Bajaj Electricals Ltd on Wednesday reported widening of its consolidated net loss to Rs 24.97 crore for the quarter ending June 2021 on account of impact of the second wave of COVID-19 and rise in commodity prices. The company had posted a net loss of Rs 16.60 crore during the April-June quarter of the previous fiscal, Bajaj Electricals said in a regulatory filing.
However, its total income was up 40.63 per cent to Rs 865.37 crore during the quarter under review as against Rs 615.34 crore in the corresponding period of the previous fiscal.
Bajaj Electricals total expenses were at Rs 896.78 crore, up 32.69 per cent in Q1/FY 2021-22, as against Rs 675.84 crore.
Commenting on the results, Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said, "While this quarter’s results are impacted by the second wave of COVID-19 and the rise in commodity prices, we have maintained our strategic direction and focus."
"The Consumer Products business continues to enjoy top-line growth and the EBIT margin for this quarter factors in the impact of various one-off or not-comparable costs and investments made," he added.
Bajaj Electricals’ revenue from the consumer product segment was up 56.30 per cent at Rs 617.26 crore as against Rs 394.92 crore of the corresponding period. Its revenue from the engineering, procurement and construction (EPC) segment was up 12.28 per cent to Rs 239.52 crore as against Rs 213.31 crore a year ago.
"We remain confident of maintaining our margin expansion in the coming quarters. Our EPC segment has reduced its loss, while continuing to focus on execution and working capital. Even in a challenging quarter, we have continued to generate positive Cashflow from Operations. With demand picking up, we remain confident to deliver to our overall strategy and goals," Bajaj added.
Shares of Bajaj Electricals Ltd on Wednesday settled at Rs 1,061.40 on BSE, down 3.58 per cent from the previous close.
