Bajaj Electricals reported on Tuesday a consolidated net loss of Rs 16.60 million ₹ for the first quarter of this fiscal year, affected by the Covid-19 pandemic. It published a consolidated net source of revenue of 13.7 ₹ in the same quarter last year.
The total profit of the company for the june quarter is 608.29 million rupees, compared to 1,307.06 rupees at the same time last year, a minimum of 53.46%.
The Covid-19 outbreak around the world and in India has a significant disruption and slowdown in economic activity, the company said in a regulatory archive. The company’s operations were also affected in March, April and May due to the temporary suspension of the production, sales, distribution and execution facilities of EPC contracts following the national blockade announced through the government for Covid-19, he said.
However, following the government’s legal operations in unfinished areas, the company resumed operations in its production units, branches and warehouses in Chakan and Ranjangaon in the country, he said. “Most of the company’s EPC sites are also operational now. In addition, the company has a monetary mattress good enough to meet the need for funds,” he said.
“It was a quarter in the midst of an unprecedented period. We aim to have a short-term control effect as we move towards our long-term strategic objectives. Our customer products business showed symptoms of a strong recovery at the time. this quarter, resulting in positive sectoral EBIT. millions of healthy rupees of 145 ₹, further reduction of our debt,” said Shekhar Bajaj, president and CEO of Bajaj Electricals Limited.
During the quarter, the customer’s product segment achieved total sales of 395 ₹ to 786 crore ₹ in the same quarter last year, marking a low of 49.8 percent. The EPC segment achieved an overall turnover of 213 crore ₹ to 521 crore ₹ last year, recording a minimum of 59%.
During the quarter ended June 30, 2020, NCLT, Mumbai Bench, through its order of 21 May 2020, approved the arrangement scheme for the spin-off of The Production Business of Hind Lamps Limited (company partner) in the company. He told me. Bajaj Electricals took into account the division, resulting in a gain of 28 crore ₹, which was presented as an exceptional detail in the monetary results. In addition, 14 million rupees were credited to other details of the overall outcome and accumulated just as a capital reserve, he said.
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