Bajaj Auto net edges up

BS 200 SCORECARD

Bajaj Auto reported a 2.11 per cent rise in its net profit for the first quarter ended June 30, 2004 at Rs 164.5 crore as compared with Rs 161.1 crore in the same quarter last fiscal.

Total income rose 12.56 per cent to Rs 1,332.6 crore (Rs 1,183.9 crore). Profit before tax rose 14 per cent to Rs 244.5 crore (Rs 214.1 crore).

The EBITDA margins were down to 15.3 per cent (18 per cent). The company attributed the fall to raw material price increases and reduction in export incentives. About 700 workmen at the company's Akurdi plant have opted for voluntary retirement under the scheme announced on July 1, 2004, adding a liability of Rs 48.2 crore which would be charged over the next three quarters of the current fiscal.

Exports for the June quarter were up 33 per cent at Rs 171.4 crore (Rs 128.4 crore). Total sales of two and three-wheeler were up 7.3 per cent at 3,72,909 units during the quarter.