Margins dragged during the quarter due to lower gross margins and higher employee costs. Due to competition, the company could not raise prices and pass on costs to consumers.
Shares of Bajaj Auto fell 3 percent intraday on Thursday as it disappointed the street with the April-June quarter operating margins coming in below estimates to 17.6 percent. Weak earnings and a big operational knock led to a bottomline miss.
Margins dragged during the quarter due to lower gross margins and higher employee costs. Due to competition, the company could not raise prices and pass on costs to consumers.
The two-wheeler maker's net profit rose marginally to Rs 740 crore compared to Rs 737.7 crore in same quarter last year, dented by weak operational performance and higher depreciation charge.
According to CNBC-TV18 poll estimates, analysts had expected net profit of Rs 821 crore on total revenue of Rs 5,214 crore for the quarter. Total revenue grew 7 percent to Rs 5,252 crore in June quarter from Rs 4,911 crore in corresponding quarter of last fiscal.
Revenue growth was higher than growth in volumes due to higher export realisation. Overall realisation went up 1 percent Q-o-Q (up 6.2 percent Y-o-Y) at Rs 53,236 per unit due to 380 basis points sequential rise in share of exports to 44.7 percent.
At 14:14 hrs, the stock was quoting at Rs 2,086.55, down Rs 53.70, or 2.51 percent on the BSE.
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