Bajaj Auto shares gain in today's trade to day's high price of Rs. 4013.65, gaining 2.77%. This is after the company delivered good quarterly numbers for the June ender quarter of FY22, better than what street expected.
Net profit at the Pune based two wheeler company declined 20% month on month to Rs. 1061 crore for the period under review. Nonetheless, analyst estimated the figure to come in at Rs. 992 crore.
The overall sales at the company in all of the segments surged on a YoY basis to 1,006,014 units, nonetheless the figure came in lower than the Q4FY21 period at Rs. 1,169,664.
The Company has considered the possible effects that may result from the global health pandemic relating to COVID-19 on its operations. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Company, as at the date of approval of these financial statements has used internal sources of information and market based intelligence to arrive at its estimates.
Also, on the sidelines the company in a filing said "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we would like to inform that the Board of Directors at its meeting held today, has approved the incorporation of a wholly owned subsidiary of the company. The wholly owned subsidiary will leverage the growth opportunities in the evolving mobility space and will help the Company venture into the manufacturing of Electric and Hybrid vehicles in the 2 wheeler, 3 wheeler and light 4 wheeler categories".
Bajaj Auto stock last traded at a price of Rs. 3988.4 and hit a day's high price of Rs. 4013.65 per share.