Bajaj Electricals reports net loss of Rs 16.6 cr for Q1 on lower income

Bajaj Electricals on Tuesday reported a consolidated net loss of Rs 16.60 crore for the first quarter ended June 30, 2020, on account of lower income.

The company had posted a net profit of Rs 13.70 lakh in the April-June quarter a year ago, it said in a BSE filing.

Its total income during the quarter under review stood at Rs 615.34 crore, down 53.3 per cent, as against Rs 1,317.99 crore in the corresponding quarter last fiscal.

Bajaj Electricals said, due to the outbreak of Covid-19, the company’s operations have also been impacted in the months of March 2020, April 2020 and May 2020 because of temporary suspension of manufacturing facilities, sales and distribution and execution of engineering, procurement and construction contracts following the lockdown.

Bajaj Electricals Chairman and Managing Director Shekhar Bajaj said, This has been a quarter amidst unprecedented times. We have focused on controlling short term impact while continuing to work towards our long term strategic goals. Our consumer products business has shown signs of strong recovery in the latter half of this quarter”.

Shares of Bajaj Electricals were trading 0.06 per cent lower at Rs 426.25 apiece on the BSE.