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ICICI Securities Report
Bajaj Electricals Ltd. might face revenue growth pressures in the remaining period of FY23E due to:
muted demand from rural markets (company has relatively higher exposure to rural markets);
lower offtake in economy segment; and
sluggishness in the kitchen appliances market.
However, we model overall margin to expand considering higher scale for lighting segment and correction in input prices. We also note the company is introducing multiple products in fans and the initial consumer/ trade feedback is positive.
We model Bajaj Electricals to report an earnings compound annual growth rate of 42.5% over FY22-FY24E.
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