Bajaj Auto Q2 Profit Beats Estimates, Driven by Weak Rupee
October 16, 2013 7:31 PM EST
Bajaj Auto, India's second-largest motorcycle manufacturer by sales, reported a 13 percent rise in second-quarter profit, marginally beating analyst estimates, as a weaker rupee boosted export earnings.
Bajaj on Wednesday posted a net profit of 8.37 billion rupees for the three months to September 30 compared with 7.41 billion rupees in the same period a year earlier. Revenue rose 5 percent to 50.61 billion rupees.
The mean estimates of 11 analysts were profit of 8.19 billion rupees and revenue of 49.23 billion rupees, according to Thomson Reuters I/B/E/S.
Shares of Bajaj Auto closed 0.6 percent lower on Tuesday at 2,125.65 rupees but are 21 percent higher than a year ago compared with 11 percent for the BSE Sensex. Indian markets are closed on Wednesday.
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