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Capital Structure

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Essay title: Capital Structure

Havells India Ltd, a billion-dollar-plus organization, and one the largest & India's fastest growing electrical and power distribution equipment company, manufacturing products ranging from Building Circuit Protection, Industrial & Domestic Switchgear, Cables & Wires, Energy Meters, Fans, CFL Lamps, Luminaires for Domestic, Commercial & Industrial application and Modular Switches.

With 91 branches / representative offices and over 8000 professionals spread over 50 countries across the globe, the group has achieved rapid success in the past few years. Its 20 state-of-the-art manufacturing plants spread over India, Europe, Latin America & Africa churns out globally acclaimed products like Switchgear, Luminaires, CFLs etc.

The capital structure of Havell's India Limited is one having a low debt-equity ratio. In fact it has been reducing its debt component over the last few years. This is more of a trend in the engineering sector where other companies like BHEL or kirloskar electric Equipment have also been doing the same. There are few which are exception to this scenario like T I L Limited. The present debt-equity ratio of the industry is 0.37 and it was 0.51 two years ago . The possible reason can be that these sectors feel that they don't need these long-term obligations as they have large Reserve and Surplus fund.

(Rs in Cr.)

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