Please refer to important disclosures at the end of this report

1


Y/E March (` cr) 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy)
Net sales 1,271 1033 23.0 1102 15.3
EBITDA 5.5 58 90.5 13 (58.5)
EBITDA Margin (%) 0.4 5.6 (515)bp 1.2 (77)bp
Adjusted PAT (11) 20 153.2 1 (1790.5)
Source: Company, Angel Research
Bajaj Electricals (BEL) reported a disappointing set of numbers for 4QFY2014. Its
top-line reported a growth of 15.3% yoy to `1,271cr, higher than our estimate of
`1,214cr, mainly led by the E&P segment (yoy growth of 54.1%). On the EBITDA
front, BEL reported a profit of `5.5cr, lower by 58.5% yoy, while margins
contracted by 77bp yoy to 0.4% owing to higher other expenses. Following the
poor operating performance, BEL reported a PAT loss of `10.7cr.
Increased ad spends and leveraging on strong brands to lead growth: BEL
elaborated its ad spends to `63cr in FY2014 and is expected to spend `60cr in
FY2015, thereby increasing its visibility substantially and creating consumer pull.
Moreover, BEL has known brands in its basket like Morphy Richards, Disano,
Trilux to name a few, which would lead the growth for the company.
Selective order intake & timely execution in E&P segment to be a game changer:
E&P, which contributes ~30% to the total revenue, has a current order book of
`2,200cr. Despite strong inflows historically, the segment has been posting
losses since the last 3-4 years mainly due to poor margins, coupled with delay in
project completion leading to cost overruns. However, the company has now
become very selective in order intake by focusing more on profitability rather
than revenue growth and has its mechanism in-place to ascertain timely
execution of the projects. Hence, going forward, we expect the segment to
rebound its EBIT profitability gradually from current year loss of `103cr to a
profit of `16cr and `23cr in FY2015E and FY2016E respectively.
Outlook and Valuation: Consistent growth in Consumer durables (CD) and
Lighting and Luminous (LnL) segments, coupled with revival in the E&P segment,
is expected to aid top-line and EBITDA CAGR of 16.4% and 106% (due to low
base) respectively over FY2014-16E. The bottom-line is expected to come in at
`189cr in FY2016E. We continue to maintain our Buy rating on the stock with a
revised target price of `441 based on target Ev/Sales of 0.8x for FY2016E.
Key financials
Y/E March (` cr) FY2013 FY2014 FY2015E FY2016E
Net Sales 3,388 4,030 4,677 5,458
% chg 9.3 19.0 16.0 16.7
Net Profit 35 (5) 143 189
% chg (69.9) (114.6) (2856.1) 32.5
EBITDA Margin (%) 3.3 2.0 6.2 6.4
FDEPS (`) 3.6 (0.5) 14.4 19.0
P/E (x) 87.8 (599.9) 21.8 16.4
P/BV (x) 4.3 4.4 3.8 3.2
RoE (%) 4.9 (0.7) 17.4 19.4
RoCE (%) 11.6 6.1 26.2 29.2
EV/Sales (x) 0.9 0.8 0.7 0.6
EV/EBITDA (x) 28.9 40.7 11.4 9.3
Source: Company, Angel Research; Note: CMP as of June 02, 2014
BUY
CMP `311
Target Price `441
Investment Period 12 Months


Stock Info
Sector
Net Debt 223.0
Bloomberg Code
Shareholding Pattern (%)
Promoters 66.1
MF / Banks / Indian Fls 7.0
FII / NRIs / OCBs 15.4
Indian Public / Others 11.6
Abs.(%) 3m 1yr 3yr
Sensex 17.8 25.9 47.4
BEL 25.9 88.5 53.5
Nifty 7,363
Reuters Code BJEL.BO
BJE.IN
Avg. Daily Volume 39,495
Face Value (`) 2
BSE Sensex 24,685
52 Week High / Low 385 / 150
Consumer durables
Market Cap (` cr) 3,113
Beta 0.6













Twinkle Gosar
+91 22 3935 7800 Ext: 6848
Gosar.twinkle@angelbroking.com
Bajaj Electricals
Pinch from E&P to end soon
4QFY2014 Result Update | Cons. Durables
June 03, 2014



Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
2
Exhibit 1: 4QFY2014 performance highlights
Y/E March (` cr) 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy) FY2014 FY2013 % chg
Total operating income 1,271 1033 23.0 1102 15.3 4,030 3,388 19.0
Net raw material 1047 789 32.7 903 16.0 3,202 2,594 23.4
(% of Sales) 82.4 76.4 81.9 79.4 76.6
Employee cost 42 46 (8.7) 40 4.8 186 163 14.0
(% of Sales) 3.3 4.4 3.6 4.6 4.8
Other Expenses 177 141 25.4 146 20.9 560 520 7.8
(% of Sales) 13.9 13.6 13.3 13.9 15.3
Total expenditure 1265 976 29.7 1089 16.2 3,948 3,277 20.5
EBITDA 5 58 90.5 13 (58.5) 82 111 (26.1)
EBITDA Margin (%) 0.4 5.6 (515)bp 1.2 (77)bp 2.0 3.3 (124)bp
Interest 23 20 14.3 16 (11.3) 78 69 13.5
Depreciation 6 10 (38.8) 4 49.8 25 14 71.3
Other income 9 2 261.4 8 8.8 15 42 (63.3)
PBT (excl. Extr. Items) (15) 30 148.6 1 (1528.4) (6) 69 (108.6)
Extr. Income/(Expense) 0 0 0.0 - 16
PBT (incl. Extr. Items) (15) 30

1

(6) 85

(% of Sales) (1.1) 2.9 0.1 (0.1) 2.5
Tax (4) 10 139.5 0.4 (1105.1) (1) 18 (103.7)
(% of PBT) 26.9 33.1 38.2 10.9 21.0
Reported PAT (11) 20 153.2 1 (1790.5) (5) 51 (110.4)
Adjusted PAT (11) 20 153.2 1 (1790.5) (5) 35 (115.0)
PATM (%) (0.8) 1.9 0.1 (0.1) 1.0
Source: Company, Angel Research
Despite higher top-line, profits disappoint
For 4QFY2014, BELs top-line reported a growth of 15.3% yoy to `1,271cr, higher
than our estimate of `1,214cr, mainly led by robust yoy growth of 54.1% in the
E&P segment. On the EBITDA front, BEL reported a profit of `5.5cr, lower by
58.5% yoy, while margins contracted by 77bp yoy to 0.4% owing to higher other
expenses. Following the poor operating performance, BEL reported a PAT loss of
`10.7cr vis--vis a profit of `0.63cr in the same quarter last year and far below
our estimate of `33cr.
Exhibit 2: Actual v/s Angels Estimates
Particulars Actual (`cr) Estimate (`cr) % variation
Total Income 1,271 1214 4.7
EBITDA 5 70 (92.2)
EBITDA Margin 0.4 5.8 (534)bp
Adjusted PAT (11) 33 (132.2)
Source: Company, Angel Research




Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
3
Exhibit 3: Discounts and Ad-spends boost top-line...
Source: Company, Angel Research
Exhibit 4: ....however dent the EBITDA margin.
Source: Company, Angel Research
Overall disappointment across segments
Revenue from the CD segment dipped by 2.0% yoy and came in at `533cr (41.9%
contribution to total revenue). Such sluggish growth is mainly attributable to low
demand and heavy discounts offered to meet the target sales during the quarter.
Moreover, lower top-line growth, mainly in the higher margin Appliances and Fans
segment, dented the EBIT margin. The EBIT for the CD segment came in at `19cr,
56.5% lower yoy, while EBIT margin contracted by 447bp yoy to 3.6%.
The LnL segment grew marginally by 4.2% yoy to `297cr and contributed 23.3% to
the total revenue for the quarter. The EBIT for the segment, however dipped by
60.5% yoy to `9cr, impacted by higher overheads owing to lower top-line growth.
The EBIT margin for the segment contracted by 488bp yoy to 3.0%.
Exhibit 5: Segment-wise performance
Y/E Mar (` cr) 4QFY14 3QFY14 4QFY13 % chg (qoq) % chg (yoy)
Total Revenue
A) Lighting 297 247 285 20.0 4.2
B) Cons Durables 533 519 544 2.6 (2.0)
C) E&P 440 267 285 64.8 54.1
D) Others 0 0 0 12.9 59.1
Total 1,269 1,033 1,114 22.8 14.0
EBIT Margin (%)

