Two-wheeler and three-wheeler maker Bajaj Auto has reported a 1.7 percent year-on-year (YoY) growth in its standalone profit to Rs 1,332.1 crore for the quarter ended March 2021, impacted by lower other income, but supported by healthy revenue growth.
Revenue from operations jumped 26.1 percent to Rs 8,596.1 crore compared to the year-ago with volumes rising 17.9 percent YoY.
Bajaj Auto sold 11,69,664 units during the March quarter compared to 9,91,961 units sold in the same quarter last year.
Net realisation, at Rs 73,473 per unit, has grown 6.9 percent in the quarter ended March 2021 versus Rs 68,711 per unit in the corresponding period the previous year.
Numbers were ahead of analysts' expectations. Profit was estimated at Rs 1,299 crore on revenue of Rs 8,220 crore for the March quarter, according to the average estimates of analysts polled by CNBC-TV18.
The operating performance was mixed as EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 21.7 per cent year-on-year to Rs 1,524.1 crore in Q4 FY21, but margin contracted 70 bps YoY to 17.7 percent during the quarter. CNBC-TV18 poll estimated EBITDA at Rs 1,469 crore and margin at 17.8 percent for the quarter.
Other income fell 46.8 percent in Q4 FY21 to Rs 283.6 crore compared to Rs 532.7 crore in the year-ago.
In FY21, the company reported an 11 percent decline in profit to Rs 4,555 crore and a 7 percent fall in revenue to Rs 27,741 crore compared to the previous fiscal.
Full-year numbers were not comparable as Q1 and FY21 was an absolute washout due to the pandemic, and Q4 and full-year FY20 had Rs 119 crore and Rs 234 crore as dividend income respectively. For FY21, no dividends were received.
The surplus cash and cash equivalents increased to Rs 17,689 crore as of March 2021, from Rs 14,322 crore as of March 2020.
Bajaj Auto said the company declared a dividend of Rs 140 per share.
In a separate press release, the company said Rahul Bajaj, considering his age, has tendered his resignation as non-executive director and Chairman of the company with effect from close of business hours on April 30, 2021.
The company further said, "The board of directors has approved the appointment of Rahul Bajaj as Chairman Emeritus of the company for a term of five years with effect from May 1, 2021."
In place of Bajaj, Niraj Bajaj, Non-executive Director of the company has been appointed as Chairman, said Bajaj Auto.