings: Strong track record… …India business deserves 18x
80 80
70 70
60 TTK 60 TTK
5 -yr Avg RoC E
5 -yr Avg RoC E
Whirlpool Whirlpool
50 Havells 50
40 Standalone 40
Havells Page
Page
30 30 Standalone
Exide Exide
20 20
10 10
10 20 30 40 50 60 10 15 20 25 30
5 -yr PAT C AGR F Y1 4 E PE (x)
Source: Capitaline, ENAM Research. NOTE: Whirlpool RoCE and PAT numbers are 3-year CAGR 2

3. …Investment argument
Sylvania -- a potential cash cow: Management strategy to replicate India success in new geographies (emerging
markets) would drive Sylvania’s earnings going forward. However, exposure to Europe would keep earnings muted in
the short term. We value Sylvania at 10x FY14E EPS of Rs 7 (in line with peer average).
M kt Cap Sales ( R s bn) PAT ( R s bn) EV/ EB ( x) P/ E ( x) R oE ( %)
Co N ame Country Co. produc t ( R s bn) FY 13e FY 14e FY 13e FY 14e FY 12 FY 13e FY 14e FY 12 FY 13e FY 14e FY 12 FY 13e FY 14e
Koninklijke Phil Holland lighting, appliances 1,310 1,658 1,729 78 95 18 7 6 (14) 15 12 (9) 9 11
Foshan Elec-B China Lighting 54 23 26 3 3 14 na na 15 9 8 10 na na
Zumtobel Ag Austria lighting, appliances 26 88 91 2 3 6 6 5 25 17 9 4 6 11
Average 13 6 5 8 14 10
SOTP valuation F Y1 4 E
Comfort factors: Havells Standalone
FY14E EPS (Rs) 35
Distribution and branding act as a key entry barrier for the business. It has
P/E Multiple 18
16,000+ dealers across the world (6,000 in India). India is adding 700-800
dealers a year. Annual ad spends are > Rs 1 bn (3% of sales) Value Per Share (Rs) 625
Sylvania
40% profit CAGR over last 20 years on the back of product launches and FY14E EPS (Rs) 7
acquisitions. We expect 11% revenue and 18% profit CAGR over FY12-14. P/E Multiple 10
India business has been growing at 3x GDP for the last five years Value Per Share (Rs) 69
Total Value (Rs) 694
Channel financing helps to reduce working capital requirement and
increase dealer loyalty in India. Note Havells is one of the few companies in
its space having the ability to avail channel financing, which gives it a
distinct competitive advantage
Source: Bloomberg, ENAM Research 3

4. Company overview
Havells consolidated – FY12
Revenue : Rs 65.2 bn
EBITDA : Rs 6.7 bn
PAT : Rs 3.7 bn
Capital employed : Rs 20.0 bn
RoCE : 30%
Havells India – FY12 Sylvania – FY12
Revenue : Rs 36.2 bn Revenue : Rs 29.0 bn
EBITDA : Rs 4.6 bn EBITDA : Rs 2.1 bn
PAT : Rs 3.0 bn PAT : Rs 0.7 bn
B2B B2C B2C
Electrical cables – Lighting fixtures & lamps -
44% of sales 15% of sales Lighting fixtures & lamps -
4-year value CAGR – 14% 4-year value CAGR – 20%
Contribution margin – 8% Contribution margin – 23% Europe – 62% of sales
Domestic switchgears – Consumer appliances –
25% of sales 16% of sales Latin America & Asia -
4-year value CAGR – 15% 38% of sales
4-year value CAGR – 26%
Contribution margin – 35% Contribution margin – 27%
Source: Company, ENAM Research Refer Appendix for product details 4

5. Table of contents
Slide No.
India business 6
Sylvania 12
Risk factors 15
Company financials 16
Appendix 19
5

6. India Business
Growth in its DNA
6

7. Key strategy and strengths
Havells strategy is to cater to all electrical
product requirements of its customers,
leveraging on the same channel/ brand
DEALERS Larger product basket
Focus on channel management
Brand positioning to equal quality supremacy
Transition from B2B to B2C segment
Multiple Products, Universal Branding, One Distribution Channel
Source: ENAM Research 7

