Bajaj Electricals Ltd on Wednesday posted a net profit of ₹28.54 crore for the last quarter of FY19, compared to ₹7.31 crore in the previous-year period. The surge was due to a one-time hit the company had taken in Q4 FY18.
The company’s annual income from operations increased 41.5 per cent to ₹6,673.14 crore from FY18’s ₹4,716.39 crore.
Bajaj Electricals’ net profit had dropped 81 per cent in Q4 FY18 due to a one-time hit from its joint venture with Starlite Lighting. It had made a provision of ₹89.36 crore towards its investments in Starlite.
Anuj Poddar, Executive Director, Bajaj Electricals, said at 23 per cent, the company’s consumer business grew ahead of the market in FY19, which he expects to grow further this fiscal year.