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Our Corporate Bureau
PUNE, July 25: Bajaj Auto Finance Ltd (BAFL), the finance arm of Bajaj Auto Ltd, will take up trading as an additional line of business. This is expected to benefit the auto manufacturer in view of the special additional customs duty, since trading companies have been exempted from its purview.
A resolution to this effect was passed at an extraordinary general meeting (EGM) held immediately after its annual general meeting (AGM) here on Friday. BAFL's income from operations for the first quarter (April-June) of 1998 rose to Rs 12.74 crore (Rs 11.15 crore), other income rose to Rs 4.32 crore (Rs 3.85 crore), expenditure has risen to Rs 6.58 crore (Rs 4.76 crore), interest and finance costs have also risen to Rs 3.88 crore (Rs 2.56 crore). Net profit has dipped to Rs 1.48 crore (Rs 2.43 crore).
Company officials attributed the higher interest and other finance costs to the new schemes launched, and were confident that for the full year, the company would achieve total disbursements for hire purchase and PUNE, July 25: Bajaj Auto Finance Ltd (BAFL), the finance arm of Bajaj Auto Ltd, will take up trading as an additional line of business. This is expected to benefit the auto manufacturer in view of the special additional customs duty, since trading companies have been exempted from its purview.
A resolution to this effect was passed at an extraordinary general meeting (EGM) held immediately after its annual general meeting (AGM) here on Friday. BAFL's income from operations for the first quarter (April-June) of 1998 rose to Rs 12.74 crore (Rs 11.15 crore), other income rose to Rs 4.32 crore (Rs 3.85 crore), expenditure has risen to Rs 6.58 crore (Rs 4.76 crore), interest and finance costs have also risen to Rs 3.88 crore (Rs 2.56 crore). Net profit has dipped to Rs 1.48 crore (Rs 2.43 crore).
Company officials attributed the higher interest and other finance costs to the new schemes launched, and were confident that for the full year, the company would achieve total disbursements for hire purchase andbill discounting of about Rs 400 crore (Rs 248.33 crore).
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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