Shares of Bajaj Auto on Thursday jumped 6.50 per cent after its fourth quarter earnings largely exceeded market expectations.
On BSE, the scrip gained 6.44 per cent to Rs 2,722.80. It zoomed 6.50 per cent to Rs 2,724.20 on NSE.
With strong performance in a tough quarter, Bajaj Auto reported ahead-of-estimates Q4 FY20 earnings, Edelweiss Securities said in a note.
Bajaj Auto on Wednesday posted a 3.86 per cent fall in its consolidated net profit at Rs 1,353.99 crore for the fourth quarter ended March 31.
The company had reported a net profit of Rs 1,408.49 crore for the January-March quarter of 2018-19.
Total revenue from operations declined to Rs 6,815.85 crore for the fourth quarter as against Rs 7,420.6 crore in the corresponding period of 2018-19, Bajaj Auto said in a regulatory filing.
For the year ended March 31, the company posted a net profit of Rs 5,211.91 crore as compared with Rs 4,927.61 crore in 2018-19.
"Bajaj Auto posted a strong set of numbers in Q4 FY20, as a volume fall of 17 per cent year-on-year was quite arrested by a 10.1 per cent hike in realisations on a better product mix and benign hike in input costs," Ashwin Patil, Senior Research Analyst at LKP Securities, said.
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