Bajaj Auto Q4 net profit dips 2% to Rs 1,526 cr on lower global sales

Bajaj Auto on Wednesday said its consolidated net profit declined by 2 per cent to Rs 1,526 crore in the fourth quarter ended on March 31, 2022, on account of lower sales in both domestic and export markets.

The company's total two-wheeler and commercial vehicle sales declined by 17 per cent to 9,76,651 units in the fourth quarter as compared with 11,69,664 units in the same period of 2020-21 fiscal.

In the domestic market, the total sales declined by 27 per cent to 3,89,155 units as against 5,34,119 units in the same period of FY21.

The company faced severe supply chain challenges, especially in the fourth quarter of FY22, impacting sales of motorcycles and commercial vehicles, Bajaj Auto said in a regulatory filing.

Overseas shipments declined by 8 per cent to 5,87,496 units during the period under review as compared with 6,35,545 units in January-March period of 2020-21.

The Pune-based company had reported a consolidated net profit of Rs 1,551 crore in the January-March quarter of 2020-21.

Total revenue from operations declined to Rs 7,975 crore during the fourth quarter as compared with Rs 8,596 crore in the same period of FY21.

The company's consolidated net profit in the 2021-22 fiscal rose to Rs 6,166 crore, up 27 per cent compared to Rs 4,857 crore in 2020-21.

Total revenue from operations rose to Rs 33,145 crore in the last fiscal as compared with Rs 27,741 crore in 2020-21.

Bajaj Auto posted an 8 per cent increase in total sales last fiscal at 4,308,433 units as compared with 3,972,914 units in 2020-21.

The company said its international business recorded the highest ever sales of over 25 lakh vehicles for FY22.

"With sales of over USD 2 billion, exports now contribute over 52 per cent of our net sales," it added.

The company said its board has recommend a dividend of Rs 140 per share of Rs 10 each (1,400 per cent) subject to approval of shareholders.

Total pay out towards dividend would amount to Rs 4,051 crore, the company stated.

As on March 31, 2022, the company's surplus cash and cash equivalents stood at Rs 19,090 crore as against Rs 17,689 crore as on March 31, 2021, after a dividend payout of Rs 4,051 crore.

Shares of the company rose by 0.40 per cent to settle at Rs 3,905.95 on BSE.