Bajaj Auto reports 61% fall in June quarter profit

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Bajaj Auto reports 61% fall in June quarter profit ^Featured

Super User 22 July 2020

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New Delhi: Bajaj Auto on Wednesday posted a 60.92 per cent decline in its consolidated net profit at Rs 395.51 crore for the first quarter ended June 30.The company had posted a net profit of Rs 1,012.17 crore during the same period of the previous fiscal.

Its total revenue from operations fell to Rs 3,079.24 crore for the April-June period, down 60.29 per cent, from Rs 7,755.82 crore in the same period of 2019-20 fiscal, Bajaj Auto said in a regulatory filing.Bajaj Auto said it sold 4,43,103 units during the first quarter against 12,47,174 units in the year-ago period.

The company said fiscal 2020-21 "has been an extremely challenging quarter due to the unprecedented COVID-19 pandemic. Lockdown and other containment/precautionary measures have resulted in disrupted supply lines and a sharp decline in overall demand".

Shares of the company were trading at Rs 2,961 apiece, down 1.44 per cent from its previous close on the BSE.