Bajaj Electricals, 1Q FY 2014

1QFY2014 Result Update | Cons.
Durables
August 8, 2013
Bajaj Electricals
E&P despair to be done post 3QFY2014
Y/E March (` cr) Net sales EBITDA EBITDA Margin (%) Adjusted PAT 1QFY14 783 20 2.6 1 4QFY13 1114 13 1.2 1 % chg (qoq) (29.7) 53.1 140bp 4.8 1QFY13 666 35 5.2 12 % chg (yoy) 17.6 (41.6) (262)bp (94.5)
BUY
CMP Target Price Investment Period
Stock Info Sector Market Cap (` cr) Net Debt Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Consumer durables 1,599 86.0 0.8 233/150 21,582 2 18,733 5,542 BJEL.BO BJE IN
`160 `184 12 Months
Source: Company, Angel Research
Bajaj Electricals Ltd (BEL) reported a poor set of numbers for 1QFY2014, mainly at the operating level. Its top-line reported a decent growth of 17.6% yoy to `783cr, in line with our expectation of `764cr. The EBITDA stood at `20cr which was lower by 41.6% yoy while margins at 2.6% were lower by 262bp yoy. Overall the EBIT margin of the company dipped by 265bp yoy mainly on account of cost overruns in delayed projects in the E&P segment which reported an EBIT loss of `26cr as compared to `7cr in 1QFY2013. Net profit, on the back of sluggish operating performance, plunged by 94.5% yoy to `0.66cr. Increased ad spends and premium segment launches on an uptrend: BEL has elaborated its ad spends by almost 50% to `75cr in FY2014E (from `38cr in FY2013) celebrating its 75th year, thereby increasing its visibility substantially. This in result is expected to create consumer pull, thereby enhancing the top-line of the company. Moreover, following the success met in in induction cookers (sales rise from `60cr FY2011 to `150cr in FY2013), BEL has launched a few models in the premium ceiling fan segment and air fryers in FY2013 and is looking forward to enter water purification products segment. Outlook and valuation: Amidst a poor performance for the quarter, BEL is set to have a clean slate post 1HFY2014, ie after the recent correction in the stock price and the significant hit it took from the cost over-runs in the E&P segment due to delayed project closures. On the back of recent developments, we expect the topline and bottom-line to grow at a CAGR of 14.9% and 107.7% (due to low base) respectively over FY2013-15E. Currently, the stock is trading at a PE of 10.4x for FY2015E earnings. Despite improving operational performance of E&P segment, we have revised our estimates downwards and continue to maintain Buy rating on the stock with a revised target price of `184 based on target PE of 12x for FY2015E.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 66.1 4.5 17.6 11.9
Abs.(%) Sensex BEL
3m (5.8)
1yr 8.9
3yr 3.2 (38.5)
(11.5) (11.2)
Key financials
Y/E March (` cr) Net Sales % chg Net Profit % chg EBITDA Margin (%) FDEPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) FY2012 3,099 13.0 118 (20.0) 7.7 11.8 13.5 2.3 16.8 27.9 0.5 7.1 FY2013E 3,388 9.3 35 (69.9) 3.3 3.6 45.0 2.2 4.9 11.6 0.5 15.2 FY2014E 3,885 14.7 67 89.7 4.0 6.8 23.7 2.1 8.8 15.9 0.4 10.9 FY2015E 4,472 15.1 153 127.5 5.8 15.4 10.4 1.8 17.3 24.7 0.4 6.5
Twinkle Gosar
+91 22 3935 7800 Ext: 6848 [email protected]
Source: Company, Angel Research; Note: CMP as of August 7, 2013
Please refer to important disclosures at the end of this report
Bajaj Electricals | 1QFY2014 Result Update
Exhibit 1: 1QFY2014 performance highlights

