Companies

Bajaj Auto profit dips 3.86% to ₹1,354 crore in March quarter

Our Bureau Mumbai | Updated on May 20, 2020

Bajaj Auto on Wednesday posted a 3.86 per cent year-on-year decline in its consolidated net profit for the quarter ended March 31, 2020 to ₹1,353.99 crore. It had posted a net profit of ₹1,408.49 crore in the year-ago period.

The total revenue from operations of the company stood at ₹6,815.85 crore during the quarter under review, compared to ₹7,420.6 crore during the corresponding quarter last year, down by 8.15 per cent.

“The complete lockdown of the nation on account of Covid-19 has effectively wiped out 40 days, of which 32 days have been in FY21. Now, with the partial ease on lockdown, our manufacturing facilities at Chakan, Waluj and Pantnagar have opened, but are not working at full pace. In near future, we expect to continue to witness the impact of this lockdown,” the company said in a regulatory filing.

Sales down

The company sold a total of 991,961 units during the fourth quarter of last financial year, marking a 17 per cent decline per cent from last year’s 1,193,590 units. It sold a total of 8,53,540 two-wheelers during the quarter, compared to the year-ago period’s 10,01,983 units, marking a 15 per cent fall. As for commercial vehicles, it sold 1,38,421 units during the quarter under review, a 28 per cent fall from the year-ago period’s 1,91,607 units.

In FY20, the domestic motorcycle industry recorded a decline of 18 per cent over FY19. Bajaj Auto’s overall share in the domestic motorcycle market was 18.5 per cent in FY20 as against 18.7 per cent in FY19.

When it comes to the company’s international business, the company said it sold over 2.17 million units, its highest ever, in FY20 - a growth of four per cent over FY19. In value terms, exports were at $1.642 billion. As for motorcycles, it sold over 18,69,000 units, a growth of 10 per cent over FY19. This growth was witnessed across major territories like Africa, LA TAM, South Asia and Middle East, the company said.

Published on May 20, 2020

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