Bajaj Electricals net profit down 51% at Rs 48.17 cr in December quarter

Bajaj Electricals Ltd on Tuesday reported a decline of 50.94 per cent in its consolidated net profit to Rs 48.17 crore for the third quarter ended December 2021.

The company had posted a net profit of Rs 98.19 crore in the October-December quarter of the previous fiscal, Bajaj Electricals said in a regulatory filing.

Its total revenue from operations was down 12.02 per cent to Rs 1,319.81 crore during the quarter under review as against Rs 1,500.14 crore in the corresponding period of the previous fiscal.

Bajaj Electricals' total expenses were at Rs 1,261.50 crore, down 9.16 per cent in Q3/FY 2021-22, as against Rs 1,388.80 crore in the year-ago period.

Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said: "This quarter has continued to witness the impact of increased commodity costs coupled with subdued demand scenario, leading to a deferral of price hikes for our Consumer Products business."

"While there is a dip in YoY performance over the previous Q3 (which had benefited from pent-up demand), the business has delivered healthy 2-year CAGR on revenues as well as EBIT," he said.

Its revenue from the consumer product segment was down 6.30 per cent at Rs 1,080.16 crore as against Rs 1,152.83 crore in the corresponding period year ago.

While, revenue from the engineering, procurement and construction (EPC) segment was down 30.99 per cent to Rs 239.56 crore as against Rs 347.18 crore a year ago.

"Our EPC segment has delivered an EBIT loss despite the lower turnover, but continues to focus on project execution and remains cash flow positive, said Bajaj.

According to the company, for the quarter ended December 30, 2021, it generated positive cashflow from operations of Rs 139 crore.

"The order book as of January 1, 2022, stands at Rs 607 crore, comprising Rs 376 crore for transmission line towers, Rs 53 crore for power distribution and Rs 178 crore for illumination projects," he added.

"Net debt stands at Rs 156 crore. Debt repayment trajectory remains intact," said Bajaj Electricals in post earnings statement.

Shares of Bajaj Electricals Ltd closed at Rs 1,209.60 apiece on Tuesday, down 1.03 per cent from their previous close.