Bajaj Auto’s first quarter net doubles, 1-for-1 bonus

New Delhi, July 22 (IANS) India’s second largest two and three wheeler company Bajaj Auto Thursday reported a 100 percent rise in net profit at Rs.590 crore for the first quarter of this fiscal as against Rs.293 crore in the like period of 2009-10.

The auto manufacturer’s total income increased by 66.35 percent to Rs.3,890.06 crore compared to Rs.2,338.47 crore in the corresponding period last year.

‘Total motorcycle sales of the company grew by 72 percent. Domestic motorcycle sales grew by 71 percent as against the industry growth of 24 percent,’ said the company in a statement.

The company also reported that its motorcycle brands like Pulsar and Discover now contributed over 80 percent of domestic motorcycle sales.

The company sold 5,66,121 motorcycle units in the first quarter of this fiscal year to grow its market share by three percent to reach 33 percent from 30 percent in the like period of previous year.

The three-wheeler segment also recorded its highest ever volume sales of 99,918 for the quarter with a growth of 58 percent.

The company exported 3,23,899 vehicles during the quarter, an increase of 82 per cent over the same period last year.

The company said its board has recommended issuing one bonus share for every share held.

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