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Centrum Broking Report
Bajaj Electricals Ltd.’s Q4 FY22 sales grew 5% YoY to Rs 13.2 billion, below our estimate of Rs 14.6 billion.
Consumer Products sales grew only 6% YoY to Rs 10.3 billion as subdued rural demand and lower e-commerce offtake resulted in flattish volume.
Engineering, procurement and construction sales grew 5% YoY to Rs 2.9 billion led by cautious projects execution.
Input cost inflation led to 370 bps YoY and 150 bps QoQ decline in gross margin to 25.2%. Ebitda margin fell 120 bps YoY to 4.5%, below our estimate of 7.3%.
Ebit margin of consumer products fell 250 bps YoY to 6.3% as Bajaj Electricals could not take price hike due to subdued demand. EPC posted positive Ebit margin of 2.4% led by disciplined execution and receivables collection.
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