Result Update

Institutional Research
India I Consumer Electricals
11 August, 2023

Bajaj Electricals ADD

Price: Rs1,184
Soft quarter amid challenging market conditions Target Price: Rs1,240
Forecast return: 5%

BJE reported flat YoY sales at Rs11.1bn amidst subdued consumer demand and Market Data
unseasonal rains impacting peak summer. Consumer products grew 2% YoY to Rs8.7bn Bloomberg: BJE IN
as 10% YoY growth in Appliances was offset by 8% YoY decline in fans. Lighting sales 52 week H/L: 1,328/1,003
fell 13% YoY to Rs2.4bn amid demand weakness and LED price erosion. BJE continues Market cap: Rs136.3bn
to de-risk its concentration on general trade (down 9% YoY), as it scale up alternate Shares Outstanding: 115.1mn
channels like modern retail (+50%), Institutional (+20%), CSD (+20%) and E-commerce
Free float: 37.4%
(+20%). Gross margin improved 60bps YoY to 29.6% while EBITDA margin fell 40bps
Avg. daily vol. 3mth: 1,31,888
YoY to 6.1% due to higher logistic costs and continued investment in brand building Source: Bloomberg
and R&D. Lower operating profit led to 10% decline in PAT to Rs375mn. BJE aims for
Changes in the report
200bps gross margin expansion over next 2-3 years driven by premiumization, sourcing
Rating: ADD; Unchanged
and cost efficiencies. The management believes that BJE’s financial metrics are healthy
Target price: Rs1,240; up 3.3%
and once demand revives and operating leverage kicks in, the operating margin profile
Transitioning to only consumer
be close to double digit, possibly in FY25. BJE has transitioned to reporting financials EPS:
business estimates
of only consumer entity without EPC business as NCLT approval for de-merger is Source: Centrum Broking
received. We retain ADD rating on the stock with a target price of Rs1,240 based on Shareholding pattern
SOTP basis. Jun-23 Mar-23 Dec-22 Sep-22
Consumer Products: Appliances growth offset by Fans’ decline Promoter 62.9 62.9 62.9 62.9
Consumer Products sales grew 2% YoY to Rs8.7bn with EBIT margin of 4.7%, down 30bps FIIs 14.3 14.3 13.6 14.0
YoY. Decent 10% YoY growth in Appliances was offset by 8% YoY decline in Fans segment DIIs 11.9 12.4 12.2 12.3
due to unseasonal rains in peak summer. Volume de-growth in fans was in early double Public/other 11.0 10.5 11.3 10.8
Source: BSE
digits. Premiumization in fans is underway as the share of sub-economy fans is down to
58% in Q1FY24 vs. 67% in FY23. The share of BLDC fans in ceiling fans portfolio rose to Centrum estimates vs Actual results
14% vs. 2% YoY. BJE has soft launched its Nex brand of premium fans (priced at Rs2,500- YE Mar *Centrum Actual Variance
7,500). Price under-recovery in fans still stays at 3-5% due to high competition. The (Rs mn) Q1FY24 Q1FY24 (%)
Nirlep brand for appliances would be re-launched in Sept’23 with new product portfolio Revenue - 11,121 -
and wider price range with initial launch of pressure cookers and cookware. Morphy EBITDA - 676 -
Richards portfolio grew 12% YoY on a low base. In-house manufacturing share is at 15- EBITDA margin (%) - 6.1 -
20%, and could rise by 10% over next few years. PAT - 375 -
EPS - 3.3 -
Lighting: Weak consumer demand and LED price erosion impacts growth Source: Centrum Broking. Actual numbers are not comparable
Lighting sales fell 13% YoY to Rs2.4bn. EBIT margin was up 20bps YoY at 8.1%. Consumer to our estimates due to business restructuring as Bajaj
Electricals has transitioned to reporting financials of only
lighting witnessed sales decline while professional lighting sales was flat YoY, excluding consumer entity without EPC business
EESL order from the base quarter. Weakness in demand was the prominent reason for
sales decline, while LED price erosion was in single digit. BJE is focusing on improving its
sales mix through value added products. In-house manufacturing share is at 30%, and
could rise by 10% over next few years.
Retain ADD rating with a revised target price of Rs1,240
We expect BJE to post 13% revenue CAGR over FY23-25E, while 120bps operating margin
expansion and lower tax rate will drive 30% earnings CAGR. Maintain ADD with SOTP
target of Rs1,240 valuing consumer business at Rs1,200 and EPC at Rs40.
Financial and valuation summary
YE Mar (Rs mn) 1QFY24A 1QFY23A YoY (%) 4QFY23A QoQ (%) FY23A FY24E FY25E
Revenues 11,121 11,292 (1.5) 12,920 (13.9) 48,892 54,422 62,762
EBITDA 676 733 (7.8) 946 (28.6) 3,748 4,103 5,601
Consumer Electricals

