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Bajaj Auto sales drop 70% in May

Sales numbers were dented amid nationwide lockdown due to the outbreak of COVID-19. The nationwide lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the Coronavirus pandemic. It was first extended till May 3 and again till May 17. The fourth phase of the lockdown ended on 31 May. The Government has now announced for a phased-wise reopening of the economy from 1 June 2020.

Bajaj Auto registered a 69% fall in the two-wheeler sales to 1.12 lakh units in May 2020 over 3.65 lakh units in May 2019. Sale of commercial vehicles slumped 74% to 14,330 units in May 2020 as compared to 54,167 units in May 2019. The sales numbers were announced before market hours today, 2 June 2020.

The company posted recorded zero domestic sales in April 2020. It however, exported 32,009 units of 2-wheelers and 5,869 units of commercial vehicles during the month.

Bajaj Auto's consolidated reported net profit fell 3.9% to Rs 1,353.99 crore on 8.5% decline in net sales to Rs 6,610.90 crore in Q4 March 2020 over Q4 March 2019.

Shares of Bajaj Auto were trading 0.44% higher at Rs 2769.20 on BSE. The scrip was trading in the range of Rs 2731.65 to Rs 2813.80 so far during the day.

Bajaj Auto manufactures of motorcycles, three-wheelers and parts.



Source: Capitalmarket.com