Companies

Bajaj Electricals posts consolidated net loss of ₹32.54 crore in Q2

Our Bureau Mumbai | Updated on November 06, 2019

Bajaj Electricals on Wednesday posted a consolidated net loss of ₹32.54 crore for the second quarter of this fiscal year. The company had posted a net profit of ₹29.83 crore for the second quarter of last year.

Total income during the quarter under review fell by 31.07 per cent to ₹1,106.80 crore, compared to ₹1,605.77 crore of the second quarter of last year.

“We have been pursuing our stated path of a strong focus on positive cash flow from operations, reducing our debt and strengthening our balance sheet, and we have done well on all of these parameters. We had also embarked upon a strategic shift in business direction of continuing to drive growth in our consumer products segment while adopting a more risk-calibrated approach for the EPC segment with a focus on completion of existing projects on hand. Our consumer products segment has registered a moderate growth of 9 per cent in top-line on account of the overall slowdown in the economy, while the EPC segment has registered a planned de-growth due to reduction in fresh bidding. In the near future this will continue to impact our profitability, but we are confident about a healthy bounce back as our strategic shift plays out,” said Shekhar Bajaj, Chairman and Managing Director of Bajaj Electricals Limited.

For the quarter, the consumer products segment of the company earned total revenue of ₹701.52 crore, compared to ₹643.66 crore of the corresponding quarter of last year, marking a growth of 9 per cent.

The EPC segment during the quarter posted a total revenue of ₹393.81 crore as against ₹955.90 crore of the corresponding quarter of the previous year, registering degrowth of 58.80 per cent.

Published on November 06, 2019

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