Bajaj Electricals Announces Q1 FY-24 Financials: PAT Shrinks 9.86% YoY
Bajaj Electricals Ltd. [NSE: BAJAJELEC, BOM: 500031], a Mumbai-based manufacturer of electrical consumer goods, has announced its financial results for Q1 of FY-24.
Bajaj Electricals’ Standalone Q1 FY24 Financials
Bajaj Electricals reported Rs. 1,112.03 crore as its standalone revenue from operations for Q1 of FY-24, and corresponding Profit After Tax (PAT) of Rs. 43.33 crore for the same period.
Earnings Per Share (EPS) of the company stood at Rs. 3.82 for the quarter ended 30th June 2023.
Consolidated Financial Result of Bajaj Electricals during Q1 FY-24
YoY Comparison of Bajaj Electricals’ Financial Results: Q1 FY-24 vs. Q1 FY-23
On a Year-over-Year (YoY) basis, Bajaj Electricals’ Q1 revenue from operations fell by 1.51 % YoY to Rs. 1,112.13 crore in FY24 from Rs. 1,129.19 crore logged during Q1 of FY-23.
The company’s PAT for the quarter ended 30th June 2023 stood at Rs. 37.13 crore, which is YoY 9.86% lower than the Rs. 41.19 crore PAT reported during Q1 of FY-23.
Earnings per Share (EPS) of the company during Q1 of FY-24 were Rs. 3.23 against Rs. 3.59 for Q1 of FY-23.
QoQ Comparison of Bajaj Electricals’ Financials: Q1 FY-24 vs. Q4 FY23
Quarter-over-Quarter (QoQ) comparison of Bajaj Electricals’ revenue shows a drop of 13.92% from Rs. 1,291.97 crore, which was logged during Q4 of FY-23. Following this, PAT also fell by 28.39% from Rs. 51.85 crore, which was reported for the last quarter of FY-23.
Bajaj Electricals’ Segment-Wise Revenue Comparison
Consumer Products: Revenue from Bajaj Electricals’ consumer products segment grew by 2.02% to Rs. 872.6 crore in Q1 of FY-24 from Rs. 855.36 crore reported for Q1 of FY-23.
Lighting Solutions: The company’s Lighting Solutions segment revenue stood at Rs. 239.53 crore in Q1 FY-24 as compared to Rs. 273.83 crore, which was logged during Q1 of FY-23. Therefore, there has been a 12.53% decrease in Bajaj Electricals’ revenue from this segment.
EPC: Revenue from this segment rose to Rs. 205.01 crore in Q1 FY-24 from Rs. 99.93 crore clocked during Q1 FY-23. Therefore, EPC revenue of the company in Q1 FY-24 was 2.05 times than that during Q1 FY-23.
On 8th June 2023, the Mumbai bench of the National Company Law Tribunal (NCLT) approved demerger of Bajel Projects Limited from Bajaj Electricals Limited. In light of this development, Bajaj Electricals has discontinued its EPC business.
Summary of Bajaj Electricals’ Financial Performance
Speaking about the losses in revenue during the company’s earnings call for Q1 of FY-24, Mr. Anuj Poddar, Managing Director and CEO of Bajaj Electricals, said, “We have had a soft quarter performance. This is largely due to a soft and muted discretionary consumption demand environment in the economy, coupled with a weak summer due to unseasonal rains”.
Further, speaking about the company’s CAPEX plans, Mr. Poddar said that Bajaj Electricals will invest a sum of Rs. 150 crore in the next 12 months.
About Bajaj Electricals Limited: Bajaj Electricals Ltd. is a part of the Bajaj Group, and was founded in 1938 as ‘Radio Lamp Works Limited’, which was renamed as Bajaj Electricals Ltd. in 1960. The company has 18 branch offices across India and a distribution network which is more than 600 distributors strong.