Bajaj Electrical's consolidated net profit declined marginally to Rs 62 crore in Q2 FY23 as against Rs 62.55 crore recorded in Q2 FY22.
Net sales slipped 6.4% to Rs 1,201.14 crore in quarter ended 30 September 2022 from Rs 1,283.44 crore posted in the corresponding quarter previous year.
Consolidated profit before tax stood at Rs 84.29 crore in Q2 FY23, rising 6.4% from Rs 79.25 crore reported in the same period last year.
Total expenses declined 6.81% year on year to Rs 1,159.22 in Q2 FY23. Cost of materials consumed fell 3.09% to Rs 156.39 crore in Q2 FY23 from Rs 161.38 crore posted in Q2 FY22.
The company's revenue from Consumer Products stood at Rs 882.87 crore (down 2.45% YoY), revenue from Lighting Solutions was at Rs 275.73 crore (down 3.74% YoY).
Meanwhile, the company's revenue from EPC segment stood at Rs 66.94 crore in Q2 FY23, registering a de-growth of 39.42% from Rs 110.50 crore posted in the same period last year.
The order book as on 1 October 2022 stood at Rs 1,554 crore, comprising of Rs 1,343 crore for Transmission Line Towers, Rs 11 crore for Power Distribution, and Rs 200 crore for Illumination Projects.
Shekhar Bajaj, chairman of Bajaj Electricals, said We have delivered a PBT growth of 6% in-spite of revenue de-growth and absorption of high cost inventories. EPC has delivered positive EBIT for the current quarter coupled with strong focus on collection of receivables.
Shares of Bajaj Electricals rose 0.47% to settle at Rs 1,158.55 on Monday, 7 November 2022.
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