Havells India Ltd:

HAVL is targeting smart lighting and IoT compliant lighting segment with strong product portfolio, well
entrenched trade network. HAVL’s key focus area remains on innovation, brand building and customer
engagement. HAVL has decided not to opt for lighting PLI.

Consumer Products: Smart Lighting, LED recess panels, LED spotlights, Downlighter, LED lamps, portable
lighting, home art light, LED strips, LED battens.

Professional Lighting: Downlighters, street lighting, landscape lighting, area lighting, industrial and
commercial luminaire, high power outdoor LED luminaire, street-light and mini mast solutions.

Exposure: B2B – 25%; B2C – 75%

Lighting Segment Performance FY17-21

FY17 FY18 FY19 FY20 FY21
(Rs in mn) CAGR
Lighting & Fixtures Revenue 10,228 11,687 13,035 10,143 10,846 1%
yoy growth   14% 12% -22% 7%  
             
Lighting & Fixtures EBIT 2,651 3,356 3,668 1,457 2,041 -6%
yoy growth   27% 9% -60% 40%  
             
Lighting & Fixtures EBITM 25.9% 28.7% 28.1% 14.4% 18.8%  
yoy Growth (bps)   280 -58 -1,378 445  

Orient Electricals Ltd:

B2C and CLUM business has reported encouraging growth over quarters. B2B and B2G segment has suffered
over last few years which is showing revival signs. EESL business has suffered significantly over last few
quarters. Execution of tenders was also adversely impacted due to delay in site clearance, lockdown restrictions
etc.

Major initiatives carried out:

1. Expansion of consumer product portfolio

2. Launch of emergency lighting range
3. Dedicated range for B2B customers with premium aesthetics

LED lamps and tubes, flicker-controlled LED lamps, LED battens, LED downlighters, COB downlighter, LED
flood lights, motion sensor LED battens, LED streetlights, LED strip lights, deco wall light globe, LED track
light, fluorescent tube-light and incandescent lamps, conventional fittings.

Exposure: B2B – 25%; B2C – 75%

Lighting Segment Performance

FY18 FY19 FY20 FY21 FY18-21 CAGR
(Rs in mn)
Lighting & Switchgear Revenue 4,074 5,348 5,702 5,187 8%
yoy growth   31% 7% -9%  
           
Lighting & Switchgear EBIT 345 588 597 692 26%
16
yoy growth   70% 2% %  
           
Lighting & Switchgear EBITM 8.5% 11.0% 10.5% 13.3%  
yoy Growth (bps)   253 -52 288  

Crompton Greaves Consumer Electricals Ltd:

Crompton has been focussing on IoT product launches. In future to grow in B2C segment, Crompton will adopt
strategy of innovative product launches, increase brand awareness and best consumer service. For B2B also
Crompton aims to foray into newer categories like solar and decorative by creating efficient designs.
Contribution from B2B segment which earlier used to be 50% has reduced drastically over the period. Over last
few quarters, excl. conventional lighting and B2G business (EESL) lighting business reporting strong growth.

Consumer Products: Smart LED battens, LED table lamps, fluorescent tube light and incandescent lamps,
conventional fittings, LED bulbs, LED panels, LED surface downlighter, COB light, LED strip light, LED
spotlight.

Professional Lighting: Indoor lighting solutions, industrial lighting solutions, outdoor lighting solutions- LED
streetlights, LED flood lights, LED landscape lighting and Solar lighting solutions – solar streetlights.

Exposure: B2B – 35-40%; B2C – 60-65%

Lighting Segment
Performance FY17 FY18 FY19 FY20 FY21 FY17-21 CAGR
(Rs in mn)
Lighting Products Revenue 11,296 12,770 12,653 11,312 10,464 -2%
yoy growth   13% -1% -11% -7%  
             
Lighting Products EBIT 991 1,473 1,069 706 1,317 7%
yoy growth   49% -27% -34% 87%  
             
Lighting Products EBITM 8.8% 11.5% 8.4% 6.2% 12.6%  
yoy Growth (bps)   276 -309 -221 635  

Pricing Comparison for select SKUs:

Products Crompton Orient Havells

LED Bulbs - 133W - 4 Star NA NA 295
LED Bulbs - 12W - 3 Star 275 300 NA
LED Bulbs - 9W - 3 Star 145 NA 150
LED Bulbs - 10W - 3 Star NA 200 NA
Regular LED Batten - 20W - Cool Day Light 600 600 435
LED Spot Light 2W 250 200 215
LED Strips 22W 800 NA NA
LED Strips 20W NA NA 750
LED Strips 24W NA 800 NA