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Bajaj Electricals’ FY23 Top Line Grows 13% to over 5,400 Cr., Profits Up 74%

Bajaj Electricals Ltd. [NSE: BAJAJELEC, BOM: 500031], a Mumbai-based manufacturer of electrical consumer goods, has announced its financials for the quarter and year ended 31st March 2023.

Bajaj Electricals’ FY23 Standalone Financial Numbers

During the closing quarter of the 2022-23 financial year, Bajaj Electricals clocked a standalone revenue of Rs. 1,490.37 crore from operations, and a corresponding Profit After Tax (PAT) of Rs. 58.66 crore.

Further, standalone Earnings Per Share (EPS) of the company were Rs. 5.10 for Q4 of FY-23, and Rs. 20.05 for the entire 2022-23 fiscal.

Bajaj Electricals’ Consolidated FY23 Financial Results

YoY Comparison of the Company’s Figures: Q4 FY-23 vs. Q4 FY-22 & FY-22 vs. FY-23

Comparison of Bajaj Electricals’ Financials: Q4 FY22 vs. Q4 FY23 vs. Q3 FY23

On a Year-over-Year (YoY) basis, the company’s Q4 consolidated top line grew by 11.68% to Rs. 1,490.11 crore during FY-23 from Rs. 1,334.32 crore. Resonating the revenue’s trend, Bajaj Electricals’ PAT rocketed by 34.08% YoY to Rs. 51.85 crore in Q4 of FY-23 from Rs. 38.67 crore reported for Q4 of FY-22.

Further, the company generated a revenue of Rs. 5,429.26 crore from operations during FY-23 against a revenue of Rs. 4,813.01 crore in FY-22. Therefore, there has been a healthy YoY growth by 12.80% in the company’s annual revenue.

Comparison of Bajaj Electricals’ Financials: FY22 vs. FY23

The most impressive YoY growth was seen in terms of PAT, which was by 73.77% to Rs. 216.19 crore for FY-23 from Rs. 124.41 crore logged during FY-22.

Consequently, Bajaj Electricals posted Q4 EPS of Rs. 4.51 for the quarter ended 31st March 2023 against Rs. 3.60 for Q4 of FY-22. For the entire year, the company’s consolidated EPS was Rs. 18.80 for FY-23 against Rs. 11.71 for the 2021-22 fiscal.

QoQ Comparison of Bajaj Electricals’ Financials: Q4 FY-23 vs. Q3 FY-23

Quarter-over-Quarter (QoQ) comparison of Bajaj Electricals’ financial results reveals a meagre increase of 0.38% in revenue from operations from Rs. 1,484.49 crore clocked during Q3 of FY-23.

Contrastingly, PAT of the company dropped by 15.17% from Rs. 61.12 crore that was reported for Q3 of FY-23.

Bajaj Electricals’ Segment-Wise Revenue

Comparison of segmentwise Bajaj Electricals’ Financials: FY22 vs. FY23

Consumer Products: This business segment brought in 69.33% of the company’s total revenue in FY-23.

Bajaj Electricals’ consolidated revenue from its consumer products segment grew by a healthy margin of 13.54% to Rs. 3,764.24 crore in FY-23 from Rs. 3,315.25 crore in FY-22.

Lighting Solutions: The company’s lighting solutions segment brought in a consolidated revenue of Rs. 1,125.00 crore during FY-23, against Rs. 1,080.72 crore in the 2021-22 fiscal. Therefore, Bajaj Electricals’ lighting business has grown by 4.10% YoY.

EPC: Bajaj Electricals saw a noticeable increase of 29.49% in its EPC segment revenue to Rs. 540.02 crore in FY-23 from Rs. 417.04 crore in FY-22.

Company’s Insights on its Financial Performance

Speaking about the company’s FY-23 financials, Mr. Shekhar Bajaj, Chairman of Bajaj Electricals Limited, said, “The Company has achieved a good performance in a tough environment. Consumer Products revenues have grown by 8.7% for the quarter, despite demand slowdown and pricing constraints.

Bajaj Electricals’ press release pertaining to its FY-23 financials projects a healthy picture with regard to the company’s order book. As of 1st April 2023, the company’s order book stands at Rs. 1,761 crore, out of which Rs. 1,026 crore worth of orders are for power transmission line towers, Rs. 612 crore worth of orders are in the area of power distribution, while the remaining Rs. 123 crore is for lighting projects.

About Bajaj Electricals Ltd.: 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.