India's Bajaj Electricals posts rise in Q4 profit on consumer goods demand

Bajaj Electricals

23/05/2023 09:45

BENGALURU, May 23 (Reuters) - Bajaj Electricals Ltd  BJEL.NS  on Tuesday
reported a nearly 32% jump in fourth-quarter profit as shoppers spent more on
durable goods like fans and air coolers amid soaring temperatures.
    Consolidated net profit was 518.5 million rupees ($6.3 million) for the
three months ended March 31, compared with 393.5 million rupees a year earlier.
    Extreme heat waves across the country are driving the sales of consumer
durables such as air coolers and air conditioners. 
    Overall revenue from operations climbed about 12% to 14.90 billion rupees on
the back of strength in consumer products business, which includes air coolers,
fans, room heaters and kitchen appliances. 
    Revenue from the segment, which accounts for more than two-thirds of the
business, reported an 8.7% increase to 9.87 billion rupees, even as the company
faced pricing constraints and a demand slowdown, Chairman Shekhar Bajaj said in
a statement.
    Expenses rose 11% in the face of inflationary pressures. Order book as on
April 1 stood at 17.61 billion rupees mostly on power distribution and 
transmission line towers projects, the Bajaj Group company said.
    The order book as of April 1, 2022, was 9.64 billion rupees, the company
said in May last year. 
        Revenue at the engineering, procurement and construction (EPC) division
that houses its power distribution and transmission line towers projects jumped
nearly 60% in the latest quarter.      
    The board also recommended a final dividend of 4 rupees per share for the
fiscal year ended March.
        Earlier this month, rival Havells India Ltd  HVEL.NS  reported a strong
quarterly profit on rising demand for air conditioners.


($1 = 81.7800 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Dhanya Ann
Thoppil)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))