Chirag Muchhala
EBITDA margin (%) 6.1 6.5 (40bps) 7.3 (120bps) 7.7 7.5 8.9
Research Analyst, Consumer Electricals
Adj. Net profit 375 419 (10.4) 530 (29.2) 2,154 2,554 3,653 +91-22-4215 9203
Adj. EPS (Rs) 3.3 3.6 (10.6) 4.6 (29.2) 18.7 22.2 31.7 chirag.muchhala@centrum.co.in
EPS growth (%) 57.2 18.5 43.0
PE (x) 63.8 53.8 37.6
EV/EBITDA (x) 35.7 32.1 23.1
PBV (x) 7.0 6.4 5.6
Rahul Kumar Mishra
RoE (%) 11.6 12.4 15.9 Research Associate, Consumer Electricals
RoCE (%) 13.2 13.8 17.3 +91-22-4215 9265
Source: Company, Centrum Broking rahulkumar.mishra@centrum.co.in

Please see Disclaimer for analyst certifications and all other important disclosures.
Bajaj Electricals Ltd 11 August, 2023

Thesis Snapshot
Estimate revision Valuations
FY24E FY24E FY25E FY25E We assign 35x to Consumer business and 13x to EPC business on FY25E
YE Mar (Rs mn) % chg % chg
New Old New Old earnings. We arrive at an SOTP-based target price of Rs1,240.
Revenue 54,422 - 62,762 -
EBITDA 4,103 - 5,601 -
Valuations Rs/share
EBITDA margin (%) 7.5 - 8.9 -
Consumer business value 1,200
Adj. PAT 2,554 - 3,653 -
EPC business value 40
Diluted EPS (Rs) 22.2 - 31.7 -
Total Target price per share 1,240
Source: Centrum Broking. Note – Bajaj Electricals has transitioned to reporting
financials of only consumer entity without EPC business. We have aligned our EV/EBITDA mean and standard deviation
estimates to reflect only consumer business.
70
Bajaj Electricals versus NIFTY Midcap 100 60
1m 6m 1 year
50
40
BJE IN (3.2) (0.6) 2.4
30
NIFTY Midcap 100 4.4 21.9 23.7
20
Source: Bloomberg, NSE
10
Key assumptions 0

Aug-21
Aug-18

Aug-19

Aug-20

Aug-22

Aug-23
Feb-20
Feb-19

Feb-21

Feb-22

Feb-23
Y/E Mar FY24E FY25E
Consumer Products revenue growth (%) 12.0 16.0
Consumer Products EBIT Margin (%) 7.0 8.7 EV/EBITDA Mean
Lighting revenue growth (%) 9.0 13.0 Mean + Std Dev Mean - Std Dev
Lighting EBIT Margin (%) 8.3 9.0 Source: Bloomberg, Centrum Broking
Source: Centrum Broking

Peer comparison
Mkt Cap CAGR (FY23-25E) P/E (x) ROE (%) ROCE (%)
Company
(Rs mn) Sales EBITDA EPS FY23 FY24E FY25E FY23 FY24E FY25E FY23 FY24E FY25E
BJE 1,40,088 13.3 22.3 30.2 65.0 54.8 38.3 11.6 12.4 15.9 13.2 13.8 17.3
CROMPTON 1,93,215 14.7 23.1 27.9 41.7 31.9 25.5 18.1 21.2 23.1 12.7 17.0 20.5
HAVL 8,08,216 15.3 21.5 25.0 75.2 56.8 48.0 17.1 19.8 21.4 16.9 20.2 21.7
ORIENTEL 50,928 19.7 42.7 50.8 67.0 39.8 29.5 13.5 20.4 23.8 16.0 22.8 26.0
POLYCAB 6,86,111 19.1 21.6 23.2 54.0 41.5 35.6 20.9 22.8 22.4 21.4 23.3 23.0
VGRD 1,31,490 17.9 36.9 41.9 69.7 46.5 34.6 12.5 16.5 19.4 11.6 15.0 18.1
Source: Company, Centrum Broking

