Bajaj Auto Ltd posted a 16 per cent fall in March quarter net profit, missing estimates, as a rise in input material cost and expenses on transition to BS-IV compliant vehicles hurt margins.
Net profit was Rs 802 crore ($124.50 million) in the quarter ended March 31, compared with Rs 949 crore a year earlier.
Analysts on average had expected a net profit of Rs 855 crore, according to Thomson Reuters data.
At 3:05 pm, shares in Bajaj Auto were trading 2.08 per cent lower at Rs 2,976.50 apiece on the National Stock Exchange, whose benchmark Nifty index was down 94 points, or nearly 1 per cent.
($1 = Rs 64.42)
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