Bajaj Auto first-quarter profit rises nearly 21 percent, but misses estimates

India’s Bajaj Auto Ltd posted a near 21 percent rise in first-quarter profit on Friday, helped by higher sales volume, but missed analysts’ expectations. Profit was 11.15 billion rupees ($161.89 million) in the quarter ended June 30, compared with 9.24 billion rupees a year earlier.

That compared with the 12.47 billion rupees average estimate of 18 analysts, Thomson Reuters data showed.

Total revenue from operations rose about 27 percent to 74.19 billion rupees.

Sales volumes grew 38 percent to a quarterly record 1.2 million units.

The automaker’s shares fell as much as 5.5 percent, the sharpest intraday fall since November 2016.