Bajaj Auto net profit up 41.35% YoY at Rs 1,644 cr, revenue rises 29.4%

Bajaj Auto posted a 41.35 per cent year-on-year (YoY) rise in its net profit for the quarter that ended on June 30, 2023, the company said in a BSE filing. However, the company registered a decline of 3.52 per cent in its profit on a quarter-on-quarter (QoQ) basis.

The company posted a net profit of Rs 1,644 crore for the April-June quarter of the ongoing financial year. The net profit in the same period in the previous financial year was Rs 1704.74 crore.

At Rs 10,663.01 crore, June quarter revenue from operations grew by 29.4 per cent YoY, while the QoQ rise in revenue was 16.28 per cent.

Vehicle sales also saw a YoY jump of 10 per cent to reach 1,027,091 units. The sales registered a growth of 20.12 per cent on a sequential (QoQ) basis. The company sold 855,050 vehicles in Q4FY23.

Previously, the Board of Directors of the company, at its meeting held on June 27, 2022, approved a proposal to buyback fully paid-up equity shares of the company having a face value of t 10 each from the existing shareholders (except promoters, promoter group and persons in control of the company) from open market through stock market mechanism (i.e. through the National Stock Exchange of India Limited and BSE Limited) at a maximum buyback price not exceeding Rs 4,600 per equity share and maximum buyback size up to Rs 2,500 crore.