Bajaj Auto has reported 19.51 per cent decline in consolidated net profit at Rs.836.79 crore for the June quarter of the current fiscal due to lower sales.
The company had posted a net profit of Rs. 1,039.70 crore in the April-June quarter of last fiscal.
Bajaj Auto said in a BSE filing that its total income from operations during the quarter under review stood at Rs. 6,177.66 crore against Rs. 6,355.84 crore in the April-June quarter of 2016-17 fiscal.
The domestic industry, it said, was impacted during the June quarter of 2017-18 due to changeover from BS-III to BS-IV vehicles and transition to the new Goods and Services Tax regime.
Total vehicles sales during the quarter declined 10.68 per cent to 8,88,434 units from 9,94,733 units.
The company said its total exports, however, went up by 10.48 per cent to 4,09,525 units from 3,70,649 units in the same quarter last fiscal.
With regard to GST, Bajaj Auto said: “For dealers holding stocks as on June 30, estimated loss per motorcycle was around Rs. 1,400 as CST, auto cess, entry tax in certain states and LBT would not be eligible for set-off under rules for transition to GST.”
The company said it has provided for Rs. 32 crore towards compensation to the dealers for transition to GST.
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