Bajaj Electricals Ltd has posted a 73.5 per cent hike in its net profit to ₹63.92 crore for the third quarter of this fiscal, compared to the ₹36.83 crore of the corresponding quarter of last year.

The company’s income from operations registered a growth of 88.8 per cent to ₹2,161.83 crore (₹1,145.13 crore).

“The current quarter has been extremely good for the company, with both the business segments, consumer products (CP) and EPC, registering a robust performance,” said Shekhar Bajaj, CMD of Bajaj Electricals.

“This is the first time in the history of Bajaj Electricals that our quarterly profits before tax has crossed ₹100 crore,” said Anuj Poddar, Executive Director, Bajaj Electricals.

Poddar said that price stability and a strong distributor base continue to drive the growth in the consumer product segment. The company is continuing to expand its distribution model, namely the Range Reach Expansion Programme (RREP). “By the end of this year, we would have covered 600 districts out of the total 620 districts in india. That’s almost complete coverage,” said Poddar.

The growth in the EPC business was attributed to the UP project which was mobilised in the second quarter of this year, but saw actual ground execution speed up in the third quarter. Out of the ₹1,400 crore revenue of EPC in this quarter, ₹900-1,000 crore came from the UP project booking, said Poddar.

When asked about the changed factors in this quarter compared to the corresponding quarter of last year, Poddar drew attention to this distribution model and the continued expansion of Bajaj Electrical’s network in terms of retail touch points and SKUs being sold and the pushing for more of that being sold. He said that the appliances category has also done well this quarter, particularly water heaters, room heaters and mixer grinders.

Poddar said that Bajaj Electricals recently launched its mixer grinder in the South market, where the company is trying to “geographically expand and strengthen” its presence. “South does have very strong traditionally entrenched players, therefore we have been somewhat weak in that. We want to gain share and establish a strong position in that market,” he said.

When asked about the upcoming measures of the company, Poddar said that the company will continue to add to its product portfolio within the categories that it operates in. After it has enhanced its product portfolio, post two-three quarters, it is planning to step up its brand visibility, with a greater marketing push. The company is expecting a turnover of around ₹7000 crore this fiscal.