Egypt constitutes a vital export market for Bajaj Auto, since it contributed 31 percent of the total three-wheeler exports and around 5 percent of the two-wheeler exports in 2012-13.
In what comes in as a big boost to Bajaj Auto , CNBC-TV18 learns from sources that the Egypt government has lifted its two and three-wheeler import ban.
The Egypt Cabinet authorised its ministry of finance to go ahead with the ban on February 12, a move primarily designed to give a leg-up to its fledgling automobile industry. Egypt constitutes a vital export market for Bajaj Auto, since it contributed 31 percent of the total three-wheeler exports and around 5 percent of the two-wheeler exports in 2012-13.
Bajaj Auto is likely to get fresh orders for its products from Egypt. Sources say the auto major is likely to export around 5,500 three-wheelers and around 3,500 motorcycles next month.
Bajaj Auto missed expectations with a marginal drop in fourth-quarter net profit, as higher expenditure and a fall in local sales volume weighed more than a gain in exports at India's second largest motorcycle maker.
Net profit for the January-March period fell 0.24 percent to Rs 763.93 crore Sales rose 3.78 percent to Rs 4,822.66 core, the Pune-based company said in a press release.
Export revenue during the quarter stood at Rs 2,076 crore as against Rs 1,597 crore in the same period previous fiscal, up 29.99 per cent.
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