Bajaj Auto share price tanks a whopping 9% post Q1; worst-performer on D-Street

Bajaj Auto share price tanked a whopping 9 per cent on Friday after the auto major reported 24.5 per cent increase in consolidated net profit at Rs 1,041.78 crore for the first quarter ended June 30, 2018 riding on robust sales.

Reacting to its tepid Q1FY19 earnings, the stock tanked as much as 9.4 per cent to Rs 2820 on the BSE. The stock settled at Rs 2841.10, down 8.7 per cent. On NSE, the scrip ended at Rs 2,821.60, down 9.4 per cent. 

Bajaj Auto was the worst-performer on Sensex and Nifty both. 

Bajaj Auto had posted consolidated net profit of Rs 836.74 crore in the same quarter of the last fiscal year. 

The company's sales in Q1 stood at Rs 7,267.19 crore as compared to Rs 5,740.3 crore reported in the year-ago period. The two figures are not comparable as sales for first quarter this fiscal is net of tax after GST implementation in July last year.

Total volume sales stood at 12,26,641 units in the first quarter as against 8,88,434 units in the same quarter last fiscal, a growth of 38 per cent, the company said.

Overall motorcycles sales stood at 10,29,964 units as compared to 7,75,714 units in the year-ago quarter, up 33 per cent.

WATCH ZEE BUSINESS VIDEO HERE

Bajaj Auto said its domestic motorcycle sales during the quarter stood at 5,94,234 units as against 4,26,562 units in the same period last fiscal, a growth of 39 per cent.

Domestic commercial vehicle sales stood at 94,431 units as against 52,347 units in the corresponding period last fiscal, up 80 per cent.

Motorcycle exports grew by 25 per cent during the first quarter at 4,35,730 units as against 3,49,152 units in the same period of the last fiscal, it said.