The Hindu Business Line : Bajaj Auto Q3 PAT up at Rs 182.7 cr

BAJAJ Auto Ltd (BAL) on Wednesday reported a profit after tax of Rs 182.7 crore for the third quarter of 2004-2005, almost on par with the previous corresponding Rs 181.1 crore.

The company's sales and income from operations was up 22 per cent to Rs 1,605.7 crore (Rs 1,310.1 crore for the year ago period). Other income and receipts from wind power were Rs 86.9 crore (Rs 61.8 crore), taking total turnover up by 23.37 per cent to Rs 1,692.6 crore (Rs 1,371.9 crore).

At the nine-month level, the profit after tax was lower by 1.56 per cent to Rs 527.1 crore (Rs 535.5 crore) despite a 17.8 per cent increase in sales and income from operations to Rs 4,280 crore (Rs 3,633.2 crore) and a 16.29 per cent rise in total turnover to Rs 4,561.6 crore (Rs 3,922.4 crore).

The company's statement attributed the decline in Q3 margins to higher raw material prices, fall in three-wheeler sales (domestic and export) and advertisement/launch expenses for the Discover. The last two factors pushed EBITDA percentage southward to 15.1 per cent in Q3 (15.7 per cent for nine months), compared to 16.8 per cent in Q2 and 15.3 per cent in Q1.

Further, production of the Pulsar in the quarter was lower due to switchover to the motorcycle's upgraded version (this affects product mix) and the company's tax rate continued to be higher than in FY04 exerting pressure on its profit before tax.

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