Bajaj Electricals Q3 Profit Down 39% to Rs 37.3 Cr

New Delhi, Feb 5 (PTI) Bajaj Electricals Ltd on Monday reported a 38.87 per cent decline in consolidated net profit to Rs 37.36 crore for the December quarter.

The company had posted a net profit of Rs 61.12 crore in the year-ago period, Bajaj Electricals said in a regulatory filing.

Its revenue from operations was down 6.2 per cent to Rs 1,228.24 crore during the quarter under review. It was at Rs 1,309.48 crore in the corresponding quarter a year ago.

The total income of Bajaj Electricals was Rs 1,220.49 crore, down 1.28 per cent in the December quarter.

Its revenue from Consumer Products (CP) was down 7.96 per cent to Rs 956.66 crore, as against Rs 1,039.48 crore of the corresponding quarter.

The CP business recorded an EBIT (Earnings Before Interest and Taxes) of Rs 16 crore as against Rs 78 crore in the corresponding quarter of the previous year, due to a one-time impact on the reassessment of warranty provisions, Bajaj Electricals said in an earnings statement.

Revenue from lighting solutions was almost flat at Rs 271.58 crore, in comparison to Rs 270 crore a year ago.

Commenting on the results, Chairman Shekhar Bajaj said, "Lighting solutions has achieved a strong performance in a tough environment. EBIT has expanded 30.6 per cent year-on-year and margins are stable at 8.4 per cent."

"Consumer Products continue to show signs of rural stress and weak consumer demand. Revenues have contracted 8 per cent year-on-year.

"We continue to be cash flow positive and focus on our long-term strategic objectives with continued push on new products and brand strengthening," he said.

Shares of Bajaj Electricals were trading at Rs 1,030.90 apiece on Monday, down 1.06 per cent, on the BSE.