The Mumbai-based company expect sales to cross Rs 1700 crore in the year ending March 2009 compared with Rs. 1,404 crore, Anand Bajaj, executive director of Bajaj Electricals said. He declined to give profit projections.
Bajaj Electricals fourth quarter profit rose 75 percent to Rs 33.2 crore from Rs 18.9 crore during in the corresponding period of the previous year. Bajaj's net sales in the three months to March grew by 21 per cent to Rs 452 crore as against Rs 372.4 crore for the quarter ended March 2007.
Sales gained 27 per cent to Rs 1374.5 crore for the financial year 07-08 as against Rs 1078.9 crore a year ago. The company's net profit for the year increased by 89 per cent to Rs 73 crore compared to Rs 38.6 crore during the previous financial year.
Bajaj Electricals said it plans to replace some of its imports, mainly from China with local production after the Indian currency weakened 8 percent against the dollar since start of this month. The company, which imports about 8 percent of its sales, plans to become a supplier of lightning and appliances for other companies, Bajaj said.
"We have been approached by some of companies for sourcing their requirement directly from us,'' he said.
Bajaj's appliances division contributed the largest to the net profit with profit of Rs 61 crore against Rs 31 crore during the financial year 2006-07. The company plans to increase the manufacturing capacity of fans from 2.7 million units to 3.5 million units.
