Bajaj Finserv Wednesday reported 26 percent increase in consolidated net profit at Rs 437 crore for the third quarter ended December of 2015-16.
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Bajaj Finance posted a 58% year on year (YoY) growth in net profit at Rs 408 crore as against Rs 258 crore posted in same quarter last financial year. The company owns and operates India’s largest 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh.
“However, consolidated net sales during the third quarter of fiscal 2016 were up 3.94 per cent at Rs 2,150.97 crore as against Rs 2,069.29 crore in the prior fiscal’s third quarter”, the company said in a BSE filing. The export revenue fell 15% to Rs 2281 crore in the quarter, mainly due to lower dispatches to Egypt and Nigeria.
The company reported higher profits on the back of the success of the Avenger brand with volumes going up which improved the average realization per unit by R1,000 to R58,500, Ravikumar said.
“Following improvement in consumer sentiments, we expect performance in the fourth quarter to be a stronger than the corresponding quarter”, he added.
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At 10:24 AM, the stock was up 5% at Rs 6,654 on the BSE with a combined 101,062 shares changing hands on the counter on the BSE and NSE.
