Bajaj Auto net profit dips 22%

The Pune-headquartered firm reported total volumes of 10,53,337 units in second quarter, down 10 per cent from 11,73,591 units in July-September quarter of 2019-20.

New Delhi: Bajaj Auto on Thursday said its consolidated net profit declined by 21.62 per cent to Rs 1,193.97 crore for the quarter ended September. The two-wheeler major had posted a net profit of Rs 1,523.31 crore in the July-september period of previous fiscal.

The company’s revenue from operations declined to Rs 7,155.86 crore during the period under review as compared with Rs 7,707.32 crore in the year-ago period, Bajaj Auto said in a regulatory filing.

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The Pune-headquartered firm reported total volumes of 10,53,337 units in second quarter, down 10 per cent from 11,73,591 units in July-September quarter of 2019-20.

Domestic two-wheeler volumes, however, saw an increase of 6 per cent at 5,50,194 units during the second quarter as against 5,21,350 units in same period last fiscal. “Domestic two-wheelers registered a strong turnaround in the first half of the quarter driven by pent up demand. While the exact festive spike is awaited, early signs show (strong) indications of a recovery,” the two-wheeler major noted. Industry grew by 7 per cent in the second quarter and the company’s growth was in line with industry, Bajaj auto said.