Four orders have been secured for transmission lines in Tamil Nadu and West Bengal, joint managing director Anant Bajaj said.
Bajaj Electricals' fourth quarter net profit plunged 99 percent year-on-year to Rs 0.62 crore as the company continued to restructure its engineering and projects (E&P) business, amid what has been a year of sluggish growth across the sector.
Bajaj Electricals' Q4 net declined almost two-fold to Rs 0.62 crore as it restructured its engineering and projects business amid sluggish growth in the sector.
Bajaj Electricals expects a pickup in engineering and products business, which has been hit by the overall slowdown in infrastructure spending, beginning next financial year, following a clean up of its existing orders, which have seen a significant cost over runs, joint MD Anant Bajaj told moneycontrol.com on Thursday.
Bajaj Electricals has appointed Anant Bajaj, its executive director since 2006, as joint managing director effective April 1.
Bajaj Electricals expects a pickup in growth in the engineering and projects business in the fourth quarter helped by faster project clearances by the government.
Bajaj Electricals expects sales of Rs 3,200-3,300 crore in the current fiscal year, helped by strong sales in its consumer durables and lighting business and a pickup in E&P (engineering & projects), executive director Anant Bajaj told moneycontrol.com.
Bajaj Electricals would increasingly focus on penetrating rural markets in the coming years as it plans to grow volumes for its electrical appliances and utility products, a senior official said on Thursday.