BUSINESS

Jump in Bajaj Auto's H1 profit

MUMBAI OCT. 22. Bajaj Auto has announced a net profit of Rs. 356.63 crores for the half-year ended September 2003 against Rs. 253.79 crores in the same period of the previous year. Net sales were Rs. 2635.43 crores (Rs. 2385.88 crores).

The gross profit after providing Rs. 75 lakhs (Rs. 46 lakhs) for interest, was Rs. 594.15 crores (Rs. 478.05 crores).

The company has arrived at a settlement with the temporary workmen and in terms of the same, a sum of Rs. 28.55 crores has been charged as an unusual and non-recurring item of expenditure.

During the period, sales of motorcycles were up 19 per cent at 4.90 lakh units and total two-wheeler sales were down one per cent at 6.22 lakh units.

For the quarter ended September 2003, the net profit was Rs. 193.37 crores (Rs. 131.98 crores) on net sales of Rs. 1427.71 crores (Rs. 1183.26 crores). The gross profit was Rs. 336.75 crores (Rs. 244.19 crores).

Motorcycle sales during the quarter were up 27 per cent at 2.50 lakh units against the industry growth rate of 14 per cent and BAL's total two wheeler sales were up 7 per cent at 3.20 lakh units.

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