Bajaj Auto shares fall as Q1 net profit plunges

AgenciesUpdated: Wednesday, July 22, 2020, 09:19 PM IST
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Bajaj Auto | PTI

Shares of Bajaj Auto on Wednesday dipped nearly 1 per cent after the company reported a 60.92 per cent decline in its consolidated net profit for the first quarter ended June 30.

It dipped 0.62 per cent to close at Rs 2,985.60 on the BSE. During the day, it went down by 2.58 per cent to Rs 2,928.55.

On the National Stock Exchange (NSE), it fell 0.62 per cent to close at Rs 2,985.40.

Bajaj Auto on Wednesday reported a 60.92 per cent decline in consolidated net profit to Rs 395.51 crore for the first quarter ended June 30, with the coronavirus pandemic taking a toll on sales.

The company had posted a net profit of Rs 1,012.17 crore during the corresponding period of the previous financial year.

Its total revenue from operations fell 60.29 per cent to Rs 3,079.24 crore for the April-June period, from Rs 7,755.82 crore in the corresponding period of 2019-20, Bajaj Auto said in a statement.

On a standalone basis, the company reported a net profit of Rs 528.04 crore in the first quarter as compared to Rs 1,125.67 crore in the same period in 2019-20.

Bajaj Auto said it sold 4,43,103 units during the first quarter against 12,47,174 units in the year-ago period.

"The first quarter has been an extremely challenging quarter due to the unprecedented COVID-19 pandemic. Lockdown and other containment precautionary measures have resulted in disrupted supply lines and a sharp decline in overall demand," the company said.

Impact of the pandemic was experienced in India and in countries where the company exports its vehicles, it added.

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