Bajaj Auto Q1 Results: Profit Rises 42%, Meets Estimates
The company's first-quarter profit rose 42% year-on-year to Rs 1,665 crore.
Bajaj Auto Ltd.'s first-quarter profit rose in line with analysts' estimates, on higher sales.
The company's net profit rose 42% year-on-year to Rs 1,665 crore in the quarter ended June, according to an exchange filing on Tuesday. That compares with the Rs 1,656 crore consensus forecast of analysts tracked by Bloomberg.
Bajaj Auto Q1 FY24 Highlights (YoY)
Revenue rose 29% to Rs 10,310 crore. (Bloomberg estimate: Rs 10,387 crore).
Ebitda grew 51% to Rs 1,954 crore. (Bloomberg estimate: Rs 1,983 crore).
Operating margin stood at 19% versus 16.2% last year. (Bloomberg estimate: 19.1%).
Net profit up 42% to Rs 1,665 crore. (Bloomberg estimate: Rs 1,656 crore).
The two-wheeler maker's total motorcycle sales rose 5% year-on-year to 8.89 lakh units, while a 59.6% jump in three-wheeler sales lifted the growth in overall dispatches to 10%.
Exports continued to decline, with a near 33.6% fall in the quarter, but domestic sales surged 82%, partially making up for the decline in overseas markets.
Bajaj Auto's performance was led by focus on the seasonal marriage markets and the growing 125cc plus segment in an otherwise fledgling two-wheeler market.
The improvement in operating margin was due to dynamic pricing, cost management, and better foreign exchange realisation, it said in a press release.
On the electric-vehicle front, the volumes of Chetak EV doubled sequentially and grew three times year-on-year in the quarter, with the retail network now extended to 90 cities.
The company will remain focused on strengthening the supply chain, investing in research and development for product development, and growing its retail presence, it said.
Shares of Bajaj Auto are trading 1.07% lower at Rs 4,830.30 apiece after the results were announced, compared to a 0.11% advance in the benchmark NSE Nifty 50 at 2.26 p.m.
