Bajaj Electricals Ltd

Bajaj Electricals Ltd

₹ 993 -1.81%
19 Jul 4:01 p.m.
About

Bajaj Electricals Limited is a part of the Bajaj Group of companies and is a leading FMEG company spread across Consumer Products - Appliances, Fans, Lighting, Exports, and EPC - Illumination, Transmission Towers and Power Distribution. It also has its presence in premium home appliances and cookware segments with brands like Morphy Richards and Nirlep.[1]

Key Points

Segments

Consumer Products Business
The company's consumer product segments provide a comprehensive range of products starting from Breakfast products to cooking essentials, products for Food preparation, Home comfort and home essentials. [1]
In FY22, fans accounted for ~28% of revenues of the consumer products business, followed by lighting (~12%), Morphy Richards brand (~6%), and other appliances (~54%). [2]

  • Market Cap 11,408 Cr.
  • Current Price 993
  • High / Low 1,183 / 820
  • Stock P/E 88.0
  • Book Value 125
  • Dividend Yield 0.30 %
  • ROCE 12.7 %
  • ROE 7.74 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 24.2%
  • Company's working capital requirements have reduced from 28.5 days to 15.1 days

Cons

  • Stock is trading at 7.94 times its book value
  • The company has delivered a poor sales growth of -6.97% over past five years.
  • Company has a low return on equity of 9.27% over last 3 years.
  • Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,254 853 1,297 1,312 1,327 1,124 1,220 1,308 1,292 1,112 1,113 1,228 1,188
1,183 846 1,205 1,220 1,264 1,051 1,127 1,204 1,197 1,043 1,036 1,171 1,138
Operating Profit 72 7 92 92 63 73 94 104 95 69 77 58 50
OPM % 6% 1% 7% 7% 5% 6% 8% 8% 7% 6% 7% 5% 4%
29 13 21 10 19 9 20 12 20 23 9 43 22
Interest 11 15 19 16 10 7 10 15 12 12 14 20 18
Depreciation 16 14 15 16 16 15 18 16 22 21 26 30 30
Profit before tax 74 -9 79 70 56 60 86 86 80 59 46 50 24
Tax % 24% -26% 21% 26% 24% 26% 26% 26% 35% 27% 27% 26% -20%
56 -6 62 52 42 44 64 63 52 43 33 37 29
EPS in Rs 4.89 -0.56 5.40 4.49 3.66 3.87 5.56 5.52 4.52 3.76 2.91 3.25 2.54
Raw PDF
Upcoming result date: 6 August 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,351 4,002 4,232 4,590 4,254 4,697 6,656 4,975 4,572 4,786 4,889 4,639
3,239 3,920 4,143 4,326 4,011 4,403 6,308 4,768 4,271 4,535 4,515 4,379
Operating Profit 112 82 88 264 243 293 348 207 302 251 375 260
OPM % 3% 2% 2% 6% 6% 6% 5% 4% 7% 5% 8% 6%
41 15 24 48 36 -36 65 53 84 59 46 82
Interest 69 78 104 108 80 59 116 169 76 69 44 63
Depreciation 14 25 29 27 30 34 38 68 69 63 74 110
Profit before tax 69 -6 -21 177 168 164 259 22 241 179 303 169
Tax % 26% -11% -33% 38% 36% 49% 36% 101% 24% 23% 29% 22%
51 -5 -14 110 108 84 167 -0 184 137 216 132
EPS in Rs 4.62 -0.48 -1.25 9.85 9.57 7.39 14.69 -0.01 16.04 11.91 18.80 11.44
Dividend Payout % 39% -282% -108% 26% 26% 43% 21% 0% 0% 25% 21% 26%
Compounded Sales Growth
10 Years: 1%
5 Years: -7%
3 Years: 0%
TTM: -5%
Compounded Profit Growth
10 Years: 38%
5 Years: -5%
3 Years: -6%
TTM: -39%
Stock Price CAGR
10 Years: 12%
5 Years: 20%
3 Years: 1%
1 Year: -15%
Return on Equity
10 Years: 9%
5 Years: 8%
3 Years: 9%
Last Year: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 20 20 20 20 20 20 20 23 23 23 23 23
Reserves 709 690 667 736 851 924 1,057 1,357 1,582 1,722 1,884 1,418
166 348 408 899 647 723 1,582 1,079 541 82 101 215
1,263 1,627 1,727 1,305 1,569 1,805 2,500 2,100 2,105 2,175 2,985 2,177
Total Liabilities 2,157 2,685 2,822 2,960 3,087 3,473 5,160 4,559 4,250 4,002 4,993 3,833
226 249 278 276 310 316 322 404 461 685 770 916
CWIP 6 3 3 21 8 6 9 11 18 43 42 63
Investments 30 67 59 80 80 14 51 53 38 49 47 35
1,895 2,366 2,482 2,583 2,688 3,136 4,778 4,091 3,734 3,225 4,134 2,819
Total Assets 2,157 2,685 2,822 2,960 3,087 3,473 5,160 4,559 4,250 4,002 4,993 3,833

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
141 -7 121 305 437 -103 -602 627 660 931 449 354
-0 -76 -83 -53 -90 36 -127 -46 -110 -86 -88 -449
-144 87 -56 -239 -368 64 718 -491 -605 -772 -139 -133
Net Cash Flow -4 4 -19 13 -22 -3 -11 90 -56 73 223 -227

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 102 113 111 112 115 136 144 150 121 87 83 92
Inventory Days 60 57 58 60 76 68 64 76 118 109 106 85
Days Payable 139 152 142 66 84 100 85 99 115 136 195 206
Cash Conversion Cycle 23 17 27 106 107 104 123 127 124 59 -6 -30
Working Capital Days 28 20 19 60 41 71 85 69 67 29 42 15
ROCE % 13% 7% 8% 21% 16% 20% 17% 7% 12% 13% 18% 13%

Shareholding Pattern

Numbers in percentages

10 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
63.05% 63.01% 62.98% 62.96% 62.91% 62.89% 62.86% 62.85% 62.85% 62.85% 62.80% 62.78%
12.86% 11.75% 10.64% 10.51% 10.81% 11.26% 11.22% 10.92% 10.49% 10.41% 10.18% 7.93%
11.05% 11.61% 12.04% 12.41% 12.30% 12.23% 12.39% 11.96% 12.06% 12.11% 12.61% 14.76%
13.04% 13.64% 14.35% 14.12% 13.98% 13.62% 13.51% 14.26% 14.60% 14.62% 14.41% 14.53%
No. of Shareholders 53,70066,82571,89772,57370,31966,01863,05960,38963,10165,60063,09459,460

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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