Bajaj Auto shares were trading lower on July 3 afternoon after the company reported weak sales in June.
The company's two-wheeler exports fell 33 percent year-on-year in June to 1,27,357 units, the company said in an exchange filing. Commercial vehicle exports also declined 23 percent year-on-year in June to 13,461 units.
Bajaj Auto’s sales numbers in June missed Nomura's sales estimates by 9,000 units. The company’s overall sales in June fell 2 percent year-on-year.
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“The industry is growing at low-single digits in the retail segment. Exports are on a gradual recovery path and they will be better in July than June,” Bajaj Auto executive director Rakesh Sharma said in an interview to CNBC-TV18.
Also read | Bajaj Auto shares zoom ahead of Bajaj-Triumph bike launch
FY23 performance
In FY23, the country’s biggest two-wheel make’s revenue grew 9 percent year-on-year to Rs 37,642 crore but net profit declined 1.6 percent to Rs 6,060 crore. EBITDA margins for the company increased 134 basis points year-on-year in FY23.
One basis point is one-hundredth of a percentage point.
Bajaj Auto also announced a dividend of Rs 140 per equity share of the face value of Rs 10.
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