Dear All,
Forwarding you the Result Flash on Bajaj Electricals for 4QFY2011 with a Neutral recommendation.
Bajaj Electricals reported its 4QFY2011 results. Sales were in-line with our estimates, but OPM, and therefore PAT, was lower than expectations.
Exhibit 1: Quarterly Results Summary
| (Rs cr) | 4QFY11 | 4QFY10 | % yoy | Angel Est | % Diff |
| Revenue | 979.6 | 784.2 | 24.9 | 972.2 | 0.8 |
| EBITDA | 101.7 | 92.3 | 10.3 | 115.9 | (12.2) |
| OPM (%) | 10.4 | 11.8 | 11.9 | ||
| PAT | 63.5 | 50.6 | 25.6 | 70.8 | (10.3) |
The key highlights of the result are:
· The top-line grew 24.9% yoy to Rs980cr (Rs784cr), which was in-line with our estimates of Rs972cr. The growth in top-line was driven by the Consumer Durables and Engineering and Projects (E&P) segments. These segments grew by 28.9% and 29.8% yoy, to Rs402cr (Rs312cr) and Rs376cr (Rs290cr) respectively. The Lighting segment grew by 10.4% during the quarter, with revenues of Rs201cr (Rs182cr).
· OPM declined by 138bp to 10.4% (11.8%), which was below our estimates, mainly because of higher than expected raw material prices.
· EBIT margins for E&P segment was back on track, increasing by 44bps to 10.5% (10.1%), while Consumer Durables and Lighting segment margins declined by 324bps and 141bps, to 11.1% (14.3%) and 8.0% (9.4%) respectively.
· PAT grew by 25.6% yoy to Rs64cr (Rs51cr), below our expectation of Rs71cr.
Exhibit 2: 4QFY2011 Performance
| Y/E March (Rs cr) | 4QFY11 | 3QFY11 | % chg (qoq) | 4QFY10 | % chg (yoy) | FY2011 | FY2010 | % chg |
| Net Sales | 979.6 | 689.5 | 42.1 | 784.2 | 24.9 | 2,740.8 | 2,228.6 | 23.0 |
| Consumption of RM | 764.5 | 515.9 | 48.2 | 607.8 | 25.8 | 2,094.7 | 1,651.4 | 26.8 |
| (% of Sales) | 78.0 | 74.8 | 77.5 | 76.4 | 74.1 | |||
| Staff Costs | 32.4 | 28.7 | 13.0 | 21.7 | 49.2 | 122.4 | 97.2 | 26.0 |
| (% of Sales) | 3.3 | 4.2 | 2.8 | 4.5 | 4.4 | |||
| Other Expenses | 81.0 | 74.1 | 9.3 | 62.5 | 29.6 | 265.7 | 237.4 | 11.9 |
| (% of Sales) | 8.3 | 10.7 | 8.0 | 9.7 | 10.7 | |||
| Total Expenditure | 877.9 | 618.6 | 41.9 | 692.0 | 26.9 | 2,482.8 | 1,986.0 | 25.0 |
| Operating Profit | 101.7 | 70.9 | 43.5 | 92.3 |
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