Bajaj Auto Q4 Profit Declines, Misses Estimates
Bajaj Auto posted 15.48 percent decline in its net profit at Rs 802 crore for the fourth quarter ended March 31.
Image for representation only. (Photo: Reuters)
Bajaj Auto posted 15.48 percent decline in its net profit at Rs 802 crore for the fourth quarter ended March 31, hit by lower sales.
The company had posted a net profit of Rs 949 crore during the same period of the previous fiscal. Total income of the company declined to Rs 5,506 crore for the fourth quarter as compared to Rs 5,967 crore in the same period of previous fiscal, Bajaj Auto said in a statement.
The Pune-based two-wheeler maker sold 7,87,627 units in fourth quarter, down 9.72 percent, from 8,72,458 units in the same period of 2015-16 fiscal. The company said the rise in input material cost and increase in costs of transition from BSIII to BSIV compliant vehicles hit margins during the quarter.
For the year ended March 31, the company posted a net profit of Rs 3,828 crore, down 2.59 percent, from Rs 3,930 crore in the 2015-16 fiscal. Total income declined to Rs 24,310 crore during the fiscal ended March 31, as against Rs 24,957 crore in the previous fiscal. The company sold a total of 36,65,950 units during the 2016-17 fiscal, down 5.84 percent, from 38,93,581 units in the previous fiscal.
The company's board, which met today, recommended a dividend of Rs 55 per share for the 2016-17 fiscal. The total amount of dividend and tax thereon amounts to Rs 1,916 crore. Bajaj Auto shares were trading 1.54 percent down at Rs 2,986 apiece on BSE.