corporate present nov 09
TRANSCRIPT
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Strictly Private and Confidential
Bajaj Electricals Limited
Corporate Presentation
November 2009
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Table of Contents
Bajaj Electricals – An Overview
Financials
Strategic Business Units
Key Highlights
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Legacy of the “Bajaj” Group
• A group comprising of 25 companies
• Turnover over INR 280 Billion (~USD 6 Billion, at INR 46 per USD)
• Around 36,000 Employees
r . amana a a a
' '
Brief on select Bajaj group companies
• ea e y r. a u a a , curren y em er o ar amen an ac ve ea er n , e c.
…
• A brand well-known across Latin America, Africa, Middle East, South and South East Asia
• The company is currently engaged in life insurance; general insurance and consumer finance businesses
•
• Deals in the financing of consumer durables, personal and small business loans, loan against property/shares
• Achieved a disbursal of INR 24 bn (~USD 0.52 bn) in FY09 under its various financing schemes
• General and Life Insurance Joint venture between Bajaj Finserv and Allianz SE (74:26 holding)
• Assets under management of INR 22 bn (~USD 0.47 bn) as on 2008-09
• Received the “Business Leader in General Insurance” award by NDTV Profit Business leadership in 2008
4
• .
• The company also builds machines and plays an active role in turnkey projects and highway construction
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Bajaj Electricals Ltd.… leader in the space with 7 decades of history
Business Overview
Headed by Shekhar Bajaj, Chairman and MD
Manufactures & Markets Appliances, Fans, Lighting and
Luminaires
Also has interests in Engineering & Projects, High Masts, Project Smile – Implementation of ERP from Oracle
Turnkey Lighting Projects, Transmission Line Towers,
Rural Electrification and Wind Energy
Extensive manufacturing facilities all over India
Acquired 32% share holding in Starlite Lighting
Limited a CFL manufacturing unit
2007-09-
Mission Excell – Change Management initiative
undertaken., , ,
Sourcing Arrangement, Project execution, R&D and
Marketing
2000-02 Set up High Mast and TLT manufacturing unit atShareholding Pattern as on Sept 09
- Successful Financial turnaround of the company
Rights Issue of Rs 108 mn in October 2003
Shifted vendor base to Himachal & Uttaranchal
Amalgamated Matchwel Electrical Ltd which
manufactured fans, die-casting components and
magneto assembly
1971-99
Tied up with Morphy Richards
11%
16%Promoter andPromoter Group
Public Institutions
Commenced operations in Lahore
Company started marketing small appliances & 1940-70
ompany se up an manu ac ur ng un a a an
Set up wind farm near Vankusewade near Satara73% Public Non-
Institutions
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Small Scale Sector
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Organization structure
Mr. Shekhar BajajChairman & Managing Director
. .Executive Director
.Executive Director
AppliancesSBU
LightingSBU
LuminairesSBU
FansSBU
E & PSBU Corporate
FinanceHR & Admin
Secretarial &
Legal
InternalAudit
Richards
Advtg. & BrandDevelopment
Customer
Branch SalesSupport
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Care
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Table of Contents
Bajaj Electricals – An Overview
Financials
ra eg c us ness n s
Key Highlights
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Strategic business units
Bajaj Appliances
FY09 Sales: INR 4,640 mn
As a % of total sales: 26%
Bajaj FansBajaj Engg & Projects
FY09 Sales: INR 2,950 mnAs a % of total sales: 16%
FY09 Sales: INR 5,230 mn
Bajaj LightngBajaj Luminaires
FY09 Sales: INR 2,090 mn
As a % of total sales: 12%FY09 Sales: INR 2,820 mn
As a % of total sales: 16%
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SBU wise sales growth
13,730
17,700
Sales (INR mn)
6,4908,440
10,770
FY05 FY06 FY07 FY08 FY09
Total 6,490 8,440 10,770 13,730 17,700 29% 29%
Lighting 1,000 1,090 1,340 1,760 2,090 19% 20%
Luminaires 1,210 1,550 1,930 2,300 2,820 23% 24%
Appliances 1,410 1,940 2,600 3,630 4,640 28% 35%
Fans 1,090 1,410 1,850 2,410 2,950 21% 28%
Engg. & Proj. 1,780 2,450 3,050 3,630 5,230 44% 31%