Centrum Institutional Research 2

Bajaj Electricals Ltd 11 August, 2023

Key concall takeaways

Financials
 Revenue were impacted due to subdued consumer demand and unseasonal rains.
However, BJE continued to invest in R&D and brand building
 Margin are lower due to external environment of soft demand. Internal metrics are
healthy, once demand revives and operating leverage benefit comes, they will achieve
better margin
 Expect 2% gross margin improvement over next 2-3 years led by premiumization,
sourcing & cost efficiencies
 EBITDA margin should get closer to double digit in FY25
 Logistics cost optimization benefit will come from Q3FY24 onwards
 June was better than Apr-May in terms of tertiary demand, Q2 will be better than Q1
 New product development contribution in total sales has risen to above 20%, vs. single
digit 3-4 years ago
 Seeing strengthening of rural but unfortunately some pockets of the urban is showing
signs of weakness
 BJE was historically under indexed in urban markets, but in 3-4 years they will see very
good acceptance
 Sales mix – In FY23, general trade was 65% and e-commerce was 12%. In Q1FY24,
general trade is 61% and e-commerce is 11%
 In-house manufacturing share in Consumer products is 15-20% and lighting 30%. Both
share might rise by ~10% over the next few years.
 Doing higher value premium products in-house. Paint workshop is in-house. Based on
RoCE, BJE will decide what to make in-house and what to outsource.
 Capex plan Rs1.5bn per year, Don’t expect significant capex for next 18 months
 Open for M&A takeover, 2 years ago their balance sheet was not supporting it due to
EPC. But now it does.
 Demerger is in last stage. Post demerger date, separate listing should happen in 30
days.

Consumer Products
 Premiumization in happening in fans. Sub-economy share is down to 58% in Q1 vs. 67%
in FY23.
 Fans still has 3-5% under recovery due to competition
 Volume de-growth in fans is in early double digits in Q1
 BJE would have gained market share in fans over six-months period of Jan-June 2023
 PCB issues in BLDC fans, if it arises, will happen after 2 to 5 years of usage across brands
 Discounting is more pronounced in fans and lesser in kitchen appliances
 Next brand for premium fans has been soft launched. Price range is Rs2,500-7,500 vs
Bajaj brand price range of Rs1,300-3,500. Hard launch is likely in next summer
 Nirlep brand will be relaunched in Sept with new product portfolio and wider price
range. Initial products will be pressure cooker & cookware.
 Nirlep will have a 3-5 years’ journey of product portfolio and brand building. It will see
a moderate investment and won’t hit P&L materially

Lighting
 Consumer lighting de-grew. Professional lighting sales is flat excluding the EESL order
delivered in Q1 last year

Centrum Institutional Research 3

Bajaj Electricals Ltd 11 August, 2023

 Products portfolio is fully in place, now at par with leaders. Distributors are put in place.
Overall market growth will revive in Q3.
 LED price erosion magnitude is in single digit, Demand weakness is a bigger reason for
weaker sales than price erosion effect.
 Improving sales mix through value added products
 Outsourced many consumer lighting products and started making professional lighting
products in-house.

