Bajaj Auto skids 8% on disappointing Q1 results

Shares Bajaj Auto dipped 8% after the company reported a lower than expected 21% YoY growth in standalone net profit Rs 11.15 billion in June quarter.

Bajaj Auto dipped 8% to Rs 2,876 on the BSE in noon deal trade after the company reported a lower than expected 21% year on year (YoY) growth in standalone net profit Rs 11.15 billion in June quarter (Q1FY19). Analysts on an average had expected profit of around Rs 13 billion for the quarter. The stock dipped 9% from its early morning high of Rs 3,152 on the BSE.

Turnover during the quarter under review grew 33% at Rs 78.24 billion against Rs 59 billion in the corresponding quarter of previous year.

EBITDA (earnings before interest, taxes, depreciation and