Bajaj Electricals gained 1.98% to Rs 1,125 after its EPC business segment (power distribution) secured contracts for supply of goods and services worth Rs 564.87 crore from the South Bihar Power Distribution Company (SBPDCL). SBPDCL received the contracts through national competitive bidding under the revamped reforms-based and results-linked distribution sector scheme (RDSS). The order calls for the supply of Plant and Installation Services (contracts) for the development of distribution infrastructure for the electric supply circle Sasaram in the districts of Rohtas and Kaimur, as well as the electric supply circle Munger in the districts of Munger and Lakhisarai in Bihar.
The total value of the projects is Rs 564.87 crore, and they must be completed within 30 months of contract award. Bajaj Electricals, a subsidiary of the Bajaj Group, manufactures consumer goods (appliances, fans, lighting) and manages EPC contracts (illumination, transmission line towers and power distribution). In Q1 FY23, the company reported a consolidated net profit of Rs 42.96 crore, compared to a net loss of Rs 21.87 crore in Q1 FY22. In Q1 FY23, net sales increased 42.3% year on year to Rs 1,202.10 crore.