Y/E March (` cr) Total operating income Net raw material (% of Sales) Employee cost (% of Sales) Other Expenses (% of Sales) Total expenditure EBITDA EBITDA Margin (%) Interest Depreciation Other income PBT (excl. Extr. Items) Extr. Income/(Expense) PBT (incl. Extr. Items) (% of Sales) Tax (% of PBT) Reported PAT Adjusted PAT PATM (%)
Source: Company, Angel Research 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy) FY2013 FY2012 % chg
783
622
1114
915
(29.7)
(32.0) 1.0 (31.0) (30.6)
666
515
17.6
20.9 14.3 23.5 20.9
3,388
2,594
3,099
2,295
9.3
13.0 16.4 21.8 14.5
79.4
40
82.1
40
77.3
35
76.6
163
118.6
140
5.1
101
3.6
146
5.3
82
4.8
520
81.1
427
12.9 763 20
2.6
13.1
1101
12.3
632
15.3
3,277
133.3
2,862
13
1.2
53.1
140bp
35
5.2
(41.6)
(262)bp
111
3.3
237
7.7
(53.3)
(439)bp
16
4
16
4
1.8
(5.6)
16
3
(89.0)
25.2
69
14
63
13
9.4
15.4
2
2
8
1
(76.7)
68.6
3
18
(42.2)
(90.6)
42
69
14
176
189.8
(60.8)
0
2
0
1
0.0
18
15.7
85
0.0
176
0.2
1
0.1
0 171.8 4.8
2.7
6.3 (83.1) (94.5)
2.5
17.8
5.7
58.1 (69.4) (56.6)
61.6
1
38.2
1
34.2
12
21.0
51
33.0
118
1 0.1
1 0.1
4.8
12 1.8
(94.5)
35 1.0
118 (536.8)
(69.9)
Revenue in-line, profits below expectation

For 1QFY2014, BEL reported a poor set of numbers. The top-line reported a decent growth of 17.6% yoy to `783cr, in line with our expectation of `764cr. The EBITDA stood at `20cr which was lower by 41.6% yoy while margins at 2.6% were lower by 262bp owing to closure of delayed E&P projects having cost over-runs. The Net profit, on back of a sluggish operating performance, plunged by 94.5% yoy to `0.66cr as compared to our estimate of `21cr.
Exhibit 2: Net sales growth on uptrend

1,200 1,000 800 12.5 19.2 15.1 8.2 22.4 10.0 4.7 5.1 17.6 25 20 15
Exhibit 3: Declining E&P losses to reverse EBITDA margin trend

100 90 80 70 60 50 40 30 20 10 0 7.5 5.6 8.2 8.1 5.2 3.5 4.1 2.6 1.2 9 8 7 6 4 3 2 1 0 5
( ` cr)
( ` cr)
400
10
1,060
1,114
31
53
65
86
35
26
36
783
13
544
701
794
666
734
873
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
Revenue (LHS)
Revenue growth yoy (RHS)
EBITDA (LHS)
EBITDA Margin (RHS)
August 8, 2013
1QFY14
20
200
(%)
600
(%)
Consumer durables and Lighting outperform; E&P disappoints

Revenue from the consumer durables segment grew by 11.8% yoy and came in at `437cr (55.7% contribution to total revenue). The EBIT for the segment came in at `40cr, 22.9% higher yoy, owing to price hikes undertaken in Jun13. The segments EBIT margin for the quarter expanded by 83bp yoy to 9.2%. The Lightings segment grew marginally by 3.3% yoy to `157cr and contributed 20.1% to the total revenue for the quarter. The flat growth was on account of degrowth in the luminous segment by 1% which partially offset 6.4% growth in the lighting segment. The EBIT for the segment rose by 4.2% yoy to `8cr and margins expanded by a mere 4bp yoy to 4.9%.
Exhibit 4: Segment-wise performance

Y/E Mar (` cr) Total Revenue A) Lighting B) Cons Durables C) E&P D) Others Total EBIT Margin (%) A) Lighting B) Cons Durables C) E&P D) Others 4.9 9.2 (13.7) (45.0) 7.9 8.0 (17.8) (0.0) 4.8 8.4 (5.7) (64.7) 157 437 189 0 783 285 544 285 0 1,114 152 390 123 0 666 (44.7) (19.7) (33.6) (9.1) (29.7) (299) 119 409 (4,498) 3.3 11.8 53.6 17.6 17.6 4 83 (794) 1,971 1QFY14 4QFY13 1QFY13 % chg (qoq) % chg (yoy)
(bp change)
The Engineering & Projects segments revenue posted a robust growth of 53.6% yoy to `189cr, contributing 24.2% to the total revenue. However on the EBIT front, owing to closure of seven old and delayed project sites in 1QFY2014, the segment reported a loss of `26cr vis--vis EBIT loss of `7cr in the same quarter previous year. The pinch from the E&P segment is expected to continue for the next two quarters post which BEL will be done with its old delayed sites.
Exhibit 5: Order Book composition

