Bajaj Electricals first quarter standalone net profit rose over threefold to 20.34 crore on account of turnaround in engineering and projects division and better product mix in consumer durable and lighting segments.
The company had posted a net profit of Rs 5.63 crore in the same quarter of the previous fiscal, Bajaj Electricals said in a BSE filing today.
Net sales on standalone basis during the period stood at Rs 1,005.86 crore, up 13.95 per cent as against Rs 882.71 crore in the same quarter of the last fiscal, it added.
"During the quarter our engineering and projects division has shown a turn around by completing the old projects, which were hanging out. We have recovered old money stuck in those legacy projects," Bajaj Electricals Joint Managing Director Anant Bajaj told PTI.
Moreover, the company has also done product evaluations and has reduced its physical inventories.
"These steps paid us dividends not only at bottomline but also at topline," he said.
During the quarter, Bajaj Electricals' revenue from lighting segment increased by 20.33 per cent to Rs 202.93 crore, while revenue from consumer durables segment declined by 5.70 per cent to Rs 475.81 crore.
The engineering and projects division reported a revenue of Rs 330.23 crore during the quarter, a jump of 54.14 per cent.
On outlook, he said that the company was planning to tap the online medium for its range of consumer appliances and LED products.
"We are planning to launch a separate special line of products for the online sales medium to balance it with the offline sales. It would be started around Diwali. This is to eradicate conflict with online and offline segment," Bajaj said adding that initially it would be for specific products.
The company would first launch it with selective users group only, he said, adding that it may extend it to its other brands such as Morphy Richards.
Shares of Bajaj Electricals today settled at Rs 273.65 at BSE, up 4.77 per cent.
