Bajaj Electricals reported a 21.5% quarter-over-quarter rise in net sales to Rs. 588 crore for Q2FY11, though margins fell. Operating margins declined to 7.6% from 10.7% in the prior year period due to lower margins in the engineering and projects division. Net profit fell 19.8% to Rs. 23.4 crore for the quarter as a result of lower margins and higher interest costs. While sales growth was strong in the consumer durables segment, overall results were impacted by flat revenues and margins in the engineering division where most projects were in completion stages with lower margins.
Due Diligence For Mergers And Acquisition PowerPoint Presentation SlidesSlideTeam
Due Diligence For Mergers And Acquisition PowerPoint Presentation Slides help you capture insights related to the target company before the takeover. This M&A due diligence PPT slideshow is designed especially for astute business professionals. Demonstrate the financial due diligence by employing state-of-the-art data visualizations featured in this PowerPoint theme. Illustrate key financial ratios to determine the liquidity, solvency, activity, and profitability of the target firm. Showcase details related to technology/intellectual property and sales. Represent strategic fit or the financial and business compatibility of your organization with the target company. This business merger PPT presentation helps you in presenting a material contract checklist. Also, highlight the employee management issues through our due diligence and M & A PowerPoint template. Elucidate legalities such as litigation timeline, and taxation. Communicate the antitrust and regulatory issues and insurance checklist. Convey the environmental issues and general corporate matters. Download the commercial due diligence PPt slides to elaborate on the marketing and business development process, and present a competitive analysis. Our Due Diligence For Mergers And Acquisition PowerPoint Presentation Slides are topically designed to provide an attractive backdrop to any subject. Use them to look like a presentation pro. https://bit.ly/3lV46bD
Ceat Q1FY15: Higher opex impact margins; Book profitsIndiaNotes.com
CEAT reported results which were below expectations. Sales were broadly in line with expectations but EBITDA margin declined by 160 bps QoQ. Book profits at current levels as there is no substantial upside from current levels.
Idea Cellular: Q1FY15 results above estimates, buyIndiaNotes.com
IDEA’s 1QFY15 consolidated EBITDA grew 19.5% YoY and 12.6% QoQ to INR25.1b vs our estimate of INR23.7b. PAT increased 49% YoY and 23.5% QoQ to INR7.3b (estimate INR6.8b). Maintain buy.
Dr. Reddy's 1FY15: Strong sales in key markets drive growth, marginsIndiaNotes.com
Dr Reddy’s sales reached Rs35.2bn in Q1FY15, in line withour estimate of Rs36.2bn. Adjusted EBITDA margin was at 23%and PAT atRs5.5bn in Q1FY15. Strong traction in key geographies such as US, India and ROW markets helped in 24% YoY.
Due Diligence For Mergers And Acquisition PowerPoint Presentation SlidesSlideTeam
Due Diligence For Mergers And Acquisition PowerPoint Presentation Slides help you capture insights related to the target company before the takeover. This M&A due diligence PPT slideshow is designed especially for astute business professionals. Demonstrate the financial due diligence by employing state-of-the-art data visualizations featured in this PowerPoint theme. Illustrate key financial ratios to determine the liquidity, solvency, activity, and profitability of the target firm. Showcase details related to technology/intellectual property and sales. Represent strategic fit or the financial and business compatibility of your organization with the target company. This business merger PPT presentation helps you in presenting a material contract checklist. Also, highlight the employee management issues through our due diligence and M & A PowerPoint template. Elucidate legalities such as litigation timeline, and taxation. Communicate the antitrust and regulatory issues and insurance checklist. Convey the environmental issues and general corporate matters. Download the commercial due diligence PPt slides to elaborate on the marketing and business development process, and present a competitive analysis. Our Due Diligence For Mergers And Acquisition PowerPoint Presentation Slides are topically designed to provide an attractive backdrop to any subject. Use them to look like a presentation pro. https://bit.ly/3lV46bD
Ceat Q1FY15: Higher opex impact margins; Book profitsIndiaNotes.com
CEAT reported results which were below expectations. Sales were broadly in line with expectations but EBITDA margin declined by 160 bps QoQ. Book profits at current levels as there is no substantial upside from current levels.
Idea Cellular: Q1FY15 results above estimates, buyIndiaNotes.com
IDEA’s 1QFY15 consolidated EBITDA grew 19.5% YoY and 12.6% QoQ to INR25.1b vs our estimate of INR23.7b. PAT increased 49% YoY and 23.5% QoQ to INR7.3b (estimate INR6.8b). Maintain buy.
