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

ICICI Securities Limited

External broker reports(aggregated public sources)

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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We interact with Channels of <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> , <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a> , <a href="https://www.smartkarma.com/entities/relaxo-footwears-ltd" target="_blank" data-smartkarma-citation="entities:6995:1" rel="noopener">Relaxo Footwears (RLXF IN)</a> to understand the demand environment and competitive positioning.</li>
<li>
<a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> channels are reporting some market share loss, <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a> 's operating and competitive positioning is encouraging. </li>
<li>For <a href="https://www.smartkarma.com/entities/relaxo-footwears-ltd" target="_blank" data-smartkarma-citation="entities:6995:1" rel="noopener">Relaxo Footwears (RLXF IN)</a> , school reopening could be possible upside catalysts. </li>
</ul>


We interact with Channels of Symphony Ltd (SYML IN) , Sheela Foam Ltd (SFL IN) , Relaxo Footwears (RLXF IN) to understand the demand environment and competitive positioning.

Symphony Ltd (SYML IN) channels are reporting some market share loss, Sheela Foam Ltd (SFL IN) 's operating and competitive positioning is encouraging. 
For Relaxo Footwears (RLXF IN) , school reopening could be possible upside catalysts. 


India Channel Insight #24 | Symphony, Sheela Foam, Relaxo

<ul>
<li>For this India Channel Insight (ICI), we interact with distributors and dealers based out of 6 cities (Indore, Vadodara, Amritsar, Jalgaon, Pune, Jodhpur) </li>
<li>Rural channels are showing signs of slowdown that is partly attributed to changing channel mix and income effect. </li>
<li>Companies in focus are <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>. </li>
</ul>


For this India Channel Insight (ICI), we interact with distributors and dealers based out of 6 cities (Indore, Vadodara, Amritsar, Jalgaon, Pune, Jodhpur) 
Rural channels are showing signs of slowdown that is partly attributed to changing channel mix and income effect. 
Companies in focus are Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) and Havells India (HAVL IN). 


India Channel Insight #19 | Bajaj Electricals, Crompton, Havells

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> / <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> / <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> / <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a> / <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> </p>
<p>We have separated the quotes to highlight<em><strong> Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook. </strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Havells India (HAVL IN) / Symphony Ltd (SYML IN) / Crompton Greaves Consumer Electricals (CROMPTON IN) / TTK Prestige (TTKPT IN) / Bajaj Electricals (BJE IN) 
We have separated the quotes to highlight Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook. 

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

<div>
<div>
<h2>About India Channel Insight</h2>
</div>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>
<div>
<p>For this insight, we interact with current and prior distributors of <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (0490943D IN)</a>; <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a>; <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> </p>
</div>



About India Channel Insight



Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we interact with current and prior distributors of Stove Kraft (0490943D IN); Bajaj Electricals (BJE IN); Crompton Greaves Consumer Electricals (CROMPTON IN) and Havells India (HAVL IN) 


India Channel Insight | Stovekraft, Bajaj Electricals, Crompton Consumer, Havells

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)

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

India Channel Insight #24 | Symphony, Sheela Foam, Relaxo

We interact with Channels of Symphony Ltd (SYML IN), Sheela Foam Ltd (SFL IN), Relaxo Footwears (RLXF IN) to understand the demand environment and...

Pranav Bhavsar

India Channel Insight #19 | Bajaj Electricals, Crompton, Havells

For this India Channel Insight (ICI), we interact with distributors and dealers based out of 6 cities with an objective to understand the current...

Pranav Bhavsar

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

The edition focuses on key quotes from the earnings transcripts of Havells / Symphony / Crompton Consumer / TTK Prestige / Bajaj Electricals

Pranav Bhavsar

India Channel Insight | Stovekraft, Bajaj Electricals, Crompton Consumer, Havells

For this insight, we interact with current and prior distributors of Stove Kraft; Bajaj Electricals; Crompton Greaves Consumer Electricals and...

Pranav Bhavsar

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