By Malvika Gurung
Investing.com — The leading manufacturer of consumer electrical equipment Bajaj Electrics ltd. (NS:) (BEL) reported a drop in net profit of 51% to Rs 48.2 crore in the quarter ending December, from Rs 98 crore, reported a year ago.
According to the press release seen by Investing.com, the major consumer durables company’s operating revenue depreciated 12% year-on-year to Rs 1,320 crore in the third quarter of FY22, while pre-tax profit doubled or 103% year-on-year to Rs 66 crore in the quarter. in the study.
The mid-cap company’s total revenue from the consumer products (CP) segment slipped 6% year-on-year to Rs 1,080 crore in the third quarter and 17% sequentially. Its EBIT declined by 32% year-on-year to Rs 97 crore, while segment operating margins stood at 9%.
For the engineering, procurement and construction (EPC) segment, total revenue declined 31% year-on-year and 10% sequentially to Rs 240 crore.
For the quarter ending December 2021, the lighting fixture maker generated positive cash flow from operations of Rs 139 crore, and net debt was reduced by 34.2% sequentially to Rs 156 crore. The debt repayment trajectory remains intact.
Shekhar Bajaj, Chairman and CEO of BEL, said: “This quarter continued to witness the impact of rising raw material costs coupled with a subdued demand scenario, leading to a postponement of price increases. for our Consumer Products business”.
Despite a decline in year-on-year performance during the quarter, BEL achieved a strong 2-year CAGR on revenue and EBIT, the press note added.
This is a developing story.
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