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Prabhudas Lilladher Report
We cut our FY22/23/24 earnings per share of Bajaj Electricals Ltd. by 6.3%/ 7.1%/ 3.4% given margin pressures due to raw material inflation and engineering, procurement and construction losses.
However, Bajaj Electricals continued to impress with continued balance sheet improvements.
Despite demand not being as buoyant as last year (due to pent-up demand), given sustained month-on-month improvements, Bajaj Electricals remains optimistic on the future outlook despite high base.
Illumination business grew by 25% while turning Ebit positive and has further consolidated its leadership position.
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