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Bajaj Electricals on Thursday posted a consolidated net profit of ₹98.19 crore in the third quarter ended December 31, 2020, an 84.88 per cent increase compared to the preceding quarter. It had posted a consolidated net profit of ₹53.11 crore in the second quarter of the fiscal year.
The company’s total revenue from operations stood at ₹1,500.14 crore during the quarter under review, a 23.19 per cent increase compared to the second quarter of the year. It had posted a total revenue from operations of ₹1,217.71 crore in the second quarter.
On a year-on-year basis, Bajaj Electricals’ consolidated net profit increased by 947.9 per cent. It had posted a consolidated net profit of ₹9.37 crore in the year-ago quarter. The company had posted a total revenue from operations of ₹1,283.86 crore in the third quarter last year, marking a 16.84 per cent y-o-y increase in the quarter under review.
For the quarter, the company’s consumer products (CP) segment has earned total revenue of ₹1,153 crore as against ₹860 crore, a growth of 34 per cent over the corresponding quarter of the previous year. The EPC segment achieved total revenue of ₹347 crore as against ₹423 crore, registering a de-growth of 18 per cent over the corresponding quarter of the previous year.
“The outbreak of Covid-19 globally and in India has caused significant disturbances and slow-down of economic activity. The company’s operations were also impacted in Q1 due to temporary suspension of manufacturing facilities, sales and distribution and execution of EPC contracts,” it said. However, the company has resumed operations at all its manufacturing units, branches and warehouses across the country. All of the company’s EPC sites are also operational now. “The business has normalised from the previous quarter, which has resulted in positive EBIT for CP Segment.”
“The consumer products business has delivered a strong growth in this quarter despite continuing supply challenges and increase in commodity prices and has delivered its highest ever quarterly EBIT of ₹142 crore. Our EPC segment has reduced its loss, while continuing to focus on execution and working capital. Further, we have maintained our strong focus on cash flows from operations in this quarter too, generating a healthy ₹142 crore, thereby further reducing our debt significantly,” said Shekhar Bajaj, Chairman and Managing Director of Bajaj Electricals Limited.
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