Dr. Reddy's 1FY15: Strong sales in key markets drive growth, marginsIndiaNotes.com
Dr Reddy’s sales reached Rs35.2bn in Q1FY15, in line withour estimate of Rs36.2bn. Adjusted EBITDA margin was at 23%and PAT atRs5.5bn in Q1FY15. Strong traction in key geographies such as US, India and ROW markets helped in 24% YoY.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
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@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
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@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
1. Please refer to important disclosures at the end of this report 1
Y/E March (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy)
Net Sales 588 484 21.5 512 14.8
EBITDA 45 41 9.2 55 (18.4)
EBITDA margin (%) 7.6 8.4 10.7
PAT 23.4 22.5 3.9 29.2 (19.8)
Source: Company, Angel Research
Bajaj Electricals posted top-line of `588cr, which was in line with our estimates.
However, there was disappointment on the margins front, with OPM falling to
7.6% compared to 10.7% in 2QFY2010 and our expectation of 9.5%. The main
reason for the fall in OPM was subdued margins in the engineering and projects
(E&P) division. Interest costs rose to `7.6cr for the quarter. Net profit for the
quarter declined 19.8% yoy to `23.4cr (`29.2cr) on the back of lower margins
and higher interest costs. We remain Neutral on the stock.
OPM remains subdued on lower E&P margins: Sales for the quarter increased
mainly on the back of a strong 32.1% growth in the consumer durables business.
However, margins fell to 7.6% vis-à-vis 10.7% in 2QFY2010. This was mainly on
account of low EBIT margin of 3.1% in the E&P division. The main reason for the
decline in E&P division margin was that most of the projects were at the execution
and completion stage, when the project margins are the lowest. However, going
ahead, margins are set to improve with the execution portion expected to decline.
Outlook and Valuation: We are positive on the company’s business prospects,
owing to the healthy order book of `1,150cr in the E&P division and strong
growth in consumer durables. We expect sales to post a CAGR of 20.6% over
FY2010-12 to `3,241cr. As a result of the fall in margins in 2QFY2011, we have
revised downwards our margin estimates for FY2011 and FY2012 to 10.2% and
10.6% from 10.6% and 10.7%, respectively. We expect PAT to log a CAGR of
36.1% to `207cr over FY2010-12. At the CMP, the stock is trading at 17.7x and
13.9x FY2011E and FY2012E EPS. We maintain our Neutral view on the stock.
Key Financials
Y/E March (` cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 1,766 2,227 2,686 3,241
% chg 28.0 26.1 20.6 20.6
Net Profit 91 112 162 207
% chg 25.5 22.4 45.2 27.6
EBITDA (%) 10.3 10.5 10.2 10.6
EPS (`) 10.3 11.7 16.2 20.7
P/E (x) 27.8 24.5 17.7 13.9
P/BV (x) 10.1 5.7 4.5 3.6
RoE (%) 42.6 31.7 29.2 29.6
RoCE (%) 39.5 40.4 36.4 37.5
EV/Sales (x) 1.5 1.3 1.1 0.9
EV/EBITDA (x) 14.5 12.4 10.7 8.5
Source: Company, Angel Research
NEUTRAL
CMP `287
Target Price -
Investment Period -
Stock Info
Sector
Bloomberg Code BJE@IN
Shareholding Pattern (%)
Promoters 65.3
MF / Banks / Indian Fls 16.6
FII / NRIs / OCBs 6.1
Indian Public / Others 12.1
Abs. (%) 3m 1yr 3yr
Sensex 10.7 22.3 4.0
Bajaj Electrical 12.8 85.6 334.6
2
20,005
6,013
BJEL.BO
2,816
0.7
347/146
101971
Cons Durables
Avg. Daily Volume
Market Cap (` cr)
Beta
52 Week High / Low
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Jai Sharda
+91 22 4040 3800 Ext: 305
jai.sharda@angelbroking.com
Bajaj Electricals
Performance Highlights
2QFY2011 Result Update | Cons. Durables
October 27, 2010
2. Bajaj Electrical | 2QFY2011 Result Update
October 27, 2010 2
Exhibit 1: 2QFY2011 Performance
Y/E March (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy) FY2010 FY2009 % chg
Net Sales 587.8 483.9 21.5 512.1 14.8 2,228.6 1,765.7 26.2
Consumption of RM 444.4 369.9 20.1 365.2 21.7 1,652.4 1,314.9 25.7
