Bajaj Auto net zooms 100 pc, gives 1:1 bonus

The country’s second largest two-wheeler manufacturer Ltd Bajaj Auto Ltd reported a 100 per cent rise in net profit for the first quarter of 2010-11 at Rs 590 crore against Rs 293 crore in 2009-10. The company also announced one bonus share for each share held by existing shareholders.

The growth in profit was largely on account of the strong overall revival in sales that the company had witnessed during the quarter. Total income of the company grew 66.4 per cent to Rs 3,890 crore vis a vis Rs 2,338 crore during Q1 of 2009-10.

Bajaj’s motorcycle sales during the first three months grew by 71 per cent to 5.7 lakh units spurred by increase in demand for its two top brands Pulsar and Discover.

The company’s three-wheeler sales, which is considered to be more profitable also grew by 58 per cent to almost a lakh units during the period. Its exports also went up 82 per cent to 3.2 lakh units during the April-June period.