Bajaj Electricals' Q3 FY24 net profit drops 39% to Rs 370.3 million

09 Feb 2024 CW Team

Bajaj Electricals reported a consolidated net profit decline of 38.87 percent to Rs 370.36 million for the December quarter. According to a regulatory filing by Bajaj Electricals, the company had stated that it had posted a net profit of Rs 610.12 million in the corresponding quarter of the previous year.

During the quarter under review, the revenue from operations witnessed a decrease of 6.2 percent to Rs 12.28 billion. In the year-ago period, it stood at Rs 13.09 billion.

The total income of Bajaj Electricals for the December quarter was Rs 12.20 billion, reflecting a 1.28 percent decline.

The revenue from Consumer Products (CP) observed a 7.96 percent decrease to Rs 9.56 billion, in contrast to the corresponding quarter's Rs 10.39 billion.

In an earnings statement, Bajaj Electricals revealed that the CP business recorded an EBIT (Earnings Before Interest and Taxes) of Rs 160 million, down from Rs 780 million in the previous year's corresponding quarter, primarily due to a one-time impact on the reassessment of warranty provisions.

The revenue from lighting solutions remained almost flat at Rs 2.71 billion, compared to Rs 2.7 billion a year ago.

Shekhar Bajaj, the Chairman, commented on the results, stating, "Lighting solutions have achieved a strong performance in a tough environment. EBIT has expanded 30.6 percent year-on-year, and margins are stable at 8.4 percent."

He further mentioned, "Consumer Products continue to show signs of rural stress and weak consumer demand. Revenues have contracted 8 percent year-on-year. We continue to be cash flow positive and focus on our long-term strategic objectives with a continued push on new products and brand strengthening."

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