Bajaj Auto quarterly net profit zooms by 5% to Rs 1,257 crore

New Delhi: Two-wheeler major Bajaj Auto Wednesday reported 5.27 per cent rise in consolidated net profit to Rs 1,257 crore for the second quarter ended September 30, aided by robust sales across domestic as well as international markets. The company had posted a net profit if Rs 1,194 crore in the year-ago period, Bajaj Auto said in a BSE filing.

Total revenue from operations stood at Rs 7,987 crore for the second quarter as compared to Rs 6,566 crore in the same period previous fiscal, Bajaj Auto said in a statement. During the period under review, the Pune-based company sold a total of 13,39,444 units, up 25 per cent from 10,71,510 units in the July-September period of last financial year.

Total motorcycle sales were up 23 per cent to 11,26,542 units in the second quarter, as against 9,18,721 units in the same period last fiscal. The company said its commercial vehicle sales rose by 39 per cent to 2,12,902 units during the second quarter as against 1,52,789 units.

In the domestic market the company sold a total of 8,04,645 units during the second quarter, up 20 per cent from 6,68,935 units in the corresponding period last fiscal. Motorcycle sales stood at 6,92,899 units in the quarter, up 19 per cent from 5,83,997 units.

"Overall share in the domestic motorcycle market increased to 18.6 per cent as against 16.9 per cent in second quarter of 2017-18," the company said. he company recorded exports of 5,34,799 units during the quarter, a growth of 33 per cent over same period of previous fiscal, it added.

Bajaj Auto said that as on June 30, 2018, the company had a surplus cash and cash equivalents of Rs 16,889 crore. "After payment of dividend and tax thereon of Rs 2,074 crore, surplus cash and cash equivalents stood at Rs 16,164 crore as on September 30, 2018," it added.

The company's board, which met Wednesday, elevated Rakesh Sharma as an additional director and whole-time director, with the designation of Executive Director for a period of five years with effect from January 1, 2019. He, currently, holds the position of Chief Commercial Officer.

Shares of Bajaj Auto Wednesday dropped nearly 5 per cent after the company's September quarter earnings failed to cheer investors. The stock fell 4.30 per cent to end at Rs 2,475.30 on BSE. During the day, it slumped 4.88 per cent to Rs 2,460 -- its 52-week low.

On NSE, shares of the company declined 4.54 per cent to close at Rs 2,469. The company's market valuation also fell by Rs 3,213.98 crore to Rs 71,627.02 crore on BSE.