Bajaj Auto drops on report of likely production cut

Bajaj Auto fell 5.43% to Rs 3641.60 on news reports that the two-wheeler major is expected to take an upto 25% cut in motorcycle and three-wheeler production across its export-focused plants next month.

The media reported that the automaker is likely to produce around 250,000-270,000 units in March, compared with average production of 338,000 units in each of the first nine months of FY23.

The two wheeler maker's total sales declined 21% to 2,85,995 units in January 2023 compared with 3,63,443 units sold in January 2022. Its total domestic sales rose 16% to 1,73,270 units while exports tumbled 47% to 1,12,725 units in January 2023 over January 2022.

Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric two-wheelers etc. and parts thereof.

The company's consolidated net profit rose 3% to Rs 1,472 crore on 2.8% rise in net sales to Rs 9,050 crore in Q3 FY23 over Q3 FY22.

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