By Kosaku Narioka
Bajaj Auto Ltd. said its first-quarter net profit fell 61% from a year earlier, hit by the Covid-19 pandemic.
Net profit for the quarter ended June 30 fell to 3.96 billion rupees ($53.1 million) from INR10.12 billion a year earlier, the Indian motorcycle maker said Wednesday. On a stand-alone basis, net profit was INR5.28 billion, narrowly beating the estimate of INR5.20 billion from a FactSet poll of analysts.
The group's first-quarter revenue decreased 60% to INR30.79 billion from INR77.56 billion a year earlier.
Bajaj Auto said the quarter was extremely challenging because the pandemic disrupted supply chains and dented demand sharply.
While domestic motorcycle sales saw a decent recovery in June, sporadic and localized lockdowns are affecting its ability to bring operations back to normal, it said.
Write to Kosaku Narioka at email@example.com