700 600 500 465 618 612 536
Exhibit 6: Execution status and reducing EBIT losses

1,200 1,000 800 890 960 1,024 920 51 40 453 27 7 123 0 1QFY14 1QFY13 133 2QFY13 147 3QFY13 285 4QFY13 189 0 1QFY14 E&P EBIT Loss Total Orders Orders executed 26 60 50 40 30 20 10
( ` cr)
( ` cr)
300 200 100 0
257 136 60
262
292
600 400
75
80
43 4QFY13 HMST
92
200
1QFY13
2QFY13 TLT
3QFY13 Special Projects
August 8, 2013
( ` cr)
400
350
369
Investment Rationale
Increased ad spends and premium segment launches to drive growth
BEL is set to celebrate its 75th year in July by elaborating its ad spends and new marketing schemes. The ad spend is to rise by almost 50% to `75cr (from `38cr in FY2013) in order to increase its visibility. The company has achieved decent growth with limited advertisements till now, hence, with this increment, it is expected to create consumer pull, thereby enhancing the top-line. The product launch of induction cooker last year has been successful with sales growing from `60cr in FY2011 to `150cr in FY2013. In addition, BEL has launched a few ceiling fan models in the premium segment which are doing well as of now. The Management expects these new launches to capture significant market share in the next 6-8 months. BEL has also introduced air fryers and is looking forward to enter the water purification products segment.
E&P segment to be on uptrend from FY2014

The E&P division contributed ~25-30% over FY2010-12 to the total revenue of the company. However, the EBIT margin for the segment has been contracting significantly since FY2010 from 10.7% to 3.3% in FY2012 on account of delayed execution of projects and cost overruns. Hence, the company has made the provision for the same in order to take a conservative stand. Moreover, the company has become very selective in order intake by focusing more on profitability (with double digit operating margins) rather than revenue growth. On account of this, we expect the segment to register an EBIT loss of `65cr for FY2014E (`124cr in FY2013) and move gradually to EBIT profit of `24cr in FY2015E.
Exhibit 7: Margin trend reversal for E&P segment

900 800 700 600 500 400 300 200 100 0 737 FY2010 831 FY2011 832 FY2012 E&P Revenue
10.7
8.9
3.3 3.3
15 10 5 (9.1)
(` cr)
(5) (10)
(18.1) 688 FY2013 709 FY2014E 731 FY2015E
(15) (20)
EBIT Margin
Capital employed for the E&P segment has reduced from `573cr in 3QFY2013E to `489cr in 1QFY2014. The improvement is owing to receipt of advances from new orders and provisions write off for FY2013E. BEL expects to generate sales at 50% of capital employed in FY2014, thus providing better returns visibility.
August 8, 2013
(%)
Exhibit 8: Order book trend

E&P order status Opening order book Order intake during year Executed orders Closing order book FY2011 750 832 832 750 FY2012 750 688 834 604 FY2013 604 960 688 876 FY2014E 876 920 709 1,087 FY2015E 1,087 901 731 1,256
Source: Company, Angel Research, * as on end of 2QFY2013.
Leveraging on strong brands and leading market position

BEL has a strong brand positioning and a well-spread distribution network. BEL has collaborated with known brands in each of its segments which have enabled it to grow at a robust pace over the years.
Exhibit 9: Strong brand association

Brand Trilux Lenze (Germany) Disano (Italy) Delta Controls (Canada) Rudd (US) Morphy Richards (UK) Nardi (Italy) Disney (USA) Media (China) Securiton (Switzerland) Source: Company Products Luminaries Street Lights Building management systems LED appliances appliances Fans Fans Fire alarm system
BEL has a leading position in consumer durables, mixer, heaters, luminaries, fans and induction cooker segment.
Exhibit 10: Leading market share

