External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><div><div><div><ul><li>Consumer Product segment update: For 4QFY22, Appliance revenue declined by 5.3% YoY due to a high base.</li></ul><div><div><div><div><ul><li>EPC Segment Update: EPC sales grew by 5% YoY, mainly due to calibrated and value-accretive scaling.</li></ul><div><div><div><div><ul><li>OCF and debt position: BJE generated positive cash flow from operations (CFO) of Rs2.6bn in FY22, making it 12th consecutive quarter of positive CFO.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Consumer Product segment update: For 4QFY22, Appliance revenue declined by 5.3% YoY due to a high base.EPC Segment Update: EPC sales grew by 5% YoY, mainly due to calibrated and value-accretive scaling.OCF and debt position: BJE generated positive cash flow from operations (CFO) of Rs2.6bn in FY22, making it 12th consecutive quarter of positive CFO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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<ul>
<li>Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution)</li>
<li>The company has been reducing exposure in the EPC business with maximum on executing high margin business</li>
<li>Target Price and Valuation: We value Bajaj Electrical at Rs 1280 using SOTP i.e.40x and 7x PE for CP and EPC respectively on FY24E EPS each</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution)
The company has been reducing exposure in the EPC business with maximum on executing high margin business
Target Price and Valuation: We value Bajaj Electrical at Rs 1280 using SOTP i.e.40x and 7x PE for CP and EPC respectively on FY24E EPS each

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Electricals: High Base, Input Cost Pressure Drags Profit

<p>About the stock: Bajaj Electrical's business portfolio spans across s consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~72% to topline and its premium brands includes Morphy Richards and Nirlep. The company...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Bajaj Electrical's business portfolio spans across s consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~72% to topline and its premium brands includes Morphy Richards and Nirlep. The company...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Electricals: One off Expenses Drag EBITDA Margin

<p>Bajaj's CP EBIT margin increased 190 bps YoY to 8.7% in Q4 (up 320 bps YoY to 9.6% in FY21) led by price hikes and higher operating leverage. On the EPC front, the company managed to reduce losses from Rs 23 crore in Q4FY20 to ~ Rs 8 crore in Q4FY21 due to reduction in exposure of low margin orders and various cost optimisation measures.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Bajaj's CP EBIT margin increased 190 bps YoY to 8.7% in Q4 (up 320 bps YoY to 9.6% in FY21) led by price hikes and higher operating leverage. On the EPC front, the company managed to reduce losses from Rs 23 crore in Q4FY20 to ~ Rs 8 crore in Q4FY21 due to reduction in exposure of low margin orders and various cost optimisation measures.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Bajaj Electricals Limited manufactures electric fans and general lighting items, such as lamps, special lamps, fluorescent tubes, and lighting fixtures.  The Company also manufactures consumer durables like small electrical appliances.

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Bajaj Electricals (BJE IN)

4QFY22 Result Update - Bajaj Electricals

Bajaj Electricals (BJE) reported revenue of Rs13.22bn, up 5.4% YoY in 4QFY22 but 23.7%/6.5% below our/consensus estimate.

Nirmal Bang

Bajaj Electricals: High Base, Input Cost Pressure Drags Profit

Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution)

ICICI Securities Limited

Bajaj Electricals: One off Expenses Drag EBITDA Margin

Bajaj Electrical's business portfolio spans across s consumer products (CP) and EPC (illumination, power transmission and power distribution). CP...

ICICI Securities Limited

Bajaj Electricals

Bajaj's CP EBIT margin increased 190 bps YoY to 8.7% in Q4 (up 320 bps YoY to 9.6% in FY21) led by price hikes and higher operating leverage. On...

ICICI Securities Limited

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