8. Distribution to PUSH…
Havells has built one of the largest distribution network in the industry Dealer network ↑ 6x in 8 years
Distribution network of 6,000 dealers reaching out to 1,00,000 retailers 2003 2011 Increase (x)
Dealers 1,000 5,600 5.6
Successfully expanding product portfolio through the established network,
Retailers 25,000 100,000 4.0
while simultaneously expanding the network itself
Year Product launches
Adding 700-800 dealers every year to its existing network
1976 Switchgears
1980 Electric meters
Impetus on dealer growth to grow core business 1996 Cables and wires
Entire business is through dealers. Personal attention and incentive 2003 Fans, lighting fittings and CFL
2006 Modular switches
programs are high on agenda to motivate dealers and enhance loyalty.
2007 Power capacitors and motors
Channel financing 2010 Water heaters
Havells is one of the few companies in the space to offer channel financing to 2011 Small consumer appliances
its dealers through banks
Dealers get working capital loans from banks. Interest payable on these loans
is passed on as a cash discount to the dealers by Havells Benefits of channel financing
Loans have a 5% recourse on Havells but are completely insured Havells Insured 5%
recourse
Channel financing not only increases dealer loyalty, but also strengthens
Havells’ balance sheet Cash discount
Channel Financing has reduced working capital requirement of Havells
Rs mn F Y0 7 F Y0 8 F Y0 9 F Y1 0 F Y1 1 F Y1 2 Dealer Interest Bank
Debtors reported 310 661 867 795 1,121 1,597
D ebtors (incl. factoring) 2 ,3 0 7 3 ,0 4 6 2 ,7 5 2 3 ,6 0 6 4 ,9 5 6 6 ,7 4 0
D ebtor cycle (D ays)
Reduces working capital
Reported 7 12 14 12 14 16
Incl. factoring 55 54 46 56 63 68 Enhances purchasing power of dealer
Source: Company, ENAM Research 8

9. …Branding to PULL
The company has created a strong umbrella brand – HAVELLS -- all products are sold under this single brand.
Havells has positioned itself as a premium player in the electrical consumer segment to PULL customers.
A strong balance sheet enables it to build brand equity --- ad spend of more than Rs 1 bn (~3% of sales),
which is difficult to replicate by other players in this space.
Company-owned Havells World and dealer-run Havells Galaxy are brand initiatives of their own kind
Havells World outlets are used by the company to showcase its product range, provide technical assistance to dealers,
and improve visibility of its brands. Walk-in customers are diverted to dealers
The company plans to increase its exclusive retail outlets (Havells Galaxy) to 200 in FY13 from 140 currently
Exclusive outlets – a branding initiative Havells’ ad spend :~3% of sales
1,200 4
(Rs mn) (%)
1,000
3
800
600 2
400
1
200
0 0
FY08 FY09 FY10 FY11 FY12
Havells (LHS) Bajaj Electricals (LHS)
Havells (RHS) Bajaj Electricals (RHS)
Source: Company, ENAM Research 9

10. Sustainable growth…
Consistent growth Stable margin
15 12 80
(x) (%) (%)
12 10 60
8 40
9
6 20
6
4 0
3 2 (20)
0 0 (40)
Mar-94
Mar-95
Mar-96
Mar-97
Mar-98
Mar-99
Mar-00
Mar-01
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
Havells Sales growth as a multiple to GDP EBITDA margin Copper
Real GDP (RHS) Aluminium Steel
Since its listing in 1993, revenue has grown at EBIDTA margin has been in 10-13% band
average multiple of 6x GDP growth. over the last decade, despite volatile raw
material prices.
Despite higher revenue base and sluggish
economy, domestic revenue has grown at 3x GDP
growth in the last 5 years.
Given its strengths and strategy, we believe Havells’ domestic revenue will continue to post 15-
20% CAGR with sustainable EBIDTA margin of 12-13% over next few years
Source: Company, Business Beacon, Bloomberg 10

