Bajaj Electricals has granted 55,000 Stock Options under the Company's Employee Stock Option Scheme 2015 on 05 November 2020.

Powered by Capital Market - Live News

Net profit of Bajaj Electricals reported to Rs 53.21 crore in the quarter ended September 2020 as against net loss of Rs 32.42 crore during the previous quarter ended September 2019. Sales rose 12.58% to Rs 1209.80 crore in the quarter ended September 2020 as against Rs 1074.65 crore during the previous quarter ended September 2019.

Powered by Capital Market - Live News

Consolidated revenue from operations for Q2 September 2020 stood at Rs 1,217.71 crore, rising 11% from Rs 1095.65 crore in the year ago period. The result was announced during market hours today, 5 November 2020.

The FMEG company's profit before tax stood at Rs 72.78 crore in Q2 September 2020 as against a pre-tax loss of Rs 28.79 crore reported in Q2 September 2019. Total tax expense stood at Rs 19.67 crore in Q2 September 2020, higher than Rs 3.75 crore in Q2 September 2019.

The company's operations were impacted in Q1 due to temporary suspension of manufacturing facilities, sales and distribution and execution of EPC contracts due to the outbreak of COVID-19. However, the company has resumed operations at all its manufacturing units, branches and warehouses across the country. Most of the company's EPC sites are also operational now. The business has normalised in this quarter which has resulted in positive EBIT for CP and EPC Segment.

During the quarter, consumer products (CP) of the company earned total revenue of Rs 792 crore in Q2 September 2020, 12.9% higher than Rs 702 crore in the same period last year. EPC segment achieved a total revenue of Rs 425 crore in Q2 September 2020, recording 8% growth from Rs 394 crore over the corresponding quarter of the previous year.

Commenting on company's performance, Shekhar Bajaj, Chairman and MD of Bajaj Electricals said, The Consumer Products business has shown signs of very strong recovery in this quarter and delivered our highest everly quarterly EBIT of Rs. 85 Cr. Our EPC segment has also recovered strongly in this quarter after being adversely affected due to hold up of project execution and billings. Further, we have maintained our strong focus on cashflows from operations in this quarter too, generating a healthy Rs. 322 Cr., thereby further reducing our debt significantly. Our excellent performance in this quarter is testimony to the resilience demonstrated by our team in dealing with the external environment.”

The company's order book as on 1 October 2020 stands at Rs 1,474 crore, comprising of Rs 482 crore for Transmission Line Towers, Rs 602 crore for Power Distribution and Rs 390 crore for Illumination Projects.

Bajaj Electricals is a part of conglomerate Bajaj Group. Its business comprises of consumer products manufacturing (appliances, fans, lighting) and execution of EPC contracts (illumination, transmission line towers and power distribution).

Powered by Capital Market - Live News

Bajaj Electricals will hold a meeting of the Board of Directors of the Company on 5 November 2020.

Powered by Capital Market - Live News