Bajaj Auto profit rises 21% on lower tax in Q2

Bajaj Auto reported 21.23 % increase in its consolidated profit after tax at Rs 1,523.32 crore in the second quarter ended September.

The company had posted a consolidated net profit of Rs 1,256.57 crore in the same period last fiscal, Bajaj Auto said in a regulatory filing.

Total revenue from operations was down 4.09 % at Rs 7,707.32 crore as compared to Rs 8,036.34 crore in the yearago quarter, it added.

Total vehicle sales in the second quarter stood at 11,73,591 units as against 13,39,444 units in the same period last fiscal, down 12%, Bajaj Auto said.

Motorcycle sales were also down 13 % during the period under review at 9,84,240 units as compared to 11,26,542 units in the same quarter a year ago.

Commercial vehicle sales stood at 1,89,351 units as compared to 2,12,902 units in the second quarter last fiscal, down 11%.

In the domestic market, motorcycle sales dropped by 25 % to 5,21,350 units as compared to 6,92,899 units in the year-ago quarter, the company said.

"Q2 was a difficult quarter for the domestic motorcycle industry. In retail terms, the decline was 14% as against Q2 in FY19," it added.

Exports of motorcycles, on the other, hand grew by 7% to 4,62,890 units as compared to 4,33,643 units in the same period last fiscal.

Sales in Africa, driven by Nigeria, Kenya and Ethiopia, recorded a growth of 16%, while South Asia and Middle East recorded a growth of 7%, although the relative slowdown in Sri Lanka was compensated by growth in Bangladesh and Egypt, the company said.

Latin America continues to continues to face economic headwinds, recording a decline of 5 % in the quarter over the year-ago period.