Havells India, one of the leading manufacturers of electrical goods and appliances in the country, informed in a regulatory filing that the Directorate of Revenue Intelligence (DRI) conducted searches at its Noida office on Saturday (4 Nov).
“The Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on 4th November 2023 at around 2:20 am,” Havells India said in the BSE filing.
The search was conducted over “alleged misclassification in import of Heating Element,” the company said.
According to the company- which operates in the consumer electrical and appliances market with brands such as Havells, Lloyd, Crabtree, Standard, and REO – its impact on financial, operation, or other activities on the company cannot be quantified at this point.
However, it said, “In the preliminary assessment, we understand that it will not have any material impact on financial operations or other activities of the company.”
DRI acts as the lead agency to check smuggling and cases of commercial fraud.
On Friday, Havells India’s stock price was up by 0.09 %. The stock closed at 1265.85 per share.
The stock’s 52-week high is ₹1466 and its 52-week low is ₹1092.
Havells India reported a consolidated net profit of ₹249.08 crore in the September quarter. Its revenue from operations stood at ₹3,900.33 crore. Total expenses of Havells India in the September quarter were at ₹3,617.49 crore, up 4.20%.
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Updated: 05 Nov 2023, 02:05 PM IST
