Due to high costs of raw materials and appreciation of the dollar against the rupee, Bajaj Electricals, an electrical appliances company recorded a consolidated net profit dip of 7.43 per cent at Rs 12.2 crore for the second quarter ended September 30. Its net profit for the corresponding period last year was Rs 13.13 crore.
However, the company recorded strong increase in its revenues with net sales increase at 24.41 per cent at Rs 378.57 crore as compared to Rs 304.28 crore for the same period last year.
The individual segemnt sales saw conumer durables showing the maximum growth at at 31.82 per cent at Rs 168.54 crore compared to Rs 127.85 crore for the same period last year. Followed by the lighting segment growing at 26.63 per cent at Rs 121.48 as compared to Rs 95.93 crore for the same period last year.
The engineering and projects segment recorded the least growth at 10 per cent growing from Rs 80.50 crore to Rs 88.55 crore.
Infact the engineering and projects division recorded a loss of 35 per cent in net revenues for the quarter at Rs 7.6 crore as compared to Rs 11.66 crore for the same period in the previous year.
Speaking to the Business Standard, Ananth Bajaj, executive director, Bajaj Electricals said, "Inspite of the small dip in our net profit in the second quarter of the current financial year our outlook for the year ahead is healthy as we have a strong sales book and our costs and expenditures are under control."