Bajaj Auto’s Second Quarter Profit Rises 6.7%, Exports Drag
Other income boosts Bajaj Auto’s second quarter profit.
Bajaj Auto Ltd. posted September quarter earnings that were in-line with analyst estimates.
Net profit rose 6.7 percent to Rs 1,122 crore from Rs 1,052 crore in the July to September quarter last year, the bike-maker said in its filing to the exchanges. The consensus estimate of analysts tracked by Bloomberg stood at Rs 1,026 crore. The profit performance was boosted by a 28 percent increase in the other income.
Total income rose 0.4 percent to Rs 6,432.32 crore from Rs 6,407.54 crore in the same quarter last year. The consensus estimate of analysts tracked by Bloomberg pegged the figure at Rs 6,109 crore.
Earnings before interest, tax, depreciation and amortization declined 1.5 percent to Rs 1,296.13 crore compared to Rs 1,316.7 crore earlier. The margin remained flat at 20.1 percent as against 20.5 percent earlier.
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Sales volumes fell 2.4 percent, with the company managing to sell 10,31,945 vehicles compared to 10,56,956 in the same quarter last year.
Segment-Wise Performance
- Domestic motorcycle sales grew 23 percent to 5,79,545 units.
- Domestic commercial vehicle volumes rose 11 percent to 74,383 units.
Exports Remain A Laggard
Bajaj Auto’s international business continued to face headwinds, the management said in its exchange filing. Here are some of the key export highlights:
- Motorcycle exports declined 27 percent to 3,17,869 units.
- Commercial vehicle exports fell 30 percent to 60,148 units.
The silver lining was the improvement of exports on a sequential basis. Export volumes rose to 3,78,000 vehicles from almost 3,70,000 units in the April to June period.