Bajaj Auto Q2 profit falls 19% to Rs 1,138 crore
Published On: Thursday, October 22, 2020 | By: Team KnowMyStock
Shares of a major two-wheeler Bajaj Auto fell 1 per cent to Rs.2983 after the company reported 18.84 per cent year-on-year (YoY) drop in net profit at Rs 1,138.20 crore for the quarter ended September 30, missing a CNBC-TV18 poll estimates which of Rs 1,212 crore. The auto major had reported Rs 1,402.42 crore profit for the corresponding quarter last year. Total revenue from operations declined 7.16 per cent YoY to Rs 7,155.86 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 0.9 per cent year-on-year to Rs 1,266.2 crore, but margin expanded 110 bps YoY to 17.7 per cent in Q2 FY21. Operating profit of the company inched lower by 1 per cent to Rs 1,233 crore. As on September 30, 2020, the company's surplus cash and cash equivalents stood at Rs 16,240 crore as against Rs 14,232 crore as on June 30, 2020, and Rs 14,322 crore as on March 31, 2020.Bajaj Auto sold 1,053,337 units in Q2FY21, down 10 per cent YoY, against 1,173,591 units in Q2FY20.
"Domestic two-wheelers registered a strong turnaround in the first half of the quarter driven by pent up demand. While the exact festive spike is awaited, early signs show (strong) indications of a recovery. Industry grew by 7 per cent in Q2 and our growth was in line with Industry and hence our market share was 18.2 per cent in H1FY21 vs 18.1 per cent in H1FY20," the company said.
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