Automobile giant, Bajaj Auto posted 22.43 per cent decline in net profit for the quarter ended December 2008. Its net profit stands at Rs 166 crore as against Rs 214 crore in the same period last year.

Decline in vehicle sales and tight liquidity conditions contributed to the decline in profit for the quarter under consideration.

Company's turnover declined 15.84 percent and currently stands at Rs 2,141 crore. It sold 493,748 units of vehicles with 31 per cent decline as compared to 713,135 units sold in the same period last year.

The company sold 414,039 units of Motor Cycle with 35 per cent decline as compared to 634,316 units in the same quarter last year. Recent excise duty cut announced by union government under special economic stimulus package could hardly help Bajaj Auto to increase sales in the third quarter.

However, the export revenue of company increased by 56 per cent for Q3.

The shares of India's second largest two-wheeler maker increased by 3.54 per cent and traded at Rs 453.80 in the recent trading at Bombay stock Exchange.