By Malvika Gurung
Investing.com -- The consumer electrical equipment manufacturing major Bajaj Electricals Ltd. (NS: BJEL ) (BEL) reported a net profit decline of 51% at Rs 48.2 crore in the Dec-ending quarter, compared to Rs 98 crore, reported in the year-ago period.
According to the press note accessed by Investing.com, the consumer durables major’s revenue from operations depreciated 12% YoY to Rs 1,320 crore in Q3 FY22, while the profit before tax fell two-fold or 103% YoY to Rs 66 crore in the quarter under review.
The mid-cap company’s total revenue from the Consumer Products (CP) segment slid 6% YoY to Rs 1,080 crore in Q3, and 17% sequentially. Its EBIT witnessed a de-growth of 32% YoY at Rs 97 crore, while the operating margins for the segment stand at 9%.
For the engineering, procurement, and construction (EPC) segment, the total revenue declined 31% YoY and 10% sequentially at Rs 240 crore.
For the quarter ending Dec 2021, the lighting appliances manufacturer generated positive cash flow from Operations of Rs 139 crore, and the net debt reduced 34.2% sequentially to Rs 156 crore. The debt repayment trajectory remains intact.
Shekhar Bajaj, Chairman and MD, BEL, states, “This quarter has continued to witness the impact of increased commodity costs coupled with subdued demand scenario, leading to a deferral of price hikes for our Consumer Products business.”
Despite a YoY performance dip in the quarter, BEL has delivered a healthy 2-year CAGR on revenues and EBIT, added the press note.
This is a developing story.
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