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Impacted by headwinds in key export markets, Bajaj Auto has posted a net profit of Rs 978 crore in the first quarter of fiscal 2017 versus Rs 957 crore in the same period last year, representing a rise of 2 per cent year-on-year.
EBITDA margins were slightly higher at 21.2 per cent against 21.1 per cent last year.
Revenues stood at Rs 6,356 crore versus Rs 6,188 crore in the two quarters, respectively, indicating a growth of 2.7 per cent.
Cash reserves, which stood at Rs 9,085 crore on March 31, were Rs 10,700 crore on June 30.
Speaking at the company's 9th AGM here today, Rahul Bajaj, Chairman, said, "Exports have seen serious headwinds. While oil prices going down is great for India, for oil exporting countries it causes difficulties."
Nigeria and Egypt were among the countries where export was most affected, he added.
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