Bajaj Electricals (500031) Q4 23/24 earnings summary

Executive summary

• FY24 was a mixed year: continuing-operations revenue fell 5.07% YoY and consolidated PAT declined 39.37%, reflecting weak mass-market demand and margin pressure.

• The EPC demerger, effective September 1, 2023, left the business focused on Consumer Products and Lighting Solutions.

• Premiumisation, consumer-centric innovation and brand renewal remain central to the growth strategy; management expects revenue growth and margin recovery in FY25.

Financial highlights

• Standalone revenue from operations was ₹4,641.27 crore, down 5.07% YoY; total income was ₹4,727.74 crore versus ₹4,934.28 crore.

• Consolidated PBT was ₹173.10 crore versus ₹302.39 crore; PAT was ₹131.08 crore versus ₹216.18 crore, down 39.37% YoY.

• EBITDA was ₹346.16 crore versus ₹419.79 crore; operating cash flow was ₹354 crore, supported by working-capital release and operating profits.

• Standalone PAT was ₹131.79 crore versus ₹216.34 crore; continuing-operations basic EPS was ₹11.81 versus ₹18.74.

Outlook and guidance

• Management expects Consumer Products to return to revenue growth and margins to recover in FY25, contingent on a pickup in consumption demand.

• Consumer Lighting benefits are expected to begin materialising in FY25; the Professional Lighting order book remains healthy.

• A portfolio refresh across four brands and stronger e-commerce, quick-commerce and modern-trade presence are planned over the next 2–3 years.

• Project Nysa 2.0 is expected to be fully launched and adopted by end-FY25 to support efficiency and more informed decisions.