New Delhi: Home-grown auto major Bajaj Auto on Tuesday reported a 0.6% decline in its consolidated profit after tax at INR 1163.33 crore for the June quarter compared with INR 1,170.17 crore in the year-ago quarter.
Revenues from operations rose 7.65% at INR 7,768.89 crore for the June quarter compared with INR 7216.57 crore in the corresponding quarter last year.
According to the company, sales in the quarter were significantly constrained by the inadequate availability of semiconductors, although the situation improved in the latter part as new supply sources were developed. “Export performance led by strong growth particularly in ASEAN and Latin American markets with overall market share continuing to expand despite challenging macros in few markets,” Bajaj Auto said.
On a standalone basis, EBITDA grew 15% during the quarter under review, with margin improving by 100 bps despite supply constraints, cost headwinds and a weak macroeconomic context. “Judicious price increases, better foreign exchange realization and favorable mix offset the material cost inflation and enabled margin improvement,” the company said.
A strong track record of cash generation was sustained, the company said, adding that surplus cash stood at INR 20,509 crore as on 30th June 30, 2022.
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Revenue from operations, however, increased to INR 2,818.38 crore for the Q1 FY23 compared to INR 1,910 crore in the year-ago period, the company said.