India’s Bajaj Auto reported fourth-quarter profit above market estimates on Thursday, as higher motorcycle exports and foreign exchange gains made up for a slump in domestic demand.
The company reported a profit of 20.49 billion rupees ($240 million) for the January-March period, compared with analysts’ average estimate of 19.95 billion rupees, according to data compiled by LSEG.
Bajaj, India’s top auto exporter by volume, reported a 20% jump in overseas shipments. In contrast, domestic sales fell 8%.
Export growth and realisations could have been higher if not for the suspension of exports of higher-priced KTM motorcycles. Bajaj said last week it would take a controlling stake in the troubled Austrian automaker.
Bajaj’s two-wheeler sales grew about 3%. Its overall sales, including three-wheelers, also climbed 3%.
The company’s quarterly revenue rose 6% to 121.48 billion rupees.