BOMBAY, May 19 (Reuters) - Bajaj Auto Ltd, India's second biggest motorcycle maker, reported on Wednesday its quarterly profit jumped 31 percent as its two- and three-wheeler sales rose nearly 10 percent in the world's biggest market after China.
Bajaj , which mainly battles market leader Hero Honda Motors Ltd in the motorcycle market but also makes scooters, mopeds and motorised rickshaws, said net profit rose to 1.96 billion rupees ($43.4 million) in its fiscal fourth quarter ended March 31 from 1.50 billion rupees a year earlier.
A Reuters poll of 10 brokerages in April had forecast a median net profit of 1.797 billion rupees, up 19 percent, and a revenue of 28.81 billion. Last month, rival Hero Honda reported a 42 percent rise in quarterly profit.
Bajaj's motorcycle sales in January-March rose 16.5 percent, trailing a 22 percent rise in industry sales. But sales of its high-margin, three-wheeled, motorised rickshaws, a segment which Bajaj dominates, jumped 24.5 percent.
Bajaj's shares have fallen nearly 23 percent this year, while the benchmark Bombay index has dropped around 15 percent. (US$1 = 45.2 Indian rupees)