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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.