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Key Profit & Loss metrics
Diversified revenue mix across high growth verticals
14,046
18,007
CAGR (FY05-09): 28%
6,7638,801
11,146
FY05 FY06 FY07 FY08 FY09
PAT (INR mn)EBITDA (INR mn)
1,432
1,798
CAGR (FY05-09): 48% CAGR (FY05-09): 60%
429
692
869
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FY05 FY06 FY07 FY08 FY09
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Key Balance sheet metrics
Networth (INR mn)
1,748
2,450
CAGR (FY05-09): 27%
807 901
1,168
Reducing debt-equity ratio Return on Capital Employed
FY05 FY06 FY07 FY08 FY09
2.1 2.12.0
1.416%
17%
24%26%
0.9 9%
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FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09
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Other important metrics
Market Capitalization (INR mn) and Share Price (INR) as on March, 31st
13,800791
600
700
800
900
12,000
14,000
16,000
1:1 Bonus during FY 08 4,3333,364
7,492
250
434
300
400
500
4 000
6,000
8,000
,
Market CapStock Price
2,593 2,532150
194146
0
100
0
2,000
FY05 FY06 FY07 FY08 FY09 16-Nov-09
51.69
36%38%
50%
43%
44.58 42.3151.69
42.31
18%
12
15.80
.
FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09
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5 year financial summary (INR mn)
Particu ars FY 05 FY 06 FY 07 FY 08 FY 09
Gross Sales & Income from
operations6,763 8,801 11,146 14,046 18,007
Net Sales 6,496 8,459 10,789 13,745 17,705
PBIDT 429 692 869 1432 1798
. . . . .
Interest 164 180 231 293 370
Depreciation 60 64 73 75 86
Operating profit 205 448 566 1064 1343
Other Income (Net) 13 22 43 50 57
% Sales 3.35% 5.55% 5.64% 8.11% 7.91%
PAT 138 298 390 731 894
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% Sales 2.13% 3.53% 3.61% 5.32% 5.05%
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Half-Yearly performance (INR mn)
ParticularsFinancial Year
ended Mar 09
Half Year
ended Sept 08
Half Year
ended Sept 09
Growth over
Previous period
Net sales 17,705 6,969 8,775 25.92%
PBIDT 1,798 565 912 61.36%
% to sales 10.16% 8.11% 10.39%
Interest 370 178 171
Depreciation 86 39 46
Profit before tax 1,400 348 696 99.83%
% to sales 7.91% 5.00% 7.93%
Profit after tax 894 224 456 103.53%
% to sales 5.05% 3.21% 5.20%
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Table of Contents
Bajaj Electricals – An Overview
Financials
Strategic Business Units
Key Highlights
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Products:Mixers Grinders, Juicers, Food Processors, Water Heaters,Air Coolers, Iron, Ovens Toasters Grillers (OTG), RoomHeaters , Toasters & S/W makers, Hand Blenders, Waterur ers ers, crowave vens, as s oves, ec r c
Kettles, Coffee / Tea Makers
Competitors: Philips, Kenstar, Usha, Maharaja, Merloni,Spherehot, Sumeet, CG, National, Black & Decker, Tefal,Braun
e-ups:
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Sales Performance (INR mn)
APPLIANCES Total W. Heaters Mixers R. Coolers Irons Others
GOLY 28% 17% 35% 18% 37% 28%
CAGR (over 4 yrs.) 35% 30% 45% 24% 31% 37%
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Key highlights
One of the leading players in small appliances market, especially in M ixers, Irons, OTG,Water Heaters and Room CoolerWide Product Portfolio and highly trusted brand in the small appliances market
Strong distribution network with more than 25,000 retail outlets
Business strategy
• Introduction of new models in Mixers, Water Heaters, Iron & Coolers
• Continue Network expansion and rural penetration
• Ensure success of PLATINI, Gas Appliances and New products such as Home Inverters, DVD players
Key industry growth drivers
• Increase in purchasing power of Indian middle class and rapid urbanization
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• Sales in unorganized segment will shift to organized segment as prices reduce
• Organised retail will improve shopping experience and brand presence
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Bajaj P latini Product Range
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Morphy Richards Product Range
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Products
• Domestic-use: Ceiling, Table, Pedestal & Wall mounted
