Bajaj Electricals Q4 profit up 34% YoY to Rs 52 cr, total revenue rises 12%

Bajaj Electricals on Tuesday reported a rise of 34.08 per cent in consolidated net profit at Rs 51.85 crore for the fourth quarter ended 31st March 2023.

Bajaj Electricals said in a regulatory filing that the company posted a net profit of Rs. 38.67 crore in the same period last year.

Revenue from operations increased to Rs.1,473.54 crore in the quarter under review as against Rs.1,293.26 crore in the previous year period.

Total expenses were Rs.1,442.73 crore as compared to Rs.1,299.61 crore a year earlier.

Total revenue of Bajaj Electricals in the March 2023 quarter was Rs. 1,522.11 crore, an increase of 12.3% over the same period last year.

Revenue from FMCG segment increased by 8.64% at Rs.986.53 crore in the quarter. It was at Rs 907.99 crore a year ago.

The Lighting Solutions segment contributed to revenue of Rs. 305.44 crore as against Rs. 302.30 crore in the fourth quarter of FY22.

Revenue from Engineering, Procurement and Construction (EPC) increased by 59.75% to Rs.198.14 crore in the fourth quarter of FY23.

In the financial year ending March 2023, net profit increased by 73.77% to Rs.216.19 crore. It recorded a net profit of Rs. 124.41 crore in FY22.

Consolidated revenue from operations was Rs.5,339.69 crore in FY23, an increase of 12.94% over the previous financial year.

“For the year ended 31st March 2023, the company generated positive cash flow from operations of Rs. 450 crores. Cash equivalents and surplus investments were Rs. 412 crores,” said the earnings release from Bajaj Group.

Bajaj Electric Chairman Shekhar Bajaj said, “The company has performed well in a challenging environment. Consumer products revenue grew 8.7 percent during the quarter, despite slowing demand and price constraints. The company exited the year with positive EBIT After a period of 3 years, with growth achieved after, which is a result of the business focused approach adopted by the company.

He also said the company’s order book on projects as of April 2, 2023 is Rs 1,761 crore which includes Rs 1,026 crore for transmission line towers, Rs 612 crore for power distribution and Rs 123 crore for lighting projects.

The Board of Directors of the company in its meeting held on Tuesday has recommended a final dividend of 200 per cent, which is Rs 4 per share of par value of Rs 2 each for the year 2022-23.

The Board of Directors also approved a proposal to raise Rs 500 crore by issuing unsecured non-convertible debentures and/or commercial papers to qualified investors on a private placement basis, in one or more tranches, having regard to the money market conditions prevailing at the time of the borrowing.

Bajaj Electricals shares were trading at Rs 1,226 per share, up 1.99 per cent over the previous close, on BSE.