New Delhi, Oct. 16: Bajaj Auto Ltd, the country’s second largest two-wheeler maker, today reported a 13 per cent rise in net profit for the second quarter ended September at Rs 837.16 crore against Rs 740.67 crore during the same period last year.
The performance has been attributed to export gains from rupee depreciation.
Net sales during the quarter grew 5.07 per cent to Rs 5,061.49 crore from Rs 4,817.07 crore in the same period last fiscal.
Volume sales were, however, down 8.37 per cent to 9,61,330 units against 10,49,208 units in the year-ago period.
The company said its international business, which accounts for 40 per cent of the total revenue, had contributed to the profit growth despite a decline in volume sales.
“Over the last five years, strategic initiatives taken to enter into difficult markets, such as Africa, are yielding rich dividends. The benefits are now further enhanced with the depreciating rupee,” the company said.
During the quarter, export revenues grew 26 per cent to Rs 2,125 crore from Rs 1,686 crore a year ago.
In the first half of the fiscal, the turnover increased 2 per cent to Rs 10,386 crore from Rs 10,187 crore in the year-ago period.
Profit after tax stood at Rs 1,575 crore compared with Rs 1,459 crore, a growth of 8 per cent.
Export revenues rose 18 per cent to Rs 4,000 crore from Rs 3,396 crore in the same period last fiscal.
Bajaj Holdings & Investments Ltd today reported a 17.78 per cent increase in consolidated net profit at Rs 459.98 crore for the second quarter ended September, riding on the shares of the profit on investment in Bajaj group firms.
The investment firm had a net profit of Rs 390.51 crore in the same period a year earlier.
Bajaj Holdings said its consolidated profit on investment in associate companies during the quarter stood at Rs 392.69 crore against Rs 320.49 crore in the same quarter last fiscal, up 22.52 per cent.
However, net sales and income from operation fell 2.83 per cent to Rs 88.40 crore from Rs 90.98 crore a year ago.