New Delhi, May 29 -- Bajaj Auto reported fourth-quarter profit above market estimates on Thursday, as higher motorcycle exports and foreign exchange gains made up for a slump in domestic demand.

The company reported a profit of 20.49 billion rupees ($240 million) for the January-March period, compared with analysts' average estimate of 19.95 billion rupees, according to data compiled by LSEG.

Bajaj, India's top auto exporter by volume, reported a 20% jump in overseas shipments. In contrast, domestic sales fell 8%.

Export growth and realisations could have been higher if not for the suspension of exports of higher-priced KTM motorcycles. Bajaj said last week it would take a controlling stake in the troubled Austrian automaker.

Bajaj's ...