Live
- Pooja’s ‘final day of shot for 2024’ makes waves
- Nayini Rajender Reddy Addresses Press Conference at Hanumakonda Congress Office
- ‘Game Changer’ pre-release event in Dallas is a blockbuster
- NDMC Vice Chairman hits out at AAP's registration drive; labels it 'election gimmick'
- No place for Stokes as Root returns to England’s squad for India ODIs and Champions Trophy
- Kuwait bestows its highest honour 'The Order of Mubarak Al Kabeer' to PM Modi
- Kia to launch compact SUV 'Syros' in India next year
- Completely disagree: Swami Rambhadracharya on Mohan Bhagwat's 'Hindu leaders' remarks
- ISL 2024-25: NorthEast United aim to regain form against struggling Hyderabad
- CII seeks priority sector lending for new and emerging sectors
PL First Cut – Bajaj Electricals Q1FY24
Prabhudas Lilladher Pvt Ltd
PL First Cut – Bajaj Electricals Q1FY24 – *Praveen Sahay – Research Analyst, Prabhudas Lilladher Pvt Ltd* Bajaj Electricals Q1FY24 First Cut:...
PL First Cut – Bajaj Electricals Q1FY24 – *Praveen Sahay – Research Analyst, Prabhudas Lilladher Pvt Ltd*
Bajaj Electricals Q1FY24 First Cut: Soft performance in challenging environment
CMP: Rs 1,224 | Mcap: Rs 141bn | Accumulate
➡️ Revenue decline by 1.0% YoY to Rs11.1bn, excl. EPC business. (PLe: Rs11.7bn, excl. EPC) Consumer Products/Lighting revenue grew by 2.7%/-12.5% YoY respectively. (PLe: CP segment/Lighting +5.2%/+3%).
➡️ Consumer Products segment reported growth despite demand slowdown and pricing constraints.
➡️ The lighting segment facing demand headwinds, resulted decline in revenue.
➡️ Gross margins expanded by 80bps YoY to 29.5%.
➡️ EBITDA decline by 5.1% YoY to Rs693mn. EBITDA margin contracted by 30bps YoY to 6.2%. (PLe:6.2%) mainly with increase in overhead expenses.
➡️ PBT decline by 3.5% YoY to Rs588mn.
➡️ PAT decline by 4.7% YoY to Rs430mn.
➡️ Consumer Products reported contraction in EBIT margin by 20bps YoY to 5.0%, while Lighting reported expansion in EBIT margin by 10bps YoY to 8.1%.
➡️ The stock currently trades at 40x/32x FY24/FY25 earnings.
➡️ The scheme of demerger of EPC Segment has been approved by the NCLT, Mumbai and accordingly the EPC segment has been shown as discontinued operations.
