Mumbai, May 17 (IANS) Bajaj Auto on Friday reported a rise of 21 per cent in its standalone net profit for the fourth quarter of 2018-19.
According to the company, its Q4 standalone net profit rose to Rs 1,306 crore from Rs 1,080 crore for the corresponding period of the previous financial year.
In terms of the entire fiscal, the company’s standalone net profit rose 15 per cent to Rs 4,675 crore from Rs 4,068 crore reported during 2017-18.
On consolidated basis, the two and three wheeler manufacturer’s profit for the quarter under review rose to Rs 1,408 crore from Rs 1,175 crore in the corresponding period of 2017-18.
The consolidated net profit for the entire fiscal rose 17 per cent to Rs 4,928 crore from Rs 4,219 crore reported during 2017-18.
Besides, the company reported an exceptional item of Rs 342 crore in the current year.
“The company, during the year ended 31 March 2015, had made a payment towards ‘National Calamity Contingent Duty’ (NCCD) and applicable education, secondary and higher education cess thereon, together with interest and penalty amounting to Rs 342 crore for the period from 1st April 2007 to 30th September 2014,” the company said in a statement.
“In the current year, pursuant to a special leave petition filed by the company, the Supreme Court vide its judgement dated. 27th March 2019 has held that the company is not liable to pay NCCD, education, secondary and higher education cess; and set aside the orders of Division Bench of Nainital High Court and quashed the show cause notices. The company has accordingly reversed the charge of Rs 342 crore as an exceptional item in the current year,” it said.
Volume-wise, the two and three-wheeler major’s sales rose by 14 per cent to 1,193,590 units during the the fourth quarter from 1,045,378 units sold during the corresponding period of the previous fiscal.
In 2018-19, the company’s total sales including exports rose 25 per cent to 5,019,503 units from 4,006,791 units in 2017-18.
In addition, the company’s Board recommended a dividend of Rs 60 per share — 600 per cent.