New Delhi, July 26: Riding on increased sales of its bikes and a stringent cost cutting initiative, the country's oldest surviving two-wheeler maker Bajaj Auto posted a 33.7 per cent surge in its net profit for the first quarter of the current financial year. The company posted a net profit of Rs 159.32 crore for the quarter ended June 30, 2003 as compared to Rs 119.09 crore a year earlier. Its total income (net of excise) marked a 7.3 per cent rise year-on-year to Rs 1,183.91 crore from Rs 1102.73 crore a year ago.

The Bajaj Auto group's net profit, including earnings from allied companies, stood at Rs 169.59 crore during the quarter. This represents a 39 per cent surge over the Rs 121.97 crore profit earned a year ago. Total income for the group also increased from Rs 1,107.81 crore to Rs 1,197.27 crore during the period.
The company's total two- and three-wheeler sales, however, marked a 6.6 per cent decline during the period as the demand for geared scooters slowed down considerably. It sold 347,532 units of both two- and three-wheelers during the first quarter this year as compared to 372,369 units in the same period of the previous year. Bureau Report