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As on May 22, 2019 12:00 AM Your results on : Corporate Results    
Bajaj Electricals
22-May-2019 (19:10)
Bajaj Electricals reported a 10% rise in net sales for Mar 19 quarter to Rs 1772.94 crore. The OPM stood at 3.9% up down 450 bps to 3.9% resulting in a 49% decrease in OP to Rs 69.38 crore. Other income was higher by 16% to Rs 26.27 crore. The interest costs were higher by 171% to Rs 41.89 crore, depreciation costs were higher by 12% to Rs 9.90 crore. Thus at PBT level, profit for Mar 19 quarter stood at Rs 43.86 crore down by 67% YoY. There was an EO expense of Rs 89.36 crore, pertaining to impairment of investments in Starlite lighting JV in Mar 18 quarter compared to Nil for Mar 19 quarter. PBT after EO thus stood at Rs 43.86 crore flat on YoY basis. After paying total tax of Rs 15.32 crore down by 58% YoY, PAT for Mar 19 quarter stood at Rs 28.54 crore up by 290% YoY.

For the quarter, sales from the Consumer product segment stood at Rs 741.03 crore up by 15% and accounted for 42% of sales. PBIT from the same was up by 22% to Rs 45.95 crore and accounted for 52% of total with PBIT margin at 6.2%. For the quarter, sales from the Engineering and Product Segment stood at Rs 1031.84 crore and accounted for 58% of sales and were up by 7% YoY. PBIT from the same was lower by 60% to Rs 43.35 crore and accounted for 49% of total with PBIT margin at 4.2% as compared to 11.2% for Mar 18 quarter.

Mr. Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals Limited, said

Consumer Products Segment continued to reap the benefits of Range & Reach Expansion Programme (RREP), registering a good growth with improvement in margins. RREP has now been fully rolled out pan-India, which helps the Company to reach out to end consumers through more than 2,05,000 retail outlets across the country. This has given the Company an edge over the competition in terms of product availability and reach, which is driving segment growth. Operating profit has grown by 22.3% from Rs. 37.63 Cr. to Rs. 45.95Cr with improvement in operating margins from 5.8% to 6.2%. The segment is expected to continue its good performance in the future years as well.

EPC segment, during the quarter, continued its execution of Power Distribution projects under the 'Saubhagya Scheme' in the state of Uttar Pradesh, which has formed a sizeable proportion of the EPC turnover. As the margin on these orders are relatively lower, the overall margin of the segment have been impacted during the quarter.

The current order book stands at Rs. 4,844Cr, comprising of Rs. 700Cr for Transmission Line Towers; Rs. 4,032Cr for Power Distribution; and Rs. 112Cr for Illumination Projects.

Performance for 12 months ended Mar 19

The company reported 42% rise in net sales to Rs 6673.14 crore for 12 months ended Mar 19. OPM was down by 120 bps to 5.2% thus resulting in a 15% rise in OP to Rs 348.35 crore. Other income was up by 23% to Rs 65.43. Interest cost was up by 97% to Rs 115.88 crore resulting in a flat PBDT to Rs 297.90 crore. Depreciation was down by 12% to Rs 38.46 crore, thus resulting in the PBT growth of 2% to Rs 259.44 crore. There was an EO expense of Rs 89.36 crore pertaining to writeoff of investments in Starlite lighting as compared to Nil for FY 19. Thus, PBT after EO stood at Rs 259.44 crore up by 58%. After providing total tax of Rs 92.37 crore, PAT for 12 months ended Mar 19 period was up by 100% to Rs 167.07 crore.

For the 12 months, sales from the Consumer product segment stood at Rs 2740.76 crore up by 23% and accounted for 41% of sales. PBIT from the same was up by 66% to Rs 180.07 crore and accounted for 48% of total.

For the 12 months, sales from the Engineering and Product Segment stood at Rs 3931.88 crore and accounted for 59% of sales. PBIT from the same was flat at Rs 195.31 crore and accounted for 52% of total.

During the year, Company acquired 79.85% equity shares in Nirlep Appliances Private Limited, for a cash consideration of Rs 30. 70 crores. Company has accounted for the acquisition as a business combination under Ind AS 103 and accounted for the fair value of assets and liabilities acquired on a provisional basis resulting in a goodwill of Rs 24.94 crores. The results of this business are included under consumer product segment.

During the quarter ended on March 31, 2019, the Company issued 1850 unsecured listed redeemable non-convertible debentures (NCDs) of Rs.10,00,000/-each, aggregating to Rs.185 crore, on private placement basis,

The Board of Directors have recommended a dividend of Rs.3.50 per share of Rs. 2 each (175%) for the financial year 2018-19

Bajaj Electricals: Results

1903(03)1803(03)Var. (%)1903(12)1803(12)Var (%)
Net Sales1772.94 1606.27 106673.144707.4542
OPM (%)3.98.45.26.4
OP69.38134.97-49348.35303.4415
Other Income26.27 22.55 1665.4353.1923
PBDIT95.65157.52-39413.78356.6316
Interest41.89 15.45 171115.8858.8697
PBDT53.76142.07-62297.90297.770
Depreciation9.90 8.86 1238.4643.94-12
PBT before EO43.86133.21-67259.44253.832
EO0.0089.3600.0089.360
PBT after EO43.8643.850259.44164.4758
Tax15.32 36.54 -5892.3780.8514
PAT28.547.31290167.0783.62100
PPA0.000.0000.000.000
PAT after PPA28.547.31290167.0783.62100
EPS (Rs)*##16.314.0
* Annualized on current equity of Rs 20.48 crore. Face Value: Rs 2
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items;
EPS is calculated after excluding EO and relevant tax
Var(%) exceeding 999 is restricted to 999
Figures in crore, Source: Capitaline Database

Bajaj Electricals: Segmental Result

1903(03)1803(03)(%) of TotalVar. (%) 1903(12)1803(12)(%) of TotalVar (%)
Net Sales
Consumer Products741.03 644.64 42152740.76 2228.46 4123
Engineering and Projects1031.84 961.48 5873931.88 2487.56 5958
Others0.07 0.15 0-530.50 0.37 035
Total1772.941606.27100106673.144716.3910041
PBIT
Consumer Products45.95 37.63 5222180.07 108.68 4866
Engineering and Projects43.35 108.16 49-60195.31 194.60 520
Others(0.19)(0.05)0280(0.34)(0.45)0-24
Total Segment Results89.11145.74100-39375.04302.8310024
Less :-
Finance costs41.8915.45171115.8858.8697
Others3.3686.44-96-0.2879.50-100
PBT43.8643.850259.44164.4758
Figures in Rs crore, LP: Loss to Profit, PL: Profit to Loss
Source: Capitaline Database

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