Bajaj Electricals ' third quarter net profit plunged 64 percent year-on-year to Rs 12 crore, due to losses in its engineering and projects business.
The company, which also makes consumer durables, reported net sales of Rs 872 crore, up 10 percent in Oct-Dec.
The engineering and projects segment continues to put pressure on the overall earnings of the company. Last quarter, Bajaj Electricals' E&P sales declined 18 percent year-on-year to Rs 147 crore, while it reported a loss of Rs 40 crore, compared with a profit of Rs 7 crore in the year ago quarter.
The company's consumer durables sales in the third quarter rose 22 percent to Rs 504 crore and lighting business sales increased 11 percent to Rs 221 crore.
Bajaj Electricals shares fell 4 percent post the results, but quickly recovered. At 13:50 hrs, the stock was at Rs 188.05, up 2.7 percent on NSE.
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