Owing to a soft quarter due to unseasonal rains, Bajaj Electricals saw a 13.9 per cent dip in net profit at ₹37 crore for the quarter ended in June against ₹43 crore reported during the same quarter last year.
The Mumbai-based company’s profit dipped by 30 per cent when compared to the March quarter at ₹53 crore.
Revenue from operations saw a dip of 1.50 per cent at ₹1,112 crore during the June quarter against ₹1,129 crore reported during the same time last year. A 13.86 per cent dip in revenues was reported against the March quarter at ₹1,291 crore.
“The company has achieved a stable performance in a challenging environment. Consumer products revenues have grown by 2.0 per cent for the quarter, despite demand slowdown and pricing constraints. The Lighting Solutions segment is also facing demand headwinds. Meanwhile, we have continued to focus on our long-term strategic objectives with a continued push on new products and brand strengthening,” said Shekhar Bajaj, Chairman of Bajaj Electricals Ltd.
The company’s order book as on July 1, 2023 stood at ₹1,728 crore comprising ₹883 crore for transmission line towers, ₹702 crore for power distribution, and ₹143 crore for professional lighting projects.
NCLT has approved the company’s demerger of its EPC segment which is expected to be completed in the next quarter.
Bajaj Electricals is anticipating an uptick in demand during the festival season.
“There was an 8 per cent de-growth in cooling products. We are expecting the demand to return with the festive season. Overall growth with uptick in demand in rural areas is also expected in the festive season “ said Anuj Poddar, CEO of Bajaj Electricals.