Bajaj Electricals is looking to double its turnover from exports by 2014-15 to around Rs 100 crore banking on entering new markets. The company expects to end this year with an export of around Rs 50 crore.
Hit by losses incurred in engineering and project segment, Bajaj Electricals today reported a sharp decline in net profit to Rs 63 lakh for the January-March quarter, 2013, against Rs 48.99 crore profit in the same period last year.
Bajaj Electricals has dipped 7% to Rs 200, extending its previous day’s over 4% fall on reporting 8% year-on-year growth in net profit at Rs 26.92 crore in September 2012 quarter mainly on account of one-time gain of Rs 24.68 crore on disinvestment
Both Havells India and Bajaj Electricals have outperformed the markets since the start of September, following upgrades by analysts and improving outlook. What’s more, many analysts believe there is still room for the stocks to move up.
Bajaj Electricals has gained almost eleven per cent since closing lows of Rs 169.95 on September 7. This has come with the buzz of stake sale in Bajaj ventures that was likely to improve the balance sheet.
Bajaj Electricals has tanked over 7% at Rs 199 on reporting a 15% year-on-year (y-o-y) drop in its net profit at Rs 48.99 crore for the quarter ended March 31, 2012 mainly on account of expenses on change in inventories and higher interest cost.
Bajaj Electricals, which on Monday reported a 15 per cent drop in net profit for the March quarter on poor sales in its engineering division, will selectively increase prices to tackle the massive fall in rupee.