Profit before tax from continuing operations tumbled 69.78% to Rs 24.45 crore in Q4 FY24 as against with Rs 80.92 crore posted in the corresponding quarter previous year.

Revenue from consumer products (CP) stood at Rs 917.08 crore in Q4 FY24, registering the de-growth of 7.03% as compared with Rs 986.53 crore posted in Q4 FY23. The growth in fans and Morphy Richards is offset by drop in appliances. Margins were under pressure due to discounting and operating de-leverage.

Revenue from lighting solutions (LS) fell 11.27% to Rs 271 crore in Q4 FY24 as against Rs 305.44 crore posted in Q4 FY23, primarily due to LED price erosion in consumer lighting and a higher base effect in professional lighting.

On full year basis, the company’s consolidated net profit dropped 39.36% to Rs 131.08 crore on 5.07% fall in revenue from operations to Rs 4,641.27 crore in FY24 over FY23.

Meanwhile, the board of the company has declared the dividend of Rs 3 per share for the financial year ending 31 March 2024, which will be credited or distributed on or after 10 August 2024.

Further, the board has approved a proposal to obtain shareholders' approval at their 85th AGM to borrow funds through unsecured non-convertible debentures and commercial papers, up to Rs 500 crore, to eligible investors on a private placement basis, in one or more tranches, considering prevailing money market conditions at the time of borrowing.

Bajaj Electricals, a part of Bajaj Group, makes consumer products (appliances, fans, lighting) and executes EPC contracts (illumination, transmission line towers and power distribution).

Shares of Bajaj Electricals advanced 2.69% to Rs 946.35 on the BSE.