New Delhi: Bajaj Auto on Wednesday has reported 60.92 p.c decline in its consolidated net profit to Rs 395.51 crore for the primary quarter of FY21.
The automaker registered a net profit of Rs 1,012.17 crore in the identical quarter in earlier fiscal.
As the two-wheeler main said, the present coronavirus pandemic has taken a toll on the company’s gross sales. Not solely the home gross sales, however the affect of Coronavirus was additionally skilled in nations the place it exports autos, claimed the company.
Bajaj Auto’s complete income from operations dropped by 60.29 p.c to Rs 3,079.24 crore within the April-June 2020 interval, down from Rs 7,755.82 crore within the corresponding interval of 2019-20, the automaker said in an announcement.
As Bajaj Auto reported, on a standalone foundation, its net profit within the first quarter of this fiscal was Rs 528.04 crore, as in contrast to Rs 1,125.67 crore within the Q1 of FY20.
The automaker bought 4,43,103 items within the Q1 as in contrast to 12,47,174 items bought within the year-ago interval.
While the operations have been restarted, frequent localised lockdowns are disrupting the availability chain and impacting the flexibility of the enterprise to return in direction of normalcy, said the company in its assertion.
Commenting on the Bajaj Auto Q1 FY21 earnings, Arjun Yash Mahajan, Head, Institutional Business, Reliance Securities, said, “Impressive and strong operating performance on back of exports and in the backdrop of Covid-19 lockdown impacting their domestic business. EBITDA at Rs 4.1 billion v/s our estimate of Rs 2.7 billion and EBITDA margins came 430 bps higher than our est. However, from stock price reaction post results, it seems the old theory of buy on expectations and sell on actuals is again at play.”
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