(bp change)
A) Lighting 3.0 5.2 7.9 (222) (488)
B) Cons Durables 3.6 9.6 8.0 (605) (447)
C) E&P (4.7) (5.1) (17.8) 41 1,310
D) Others (0.0) 0.0 (0.0) (2.4) 2
Source: Company, Angel Research
The E&P segments revenue posted a robust growth of 54.1% yoy to `440cr,
contributing 34.6% to the total revenue. However on the EBIT front, on account of
closure of the legacy sites, the segment reported a loss of `20cr vis--vis an EBIT
loss of `51cr in the same quarter previous year. However, going forward the
losses will be curbed and the segment will start posting positive results from
1QFY2015 as said by the Management.
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Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
4
Exhibit 6: Order Book composition
Source: Company, Angel Research
Exhibit 7: Execution status and reducing EBIT losses
Source: Company, Angel Research

Investment Rationale
Strong brands, leading market position and increased ad spends- the key
drivers
BEL has a strong brand positioning and a well-spread distribution network. BEL
has collaborated with known brands in each of its segments which have enabled it
to grow at a robust pace over the years.
Exhibit 8: Strong brand association
Products Brand
Luminaries Trilux Lenze (Germany)
Street Lights Disano (Italy)
Building management systems Delta Controls (Canada)
LED Rudd (US)
Appliances Morphy Richards (UK), Nardi (Italy)
Fans Disney (USA), Media (China)
Fire alarm system Securiton (Switzerland)
Source: Company
BEL has a leading position in consumer durables, mixers, heaters, luminaries, fans
and induction cookers segment.
Exhibit 9: Leading market share
Segment Market size* Market share^
Electrical Appliances `6,800cr 20.0%
Fans `3,500cr 17.0%
Lighting `5,000cr 8.0%
Luminaries `2,500cr 8.0%
Source: Company, *including organised and un-organised sector, ^in organised sector.
Ad-spends: BEL celebrated its 75th year in July14 by elaborating its ad spends
and launching new marketing schemes, for which it incurred `63cr (vs a
commensurate expense of `38cr in FY2013). With such increased focus on
advertising and marketing, aimed at increasing visibility, the company is expected
to incur ad spends of `60cr in FY2015E. The company has achieved decent
369
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180
500
554
612
536
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1,500
1,679
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600
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4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
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Total Orders Orders executed E&P EBIT Loss



Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
5
growth with limited advertisements till now, hence, with this increment, it is
expected to create consumer pull, thereby enhancing the top-line.

E&P segment to be on uptrend post FY2014
The E&P division contributed ~25-30% to the total revenue of the company over
FY2010-12. However, the EBIT margin for the segment has been contracting
significantly since FY2010, ie from 10.7% earlier to 3.3% in FY2012. This is on
account of delayed execution of projects and cost overruns. On account of this, the
segment registered an EBIT loss of `103cr for FY2014 (vs `124cr in FY2013).
However, the company has become very selective in order intake by focusing more
on profitability (with double digit operating margins) rather than revenue growth.
Hence, we expect the segment to rebound its EBIT profitability gradually to `16cr
and `23cr in FY2015E and FY2016E respectively.
Exhibit 10: Margin trend reversal for E&P segment
Source: Company, Angel Research
Capital employed for the E&P segment has increased from `475cr in 4QFY2013
to `631cr in 4QFY2014. BEL expects to generate sales at 50% of capital employed
in FY2015, thus providing better returns visibility.
Exhibit 11: Order book trend
E&P order status FY2013 FY2014 FY2015E FY2016E
Opening order book 604 876 1,984 1,818
Order intake during year 960 2,258 1,200 1,500
Executed orders 688 1,150 1,366 1,653
Closing order book 876 1,984 1,818 1,665
Source: Company, Angel Research, * as on March2014.
Penetration in rural market through exclusive Bajaj world stores
BEL plans to capitalize on growth in rural markets (dominated by unorganized
players) by penetrating them through its Bajaj World outlets, displaying all the
products of BEL. With growing disposable incomes, rural India is poised to witness
growth in electrical appliances. BEL has already opened ~103 stores pan-India
and targets 100 more stores by the next year. In addition, the company has plans
to launch rural-specific brands to tap price sensitive segments under the Bajaj
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FY2010 FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
E&P Revenue EBIT EBIT Margin



Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
6
umbrella. Thus, expansion of the customer base, coupled with increased estimated
demand for products assure decent growth visibility.




Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
7
Financials
Exhibit 12: Key Assumptions
Sales Growth (%) FY2014 FY2015E FY2016E CAGR (FY14-16E)
Electrical Appliances 6.4 15.0 15.0 15.0
Fans 1.5 15.0 15.0 15.0
Lighting 11.9 15.0 15.0 15.0
Luminaries 9.2 15.0 15.0 15.0
Engineering & Projects 67.2 18.8 21.0 19.9
Total Sales Growth 19.0 16.0 16.7 16.4
Source: Company, Angel Research
Exhibit 13: Change in Estimates
Y/E March
Earlier estimates Revised estimates % change
FY2015E FY2016E FY2015E FY2016E FY2015E FY2016E
Net Sales (`cr) 4,713 5,483 4,677 5,458 (0.8) (0.5)
EBITDA Margin (%) 6.6 6.6 6.2 6.4 (41)bp (23)bp
EPS (`) 16 20 14 19 (10.8) (4.9)
Source: Company, Angel Research
Net sales to post CAGR of 16.4% over FY2014-16E
For FY2014, BELs top-line grew by 19.0% to `4,030cr, driven by robust growth of
27.0% in E&P segment, followed by 10.7% and 4.8% growth in LnL and CD
segments respectively. Going forward, we expect the company to post a 16.4%
CAGR in top-line over FY2014-16E to `5,458cr on the back of extensive product
range in fans (CD segment) along with strong growth prospects of LED and CFL
sales in the LnL segment. Revival in the E&P segment too is to add on to the overall
performance of the company. We expect a 9.8% volume growth and a 6.0% value
growth over FY2014-16E.
Exhibit 14: Net sales growth shows northward trend
Source: Company, Angel Research


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FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
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Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
8
EBITDA to grow at 106% CAGR (lower base) over FY2014-16E
BELs EBITDA for FY2014 dipped by 26.1% to `82cr while margins stood at 2.0%,
lower by 130bp, attributable mainly to increased raw material expenses. On the
segmental front, the EBIT for CD and LnL came in at 7.7% and 5.1% while E&P
reported an EBIT loss of `103cr, thereby dragging the overall performance of the
company.
BELs EBITDA, going forward, is expected to grow at a CAGR of 106% over
FY2014-16E to `349cr in FY2016E. Moreover, EBITDA margins are believed to
improve from 2.0% in FY2014 (dragged by E&P segment) to 6.4% in FY2016E.
Recovery in the E&P segment with fresh orders being bagged at healthy margins
coupled with stability in currency are expected to aid the EBITDA margin rebound.
Exhibit 15: EBIT margins to turn positive for E&P....
Source: Company, Angel Research
Exhibit 16: ..leading to rebound in EBITDA margins
Source: Company, Angel Research
Notable PAT growth on account of E&P turnaround
Dragged by poor performance in the E&P segment, the companys bottom-line
reported a net loss of `5.3cr for FY2014 as compared to a profit of `35cr in the
previous year. However, improvement in the E&P divisions operating performance
is expected to aid the bottom-line in posting an estimated profit of `189cr in
FY2016E vis--vis a loss of `5cr in FY2014.
Exhibit 17: PAT trend reversal
Source: Company, Angel Research

