Bajaj Auto Q3 net profit up 3% at Rs 1,473 cr on back of sales growth

Bajaj Auto on Wednesday said its consolidated net profit increased 3 per cent to Rs 1,473 crore in the third quarter ended December 31, 2022, aided by sales growth in the domestic market.

The Pune-based company had reported a net profit of Rs 1,430 crore for October-December period a year ago.

Total revenue from operations rose to Rs 9,319 crore in the quarter under review from Rs 9,022 crore in the year-ago period.

The company said its total sales across domestic and export markets stood at 9,83,276 units in the third quarter as compared with 11,81,361 units in the same period last fiscal, a dip of 17 per cent.

In the domestic market, the company reported sales of 5,44,188 units, up 4 per cent from 5,23,299 units in the year-ago period.

Exports, however dropped 33 per cent to 4,39,088 units as against 6,58,062 units in October-December period of last fiscal.

"On exports, macro-economic challenges continue to subdue industry volumes across overseas geographies. While the company continues to navigate this situation through decisive actions, market share remains stable and the resilient performance in the ASEAN is alleviating in part, the drop in volumes across other regions," Bajaj Auto said.

The balance sheet continues to be healthy with surplus cash of Rs 14,894 crore as December 31, 2022, providing the capacity for growth investments, it added.

Shares of the company on Wednesday ended 0.87 per cent up at Rs 3,717.40 apiece on the BSE.