Bajaj Auto witnesses 2.2 pct growth in Q1

| Updated: Jul 27, 2016 20:22 IST

New Delhi, July 27 (ANI): Two-wheeler maker Bajaj Auto's first quarter (April-June) standalone profit missed the analysts' expectations on Wednesday, witnessing 2.2 percent growth to Rs. 978.4 crore on an yearly basis. Impacted by slow growth in revenue and operational performance, the revenue grew by 3.5 percent to Rs. 6,088.8 crore in the quarter ended June 2016 from Rs. 5,881.2 crore as compared to last year. On the other hand, sales volumes fell 1.8 percent YoY to 9.94 lakh units due to weakness in exports that slipped 22 percent YoY to 3.70 lakh units. Key markets like Nigeria, Egypt and Columbia continued to struggle while domestic volume growth picked up (up 16.3 percent) due to success of new launches V15 and Avenger. Three wheeler volumes were down 11.3 percent YoY. In the BSE filing, the company said that headwinds continue in export markets including Nigeria and Egypt. "Decline in exports is attributable primarily to external factors - availability of foreign currency and depreciation in local currency," it added. Domestic motorcycle market share remained flat at 19 percent on sequential basis. The profit was estimated at Rs. 1,011 crore on revenue of Rs. 6,066 crore for the quarter, according to an average of estimates. (ANI)