Bajaj Electricals' net profit down 43.4% to Rs 29 crore in Q4 FY24

NEW DELHI: Bajaj Electricals Ltd on Tuesday reported a 43.47 per cent decline in consolidated net profit to Rs 29.31 crore in the March quarter with revenue impacted by weakness in appliances and general trade. The company had posted a consolidated net profit of Rs 51.85 crore in the year-ago period, Bajaj Electricals said in a regulatory filing.

Consolidated total revenue from operations in the quarter under review was Rs 1,188.08 crore as compared to Rs 1,291.97 crore in the same period a year ago, it added.

Total expenses in the fourth quarter were lower at Rs 1,186.09 crore as compared to Rs 1,231.69 crore in the corresponding period a year ago.

In the fourth quarter revenue dropped on account of weakness in appliances and general trade. Growth in fans and 'Morphy Richards' brand was offset by drop in appliances, the company said.

The lighting solutions segment also witnessed a drop in revenue on account of LED price erosion in consumer lighting and higher base effect in professional lighting, it added.

For the fiscal ended March 31, 2024, consolidated net profit was lower at Rs 131.08 crore as compared to Rs 216.19 crore in the previous year.

In FY24, the total revenue from operations was Rs 4,641.27 crore as against Rs 4,889.24 crore in FY23.

Bajaj Electricals said its board of directors has recommended a dividend at the rate Rs 3 per share of face value of Rs 2 each for the financial year ended March 31, 2024 subject to shareholder's approval at the forthcoming annual general meeting.

The board also approved the appointment of Pooja Bajaj, daughter-in-law of company Chairman Shekhar Bajaj, as an additional whole-time director designated as 'Executive Director', for a period of five years effective from May 14, 2024, to May 13, 2029.