Bajaj Electricals profit declines 64 per cent in Q3

KOLKATA: Bajaj Electricals posted 64 per cent decline in its net profit for the third quarter ending December 31, 2012 at Rs 11.68 crore (Rs 32.84 crore) despite 10 per cent jump in net sales to Rs 873.03 crore (Rs 793.76 crore).

During the quarter, the company's lighting and consumer durable business achieved Rs 221.47 crore and Rs 504.38 crore respectively, a growth of 10.6 per cent and 21.9 per cent over the corresponding quarter of previous period. However, the engineering and project segment registered a de-growth of 18.1 per cent with revenue of Rs 146.86 crore.

Bajaj Electricals chairman and managing director Shekhar Bajaj said good demand during the festive season helped both the lighting and durables business to register marginal improvement in margins.

""However, market conditions continue to remain tough due to volatile factors such commodity prices, exchange rate fluctuations and competition. And since the infrastructure industry is going through a bad phase, our engineering and projects business reported fall in sales,"" he said.

Anant Bajaj, joint MD at Bajaj Electricals said the company has recently received orders worth Rs 275 crore and the current order book stands at Rs 970 crore.