Bajaj Auto’s quarterly profit speeds 37.14%, net sales pick up by 7.24%

Bajaj Auto net sales on <g data-gr-id="36">standalone</g> basis <g data-gr-id="35">was</g> also up 7.24 per cent during April-June quarter to Rs 5,505.06 crore as against Rs 5,133.37 crore in the same period previous fiscal, Bajaj Auto said in a BSE filing. Unit volume sales during the quarter stood at 10,13,029 units as against 9,88,430 up 2.48 <g data-gr-id="34">per cent</g>.

“The company’s strategy for growth in markets across the globe and increase of share in the domestic motorcycle market has yielded desired results,” the company said. Bajaj Auto export revenue recorded a growth of 17.01 <g data-gr-id="27">per cent</g> during the quarter under review to Rs 2,634 crore as against Rs 2,251 crore of Q1 of <g data-gr-id="37">financial year</g> 2014-15.

“Export revenue recorded a growth of 17 <g data-gr-id="24">per cent</g> over Q1FY15 while <g data-gr-id="30">overall</g> share in domestic market expanded by 300 bps to 18 per cent in Q1FY2016,” the company said. 

Shares of the company, however, declined by 5 <g data-gr-id="32">per cent</g> today, <g data-gr-id="31">wiping-out</g> Rs 3,800.72 crore from its market valuation, as the company’s June quarter earnings disappointed investors. The stock fell 5.02 <g data-gr-id="33">per cent</g> to Rs 2,487.75 at close on the BSE. In intra-day, it tumbled 5.35 per cent to Rs 2,478.90.

At the NSE, shares of the company fell by 4.95 per cent to settle at Rs 2,489.05. The blue-chip stock was the biggest loser among the 50-Nifty scrips.

The company’s market value fell by Rs 3,800.72 crore to Rs 71,987.28 crore. Bajaj Auto Q1 FY16 results were below estimates on the operating front. The company’s revenue grew 7 <g data-gr-id="29">per cent</g> <g data-gr-id="28">yoy</g>.