Bajaj Electricals Limited on Monday recorded fiscal second quarter profit at Rs 31.68 crore, down 44.1 per cent in comparison to Rs 56.65 crore during the same period last year. It posted revenue from operations at Rs 1112.82 crore, down 4 per cent as against Rs 1158.60 crore during the second quarter of FY23. The company EBITDA stood at Rs 57 crore, down 44 per cent on-year.
For the quarter in review, Bajaj Electricals’ consumer products segment earned a total revenue of Rs 858 crore as against Rs 883 crore, recording a contraction of 2.9 per cent on-year. The segment recorded an EBIT of Rs 41 crore as against Rs 62 crore in the corresponding quarter of the previous year. For the quarter, lighting solutions segment earned total revenue of Rs 255 crore as against Rs 276 crore, posting a contraction of 7.4 per cent over the corresponding quarter of the previous year. It recorded an EBIT of Rs 14 crore as against Rs 26 core in the corresponding quarter of the previous year. EPC business has been demerged from September 1, 2023.
For the six months ended September 30, 2023, the company generated positive cash flow from operations of Rs 92 crore. Cash equivalents and surplus investments are at Rs 204 crore.
Shekhar Bajaj, Chairman of Bajaj Electricals Limited, said, “The company has achieved a stable performance amidst a weak consumer demand sentiment. Consumer Products and Lighting Solutions revenues have contracted by 2.9 per cent and 7.4 per cent respectively, for the quarter, due to demand slowdown and pricing constraints. Meanwhile, we continue to monitor the demand and continue to focus on our long-term strategic objectives with a continued push on new products and brand strengthening.”
The order book as on 1 st July, 2023 stood at Rs 144 crore for professional lighting projects.