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E&P slowdown drags Bajaj Electricals Q3 net down 19% YoY
Bajaj Electricals third quarter net profit declined 19% year-on-year to Rs 32.84 crore due to a sharp fall in earnings in its engineering and projects (E&P) division.
Bajaj Electricals third quarter net profit declined 19% year-on-year to Rs 32.84 crore due to a sharp fall in earnings in its engineering and projects (E&P) division.
The company's net sales for the October-December quarter were up 15% from a year ago to Rs 792.86 crore, as growth in consumer durables and lighting offset a slowdown in E&P.
During the three-month period Bajaj Electricals' profits in E&P slumped near 64% from a year ago to Rs 6.5 crore, compared with Rs 17.83 crore a year ago. Revenue in the E&P segment fell 5% to Rs 179.29 crore.
The consumer durables segment, however, saw good growth. The segment revenue in the third quarter was up 25% year-on-year to Rs 413.79 crore. Lighting division revenue rose 19% to Rs 200.22 crore, the company said.
Bajaj Electricals shares were up 1.5% at Rs 177 on NSE post the results in afternoon trade.
