BWI: Bajaj Electricals Q3 Net Sales Grows by 39% to Rs. 592 Crore, Net Profit Grows by 76% to Rs. 34.1 Crore

Press release from Business Wire India
Source: Bajaj Electricals
Friday, January 22, 2010 07:26 PM IST (01:56 PM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Banking & financial services, Business services, Electronic appliances & components, Major diversified industrial groups, Stock exchanges
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Bajaj Electricals Q3 Net Sales Grows by 39% to Rs. 592 Crore, Net Profit Grows by 76% to Rs. 34.1 Crore


Mumbai, Maharashtra, India, Friday, January 22, 2010 -- (Business Wire India) -- The Company has declared its results for the third quarter ending 31st December, 2009. During the third quarter, the net sales/income from operations has increased by 39% to Rs. 592 Crore as against Rs. 425 Crore in the third quarter of the previous year. The Profit before Tax has increased by 66% to Rs. 50.7 Crore for the third quarter of 2009 -10 as against Rs. 30.5 crore in the third quarter of the previous year. The net profit for the period has grown by 76 % to Rs. 34.1 crore from Rs. 19.4 crore in the corresponding period of the previous year.

During the first nine months of the current year (2009-10), the net sales/income from operations is higher by 31% at Rs. 1470 Crore as against Rs. 1122 Crore in the first nine months of the previous year. The Profit before Tax has increased by 84% to Rs. 120.2 crore from Rs. 65.4 crore and the net profit for the period has grown by 91% to Rs. 79.6 crore from Rs. 41.7 crore over the corresponding period of the previous year.

Mr. Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals Limited, said "The Company has been performing very well and very recently we successfully completed a QIP for Rs.160 crore at a share price of Rs. 785/-. This will help in reducing our interest burden, provide working capital for growth and capital expenditure. We will also look at possible acquisitions in the future."

Mr. Anant Bajaj, Executive Director, Bajaj Electricals Limited said "Excellence is what we are chasing to maintain success. We are making the impossible, possible at Team Bajaj. The E&P BU has performed very well in the last three quarters and has an order book of Rs. 835 crore. "

Mr. R. Ramakrishnan, Executive Director, Bajaj Electricals Limited said "The Company continues to build upon its performance momentum in the third quarter also with revenue growth of 39% and profit growth of 76%. The appliances, fans, lighting & Morphy Richards SBUs have recorded robust growth through distribution expansion, product innovation, improvement in supply chain and better profitability management. The company has also received the NASSCOM - CNBC TV18 IT USER AWARD in SME (Manufacturing) sector for its comprehensive ORACLE ERP implementation."

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Unaudited Financial Sheet

Fact Sheet
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KEYWORDS
CONSUMER, ECONOMY, MARKETING, BANKING, BUSINESS SERVICES, ELECTRONICS, GROUPS, STOCK EXCHANGES

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