Bajaj Auto’s Q2 net profit up six percentOctober 20th, 2011 - 7:43 pm ICT by IANS
New Delhi, Oct 20 (IANS) Two and three wheeler major Bajaj Auto Thursday reported an increase of six percent in its net profit for the second quarter of the current fiscal at Rs.726 crore against Rs.682 crore in the like period of 2010-11.
The company also reported its highest ever quarterly sales of motorcycles which grew by 16 percent at 1,027,357 units. Domestic motorcycle sales grew by eight percent at 684,671 units, while exports zoomed by 37 percent at 342,686 units.
“During the quarter, motorcycle sales crossed one million units. Pulsar averaged 86,000 per month and Discover averaged 133,000 per month. Cumulative sales of the Discover brand crossed 5 million vehicles,” the company said in a statement.
According to the statement, the company had an overall market share of 34 percent in the second quarter, while its share in domestic market stood at 27 percent.
Exports boosted overall commercial vehicle sales for the quarter with growth of 17 percent at 136,780 units as compared to 117,076 units in the corresponding period of the last fiscal. The company’s exports in the commercial vehicle segment grew by 44 percent in the period under review at 81,448 units.
Meanwhile, domestic commercial vehicle sales slumped by nine percent at 55,332 units in Q2 from 60,566 units in the second quarter of the last fiscal.
The company’s overall exports grew by 38 percent in the second quarter at 424,134 units from 307,332 units in the like period of 2010-11.
The exports in value grew by 50 percent at Rs.1,733 crore in the period under review from Rs.1,153 crore in the second quarter of the last fiscal.
The statement added, that it has improved its margins to 20.1 percent in the second quarter from 19.1 percent in the first quarter of the current fiscal.
“In a challenging business environment, the company has improved its operating EBITDA margin from 19.1percent in Q1 to 20.1 percent in Q2. The improvement was due to higher realizations from exports, operating leverage and the rationalization of spends on sales promotion,” the statement said.
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