Bajaj Auto on Wednesday reported 60.92 per cent decline in consolidated net profit to Rs 395.51 crore for the first quarter ended June 30, with coronanvirus pandemic taking a toll on sales.
The company had posted a net profit of Rs 1,012.17 crore during the same period previous fiscal.
Its total revenue from operations fell 60.29 per cent to Rs 3,079.24 crore for April-June period, from Rs 7,755.82 crore in the same 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.
"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.
"While we have restarted operations, sporadic localised lockdowns are disrupting the supply chain and impacting the ability of the business to return towards normalcy," Bajaj Auto said.
Sales in the domestic motorcycle market stood at zero for the entire month of April and impacted a large part of May, it noted.
June witnessed a decent recovery and performance of the company was better than the industry, the company said.
On the other hand, domestic market for commercial vehicles was severely impacted due to the pandemic.
"Industry recorded a decline of 91 per cent. Being a market leader, Bajaj Auto was impacted the most," it noted.
In export markets, the company said it recorded sales of over 2,51,000 units.
In value terms, exports accounted for USD 217 million (Rs 1,651 crore).
As on June 2020, the company's surplus cash and cash equivalents stood at Rs 14,232 crore as against Rs 14,322 crore as on March 31, 2020.