Bajaj Electricals Q1 net dips 51% to Rs 11 cr

Bajaj Electricals today posted a 51% decline in its net profit to Rs 11 crore for the quarter ended June 30, 2011, as compared to the same period last year.

For the quarter ended June 30, 2010, the company had posted a net profit of Rs 23 crore, Bajaj Electricals said in a filing to the Bombay Stock Exchange (BSE).

During the reporting quarter, the firm's net sales increased by 12.48% to Rs 545 crore as against Rs 484 crore in the year-ago period.

Segment wise, in its lighting business, Bajaj Electricals registered a revenue growth of 16% to Rs 127 crore, while consumer durables business grew by 16% to Rs 303 crore.

Besides, revenue from its engineering and projects stood at Rs 114 crore.

Shares of Bajaj Electricals were trading at Rs 217.30 on the BSE, down by 8.56% from the previous close.