New Delhi, Jul 21 (IANS): Fast Moving Electrical Goods (FMEG) company Havells India on Wednesday reported a rise of 271 per cent in its year-on-year standalone net profit for Q1FY22.

The company's net profit grew to Rs 234 crore in Q1FY22 as against Rs 63 crore in Q1FY21.

Besides, its Q1FY22 net revenue grew by 76 per cent to Rs 2,598 crore as against Rs 1,479 crore in Q1FY21.

"EBIDTA grew by 169 per cent to Rs 353 crore in Q1 FY22 as against Rs 131 crore in Q1FY21."

Furthermore, the company reported that its switchgear business grew by 96 per cent to Rs 374 crore in Q1FY22 as against Rs 190 crore in Q1FY21.

Additionally, the electrical consumer durables segment grew by 91 per cent to Rs 576 crore in Q1FY22 as against Rs 302 crore.

"Despite a truncated quarter, overall performance has been encouraging across segments," Havells India Chairman and Managing Director, Anil Rai Gupta, said.

"The demand has been resilient and we expect further improvement as Covid restrictions are progressively lifted."