Bajaj Electricals net profit reaches Rs 1000 crore in year 2006

Mumbai, Jan 30 (UNI) Bajaj Electricals registered a net profit of Rs 9.95 crore as compared to Rs 4.63 crore last year for the third quarter ending December 31, showing a growth of 115 per cent.

Profit before tax for the quarter has grown to Rs 16.15 crore as compared to Rs 10.12 crore for the same quarter last year, showing an increase of 60 per cent. Net sales for the quarter grew by 20.5 per cent from Rs 235.07 crore to Rs 283.30 crore.

Sales for the nine months ended December grew by 28 per cent to Rs 706.28 crore from Rs 552.37 crore. The profit before tax showed an increase of 28 per cent from Rs 24.69 crore to Rs 31.68 crore for the nine months. The Net profit for the nine months period rose to Rs 19.62 crore as compared to Rs 14.62 crore showing a growth of 34 per cent.

Shekhar Bajaj, Chairman&Managing Director, Bajaj Electricals Limited said, ''We have achieved a turnover of Rs 1000 crore in the calendar year 2006 and it is a significant landmark for us, going ahead''.

Anant Bajaj, the Executive Director, said ''In rural electrification, we will soon provide service connections to 40,000 BPL (Below Poverty Line) households in 900 villages worth Rs 53.75 crore through NTPC. We have also lighted up all the stadiums for the forthcoming National Games 2007 at Guwahati and will light up all the stadiums for the 2008 National Games at Ranchi.'' Talking about the company's projected growth by the end of the current fiscal, R Ramakrishnan, Executive Director, said, ''We are confident of ending the financial year well beyond the Rs 1000 crore mark.'' UNI