Mumbai, May 25 (IANS): Two- and three-wheeler major Bajaj Auto on Wednesday reported a rise of 29 percent in its net profit for the fourth quarter (Q4) of 2015-16.

The automobile major's net profit increased to Rs.803 crore for the quarter ended March 31, 2016, from Rs.622 crore in the corresponding quarter of 2014-15.

According to the company, its turnover for the quarter under review increased by 13 percent to Rs.5,536 crore from Rs.4,894 crore for the quarter ended March 31, 2015.

Bajaj Auto's quarterly sales grew by 11 percent to 872,458 units from 782,669 units sold during the corresponding period of 2014-15.

The company said in a statement that despite challenging environment, it was able to successfully execute its business strategy.

The statement pointed out that the company was able to grow its share in the domestic motorcycle market, reinforce its leadership position in the domestic commercial vehicle -- three-wheeler -- space and expand its geographical presence in the international markets.

For the full financial year 2015-16, the company reported its highest ever profit after tax which surged by 30 percent to Rs.3,652 crore from Rs.2,841 crore in 2014-15.

The two- and three-wheeler manufacturer's turnover during the fiscal under review rose by six percent to Rs.23,601 crore from Rs.22,194 crore in 2014-15. 

The company's sales during 2015-16 inched up by two percent to 3,893,581 units sold from 3,811,201 units off-take during the corresponding pervious fiscal. 

The company's board of directors recommended a final dividend of Rs.5 per share. The total amount of dividend and tax thereon amounts to Rs.1,916 crore from the previous year's Rs.1,735 crore.