New Delhi: Bajaj Electricals today reported a 13.92 per cent increase in its net profit at Rs 18.98 crore for the September quarter, even as the higher GST rate impacted its consumer products business revenue.
The company had posted a net profit of Rs 16.66 crore during the same period of the previous fiscal.
Total income during the quarter under review stood at Rs 935.54 crore, down from Rs 1,005.75 crore in July-September quarter of 2016-17, Bajaj Electricals said in a stock exchange filing.
“Consumer products segment reported a de-growth in top line due to higher rate of GST although there was a marginal growth on like to like basis,” said Bajaj Electricals Chairman and Managing Director Shekhar Bajaj.
“However, in terms of profitability, the segment has shown a good performance during the quarter, driven by strong demand for LED products and few other consumer durable appliances, improved margins, lower fixed costs and other expenses,” he added.
Bajaj Electricals total expenses was down 7.30 per cent at Rs 915.48 crore.
The company said gross sales for the quarter is not comparable with the previous period due to implementation of GST from July 1, 2017.
Its revenue from consumer goods segment was down 9.18 per cent during the quarter under review to Rs 514.11 crore.
“EPC segment registered a sub-optimal performance due to set-back in project execution on account of extended monsoon,” Bajaj said, adding that the company expects a good performance going forward in this segment considering a order book of Rs 3,419 crore.
Bajaj Electricals share today settled at Rs 384.15 on BSE, up 1.28 per cent from previous close.
PTI