Nachiket Kelkar
moneycontrol.com
Recently, competition has increased in the home appliances market in India and Bajaj Electricals doesn't want to be left behind. It is launching a whole range of products across various price points and may even look at exclusive brand for rural markets in the future in its bid to consolidate its position as market leader. It will also look at innovative products to grow its lighting business.
The company has a capital expenditure plan of around Rs 25 crore per year, which will be used across the business.
The company is expanding its lighting business with a big thrust on LED rechargeable lanterns, LED solar lanterns, and LED torches especially targeted at electricity starved rural areas. It is also adding new products in the appliances space, like induction cookers, pressure cookers, gas stoves and chimneys, which it feels will drive growth going ahead.
Bajaj Electricals has also become quite aggressive in newer segments like water purifiers. This is a segment dominated by established players like Eureka Forbes, Hindustan Unilever and Kent. So will a new entrant like Bajaj Electricals find takers? R Ramakrishnan, executive director, Bajaj Electricals is unfazed.
"The market is so large. I really don't have to beat any existing incumbent. Our task is to expand the read more
(Rs Cr.):
| Mar '12 | Mar '11 |
| Face Value | 2.00 | 2.00 |
| Dividend Per Share | 2.80 | 2.80 |
| Operating Profit Per Share (Rs) | 23.97 | 25.84 |
| Net Operating Profit Per Share (Rs) | 311.01 | 277.09 |
| Free Reserves Per Share (Rs) | 67.21 | 58.76 |
| Bonus in Equity Capital | 55.41 | 55.86 |
| Operating Profit Margin(%) | 7.70 | 9.32 |
| Profit Before Interest And Tax Margin(%) | 7.27 | 8.89 |
| Gross Profit Margin(%) | 7.30 | 8.93 |
| Cash Profit Margin(%) | 4.17 | 5.69 |
| Adjusted Cash Margin(%) | 4.17 | 5.69 |
| Net Profit Margin(%) | 3.78 | 5.26 |
| Adjusted Net Profit Margin(%) | 3.78 | 5.26 |
| Return On Capital Employed(%) | 27.07 | 35.85 |
| Return On Net Worth(%) | 17.05 | 24.06 |
| Adjusted Return on Net Worth(%) | 16.98 | 24.24 |
| Return on Assets Excluding Revaluations | 69.35 | 60.90 |
| Return on Assets Including Revaluations | 70.24 | 61.82 |
| Return on Long Term Funds(%) | 32.50 | 39.51 |
| Current Ratio | 1.26 | 1.33 |
| Quick Ratio | 1.20 | 1.18 |
| Debt Equity Ratio | 0.27 | 0.19 |
| Long Term Debt Equity Ratio | 0.06 | 0.08 |
| Interest Cover | 3.92 | 7.10 |
| Total Debt to Owners Fund | 0.27 | 0.19 |
| Financial Charges Coverage Ratio | 4.02 | 7.12 |
| Financial Charges Coverage Ratio Post Tax | 3.09 | 5.13 |
| Inventory Turnover Ratio | 8.84 | 9.43 |
| Debtors Turnover Ratio | 2.85 | 3.02 |
| Investments Turnover Ratio | 8.84 | 9.43 |
| Fixed Assets Turnover Ratio | 11.46 | 11.99 |
| Total Assets Turnover Ratio | 3.53 | 3.82 |
| Asset Turnover Ratio | 3.84 | 11.99 |
| Average Raw Material Holding | 51.69 | 64.44 |
| Average Finished Goods Held | 37.25 | 35.11 |
| Number of Days In Working Capital | 68.42 | 65.43 |
| Material Cost Composition | 77.50 | 79.28 |
| Imported Composition of Raw Materials Consumed | 4.77 | 3.81 |
| Selling Distribution Cost Composition | 5.84 | 5.34 |
| Expenses as Composition of Total Sales | 0.07 | 0.11 |
| Dividend Payout Ratio Net Profit | 27.70 | 22.32 |
| Dividend Payout Ratio Cash Profit | 25.04 | 20.77 |
| Earning Retention Ratio | 72.18 | 77.85 |
| Cash Earning Retention Ratio | 74.86 | 79.37 |
| AdjustedCash Flow Times | 1.44 | 0.74 |
| Mar '12 | Mar '11 |
| 12 mths | 12 mths |
| Total Share Capital | 19.93 | 19.77 |
| Equity Share Capital | 19.93 | 19.77 |
| Share Application Money | 0.00 | 0.02 |
| Preference Share Capital | 0.00 | 0.00 |
| Reserves | 671.11 | 582.24 |
| Revaluation Reserves | 8.82 | 9.08 |
| Networth | 699.86 | 611.11 |
| Secured Loans | 76.66 | 48.26 |
| Unsecured Loans | 110.50 | 68.21 |
| Total Debt | 187.16 | 116.47 |
| Total Liabilities | 887.02 | 727.58 |
| Mar '12 | Mar '11 |
| 12 mths | 12 mths |
| Gross Block | 270.32 | 230.16 |
| Less: Accum. Depreciation | 86.29 | 76.88 |
| Net Block | 184.03 | 153.28 |
| Capital Work in Progress | 69.96 | 39.94 |
| Investments | 44.06 | 36.58 |
| Inventories | 355.24 | 294.64 |
| Sundry Debtors | 1,108.11 | 1,065.37 |
| Cash and Bank Balance | 52.00 | 45.40 |
| Total Current Assets | 1,515.35 | 1,405.41 |
| Loans and Advances | 149.93 | 140.91 |
| Fixed Deposits | 1.75 | 2.73 |
| Total CA, Loans & Advances | 1,667.03 | 1,549.05 |
| Deffered Credit | 0.00 | 0.00 |
| Current Liabilities | 998.31 | 978.20 |
| Provisions | 79.75 | 73.07 |
| Total CL & Provisions | 1,078.06 | 1,051.27 |
| Net Current Assets | 588.97 | 497.78 |
| Miscellaneous Expenses | 0.00 | 0.00 |
| Total Assets | 887.02 | 727.58 |
| Contingent Liabilities | 32.71 | 62.05 |
| Book Value (Rs) | 69.35 | 60.90 |
| Mar '12 | Mar '11 |
| 12 mths | 12 mths |
| Net Profit Before Tax | 175.95 | 218.85 |
| Net Cash From Operating Activities | 90.12 | 102.51 |
| Net Cash (used in)/from Investing Activities |
-67.48 | -20.72 |
| Net Cash (used in)/from Financing Activities | -16.90 | -94.90 |
| Net (decrease)/increase In Cash and Cash Equivalents | 5.75 | -13.11 |
| Opening Cash & Cash Equivalents | 46.11 | 61.24 |
| Closing Cash & Cash Equivalents | 51.86 | 48.13 |



















