Bajaj Electricals Ltd reported a marginal decline in its consolidated net profit to Rs 62 crore for the second quarter that ended September 30, mainly due to revenue degrowth 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 percent 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 percent to Rs 1,159.22 crore in Q2 of FY23 against Rs 1,243.94 crore.
"We have delivered a PBT growth of 6 percent 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 per cent 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 per cent to Rs 275.73 crore from Rs 286.44 crore in FY22. Revenue from engineering, procurement and construction (EPC) fell 39.42 per cent to Rs 66.94 crore. "The order book as on October 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.
