Bajaj Auto declines post June quarter results
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Shares of Bajaj Auto dipped 4% to Rs 2,510, declining 5.5% from their intra-day highs on the NSE, after the company reported 37% year-on-year (YoY) jump in net profit at Rs 1,015 crore for the quarter ended June 2015 (Q1) mainly on account of higher other income.
The two-wheeler manufacturer had posted a profit of Rs 740 crore in the same quarter a year ago.
Other income during the quarter nearly doubled to Rs 437 crore, which includes profit on redemption of fixed maturity plan investment. It was Rs 219 crore in the corresponding quarter of previous fiscal.
Net sales of the company grew 7% at Rs 5,505 crore in June quarter on YoY basis.
Analysts on an average had expected profit of Rs 959 crore and net sales of Rs 6,040 crore for the quarter.
EBITDA (earnings before interest, taxes, depreciation and amortization) expanded by 140 basis points from 19.7% to 21.1% during the recently concluded quarter, Bajaj Auto said in a statement.
The stock hit a high of Rs 2,656 on the NSE prior to the announcement of Q1 results and has seen a combined around one million shares changing hands on the counter on the NSE and BSE.
Meanwhile, the stock outperformed the market by surging 27% in the past three months compared to sub-3% rise in CNX Nifty.
At 11:49 AM, the stock was down 3.7% at Rs 2,522 on the NSE.
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