Bajaj Auto Ltd.’s profit declined in the fourth quarter on lower sales.
The company’s net profit fell 2% to Rs 1,433 crore in the quarter ended March, according to its exchange filing. That compares with the Rs 1,353 crore consensus forecast of analysts tracked by Bloomberg.
Bajaj Auto Q4 FY23 Highlights (YoY)
Revenue rose 12% to Rs 8,904.7 crore, as against an estimate of Rs 8,567 crore.
Operating profit rose 26% to Rs 1,716.6 crore, as compared with a forecast of Rs 1,572 crore.
Operating margin stood at 19.3%, as against 19.1% last year and an estimate of 18.3%.
The two-wheeler maker’s total sales fell 12% year-on-year to 8.58 lakh units over the quarter. Two-wheeler exports crashed by nearly half, while shipments of three-wheelers tumbled over 40% due to weakness in the overseas markets.
The company said better foreign exchange realisation, judicious pricing and a richer product mix helped offset the drop in overall volume arising from sluggish exports.
"While exports progressively worsened, given the deteriorating macros across overseas markets, a close watch on developments and decisive actions to salvage volumes ensured that our competitiveness was intact with overall market share holding steady," it said in a press release.
For the full fiscal 2023, the revenue grew 10% to Rs 36,428 crore, while net profit rose 12% to Rs 5,628 crore. The Ebitda rose 25% to Rs 6,551crore.
The annual numbers for revenue from operations, net profit and Ebitda are at an all-time high for the company.
The Pulsar-maker said it had surplus cash of Rs 17,445 crore, as of March end.
Shares of Bajaj Auto closed 0.2% higher before the results were announced, as compared with a 0.2% rise in the Nifty 50.
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