(% of Sales) 75.6 76.5 71.3 74.1 74.5
Staff Costs 37.5 23.9 57.3 30.6 22.7 97.2 77.1 26.0
(% of Sales) 6.4 4.9 6.0 4.4 4.4
Other Expenses 61.3 49.3 24.4 61.8 (0.7) 235.7 193.8 21.6
(% of Sales) 10.4 10.2 12.1 10.6 11.0
Total Expenditure 543.2 443.1 22.6 457.5 18.7 1,985.2 1,585.9 25.2
Operating Profit 44.6 40.8 9.2 54.7 (18.4) 243.4 179.8 35.3
OPM (%) 7.6 8.4 10.7 10.9 10.2
Interest 7.6 5.7 33.7 8.5 (10.6) 31.5 37.0 (14.9)
Depreciation 2.3 2.4 (0.4) 2.4 (1.3) 9.2 8.6 7.6
Other Income 1.5 1.2 21.8 0.7 125.4 2.9 5.7 (49.8)
PBT (excl. Extr. Items) 36.1 34.0 6.3 44.4 (18.7) 205.6 140.0 46.9
Extr. Income/(Expense) - - - 5.0 -
PBT (incl. Extr. Items) 36.1 34.0 6.3 44.4 (18.7) 200.6 140.0 43.3
(% of Sales) 6.1 7.0 8.7 9.0 7.9
Provision for Taxation 12.8 11.5 11.0 15.3 (16.4) 75.4 50.7 48.7
(% of PBT) 35.3 33.8 34.3 37.6 36.2
Reported PAT 23.4 22.5 3.9 29.2 (19.8) 125.3 89.4 40.2
Prior Period Items 0.1 0.0 - 8.2 (0.0)
PATM (%) 4.0 4.7 5.7 5.6 5.1
Equity shares (cr) 9.8 9.8 8.7 9.8 9.8
EPS (`) 2.4 2.3 3.5 3.3 (28.8) 12.8 9.2 40.2
Adjusted PAT 23.2 22.5 3.3 29.2 (20.3) 117.1 89.4 31.0
Source: Company, Angel Research
Segment wise performance
The lighting segment sales grew by 10.1% during the quarter to `151.4cr
(`137.5cr). Margins came in at a low 4.5% for the division on the back of
fluctuating raw material prices. The division reported EBIT of `6.8cr.
The consumer durables segment led the growth of the company during the
quarter, registering sales of `279.8cr (`211.8cr), which was 32.1% higher yoy.
Margins for this business also fell yoy, but were strong qoq at 11.3%, with EBIT of
`31.7cr.
Sales of the E&P segment remained flat at `156.0cr (`155.6cr) yoy primarily on a
high base. The segment registered yoy growth of 75.8% in 2QFY2010. However,
the main highlight was the suppressed EBIT margin, which came in at a mere
3.1%. Margin was muted as most of the contracts during the quarter were at
completion stage, which is the least margin accretive stage of the projects. Going
ahead though, margins of the division are expected to bounce back.
3. Bajaj Electrical | 2QFY2011 Result Update
October 27, 2010 3
Exhibit 2: Segment-wise performance
Y/E Mar (` cr) 2QFY11 1QFY11 1QFY10 % chg (qoq) % chg (yoy)
Total Revenue
A) Lighting 151.4 110.0 137.5 37.6 10.1
B) Cons Durables 279.8 263.0 211.8 6.4 32.1
C) E&P 156.0 110.7 155.6 40.9 0.3
D) Others 0.6 0.2 0.7 238.9 (17.6)
Total 587.8 483.9 505.7 21.5 16.2
Less: Inter-Segment - - -
Net Sales 587.8 483.9 505.7 21.5 16.2
EBIT Margin (%)
A) Lighting 4.5 2.0 7.3 247bp (287bp)
B) Cons Durables 11.3 9.5 11.8 181bp (45bp)
C) E&P 3.1 10.2 11.2 (717bp) (813bp)
D) Others 59.0 (5.6) 89.2 6,457bp (3,017bp)
Source: Company, Angel Research
Sales growth comes in at 14.8% during the quarter
Over the past few quarters, the company has consistently reported strong sales
growth. However, sales growth was a relatively low in 2QFY2011 owing to flat
sales in the E&P segment, which however came on a high base. Going ahead, we
expect the company’s sales to strengthen following the boom in the consumer
durables and strong order book in the E&P segment.
Exhibit 3: Sales trend
Source: Company, Angel Research
OPM declines on low E&P division margins
OPM for 2QFY2011 declined to 7.6%, compared to 10.7% in 2QFY2010 owing to
low margins reported by the E&P division. However, the company’s margins being
seasonal in nature we expect them to improve as the projects in the E&P division hit
the high margin part of their cycle.
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3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
(%)
(`cr)
Sales (LHS) yoy Growth (RHS)
4. Bajaj Electrical | 2QFY2011 Result Update
October 27, 2010 4
Exhibit 4: OPM trend
Source: Company, Angel Research
PAT declines on lower margins
PAT declined 19.9% yoy in 2QFY2011 to `23.4cr (`29.2cr) owing to the 309bp
contraction in OPM. In the corresponding quarter of last year, PAT had jumped
137.4% yoy.
