Two- and three-wheeler maker Bajaj Auto on Wednesday reported a 22% drop in net profit to Rs 1,214 crore for the quarter ended December 2021. The company reported a net profit of Rs 1,556 crore in the same period last year.

Operating income edged up to Rs 9,022 crore compared to Rs 8,911 crore in Q3 FY21.

“In the domestic motorcycle market, the industry was down 23% compared to Q3FY21. In contrast, Bajaj Auto sold slightly better sales of over 469,000 units, down 20%. Market share from 18.6% in Q3FY22 improved to 19.2% in 3QFY21 and 18.1% in FY21,” the company said in a stock exchange filing.

Shares of the company closed up 1.5 percent at Rs 3,453 on the BSE on Wednesday.

The Pune-based company’s total sales across categories fell 10% to 11,81,361 units in the third quarter, compared to 13,06,810 units in the same period last fiscal.

In the domestic commercial vehicle market, the industry grew 5% from the third quarter of the previous fiscal year, the company said.

In contrast, Bajaj Auto grew by 52 percent and reported a market share of 71 percent, continuing to lead the segment across three product categories, it added.

Bajaj Auto said the company continued to maintain a strong export record with an average monthly sales of more than 2,19,000 units.

“In calendar year 2021, exports exceeded 2.5 million units in volume terms, the highest ever,” it noted.

Bajaj Auto said the company had surplus cash and cash equivalents of Rs 17,883 crore as at December 31, 2021, compared to Rs 17,526 crore as at September 30, 2021.

Complete News Source : Business Standard