Mumbai: Bajaj Auto Ltd on Wednesday said its net profit for the March quarter rose 29% compared to a year ago, on strong domestic sales of motorcycles and three wheelers. Net profit for the maker of Pulsar and Avenger models rose toRs.803.06 crore compared to Rs.621.62 crore, it said in a filing to the stock exchanges.
Net sales increased to Rs.5,303.89 crore from Rs.4,623.70 crore last year.
The earnings were in line with estimates—a Bloomberg poll of analysts had estimated net sales of Rs.5,256.2 crore and net profit Rs.803.2 crore.
During the quarter, Bajaj Auto’s volume including exports, grew 11.5% led by a strong pickup in domestic volumes that advanced 26%. For the full year that ended in March, Bajaj Auto sold 3.89 million motorcycles and three wheelers, up 2% over a year ago.
The company’s board has recommended a final dividend of Rs.5 per equity share (50%) subject to approval of shareholders.
Shares of Bajaj Auto’s rose 3.96% to Rs.2,478.85 apiece, while the Sensex rose 2.28%, or 575.70 points, at 25,881.17.