Major automobile manufacturer in India Bajaj Auto Ltd. reported a flat stand-alone net profit for the fourth-quarter, on lower sales volumes.
Stand-alone Results
The Pune-based company's fourth-quarter stand-alone net profit was flat at Rs.765.77 crore, compared to last year's Rs.772 crore.
Results for the preceding year quarter included a one-time charge of Rs.20.27 crore towards valuation gains on derivative hedging instruments.
For the quarter, its net income from operations was Rs. 4,651.05 crore, up by three percent from the Rs.4,515.55 crore last year, while other operating income totaled Rs.95.43 crore, compared with Rs.135.89 crore in the year-ago quarter.
Gross income for the quarter was Rs.4,922.62 crore, compared with Rs.4,763.57 crore in the fourth-quarter of last fiscal, reflecting a three percent growth.
For the quarter, income from 'Automotive' segment totaled Rs.4,909.21 crore, compared with Rs.4,696.40 crore in Q4FY12, an increase of five percent, while that of 'Investments' fell by 14 percent to Rs.80.88 crore from the Rs.94.53 crore in the prior-year quarter.
Gross sales for the quarter touched 981,242 units, down by four percent from the 1,017,167 units sold last year.
For the fiscal year, the company's stand-alone net profit increased by one percent to Rs.3,043.57 crore from the Rs.3,004.05 crore in 2012.
Results for the previous year included a charge of Rs.134 crore towards loss on derivative hedging instruments.
Net income for the year amounted to Rs.19,488.96 crore, higher by three percent than the Rs.18,880.27 crore last year, while other operating income totaled Rs.508.29 crore, compared with Rs.648.71 crore a year ago.
Gross income for the fiscal amounted to Rs.20,617.87 crore, up by four percent from the Rs.19,827.03 crore a year ago.
Gross sales during the year declined by three percent to 4,237,162 units from 4,349,560 units last year.
Consolidated Results
On a consolidated basis, Bajaj Auto posted a fiscal year net profit of Rs.3,132.69 crore, compared with Rs.3,045.40 crore in 2012, an increase of three percent.
Total income, including other operating income, increased by two percent to Rs.20,041.99 crore from the Rs.19,594.65 crore a year ago.
Gross income during the year amounted to Rs.20,662.36 crore, compared with Rs.19,892.28 crore, an increase of four percent.
As at the end of March this year, the company had cash and cash equivalents of Rs.5,706 crore.
Its Board has recommended a dividend of 450 percent or Rs.45.00 per equity share of Rs.10 each for the fiscal year 2013, to be paid between July 23 and 25.
At the BSE, Bajaj Auto shares are currently trading at Rs.1,808.10, down Rs.13.70 or 0.75 percent on a volume of around 184,000 shares.
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