Bajaj Auto’s Q1 net profit up 2%

Mumbai, July 27 (IANS) Two- and three-wheeler major Bajaj Auto on Wednesday reported a rise of more than two per cent in its net profit for the first quarter (Q1) of 2016-17.

The automobile major’s net profit increased to Rs 978 crore for the quarter ended June 30, 2016, from Rs 957 crore in the corresponding period of 2015-16.

According to the company, its turnover (which includes excise duty) for the quarter under review increased by 2.71 per cent to Rs 6,356 crore from Rs 6,188 crore for the quarter ended June 30, 2015.

“Despite input cost pressures and continuing headwinds in export markets, the company has declared an industry high EBITDA (earnings before interest, taxes, depreciation and amortisation) of 21.2 per cent,” the company said in a statement.

However, Bajaj Auto’s overall quarterly sales including exports slipped by 1.80 per cent to 994,733 units from 1,013,029 units sold during the corresponding quarter of 2015-16.

Further, the company reported a growth of 13.78 per cent in its Q1 consolidated net profit which stood at Rs 1,040 crore from Rs 914 crore.

–IANS

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