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Bajaj Electricals Posts Q2 FY-24 Financials: Revenue Shrinks 3.35%, PAT Down 45% YoY

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Bajaj Electricals Ltd. [NSE: BAJAJELEC, BOM: 500031], a Mumbai-based manufacturer of electrical consumer goods, has announced its financials for Q2 of FY-24.

Bajaj Electricals’ Standalone Q2 FY-24 Financial Results

Bajaj Electricals revenue from operations stood at Rs. 1,112.75 crore for Q2 of FY-24. Further, the company reported Rs. 37.84 crore as its Profit After Tax (PAT) for second quarter of FY-24.

Bajaj Electricals’ Earnings Per Share (EPS) were reported Rs. 2.84 during Q2 of 2023-24 financial year.

Bajaj Electricals’ Q2 FY-24 Consolidated Financials

YoY Comparison of Bajaj Electricals’ Financial Figures: Q2 FY-24 vs. Q2 FY-23

Comparison of Bajaj Electricals’ Financials: Q2 FY23 vs. Q2 FY24 vs. Q1 FY24

Bajaj Electricals’ Q2 revenue from operations exhibited a Year-over-Year (YoY) decrease of 3.95% to Rs. 1,112.82 crore in FY-24 from Rs. 1,158.6 crore which was reported during FY-23.

The company’s PAT also exhibited a downward trend, tumbling by 45.77% YoY to Rs. 31.68 crore in Q2 of FY-24 from Rs. 58.42 crore logged for Q2 of FY-23.

Consequently, Bajaj Electricals’ EPS decreased to Rs. 2.37 during Q2 of FY-24 from Rs. 5.39 reported for Q2 of FY-23.

Bajaj Electricals’ Segment-Wise Revenue Comparison

Comparison of Bajaj Electricals’ Segment-Wise Financials: Q2 FY23 vs. Q2 FY24

Consumer Products: Revenue from Bajaj Electricals’ consumer products segment decreased by 2.87% to Rs. 857.57 crore in Q2 of FY-24 from Rs. 882.87 crore during Q2 of FY-23.

Lighting Solutions: The company’s revenue from its lighting solutions business stood at Rs. 255.25 crore in Q2 of FY-24 as compared to Rs. 275.73 crore during Q2 of FY-23. This reflects a YoY decrease of 7.43%.

Weak Consumer Sentiment and Festive Delay Weigh on Performance – Bajaj’s CEO

During the company’s earnings call for its Q2 FY-24 financial performance, Mr. Anuj Poddar, Managing Director and CEO of Bajaj Electricals, said, “It has been a tough quarter and I say tough quarter it’s because of two reasons. They are more external factors. One is a weak consumer sentiment in the marketplace particularly for discretionary products and second there is a slight delay in the festive season this year which is a little bit of a cusp between Q2 and Q3 unlike last year”.

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.