Mumbai, Oct 23 (IANS) Lower tax expenses aided two and three-wheeler major Bajaj Auto to post a higher standalone net profit of 21.68 per cent for the second quarter of 2019-20.
According to the company, pursuant to the Taxation Laws (Amendment) Ordinance 2019, it intends to exercise the option to compute income tax at the revised rate (25.17 per cent) from the current financial year.
“Arising out of this change, total tax expense (current and deferred tax) for current quarter includes reversal of Rs 182.38 crore for the previous quarter of the current financial year,” the company’s balance sheet showed.
Consequently, the Q2 standalone net profit rose to Rs 1,402.42 crore from Rs 1,152.48 crore for the corresponding period of the previous financial year.
On a consolidated basis, the two and three-wheeler manufacturer’s profit for the quarter under review rose to Rs 1,523.31 crore from Rs 1,256.57 crore in the corresponding period of 2018-19.
Volume-wise, sales fell by 12 per cent to 1,173,591 units during the quarter from 1,339,444 units sold during the corresponding period of the previous fiscal.
“As on 30th June 2019, surplus cash and cash equivalents was Rs 17,126 crore,” the company said in a statement.
“After payment of dividend and tax thereon of Rs 2,072 crore, surplus cash and cash equivalents stood at Rs 15,986 crore as on 30th September 2019.”