July 20, 2017 / 7:19 AM / 8 months ago

Bajaj Auto first-quarter profit falls about 6 percent

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).

A worker cleans a Bajaj motorcycle at a Bajaj showroom in Kolkata October 16, 2013. REUTERS/Rupak De Chowdhuri/File Photo

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

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