Centrum Institutional Research 4

Bajaj Electricals Ltd 11 August, 2023

Quarterly performance trend

Exhibit 1: Quarterly Financial Snapshot
Y/E March (Rs mn) Q1FY23 Q4FY23 Q1FY24 YoY (%) QoQ (%)
Revenue 11,292 12,920 11,121 (1.5) (13.9)
Direct Costs 8,021 9,077 7,827 (2.4) (13.8)
Gross Profit 3,271 3,842 3,295 0.7 (14.2)
Staff Cost 810 881 900 11.0 2.2
Other Expenses 1,728 2,016 1,719 (0.5) (14.7)
Total Expenditure 10,559 11,974 10,445 (1.1) (12.8)
EBITDA 733 946 676 (7.8) (28.6)
Depreciation 166 224 230 38.0 2.6
EBIT 567 722 446 (21.3) (38.2)
Interest 72 120 115 60.3 (3.8)
Other Income 81 206 199 144.6 (3.5)
PBT 576 809 530 (8.0) (34.5)
Tax 158 279 155 (1.8) (44.5)
PAT 419 530 375 (10.4) (29.2)
EPS (Rs/share) 3.6 4.6 3.3 (10.6) (29.2)

As a % of revenue
Direct Costs 71.0 70.3 70.4
Gross Margin 29.0 29.7 29.6
Staff Cost 7.2 6.8 8.1
Other expenses 15.3 15.6 15.5
EBITDA Margin 6.5 7.3 6.1
PAT Margin 3.7 4.1 3.4
Tax rate 27.4 34.5 29.2
Source: Company Data, Centrum Broking

Exhibit 2: Quarterly Segmental Snapshot

Y/E March Q1FY23 Q4FY23 Q1FY24 YoY (%) QoQ (%)
Revenue (Rs mn)
Consumer Products 8,554 9,865 8,726 2.0 (11.5)
Lighting solutions 2,738 3,054 2,395 (12.5) (21.6)
Total 11,292 12,920 11,121 (1.5) (13.9)

Revenue mix (%)

Consumer Products 75.7 76.4 78.5
Lighting solutions 24.3 23.6 21.5

EBIT (Rs mn)

Consumer Products 426 651 407 (4.6) (37.5)
Lighting solutions 217 228 193 (11.0) (15.3)
Total 644 879 600 (6.8) (31.8)

EBIT margin (%)

Consumer Products 5.0 6.6 4.7
Lighting solutions 7.9 7.5 8.1
Total 5.7 6.8 5.4
Source: Company Data, Centrum Broking

Centrum Institutional Research 5

Bajaj Electricals Ltd 11 August, 2023

Exhibit 3: Consumer Products and EBIT margin trend

Consumer Products Revenue Consumer Products EBIT Margin
12,000 12

10,000 10.1 10
9.5
8
8,000 7.5
7.0 6.6
6

(Rsmn)

(%)
6,000 5.0 5.0
4
4.7
4,000
2
2,000 0
(0.1)

- -2

Q1FY24
Q1FY22

Q2FY22

Q3FY22

Q4FY22

Q1FY23

Q2FY23

Q3FY23

Q4FY23
Source: Company Data, Centrum Broking.

Exhibit 4: Lighting revenue and EBIT margin trend

Lighting Revenue Lighting EBIT Margin
3,500 10
9.1 9.3 8.1 9
3,000
7.9 8
2,500 7.5
7
6.3 6.4
2,000 6
(Rsmn)

(%)
1,500 4
3.7
1,000 3
2
500 1.4
1
- 0
Q3FY22
Q1FY22

Q2FY22

Q4FY22

Q1FY23

Q2FY23

Q3FY23

Q4FY23

Q1FY24
Source: Company Data, Centrum Broking.

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Bajaj Electricals Ltd 11 August, 2023