11. …with strong cash flows
Revenue to post 19% CAGR (FY12-14E) Channel financing-
with stable margin Shrinking working capital requirement
60 13.0 6 60
(Rs bn) (%) (Days) (%)
50 12.8 4 40
40
12.6 2 20
30
12.4 0 0
20
10 12.2 (2) (20)
0 12.0 (4) (40)
FY11 FY12 FY13E FY14E FY11 FY12 FY13E FY14E
Revenue EBITDA margin (RHS) Wcap (days) Core RoCE (RHS)
Strong cash generation
5
(Rs bn)
4
3
2
1
0
FY11 FY12 FY13E FY14E
Cash Flow from operations
Source: Company, ENAM Research 11

12. Sylvania
To replicate Havells India success story
12

13. India not enough; eyeing the globe
Expansion in other geographies to address A well-structured bet
scalability ceiling. Acquisition of Sylvania in 2007 – Funding (mn €) Comments
EV 235
1st major step in that direction.
Pension Liabilities 35
Recourse Loan on Havells India 80 Repayed € 50 mn by timely equity infusion from
Sylvania business in line with domestic strategy Warbug Pincus
Distribution network of over 10,000 dealers - Repaid € 23 mn in 7 tranches of € 3.3 mn
Non Recourse Loan 120 Term loan of € 80 mn - Repayed € 17 mn
presence across Europe, LatAm and Asia
Refinanced the remaining. Current Loan of € 117 mn
Sylvania is a 100-year old brand - well entrenched in
the market place. This has transformed Havells into a Post acquisition, Restructured operations
Sylvania slipped into enabled turnaround.
global player competing with the likes of Philips, GE losses due to Euro EBIDTA margin moved
and Osram zone issues from -3% to 8%
12
(%)
Successfully executed turnaround
10 10
Immediately after the acquisition, Lehman and Euro 8 9 9 9 9
9 8
zone crisis (Europe- 61 % of sale) caused Sylvania to slip 8
7
8
6
into losses, thus breaching covenants
4 5
Havells restructured operations at Sylvania by 4
3
shutting plants
0
retrenching staff across Europe (3)
(3) (1)
outsourcing manufacturing to low cost countries
(4)
Havells took a restructuring charge of ~Rs 5 bn over
H1FY10
9MFY10
FY10
H1FY11
9MFY11
FY11
H1FY12
9MFY12
FY12
FY09-10
Havells managed to turnaround Sylvania in FY10
Europe America
Source: Company 13

14. Sylvania – Potential cash cow
Roadmap Focus: To tilt sales to LatAM and Asia
Europe – Focus on profitability Sales Mix F Y1 0 F Y1 2 F Y1 3 E F Y1 4 E
After successfully reducing costs, focus now is Europe 71% 61% 0% 0%
Latin America + Others 29% 39% 0% 0%
to improve realizations to pass on costs
To increase outsourcing (45% of Europe sales
is outsourced from China)
Refinanced debt – payment schedule
LatAm and emerging markets to drive growth Euro mn FY13 FY14 FY15 FY16 FY17 Total
Revenue mix shifting towards Latin America + By Sylvania 4 11 14 16 32 77
other markets. (Revenue growing at 10-12% By Havells India 40 0 0 0 0 40
Total 44 11 14 16 32 117
vs. flat growth in Europe)
Plans to enter other EMs - South Africa and
China
A potential cash cow
Opportunity to cross-sell
Euro mn FY12 FY13E FY14E FY15E FY16E
Havells has started exporting switchgears to PAT 10 9 12 16 21
Europe to leverage on Sylvania’s distribution (+) Depreciation 8 7 7 7 7
(-) Chng wcap 8 3 1 0 1
network
(-) Capex 4 4 4 4 4
Sylvania’s range of fixtures will be introduced in FCF 6 9 14 19 23
India by a plant set up by Havells in Nirmana Cash & Bank 13
Debt Repayment 4 11 14 16
(Rajasthan)
Source: Company, ENAM Research
Sylvania is well poised to repay debt from its
own cash flows
14

