Rahul Bajaj resigned as chairman of Bajaj Auto, the two- and three-wheeler firm mentioned on Thursday. Niraj Bajaj has been appointed because the chairman of the corporate with impact from Might 1.
Rahul Bajaj has been named as the corporate’s chairman emeritus for 5 years with impact from Might 1.
“Rahul Bajaj, having been on the helm of the corporate since 1972 and the Group for 5 a long time, contemplating his age, has tendered his resignation as non-executive director and chairman of the corporate with impact from shut of enterprise hours on 30 April 2021. The board has authorized his appointment as chairman emeritus of the corporate for a time period of 5 years with impact from 1 Might 2021,” mentioned Bajaj Auto whereas asserting its fourth quarter outcomes.
Bajaj Auto is the world’s third largest producer of bikes and the most important producer of three wheelers. It has its manufacturing services positioned at Chakan close to Pune, Waluj close to Aurangabad, and at Pantnagar in Uttarakhand.
Bajaj Auto on Thursday reported a 15 per cent rise in consolidated web revenue to Rs 1,551 crore for the fourth quarter ended March 2021 on the again of strong gross sales throughout home and worldwide markets.
The Pune-based firm had posted a web revenue of Rs 1,354 crore within the January-March quarter of 2019-20.
Whole income from operations rose 26 per cent to Rs 8,596 crore within the fourth quarter, from Rs 6,816 crore in the identical interval of FY20, Bajaj Auto mentioned in a regulatory submitting.
In the course of the interval beneath assessment, the corporate bought a complete of 11,69,664 two-wheelers and industrial automobiles, up 18 per cent in comparison with 9,91,961 models within the January-March quarter of the previous fiscal, it added.
For all the 2020-21, the corporate posted a consolidated web revenue of Rs 4,857 crore, down 7 per cent in comparison with Rs 5,212 crore in 2019-20.
The corporate’s complete income from operations declined to Rs 27,741.08 crore within the final fiscal as in opposition to Rs 29,918.65 crore in 2019-20.
Bajaj mentioned it has bought a complete of 39,72,914 models in FY21 as in contrast with 46,15,212 models in FY20, a drop of 14 per cent.
The corporate famous that the full-year numbers weren’t comparable as the primary quarter of FY21 was an absolute washout because of the coronavirus pandemic.
The 2-wheeler maker mentioned its board has additionally authorized a dividend of Rs 140 per fairness share (1,400 per cent) topic to the approval of shareholders.
Whole payout in direction of dividend would quantity to Rs 4,051 crore, it added.
Bajaj famous that as of March 31, 2021, its surplus money and money equivalents stood at Rs 17,689 crore as in opposition to Rs 14,322 crore on March 31, 2020.