Bajaj Auto Q1 net profit plunges 53 per cent YoY to Rs 528
Published On: Wednesday, July 22, 2020 | By: Team KnowMyStock
The Pune based two-wheeler major Bajaj Auto on Wednesday reported a standalone net profit of Rs 528 crore for the April-June quarter of FY21 (Q1FY21), down 53 per cent, from a profit of Rs 1,125.67 crore in the year-ago period, dented by lower volumes but the operating performance was ahead of analysts estimates. Sequentially, the profit tumbled 60 per cent from Rs 1,310.29 crore posted in the March quarter of FY20. Revenue from operations fell 60.3 per cent year-on-year to Rs 3,079.24 crore in the quarter ended June 2020, hit by lower sales volumes. Bajaj Auto said it sold 4,43,103 units during the first quarter against 12,47,174 units in the year-ago period. On a consolidated basis, the net profit was Rs 395.5 crore, down from Rs 1,012.16 crore clocked in Q1FY20. The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) came to Rs 441 crore in the June quarter, while margin came in at 14.3 per cent.
Q1FY21 has been an extremely challenging quarter due to the unprecedented Covid-19 pandemic. Lockdown and other precautionary measures resulted in disrupted supply lines and a sharp decline in overall demand," Bajaj Auto said. "The impact of this pandemic was experienced in India and in countries across the globe that we export to. 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 said.
Source: Money Control, Business India, Economic Times
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