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Bajaj Auto Q2 profit falls 29% on one time liability

On the exceptional item, the company said it had filed a writ petition before the Uttarakhand High Court in October 2011, claiming benefit of exemption from payment of NCCD by Pantnagar plant. On October 9, 2014, the court ruled otherwise, it added.

The News International Team

Two-wheeler maker Bajaj Auto ‘s second quarter (July-September) net profit fell 29.4 percent to Rs 591 crore, missing street expectations, dented by one-time liability related to national calamity contigent duty (NCCD). Profit in the year-ago period was Rs 837.1 crore.

On the exceptional item, the company said it had filed a writ petition before the Uttarakhand High Court in October 2011, claiming benefit of exemption from payment of NCCD by Pantnagar plant. On October 9, 2014, the court ruled otherwise, it added.

Accordingly, the company recognised liability for the last seven and a half years (April 1, 2007 to September 30, 2014) aggregating to Rs 340.29 crore.

More to come…

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