The company said the partnership will focus on developing and introducing advanced battery energy storage systems for the Indian market. The collaboration targets customers across small-scale, commercial and industrial segments.
Havells said the partnership combines its manufacturing capabilities, sales and distribution network, and understanding of the Indian market with Pixii’s energy storage technology to offer modular battery energy storage solutions. The companies said the collaboration aims to provide reliable, efficient and scalable energy storage systems that support India’s clean energy transition.
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As part of the strategic collaboration, the companies will work through a phased roadmap to establish a long-term Battery Energy Storage System ecosystem in India.
These phases include understanding the market requirements through pilot installations for validation of commercial opportunities while also co-developing an all-in-one energy storage solution. Further, the collaboration will move towards local manufacturing of products in India and co-development of solutions tailored to Indian customers.
Reshu Madan, SBU head – Renewables, Havells India Limited, said, “As India accelerates its transition towards a cleaner energy future, our collaboration with Pixii brings together global innovation to India.”
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Thomas Ingebretsen, CEO, Pixii AS, said, “India represents one of the world’s most exciting growth markets for energy storage. Through our collaboration with Havells, we are combining Pixii’s differentiated technology with a trusted local partner that brings deep market expertise, manufacturing strength and an extensive customer reach.”
Fourth Quarter Results
Havells India’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter declined by 4.5% from the same quarter last year to ₹727 crore. A CNBC-TV18 poll had pegged the figure at ₹691 crore.
EBITDA margin for the quarter stood at 10.8%, 90 basis points lower than the 11.7% figure reported during the same quarter last year. The margin figure, too, despite being lower than last year, was better than analyst expectations.
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Havells India’s cable business revenue increased by 14% from last year, while its Earnings Before Tax (EBIT) saw growth of 36% year-on-year. EBIT margin for this business increased to 14.2% from 11.9% last year.
Shares of Havells India Ltd ended at ₹1,191.50, down by ₹16.95, or 1.40%, on the BSE.
