Bajaj Electricals June qtr net up 37% to Rs 22 cr

Bajaj Electricals today posted a 37 per cent jump in its net profit to Rs 22.5 crore in the quarter ended June 30, 2010, over the same period of the previous fiscal.

The company said its profitability had occurred mainly on the back of improved product portfolio of its engineering and projects business unit.

"I am glad that we have been able to ensure profitable growth despite pressure on margins due to increase in raw material prices. This quarter witnessed significant margin pressures compared to last year due to high commodity prices of copper and aluminium,"  Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said.

During the quarter, the company's net sales witnessed a 35 per cent jump to Rs 483.87 crore, as compared to Rs 358.01 crore in the corresponding quarter of the previous fiscal.

"The company has achieved a good top-line growth along with robust profitability.  The product mix in engineering and projects business unit (E&P BU) has improved and resulted in margin improvements," Bajaj Electricals Executive Director Anant Bajaj said.

At present, the E&P BU has an order book of Rs 810 crore, he added.