Half Year Net Sales/Income from operations grows by 24.5 % to Rs. 1743.67 Cr
Bajaj Electricals Ltd has declared its results for the second quarter & half year ended 30th Sept 2013.
During
the second quarter, the Net Sales/income from operations has increased
by 30.8% to Rs.960.18 Cr as against Rs. 734.06 Cr in the second quarter
of the previous year. However, the Company has incurred a Loss of Rs.
23.06 Cr, as against Profit before tax and exceptional Items of Rs. 7.61
Cr during the second quarter of 2012-13. During the corresponding
quarter of the previous year, the company had an exceptional income of
Rs. 24.68 Cr on account of sale of stake in Bajaj Ventures Limited. The
Net Loss during the current quarter is Rs. 15.35 Cr, as against Net
profit of Rs.26.92 Cr in the corresponding period of the previous year.
During the Half Year ended 30th
September, 2013, the Net Sales/income from operations has increased by
24.5% to Rs. 1743.67 Cr as against Rs. 1400.63 Cr in the corresponding
half of the previous year. However, the Company has incurred a Loss of
Rs. 21.34 Cr, as against Profit before tax and exceptional Items of Rs.
25.86 Cr during the second half of 2012-13. The Net Loss during the
current half year is Rs. 14.69 Cr, as against Net profit of Rs. 38.90 Cr
in the corresponding period of the previous year
During
the quarter, Lighting and Consumer durable segments of the Company have
achieved total Revenue of Rs. 250.93 Cr and Rs. 453.93 Cr, with a
growth of 24.4 % and 13.8%, respectively, over the corresponding quarter
of previous period. The Engineering and Projects Segment has registered
a considerable growth of 91.8 % with total revenue of Rs. 254.48 Cr as
against Rs. 132.71 Cr in the corresponding previous quarter.
During
the half year ended 30th September, 2013, Lighting Segment and Consumer
durable segment have registered total revenue of Rs. 408.31 Cr and Rs.
890.56 Cr respectively, a growth of 15.3% and 12.8% over the
corresponding half year of previous period. Engineering and Project
Segment has registered a considerable growth of 73.4% with a total
income of Rs. 443.76 Cr as against Rs. 255.90 Cr in the corresponding
previous period
Mr. Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals Limited, said “For the Quarter ended 30th
September, 2013, the Lighting Segment fared well with a top line growth
of 24.4% and Consumer durable segment has continued its good work
registering a growth of 13.8% over the previous period. Lighting
segment has registered an improvement in margin from 6.5% to 7.6% on
account of higher volume and better product mix. However, margins of
Consumer Durable Segment contracted from 9.3% to 8.5% largely due to
increase in the input costs and marketing expenses. Demand conditions
have been reasonably stable and we look forward to a good performance
during the second half of the year.
Engineering
& Projects segment, though registered a good top line growth,
continued its efforts towards faster closure of old overrun sites, which
entailed higher site expenditure. Besides, the Company had to make
certain provisions of old outstanding, as a result of which operating
loss increased considerably.
Mr. Anant Bajaj, Joint Managing Director, Bajaj Electricals Limited
said that market conditions for Lighting and Consumer Durables Segment
remained tough on account of Exchange Rate fluctuations, tough
competition, etc. However, both these segments registered a good top
line growth with growth in margins. Lighting Segment registered a margin
of Rs. 19.14 Cr as against Rs. 13.02 Cr, growth of 47% in the previous
period. Consumer Durables also registered an improvement in margin to
Rs. 38.62 Cr from Rs. 36.93 Cr in the previous year.
On
the Engineering and Project side, efforts were focused to ensure
closure of overrun sites by deploying larger resources which resulted
incurring higher expenditure. However, the order book remained strong
with inflow of new orders across all segments. Current Order Book stands
at Rs.1465 Cr, consisting of Rs. 180 Cr for Transmission Line Towers;
Rs. 1187 Cr for Special Projects; and Rs. 98 Cr for High Mast &
Poles. With old sites getting cleared, this segment is expected to
turnaround by next year.”
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