15. Risks to call
Sylvania’s exposure to Europe New acquisitions Risk of inventory
Sylvania generates 62% of its Havells plans to enter new emerging While working capital of the company
revenue from Europe. A slowdown in markets like Africa and China is negligible (largely due to channel
Europe can significantly impact through acquisitions. Failure to financing), Havells carries the risk of
Sylvania’s performance. integrate these new acquisitions inventory write-downs mainly in the
can impact future performance. cables and wires business (45% of
domestic revenue). Key raw materials
are copper and aluminum.
Mitigant Mitigant Mitigant
The company has been shifting its In the past 20 years, Havells has Even though this could lead to
revenue mix towards Latin acquired multiple companies and quarterly lumpiness, historically,
America and Asia - up from 29% of managed to scale them well as Havells has managed to maintain
sales in FY10 to 39% in FY12. indicated by its 20-year PAT CAGR standalone annual margin in the
of 40%. 10-13% range.
15

16. Company financials…
Consolidated assumptions
H avells Standalone ( R s bn) FY 11 FY 12 FY 13E FY 14E Sylvania ( Euro mn) FY 11 FY 12 FY 13E FY 14E
Switc hgear ( A) 8 10 11 12 Net R evenue 450 448 452 466
Value growth (YoY) 12% 23% 12% 12% Value growth (YoY) 9% 0% 1% 3%
Contribution margin (%) 34% 34% 34% 34%
EBIT 18 31 28 32
Cables ( B) 14 18 21 25
EBIT margin (%) 4.0% 6.8% 6.2% 6.8%
Value growth (YoY) 28% 29% 18% 18%
Contribution margin (%) 7% 8% 8% 8%
Lighting & Fixtures ( C) 5 6 8 9
H avells Consolidated ( R s bn) FY 11 FY 12 FY 13E FY 14E
Value growth (YoY) 28% 27% 25% 25%
Net R evenue 56 65 73 81
Contribution margin (%) 17% 23% 23% 23%
Value growth (YoY) 9% 16% 12% 10%
Consumer Durables ( D) 5 6 8 10
EBIT 5.0 6.0 6.8 7.9
Value growth (YoY) 40% 23% 25% 25%
EBIT margin (%) 8.9% 9.3% 9.3% 9.7%
Contribution margin (%) 26% 27% 27% 27%
( A) +( B) +( C) +( D) 32 40 47 56
Less ( Discounts, excise duty) 3 4 4 5
Net R evenue 29 36 43 51
Standalone Unallocable Exp 2 4 4 5
Standalone EBIT* 3 4 5 6
EBIT margin (%) 11% 12% 12% 11%
Note: EBIT = Segmental contribution - Unallocables
Source: Company, ENAM Research 16

