Stock in News: Bajaj Auto on Friday reported a 16 percent profit falls in its consolidated net profit to Rs 1,719 crore for the September quarter, hit by a 25 percent dip in overseas shipments.
The Pune-based company had posted a consolidated net profit of Rs 2,040 crore in the July-September quarter of the previous fiscal. Total revenue from operations, however, rose to Rs 10,203 crore in the September quarter against Rs 8,762 crore in the year-ago period, Bajaj Auto said in a stock exchange filing.
On a standalone basis, the Bajaj Auto posted a net profit of Rs 1,530 crore in the second quarter compared to Rs. 1,275 crore in the corresponding period of the last fiscal. The auto major said its total sales during the second quarter rose 1 percent to 11,51,012 units from 11,44,407 units in the same period last fiscal. The domestic sales of two and three-wheelers stood at 6,94,375 units in the September quarter, up 30 percent from 5,32,216 units a year ago. Exports fell 25 percent to 4,56,637 units in the second quarter against 6,12,191 units in the year-ago period.
Macroeconomic challenges in select overseas markets subdued export billing volumes. However, the strong show in ASEAN, together with the Philippines registering its highest sales, and improved foreign exchange realisations partly eased the drag on turnover, the company stated.
Reacting to the development, however, Bajaj shares on the week-ended Friday closed at Rs.3,564 per share, down by 1.13 percent on the National Stock Exchange (NSE).
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