Bajaj Auto second quarter after-tax profit rises 71% to Rs 2,040 crore

Bajaj Auto Ltd on Wednesday reported a 71 per cent jump in consolidated profit after tax at Rs 2,039.86 crore for the second quarter ended September 2021, aided by an exceptional item gain and growth in exports.

The company had posted a consolidated profit after tax (PAT) of Rs 1,193.97 crore in the same period last fiscal, Bajaj Auto Ltd said in a regulatory filing.

Consolidated total income stood at Rs 9,080.50 crore in the quarter under review, as against Rs 7,441.66 crore in the year-ago period.

Bajaj Auto said its Netherlands-based wholly owned subsidiary Bajaj Auto International Holdings BV (BAIH BV), which has 47.99 per cent stake in KTM AG, had swapped 46.5 per cent stake in KTM AG for 49.9 per cent shareholding in Pierer Bajaj AG on September 29, 2021.

"The resultant gain in fair value of Rs 501 crore is shown as an exceptional item in consolidated profit after tax of Bajaj Auto Ltd," the company said.

During the second quarter, the company's total vehicle sales stood at 11,44,407 units as against 10,53,337 units in the year-ago period, a growth of 9 per cent.

Total two-wheeler sales were at 10,29,915 units in the second quarter as compared to 9,64,465 units earlier, up 7 per cent.

Commercial vehicle (CV) sales went up by 29 per cent to 1,14,492 units as compared to 88,872 units in the same quarter last fiscal.

Domestic sales were down 7 per cent at 5,32,216 units as compared to 5,73,586 units earlier.

Exports during the quarter grew by 28 per cent at 6,12,191 units as compared to 4,79,751 units in Q2 last fiscal.

In the domestic market, two-wheeler sales declined by 11 per cent at 4,88,148 units as against 5,50,194 units earlier, but CV sales soared 88 per cent to 44,068 units as compared to 23,392 units in the year-ago period.

Exports of two-wheelers stood at 5,41,767 units as compared to 4,14,271 units in the second quarter last fiscal, a growth of 31 per cent.

CV exports grew by 8 per cent to 70,424 units from 65,480 units in the same period last fiscal, Bajaj Auto said.