Bajaj Auto may report fall in Q1 net profit, shares in red
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Bajaj Auto shares were trading marginally in red in morning trade on Wednesday as the auto major is scheduled to announce its first quarterly results today. According to Karvy Stock Broking, Bajaj Auto will report 8.8 per cent fall in net profit figures at Rs 922.10 crore for the quarter ended June 30, 2016 against Rs 1,011.60 crore in the corresponding quarter a year ago. According to the brokerage house, Bajaj Auto may report 1.8 per cent year-on-year (yoy) growth in net sales figures.
At 10.36 am, share of Bajaj Auto were trading 0.48 per cent down at Rs 2,657.40. The scrip opened at Rs 2,680 and has touched a high and low of Rs 2,681.35 and Rs 2,644, respectively, in trade so far. Benchmark BSE Auto index was up 1.04 per cent at 20,825.35.
Nirmal Bang Institutional Equities expects Bajaj Auto to report 3.7 per cent yoy fall in net profit figures at Rs 977.10 crore.
For the quarter ended March 31, 2016, Bajaj Auto reported net profit of Rs 803.06 crore, up 29.19 per cent, against Rs 621.62 crore in the corresponding quarter a year ago. Gross sales of the company jumped by 15.56 per cent on yoy basis to Rs 5651.35 crore in Jan-March 2016 quarter.
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