India's Bajaj Auto Q2 profit beats estimates, helped by weak rupee

Wed Oct 16, 2013 3:34am EDT

Oct 16 (Reuters) - Bajaj Auto, India's second-largest motorcycle manufacturer by sales, reported a 13 percent rise in second-quarter profit, marginally beating analyst estimates, as a weaker rupee boosted export earnings.

Bajaj on Wednesday posted a net profit of 8.37 billion Indian rupees ($135 million) for the three months to Sept. 30 compared with 7.41 billion rupees in the same period a year earlier. Revenue rose 5 percent to 50.61 billion rupees.

The mean estimates of 11 analysts were profit of 8.19 billion rupees and revenue of 49.23 billion rupees, according to Thomson Reuters I/B/E/S.

Shares of Bajaj Auto closed 0.6 percent lower on Tuesday at 2,125.65 rupees but are 21 percent higher than a year ago compared with 11 percent for the benchmark stock index. Indian markets are closed on Wednesday.

($1 = 61.8625 Indian rupees) (Reporting by Aradhana Aravindan in MUMBAI; Editing by Christopher Cushing)

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