Two-wheeler major Bajaj Auto reported a meagre 3% increase in net profit for the third quarter at R819 crore year-on-year against Rs. 795.2 crore during the corresponding period last year.
The company's domestic motorcycle sales slowed and exports declined in during the quarter review. The revenue grew 9% year-on-year to Rs. 5,616 crore.
Bajaj sold 687,351 motorcycles in India, up 7% from the year-ago period and exported 298,912 units, 2% down in October-December period.
While, its three-wheeler sales in India grew 23% to 64,168 units and exports 1% at 76,558 units.
The decline in exports led to decrease in profit margin from 21% to 20.1%, sending its shares 2% down at R2,072.95 on the BSE on Wednesday.
Kevin D'sa, president, finance, Bajaj Auto said the company partially addressed the slowdown in domestic motorcycle market market with new launches.
{{/usCountry}}Kevin D'sa, president, finance, Bajaj Auto said the company partially addressed the slowdown in domestic motorcycle market market with new launches.
{{/usCountry}}In international markets except Africa, demand remained subdued.
In three-wheeler market the company reported 23% growth, outperforming the industry, which grew 13%.
"Despite slowdown we saw our market share in motorcycles growing from 25 to 26.2% in the third quarter. New launches are driving market share," said S Ravi Kumar, vice-president, business development, Bajaj.