Net profit of two-wheeler maker Bajaj Auto jumped 42% year-on-year to ₹1,665 crore for the quarter ended June compared with ₹1,173 crore reported in the year-ago period.
Revenue from operations rose 29% year-on-year to ₹10,310 crore during the first quarter, aided by double-digit volume growth, according to the automaker's stock exchange filing.
The company reported its highest quarterly EBITDA (earnings before interest, taxes, depreciation, and amortisation) of ₹1,954 crore, up 51% year-on-year.
Margins at 19% were up 280 basis points on a yearly basis, driven by dynamic price versus cost management, better foreign exchange realisation and operating leverage, the filing says. The slight dip sequentially was from the planned typical seasonal skew for commuter motorcycles, it adds.
Domestic revenues registered its biggest-ever quarter, maintaining its double-digit growth trajectory yet again. "All businesses contributing to the solid delivery - robust double digit motorcycle growth, consistent industry leading 3W performance and steady scale up on Chetak EV," the company says.
The sustained buoyancy on the domestic front cushioned the weak, albeit improving exports performance, says Bajaj Auto.
Amid the continued currency and macroeconomic challenges in overseas markets, export volumes improved sequentially by 12%, it says. While country retail volumes outstripped export billed volumes yet again, decisive interventions taken particularly on currency availability enabled the uptick in shipments to Africa and Latin America, the two-wheeler major says.
According to Bajaj Auto, motorcycles delivered strong volume-led growth with share gain with the Pulsar brand scaling a new peak in terms of volumes and revenue. "Quarterly performance led by sharp execution in the seasonal marriage markets and consistent focus on the 125cc+ segment which enabled market leading growth and competitive gain," the company says.
Bajaj Auto says the expansion of Chetak EV is underway with volumes rising threefold on a yearly basis with the network now extended to 90 cities. "Emphasis remains on enhancing capabilities in the supply chain, investing behind R&D for product development and growing retail presence that will allow for a sustainable business model and competitive play," it says.
The company also launched electric three-wheelers across both cargo and passenger segments in select markets.
Earlier this month, Bajaj Auto introduced two products - the Triumph Speed 400 and the Triumph Scrambler 400X - for the Indian market. Speed 400 will be available in the market by July end, while Scrambler 400X by October. Bajaj will open 120 showrooms of Triumph in 80 cities by March 2024.
Bajaj plans to roll out 5,000 motorcycles a month from its second plant at Chakan, Pune. Bajaj is already producing another premium brand KTM from its second Chakan plant. The Triumph motorcycles produced in India will also be exported. Rajiv Bajaj said Triumph may have 10-15% business overlap with KTM, but it will have a 100% overlap with Harley and Royal Enfield.
