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Bajaj Auto net soars twofold to Rs 1,400 cr

This article was posted on May 19, 2011 and is filed under Market News

The country’s second largest two-wheeler maker Bajaj Auto on Wednesday reported an over twofold jump in standalone net profit for the quarter ended March, to Rs 1,400.4 crore. It had posted a net profit of Rs 528.7 crore for the corresponding period last year, Bajaj Auto said in a filing to the Bombay Stock Exchange (BSE).

Standalone total income during the fourth quarter also increased by 23.6 per cent to Rs 4,199.9 crore from Rs 3,399.5 crore in the year-ago period, it added. During the January-March quarter, the company’s vehicle sales rose 17.2 per cent to 948,198 units from 808,973 units in the same period of 2009-10.

For the 2010-11 financial year, the company’s standalone net profit soared by 96.4 per cent to Rs 3,339.7 crore from Rs 1,700.1 crore in the previous year. Standalone total income in the last year went up 39.3 per cent to Rs 16,608.9 crore from Rs 11,920.9 crore in 2009-10, the company said.

Bajaj Auto posted a rise in its revenue figures by 56 per cent to Rs 4,299 crore as compared to the same quarter in 2010 from Rs 3,475 crore. It also posted growth in terms of profit by 11 per cent to Rs 831 crore compared to Rs 743 crore last year.

The company’s board has recommended a dividend of 400 per cent, which is Rs 40 per equity share, on the expanded share capital after issue of bonus share in the ratio of 1:1. This will result in a total outgo of Rs 1,345 crore.

Shares of the company were down 1.13 per cent at Rs 1,293.5 apiece during late afternoon on the BSE.

Sales of the company stood at 3,823,954 units in 2010-11 against 2,852,580 units in 2009-10, up 34 per cent, despite a rise in input costs. “We assume we have put the worst behind us,” said Managing Director Rajiv Bajaj.

“We managed to keep in 20 per cent Ebitda (earning before interests, taxes depreciation and amortisation) zone for the last eight quarters. Our strategy is what differentiates us. We are strong in overseas markets. Our export markets keep growing so overall we post good results,” he said.

Source: Business Standard

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