Bajaj Electricals Q3 profit soars 73 pc to Rs 64 cr

Bajaj Electricals Thursday posted 73.55 per cent rise in standalone net profit at Rs 63.92 crore for October-December 2018 led by a robust performance in consumer products and EPC segments.

It reported a profit of Rs 36.83 crore in the same period a year ago, Bajaj Electricals said in a BSE filing.

Total income was also up at Rs 2,161.83 crore during the quarter under review, from Rs 1,145.13 crore in the year-ago period.

"The current quarter has been extremely good for the company, with both business segments - Consumer Products (CP) and EPC - registering a robust performance," Chairman and Managing Director Shekhar Bajaj said.

Total expenses were at Rs 2,067.33 crore as against Rs 1,097.51 crore in the year-ago period.

Revenue from CP segment was at Rs 760.58 crore as against Rs 600.18 crore earlier.

Engineering, procurement and construction (EPC) segment stood at Rs 1,401.18 crore in the latest quarter against Rs 544.91 crore in the year-ago period.

"EPC segment performance is driven by fast execution of UP power distribution projects, which have resulted in top line growth of over 157 per cent against the corresponding quarter of the previous year," he said.

According to Bajaj, the current order book of EPC segment stands at Rs 5,787 crore, comprising Rs 1,004 crore for transmission line towers, Rs 4,657 crore for power distribution and Rs 126 crore for illumination projects.

The company also informed BSE that its board has approved a proposal to raise Rs 200 crore by issuing unsecured listed redeemable non-convertible debentures (NCDs) on private placement basis.

Shares of Bajaj Electricals on Thursday settled at Rs 518.80 per scrip on BSE, up 9.44 per cent from the previous close.