February 2, 2018 / 8:31 AM / 2 years ago

Bajaj Auto Q3 profit rises 3 percent, but misses estimates

A driver cleans his Bajaj auto at a parking lot in Kolkata, India February 2, 2018. REUTERS/Rupak De Chowdhuri

(Reuters) - Bajaj Auto Ltd on Friday reported a 3 percent rise in quarterly profit, but missed estimates, as higher exports during the period were partially offset by increased raw materials costs.

Net profit for the quarter ended Dec. 31 rose to 9.52 billion rupees ($149.3 million) from 9.25 billion rupees a year ago. bit.ly/2nusswq

Profit fell well below analysts’ expectations of 10.67 billion rupees, according to Thomson Reuters Eikon data.

Total revenue from operations rose about 19 percent to 63.69 billion rupees. Exports sales grew 25 percent for the quarter. Exports accounted for 42 percent of total number of vehicles sold.

($1 = 63.7550 rupees)

Reporting By Arnab Paul in Bengaluru; Editing by Sunil Nair and Gopakumar Warrier

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