Bajaj Electricals Q2 Profit At Rs 62 Crore, Sales Slip 6.4% To Rs 1,201 Crore

Bajaj Electricals Ltd. on Tuesday reported a marginal decline in its consolidated net profit to Rs 62 crore for the quarter ended Sept. 30, mainly due to fall in revenue growth and high cost inventories.

The company had posted a net profit of Rs 62.55 crore during the July-September quarter of the previous fiscal, Bajaj Electricals said in a regulatory filing.

Its net sales slipped 6.41% to Rs 1,201.14 crore during the quarter under review, against Rs 1,283.44 crore a year ago.

Bajaj Electricals' total expenses fell 6.81% to Rs 1,159.22 crore in Q2 of FY23, against Rs 1,243.94 crore.

"We have delivered a PBT growth of 6% in spite of revenue degrowth and absorption of high cost inventories. EPC has delivered positive EBIT for the current quarter coupled with a strong focus on the collection of receivables," Bajaj Electricals' Chairman and Managing Director Shekhar Bajaj said.

Bajaj Electricals' revenue from consumer products was down 2.45% at Rs 882.87 crore in the September quarter. It was at Rs 905.08 crore a year ago.

The revenue from the lighting solutions segment also declined 3.73% to Rs 275.73 crore from Rs 286.44 crore in FY22.

Revenue from engineering, procurement and construction or EPC fell 39.42% to Rs 66.94 crore.

"The order book as on Oct. 1, 2022, stands at Rs 1,554 crore, comprising Rs 1,343 crore for transmission line towers, Rs 11 crore for power distribution, and Rs 200 crore for illumination projects," said Bajaj Electricals.