Shweta Suri
Bajaj Auto, the second largest two-wheeler manufacturer of India, today reported its third quarter results according to which the net profit of the company plunged 23 percent in the third quarter ended on 31 Decemeber, 2008 owing to the fall in the demand. The company posted a net profit of Rs 164 crore as compared to Rs 213 crore achieved in the corresponding quarter last year.
The net sales of the company were not healthy in the third quarter and stood at Rs 2004 crore, whereas the company achieved a sales figure of Rs 2398 crore in the corresponding quarter of 2007. Bajaj Auto is only able to sell only 4,93,748 units in comparison to what it had sold (7,13,135 units) in 2007 in the same quarter. The company also said that the non-100 cc two wheeler segments contributed to 63 percent of total sales.
The financial turmoil has badly crashed the automobile industry and the third financial quarter of 2008-09 is among the toughest period for the company. Bajaj Auto had to shut down its manufacturing units for a period of 10 days with a view to correct the inventory levels.
|