Bajaj Auto Q2 Results: Revenue, Profit At Record High As Pulsar, Chetak Deliver
Bajaj Auto's standalone net profit rose 9% year-on-year to Rs 2,005 crore on the back of revenue that surged 22% to Rs 13,127 crore.
Bajaj Auto Ltd. clocked its highest ever quarterly revenue in the July-September period of 2024, as sales of its two-wheelers surged on the back of premiumisation and electrification.
Standalone net profit of the Pulsar maker rose 9% year-on-year to Rs 2,005 crore in the three months ended Sept. 30, on the back of revenue that surged 22% to Rs 13,127 crore, according to an exchange filing on Wednesday. Analysts polled by Bloomberg had estimated the topline at Rs 13,253 crore and the bottomline at Rs 2,201 crore.
Bajaj Auto Q2 Results: Key Highlights (YoY)
Revenue up 22% YoY at Rs 13,127 crore (Estimate: Rs 13,253 crore)
Ebitda up 24% YoY at Rs 2,652 crore (Estimate: Rs 2,689 crore)
Ebitda margin up 40 bps YoY at 20.02% (Estimate: 20.30%)
Net profit up 9% YoY at Rs 2,005 crore (Estimate: Rs 2,201)
One basis point is one hundredth of a percentage point.
Bajaj Auto has now clocked double-digit revenue growth for 10 straight quarters, with the previous highest revenue recorded at Rs 12,165.3 crore in the October-December period of 2024.
To be sure, the July-September quarter was record-setting on multiple counts.
The operational profitability—measured as earnings before interest, tax, depreciation and amortisation—was at its highest ever, as “dynamic management of business” allowed for sustained margins despite a drag from the EV business and higher commodity prices.
Adjusting for an exceptional deferred tax provision, the net profit was also at a record high. The company, during the quarter, made an additional provision of Rs 211 crore to offset the impact of the withdrawal of indexation and change in tax rate announced in the budget.
Outperformance
The quarterly outperformance comes on the back of outsized sales that the Chakan, Pune-based automaker clocked in the second quarter.
In the July-September quarter of 2024, Bajaj Auto's two-wheeler sales—including exports—rose 17.19% YoY to 10,33,208 units as against 8,81,583 units in the year-ago period, according to data on the company's website. The company's VAHAN market share—calculated on the basis of vehicle registrations in a given month—stood at 11.76% as of Sept. 30.
The Pulsar brand continued to deliver on “premiumisation”, while accounting for nearly two-thirds of Bajaj Auto’s quarterly sales. Triumph motorcycles in India grew 50% quarter-on-quarter to 10,000 units sold from over 100 dealerships.
The newly launched Freedom 125—the world’s first CNG motorcycle—has clocked 30,000 units in less than three months.
EV Overdrive
The Bajaj Chetak has broken into gallop after five years of trotting in India's nascent but fast-growing electric two-wheeler space.
In the three months ended Sept. 30, sales of the electric scooter more than tripled to 53,730 units as against 17,824 units in the year-ago period, according to data sourced from the Society of Manufacturers of Electric Vehicles in India. In fact, Bajaj Auto shipped nearly as many Chetak EVs in July 2024 as in all of the second quarter last year. As of Sept. 30, the company had 21.47% market share in the electric two-wheeler space.
On Wednesday, Bajaj Auto's shares rose 0.85% to Rs 11,617.55 apiece even as the benchmark Sensex ended the day 0.39% lower at 81,501.36 points. The quarterly results were declared after market hours.
