• EBITDA margin recovery: EBITDA margins faced pressure after advertising and promotion spends doubled year-over-year to around ₹286 crore in Q1, but margins are expected to normalize by year-end as contribution margins remain stable.
• Cables segment expansion: Following 27% growth in Q1, more than 50% of the planned ₹1,400 crore capex is being allocated to cables and wires capacity expansion, alongside investments into a new centralized R&D facility.
• Lloyd profitability roadmap: Despite a segment loss of ₹51 crore in Q1, management expects performance to improve through volume growth, premiumization, new refrigerator and consumer durable capacities in Q2 and Q3, and seasonal AC demand in Q4.
• Pricing and input costs: Calibrated price hikes across product categories have helped maintain stable margins amid raw material price volatility over the past six months, with future price actions set to track commodity trends.