Bajaj Auto standalone net profit up by 3.65%

Mumbai: Bajaj Auto on Wednesday reported a rise of 3.65 per cent in its standalone net profit for the quarter ended September.

According to the company, its Q2 standalone net profit rose to Rs 1,152.48 crore from Rs 1,111.86 crore for the corresponding period of the previous financial year and sequentially, it rose by 3.34 per cent from Rs 1,115.23 crore.

The company’s total income for the quarter under review grew by 21.94 per cent to Rs 8,368.31 crore from Rs 6,862.87 crore during the corresponding period last year.

According to the company, “during the quarter, the equity market was driven by few stocks as macro conditions deteriorated (higher crude oil prices, weaker rupee, higher interest rates),”

“Further, defaults by a large financial institution and increasing concerns around liquidity risks in the NBFC sector led to a sharp fall in the market in the later part of the quarter. Hence, profit booking opportunities were limited,” it said.

Volume-wise, the two and three-wheeler major’s sales rose by 25 per cent to 1,339,444 units during the July-September quarter from 1,071,510 units sold during the corresponding period of the previous fiscal.

Its export rose by 32.84 per cent to 534,799 in Q2 from 402,575 units the same period last year.

Bajaj Auto stocks on BSE closed at Rs 2,475.30 apiece on Wednesday, down Rs 111.10, or 4.30 per cent, from its previous close.