Bajaj Electricals Q4 net down 15% at Rs 49 cr
Expenses incurred on change in inventories led to the sluggish numbers
Bajaj Electricals today reported a 14.72% dip 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.
The company had posted a net profit of Rs 57.45 crore for the corresponding period previous fiscal, Bajaj Electricals said in a filing to BSE.
Total income of the company, however, increased to Rs 1,060.16 crore for the quarter ended March 31, 2012 from Rs 979.87 crore for the same quarter year ago.
The company's board of directors have recommended the dividend of Rs 2.80 per share on 99,640,329 equity shares of Rs 2 each for FY 2011-12, Bajaj Electricals said.
During the quarter, the company said its expenses on changes in inventories of finished goods, work-in-progress and traded goods stood at Rs 60.5 crore.
Net profit of the company for the year ended March 2012 stood at Rs 117.88 crore as against Rs 143.79 crore for the corresponding period year ago.
The company's total income however rose to Rs 3,098.96 crore for FY12 from Rs 2,741.35 crore for FY11.
Commenting on the results, Bajaj Electricals Chairman and Managing Director, Shekhar Bajaj said: "For the year ended 2011-12, the lighting segment has continued its good work with a top line growth of 21.2% with improvement in margins. Consumer durable segment has also performed well registering a growth of 17.5% over the previous period."
During the year, consumer durable and lighting segment have registered total revenue of Rs 1,500.5 crore and Rs. 764.8 crore respectively, the company said.
Engineering and project segment has been flat with a total income of Rs 832 crore, it added.
Bajaj said, market conditions such as commodity prices volatility, exchange rate fluctuations, have impacted the margins of the consumer durable segment.
"Demand conditions have been stable and we look forward to a good performance in the next year," Bajaj added.
Scrips of Bajaj Electricals today closed at Rs 214.65 per share on BSE, down 2.32% from its previous close.