Bajaj Electricals tanks on weak Q4 earnings

Bajaj Electricals has tanked over 7% at Rs 199 on reporting a 15% year-on-year (y-o-y) drop in its net profit at Rs 48.99 crore for the quarter ended March 31, 2012 mainly on account of expenses on change in inventories and higher interest cost. Total income, however, increased 8% at Rs 1,060 crore on y-o-y basis.

The company has recorded a expenses of Rs 60.50 crore on changes in inventories of finished goods, work-in-progress and traded goods, while its interest cost surged by 58% to Rs 16.3 crore over the previous year quarter.

The poor show of engineering and project segment, which reported almost 50% fall in its operating profit, also impacted the bottom-line growth of the company during the recently concluded quarter.

A combined around 35,000 shares have changed hands on the counter till early noon deals on both the exchanges.