Mumbai, May 21 (Inditop) The country’s second largest two-wheeler maker, Bajaj Auto, Thursday reported a 13.2-percent decline in net profit for 2008-09 while managing a 7.8 percent increase in fourth quarter profitability.
The company, with a product line-up that includes commercial three-wheeler vehicles, reported a profit of Rs.654.5 crore in 2008-09, down from Rs.755.7 crore earned the previous fiscal.
The turnover, after excise, took a beating of 2.6 percent with net sales slipping to Rs.9,436.9 crore from Rs.8,663.3 crore in 2007-08.
Unit sales during the year – which was particularly tough for the auto industry – fell by over 250,000 units to 2,194,154.
The only silver lining was the resurrection of the export business in developing markets that include South America. This accounted for a 31 percent surge in two-wheeler sales in these countries.
In a statement, managing director Rajiv Bajaj said lower raw material costs and better exports would drive growth in the current fiscal.
Bajaj Auto declared a dividend of Rs.22 per share.