17. …Company financials…
Profit & Loss (Rs mn) Key ratios (%)
Y/E March 2011 2012 2013E 2014E Y/E March 2011 2012 2013E 2014E
Net sales 56,126 65,182 73,301 80,692 Sales growth 9 16 12 10
Other operating income 198 64 218 219
Total inc ome 56,324 65,246 73,519 80,911 O PM 10 10 10 11
Oper. profit growth 70 15 15 14
Cost of goods sold 42,071 48,938 56,018 61,230 COGS / Net sales 75 75 76 76
Contribution (%) 25 25 24 24 Overheads/Net sales 15 15 13 14
Advt/Sales/Distrn O/H 8,484 9,671 9,854 10,999 Depreciation / G. block 3 3 3 3
Effective interest rate* 8 12 16 19
O perating Prof it 5,769 6,638 7,647 8,682
Other income 39 350 155 204 Net sales/ Net working cap (x) 27 22 21 19
Net sales / Gr block (x) 2.0 2.2 2.4 2.6
PBIDT 5,808 6,987 7,803 8,886
Depreciation 804 949 979 1,022 Incremental RoCE 88 80 187 85
Interest* 902 1,281 1,339 1,225 R oCE 31 32 35 36
Other pretax 0 0 0 0 Debt / equity (x) 1.7 1.0 0.5 0.4
Pre-tax profit 4,102 4,758 5,485 6,638 Effective tax rate 25 22 22 22
Tax provision 1,031 1,058 1,200 1,450 R oE 58 46 38 35
(-) Minority Interests 0 0 0 0 Payout ratio (Div/NP) 10 22 22 20
Associates 0 0 0 0
Adjusted PAT 3,071 3,700 4,285 5,188 EPS ( R s.) ^ 25 30 34 42
E/o income / (Expense) (30) 0 0 0 EPS Growth 341 20 16 21
CEPS (Rs.) 31 37 42 50
R eported PAT 3,041 3,700 4,285 5,188 DPS (Rs.) 3 7 8 9
Source: Company, ENAM Research
* Interest includes bank charges
17

18. …Company financials
Balance sheet (Rs mn) Cash flow (Rs mn)
Y/E March 2011 2012 2013E 2014E Y/E March 2011 2012 2013E 2014E
Total assets 18,275 20,010 20,419 23,851 Sourc es 625 2,133 95 2,373
Gross block 28,454 29,731 30,999 32,252 Cash profit 3,013 3,717 4,080 5,189
Net fixed assets 9,955 10,284 10,572 10,803 (-) Dividends 207 811 936 1,061
CWIP 249 663 250 250 Retained earnings 2,806 2,906 3,145 4,128
Investments 0 0 0 0 Issue of equity 0 0 0 0
Wkg. cap. (excl cash) 2,938 3,103 3,751 4,688 Borrowings 454 (1,273) (2,943) (696)
Cash / Bank balance 1,779 2,336 2,221 4,485 Others (2,635) 500 (106) (1,059)
Goodwill 3,354 3,625 3,625 3,625
Applic ations 625 2,133 95 2,373
Capital employed 18,275 20,010 20,419 23,851 Capital expenditure 2,029 1,277 1,268 1,253
Equity capital 624 624 624 624 Investments 310 0 0 0
Reserves 5,920 8,930 12,282 16,410 Net current assets (2,013) (164) (649) (937)
Borrowings 11,173 9,900 6,957 6,261 Change in cash 299 1,020 (524) 2,057
Deferred Tax Liability 559 556 556 556
Source: Company, ENAM Research
18

19. Appendix
Havells: 20-year earnings CAGR of 40%
Product portfolio
New launches
Domestic business: Segmental performance
Sylvania – Product range
19

20. 20-year earnings CAGR of 40%
Leveraging on strengths:
consumer appliances &
Transformation phase: cross selling of products
Expansion of product Global foray
portfolio 2010…
Transformation phase: 2007 - 10
Distributor to manufacturer 2003 - 07
Leveraging on a well-
1958 - 2003 Forayed into fans, lighting and
In 2007, Havells acquired
established distribution
Sylvania – A 100-year old
CFLs in 2003, positioning its network and brand, Havells
lighting major in Europe to
In 1958, started as a mere products in the premium successfully introduced a
gain global footprint
distributor of switches category range of water heaters
Acquisition was an LBO, (2010) and small consumer
Acquired brand “Havells” in As a result of its strong brand wherein Havells acquired a appliances (2011) in the
1971 and started and distribution network, Havells global business for Indian market. This would
manufacturing switchgears garnered significant market ~Rs 16 bn with an equity drive volume in future
and meters share in a short span of time investment of Rs 1.6 bn
It is now bringing in lighting
Post listing in 1993, it 2006 market share: ~6% in Restructured operations range from Sylvania into
ventured into cable/wire fans, 3% in lightings, ~10% in post the European crisis & India
manufacturing CFLs turned around Sylvania
Rs mn 1993 2003 2007 2010 2013E 2 0 YR C AGR
Revenue 109 2,525 15,472 51,626 73,301 38%
EBITDA 14 255 1,458 3,222 7,647 37%
Margin 13% 10% 9% 6% 10%
PAT 5 90 1,021 696 4,285 41% Aberration: Sylvania
RoCE 20% 45% 16% 34% slipped into losses due to
the European crisis
New product launches and acquisitions led to robust performance
Source: Company, ENAM Research 20