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FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
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250 237 111 82 290 349
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Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
9
Outlook and Valuation
With decline in losses in the E&P division, BEL is set to have a clean slate post
FY2014 with the closure of delayed projects. On the back of recent developments,
we expect the top-line and EBITDA to grow at a CAGR of 16.4% and 106% (due to
low base) respectively over FY2014-16E, while the bottom-line is expected to post
a profit of `189cr in FY2016E. We continue to maintain our Buy rating on the
stock with a target price of `441, based on target EV/Sales of 0.8x for FY2016E.
Exhibit 18: One year forward PE
Source: Company, Angel Research
Concerns
Currency fluctuation: BEL has a substantial part of its products imported from
various associate foreign brands which pose a risk of currency fluctuations,
thereby impacting profitability.
Change in LPG cap policy reform: Any increment in availability of subsidized
LPG cylinders, which is currently capped at 6 per family per annum, will
impact the volume of induction cookers.
Inflation: Inflationary pressure would resist volume pick up.

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Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
10
Profit and Loss Statement
Y/E March (` cr) FY2012 FY2013 FY2014 FY2015E FY2016E
Gross sales 3,130 3,413 4,060 4,711 5,499
Less: Excise duty 31 25 30 35 40
Net Sales 3,099 3,388 4,030 4,677 5,458
Other operating income - - - - -
Total operating income 3,099 3,388 4,030 4,677 5,458
% chg 13.0 9.3 19.0 16.0 16.7
Net Raw Materials 2,295 2,594 3,202 3,564 4,148
% chg 12.7 13.0 23.4 11.3 16.4
Other Mfg costs 94 97 105 117 136
% chg 20.1 3.7 7.8 11.6 16.7
Personnel 140 163 186 210 246
% chg 22.8 16.4 14.0 13.1 16.7
Other 340 426 456 496 579
% chg 29.1 25.2 7.1 8.8 16.7
Total Expenditure 2,862 3,277 3,948 4,387 5,109
EBITDA 237 111 82 290 349
% chg (5.1) (53.3) (26.0) 253.5 20.5
EBITDA Margin 7.7 3.3 2.0 6.2 6.4
Depreciation & Amortisation 13 14 25 24 26
EBIT 225 96 57 266 323
% chg (6.1) (57.1) (40.6) 365.1 21.4
(% of Net Sales) 7.2 2.8 1.4 5.7 5.9
Interest & other Charges 63 69 78 67 57
Other Income 14 42 15 14 16
(% of Net Sales) 0.5 1.2 0.2 0.3 0.3
Recurring PBT 162 27 (21) 199 266
% chg (20.2) (83.1) (177) (1,045) 34
PBT (reported) 176 69 (6) 213 283
Tax 58 18 (1) 70 93
(% of PBT) 33.0 25.8 11.1 33.0 33.0
PAT (reported) 118 51 (5) 143 189
Extraordinary Expense/(Inc.) 0 16 - - -
ADJ. PAT 118 35 (5) 143 189
% chg (20.0) (69.9) (114.6) (2,856.1) 32.5
(% of Net Sales) 3.8 1.0 (0.1) 3.1 3.5
Basic EPS (`) 11.8 3.6 (0.5) 14.4 19.0
Fully Diluted EPS (`) 11.8 3.6 (0.5) 14.4 19.0




Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
11
Balance Sheet
Y/E March (` cr) FY2012 FY2013 FY2014 FY2015E FY2016E
SOURCES OF FUNDS
Equity Share Capital 20 20 20 20 20
Reserves& Surplus 680 709 689 800 957
Shareholders Funds 700 728 709 820 977
Minority Interest - - - - -
Total Loans 187 166 344 293 249
Long term Provisions 19 25 28 28 28
Net Deferred Tax Liability (1.9) (7.9) (25.3) (25.3) (25.3)
Total Liabilities 904 911 1,056 1,115 1,229
APPLICATION OF FUNDS
Gross Block 272 332 376 395 435
Less: Acc. Depreciation 85 100 125 148 174
less: impairment of assets 3 - - - -
Net Block 184 232 252 247 260
Capital Work-in-Progress 3 - - - -
Goodwill - - - - -
Investments 44 30 67 67 67
Long Term Loans and adv. 109 73 83 83 83
Other non-current assets 186 265 383 345 345
Current Assets 1,423 1,550 1,882 2,047 2,422
Cash 54 50 54 32 54
Loans & Advances 92 141 119 187 235
Inventory 355 421 447 518 605
Debtors 922 938 1,243 1,309 1,528
Current liabilities 1,045 1,238 1,611 1,673 1,949
Net Current Assets 378 312 272 374 473
Mis. Exp. not written off - - - - -
Total Assets 904 911 1,056 1,115 1,229





Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
12
Cash Flow Statement
Y/E March (` cr) FY2012 FY2013 FY2014 FY2015E FY2016E
Profit before tax 176 69 (6) 213 283
Depreciation 13 14 25 24 26
(Inc.)/ Dec. in Working Capital (14) (42) (15) (14) (16)
Less: Other income (77) 78 44 (124) (78)
Direct taxes paid (58) (18) 1 (70) (93)
Cash Flow from Operations 39 102 49 29 122
(Inc.)/ Dec. in Fixed Assets (77) (136) (162) 19 (40)
(Inc.)/ Dec. in Investments (19) 51 (48) 0 0
Other income 14 42 15 14 16
Cash Flow from Investing (82) (43) (195) 34 (23)
Issue of Equity 0 0 0 0 0
Inc./(Dec.) in loans 79 (22) 164 (52) (44)
Dividend Paid (Incl. Tax) (28) (24) (24) (32) (32)
Others (3) (16) 10 - -
Cash Flow from Financing 48 (63) 150 (84) (76)
Inc./(Dec.) in Cash 5 (4) 4 (22) 22
Opening Cash balances 48 54 50 54 32
Closing Cash balances 54 50 54 32 54





Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
13
Key Ratios
Y/E March FY2012 FY2013 FY2014 FY2015E FY2016E
Valuation Ratio (x)

P/E (on FDEPS) 26.4 87.8 (599.9) 21.8 16.4
P/CEPS 23.9 62.4 159.1 18.7 14.4
P/BV 4.4 4.3 4.4 3.8 3.2
Dividend yield (%) 0.9 0.8 0.8 1.0 1.0
EV/Sales 1.0 0.9 0.8 0.7 0.6
EV/EBITDA 13.5 28.9 40.7 11.4 9.3
EV / Total Assets 3.5 3.5 3.2 3.0 2.6
Per Share Data (`)

EPS (Basic) 11.8 3.6 (0.5) 14.4 19.0
EPS (fully diluted) 11.8 3.6 (0.5) 14.4 19.0
Cash EPS 13.1 5.0 2.0 16.7 21.6
DPS 2.8 2.8 2.8 2.8 2.8
Book Value 70.2 73.1 71.2 82.3 98.1
Dupont Analysis

EBIT margin 7.2 2.8 1.4 5.7 5.9
Tax retention ratio 0.7 0.7 0.9 0.7 0.7
Asset turnover (x) 3.9 4.1 4.3 4.6 4.9
ROIC (Post-tax) 18.7 8.6 5.4 17.5 19.6
Cost of Debt (Post Tax) 22.6 30.9 20.2 15.2 15.2
Leverage (x) 0.1 0.1 0.3 0.2 0.1
Operating ROE 18.2 6.0 0.8 18.1 20.1
Returns (%)

ROCE (Pre-tax) 24.8 10.6 5.4 23.8 26.3
Angel ROIC (Pre-tax) 27.9 11.6 6.1 26.2 29.2
ROE 16.8 4.9 (0.7) 17.4 19.4
Turnover ratios (x)

Asset Turnover (Gross Block) 11.4 10.2 10.7 11.8 12.6
Inventory / Sales (days) 38 42 39 47 47
Receivables (days) 109 110 109 109 109
Payables (days) 121 123 122 122 122
WC cycle (ex-cash) (days) 38 28 20 27 28
Solvency ratios (x)

Net debt to equity 0.1 0.1 0.3 0.2 0.1
Net debt to EBITDA 0.4 0.8 2.7 0.7 0.4
Interest Coverage (EBIT / Int.) 3.6 1.4 0.7 4.0 5.7






Bajaj Electricals | 4QFY2014 Result Update
June 03, 2014
14



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Disclosure of Interest Statement Bajaj Electricals
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to -15%) Sell (< -15%)

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