Bajaj Auto Limited surprised the market by reporting a 67% jump in its profit after tax for the first quarter of 2009-10. The company?s Q1 profits rose to Rs 293 crore against Rs 175 crore a year ago. Profit from operations was up 81% to Rs 422 crore. The company said earnings were better because of a richer product mix, higher volumes and exchange rate benefits on exports. BAL?s total income went up marginally by 1.43% to Rs 2,338 crore.
Sales volumes were down 10.27% to 1,78,295 units compared to 1,98,717 in the first quarter of FY09. The company said it would launching a new motorcycle, ?possibly the world?s most fuel efficient?, on July 17 and this bike should help the company clock high double-digit growth in motorcycle sales. The Bajaj stock hit a 52-week high on the back of these numbers and touched the Rs 1,212.15 on Thursday. Shares closed at Rs 1150.05, up 5.12% from the previous close. In December 2008, the stock had hit a low of Rs 294.65.
