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Bajaj Auto Q2 net profit falls 19% YoY to Rs 1,138.2 crore; Revenue down 7%

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Bajaj Auto reported an 18.8 percent on-year fall in net profit for the quarter ended September 2020 at Rs 1,138.2 crore. The company had reported a net profit of Rs 1,402 crore in the same period last fiscal. Net profit estimated by CNBC-TV18 analysts' poll was Rs 1,212 crore. 

Bajaj Auto Q2 net profit falls 19% YoY to Rs 1,138.2 crore; Revenue down 7%
Bajaj Auto reported an 18.8 percent on-year fall in net profit for the quarter ended September 2020 at Rs 1,138.2 crore. The company had reported a net profit of Rs 1,402 crore in the same period last fiscal. Net profit estimated by CNBC-TV18 analysts' poll was Rs 1,212 crore.
Revenue from operations in Q2FY21 declined 7.2 percent to Rs 7,156 crore from Rs 7,707 crore, YoY. Total sales volume fell 10 percent to 1,053,337 units in Q2FY21 as against 1,173,591 units in Q2FY20.
Bajaj Auto's realization for the quarter ended September came in at Rs 67,935 per unit as compared Rs 65,673 per unit, YoY.
"Domestic two-wheelers registered a strong turnaround in the first half of the quarter driven by pent up demand. While the exact festive spike is awaited, early signs show (strong) indications of a recovery. Industry grew by 7% in Q2 and our growth was in line with Industry and hence our market share was 18.2% in H1FY21 vs 18.1% in H1FY20," the company said in a regulatory filing.
Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) during the quarter decreased marginally to Rs 1,266.2 crore from Rs 1,278 crore while EBITDA margin expanded by 110 bps to 17.7 percent from 16.6 percent, YoY.
According to Bajaj Auto, the impact of the reversal of MEIS in Q2 is Rs 78 crore. The company's margin would be 19 percent excluding the impact of MEIS.
KTM and Husqvarna had their highest ever sales in a quarter of 20,200 vehicles.
"Domestic CV volumes continue to remain muted and is dependant on return of adequate short distance mobility demand. Within CV, cargo has fared better than passenger and our share has increased to 37% which is the highest ever. Overall, our market share was 53.3%, Bajaj Auto said.
Export continues to perform very well, and September was the highest ever month at 2,12,000 units. Strong revival of demand was witnessed in Latin America and Africa while ASEAN continues to be weak and Sri Lanka has stopped all vehicle imports. The growth in LA TAM is driven by the Sports segment - Pulsar and Dominar, it added.
At 1:35 pm, the shares of Bajaj Auto were trading 0.06 percent lower at Rs 3,014.50 on the BSE.

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CompanyPriceChng%Chng
Tata Motors295.55 -7.00 -2.31
Grasim1,549.50 -32.55 -2.06
Larsen1,611.75 -30.40 -1.85
Adani Ports680.05 -11.75 -1.70
Tech Mahindra1,131.00 -17.60 -1.53
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Larsen1,612.00 -29.55 -1.80
HUL2,359.25 -19.40 -0.82
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