Bajaj Auto: Bajaj Auto net profit up 42% in Q1 FY24: Revenue jumps 29% – Times of India

Bajaj Auto: Bajaj Auto net profit up 42% in Q1 FY24: Revenue jumps 29% - Times of India


Bajaj Auto recently reported a net profit of Rs 1,664.77 crore in Q1 FY2024, witnessing a 42% Year-on-Year (YoY) growth as opposed to the Rs 1,173.30 crore in the corresponding period last year. The company’s overall revenue grew nearly 29% YoY growth to Rs 10,309.77 crore during April-June 2023 as against Rs 8,004.97 crore in Q1 FY23.

During this quarter, total income grew by Rs 10,656.10 crore from Rs 8,324.29 crore in the same period previous year. The company said that revenue was supported by double-digit volume growth, which covered the sluggish, but improving performance of exports, and cushioned the ongoing domestic upswing.
EBITDA was up by 51% YoY to Rs 19.5bn, while margins moved up by 280 bps YoY to 19%. Stable commodity costs and better realizations were the reasons for increased margins, said Bajaj Auto.

Domestic two-wheeler sales grew 73 percent and 31% Quarter-on-Quarter . The company said that the strong YoY surge was due to strong launches in the >125 ccc segment as well as the premium segments in the domestic markets. The Pulsar 125 NS, CT 125, and Pulsar N series in sport segment led to a good market share win, says the two-wheeler manufacturer. Speaking of the commercial vehicle sales in the domestic market, including three-wheeler auto-rickshaws and mini pick-up vans, got more than doubled.

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The company has also planned a capacity of 0.5 million EV scooters (Chetak) witnessing its increasing demand response at their Chakan plant. Along with this, the facility will be also used to produce the Triumph motorcycles.
Bajaj Auto and Triumph launched the Speed 400 and Scrambler 400X in the Indian market and collectively received around 17,000 bookings, confirmed the company. Deliveries will start within the coming days at 50 dealerships in India. The company expects production to hit 5,000 units by Q2 end and to commence exports by October 2023.


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