The price Havells paid to become a household name

<p>Eight years ago, Havells acquired Lloyd to become a household name in consumer electronics. Today, that dream has become its biggest headache.</p><p>Lloyd's revenue dropped 18% in the September quarter. Warehouses are jammed with unsold air conditioners after an unusually short summer. And, in January, new energy-efficiency rules will make clearing old stock costlier.</p><p>Despite tripling revenue, Lloyd's operating margins collapsed from 17% to -7% in four years. Lloyd has consumed over 3,000 crore rupees in capital—more than all other Havells verticals combined. Yet it remains India's third-largest AC brand, exactly where it was when Havells bought it. Where does the company stand right now?</p><p>Tune in.</p><p><em>Take this </em><a href="https://theken.typeform.com/to/QYJnCk1A"><em>survey</em></a><em> to share your best prompt.<br /></em><br /><strong><em>Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. </em></strong><a href="https://the-ken.com/pricing/"><strong><em>Subscribe</em></strong></a><strong><em> for more exclusive, deeply-reported, and analytical business stories.</em></strong></p>