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Saturday, 29 October 2016

Bajaj Auto Q2 profit rises 7% to Rs 1122cr on other income boost : 29-Oct-2016

Share Market News


 Two-wheeler manufacturer Bajaj Auto   has reported a 6.7 percent growth in second quarter profit at Rs 1,122 crore on yearly basis, largely driven by other income. 

 Revenue during the quarter increased only 0.4 percent to Rs 6,432 crore due to tepid sales volume growth while revenue excluding excise duty fell to Rs 6,054 crore from Rs 6,079 crore YoY.

 Bajaj Auto sold 10.3 lakh units in Q2FY17, registering a 2.3 percent degrowth compared with 10.56 lakh units sold in Q2FY16, hit by big fall in export markets like Nigeria and Egypt. 

 The company underperformed its peers in sales volume term as Hero Motocorp and TVS Motor showed 16 percent and 20 percent growth in Q2 sales volumes, respectively. Its exports fell 27.3 percent YoY to 3.78 lakh units and three-wheeler volumes declined 12.3 percent YoY to 1.34 lakh units while domestic volume growth was silver lining, up 23 percent to 6.53 lakh units. 

 Bajaj Auto said domestic motorcycle market share improved by around 130 basis points but headwind continued in international markets. Other income grew by 27.6 percent to Rs 342 crore compared with year-ago period. 

 Numbers were slightly ahead of analysts' estimates. Profit was estimated at Rs 1,020 crore on revenue of Rs 6,103 crore for the quarter, according to analysts polled by CNBC-TV18. 

 EBITDA (earnings before interest, tax, depreciation and amortisation) declined 1.6 percent to Rs 1,296 crore and margin contracted 20 basis points to 21.4 percent on yearly basis. 

 Cash & cash equivalents increased by 6.5 percent to Rs 11,398 crore in September quarter compared with Rs 10,701 crore in June quarter.At 13:15 hours IST, the stock was quoting at Rs 2,808.00, up Rs 43.65, or 1.58 percent on the BSE. 

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