Business

Net Profit Falls By 19.51 Percent For Bajaj Auto In 1st Quarter

न्यूज़ वर्ल्ड इंडिया | 0
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| July 20 , 2017 , 15:48 IST

Bajaj Auto has reported a decline of 19.51 percent on Thursday as they announced the report for the June quarter of the current fiscal year.

It had posted a net profit of Rs 1,039.70 crore in the April-June quarter of last fiscal. Bajaj Auto said in a BSE filing its total income from operations during the quarter under review stood at Rs 6,177.66 crore as against Rs 6,355.84 crore in the April-June quarter of 2016-17.

The domestic industry, it said, was impacted during the June quarter of 2017-18 due to change over from BS-III to BS-IV vehicles and transition to the new Goods and Services Tax. Total vehicles sales during the quarter declined 10.68 per cent to 8,88,434 units as against 9,94,733 units in the corresponding period of last fiscal.

Also read: Bajaj Launches New Pulsar AS; Price Starts At Rs 79,000

The company said its total exports, however, went up by 10.48 per cent to 4,09,525 units as against 3,70,649 units in the same quarter last fiscal.

With regard to GST, Bajaj Auto said: "For dealers holding stocks as on June 30, estimated loss per motorcycle was around Rs 1,400 as CST, auto cess, entry tax in certain states and LBT would not be eligible for set-off under rules for transition to GST."

The company said it provided for Rs 32 crore towards compensation to the dealers for transition to GST. Competition continued to build stocks at the dealerships and hence in June, performance measured on wholesale numbers was negative for the company and reflected a lower market share, it added

(Inputs from pti)