Bajaj Auto Ltd.'s quarterly profit rose even as two-wheeler sales volumes fell.
Net profit of the two-wheeler manufacturer rose 20% to Rs 1,530 crore in the quarter ended September, according to its exchange filing. That compares with the Rs 1,435-crore consensus forecast of analysts tracked by Bloomberg.
Bajaj Auto Q2 FY23 Highlights (YoY)
Revenue up 16% to Rs 10,203 crore, against the Rs 9,839.5 crore forecast.
Operating profit rose 26% to Rs 1,758.74 crore, against the projected Rs 1,649.8 crore.
Operating margin stood at 17.2% compared to 16% last year and an estimate of 16.7%.
Total sales in the quarter rose 0.6% year-on-year to 11.51 lakh units, while sales of two-wheelers fell 1.1% to 10.19 lakh units.
The company's performance was partially impacted by the shortage of semiconductors in the quarter under review as well as over the same period last year.
Sequentially, net profit rose 30% while revenue rose 27%.
Shares of Bajaj Auto closed 1.13% down before the results were announced, compared with a 1.01% rise in the benchmark Nifty 50.
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