REUTERS - Bajaj Auto Ltd (BAJA.NS) posted a 5.6 percent fall in quarterly profit on Thursday as sales were hit by the changeover to BS-IV compliant vehicles and the transition to the new Goods and Services Tax (GST).
Profit was 9.24 billion rupees ($143.48 million) in the first quarter ended June 30, compared with 9.78 billion rupees a year earlier, the country's fourth largest automaker by market capitalisation said. goo.gl/MPPeJ6
The company said it incurred a one-time charge of 320 million rupees as payment to dealers to compensate for losses incurred on GST introduction due to pre-GST inventory held as on June 30.
Analysts on average had expected a profit of 9.05 billion rupees, according to Thomson Reuters data.
($1 = 64.3975 Indian rupees)
Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Subhranshu Sahu and Sunil Nair