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Systematix Research Report
Bajaj Electricals Ltd. reported weak operating performance in Q4 FY22, as its Ebitda and profit after tax declined 13% and 28% YoY, respectively.
Meanwhile, the company has met net cash status ahead of its target. The engineering, procurement and construction segment turned profitable after a long period.
Management expects rural demand to swiftly recover on the back of healthy farm income and margin to improve on price hike (~5% in April 2022), better product mix (launched mid-premium segment fans) and softening input costs.
We like Bajaj Electricals for its strong growth prospects and improving balance sheet, in addition to its proposed corporate restructuring likely unlocking shareholder and supporting a price-to-earnings rerating closer to peers.
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