21. Havells India – Product portfolio
Domestic switchgear – MCB Peers
1 Mkt size ~ INR 16 bn Legrand (MDS & Indo Asian)
Market share ~ 28% (15% in 2006) Schneider
Modular Switches – Crabtree Peers
Mkt size ~ INR 14 bn Matsushita/ Anchor
2 Mkt share ~ 15% (5% in 2006) Roma
Legrand
Industrial switchgear Peers
Mkt size ~ INR 30 bn L&T
5 Market share ~ 6% (7% in 2006) Schneider, Siemens
ABB
Cable & Wire Peers
Mkt size ~ INR 170 bn Cable Wire
2 Market share ~ 9% (6% in 2006) Polycab Finolex
KEI Polycab
Lighting – CFL Peers
Mkt size ~ INR 20 bn Philips
3 Mkt share ~ 11% (10% in 2006) Surya
Osram
Lighting - Luminaires Peers
Mkt size ~ INR 25 bn Philips
4 Market share ~ 11% (3% in 2006) Bajaj
Crompton
Wipro
Electrical Consumer Durable - Fans Peers
Mkt size ~ INR 35 bn Crompton
3 Mkt share ~ 15% (6% in 2006) Usha
Orient
Source: Company 21

22. New launches
Small Domestic Appliances Peers
New Mkt size ~ INR 50 bn R Recold
Bajaj
Recold
Source: Company 22

23. Domestic business: Segmental performance
Switchgears Cables & Wires
12,000 40 20,000 15
(Rs mn) (%) (Rs mn) (%)
10,000
38 16,000 12
8,000
36 12,000 9
6,000
34 8,000 6
4,000
32 4,000 3
2,000
0 30 0 0
FY07 FY08 FY09 FY10 FY11 FY12 FY07 FY08 FY09 FY10 FY11 FY12
Sales Contribution (RHS) Sales Contribution (RHS)
Lighting Electrical consumer durables
8,000 30 8,000 30
(Rs mn) (%) (Rs mn) (%)
25
6,000 6,000 25
20
4,000 4,000 20
15
2,000 2,000 15
10
0 5 0 10
FY07 FY08 FY09 FY10 FY11 FY12 FY07 FY08 FY09 FY10 FY11 FY12
Sales contribution % Sales contribution %
Source: Company, ENAM Research 23

24. Sylvania – Product range
Fixtures (33% of revenue) Lamps (55% of revenue) Others (12% of revenue)
Architectural Industrial/ Fluorescent Energy saving/ Incandescent Halogen High density
/ accent commercial (CFL/ LED) discharge (HID)
Major peers
Zumtobel Philips
Philips Osram
GE
Source: Company 24

25. ENAM Securities Pvt. Ltd.
Axis House, C2, Wadia International Centre, P.B Marg, Worli, Mumbai 400 025, India.
Tel:- Board +91-22 4325 2525; Dealing +91-22 2438 8861 - 69;
Fax:- Research +91-22 4325 1110; Dealing +91-22 4325 3500
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This report has been prepared on the basis of information, which is already available in publicly accessible media or developed through analysis of ENAM Securities Private Limited. The views expressed are those of
analyst and the Company may or may not subscribe to all the views expressed therein
This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any
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Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise
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Copyright in this document vests exclusively with ENAM Securities Private Limited.
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