Mumbai: Bajaj Electricals’ unit, Starlite Lighting, will raise its Compact Fluorescent Lamp (CFL) manufacturing capacity to 40 million units per annum from 10 million per annum, a company official said on Thursday.
Bajaj Electricals and Starlite will together invest Rs400 million for this, R. Ramakrishnan, executive director said.
“We are absolutely clear that CFL market will continue to grow. We are also exploring the export opportunities in the segment,” Ramakrishnan said.
Bajaj’s lighting business had grown by about 13.5% in Jan-March quarter, while its consumer durables grew by 23% and engineering and projects business almost doubled, he said.
Early on Thursday, the company reported a 43% rise in its Jan-March net profit to Rs474.7 million, on a net sales of Rs6.48 billion.
The topline growth of 43% together with eased raw material prices, higher margins, lower interest payments and execution of some profitable project orders improved the performance of the company in March quarter, Ramakrishnan said.
The company’s order book is at about Rs10 billion at March end and it eyes a turnover of about Rs21 billion in FY10 as against Rs18 billion last year, he added.
The company also declared 100% dividend for FY09.
Shares in the company closed up 10% to Rs384.60 in a firm Mumbai market.