Bajaj Auto Q1 profit crashes 19% to `837 cr
Bajaj Auto on Thursday reported 19.51 per cent decline in consolidated net profit to Rs 836.79 crore for the June quarter of current fiscal, on account of lower sales.
It had posted net profit of Rs 1,039.70 crore in the April-June quarter of last fiscal.
Bajaj Auto said in a BSE filing that its total income from operations during the quarter under review stood at Rs 6,177.66 crore as against Rs 6,355.84 crore in the April-June quarter of 2016-17.
The domestic industry, it said, was impacted during the June quarter of 2017-18 due to changeover from BS-III to BS-IV vehicles and transition to the new Goods and Services Tax. Total vehicles sales during the quarter declined 10.68 per cent to 8,88,434 units as against 9,94,733 units in the corresponding period of last fiscal.
The company said its total exports, however, went up by 10.48 per cent to 4,09,525 units as against 3,70,649 units in the same quarter last fiscal.
With regard to GST, Bajaj Auto said: "For dealers holding stocks as on June 30, estimated loss per motorcycle was around Rs 1,400 so the company provided for Rs 32 crore towards compensation to the dealers.