Mumbai-based Bajaj Electricals today reported a Rs 6.4 crore net loss for the April-June quarter. The firm’s bottomline, however, improved on year-on-year (YoY) basis as it cut down on its quarterly losses. In the corresponding quarter last year, it had posted Rs 27 crore net loss.
Bajaj’s operating revenue grew 40 per cent YoY to Rs 852.8 crore on a low base of Rs 607.8 crore. However, it fell 32 percent sequentially from Rs 1,255 crore in the March quarter. Its bottomline shrank significantly from Rs 56 crore net profit that it had posted in the previous quarter.
In the quarter, revenue from its consumer products division grew 56 per cent YoY to Rs 617 crore from Rs 395 crore. According to the company, it generated positive cashflow from operations of Rs 39 crore and its net debt stood at Rs 656 crore including the debt it took during the quarter as a result of the acquisition of Starlite Lighting Limited. Bajaj’s debt repayment trajectory remains intact.
“While this quarter’s results are impacted by the second wave of COVID-19 and the rise in commodity prices, we have maintained our strategic direction and focus. The Consumer Products business continues to enjoy top-line growth and the EBIT margin for this quarter factors in the impact of various one-off or not-comparable costs and investments made. We remain confident of maintaining our margin expansion in the coming quarters,” said Shekhar Bajaj, chairman and managing director of Bajaj Electricals.