Bajaj Electricals on Friday posted a consolidated net loss of ₹81 lakh in the March quarter, hit by de-growth of the EPC segment.
It had logged a net profit of ₹23.08 crore in the corresponding January-March quarter a year ago, Bajaj Electricals said in a regulatory filing.
Total consolidated revenue from operations was down 26.73 per cent to ₹1,300.66 crore during the quarter as against ₹1,775.18 crore in the corresponding period of the previous fiscal.
Bajaj Electricals total expenses were at ₹1,318.95 crore in Q4 FY20, down 25.38 per cent from ₹1,767.59 crore in the year-ago period.
Its revenue from consumer product segment was marginally up at ₹746.76 crore for the March quarter as against ₹743.28 crore in the corresponding period a year earlier.
However, its revenue from engineering, procurement and construction (EPC) segment was down 46.32 per cent to ₹553.80 crore as against ₹1,031.84 crore a year ago.
Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said: “We continue to drive growth in our consumer products segment while adopting a more risk-calibrated approach for the EPC segment with a focus on completion of existing projects on hand.”
Despite the impact of COVID-19, the consumer products segment has maintained its revenues and delivered an EBIT growth of 37.4 per cent in the current quarter, while the EPC segment revenue has registered a planned de-growth due to selective bidding for fresh contracts.
According to Bajaj, in the near term, this will “continue to impact profitability”, but would “remain confident about a healthy bounce back as our strategic shift plays out”.
For the fiscal year 2019-20, Bajaj Electricals reported a net loss of ₹10.28 crore. It was ₹153.58 crore in the previous year.
Its revenue from operations for the fiscal was ₹4,987.23 crore, up 25.33 per cent. It was ₹6,679.41 crore in 2018-19.
Shares of Bajaj Electricals were trading at ₹411.60 on the BSE in afternoon trade, up 1.45 per cent from the previous close.
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism