Bajaj Auto records under 1% fall in net profit
India's second biggest two-wheeler manufacturer, Bajaj Auto has said that it has recorded a fall of 0.77 per cent in net profit for the quarter till March 2013.
The company recorded a net profit of Rs. 766 crore for the quarter form January to March, 2013 compared to Rs. 772 crore recorded in the same quarter of the previous year. The fall in net profit was recorded after four quarters and was mainly due to weak demand for vehicles in the country as well as increased contribution of other income.
The Pune-based company said that its income rose74 per cent to Rs. 244 crore during the fourth quarter compared to Rs. 140 crore recorded in the fourth quarter of the financial year 2011-2012. Its operating margins fell to 17.6 per cent during the quarter compared to 19.8 per cent in the same quarter of the previous year and 18.6 per cent reported in the third quarter of the financial year 2012-2013. The company's net sales grew 3 per cent to Rs 4,651 crore compared to Rs 4,515 crore recorded in the same quarter of the previous year.
S Ravikumar, senior vice president for business development and assurance, Bajaj Auto said, "With the Discover, we have made multiple cuts in the entry level segment. The brand has gained good traction in the market. The focus now would be on the Discover in the current financial year."