BAJAJELEC Results: Half Yearly Results of Bajaj Electricals

Y/e 31 Mar	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Growth matrix (%)
Revenue growth	(8.10)	5.94	10.50	(7.20)
Op profit growth	45.50	(29)	20.90	(8.10)
EBIT growth	64.40	(40)	21.60	(13)
Net profit growth	(2,153)	(111)	(18)	(5.20)
Profitability ratios (%)
OPM	6.61	4.18	6.23	5.70
EBIT margin	6.48	3.63	6.42	5.83
Net profit margin	4.16	(0.20)	1.78	2.40
RoCE	12.70	8.69	18.70	15.40
RoNW	3.26	(0.20)	2.32	3.16
RoA	2.04	(0.10)	1.29	1.59
Per share ratios ()
EPS	16.50	(0.90)	8.20	10.10
Dividend per share	--	--	3.50	2.80
Cash EPS	10.10	(7.30)	4.87	7.14
Book value per share	138	119	91.80	85.20
Valuation ratios
P/E	59.20	(297)	66.80	30.20
P/CEPS	97	(37)	113	42.70
P/B	7.09	2.26	5.97	3.58
EV/EBIDTA	31.40	15.80	19.10	13.50
Payout (%)
Dividend payout	--	--	42.70	27.80
Tax payout	(23)	(174)	(33)	(36)
Liquidity ratios
Debtor days	142	139	120	118
Inventory days	67.10	46.80	44.60	46.20
Creditor days	(77)	(65)	(61)	(51)
Leverage ratios
Interest coverage	(5.80)	(1.10)	(5.10)	(3.10)
Net debt / equity	0.31	0.73	0.74	0.67
Net debt / op. profit	1.60	4.70	2.38	2.39
Cost breakup ()
Material costs	(65)	(67)	(66)	(65)
Employee costs	(8.60)	(7.80)	(6.80)	(7.70)
Other costs	(19)	(21)	(21)	(22)

Y/e 31 Mar( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	4,585	4,987	4,707	4,262
yoy growth (%)	(8.10)	5.94	10.50	(7.20)
Raw materials	(2,996)	(3,330)	(3,104)	(2,757)
As % of sales	65.30	66.80	65.90	64.70
Employee costs	(395)	(389)	(318)	(329)
As % of sales	8.61	7.80	6.75	7.72
Other costs	(891)	(1,060)	(992)	(933)
As % of sales	19.40	21.30	21.10	21.90
Operating profit	303	208	293	243
OPM	6.61	4.18	6.23	5.70
Depreciation	(75)	(74)	(34)	(30)
Interest expense	(51)	(171)	(59)	(80)
Other income	69.20	46.20	42.60	35.60
Profit before tax	246	10	243	168
Taxes	(57)	(17)	(81)	(60)
Tax rate	(23)	(174)	(33)	(36)
Minorities and other	1.59	1.01	--	--
Adj. profit	191	(6.40)	162	108
Exceptional items	--	--	(79)	--
Net profit	191	(9.30)	83.60	102
yoy growth (%)	(2,153)	(111)	(18)	(5.20)
NPM	4.16	(0.20)	1.78	2.40

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	4,573	4,977	4,707	4,262
yoy growth (%)	(8.10)	5.73	10.50	(7.20)
Raw materials	(2,997)	(3,331)	(3,104)	(2,757)
As % of sales	65.50	66.90	65.90	64.70
Employee costs	(388)	(383)	(318)	(329)
As % of sales	8.49	7.70	6.75	7.72
Other costs	(887)	(1,055)	(992)	(933)
As % of sales	19.40	21.20	21.10	21.90
Operating profit	302	207	293	243
OPM	6.59	4.16	6.23	5.70
Depreciation	(69)	(68)	(34)	(30)
Interest expense	(76)	(169)	(59)	(80)
Other income	72.70	52.60	53.20	35.60
Profit before tax	229	22.40	254	168
Taxes	(58)	(23)	(81)	(60)
Tax rate	(25)	(101)	(32)	(36)
Minorities and other	--	--	--	--
Adj. profit	172	(0.10)	173	108
Exceptional items	11.80	--	(89)	--
Net profit	184	(0.10)	83.60	108
yoy growth (%)	(139,645)	(100)	(22)	(2.40)
NPM	4.02	--	1.78	2.53

