Bajaj Auto fell 0.95% to Rs 2387.10 at 9:31 IST on BSE after net profit fell 29.41% to Rs 590.90 crore on 14.67% rise in total income to Rs 6076.70 crore in Q2 September 2014 over Q2 September 2013.
The result was announced after market hours on Tuesday, 14 October 2014.
Meanwhile, the BSE Sensex was up 71.84 points, or 0.27%, to 26,421.17.
On BSE, so far 2.86 lakh shares were traded in the counter, compared with an average volume of 35,487 shares in the past one quarter.
The stock hit a high of Rs 2,395.50 and a low of Rs 2,366 so far during the day. The stock hit a record high of Rs 2,454.60 on 23 September 2014. The stock hit a 52-week low of Rs 1,796 on 4 February 2014.
The stock had outperformed the market over the past one month till 13 October 2014, rising 0.22% compared with 2.50% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.07% as against Sensex's 5.43% rise.
The large-cap company has an equity capital of Rs 289.37 crore. Face value per share is Rs 10.
Bajaj Auto said that the Q2 September 2014 net profit was weighed by an exceptional item of Rs 340.29 crore of National Calamity Contingency Duty (NCCD). Excluding exceptional item, profit after tax, would have rose 1.91% to Rs 853 crore in Q2 September 2014 over Q2 September 2013, Bajaj Auto said.
It may be recalled that Bajaj Auto had filed a writ petition before the Uttarakhand High Court in October 2011, claiming benefit of exemption from payment of NCCD by Pantnagar plant. On 9 October 2014, the court ruled otherwise, the company said. Accordingly in Q2 September 2014, the company recognised liability for the last seven and a half years (1 April 2007 to 30 September 2014) aggregating to Rs 340.29 crore. This is a one time only charge and going forward, the monthly charge towards NCCD is expected to be around Rs 3 crore per month, it added.
The company's export revenue rose 28.75% to Rs 2736 crore in Q2 September 2014 over Q2 September 2013. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) before mark-to-market loss and CSR spends rose 3.65% to Rs 1248 crore in Q2 September 2014 over Q2 September 2013. Operating EBITDA margin before mark-to-market (MTM) gain/loss was reported at 20.8% in Q2 September 2014, lower than 23.1% in Q2 September 2013.
Total vehicles sales rose 9.8% to 10.55 lakh units in Q2 September 2014 over Q2 September 2013.
The company's cash and cash equivalents as on 30 September 2014 stood at Rs 8313 crore.
Given the initial response to the Discover 150, the company looks forward to a very rewarding future, Bajaj Auto said.
Bajaj Auto is India's second largest two-wheeler maker after Hero MotoCorp.
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