P&L Balance sheet

YE Mar (Rs mn) FY21A FY22A FY23A FY24E FY25E YE Mar (Rs mn) FY21A FY22A FY23A FY24E FY25E
Revenues 45,731 47,882 48,892 54,422 62,762 Equity share capital 229 230 230 230 230
Operating Expense 32,402 34,134 33,815 37,551 43,180 Reserves & surplus 15,818 17,217 19,380 21,359 24,206
Employee cost 3,883 3,954 3,437 3,701 4,205 Shareholders fund 16,047 17,447 19,611 21,589 24,436
Others 6,430 7,283 7,893 9,067 9,776 Minority Interest 0 0 0 0 0
EBITDA 3,015 2,511 3,748 4,103 5,601 Total debt 4,637 358 2 0 0
Depreciation & Amortisation 693 630 738 973 1,031 Non Current Liabilities 0 0 0 0 0
EBIT 2,323 1,881 3,010 3,130 4,570 Def tax liab. (net) 0 0 0 0 0
Interest expenses 756 687 436 393 432 Total liabilities 20,685 17,805 19,612 21,589 24,436
Other income 727 724 450 676 743 Gross block 5,764 8,183 9,350 10,105 10,505
PBT 2,412 1,786 3,024 3,413 4,882 Less: acc. Depreciation (2,338) (2,491) (3,096) (4,068) (5,099)
Taxes 575 418 870 859 1,229 Net block 3,426 5,693 6,255 6,037 5,406
Effective tax rate (%) 23.9 23.4 28.8 25.2 25.2 Capital WIP 100 279 405 50 50
PAT 1,836 1,368 2,154 2,554 3,653 Net fixed assets 3,527 5,972 6,660 6,087 5,456
Minority/Associates 0 0 0 0 0 Non Current Assets 0 0 0 0 0
Recurring PAT 1,836 1,368 2,154 2,554 3,653 Investments 1,639 1,795 2,201 2,201 2,201
Extraordinary items 0 0 0 0 0 Inventories 9,711 9,760 10,496 10,802 12,185
Reported PAT 1,836 1,368 2,154 2,554 3,653 Sundry debtors 19,162 13,577 15,648 16,252 18,571
Cash & Cash Equivalents 616 1,419 3,692 5,584 8,075
Ratios Loans & advances 1,154 930 1,065 1,088 1,255
YE Mar FY21A FY22A FY23A FY24E FY25E
Other current assets 6,169 5,749 7,386 7,075 8,159
Growth (%) Trade payables 9,441 12,240 15,603 15,329 17,509
Revenue (8.1) 4.7 2.1 11.3 15.3 Other current liab. 11,269 8,960 11,223 11,429 13,180
EBITDA 45.7 (16.7) 49.2 9.5 36.5
Provisions 1,106 1,011 656 689 723
Adj. EPS nm (25.7) 57.2 18.5 43.0
Net current assets 14,995 9,224 10,806 13,355 16,833
Margins (%) Total assets 20,685 17,805 19,612 21,589 24,436
Gross 29.1 28.7 30.8 31.0 31.2
EBITDA 6.6 5.2 7.7 7.5 8.9 Cashflow
EBIT 5.1 3.9 6.2 5.8 7.3 YE Mar (Rs mn) FY21A FY22A FY23A FY24E FY25E
Adjusted PAT 4.0 3.0 4.4 4.7 5.8 Profit Before Tax 2,412 1,786 3,024 3,413 4,882
Returns (%) Depreciation & Amortisation 693 630 738 973 1,031
ROE 12.3 8.2 11.6 12.4 15.9 Net Interest 756 687 436 393 432
ROCE 11.1 10.4 13.2 13.8 17.3 Net Change – WC 609 6,574 692 (657) (987)
ROIC 9.3 8.7 15.1 17.0 24.5 Direct taxes (575) (418) (870) (859) (1,229)
Turnover (days) Net cash from operations 3,893 9,259 4,020 3,262 4,129
Gross block turnover ratio (x) 7.9 5.9 5.2 5.4 6.0 Capital expenditure (68) (3,075) (1,426) (400) (400)
Debtors 178 125 109 107 101 Acquisitions, net 0 0 0 0 0
Inventory 94 104 109 104 97 Investments (1,110) (157) (406) 0 0
Creditors 104 116 150 150 139 Others 0 0 0 0 0
Net working capital 120 70 81 90 98 Net cash from investing (1,178) (3,232) (1,832) (400) (400)
Solvency (x) FCF 2,715 6,027 2,188 2,862 3,729
Net debt-equity 0.3 (0.1) (0.2) (0.3) (0.3) Issue of share capital 2 1 1 0 0
Interest coverage ratio 4.0 3.7 8.6 10.5 13.0 Increase/(decrease) in debt (2,737) (4,279) (357) (2) 0
Net debt/EBITDA 1.3 (0.4) (1.0) (1.4) (1.4) Dividend paid 0 (345) (460) (576) (806)
Per share (Rs) Interest paid (756) (687) (436) (393) (432)
Adjusted EPS 16.0 11.9 18.7 22.2 31.7 Others 345 86 1,338 0 0
BVPS 140.1 151.9 170.4 187.6 212.3 Net cash from financing (3,147) (5,224) 85 (970) (1,238)
CEPS 22.1 17.4 25.1 30.6 40.7 Net change in Cash (431) 803 2,273 1,892 2,491
DPS 0.0 3.0 4.0 5.0 7.0 Source: Company, Centrum Broking
Dividend payout (%) 0.0 25.2 21.4 22.5 22.1
Valuation (x)
P/E 74.5 100.3 63.8 53.8 37.6
P/BV 8.5 7.9 7.0 6.4 5.6
EV/EBITDA 46.9 54.3 35.7 32.1 23.1
Dividend yield (%) 0.0 0.3 0.3 0.4 0.6
Source: Company, Centrum Broking

