Bajaj Electricals Ltd on Tuesday reported a marginal decline in its consolidated net profit to Rs 62 crore for the second quarter ended September 30, mainly due to revenue degrowth and high-cost inventories.
The company had posted a net profit of Rs 62.55 crore during the July-September quarter of the previous fiscal, Bajaj Electricals said in a regulatory filing. Its net sales slipped 6.41 per cent to Rs 1,201.14 crore during the quarter under review against Rs 1,283.44 crore a year ago.
Bajaj Electricals’ total expenses fell 6.81 per cent to Rs 1,159.22 crore in Q2 of FY23 against Rs 1,243.94 crore.
“We have delivered a PBT growth of 6 per cent in spite of revenue degrowth and absorption of high-cost inventories. EPC has delivered positive EBIT for the current quarter coupled with a strong focus on the collection of receivables,” Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said.
