Mumbai, Aug 7 (IANS) Bajaj Electricals’ net profit for the first quarter of the current financial year (Q1 FY26) stood at just 1.64 crore, plunging over 97 per cent sequentially and 94 per cent year-on-year, according to an exchange filing on Thursday.
The consumer durable arm of Bajaj Group had posted a net profit of Rs 57.69 crore in the preceding quarter (Q4 FY25), while in the same quarter a year ago, the net profit stood at Rs 27.98 crore.
Meanwhile, the revenue for the quarter under review of the electric product manufacturer declined 14 per cent quarter-on-quarter at 1,09.93 crore from Rs 1,281.65 crore in Q4 FY25 and down 6 per cent from Rs 1,165.5 crore in the first quarter of FY25.
Consumer products and lighting solutions contributed Rs 807 crore and Rs 257.59 crore to the company’s revenue for the quarter, respectively, the filing said.
At the same time, the total expenses for Q1 came down, in line with revenue, to Rs 1,086 crore as compared to Rs 1,231.77 crore in the preceding quarter and Rs 1,127.24 crore year-on-year.
Apart from the April-June quarter financial results, the nomination and remuneration Committee of the Board of Directors of Bajaj Electricals Limited has approved the grant of 2,50,247 stock options under the PSOP Plan 2023 to 194 eligible employees of the Company in the meeting held on Thursday, according to the filing.
Further, the Board of Directors has decided to designate Milind Korgaonkar, the existing Chief Information Officer, as Senior Management Personnel of the Company, according to the company.
Meanwhile, the shares of the company did not react to the subdued earnings, as the stock was trading flat. At around 2.56 pm, the Bajaj Electricals shares were trading at Rs 597.40, up 0.26 per cent. The scrip slipped nearly 4 per cent in the last 5 sessions and fell over 13 per cent in the last 30 days. At the same time, the stock has corrected 22 per cent to date this year.
–IANS
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