Bajaj Electricals Ltd on Friday reported a growth of 17.77 per cent in its consolidated net profit at Rs 62.55 crore for the second quarter ended September 30, 2021.

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The company had posted a net profit of Rs 53.11 crore during the July-September quarter of the previous fiscal, Bajaj Electricals said in a regulatory filing.

 

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Its total revenue from operations was up 6.92 per cent to Rs 1,302.02 crore during the quarter under review, as against Rs 1,217.71 crore in the corresponding period of the previous fiscal.

The company's total expenses were at Rs 1,243.94 crore, up 7.8 per cent in Q2/FY 2021-22, as against Rs 1,153.92 crore in the year-ago period.

Commenting on the results, Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said: "This has been a strong come-back quarter despite the external challenges. We have maintained our strategic direction and focus."

Bajaj Electricals' revenue from the consumer product segment was up 30.67 per cent to Rs 1,035.09 crore, as against Rs 792.16 crore of the corresponding period.

"The Consumer Products business continues to deliver top-line growth and has maintained EBIT margins (vs the year-ago period) despite the significant impact of price rise of commodities. We remain confident of maintaining our direction in the coming quarters," Bajaj said.

However, revenue from the engineering, procurement and construction (EPC) segment was down 37.3 per cent to Rs 266.67 crore, as against Rs 425.27 crore a year ago.

"Our EPC segment has delivered an EBIT loss but continues to focus on project execution and remains cash flow positive. We continue to generate strong overall positive cash flow from operations amounting to Rs 476 crore in this quarter, and a resultant strong decline in debt levels," he said.

According to the company, for the quarter ended September 30, 2021, it generated positive cash flow from operations of Rs 476 crore.

"Net Debt stands at Rs 237 crore including the debt taken over, as a result of the acquisition of Starlite Lighting Limited. Debt repayment trajectory remains intact," it said.

Shares of Bajaj Electricals Ltd closed at Rs 1,093.50 on Friday, down 1.08 per cent from its previous close.