Bajaj Auto Q1 profit rises nearly 21%, but misses estimates

Bajaj Auto’s sales volumes grew 38% to a quarterly record 1.2 million units Q1 ended June 30.

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.

Bikes dispalyed at a TCS Bajaj Auto showroom. (Rajkumar/HT Photo)

Profit was ₹1115 crore ($161.89 million) in the quarter ended June 30, compared with ₹924 crore a year earlier.

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.