Saturday, June 22, 2024
HomeMarket NewsBajaj Electricals’ shares down on Q1 results

Bajaj Electricals’ shares down on Q1 results

Published on

Latest articles

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its...

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono It...


Bajaj Electricals Ltd’s shares were down by 2 per cent after the company reported a 9.8 per cent decrease in profit for the quarter ended June 30, 2023, at ₹37.13 crore compared to ₹41.19 crore during the corresponding quarter last year.

The company’s revenues were down by 1.5 per cent to ₹1,112.13 crore compared to ₹1,129.19 crore last year. Sequentially, the company’s profits were lower by 28 per cent compared to ₹51.85 crore in the previous quarter.

In a note, ICICI Securities said, “While Bajaj Electricals reported weaker Q1FY24 than peers and our expectations, we note that the EPC business is likely to be demerged very soon (3-4  months), and Bajaj  Electricals has repaid the debt and has net cash balance sheet. Hence,  it can leverage the cash flows to grow the consumer business in FY24–25, and (2) it plans to invest in Nex (new brand) and Nirlep (relaunch). The success of these two brands will create new revenue streams for premium products and kitchen appliances. As the issue of disruption in trade due to regulatory changes in fans is largely over, the company is likely to report healthy revenues from the holiday season in H2FY24. We remain constructive and maintain an ADD rating with DCF based revised target price of INR 1,320 (implied P/E 44x FY25E; Earlier TP: INR 1,300).”

The share price were down by 2 per cent to ₹1193 at 10.04 am on BSE.





Source link

More like this

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its...