Bajaj Electricals posted its fiscal first quarter profit at Rs 37.13 crore, down 9.9 per cent in comparison to Rs 41.19 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 1112.13 crore, down 1.5 per cent as against Rs 1129.19 crore during the same period last year. While the company recorded total income for the quarter at Rs 1132.04 crore, the total expenses for the quarter ended June 2023 stood at Rs 1079.02 crore.
“Q1 was a soft quarter reflecting the impact of a muted discretionary consumption demand environment. We have strived to maintain a balanced revenues and margin erosion. Further, we have witnessed a weak summer due to unseasonal rains. Hence, growth in appliances was offset by degrowth in fans. Despite these pressures, we have continued to maintain our strategic focus – on product launches and brand strengthening,” said Anuj Poddar, MD & CEO, Bajaj Electricals.
During the quarter, the consumer products segment of the company posted total revenue of Rs 873 crore, up 2 per cent as against Rs 855 crore, during the corresponding quarter of the previous year. It recorded an EBIT of Rs 41 crore as against Rs 43 crore in the year-ago period.
For the quarter, lighting solutions segment of the company earned revenue of Rs 240 crore, down 12.5 per cent against Rs 274 crore during Q1FY23. It recorded an EBIT of Rs 19 crore as against Rs 22 crore in the corresponding quarter of the previous year.
For the year ended March 31, 2023, the Company generated positive cash flow from operations of Rs 49 crore. Cash equivalents and surplus investments are at Rs 410 crore.
The order book as on 1st July, 2023 stood at Rs 1728 crore, comprising Rs 883 crore for Transmission Line Towers, Rs 702 crore for Power Distribution, and Rs 143 crore for Professional Lighting Projects.