Segment Electrical Appliances Fans Lighting Luminaries Market size* `6000cr `2000cr `3600cr `2500cr Market share^ 15.0% 16.5% 17.0% -
Source: Company, *including organised and un-organised sector, ^in organised sector.
Recent alliance: The companys association with Glass Line Technology, Noida for in-house manufacturing of water heaters will substitute the current imports from China and hence boost the operating margins of the company. In the water heater segment, BEL is poised to excel in volumes since the technology used by BEL is far better and advanced than its other two peers in this segment. Technology will be a key driver of revenue for this segment.
August 8, 2013
Penetration in rural market through exclusive Bajaj world stores

BEL plans to capitalize on growth in rural markets (dominated by unorganized players) by penetrating them through its outlets Bajaj World opened mainly through the franchise route displaying all the products of BEL. With growing disposable incomes, rural India is poised to witness growth in electrical appliances. BEL has already opened ~30 stores pan-India and targets 100 stores by the next year, of which ~50 stores are to be opened in the rural market. In addition, the company has plans to launch rural-specific brands to tap price sensitive segments under the Bajaj umbrella. Products under this economy brand will have different finish, designs and will be priced much lower than existing products of BEL. With expansion of the customer base, and fresh demand coming in, the top-line of the company assures decent growth visibility.
Exhibit 11: Segmental Contribution

Fans 18%
F Y2013
Electrical Appliances 36%
Luminories 11%
Lighting 15%
Engineering & Projects 20%
Source: Company
August 8, 2013
Financials
Exhibit 12: Key Assumptions
Sales Growth (%) Electrical Appliances Fans Lighting Luminaries Engineering & Projects Total Sales Growth
FY2012 24.7 6.5 28.7 13.5 0.1 13.2
FY2013 FY2014E FY2015E CAGR (FY2013-15E) 28.5 12.2 21.5 2.3 (17.3) 9.0 12.6 27.8 (1.3) 43.2 3.1 14.7 17.8 17.8 17.8 17.8 3.0 15.1 15.2 22.7 7.8 29.9 3.0 14.9
Exhibit 13: Change in Estimates

Y/E March Net Sales (`cr) EBITDA Margin (%) EPS (`)
Earlier estimates FY2014E 3,885 5.4 11 4,472 7.2 20
Revised estimates 3,885 4.0 7 4,472 5.8 15
% change (0.0) (145)bp (38.4) 0.0 (143)bp (22.5)
FY2015E FY2014E
FY2015E FY2014E FY2015E
Net sales to post CAGR of 14.9% over FY2013-15E

The top-line of the company is expected to post a 14.9% CAGR over FY2013-15E to `4,472cr backed by strong performance from the consumer durables and revival in the E&P segment. We expect a 10.0% volume growth and a 5.0% value growth over FY2013-15E. To combat the escalating inflation levels and commodity prices, the company continues to increase the price of its products across segments.
Exhibit 14: Net sales growth to normalise

5,000 4,000 3,000 2,000
2,741 3,099 3,386 3,885 4,472
15.1 14.7 23.0 13.0 9.3
25 20 15 10 5 0
(` cr)
1,000 -
FY2011
FY2012 Net sales (LHS)
FY2013
FY2014E
FY2015E
Net sales growth (RHS)
EBITDA to grow at 52.7% CAGR over FY2013-15E

BELs EBITDA is expected to grow at 52.7% CAGR over FY2013-15E to `258cr in FY2015E. Moreover, EBITDA margins are believed to improve from 3.3% in FY2013 (dragged by E&P segment) to 5.8% in FY2015E. Recovery in E&P segment
August 8, 2013
(%)
with fresh orders being bagged at healthy margins coupled with stability in currency is expected to aid the EBITDA margin rebound.
Exhibit 15: EBITDA margins to revive with E&P turnaround

300 250 200
(` cr)
9.1 7.7
10 5.8 9 8 7
(%) (%)
150 100 50 0 250 FY2011 237 FY2012 EBITDA (LHS)
4.0 3.3
6 5 4 3 2 1 0
111 FY2013
154 FY2014E
258 FY2015E
EBITDA margin (RHS)
Notable PAT growth due to robust top-line and improving EBITDA

