Bajaj Auto Ltd reported 5.27 percent decline in consolidated net profit at Rs 976.82 crore for the third quarter ended December 31, 2016, as sales declined across domestic as well as export markets. The company had posted a consolidated net profit of Rs 1,031.17 crore in the same quarter of the last fiscal.
Total income from operations during the quarter under review declined by 9 percent at Rs 5,354.13 crore as against Rs 5,884.25 crore, Bajaj Auto said in a statement. Unit volume sales during the quarter were at 8,51,645 units as against 9,51,498 units in the year-ago period, down 10.49 percent.
The Pune-based company's domestic motorcycle sales in the third quarter stood at 5,13,029 units compared to 5,41,061 units in the same period last fiscal, down 5.18 percent. Bajaj Auto said total exports were down at 3,38,616 units in the third quarter as compared to 4,10,437 units in the corresponding period last year, down 17.49 percent.
"External factors such as economic crises and constraints in availability of foreign currency, amongst others, continue to drag performance," the company said. Nigeria is yet to witness a market recovery, countries like Egypt are still plagued with the availability of USD currency and devaluation while sales in Iran was disrupted on new vehicle-related norms, it added.
The Pune-based company's domestic motorcycle sales in the third quarter stood at 5,13,029 units compared to 5,41,061 units in the same period last fiscal, down 5.18 percent
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