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Bajaj Auto Q3 results: Profit rises 23% to Rs 1,556 crore, revenue up 17%

BusinessToday.In     January 21, 2021

Bajaj Auto on Thursday reported a 23 per cent year-on-year increase in profit after tax (PAT) at Rs 1,556 crore for October-December quarter of financial year 2020-21. The company had reported a PAT of Rs 1,262 crore in the corresponding quarter a year ago.

On a consolidated basis, the company's PAT stood at Rs 1,716 crore during October-December this year as against Rs 1,322 crore a year ago.

The automaker's standalone revenue from operations rose 17 per cent to Rs 8,910 crore during the quarter under review.

Bajaj Auto's domestic sales declined 3 per cent during the quarter, led by a 65 per cent fall in commercial vehicle (CV) sales. However, domestic two-wheeler sales grew 8 per cent to 5.85 lakh units.

"Domestic two-wheelers continued to grow on the back of robust demand for Pulsar, Dominar, KTM and Husqvarna," the company said in a release, adding that its share in domestic motorcycle market rose to 18.6 per cent during the quarter from 18.5 per cent a year ago and 17.5 per cent in the preceding July-September period.

"Domestic CV business remains impacted due to inadequate demand for short distance mobility," it said. Bajaj Auto's exports rose 22 per cent to 6.87 lakh units during the quarter, the highest ever.

Driven by higher operating leverage and a better product mix, the automaker's EBIDTA margin expanded to 19.8 per cent from 18.4 per cent a year ago.

The company said its new facility in Chakan, which will be set up at a cost of Rs 650 crore to manufacture high-end motorcycles and electric vehicles, is expected to commence production in 2023.

Bajaj Auto had signed a Memorandum of Understanding (MoU) with the Maharashtra government in December 2020 for setting up the plant.

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