Bajaj Auto Q1 net zooms over two-fold to Rs 590 cr

Country's second largest two- wheeler maker Bajaj Auto today said its net profit for the first quarter ended June 30 more than doubled to Rs 590.15 crore on the back of impressive sales.

The company said its net profit in the corresponding quarter last year was at Rs 293.49 crore.

This is the fourth time in a row that the company has reported its best quarterly results, Bajaj Auto said in a statement.

During the April-June period, the total income increased by 66.35 per cent to Rs 3,890.06 crore compared to Rs 2,338.47 crore in the year-ago period, it added.

The company said during the quarter its vehicle sales increased by 69.51 per cent to 9,28,336 units against 5,47,662 units in the same period last fiscal.

While motorcycle sales soared 72 per cent at 8,28,391 units, its three-wheeler sales went up by 58 per cent to 99,918 units.

"Overall, motorcycle market share for the company improved from 30 per cent in 2009-10 to 33 per cent in Q1 of FY11," the statement said.

During the last quarter, the company exported a total of 3,23,899 vehicles, an increase of 82 per cent over the same period last year.