Bajaj Auto names Rahul Bajaj as Chairman Emeritus

Rahul Bajaj (Bloomberg)Premium
Rahul Bajaj (Bloomberg)
 2 min read . Updated: 29 Apr 2021, 03:34 PM IST Edited By Aparna Banerjea

Niraj Bajaj, non-executive Director of the company, has been appointed as Chairman of Bajaj Auto with effect from 1 May, the company said

Bajaj Auto on Thursday announced that it has named Rahul Bajaj as Chairman Emeritus for five years after he resigned as Non-Executive Chairman of the company.

Niraj Bajaj, non-executive Director of the company, has been appointed as Chairman of Bajaj Auto with effect from 1 May, the company said in a regulatory filing.

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"Rahul Bajaj has made a huge contribution to the success of the Company and the Group over the last five decades. Considering his tremendous experience and in the interest of the Company and to continue to benefit from his experience, knowledge and wisdom from time to time in an advisory role and as a mentor, the Board of Directors at its meeting held today and as recommended by Nomination and Remuneration Committee has approved the appointment of Shri Rahul Bajaj as Chairman Emeritus of the Company for a term of five years with effect from 1 May 2021," the company said in a statement.

Meanwhile, the company on Thursday also announced its earnings for the quarter ended 31 March, 2021. Bajaj Auto's net profit for the March quarter rose nearly 2% to ₹1,332 crore as compared to ₹1,310 crore in the same quarter last year.

The auto major's revenue grew 26% to ₹8,596 crore against ₹6,815.8 crore year-on-year (YoY). The company announced dividend of ₹140/share.

During the period under review, the company sold a total of 11,69,664 two-wheelers and commercial vehicles, up 18 per cent compared to 9,91,961 units in the January-March quarter of the preceding fiscal, it added.

For the entire 2020-21, the company posted a consolidated net profit of ₹4,857 crore, down 7 per cent compared to ₹5,212 crore in 2019-20.

The company's total revenue from operations declined to ₹27,741.08 crore in the last fiscal as against ₹29,918.65 crore in 2019-20.

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Bajaj said it has sold a total of 39,72,914 units in FY21 as compared with 46,15,212 units in FY20, a drop of 14 per cent.

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