Bajaj Auto, the country’s third largest two-wheeler manufacturer, posted 13.45 percent drop in net profit for the quarter ended March 31, 2017 driven down by demonetization, poor exports and the Supreme Court ruling on BS 3 vehicles.
The Pune-based company clocked consolidated net profit of Rs 862 crore for the quarter as against Rs 996 crore posted in the year-ago period.
Stand-alone volumes dipped by nearly 10 percent to 787,627 units during the quarter as against 872,458 units. Despite the fall in volumes the company was able to maintain its EBITDA margin at 21.2 percent during the reporting quarter.
Total revenue from operations dipped 6.96 percent to Rs 5,212 crore during the reporting quarter as against Rs 5,602 crore posted in the same quarter in the year previous to last year.
“International business was affected due to external factors like economic and political uncertainties, sharp devaluation of currencies and scarcity of US$ in some of the key importing countries”, said a statement issued by Bajaj Auto.
The board of directors have recommended a divided of Rs 55 per share. The total dividend payout and tax thereon amounts to Rs 1916 crore.
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