Bajaj Electricals said that its board has approved the proposal for permanent closure of operations at the company's manufacturing unit located at Shikohabad, Uttar Pradesh.
The Shikohabad Unit accounted for total revenue of Rs 33.46 crore for the year ended 31 March 2021 (representing 0.72% contribution to the company's total income for the financial year ended 31 March 2021), whereas it contributed Rs.4.44 crore loss (before tax) to the company during the same period.
The company said that given the unsatisfactory performance of the unit with continued operational losses in spite of attempts to turn it around, it had become unviable to continue running the unit.
Bajaj Electricals, a part of Bajaj Group, makes consumer products (appliances, fans, lighting) and executes EPC contracts (illumination, transmission line towers and power distribution).
The company's consolidated net profit jumped 17.8% to Rs 62.55 crore on a 6.1% rise in net sales to Rs 1,283.44 crore in Q2 FY22 over Q2 FY21.
The scrip shed 0.46% to currently trade at Rs 1281.70 on the BSE.
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