The Hindu Business Line : Bajaj Electricals net up 39% at Rs 18.9 cr

Mumbai May 29 Bajaj Electricals Ltd has reported a 39.25 per cent increase in net profit at Rs 18.91 crore (Rs 13.58 crore) for the quarter ended March 31, 2007.

Net sales rose 27.09 per cent to Rs 372.42 crore from Rs 293.03 in the corresponding quarter of the previous year.

For the full fiscal, the company's net profit stood at Rs 38.53 crore from Rs 28.20 crore in the corresponding period of the previous year, showing a growth of 37 per cent. Net sales showed an increase of 27.62 per cent at Rs 1,078.86 crore (Rs 845.4 crore).

The company also declared a final dividend of 80 per cent for the fiscal ended March 2007.

In addition, the board has recommended the issue of bonus shares in the ratio of 1:1, the company said in a statement.

"We have invested and acquired 32 per cent stake in Sterlite Lighting and this will act as a strong pivot for our ambitious growth plan in CFLs," said Mr Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals.

The shares of the company closed 10.48 per cent up at Rs 588.45 on the BSE.