Two and three-wheeler manufacturer Bajaj Auto said on Thursday its profit after tax rose by 2 per cent to Rs 1,332 crore in the January to March quarter (Q4 FY21) from Rs 1,310 crore in the year-ago period.
Full year numbers are not comparable as Q1 FY21 was an absolute washout due to the pandemic, it said.
On a consolidated basis, however, the profit grew 15 per cent to Rs 1,551 crore from Rs 1,354 crore in the March quarter of FY20.
Revenue from operations in Q4 FY21 moved up by 26 per cent to Rs 8,596 crore from Rs 6,816 crore in Q4 FY20. Operating profit too grew 21 per cent to Rs 1,490 crore from Rs 1,229 crore while the pre-tax profit rose just 1 per cent to Rs 1,739 crore.
The board of directors has recommended a dividend of Rs 140 per equity share.
The company said Q4 FY21 recorded a healthy double-digit growth of 18 per cent YoY in volume for motorcycles in domestic market, overall exports, and auto spare parts business.
Total domestic sales stood at 5.34 lakh units compared with 4.78 lakh units in Q4FY20 and exports totalled 6.35 lakh, up 24 per cent. Overall, total sales came in at 11.69 lakh units during the quarter.
Domestic commercial vehicle business remains impacted due to inadequate demand for short distance mobility. However, over the quarters, this business is recovering, albeit slowly.
"Bajaj Auto remains market leader in big three-wheeler passenger carrier segment with a market share nearly 46.9 per cent. In goods carrier segment, the market share improved over FY20 by 670 basis point to 33.7 per cent," it said.
In another announcement, the company said Rahul Bajaj resigned as the Chairman owing to his age after being at the helm since 1972. He will hold the Chairman Emeritus position for five years starting May 1.
ALSO READRahul Bajaj resigns as chairman of Bajaj Auto, named chairman emeritus for five years: Positions he...
Niraj Bajaj, presently a director on the company's board. will take over as the Non-Executive Chairman.