Bajaj Auto posts just 2.2% rise in net profit in Q1FY17
The company's exports increased from 3,32,500 units in the last quarter of FY16 to 3,70,600 units in Q1FY17.
Bajaj Auto on Wednesday reported unaudited standalone results. The company posted a net profit of Rs 978.3 crore for the quarter ended on June 30 as compared to Rs 957.3 crore during the same period a year ago. The company registered a growth of just 2.2% on year-on-year basis.
After the announcement of the results, the shares of the company were trading at Rs 2672.05 per piece, up 0.07% on BSE.
The total income increased from Rs 6187.5 crore in Q1FY16 to Rs 6355.8 crore in Q1FY17. The company sold 9,94,733 units (including motorcycles and commercial vehicles) in the quarter ended on June 30, 2016 as compared to 10,13,029 units in Q1FY16, a decline of 1.8%.
In a regulatory filing, the company mentioned that its domestic motorcycle sales rose 13%.
The company's exports increased from 3,32,500 units in the last quarter of FY16 to 3,70,600 units in Q1FY17. The company expects to continue face challenges in Nigeria and Egypt export markets.