India's second-biggest motorcycle maker, Bajaj Auto Ltd, said on Friday its quarterly net profit rose 69.3 per cent on higher sales and stable raw material costs in the world's number-two bike market after China.
Bajaj is benefiting from a motorbike boom in Asia's third-largest economy, driven by rising incomes, cheap loans, new launches and a shift in consumer preference to higher-value motorbikes from scooters.
Bajaj, which also makes scooters and dominates the market for three-wheeled motorised rickshaws, said net profit rose to Rs 3.47 billion ($76.2 million) in its fiscal fourth quarter to end-March from 2.05 billion reported in the year-earlier period.
Bajaj sold 621,972 vehicles in the Jan-March quarter, up 29 per cent from the same quarter a year earlier.
Shares in Bajaj, valued at $6.8 billion, rose 37 per cent during the quarter, beating a 25 per cent gain for the auto subindex and a 20 per cent rise on the key share index.