Bajaj Auto Q1 Results: Net profit rises 42% on year to ₹1,664.77 crore
Bajaj Auto's Q1 net profit jumps 42% YoY to ₹1,664.77 crore, beating estimates. Shares open at ₹4,870.05 apiece on BSE.
Bajaj Auto Ltd on Tuesday reported an 42% year-on-year rise in its net profit for the fiscal's first quarter ended June (Q1FY24) to ₹1,664.77 crore. The company had reported a profit of ₹1,173.30 crore in the year-ago period. Sequentially, consolidated net profit was rose 16% from ₹1,432.88 crore in Q4FY23. Bajaj Auto shares opened at ₹4,870.05 apiece on BSE.
The company's total revenue from operations rose nearly 29% on year to ₹10,309.77 crores during the quarter ended June from ₹8,004.97 crore in Q1FY23. Total income rose to ₹10,656.10 crore in the first quarter. It stood at ₹8,324.29 crore in the year-ago period.
According to the company, revenue was supported by double digit volume growth, which covered the sluggish, but improving, performance of exports and cushioned the ongoing domestic upswing.
“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,” added the company in its exchange filing.
The company said in its exchange filing that export volumes had risen sequentially by 12% despite the ongoing currency and macro headwinds in foreign markets.
While country retail sales once again exceeded export billed volumes, decisive actions made, particularly on currency availability, enabled the increase in shipments to Africa and Latin America, said the company.
The company's EBITDA for the quarter under review was ₹1,954 crore, up 51% year over year, while margins of 19% were up 280 basis points. Sequentially, margins dropped by 30 basis points from 19.3% in Q4FY23.
The company stated in its exchange filing that it was driven by dynamic price versus cost management, stronger foreign exchange realisation, and operating leverage. The modest sequential fall was caused by the anticipated regular seasonal skew for commuter motorcycles, the company stated.
The company also emphasised that there is still a focus on cash generation, and during the quarter, free cash flow increased by a very robust ₹2,000 crores. A surplus of ₹19,582 crores on June 30, 2023 (compared to ₹17,445 crores on March 31, 2023) will allow for enough room for expansion, competitive investments, and shareholder returns.
Bajaj Auto share price was trading in red on Tuesday's session. Bajaj Auto share price dropped nearly 2% following Q1FY24 numbers. At 1421 IST, shares were trading at ₹4,843, down 0.82%.
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Business NewsCompaniesBajaj Auto Q1 Results: Net profit rises 42% on year to ₹1,664.77 crore
First Published:25 Jul 2023, 01:36 PM IST
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