Bajaj Consumer Care share price hits 52-week high after Q1 results; net profit up 36.3% on year to ₹46.2 crore

Bajaj Consumer Care Ltd on Wednesday reported an 36.3% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹46.2 crore. The company had reported a profit of ₹33.9 crore in the year-ago period. Sequentially, consolidated net profit was up 14.2% from ₹40.5 crore in Q4FY23. Bajaj Consumer share price opened at ₹223.90 apiece on BSE. Bajaj Consumer stock hit new 52-week high following Q1 results.

The company's consolidated total revenue from operations rose 8.34% on year to ₹270.2 crores during the quarter ended June from ₹249.4 crore in Q1FY23. Total income rose to ₹280.7 crore in the first quarter. It stood at ₹256.2 crore in the year-ago period.

The company in an exchange filing stated that earnings before interest, taxes, and amortization (EBITDA) increased by 30.1% on year to ₹49 crore during the quarter under review. For the quarter ended June, the margin came in at 18.4% and showed an improvement of 310 basis point on year basis. Sequentially, margins improved by 100 basis points.

“During the current quarter, the holding Company bought back 16,053 fully paid up equity shares. The buyback was concluded on April 13th, 2023. As of the conclusion date of buyback, the holding Company had bought back 49, 14,159 equity shares representing 3.33% of pre buyback paid up capital and 99.99% of the maximum buyback size. All equity shares bought back have been extinguished," said Bajaj Consumer in its exchange filing.

During Q1FY24, the company entered into face serums category with products directed towards blemish removal which overlaps with NOMARKS’ core benefit, as mentioned in its filing. The company said that these will be marketed based on trending ingredients known for their efficacy.

On the technical front, as per trendlyne data, Bajaj Consumer stock price rose 42.6% and outperformed its sector by 34.6% in the past year.

“Bajaj Consumer stock is in a strong uptrend and has seen vertical upmove in the last couple of months, today as well the prices are up 3% backed with strong volumes. Traders should maintain positive bias where ideally dip should be considered as buying opportunity, 215 - 220 is strong support zone whereas 245 - 250 resistance zone,” said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.