Bajaj Electricals has reported an over 18-fold decline in its net profit at Rs 66 lakh for the first quarter ended June 30, 2013, due to higher expenses.
The net profit stood at Rs 11.98 crore in the same period of the previous fiscal, Bajaj Electricals said in a filing to the BSE.
However, the company’s income from operations increased to Rs 781.64 crore during April-June quarter from Rs 663.97 crore during the same period last year.
Total expenses jumped to Rs 767.28 crore from Rs 634.82 crore.
Revenues from lighting segment stood at Rs 157.38 crore against Rs 152.46 crore and revenues from consumer durables segment also increased to Rs 436.63 crore from Rs 390.76 crore.
Revenues from engineering projects segment were Rs 189.28 crore this quarter against Rs 123.20 crore in the year-ago period.
The company’s shares were trading at Rs 165.90 per scrip on the BSE, down 6.19 per cent from their previous close.