Mission Statement, Vision, & Core Values (2025) of Havells India Limited.

An Overview of Havells India Limited

General Summary of Havells India Limited

Havells India Limited, established in 1958, is a prominent electrical equipment company headquartered in Noida, India. The company has evolved into a household name over the decades, specializing in a wide array of products, including electrical and lighting solutions, fans, cables, and switchgears. Havells operates through various brands like Havells, Lloyd, and Crabtree, targeting both residential and industrial markets.

As of 2024, Havells has reported impressive sales figures, with total revenue reaching approximately INR 18,000 crore (around USD 2.2 billion), demonstrating robust demand across its product lines.

Company's Financial Performance in the Latest Financial Reports

In the latest financial year ending March 2024, Havells India Limited achieved a record-breaking revenue growth of 15% compared to the previous year. The company's net profit for the financial year was reported at INR 2,100 crore, marking an increase from INR 1,800 crore in FY 2023.

The key contributors to this growth included:

• Electrical consumer durables sales increased by 20%.
• Lighting solutions contributed INR 4,500 crore in revenue.
• Wiring and cabling segments showed a growth rate of 14%.

Havells also expanded its market presence significantly, with a focus on newer regions and digital sales channels, leading to an increase in market share within the electrical equipment sector.

Introduction to Havells as a Leading Company in the Industry

Havells India Limited stands out as one of the leading companies in the electrical equipment industry, renowned for its innovation and quality. The company invests heavily in R&D, resulting in a strong product portfolio that caters to diverse consumer needs. Havells has a robust distribution network with over 3,000 distributors and more than 200,000 retail outlets across India and abroad.

To understand why Havells has achieved such remarkable success, it is essential to look into its strategic initiatives, market positioning, and customer-focused approach. Below is a detailed financial overview:

Mission Statement of Havells India Limited

Mission Statement of Havells India Limited

Havells India Limited articulates its mission statement as a commitment to be a leading provider of electrical products, ensuring innovation and superior quality. This mission is crucial as it shapes the company's strategic objectives and guides decisions that drive its long-term growth.

Core Components of the Mission Statement

1. Commitment to Innovation

The first component highlights Havells' dedication to innovation. The company invests significantly in research and development, allocating approximately 2% of its annual revenue towards R&D initiatives. This focus on innovation is evident as Havells has launched over 200 new products in the last fiscal year alone, enhancing its market competitiveness.

2. Delivery of High-Quality Products

Havells emphasizes its commitment to quality, ensuring that all products meet stringent international standards. In FY 2022-23, the company achieved a 98% customer satisfaction rate based on feedback and product performance evaluations. Additionally, Havells has been certified with ISO 9001:2015, further solidifying its dedication to delivering high-quality electrical products.

3. Environmental Responsibility

This component focuses on Havells' commitment to sustainability. The company aims to reduce its carbon footprint by 25% by 2025. In FY 2022, Havells reported that its manufacturing plants achieved 30% reduction in energy consumption compared to the previous year. Furthermore, Havells is actively involved in various community development programs, allocating around 2% of its net profit to corporate social responsibility initiatives.

Vision Statement of Havells India Limited

Innovation and Technological Leadership

Havells India Limited aims to be at the forefront of innovation within the electrical equipment industry. The company invests heavily in research and development, allocating approximately 5.5% of its revenue to innovation efforts. In FY 2023, Havells reported a revenue of ₹11,400 crores, resulting in an R&D budget of about ₹627 crores.

The goal is to create cutting-edge products that enhance consumer experience and promote sustainability. For instance, Havells introduced its smart electrical devices, leading to an estimated 20% increase in energy efficiency.

Sustainable Development

Havells is committed to sustainable development, reflected in its vision to enhance environmental stewardship. The company aims to reduce its carbon footprint by 30% by 2025. Currently, Havells has achieved a reduction of 15% since 2020 through various initiatives such as solar energy adoption.

In FY 2023, Havells reported that 40% of its energy needs were met through renewable sources, positioning itself as a leader in corporate sustainability within the industry.

Customer-Centricity

Havells focuses on enhancing customer satisfaction through unparalleled service and product quality. The company tracks customer satisfaction rates, which stood at 85% in 2023, with plans to reach 90% by 2025.

Moreover, the introduction of customer feedback loops and enhanced service networks has led to a 10% increase in repeat purchases over the last year.

Global Expansion

The vision statement emphasizes the importance of global expansion, with Havells currently operating in over 100 countries. The company's international revenue accounted for 30% of total revenue in FY 2023, amounting to approximately ₹3,420 crores.

Havells has plans to enter new markets in Latin America and Africa, targeting an increase in global market share by 15% within the next three years.

Employee Empowerment

Havells India Limited's vision underscores the significance of employee empowerment and development. The company invests around ₹50 crores annually in employee training programs and workshops aimed at enhancing skill sets.

The employee retention rate has improved to 90% in 2023, attributed to strong internal development programs and a focus on work-life balance initiatives.

Core Values of Havells India Limited

Integrity

Integrity stands as a cornerstone of Havells India Limited's corporate culture. It embodies transparency, accountability, and ethical behavior in all business dealings.

Havells has demonstrated its commitment to integrity through rigorous compliance frameworks and ethical marketing practices. For instance, in FY 2023, the company reported a compliance rate of 98% in adherence to regulatory guidelines.

Furthermore, Havells launched the “Integrity Hotline” initiative, allowing employees and clients to report unethical practices anonymously. This initiative reflects the company’s dedication to maintaining integrity in its operations.

Innovation

Innovation is vital for Havells, driving continuous improvement and progressive solutions in products and services.

In 2023, Havells invested ₹150 crore in R&D to enhance product innovation, resulting in the launch of the 'Havells Connected' smart home range, which accounted for 15% of total sales.

Moreover, the company has partnered with tech startups to integrate cutting-edge technology in electrical products, leading to a sustainable growth trajectory.

Customer Centricity

Customer centricity is pivotal in ensuring that Havells meets the evolving needs of its consumers.

In FY 2023, Havells achieved a customer satisfaction index of 89% based on feedback and surveys. Initiatives such as the 'Havells Service App' have streamlined customer service processes, offering real-time support and service tracking.

The company also runs regular training programs for its staff to enhance customer engagement, emphasizing the importance of understanding and responding to customer needs effectively.

Sustainability

Sustainability is integrated into Havells' core operations, focusing on environmental responsibility and sustainable practices.

The company has committed to reducing its carbon footprint by 30% by 2025. In FY 2023, Havells installed solar panels across various production facilities, contributing to a decrease of approximately 24,000 tons in carbon emissions.

Additionally, Havells' product lines include eco-friendly options, with 40% of new products being energy-efficient and adhering to green building standards.

Collaboration

Collaboration fosters a culture of teamwork and inclusivity within Havells, enhancing productivity and innovation.

In 2023, Havells initiated various cross-functional teams aimed at improving operational efficiency, which resulted in a 20% reduction in project turnaround times.

Moreover, the company’s involvement in community-building programs has strengthened relationships with stakeholders, earning it the 'Best Workplace' award in 2023 for employee satisfaction.