Bajaj Auto Ltd posted a 5.6 percent fall in quarterly profit on Thursday as sales were hit by the changeover to BS-IV compliant vehicles and the transition to the new Goods and Services Tax (GST).
Profit was Rs. 924 crore in the first quarter ended June 30, compared and Rs. 978 crore a year prior, the nation’s fourth biggest automaker by market capitalisation said.
The organization said it incurred a one-time charge of Rs. 32 crore as payment to dealers to compensate for losses incurred on GST introduction due to pre-GST inventory held as on June 30.
Analysts on average had expected a profit of Rs. 905 crore, as per Thomson Reuters data.