Bajaj Electricals has said that it has reported an 8 per cent growth in net profit to Rs 26.92 crore during the second quarter of the financial year.

The increase was mainly due to one-time gain from Bajaj Ventures. The total profit before tax was recorded at Rs 32.29 crore that included Rs 24.68 crore from divestment in Bajaj Ventures. The net sales of the company grew 4.7 per cent to Rs 733.81 crore during the period, the company said in a statement.

Company is looking to quickly complete its transmission line tower (TLT) projects that have seen extending delays and cost overruns. The projects are impacting performance of its engineering and projects (E&P) division in the country.

Shekhar Bajaj, chairman and managing director, Bajaj Electricals said, "We realized that until we don't complete the site and hand it over, we would not get our last payment and the retention money does not come by as well. Therefore, we decided to work on the sites and close as many as possible."

The shares of Bajaj Electricals were trading 7.2 per cent lower at Rs 199.30. The shares had touched a low of Rs 197.15 and a high of Rs 213 during the day.