Fans, Personal Fans, Bajaj-Disney Children’s Fans
• - ,
Circulators, Cooler kits and Pumps
Tie-ups
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Sales Performance (INR mn)
30%
22%
31%29%
1,0901,410
1,850
2,410
2,950
10%
FY05 FY06 FY07 FY08 FY09
Total revenue % Growth
FANS Total Ceiling TPW
GOLY 22% 25% 9%
CAGR (over 4 yrs.) 28% 29% 23%
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Key highlights
One of the leading players in fan industry with over 15% market share (source: IFMA)
–
One of the leading players in Premium segment
Business strategy
• Introduction of new models in Premium/ Decorative and Under-Light fans, Fans decorated with more Disney
Characters, Remote controlled Fans
• Focus on Pumps, Motors and Industrial fans
• Expand dealer network, rural penetration and presence in institutional segment
Key industry growth drivers
• Construction and housing industry revival
• Replacement market will improve due to Consumer boom
• With tax reforms, sales from unorganized segment will shift to organized segment as prices will be lower
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Products
• Lamps: GLS Lamps, Fluorescent tube lights,
Compact Fluorescent Lamps
, ,
LED Torches
Manufacturing facility:
Hind Lamps, Shikohabad and Starlite Lighting, Nashik
Products
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Sales Performance (INR mn)
2,090
31%
1,000 1,0901,340
1,76019%
9%
FY05 FY06 FY07 FY08 FY09
LIGHTING Total CFL GLS&FTL Fittings
GOLY 19% 23% 10% 28%
CAGR (over 4 yrs.) 20% 61% 2% 21%
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Key highlights
One of India’s oldest lighting company with respected brand image
Good progress in CFL market
Acquired significant stake in Starlite Lighting - a strategic move
Business strategy
• Network expansion and consolidation in Kirana segment, Modern Retail formats. Already covering more than
300,000 outlets
• Focus on CFL since demand for GLS and FTL is not growing fast. Significant capacity expansion in Starlite Lighting
• Motivate consumers to shift to energy saving lamps
Key industry growth drivers
• High growth in CFL due to reduced prices and energy conservation drive at residential, commercial and
overnment level
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• Greater focus on Environment and Climate change amongst Consumers
• Rural electrification and higher Power availability will spur future demand
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Overview
Products:
• Luminaires: Industrial, Commercial, Decorative, Street
light, Flood light, LED, Lighting Electronic, Lighting Control
• HI D lam s: Mercur & Sodium va or lam s Halo en
lamps, Metal halide and Fluorescent Lamps
Tie-ups
Technical lighting Fire Alarms & Security systemsIBMS & HVAC
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Sales Performance (INR mn)
2,82028%
1,2101,550
1,930
2,30019%
23%
FY05 FY06 FY07 FY08 FY09
LUMINAIRE Total Fittings HID
GOLY 23% 24% 15%
CAGR (over 4 yrs.) 24% 25% 17%
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Key highlights
One of the leading players in street Lights, flood Lights and industrial applications
Offers the latest and cutting edge Security and BMS (Building Management Systems) to
its institutional customers in partnership with Delta Controls of Canada
Business strategy
• Focus on new segments IT/BPO/Retail/Healthcare/Pharma
• Promote products to builders / Electrical Consultants / Architect segment
• Introduction of new products with LED light source
• Focus on energy efficiency products and Green Building applications
Key industry growth drivers
, , , , , ,
• Govt. and Private sector spending on infrastructure
Major Customers
• Industrial: TATA Group, Reliance Group, Reliance ADAG, L&T, Aditya Birla Group, Siemens, ABB
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• Government Clients: Airport Authority of India, Container Corporation of India, State Electricity Boards, NTPC,
Municipal Corporations & Councils, MSRDC, BEST, DAE
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Overview
Fields of operation:• Special Projects: Turnkey Lighting Projects, Factory
lighting, Air-port Lighting, Sports Lighting, Rural
Electrification etc.
