Bajaj auto posted 6% fall in First-Quarter profit

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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.

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