Exhibit 5: PAT trend
Source: Company, Angel Research
Management call - Key takeaways
The E&P business order book stands at `1,150cr currently. Of this, special
projects and rural electrification business is `370cr, high mast and street
furniture is `110cr and the transmission line towers is about `670cr.
Margins in 2QFY2011 were subdued due to more erection and
commissioning in the E&P division and fluctuations in the commodity prices.
However, OPM is expected to improve from 3QFY2011 as the pressure on
margins in the E&P division is expected ease and benefits from some pricing
decisions that the company has recently taken starts kicking in.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0
10
20
30
40
50
60
70
80
90
100
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
(%)
(`cr)
EBITDA (LHS) OPM (RHS)
(40)
(20)
0
20
40
60
80
100
120
140
160
0
5
10
15
20
25
30
35
40
45
50
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
(%)
(`cr)
PAT (LHS) PAT growth (RHS)
5. Bajaj Electrical | 2QFY2011 Result Update
October 27, 2010 5
Revenues during the quarter were mainly driven by volume growth. Value
growth contributed only 3-4% of top-line growth, while the balance 11-12%
growth came due to the increase in volumes.
The working capital cycle has increased mainly because of the E&P division
where working capital has increased, but sales have remained flat yoy.
The company is looking at the water purification business and building
management systems as possible avenues for growth in future.
Investment Arguments
Leveraging on strong Brands and substantial Market share: BEL has strong brand
positioning and well-spread distribution network. As per the company's internal
estimates, it is the fastest growing player in the Domestic Appliances market, which
is growing at 20% pa. In the Small Appliances market, BEL enjoys a market share
of over 15-30% across products.
Focus on high-Margin E&P Division: Post the shift in revenue mix, BEL has been
focusing on the high-margin E&P division. The division enjoys high margins of
12-13% compared to overall margins of 8%. In FY2005, E&P contributed 14.8%
(`99.5cr) of BEL's gross sales, which grew to 33.6% (`756cr) in FY2010. By
FY2012E, we expect E&P to contribute 36.7% (`1208cr) of gross sales. We expect
EBDITA margins to sustain at current levels with a positive bias.
Future growth drivers - Rural markets, acquisitions, newer verticals: BEL plans to
capitalise on the growth in the rural markets. BEL has also identified 7-8 potential
acquisition candidates across businesses. Management expects around 15% of
sales in future to come from the acquired businesses. The company also plans to
foray into newer verticals like water management, which is an underpenetrated
and rapidly growing market.
Outlook and Valuations
We maintain our positive stance on the company given its comfortable order book
position, robust demand in the consumer durables segment and good monsoons
this year. We expect sales to register a CAGR of 20.6% over FY2010-12. However,
we have revised downwards our OPM estimates to 10.2% from 10.6% in FY2011E
and 10.6% from 10.7% in FY2012E on the back of lower reported margins in
2QFY2011. Overall, we expect PAT to post a CAGR of 36.1% over FY2010-12 to
`207cr.
At the CMP, the stock is trading at 17.7x and 13.9x FY2011E and FY2012E EPS,
factoring in most of the positives of the business. We maintain our Neutral
recommendation on the stock.
6. Bajaj Electrical | 2QFY2011 Result Update
October 27, 2010 6
Exhibit 6: 2QFY2011 results: Actual v/s estimated
Actual Estimated Difference (%)
Sales (` cr) 587.8 599.9 (2.0)
EBITDA (` cr) 44.6 57.0 (21.8)
OPM (%) 7.6 9.5 (192bp)
PAT (` cr) 23.4 33.1 (29.4)
Source: Company, Angel Research
Exhibit 7: Change in estimates
(` cr) Old New % chg
FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Sales 2,686 3,241 2,686 3,241 - -
EBITDA 284 345 273 342 (3.8) (0.9)
EBITDA margin (%) 10.6 10.7 10.2 10.6
PAT 169 209 162 207 (4.1) (1.0)
EPS (`) 16.9 20.9 16.2 20.7 (4.1) (1.0)
Source: Angel Research
Exhibit 8: Key assumptions
FY2011E FY2012E Remarks
E&P Contribution to Sales 35.0 36.7 Strong Order Book to lead Sales
Cons Durables Contribution to Sales 42.7 42.3 Consumer demand expected to remain robust
Lighting Contribution to Sales 22.3 20.9
OPM (%) 10.2 10.6 OPM revised downwards owing to disappointing 2QFY2011 performance
Tax Rate (%) 34.4 34.4
Source: Angel Research
Exhibit 9: One year forward P/E
Source: Company, Bloomberg, Angel Research
0
50
100
150
200
250
300
350
Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10
Shareprice(`)
CMP 6x 8x 10x 13x 16x
11. Bajaj Electrical | 2QFY2011 Result Update
October 27, 2010 11
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement Bajaj Electricals
1. Analyst ownership of the stock No
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