- 09 Nov 2022
- ICICIdirect Research
Bajaj Electricals Q2FY23 results miss estimates
BAJAJELEC - 1105 Change: 4.05 (0.37 %)News:
Bajaj Electrical has changed its segment reporting by creating a separate Lighting segment effective from July’22. Consolidated net sales declined by 6% YoY to ~Rs1225 crore dragged by both consumer products (CP) and Engineering & Project (E&P) segments. The consumer product segment revenues declined by 3% YoY to 1159 crore. The company’s engineering & project (E&P) division revenues declined by 40% YoY to Rs 67 crore mainly due to low order book. The EBITDA margin came in at 7.8% up 56 bps YoY mainly due to improved profitability of E&P segment. On the E&P division front, company turned into profit and has reported EBIT of Rs 6 crore in Q1FY23. However, CP segment EBIT margin declined by 260 bps YoY to 7.6% mainly due to high raw material costs. PAT remained flat at Rs 62 crore mainly due to savings in interest costs