Bajaj Auto reports Q1 net profit at Rs 1,170 cr

Bajaj Auto on Thursday posted a consolidated net profit of Rs 1,170 crore for the first quarter ended June 30, as robust exports helped tide over the drop in domestic demand due to the second wave of the COVID-19.

The Pune-based company had reported a consolidated net profit of Rs 395.51 crore in April-June 2020-21, which saw massive disruptions in the market due to COVID-led lockdowns and restrictions.

The total revenue from operations during the first quarter rose to Rs 7,386 crore as compared to Rs 3,079 crore in the same period previous fiscal.

‘First quarter of FY22 has been a challenging quarter; the recovery over the past three quarters got undone with the second wave of COVID-19, which again led to restrictions and full or partial lockdowns. This resulted in weaker domestic demand, which was partially offset with strong exports across all major geographies,’ Bajaj Auto said in a statement.

While the pandemic has impacted the first quarter of FY21 and FY22, the severity of impact was very different and hence, the performance of the two quarters are not strictly comparable, it added.

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