ICICI Direct's research report on Bajaj Electricals
Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~78% to topline. Its premium brands include Morphy Richards and Nirlep. The company has over 2.3 lakh retail touch points across India • The company has been reducing exposure in the EPC business with maximum on executing high margin business.
We revise our rating from HOLD to BUY on the stock. We value Bajaj Electrical (BEL) at Rs 1340 using SOTP i.e.45x and 6x PE for CP and EPC respectively on FY24E EPS each.
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