On the back of strong top-line coupled with improvement in E&P divisions operating performance, we expect the bottom-line to post a CAGR of 107.3% over FY2013-15E to `152cr with margin improving from 1.0% in FY2013 to 3.4% in FY2015E.
Exhibit 16: PAT trend reversal

180 160 140 120
(` cr)
5.4
6 3.4 3.8 5 4 3 1.7 1.0 1 2
100 80 60 40 20 0 147 FY2011 118 FY2012 PAT (LHS)
35 FY2013
67 FY2014E
152 FY2015E
PAT margin (RHS)
August 8, 2013
Outlook and valuation

Amidst poor performance for the quarter, BEL is set to have a clean slate post 1HFY2014 after the stock correction and significant hit from the cost over-runs in the E&P segments delayed projects closure. On the back of recent developments, we expect the top-line and bottom-line to grow at a CAGR of 14.9% and 107.7% (due to low base) respectively over FY2013-15E. Post the recent correction, the stock is available at an attractive PE of 10.4x for FY2015E earnings. Despite improving operational performance of E&P segment, we have revised our estimates downwards and continue to maintain our Buy rating on the stock with a revised target price of `184, based on target PE of 12x for FY2015E.
Exhibit 17: One year forward PE

400 350 300 250 200 150 100 50 0
Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 (` )
Price
3x
10x
17x
24x
Concerns
Currency fluctuation: BEL has a substantial part of its products imported from various associate foreign brands which pose a risk of currency fluctuations, thereby impacting profitability of the company. Change in LPG cap policy reform: Any increment in availability of subsidized LPG cylinder which is capped to 6 per family per annum will impact the volume of induction cookers. Inflation: Inflationary pressure would resist volume pick up. Delay in E&P project execution.
Exhibit 18: Relative Valuation

Company BEL* Surya Roshni* IFB Inds.^ Sales OPM (` cr) 3,388 3,041 908 3.3 8.0 5.3 PAT 51 32 EPS (`) 3.6 7.8 ROIC (%) 12.9 10.4 P/E P/BV (x) 3.9 5.5 (x) 2.2 0.4 0.5 EV/EBITDA (x) 15.2 4.0 3.2 EV/Sales (x) 0.5 0.3 0.2 (%) (` cr)
11.6 45.0
72 16.3
Source: Capital Line, *TTM ended Jun13 quarter, ^TTM ended Mar13 quarter.
August 8, 2013
Profit and loss statement

Y/E March (` cr) Gross sales Less: Excise duty Net Sales Other operating income Total operating income % chg Net Raw Materials % chg Other Mfg costs % chg Personnel % chg Other % chg Total Expenditure EBITDA % chg EBITDA Margin Depreciation & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of Net Sales) Recurring PBT % chg PBT (reported) Tax (% of PBT) PAT (reported) Extraordinary Expense/(Inc.) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) FY2011 2,765 24 2,741 2,741
23.0
FY2012 3,130 31 3,099 3,099

13.0
FY2013 3,413 25 3,388 3,388

9.3
FY2014E 3,913 29 3,885 3,885

14.7
FY2015E 4,505 33 4,472 4,472

15.1
2,036
26.2
2,295
12.7
2,594 13.0 97 3.7 163

16.4
3,076 18.6 80 (18.1) 187 14.7 388 (8.7) 3,731 154 38.8 4.0 16 138 43.1 3.5 67 29 0.8 71 161 100 33 33.0 67 67 89.7 1.7 6.8 6.8
3,512 14.2 67 (15.8) 210 12.4 425 9.4 4,214 258 68.0 5.8 17 241 74.7 5.4 57 44 1.0 184 158 228 75 33.0 153 153 127.5 3.4 15.4 15.4
78
28.0
94
20.1
114
28.9
140
22.8
263
15.1
340
29.1
426 25.2 3,277 111 (53.3) 3.3 14 96 (57.1) 2.8 69 42 1.2 27 (83.1) 69 18 25.8 51 16 35 (69.9) 1.0 3.6 3.6
2,491 250
5.4
2,862 237
(5.1)
9.1 11 239
4.9
7.7 13 225
(6.1)
8.7 37 16 0.6 203

