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HomeDigit NewsBajaj Auto released quarterly results, net profit slipped due to chip shortage

Bajaj Auto released quarterly results, net profit slipped due to chip shortage

Bajaj Auto Q1 Result: Bajaj Auto has also released its quarterly results. The company has said that there has been a slight decline in net profit in the first quarter. The consolidated net profit for the first quarter ended June of the current financial year was marginally lower at Rs 1,163 crore. The Pune-based company had posted a net profit of Rs 1,170 crore in the same quarter of the previous financial year.

Profits affected due to chip shortage
The company said that its sales were affected due to chip shortage, which has resulted in lower profits. In a communication to the stock exchanges, the company said its operating income rose to Rs 8,005 crore during the quarter as against Rs 7,386 crore in the corresponding quarter of the previous fiscal.

Sales down 7 percent
The company’s total sales during the quarter declined by seven per cent to 9,33,646 units from 10,06,014 units in the same quarter of the previous financial year. The company’s net profit on a standalone basis for the quarter under review stood at Rs 1,173 crore as against Rs 1,061 crore in the corresponding quarter of the previous financial year.

How many vehicles were sold in June 2021?
For the quarter ended June 2021, the company sold 3,52,836 units in the domestic market, down one per cent from 3,57,137 units in the year-ago quarter. The company’s exports declined by 10 per cent to 5,80,810 units during the quarter from 6,48,877 units in the year-ago period.

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