Bajaj Electricals on Thursday reported a multifold increase in consolidated net profit at Rs 98.19 crore for the third quarter ended December 31, 2020 helped by a strong growth in its consumer products business. The company had posted a net profit of Rs 9.37 crore in the year-ago period, Bajaj Electricals said in a regulatory filing.
Total revenue from operations was up 16.85 per cent to Rs 1,500.14 crore during the quarter under review as against Rs 1,283.86 crore in the corresponding period of the previous fiscal year.
Total expenses were at Rs 1,388.80 crore in third quarter as against Rs 1,274.91 crore earlier.
"The Consumer Products business has delivered a strong growth in this quarter despite continuing supply challenges and increase in commodity prices and has delivered its highest ever quarterly EBIT of Rs. 142 crore. Our EPC segment has reduced its loss, while continuing to focus on execution and working capital," Bajaj Electricals' Chairman and Managing Director Shekhar Bajaj said.
The company's revenue from consumer product segment was up 34.02 per cent at Rs 1,152.83 crore as against Rs 860.21 crore.
However, revenue from engineering, procurement and construction (EPC) segment was down 18 per cent to Rs 347.18 crore as against Rs 423.45 crore a year ago.
Shares of Bajaj Electricals on Thursday settled at Rs 767.90 apiece on BSE, up 4.18 per cent from the previous close.
