Bajaj Auto reports 22 pc increase in Q2 net profit at Rs 1,402 crore
Mumbai (Maharashtra) [India], Oct 23: Two-and three-wheeler manufacturer Bajaj Auto on Wednesday reported 22 per cent year-on-year jump in its profit after tax to Rs 1,402 crore during the July to September (Q2) quarter of current financial year. In Q2 FY19, it had a profit of Rs 1,152 crore. The profitability in Q2 FY20 was aided by a tax expense reversal of Rs 182 crore due to the recent lowering of corporate tax rate. However, revenue from operations during Q2FY20 dropped by 4 per cent to Rs 7,707 crore from Rs 8,036 crore in the year-ago period due to ongoing slowdown in the automobile sector. The earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 9 per cent to Rs 1,305 crore from Rs 1,441 crore while operating profit too dropped by 9 per cent to Rs 1,242 crore compared to Rs 1,369 crore in Q2 FY19. “Q2 was a difficult quarter for the domestic motorcycle industry,” the company said in a statement. In terms of volume, domestic motorcyc...