Bajaj Electricals Q4 Review - Long-Term Story Intact; Valuation Caps Upside: Prabhudas Lilladher
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Prabhudas Lilladher Report
We lower our FY22/23 earnings estimates by 9.4%/3% given:
Demand momentum stalled by Covid-19 second wave.
Commodity inflation led margin pressures.
However, we expect smart recovery from H2 FY22 backed by:
Sustenance of demand upsurge post pandemic for kitchen appliances and fans.
Increase shelf space by leveraging industry leading distribution network and brand strength.
Consumer products margin expansion.
Ever improving balance sheet aided by robust cash flow generation.
In engineering, procurement and construction, with second wave dampening efforts, management expects to achieve operational profitability by Q3 FY22 (earlier Q2 FY22).
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