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Bajaj Electricals on Friday posted a consolidated net loss of ₹81 lakh in the March quarter, hit by de-growth of the EPC segment.
It had logged a net profit of ₹23.08 crore in the corresponding January-March quarter a year ago, Bajaj Electricals said in a regulatory filing.
Total consolidated revenue from operations was down 26.73 per cent to ₹1,300.66 crore during the quarter as against ₹1,775.18 crore in the corresponding period of the previous fiscal.
Bajaj Electricals total expenses were at ₹1,318.95 crore in Q4 FY20, down 25.38 per cent from ₹1,767.59 crore in the year-ago period.
Its revenue from consumer product segment was marginally up at ₹746.76 crore for the March quarter as against ₹743.28 crore in the corresponding period a year earlier.
However, its revenue from engineering, procurement and construction (EPC) segment was down 46.32 per cent to ₹553.80 crore as against ₹1,031.84 crore a year ago.
Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said: “We continue 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.”
Despite the impact of COVID-19, the consumer products segment has maintained its revenues and delivered an EBIT growth of 37.4 per cent in the current quarter, while the EPC segment revenue has registered a planned de-growth due to selective bidding for fresh contracts.
According to Bajaj, in the near term, this will “continue to impact profitability”, but would “remain confident about a healthy bounce back as our strategic shift plays out”.
For the fiscal year 2019-20, Bajaj Electricals reported a net loss of ₹10.28 crore. It was ₹153.58 crore in the previous year.
Its revenue from operations for the fiscal was ₹4,987.23 crore, up 25.33 per cent. It was ₹6,679.41 crore in 2018-19.
Shares of Bajaj Electricals were trading at ₹411.60 on the BSE in afternoon trade, up 1.45 per cent from the previous close.
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