Bajaj Holdings & Investment today reported an over two-fold jump in its consolidated net profit for the quarter ended March 31, 2011, at Rs 835.79 crore.
The company had posted a net profit of Rs 384.21 crore in the corresponding period last year, Bajaj Holdings & Investment said in a filing to the Bombay Stock Exchange (BSE).
The consolidated net sales during the quarter, however, declined by 13.43% to Rs 60.33 crore from Rs 69.69 crore in the year-ago period, it added.
Bajaj Holdings & Investment said its profit primarily came from its investments in associate firms, which include Bajaj Auto, Bajaj Finserv, Bajaj Auto Holdings and Maharashtra Scooters.
The company received Rs 802.36 crore as an additional share of profit after tax on investments in its associates as compared to Rs 323.73 crore in the January-March period last year, a jump of over twofold.
For the entire 2010-11 financial year, the consolidated net profit soared by 71.13% to Rs 2,322.76 crore from Rs 1,357.34 crore in the previous fiscal.
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The consolidated net sales in the last fiscal increased by 25.29% to Rs 898.19 crore from Rs 716.90 crore in 2009-10, it added.
The company received Rs 1,504.23 crore in FY11 as an additional share of profit after tax on investments in its associates compared to Rs 690.23 crore in FY10, up over two fold.
The company's board recommended a dividend of 350%, which is Rs 35 per equity share.
Shares of the company today closed 0.53% down at Rs 755.15 on the BSE.