Bajaj Electricals Q4 Review - On Route To 10% Ebitda Margin By FY23: ICICI Securities
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ICICI Securities Report
We remain positive on Bajaj Electricals Ltd. as turnaround play. We note-
1. it is successful in improving Ebitda margin steadily (244 basis points expansion in FY21) due to higher focus on consumer business and reduction in losses of EPC segment,
2. investments in innovation with 170 new product launches in FY21 and
3. focus on higher revenue per store which will lead to decline in working capital days and increase in market shares.
The working capital days reduced to 48 in FY21 from 66 in FY20.
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