“At Bajaj Electricals, we aspire to bring the latest technology to our customers. We are TAKING THE LEAP INTO A WORLD OF POSSIBILITIES as we embrace digital transformation to create innovative future-ready products”

Dear Fellow Shareholders,

I am very happy to share with you my thoughts on the performance and prospects of your Company.

The year 2016 shall certainly not be forgotten in a hurry. The unexpected result of the UK''''s referendum to leave the EU and the surprising election of the Republican candidate, Mr. Donald J. Trump as the President of the USA are events that will have a long-term repercussion on global events.

India continued with its growth momentum to emerge as the fastest growing major global economy for the second consecutive year. A near normal monsoon, decisive government policies and bold reforms, favourable commodity prices and under-control inflation ensured the country''''s GDP growth of 7.1 per cent for the year. The demonetisation shock in November created a short-term aberration in the third quarter. Together with the passage of the GST Bill and its implementation in July 2017, demonetisation and GST are expected to unleash a new era in India''''s growth.

While the year did bring its own challenges, at Bajaj Electricals, we have continued to perform satisfactorily. Though, our total revenue declined by 7.10 per cent to Rs. 4298.26 crore compared to Rs.4626.70 crore in the previous year, our sustained focus on improving operational efficiency and implementation of redistribution strategy across the country has shown a positive impact on the gross margins and working capital turns. Our EBIDTA for the year was Rs.278.35 crore compared to Rs.312.33 crore in the previous year, while our PAT stood at Rs.107.66 crore compared to Rs.110.35 crore for the previous year.

During the year, a key strategic development was the merger of four consumer-facing business - Kitchen Appliances, Domestic Appliances, Fans and Lighting into one. The Company continues to strengthen its distribution by adding more consumer touch-points through effective implementation of its Range & Reach Expansion Programme.

The EPC and the Exports businesses of the Company also performed well during the year. The TLT division recorded a growth of 26.9 per cent, while the Illumination EPC and the Luminaires businesses saw a resurgence in demand. The Luminaires division won the “Smart Green Building Initiative Award 2017” and “FSAI Awards 2017 for Best Integrated Project India.”

The year saw us continue with our Marketing and Branding initiatives. The “We are family” brand theme was communicated powerfully using various communication channels.

As I look ahead, the immense opportunity unleashed by the digital transformation excites me. Connected devices that seamlessly ‘talk'''' to each other over the internet and make our lives easier are here. The IoT (Internet of Things) is poised to usher in another revolution in our lifestyles. The Indian consumer is not only ready, but eager to evolve into this new world of possibilities as the country marches confidently ahead on its economic highway of growth. The economic outlook is positive and promising as all the key blocks are in the right place.

At Bajaj Electricals, we are poised and prepared for a new phase of growth.

Thank you for your continued confidence and faith in the Company and its management. I would also like to extend my gratitude to all our stakeholders, particularly our employees, whose passion and dedication continue to excite me. Let me assure you that Bajaj Electricals will continue on its path of touching lives and moving India.

Yours sincerely,

Shekhar Bajaj

Chairman & Managing Director

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at

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