Indian two-wheeler and three-wheeler manufacturer Bajaj Auto Ltd posted a near 21% rise in first-quarter profit on Friday, helped by higher sales volume, but missed analysts’ expectations.
Profit was ₹1115 crore ($161.89 million) in the quarter ended June 30, compared with ₹924 crore a year earlier.
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That compared with the ₹1247crore average estimate of 18 analysts, Thomson Reuters data showed.
Total revenue from operations rose about 27% to ₹7419 crore.
Sales volumes grew 38% to a quarterly record 1.2 million units.
The automaker’s shares fell as much as 5.5%, the sharpest intraday fall since November 2016.
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