Modest consumer performance; EPC springs a surprise Bajaj Electricals (BEL)'s adjusted net profit grew 126% YoY in 4QFY18 on the back of EPC (revenue/EBIT grew 44%/110%). On the other hand, Consumer Products revenue grew 15% YoY (like to like basis), in line with JMFe. Aggressive bidding in recent past (after a lull in FY15-17) led to massive new orders in EPC in 4QFY18 (Orderbook of INR 90bn vs INR 31bn in Jan'18), executable over next 18-20 months. The management guides for INR 35-40bn revenue with c.8% EBIT margins in EPC segment while maintained 15% revenue growth and 6-7% EBIT margin guidance in Consumer Products. We continue to remain cautious on the...