• High Mast & P oles: High Mast Lighting, Signage,
Transmission Lines, Energy-efficient Illumination
• Towers: Design, Supply, Erection and commissioning of
Transmission lines and Telecommunication Towers,Monopoles etc.
Telecom Towers Pow er Distribution Illumination P rojects
Tie-up:
Street FurnitureSports Lighting
Signages
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High Mast
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CNC Profile Cutting Machine CNC Press Brake from LVD GODREJ Make Shearing Machine
Ranjangaon factory
Pole Welding Machine Welding of High Mast Section 30,000 TPA Tunnel Enclosed Bath
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Sales Performance (INR mn)
5 230
87%
1,7802,450
3,0503,630
19%
44%38%
24%
FY05 FY06 FY07 FY08 FY09
E&P Total
Special
Projects High Mast Towers
GOLY 44% 57% 39% 39%
CAGR (over 4 yrs.) 31% 56% 36% 15%
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Division w ise Sales Performance
53% 58%49%
33% 32%
Orders In Hand – As on Oct 2009(INR mn)
Segment Order Book
28% 30%
32% 29%35%
39% 38%
owers ,
High Mast & Pole 1,046
Special Projects 3,480
FY05 FY06 FY07 FY08 FY09
Special Projects High Mast Towers
Total 8,500
Particulars Total
Special
Projects H. Mast Towers
Sales FY09 (INR mn) 5,230 1,600 1,980 1,650
GOLY 44% 57% 39% 39%
CAGR (over 4 yrs.) 31% 56% 36% 15%
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Key highlights
One of the leading player in sports lighting, power plant lighting and High Masts space
Diversification into related businesses such as Rural Electrification etcIndustry growth drivers
Special Projects
• Huge Investments expected in Power and Infrastructure sector
• Electricity connections to 800 mn households in 125,000 villages will be given in 5 yrs under RGGVY - investment
of INR 1,200 bn
• Major opportunities in Rural electrification and Transmission Line Towers
• Airport Authority of India to develop 25 non metro Airports
• Construction of IT parks / BPO / Shopping Mall / Special Economic Zones
High Mast & Poles
• Jawaharlal Nehru National Urban Renewal Mission within 7 yrs… 23 cities to be transformed involving an
investment of INR 400 bn
Towers
• 60000 CKM transmission network to be added by 2012
• Present capacity of power transfer to be increased from 9000 MW to 30000 MW – Investment of INR 2,000 bn
• –
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, ,
GMC Balayogi Football cum Athletic Stadium
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GMC Balayogi Football cum Athletic Stadium
Hyderabad
BAJAJ Engineering & Projects BU
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Sawai Mansingh Cricket Stadium, JaipurSawai Mansingh Cricket Stadium, Jaipur
BAJAJ Engineering & Projects BU
Main Tennis Stadium At Fateh Maidan
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Main Tennis Stadium At Fateh Maidan
Hyderabad
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Kothagudam – APSEB - 2 x 210 MWTPP
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Queen’s Necklace At Marine Drive - Mumbai
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Antenna Mast
Telecommunication Application
Antenna Mast for RelianceInfocom-VPT Project
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Flag Mast
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Flag Mast
Largest National Flag (22 x14 mtrs) installed at Kaithal
ns a e a a a a wa, aryana
& Ladwa in Haryana
The India’s tallest mast 63mtrs (48x72ft)
high speedmotorised winching
arrangement. ThisMast is manufactured atRanjangaon andErected by Bajaj E&P BU
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ransm ss on ne ow ers
•
Monopole Tower Manufactured At Ranjangaon Plant
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Monopole Tower Manufactured At Ranjangaon Plant
Monopoles For Power Transmission- PGCIL’s Dadri Ballabhgarh 400
KV D/C M l
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KV D/C Monopole
132 kv d/c Transmission Line at Pachpatta, Nasik - for ABB /Enercon / MSETCL
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Enercon / MSETCL
Table of Contents
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Bajaj Electricals – An Overview
Financials
Strategic Business Units
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Key Highlights
