Bajaj Electricals on Tuesday reported 34.08 per cent rise in consolidated net profit at Rs 51.85 crore for the fourth quarter ended March 31, 2023.

The company had posted a net profit of Rs 38.67 crore in the year-ago period, Bajaj Electricals said in a regulatory filing.

Revenue from operations was up at Rs 1,473.54 crore during the quarter under review as against Rs 1,293.26 crore in the year-ago period.

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Total expenses were at Rs 1,442.73 crore as compared to Rs 1,299.61 crore a year ago.

The total revenue of Bajaj Electricals in March quarter 2023 was at Rs 1,522.11 crore, up 12.3 per cent from the year-ago period.

Revenue from the consumer products segment was up 8.64 per cent at Rs 986.53 crore in the quarter. It was at Rs 907.99 crore a year ago.

The lighting solutions segment contributed Rs 305.44 crore revenue as against Rs 302.30 crore in Q4 FY22.

Revenue from engineering, procurement and construction (EPC) was up 59.75 per cent to Rs 198.14 crore in Q4 FY23.

In the fiscal year ended March 2023, net profit was up 73.77 per cent to Rs 216.19 crore. It reported a net profit of Rs 124.41 crore in FY22.

Consolidated revenue from operations was Rs 5,339.69 crore in FY23, 12.94 per cent higher than the preceding fiscal.

“For the year ended March 31, 2023, the company generated positive cashflow from operations of Rs 450 crore. Cash equivalents and surplus investments are at Rs 412 crore,” said an earning statement from the Bajaj Group firm.

Bajaj Electricals Chairman Shekhar Bajaj said:”The company has achieved a good performance in a tough environment. Consumer products revenues have grown 8.7 per cent for the quarter, despite demand slowdown and pricing constraints. EPC has exited the year with positive EBIT after a span of 3 years, while yet picking up growth, which is an outcome of the business-focused approach adopted by the company.” He further said the order book of the company in projects as on April 2, 2023 stands at Rs 1,761 crore comprising Rs 1,026 crore for transmission line towers, Rs 612 crore for power distribution and Rs 123 crore for illumination projects.

The company board at its meeting held on Tuesday recommended a final dividend of 200 per cent, which is Rs 4 per share of face value of Rs 2 each for 2022-23.

The board also approved a proposal to raise Rs 500 crore by way of issuance of unsecured nonconvertible debentures and/or commercial papers to the eligible investors on a private placement basis, in one or more tranches, considering the prevailing money market conditions at the time of borrowing.

Shares of Bajaj Electricals were trading at Rs 1,226 apiece, up 1.99 per cent from the previous close, on BSE.