Bajaj Auto Profit Rises 23% To Rs 1,556 Crore; Shares Hit Record High
The country’s leading two-wheeler maker Bajaj Auto on Thursday reported its highest ever profit in December quarter. The Pune-based company in a stock exchange filing said that its net profit in October-December period (third quarter of current financial year) rose 23 per cent to Rs 1,556 crore as against Rs 1,262 crore during the same quarter last year. (Track Bajaj Auto stock price here)
Bajaj Auto’s revenue from operations advanced 17 per cent to rs 8,910 crore compared with Rs 7,640 crore in the corresponding quarter a year ago.
Bajaj Auto’s operating profit or earnings before interest, tax, depreciation and amortization (EBITDA) came in at Rs 1,764 crore and operating profit margin rose to 19.8 per cent.
“Q3 / FY21 has been a record quarter for the Company – HIGHEST ever Turnover which for the first time ever exceeded 9,000 crore, HIGHEST ever Profit before tax which for the first time ever exceeded 2,000 crore, HIGHEST ever Profit after tax to over 1,500 crore and an expansion in operating EBITDA margin to 19.8% driven by higher operating leverage and better product mix,” Bajaj Auto said.
During the quarter Bajaj Auto’s total sales rose 9 per cent to 1,306,810 units. Domestic sales of two-wheelers jumped 8 per cent annually to 585,469 units. Its popular motorcycle brand Pulsar recorded highest ever sales of 420,000 units. Overall share in the domestic motorcycle market was 18.6 per cent in third quarter as against 17.5 per cent in second quarter and 18.5 per cent in in last financial year, Bajaj Auto said in earnings release.
Domestic two-wheelers continued to grow on the back of robust demand for Pulsar, Dominar, KTM and Husqvarna, Bajaj Auto added.
Bajaj Auto shares rose as much as 4.68 per cent to hit record high of Rs 3,807.75 after it reported December quarter earnings.