Bajaj Electricals third quarter net profit surges to Rs 98 crore

The firm was helped by a strong growth in its consumer products business

Bajaj Electricals on Thursday reported a multifold increase in consolidated net profit at Rs98.19 crorefor the third quarter ended December 31, 2020 helped by a strong growth in its consumer products business.

The company had posted a net profit of Rs9.37crore in the year-ago period, Bajaj Electricals said in a regulatory filing.

Total revenue from operations was up16.85per cent to Rs1,500.14crore during the quarter under review as against Rs1,283.86crore in the corresponding period of the previous fiscal year.

Total expenses were at Rs1,388.80crore in third quarter as against Rs1,274.91crore earlier.

The Consumer Products business has delivered a strong growth in this quarter despite continuing supply challenges and increase in commodity prices and has delivered its highest ever quarterly EBIT of Rs. 142 crore. Our EPC segment has reduced its loss, while continuing to focus on execution and working capital, Bajaj Electricals' Chairman and Managing Director Shekhar Bajaj said.

The company's revenue from consumer product segment was up34.02 per centat Rs1,152.83crore as against Rs 860.21crore.

However, revenue from engineering, procurement and construction (EPC) segment was down18per cent to Rs347.18crore as against Rs423.45crore a year ago.

Shares of Bajaj Electricals on Thursday settled at Rs767.90 apiece on BSE, up 4.18 per cent from the previous close.