Two and three-wheeler manufacturer Bajaj Auto on Tuesday reported a 5 percent rise in total sales for the month of November at 4,22,240 units as compared to 4,03,223 units in the same month last year.
The company’s total domestic sales in November declined 4 percent to 1,98,933 units from 2,07,775 units while exports rose 14 percent to 2,23,307 units from 1,95,448 units, YoY.
Bajaj Auto’s two-wheeler sales were up 12 percent at 3,84,993 units versus 3,43,446 units, YoY.
Commercial vehicle sales during the month plunged 38 percent to 37,247 units from 59,777 units, YoY.
In a separate filing, Bajaj Auto said it will swap its 48 percent holding in KTM for a stake in Pierer Mobility AG. Currently, Bajaj Auto and Pierer Mobility AG hold 48 percent and 51.7 percent in KTM AG and Pierer Ind holds over 60 percent in Pierer Mobility AG.
Speaking to CNBC-TV18, Rakesh Sharma, ED of Bajaj Auto, said that the sales decline of about 10 percent at the retail level was disappointing.
“If I extrapolate that given the fact that there is nothing exciting which is going to happen in the December-March period, I would say we are looking at industry underperforming compared to last year same period in domestic motorcycles,” said Sharma.
Bajaj Auto is seeing double-digit growth in higher-end bikes and a drop towards the bottom-end of the pyramid.
“We have started working on our higher-end electric bike and lower-end electric cycle," he said.
According to him, global markets were coming back quite well.
At 10:15 am, the shares of Bajaj Auto were trading 1.21 percent higher at Rs 3,211.10 on the BSE.