Bajaj Auto Ltd. reported a 2% rise in standalone net profit to ₹1,332 crore for the fourth quarter. Turnover grew 21% to ₹8,880 crore. Revenue from operations increased 26% to ₹8,596 crore.
For the financial year ended March 31 the company reported a 11% decline in net profit to ₹4,555 crorewhile revenue from operations dipped 7% to ₹27,741 crore.
“Full year numbers are not comparable as Q1/ FY21 was an absolute washout due to the pandemic and Q4 and full year FY20 had ₹119 crore and ₹234 crore as dividend income respectively,” the company said in a filing, adding that there was no dividend income in FY21.
As on March 31, the company’s surplus cash and cash equivalents stood at ₹17,689 crore as against ₹14,322 crore a year earlier.
The board recommended a dividend of ₹140 per share . The total payout towards dividend would amount to ₹4,051 crore.
The board also announced the appointment of Niraj Bajaj as new chairman of the board with effect from May 1. Non-executive chairman Rahul Bajaj has been appointed chairman emeritus.
“Rahul Bajaj, having been at the helm of the company since 1972 and the Group for five decades, considering his age, has tendered his resignation with effect from close of business hours on 30 April 2021,” Bajaj Auto said, adding the board had recommended his new appointment for a period of five years.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
