The company also met analysts’ expectations, who had expected the bottom line to be in the range of Rs 575 crore to Rs 590 crore.
The company’s board today announced one bonus share for every held. Bajaj Auto’s shares rose to an intra-day high of Rs 2,504, before closing at Rs 2,490.20, up by 3.15 per cent, on the Bombay Stock Exchange.
Mumbai, July 22: Two-wheeler maker Bajaj Auto today rewarded shareholders with a 1:1 bonus even as it unveiled robust numbers for the first quarter ended June 30.
Net profit rose 101 per cent to Rs 590 crore from Rs 293 crore in the year-ago period.
The stock leapt 3.15 per cent, or Rs 76.10, to close at Rs 2,490.20 on the Bombay Stock Exchange today.
Pune: Bajaj Auto has reported its best quarter ever with a 101% growth in net profit, 68% increase in turnover and a 70% rise in sales for the first quarter of FY 11. The quarter saw Bajaj post an Ebitda margin of 20%, which the company said was the best in the industry. The company has snatched market share from Hero Honda and has increased its share by 8% ?? from 25% in Q1 FY10 to 33% in the latest quarter. The board also approved a 1:1 bonus issue of shares on Thursday.
Rajiv Bajaj, MD, said the company is confident of maintaining this momentum and that the remaining quarters would be better than the first one. It is confident of meeting the target of selling four million units at an Ebitda margin of 20% set for this year. Chairman Rahul Bajaj said he is confident that the company would generate a surplus of Rs 2,000 crore by selling the four million vehicles this year.
Bajaj's turnover went up to Rs 3,972 crore from Rs 2,362 crore while net profit stood at Rs 590 crore, up from Rs 293 crore in the year-ago period. The company has almost doubled its other income to Rs 152.77 crore from Rs 79.48 crore. Profit from operations went up by 77%, from Rs 422 crore to Rs 745 crore.
) southern China factory havegone on strike, the latest disruption in the manufacturing hubover demands for better wages and working conditions.
The burst of disputes that started in May has sinceaffected more than a dozen mostly foreign-owned factories,raising questions about the region's future as a low-costmanufacturing base.
The Omron strikers, who walked off the job on Wednesdaymorning, are demanding a pay raise of at least 40 percent fromtheir current salary of 1,270 yuan, with some workers sayingthey want an increase of 500 yuan ($74) per month and anothersaying the demand is for 800 yuan more.
MUMBAI:Benchmarks ended rangebound session on a positive note after taking support ofpositive cues from global peers. Metals, realty and auto stocks led the upmovewhile pharma stocks closed on a subduednote.
Bombay Stock Exchange’s Sensexended at 17977.23, up 99.09 points or 0.55 per cent. The index touched intradayhigh of 18012.20 and low of17873.92.
National Stock Exchange’sNifty ended at 5399.35, up 31.35 points or 0.58 per cent. The index touched ahigh of 5409.10 and low of 5368.85 in trade sofar.
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