Bajaj Auto floats subsidiary for e-mobility; net profit slips 20%

Covid-induced lockdown dents volumes, erodes margins

Bajaj Auto recorded a 20 per cent drop in net profit for the June quarter, as compared to the previous one. The results come even as the company on Thursday announced the formation of a wholly-owned subsidiary to sharpen focus on the electric mobility segment.
 
Even though it beat estimates, the net profit of the two-wheeler firm fell sequentially to Rs 1,061 crore in the April-June period. The drop comes on the back of Covid-induced lockdowns that stalled production and shut dealerships.
 
A Bloomberg poll of analysts pegged the number at Rs 992 cr­ore. The year-on-year net pr­o­fit