Bajaj Electricals reported 38.87% decline in consolidated net profit to Rs 37.36 crore in Q3 FY24 as compared with Rs 62.17 crore posted in Q3 FY23.
Revenue from operations was at Rs 1,228.24 crore in third ended quarter of 31 December 2023, down 6.20% YoY.Profit before tax from continuing operations slipped 40.24% to Rs 50.48 crore in Q3 FY24 as against with Rs 84.47 crore posted in the corresponding quarter previous year.
During the quarter, consumer products (CP) segment of the company has earned total revenue of Rs 957 crore in Q3 FY24, registering the de-growth of 7.89% as compared with Rs 1,039 crore posted in Q3 FY23. CP recorded an EBIT of Rs 16 crore in Q3 FY24 as against Rs 78 crore in the corresponding quarter of the previous year, due to one time impact on reassessment of warranty provisions.
Lighting solutions (LS) segment of the company has earned total revenue of Rs 272 crore in Q3 FY24, up 0.74% as against Rs 270 crore posted in Q3 FY23. LS recorded an EBIT of Rs 23 crore in Q3 FY24, up 35.29% as against Rs 17 crore posted in the corresponding quarter of the previous year.
As on 1 January 2024, order book for professional lighting projects stood at Rs 176 crore.
On 9M basis, the companys consolidated net profit dropped 38.06% to Rs 101.77 crore on 4% fall in revenue from operations to Rs 3,453.19 crore in 9M FY24 over 9M FY23.
For the nine months ended 31 December 2023, the company generated positive cash flow from operations of Rs 207 crore. Cash equivalents and surplus investments were at Rs 198 crore.
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Shekhar Bajaj, chairman of Bajaj Electricals, said, Lighting solutions has achieved a strong performance in a tough environment. EBIT has expanded by 30.6% YoY and margins are stable at 8.4%. Consumer Products continues to show signs of rural stress and weak consumer demand. Revenues have contracted 8% YoY. The EBIT margins include a one-time impact on reassessment of warranty provisions for Rs 23 crore. 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.
Bajaj Electricals, a part of Bajaj Group, makes consumer products (appliances, fans, lighting) and executes EPC contracts (illumination, transmission line towers and power distribution).
Shares of Bajaj Electricals were trading higher 1.19% to Rs 1,064.30 on the BSE.
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