While Bajaj Electricals reported weaker Q1FY24 than peers and our expectations, we note, (1) the EPC business is likely to be demerged very soon (3-4 months) and Bajaj Electricals has repaid the debt and has net cash balance sheet. Hence, it can leverage the cash flows to grow the consumer business in FY24-25, (2) it plans to invest in Nex (new brand) and Nirlep (relaunch).