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Systematix Research Report
Despite weak revenue (down 6% YoY; high inflation dented demand), Bajaj Electricals Ltd.'s gross (up 64 basis points YoY) and Ebitda margins (7.8%, up 56 bps YoY) surpassed our estimates due to healthy margins in all segments.
Healthy cash flow from operations (Rs 1.8 billion in H1) continued to drive cash level (Rs 2.1 billion). The weak electrical consumer durables demand and margin should rebound by Q4, per management.
Fans margin is likely to be under pressure for next two-three quarters due to intense competition during BEE transition phase.
After achieving a high 8.7% Ebit margin, Bajaj Electricals expects recovery in engineering, procurement and construction revenue in H2 on healthy order book (Rs 13.5 billion).
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