Bajaj Auto Q4 net dips 15% to `802 crore on lower sales
Bajaj Auto on Thursday posted 15.48 per cent decline in its net profit at Rs 802 crore for the fourth quarter ended March 31, hit by lower sales.
The company had posted a net profit of Rs 949 crore during the same period of the previous fiscal.
Total income of the company declined to Rs 5,506 crore for the fourth quarter as compared with Rs 5,967 crore in the same period of previous fiscal, Bajaj Auto said in a statement.
The Pune-based two-wheeler maker sold 7,87,627 units in fourth quarter, down 9.72 per cent, from 8,72,458 units in the same period of 2015-16 fiscal.
The company said rise in input material cost and increase in costs on transition from BSIII to BSIV compliant vehicles hit margins during the quarter. For the year ended March 31, the company posted a net profit of Rs 3,828 crore, down 2.59 per cent, from Rs 3,930 crore in the 2015-16 fiscal. Total income declined to Rs 24,310 crore during the fiscal ended March 31, as against Rs 24,957 crore in the previous fiscal.
The company sold a total of 36,65,950 units during the 2016-17 fiscal, down 5.84 per cent, from 38,93,581 units in the previous fiscal.
The company's board, which met on Thursday, recommended a dividend of Rs 55 per share for the 2016-17 fiscal. The total amount of dividend and tax thereon amounts to Rs 1,916 crore. Bajaj Auto shares were trading 1.54 per cent down at Rs 2,986 apiece on BSE.