6.1
7.2 63 14 0.5 162

(20.2)
219 75 34.2 144 (4) 147

22.1
176 58 33.0 118 0 118

(20.0)
5.4 14.9 14.9
3.8 11.8 11.8
August 8, 2013
10
Balance sheet
Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Long term Provisions Net Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation less: impairment of assets Net Block Capital Work-in-Progress Goodwill Investments Long Term Loans and adv. Other non-current assets Current Assets Cash Loans & Advances Inventory Debtors Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 230 74 3 153 37 97 154 1,322 48 68 295 911 1,026 296 737 272 85 3 184 3 44 109 186 1,423 54 92 355 922 1,045 378 904 332 100 232 30 73 265 1,550 50 141 421 938 1,238 312 911 365 116 250 33 73 253 1,742 41 155 470 1,076 1,410 333 940 402 133 269 36 73 268 1,983 25 179 541 1,238 1,592 391 1,037 20 591 611 112 16 (2.0) 737 20 680 700 187 19 (1.9) 904 20 709 728 166 25 (7.9) 911 20 743 763 160 25 (7.9) 940 20 864 884 136 25 (7.9) 1,037 FY2011 FY2012 FY2013 FY2014E FY2015E
August 8, 2013
11
Cash flow statement

Y/E March (` cr) Profit before tax Depreciation (Inc.)/ Dec. in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Other income Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances FY2011 219 11 (16) 199 (75) 337 (214) (97) 16 (296) 0 (25) (28) (18) (70) (29) 77 48 FY2012 176 13 (14) (77) (58) 39 (77) (19) 14 (82) 0 79 (28) (3) 48 5 48 54 FY2013 69 14 (42) 78 (18) 102 (136) 51 42 (43) 0 (22) (24) (16) (63) (4) 54 50 FY2014E 100 16 (29) (30) (33) 24 (21) (3) 29 5 0 (6) (32) (38) (9) 50 41 FY2015E 228 17 (44) (75) (75) 51 (52) (3) 44 (11) 0 (24) (32) (56) (16) 41 25
August 8, 2013
12
Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Int.) 0.0 0.1 6.5 0.1 0.4 3.6 0.1 0.8 1.4 0.1 0.6 2.1 0.1 0.3 4.3 4.3 34 111 126 46 11.4 38 109 121 46 10.2 49 109 121 28 10.6 47 109 121 27 11.1 47 109 121 30 32.4 36.7 24.1 24.8 27.9 16.8 10.6 11.6 4.9 14.7 15.9 8.8 23.2 24.7 17.3 8.7 0.7 4.2 24.1 21.5 0.0 24.2 7.2 0.7 3.9 18.7 22.6 0.1 18.2 2.8 0.7 4.1 8.6 30.9 0.1 6.0 3.5 0.7 4.5 10.7 27.9 0.1 8.7 5.4 0.7 4.6 16.5 27.9 0.1 15.6 14.9 14.9 15.9 2.8 61.3 11.8 11.8 13.1 2.8 70.2 3.6 3.6 5.0 2.8 73.1 6.8 6.8 8.3 2.8 76.6 15.4 15.4 17.1 2.8 88.7 10.8 10.1 2.6 1.7 0.6 6.5 2.2 13.5 12.2 2.3 1.7 0.5 7.1 1.9 45.0 32.0 2.2 1.5 0.5 15.2 1.8 23.7 19.2 2.1 2.0 0.4 10.9 1.8 10.4 9.4 1.8 2.0 0.4 6.5 1.6 FY2011 FY2012 FY2013 FY2014E FY2015E
August 8, 2013
13
Research Team Tel: 022 - 39357800
E-mail: [email protected]
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DISCLAIMER
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Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Bajaj Electricals No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
August 8, 2013
14

Bajaj Electricals, 1Q FY 2014

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Bajaj Electricals, 1Q FY 2014

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1QFY2014 Result Update | Cons.

`160 `184 12 Months

Source: Company, Angel Research

Abs.(%) Sensex BEL

3yr 3.2 (38.5)

Source: Company, Angel Research; Note: CMP as of August 7, 2013

Please refer to important disclosures at the end of this report