Bajaj Electricals Q1 profit down 65.86% to Rs 13.70 cr from Rs 40 cr

Bajaj Electricals' total expenses fell 17.17% to Rs 1,294.61 crore as against Rs 1,104.88 crore in the year-ago period

Bajaj Electricals Ltd on Wednesaday reported a 65.86 per cent decline in consolidated net profit at Rs 13.70 crore for the first quarter ended June 30, 2019.

The company had posted a net profit of Rs 40.14 crore in the April-June quarter a year ago, Bajaj Electricals said in a BSE filing.

However, its total income rose 14.10 per cent to Rs 1,300.69 crore during the quarter under review as against Rs 1,139.93 crore in the corresponding quarter last fiscal.

Bajaj Electricals' total expenses fell 17.17 per cent to Rs 1,294.61 crore as against Rs 1,104.88 crore in the year-ago period.

Revenue from consumer product segment was at Rs 786.27 crore, up 31.73 per cent from Rs 596.86 crore in June quarter last year.

"Consumer products segment has registered a splendid performance driven by Range and Reach Programme (RREP) being fully stabilized pan-India and products being sold through more than 2 lakh retail outlets across the country," Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said.

Revenue from engineering, procurement and construction (EPC) segment was down 5.27 per cent to Rs 514.32 crore as against Rs 542.96 crore a year ago.

"EPC segment has registered a de-growth of 5.3 per cent during the quarter, which has impacted the margins of the segment," he said.

Shares of Bajaj Electricals on Wednesday settled at Rs 363 on the BSE, down 0.33 per cent from the previous close.