Home >Companies >Company Results >Bajaj Auto Q1 net profit, revenue more than double on low base

Auto major Bajaj Auto on Thursday reported a Q1 standalone net profit of 1,061 crore, more than doubled from 528 crore in the corresponding quarter of the previous fiscal, owing to a low base. The company's revenue from operations rose nearly 140% to 7,386 crore as compared to 3,079 crore year-on-year (YoY).

However, the profit and revenue fell sequentially as the net profit in the previous quarter stood at 1,332 crore whereas the revenue at 8,596 crore.

The company said it continues to be a leader in the domestic market with a share of 65.3% as against 56.3% in Q4FY21. For Q1FY22, it sold over 1 million units in India and across the globe.

The company said that Q1FY22 has been a challenging quarter; the recovery over the past three quarters got undone with the second wave of COVID-19 which again led to restrictions and full or partial lockdowns. This resulted in weaker domestic demand, which was partially off-set with strong exports across all major geographies, it said in the earnings filing on the BSE.

''Lower revenue from operations resulted in loss on spread of fixed costs by ~160 bps. Also, increase in cost of raw-material, net of increase in prices, resulted in lower EBITDA margin,'' Bajaj Auto said. The mentioned was partially off-set from higher US$ realization and improved mix, it added.

As on 30th June 2021, Bajaj Auto's surplus cash and cash equivalents stood at 19,097 crore as against 17,689 crore as on 31st March 2021.

Shares of Bajaj Auto were trading over 2% higher at 3,990 per share on the BSE in Thursday's afternoon deals.

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