Note: Bajaj Electricals has transitioned to reporting financials of only consumer entity
without EPC business in Q1FY23. Hence, FY21 and FY22 are not comparable to FY23-25E.
We have aligned our estimates to reflect only consumer business.

Centrum Institutional Research 7

Bajaj Electricals Ltd 11 August, 2023

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such restrictions. By accepting this report, you agree to be bound by the fore going limitations. No representation is made that this report is accurate or
complete.

Centrum Institutional Research 8

Bajaj Electricals Ltd 11 August, 2023

The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and
are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report
and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection.
This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its
directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors
or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person
accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith.
Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates
have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for
service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some
other sort of specific transaction.
As per the declarations given by them, Mr. Chirag Muchhala & Mr. Rahul Kumar Mishra, research analyst and and/or any of their family members do not serve
as an officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by them, they are not received any
compensation from the above companies in the preceding twelve months. They do not hold any shares by them or through their relatives or in case if holds
the shares then will not to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our
employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst
knows of has reason to know at the time of publication of the research report or at the time of the public appearance.
While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are
under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from
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Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable
regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances.
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Ratings definitions
Our ratings denote the following 12-month forecast returns:
Buy – The stock is expected to return above 15%.
Add – The stock is expected to return 5-15%.
Reduce – The stock is expected to deliver -5-+5% returns.
Sell – The stock is expected to deliver <-5% returns.
Bajaj Electricals
2050

1550

1050

550

50
Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23
Bajaj Electricals Ltd

Source: Bloomberg

Centrum Institutional Research 9

Bajaj Electricals Ltd 11 August, 2023

Disclosure of Interest Statement

1 Business activities of Centrum Broking Centrum Broking Limited (hereinafter referred to as “CBL”) is a registered member of NSE (Cash, F&O and Currency Derivatives
Limited (CBL) Segments), MCX-SX (Currency Derivatives Segment) and BSE (Cash segment), Depository Participant of CDSL and a SEBI registered
Portfolio Manager.
2 Details of Disciplinary History of CBL CBL has not been debarred/ suspended by SEBI or any other regulatory authority from accessing /dealing in securities market.

3 Registration status of CBL: CBL is registered with SEBI as a Research Analyst (SEBI Registration No. INH000001469)

Bajaj Electricals

4 Whether Research analyst’s or relatives’ have any financial interest in the subject company and nature of such financial interest No

5 Whether Research analyst or relatives have actual / beneficial ownership of 1% or more in securities of the subject company at the end of the month
No
immediately preceding the date of publication of the document.
6 Whether the research analyst or his relatives has any other material conflict of interest No

7 Whether research analyst has received any compensation from the subject company in the past 12 months and nature of products / services for which
No
such compensation is received
8 Whether the Research Analyst has received any compensation or any other benefits from the subject company or third party in connection with the
No
research report
9 Whether Research Analysts has served as an officer, director or employee of the subject company No

10 Whether the Research Analyst has been engaged in market making activity of the subject company. No

11 Whether it or its associates have managed or co-managed public offering of securities for the subject company in the past twelve months; No

Whether it or its associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company
12 No
in the past twelve months;
Whether it or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage
13 No
services from the subject company in the past twelve months;

Member (NSE and BSE). Member MSEI (Inactive)

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CDSL DP ID: 120 – 12200
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PORTFOLIO MANAGER

SEBI REGN NO.: INP000004383

Research Analyst
SEBI Registration No. INH000001469

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AMFI REGN No. ARN- 147569

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Centrum Institutional Research 10