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Bajaj Electricals Q3 FY-24 Financials: Revenue Shrinks 6%, PAT Down 40% YoY

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Bajaj Electricals Ltd. [NSE: BAJAJELEC, BOM: 500031], a Mumbai-based manufacturer of electrical consumer goods, has announced its financial results for Q3 of FY-24.

Bajaj Electricals’ Q3 FY-24 Standalone Financials

Bajaj Electricals reported a standalone revenue of Rs. 1,228.79 crore from operations and Profit After Tax (PAT) of Rs. 37.92 crore during Q3 of FY-24.

Further, Earnings Per Share (EPS) of the company stood at Rs. 3.30 during Q3 of FY-24.

Bajaj Electricals’ Consolidated Q3 FY-24 Financial Performance

YoY Comparison of Bajaj Electricals Financials: Q3 FY-24 vs. Q3 FY-23

Bajaj Electricals’ Revenue Comparison: Q3 FY23 vs. Q3 FY24 vs. Q2 FY24

Bajaj Electricals earned a consolidated revenue of Rs. 1,228.24 crore from operations during Q3 of FY-24, representing a decrease of 6.20% on a Year-over-Year (YoY) basis. The company had clocked a revenue of Rs. 1,309.48 crore in Q3 of FY-23.

The company’s Q3 PAT during FY-24 was Rs. 37.36 crore against Rs. 62.17 crore in FY-23. This reflects a YoY decrease of 39.91% in Bajaj Electricals’ profit.

Bajaj Electricals’ PAT Comparison: Q3 FY23 vs. Q3 FY24 vs. Q2 FY24

In proportion, Bajaj’s EPS stood at Rs. 3.25 for Q3 of FY-24 against Rs. 5.31 during Q3 FY-23.

QoQ Comparison of Bajaj Electricals’ Financial Figures: Q3 FY-24 vs. Q2 FY-24

On a Quarter-over-Quarter (QoQ) basis, Bajaj Electricals’ revenue exhibited an increase by 10.37% from Rs. 1,112.82 crore, which was clocked in Q2 of FY-24.

Following suit, the company’s Q3 PAT increased by 17.93% QoQ from Rs. 31.68 crore earned during Q2 of FY-24.

Bajaj Electricals’ Segment-Wise Financial Performance

Comparison of Bajaj Electricals’ Segment-Wise Financials: Q3 FY23 vs. Q3 FY24

Consumer Products: Consumer Products segment of the company bought in a revenue of Rs. 956.66 crore during Q3 of FY-24. This reflects a YoY decrease of 7.68% from Rs. 1,039.48 crore logged during Q3 of FY-23.

Lighting Solutions: Bajaj Electricals reported a revenue of Rs. 271.58 crore from its Lighting Solutions segment during Q3 of FY-24. This represents a meagre YoY increase of 0.59% from the company’s Rs. 270 crore revenue logged for Q3 of FY-23.

Bajaj Electricals’ Volume of Share Trades Increase to 3x Post Announcement of Results

Even though Bajaj Electricals’ share price saw a minor increase of 0.47% after announcing its Q3 of FY-24 results, the volume of share trades of the company saw an increase to over 3 times its prior value. Volume of shares traded peaked at 2,37,000 trades on the day Bajaj Electricals announced its Q3 FY-24 financials which is 3.29 times the number of trades on the previous trading day, which stood at 72,000.

Management Insights of Bajaj Electricals on Q3 FY-24 Financial Performance

During the company’s earnings call for its Q3 FY-24 financial performance, Mr. Anuj Poddar, Managing Director and Chief Executive Officer of Bajaj Electricals, said, “Consumer Products business has been a bit softer with a marginal de-growth at about 8%, while the Lighting Business has held relatively flat despite the soft environment”.

Speaking about CapEx, Mr. E. C. Prasad, CFO of Bajaj Electricals said that about Rs. 100 crore CapEx has been done by the company since the start of FY-24 till 31st December 2023. This amount has been invested in “new products”, and not for the expansion of manufacturing facilities. He added, “…this [CapEx] would continue for one more year because we’ll be launching more products under the Nex and also in the Bajaj categories. So we can expect about INR 40 crores, INR 50 crores more capex coming in for the next financial 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’. The company was renamed as Bajaj Electricals Ltd. in 1960. The company has 18 branch offices across India and a distribution network which is over 600 distributors strong.