Bajaj Electricals’ net profit dips 9.86% in Q1 FY24, Real Estate News, ET RealEstate

August 26, 2023

NEW DELHI: Bajaj Electricals has reported a dip of 9.86 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 37.13 crore in Q1 FY24 as against Rs 41.19 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 1,132.04 crore in Q1 FY24, a dip of 0.47 per cent from Rs 1,137.33 crore it recorded in the similar quarter last year.

Shekhar Bajaj, chairman of the company said, “The company has achieved a stable performance in a challenging environment. Consumer Products revenues have grown by 2% for the quarter, despite demand slowdown and pricing constraints. The Lighting Solutions segment is also facing demand headwinds.”

During the current quarter, National Company Law Tribunal-Mumbai bench approved the scheme of arrangement between Bajaj Electricals and Bajel Projects. In view of the above approved demerger scheme, the company does not expect to continue the EPC business.

Revenue from lighting solutions segment stood at Rs 239.53 crore in Q1 FY24 as against Rs 273.83 crore, registering an dip of 12.52% year-on-year. Profit before tax from the said segment was Rs 59.98 crore during the quarter. The consumer Products (CP) segment earned total revenue of Rs 873 crore as against Rs 855 crore, a growth of 2% over the corresponding quarter of the previous year. CP recorded profit before tax of Rs 41 crore during the quarter.

  • Published On Aug 10, 2023 at 02:30 PM IST

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