Moneycontrol Bureau
India’s second-largest two-wheeler company Bajaj Auto’s third quarter results were slightly below the estimates on adjusted basis. The company’s net profit rose 10.4 percent to Rs 904.5 crore against Rs 818.7 crore (Y-o-Y). However, the revenues miss estimates due to a slump in domestic two-wheeler segment, which could not be offset by growth in exports. The Q3 revenues were down 5.2 percent to Rs 5,131 crore as against Rs 5,412.7 crore (Y-o-Y).
Also Read: Auto sector update for December, 2013: Microsec
On the first look, operational performance and profits have improved, but there is an MTM (mark to market) gain of Rs 95 crore included, which the company has clocked in the quarter. If that is excluded, adjusted PAT (at Rs 855 crore) is marginally lower than estimates of Rs 880 crore.
The company’s EBITDA stood at Rs 1,135 crore against Rs 1,011 crore (Y-o-Y). The operating margins were up 22.1 percent against 18.6 percent (Y-o-Y).
The company's exports were up 12.3 percent (Y-o-Y) at 4.22 lakhs as against 3.76 lakhs, which has been the only positive for the company this quarter. The exports revenues rose 23.5 percent to Rs 2,123 crore versus Rs 1,719 crore (Y-o-Y).
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