Bajaj Electricals' March-quarter net plunges 81% to Rs 7.31 crore
Bajaj Electricals\' standalone net profit plunged 81 per cent to Rs 7.31 crore for the quarter ended March due to impairment of its investments in joint venture company Starlite Lighting Ltd.
Bajaj Electricals' standalone net profit plunged 81 per cent to Rs 7.31 crore for the quarter ended March due to impairment of its investments in joint venture company Starlite Lighting Ltd.
It had registered a net profit of Rs 38.42 crore in the January-March period of the previous fiscal 2016-17.
The company reported exceptional expense of Rs 89.36 crore due to impairment of its investments.
"Pursuant to continuous reduction in the CFL business and future outlook...the company has re-assessed the recoverability of its investments and loans provided to Starlite Lighting Ltd and consequently impaired it fully...as an exceptional item," the company said in a BSE filing.
Its total income in the fourth quarter of 2017-18 was Rs 1,628.82 crore. It stood at Rs 1,289.45 crore in the year-ago period.
The company also announced elevation of Anant Bajaj, son of current Managing Director Shekhar Bajaj, as its new Managing Director.
Anant Bajaj is at present Joint Managing Director of the company.
"With the objective of furthering its strategic goals, the Board of Directors of the company...approved the promotion and re-designation of Anant Bajaj, as the Managing Director of the Company with effect from June 1, 2018," it said.
Bajaj Electricals stock was trading at Rs 584.05 apiece, down 3.43 per cent, on BSE in afternoon trade.