Bajaj Electricals Ltd on Tuesday posted a marginal decrease in consolidated net profit for the quarter ended September due to weak consumer demand.
It clocked ₹62-crore net profit during the quarter against ₹62.55 crore clocked during the same quarter last year.
Revenue from operations dipped 5.9 per cent to ₹1,225 crore (₹1,302 crore). .
“In a tough environment, the results are good as there has been a weak consumer demand situation. Despite the de-growth, we have performed decently relative to the industry and managed from a profitability point of view to restrict the impact on margins through cost optimization. I expect things to start looking up particularly in the rural economy two to three months from now,” said Anuj Poddar, MD & CEO of Bajaj Electricals Ltd.
The company that repositioned itself recently is anticipating positive outcome in the next quarter.
“We have revamped and are feeling optimistic about the brand and the new products launched. In the next two to three quarters we will be seeing a positive impact on it,” said Poddar.
Premium products
The company witnessed an increase in demand for premium products during the quarter.
“Spending power of the upper class has been intact as there has not been a financial impact. The middle and lower class financial impact have not been fully addressed that is why the consumption power has come down,” said Poddar.