Hit by losses incurred in engineering and project segment, Bajaj Electricals today reported a sharp decline in net profit to Rs 63 lakh for the January-March quarter, 2013, against Rs 48.99 crore profit in the same period last year.
The company incurred a loss of Rs 50.65 crore in the engineering and project segment in the period, the company said in a statement.
Total income from operations of the company rose to Rs 1,113.71 crore for the quarter under review from Rs 1,059.87 crore for the year ago period.
In a filing to BSE, the company said its board has recommended a dividend of Rs 2 per share on 9,97,55,331 equity shares of Rs 2 each for 2012-13.
For the year ended March 31, 2013 net profit of the company stood at Rs 51.21 crore as against Rs 117.88 crore for the previous fiscal year.
Total income from operations for the fiscal year ended March 31, 2013 rose to Rs 3,387.57 crore. It was Rs 3,098.96 crore for same period year ago.
Commenting on the results Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said: "Consumer durables and lighting segment have been performing consistently quarter on quarter and have fared well during the year ended March 2013 with a top line growth of 22.5% and 12.5%, respectively, over the corresponding period of previous year."
Shares of Bajaj Electricals today closed at Rs 168.25 on BSE, down 1.17% from its previous close.
