 "Bajaj Electricals dips as Q1 profit lags estimates")
Bajaj Electricals has dipped nearly 8% to Rs 308, falling 11% from intra-day high on BSE, after reporting a lower-than-expected net profit of Rs 6 crore for the quarter ended June 2014 (Q1), mainly due to poor performance by the consumer durables segment and higher interest burden. The company had profit of Rs 66 lakh in the same quarter last year.
Net sales for the quarter grew 12.5% to Rs 888 crore against Rs 789 crore in the corresponding quarter of the previous fiscal.
Analysts on an average had estimated a profit of Rs 22 crore on revenues of Rs 891 crore for the quarter.
The company’s consumer durables segment, which account 57% of total revenues, reported 14% y-o-y decline in PBIT (profit before tax and interest).
The stock opened at Rs 337 and hit high of Rs 345 on BSE. A combined 675,098 shares changed hands on the counter till noon deals on BSE and NSE.
Net sales for the quarter grew 12.5% to Rs 888 crore against Rs 789 crore in the corresponding quarter of the previous fiscal.
Analysts on an average had estimated a profit of Rs 22 crore on revenues of Rs 891 crore for the quarter.
The company’s consumer durables segment, which account 57% of total revenues, reported 14% y-o-y decline in PBIT (profit before tax and interest).
The stock opened at Rs 337 and hit high of Rs 345 on BSE. A combined 675,098 shares changed hands on the counter till noon deals on BSE and NSE.