Consumer durables firm Bajaj Electricals posted a consolidated net loss of Rs 81 lakh in the fourth quarter of FY20 compared to a net profit of Rs 23.08 crore in the year-ago period.
For the quarter, the consumer products segment grew 0.5 percent year-on-year (YoY) to Rs 747 crore, while the EPC segment declined 46.3 percent YoY to Rs 554 crore.
On a standalone basis, the company posted profit of zero in the March quarter (Q4) of FY20 as against Rs 28.5 crore in the year-ago period. This was on account of an adjustment in the tax expenses.
For the fourth quarter of 2019-20, Bajaj Electricals saw a 26.7 percent YoY decrease in sales to Rs 1,301 crore.
The company said that the Coronavirus outbreak has impacted its operations in March, April and May of 2020 due to temporary suspension of manufacturing facilities, sales and distribution and execution of EPC contracts following the nationwide lockdown from March 25.
However, it added that with permission for operations of certain activities in non-containment zones, Bajaj Electricals has resumed operations at its manufacturing units at Chakan and Ranjangaon, branches, and at all warehouses across the country.
In its earnings statement, the company said that it has adequate financial cushion to take care of requirement of funds.
Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals said, "We have been pursuing our stated path of a strong focus on positive cashflow from operations, reducing our debt and strengthening our balance sheet. We continue to drive growth in our consumer products segment while adopting a more risk-calibrated approach for the EPC segment with a focus on completion of existing projects on hand."
The order book as on April 1, 2020 stood at Rs 1,730 crore. This comprised of Rs 705 crore for transmission line towers, Rs 828 crore for power distribution, and Rs 197 crore for illumination projects.
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