Bajaj Electricals reports Q4 PAT at Rs 54 cr

On a consolidated basis, Bajaj Electricals' net profit stood at Rs 54.26 crore in Q4 FY21 compared with net loss of Rs 0.81 crore in Q4 FY20.

Net sales declined 3.24% to Rs 1,258.47 crore in Q4 FY21 as against Rs 1,300.66 crore in Q4 FY20. Pre-tax profit stood at Rs 71.78 crore in Q4 FY21 as against a pre-tax loss of Rs 2.07 crore in Q4 FY20.

For the quarter, Consumer Products (CP) segment of Bajaj Electricals has earned a total revenue of Rs 975 crore, recording a growth of 30.6% Y-o-Y (year-on-year) as against Rs 747 crore in the corresponding quarter of the previous year. The CP recorded an EBIT of Rs 85 crore as compared to Rs 50 crore, registering a growth of 67.4% Y-o-Y over the corresponding fourth quarter of the previous year.

 

CP operating margins stood at 8.7%. The EPC segment has achieved a total revenue of Rs 283 crore from Rs 554 crore in Q4 FY20, registering a 48.9% Y-o-Y fall over the corresponding quarter of the previous year. The EPC recorded a loss of Rs 8 crore over a loss of Rs 23 crore over the corresponding fourth quarter of the previous year.

For the year ended 31 March 2021, the company has achieved sales/income from operations of Rs 4,585 crore as against Rs 4,987 crore, a decrease of 8.1% over the corresponding previous year. For the year ended, the company has made profit before tax and profit after tax of Rs 246 crore and Rs 189 crore respectively, as against profit before tax and loss after tax of Rs 7 crore and Rs 10 crore, in the corresponding previous year.

Shekhar Bajaj, the chairman and managing director (MD) of Bajaj Electricals, said: "The Consumer Products business has delivered a strong performance in this quarter, despite a very sharp increase in commodity prices and a weakening of overall demand sentiment, post the third quarter. Our EPC segment has further reduced its loss, while continuing to focus on execution and working capital. On a full-year basis, despite it being a pandemic-impacted year, we have delivered strongly to our overall strategy in line with our long-term vision. We have generated Rs 658 cr. of operating cashflow, significantly reduced our debts and delivered all-time-high profits as a company."

For the year ended FY21, the company generated a positive cashflow from operations amounting to Rs 658 crore as against Rs 626 crore in the corresponding previous year. The debt has reduced to Rs 471 crore as at 31 March 2021 from Rs 962 crore as at 31 March 2020. Net debt as on 31 March 2021 was at Rs 425 crore.

The order book as on 1 April 2021 stood at Rs 1,116 crore, comprising of Rs 476 crore for transmission line towers, Rs 224 crore for power distribution and Rs 416 crore for illumination projects.

The board has approved a proposal to obtain an enabling approval of shareholders, at their ensuing annual general meeting, to borrow funds from time to time (if required) by way of offer of securities, including but not limited to issuance of secured/unsecured redeemable non-convertible debentures (NCDs) or commercial papers (CPs), upto an amount not exceeding Rs 300 crore to the eligible investors on a private placement basis, in one or more tranches, considering the prevailing money market conditions at the time of borrowing.

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 slipped 0.04% to Rs 1,138 on BSE. The stock hovered in the range of Rs 1,116 to Rs 1,178 so far.

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