Bajaj Electricals on Friday posted a consolidated net loss of Rs 81 lakh in the March quarter, hit by de-growth of the EPC segment.
It had logged a net profit of Rs 23.08 crore in the corresponding January-March quarter a year ago, Bajaj Electricals said in a regulatory filing.
Total consolidated revenue from operations was down 26.73 per cent to Rs 1,300.66 crore during the quarter under review as against Rs 1,775.18 crore in the corresponding period of the previous fiscal.
Bajaj Electricals total expenses were at Rs 1,318.95 crore in Q4 FY20, down 25.38 per cent from Rs 1,767.59 crore in the year-ago period.
Its revenue from consumer product segment was marginally up at Rs 746.76 crore for the March quarter as against Rs 743.28 crore in the corresponding period a year earlier.
However, its revenue from engineering, procurement and construction (EPC) segment was down 46.32 per cent to Rs 553.80 crore as against Rs 1,031.84 crore a year ago.
Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said: “We continue to drive growth in our consumer products segment while adopting a more risk-calibrated approach for the EPC segment with a focus on completion of existing projects on hand.”
Despite the impact of COVID-19, the consumer products segment has maintained its revenues and delivered an EBIT growth of 37.4 per cent in the current quarter, while the EPC segment revenue has registered a planned de-growth due to selective bidding for fresh contracts.
According to Bajaj, in the near term, this will “continue to impact profitability”, but would “remain confident about a healthy bounce back as our strategic shift plays out”.
For the fiscal year 2019-20, Bajaj Electricals reported a net loss of Rs 10.28 crore. It was Rs 153.58 crore in the previous year.
Its revenue from operations for the fiscal was Rs 4,987.23 crore, up 25.33 per cent. It was Rs 6,679.41 crore in 2018-19.
Shares of Bajaj Electricals were trading at Rs 410 on the BSE in afternoon trade, up 1.06 per cent from the previous close.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines