Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Bajaj Electricals Shares Continue to Slide for a Second Day after Q2 Results

The stock has fallen nearly 33% in the past one year compared with a 13% rise in the benchmark Nifty 50 index.

Trending Desk

Updated:November 7, 2019, 11:28 AM IST
facebookTwitter Pocket whatsapp
Bajaj Electricals Shares Continue to Slide for a Second Day after Q2 Results
Representative image (Reuters)

Bajaj Electricals Ltd shares continued their downward trend, falling over 4% on Thursday, after the electrical goods maker reported a consolidated net loss of Rs 32.54 crore for the second quarter ended September (Q2) compared with a net profit of Rs 29.83 crore in the year-ago quarter.

At 10:53 am, shares of Bajaj Electricals were trading at Rs 338.35, down 4.2%, after losing 8.6% in the previous session. The stock has fallen nearly 33% in the past one year compared with a 13% rise in the benchmark Nifty 50 index.

On Wednesday, Bajaj Electricals reported 32% year-on-year decline in consolidated gross sales to Rs 1,074.64 crore in the September quarter. The consumer products segment revenue grew 9% to Rs 701.52 crore during the quarter, but the EPC (engineering, procurement and construction) segment revenue declined by a huge 58.8% to Rs 393.81 crore.

Shekhar Bajaj, chairman and managing director of Bajaj Electricals, said that the consumer products segment registered a moderate growth on account of overall slowdown in the economy, while the EPC segment registered a planned de-growth due to reduction in fresh bidding. He added that this will continue to impact the company’s profitability in the near future, but the company is “confident about a healthy bounce back as the strategic shift plays out”.

To recall, ICRA had downgraded the credit ratings of a few debt instruments of Bajaj Electricals due to the increasing leveraging level and the subsequent weakening of debt coverage metrics. Similarly, in August 2019, CARE Ratings downgraded the credit rating of the company’s commercial paper due to the moderation in liquidity profile marked by large accumulation of receivables under engineering procurement commissioning (EPC) division. This accumulation had affected the cash generated from operations for financial year 2019.

Bajaj Electricals has now said that it has repaid loans worth Rs 127.11 crore on a net basis in the first half of the current fiscal year after the company managed to generate positive cashflow from operations of Rs 294.17 crore during the period compared to negative cash outflow Rs 471.35 crore in the same period a year ago.

Shekhar Bajaj 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 and we have done well on all of these parameters.”

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
SBI 305.10 -0.55
Yes Bank 69.25 1.54
ICICI Bank 491.95 1.28
Indiabulls Hsg 212.75 -2.52
Reliance 1,467.00 -0.36
Company Price Change %Gain
Cipla 452.50 0.95
Cholamandalam 302.50 1.75
Yes Bank 69.25 1.47
Indiabulls Hsg 213.20 -2.34
LIC Housing Fin 419.80 0.06
Top Gainers
Company Price Change %Gain
Infosys 708.05 2.42
Yes Bank 69.25 1.54
ICICI Bank 491.95 1.28
Bajaj Finance 4,193.00 1.17
Maruti Suzuki 7,227.00 1.01
Company Price Change %Gain
Infosys 708.05 2.43
Yes Bank 69.25 1.47
ICICI Bank 491.85 1.25
Bajaj Finance 4,194.00 1.21
Maruti Suzuki 7,226.95 1.00
Top Losers
Company Price Change %Gain
Bharti Infratel 203.50 -6.74
IndusInd Bank 1,368.80 -3.21
Bharti Airtel 358.10 -2.85
Tata Motors 166.55 -2.37
Britannia 3,200.00 -2.13
Company Price Change %Gain
IndusInd Bank 1,369.00 -3.17
Bharti Airtel 358.05 -2.84
Tata Motors 166.55 -2.37
Vedanta 146.30 -1.32
Coal India 204.95 -1.09

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results