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Profit before tax	246	10	243	168
Depreciation	(75)	(74)	(34)	(30)
Tax paid	(57)	(17)	(81)	(60)
Working capital	46.30	624	--	(624)
Other operating items	--	--	--	--
Operating cashflow	160	543	128	(546)
Capital expenditure	478	312	--	(312)
Free cash flow	638	855	128	(858)
Equity raised	2,101	2,180	1,784	2,092
Investments	(72)	(59)	--	59.10
Debt financing/disposal	1,032	1,356	1,183	1,375
Dividends paid	--	--	35.70	28.40
Other items	--	--	--	--
Net in cash	3,699	4,332	3,132	2,697

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	23	22.80	20.60	20.60
Preference capital	--	--	--	--
Reserves	1,555	1,326	1,035	916
Net worth	1,578	1,348	1,056	937
Minority interest
Debt	548	1,084	1,590	723
Deferred tax liabilities (net)	70.10	36.60	45.60	31.60
Total liabilities	2,196	2,469	2,692	1,691
Fixed assets	549	480	402	322
Intangible assets
Investments	4.71	12.90	10.80	7.65
Deferred tax asset (net)	123	81.70	103	105
Net working capital	1,458	1,790	2,159	1,231
Inventories	986	699	830	579
Inventory Days	78.50	51.10	--	44.90
Sundry debtors	1,512	2,049	2,624	1,749
Debtor days	120	150	--	136
Other current assets	1,101	1,177	1,238	709
Sundry creditors	(949)	(858)	(1,055)	(850)
Creditor days	75.60	62.80	--	65.90
Other current liabilities	(1,193)	(1,277)	(1,478)	(957)
Cash	61.60	105	16.40	25.70
Total assets	2,196	2,469	2,692	1,691

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Sep-2021	Mar-2021	Sep-2020	Mar-2020
Gross Sales	2,599	2,128	2,733	1,814	2,536
Excise Duty	--	--	--	--	--
Net Sales	2,599	2,128	2,733	1,814	2,536
Other Operating Income	54.90	30.40	25.60	12.20	48.30
Other Income	38.70	29.70	50.20	44.50	24.10
Total Income	2,693	2,189	2,809	1,870	2,609
Total Expenditure **	2,512	2,064	2,538	1,743	2,481
PBIDT	181	125	270	128	127
Interest	27.10	42.70	27.20	49.20	75.80
PBDT	154	81.90	243	78.30	51.40
Depreciation	35.10	34.10	37.60	37.60	38.20
Minority Interest Before NP	--	--	--	--	--
Tax	29.70	18.60	42	5.58	1.19
Deferred Tax	1.92	(8.40)	11.10	(1.40)	3.45
Reported Profit After Tax	86.80	37.60	152	36.50	8.56
Minority Interest After NP	(0.70)	(3.40)	(0.80)	(0.80)	(0.20)
Net Profit after Minority Interest	87.60	41	153	37.30	8.72
Extra-ordinary Items	(13)	--	(3)	24.50	--
Adjusted Profit After Extra-ordinary item	101	41	156	12.70	8.72
EPS (Unit Curr.)	7.62	3.28	13.40	3.20	0.77
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	--	--	--	--	--
Equity	23	23	22.90	22.80	22.80
Public Shareholding (Number)	--	--	--	--	--
Public Shareholding (%)	--	--	--	--	--
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	--	--	--	--	--
Non Encumbered - % in Total Promoters Holding	--	--	--	--	--
Non Encumbered - % in Total Equity	--	--	--	--	--
PBIDTM(%)	6.95	5.85	9.89	7.03	5.02
PBDTM(%)	--	--	--	--	--
PATM(%)	3.34	1.77	5.58	2.01	0.34