Mumbai, July 20 (IANS) Two- and three-wheeler major Bajaj Auto on Thursday reported a decline of more than 19.52 per cent in its net profit for the first quarter (Q1) of 2017-18.
The automobile major’s net profit decreased to Rs 836.74 crore for the quarter ended June 30, 2017, from Rs 1,039.70 crore reported in the corresponding period of 2016-17.
According to the company, its total income for the quarter under review dipped by 2.8 by per cent to Rs 6,177.66 crore from Rs 6,355.84 crore earned during the quarter ended June 30, 2016.
On a standalone basis, the company reported that its profit after tax during Q1 declined by 5.56 per cent to Rs 923.93 crore as against Rs 978.37 crore in Q1 of FY17.
On the GST front, the company said it has passed on the entire benefit on reduction in effective tax rates to the customers.
“This has resulted in a reduction in ex-showroom price of motorcycles, which were dependent on the brand-state, varying from a low of Rs 200 to a high of Rs 6,500 per motorcycle,” the company said in a statement.
“The company has successfully upgraded its MIS system and internal transition to GST has been smooth and seamless. Company now awaits the opening up of the government GSTN-portal for integration with government systems.”