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Nationwide distribution network w ith w ide urban and retail penetration
Strong brand positioning to drive grow th
Experienced management team backed by distinguished board
Robust, sustainable business strategy
Strong financial track record
Diversified Product & Business portfolio – Both Consumer facing and Industry /
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Nationwide distribution network
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s r u on ne wor• 19 branches
• 600 distributors
•Chandigarh
Parwanoo
Zirak ur Dehradu n,
• 240 service centers
• 300,000+ retail outlets Lucknow
Noida
Jaipur
Delhi
GuwahatiPatna
Faridabad
Mumbai
Nagpur
Ahmedabad
RaipurIndore
Bhubaneshwar
CalcuttaRanchi
Daman
PuneHyderabad
Goa
Has a strong pan India footprint and has displayed great
strengths in distribution, logistics & project execution…
plans to further amplify its retail network
Depot
Bangalore
Cochin
Chennai
Branch
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Strong brand positioning to drive growth
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Bajaj Appliances
Tie up with Morphy Richards (UK) for
manufacturing & marketing premium products in
India
Bajaj Fans
Tie up with one of the world’s
leading fan manufacturers - Bajaj
Midea Bajaj Platini introduced at the Premium end
New Ad-campaign on “Rock star mommy”
launched
Targeting kids segment by
supplying specially designed fans
through a tie up with Disney
Ba a Li htin
Bajaj Luminaires
Significant network expansionundertaken
Significant capacity expansion inStarlite Lighting for CFLs
Focus on Rural markets
(Germany) for premium technical
lighting and RUUD Lighting (US)
for LED
New Foray into IBMS , HVAC ,
Fire Alarms and Security systems
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Strong brand name created in consumer durables & lighting businesses over the last seven decades
Experienced management team backed by eminent board
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Shekhar Bajaj, Chairman & MD - Bajaj Electricals Ltd.
— Worked previously at Bajaj Sevashram and Bajaj
International
Shekhar Bajaj
Chairman & Managing Director— resen on oar o rec ors or a a u o
— Former President of ASSOCHAM, IMC, Elcoma, IFMA etc.
Anant Bajaj R. Ramakrishnan P. P. Jathar
Executive Director
— 11 years of experience in the industry
— Holds a BCom and PGDFMB
Executive Director
— B.Sc. (Hons.) and PGDBM from XLRI Jamshedpur
— Associated with the Company since last 10 years
after 17 yrs in Asian Paints
Executive VP & CFO
— 26+ years of experience in the industry
— Holds a bachelors degree in commerce and
Eminent Board
— Director on Board of Bajaj
International— Earlier President & COO of Company
— Actively associated with ISA, ASCI – CCC, BMA,
CII and IMC
— Responsible for all financial and accounting
matters
Dr.(Mrs) ShahaniDirector
H. V. GoenkaDirector
A.K.JalanDirector
Ajit GulabchandDirector
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Madhur Bajaj
Director
V.B.Haribhakti
Director
Dr. R P Singh
Director
Robust business strategy
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Focusing on highgrowth businesses
Engineering & Projects revenue has expanded more than 5 fold from INR 950 mn
(FY04) to INR 5,230 mn (FY09). TLT, Rural Electrification have large growth potential
Focusing on premium brands like Morphy Richards and Trilux and making them
successful
Leveraging strongbrand equity
Created a strong brand name in consumer durables and lighting businesses over thelast seven decades
Continuousl focusin on brand buildin and ex andin retail network
Substantial
One of India’s leading players in the small appliances , fans and Lighting markets
One of the market leaders in mixers, irons OTGs & water heatersmarket share
Strong Distribution and presence in urban and rural markets
Diversified player with good presence in:
Diversified player
Consumer facing business (Appliances, Fans and Lighting)
Industry facing business (Luminaires)
Infrastructure facing business (Engineering & projects- High mast, turnkey
lighting project, Transmission Line tower and Rural Electrification)
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BAJAJ ELECTRICALS LTD.
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