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Bajaj Auto Q1 results: Profit halves to Rs 528 crore amid coronavirus crisis

Sales in the domestic motorcycle market was nil for the entire month of April and impacted a large part of May 2020, the company said

twitter-logoBusinessToday.In | July 22, 2020 | Updated 13:11 IST
Bajaj Auto Q1 results: Profit halves to Rs 528 crore amid coronavirus crisis

Bajaj Auto on Wednesday reported a 53 per cent fall in profit at Rs 528 crore in April-June quarter of FY21 as against Rs 1,125.67 crore in the corresponding period of last fiscal. Total revenue from operations stood at Rs 3,079.24 crore in Q1 as against Rs 7,755.82 crore in the same period last year, Bajaj Auto said in an exchange filing.

EBITDA stood at Rs 408.5 crore compared to 1,198 crore in the given quarter a year ago. The margin fell to 13.3 per cent as against 15.4 per cent earlier.

Sales in the domestic motorcycle market was nil for the entire month of April and impacted a large part of May 2020, the company said. However, the month of June 2020 witnessed a decent recovery, it added. Domestic market of commercial vehicles was severely impacted due to the pandemic. The industry recorded a decline of 91 per cent and being a market leader, Bajaj Auto was impacted the most, it said. Overall share in the domestic market was 42.6 per cent for Q1 I FY21.

"The COVID pandemic is unprecedented and the Company has also experienced its adverse impact. With gradual resumption of operations, plants have started moving towards normalcy, though challenges still exist. While the Company continues to work very closely with all the stakeholders, the situation continues to be still evolving," Bajaj Auto said.

"While we have restarted operations, sporadic localised lockdowns are disrupting the supply chain and impacting the ability of the business to return towards normalcy," it added.

Also read: Rural uptick for HUL in 4.4% growth in Q1FY21; urban lags

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