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Bajaj Electricals swings to loss in fiscal Q3

Bajaj Electricals Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 3.78 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.00 rupees per share.

The per-share result swung to a loss from the prior-year profit of 1.87 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 380.1 million rupees, compared with income of 187.2 million rupees in the prior-year period.

The normalized profit margin fell to negative 3.7% from 1.8% in the year-earlier period.

Total revenue came to 10.29 billion rupees, compared with 10.33 billion rupees in the prior-year period, and total operating expenses grew 8.7% from the prior-year period to 10.71 billion rupees from 9.86 billion rupees.

Reported net income totaled a loss of 522.6 million rupees, or a loss of 5.20 rupees per share, compared to income of 200.3 million rupees, or 2.00 rupees per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 62.20 Indian rupees.