Indian automaker Bajaj Auto reported a 23.7% rise in second-quarter profit on Friday, boosted by higher exports of its motorcycles amid sluggish domestic demand.
The Pulsar motorcycle maker reported a profit of 24.8 billion rupees ($282.15 million) for the quarter ended September 30, up from 20.05 billion rupees a year ago.
Bajaj Auto, India’s leading auto exporter, capitalized on strong overseas demand to offset sluggish domestic sales, helped by the revival of its premium KTM bike segment that began the previous quarter.
Overall two-wheeler exports from the country jumped 25% year-over-year in the quarter ending September, while Bajaj’s exports rose 19.2%.
The company’s overall sales, which includes two- and three-wheelers, grew 5.9%.
A little over 40% of Bajaj’s sales volumes come from exports.
According to its latest annual report, Bajaj, which exports to countries such as Nigeria, Brazil and Vietnam registered its highest motorcycle sales in the Latin America region, where models like ‘Pulsar’ and ‘Dominar’ are especially popular.
Domestic motorcycle sales fell 4.6% for the company, but by less than the 8% drop in the previous quarter.
Total revenue from operations increased 13.7% to 149.22 billion rupees in the quarter through September.