Two-and-three-wheeler maker Bajaj Auto on July 22 reported a significant fall of 53.1 percent in its standalone profit for the quarter ended June 2020, dented by lower volumes but operating performance was ahead of analysts estimates.
Profit declined to Rs 528.04 crore during the quarter, compared to Rs 1,125.67 crore in corresponding period last fiscal. Lower tax cost and cost measures limited decline in bottomline.
Revenue from operations fell 60.3 percent year-on-year to Rs 3,079.24 crore in quarter ended June 2020, hit by lower sales volumes.
"Q1 FY21 has been an extremely challenging quarter due to the unprecedented COVID-19 pandemic. Lockdown and other containment / precautionary measures have resulted in disrupted supply lines and a sharp decline in overall demand," company said in its BSE filing.