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Bajaj Consumer Care Q1 profit drops 4.4% to Rs 54.23 crore, revenue down 16%

Bajaj Consumer Care said that April-June quarter performance was impacted due to nationwide lockdown to contain outbreak of COVID-19

Chitranjan Kumar | July 16, 2020 | Updated 17:01 IST
Bajaj Consumer Care Q1 profit drops 4.4% to Rs 54.23 crore, revenue down 16%
Following Q1 earnings, shares of Bajaj Consumer Care ended 19.99 per cent higher at Rs 180.95 apiece on the BSE

Homegrown consumer goods company Bajaj Consumer Care has reported 4.40 per cent drop in its consolidated net profit at Rs 54.23 crore for the first quarter ended June 30, 2020, compared to Rs 56.7 crore in the year-ago period, due to disruptions caused by COVID-19 pandemic. On the quarter-on-quarter basis, the profit jumped 132 per cent from Rs 23.29 crore in the March quarter of FY20.

The total income of the company fell by 15.63 per cent to Rs 208.14 crore in Q1 FY21 as compared to Rs 246.70 crore in the same quarter last year, Bajaj Consumer Care said in a BSE filing.

Revenue from operations declined 17.92 per cent year-on-year to Rs 197.58 crore. On the sequential basis, revenue from operations grew 10.52 per cent against Rs 184 crore in the March quarter.

EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) declined 19 per cent YoY to Rs 58.24 crore, while margin slipped by 0.5 per cent to 30.4 per cent during the quarter under review.

The Bajaj Group company said that Q1 FY21 performance was impacted due to nationwide lockdown to contain outbreak of COVID-19. "We witnessed significant disruptions during the first fortnight of April but since then the company has been able to steadily revive its operations and reverted to near normal business in May and June'20," it said in the exchange filing.

Hair oil category saw volume growth declining by 32.7 per cent due to a higher slowdown in growth of premium oils on account of coronavirus-led lockdown. The company has several products in the hair care segment such as Bajaj Almond Drops, Bajaj Kailash Parbat and Bajaj Brahmi Amla.

Following Q1 earnings, shares of Bajaj Consumer Care ended 19.99 per cent higher at Rs 180.95 apiece on the BSE on Thursday. In the last one week, the stock has surged 25 per cent against 0.85 per cent decline in the S&P BSE Sensex.

Also Read: Bajaj Consumer Care FY20 profit falls 16% to Rs 190.5 crore; board appoints Jaideep Nandi as MD

Also Read: MobiKwik cuts cash losses by 91%, expects full year profitability in FY21

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