The Hindu Business Line : Bajaj Auto net up 2.11 pc

BAJAJ Auto Ltd (BAL) on Saturday reported a 2.11 per cent increase in profit after tax to Rs 164.5 crore for the first quarter of 2004-2005 against Rs 161.1 crore in the previous corresponding quarter.

The company's total turnover was up 12.56 per cent to Rs 1,332.6 crore (Rs 1,183.9 crore for the year-ago period), including a 14.15 per cent gain in sales and income from operations to Rs 1,226.1 crore (Rs 1074.1 crore), according to an official statement.

Depreciation amounted to Rs 46.2 crore (Rs 43.3 crore) while profit before tax was higher by 14.19 per cent at Rs 244.5 (Rs 214.1 crore). However, provision for tax was up 50.94 per cent to Rs 80 crore (Rs 53 crore).

According to the statement, BAL had announced a VRS from July 1, 2004, for the workmen at its Akurdi plant. The scheme was open till July 21 and 700 workmen availed of it.

The liability on account of the VRS amounting to Rs 48.2 crore will be charged over the next three quarters of the current fiscal.

Exports in value terms for the first quarter stood at Rs 171.4 crore (Rs 128.4 crore), an increase of 33 per cent.

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