Bajaj Auto posts 20 pc jump in net profit in Sept quarter

New Delhi [India], October 14 (ANI): Bajaj Auto posted a jump of 20 per cent in its net profit at Rs1,530 crore for the quarter ended September 2022, against Rs1,275 crore in the corresponding quarter during the previous year.
The company said domestic volumes nearly doubled over the previous quarter across both two-wheelers and three-wheelers help cushioned the drop in exports arising from deteriorating macros in overseas markets. Revenue from operations rose 16 per cent from Rs10,203 crore in the reviewed quarter, against Rs 8,762 crore in the previous quarter.
At Rs 10,203 crore, quarterly revenue from operations surpasses the Rs 10,000-crore milestone for the first time, the company said in a statement to the stock exchanges.
“Continued improvement in semiconductor supplies enabled a healthy build-back of channel inventory, ahead of the festive season,” Bajaj Auto said in a statement.
Sales of domestic two-wheelers, which make up about 90 per cent of the total volume, increased 27 per cent year over year and nearly doubled sequentially in the most recent quarter due to demand for the company’s sports bikes.
The company said in a market that is still significantly lower than pre-Covid, although recovering, Bajaj three-wheelers delivered an industry-leading performance while retaining its strong position across segments.
The company said CNG did remarkably well and is growing penetration. The auto company said macro-economic challenges in select overseas markets subdue exports billing volumes; however, the strong show in ASEAN (with the Philippines registering its highest sales) and improved foreign exchange realisations partly alleviate the drag on turnover. (ANI)