Bajaj Auto Ltd on Wednesday reported a 6.98 per cent drop in its net profit at Rs 179.9 crore (Rs 1.8 billion) for the second quarter ending September 30, 2004, as compared to Rs 193.4 crore (Rs 1.93 billion) in the corresponding period last fiscal.
The total turnover during the period under review was up at Rs 1,536.5 crore (Rs 15.36 billion) as against 1,366.6 crore (Rs 13.66) in the same quarter of previous fiscal.
The net profit for the six months ending September 30 was marginally lower at Rs 344.5 crore {Rs 34.4 billion (Rs 354.4 crore) in April-September 2003)} while turnover for the period was up at Rs 2,869.1 crore {Rs 28.69 billion (Rs 2,550.5 crore)}, the company said.
The company said 714 workmen opted for VRS in July 2004 accounting for a total outflow of Rs 49 crore, (Rs 490 million) which would be charged equally over three quarters of the current fiscal. Accordingly, in this quarter a sum of Rs 16.3 crore (Rs 163 million) has been charged, it added.
The total sales of two-wheelers during Q2 registered a 19 per cent rise at 3,80,514 units (3,20,046 units) while three wheelers showed a seven per cent growth at 64,681 units (60,227 units), the company said.
The exports for the first six months of this fiscal showed a 41 per cent rise at Rs 181.7 crore {Rs 1.82 billion (Rs 128.6 crore)}, it added. The motorcycle sales grew by 34 per cent in Q2 versus industry growth of 19 per cent, it said adding that its share in this segment grew from 24 per cent in Q1 to 28 per cent in the second quarter.
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