Bajaj Auto's net profit doubles in Q1 to Rs 1,061 cr; forays into EV space

The wholly owned subsidiary will leverage the growth opportunities in the evolving mobility space and will help the Company venture into the manufacturing of Electric and Hybrid vehicles

Bajaj Auto's April to June quarter (Q1FY22) standalone net profit jumped 101.2 per cent year-on-year to Rs 1,061.18 crore on Thursday, on the back of healthy exports amd low base of last year. It had clocked a net profit of Rs 528 crore in the previous year period. 

Sequentially, the profit slumped 20.3 per cent from Rs 1,332 crore reported in Q4FY21 as the quarter saw limited economic activity and fewer sales dispatches domestically due to state-specific lockdowns amid the second wave of Covid-19. 

"Q1FY22 has been a challenging quarter. The recovery over the past three quarters got undone