Bajaj Auto net profit declines 22pc

23 October, 2020 12:00 AM printer

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, report agencies.

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.

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.