BAJAJ AUTO LIMITED Press Release Q1 FY24

BAJAJ AUTO LIMITED
Press Release: Q1 FY24

Quarter Highlights

• Revenue from Operations clocked a record ₹10,310 crores, up 29% YoY (16% QoQ)

Underpinned by double digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving exports performance

• Highest quarterly EBITDA of ₹1,954 crores delivered, a growth of 51% YoY (14% QoQ)

Margin at 19% was up +280 bps YoY, driven by dynamic price vs. cost management, better foreign exchange realisation and operating leverage; the slight dip sequentially was from the planned typical seasonal skew for commuter motorcycles

• 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

• Amidst the continued currency/macro challenges in overseas markets, export volumes improved sequentially by 12%

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

• Motorcycles deliver strong volume led growth with share gain; the Pulsar brand scales a new peak on 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

• Launched the electric 3W across both cargo & passenger segments in select markets to a very encouraging initial response

On ICE 3Ws, the compelling proposition and superior delivery of the Bajaj ‘RE’ and ‘Maxima’ products continued to drive the faster than industry growth and market share accretion to ~80% for the first time

• Steady expansion of Chetak EV is well underway - volumes up >2x QoQ, 3x YoY 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

• Unveiled the new Triumph Speed 400 & Scrambler 400X - designed to deliver a fun, agile and confidence-inspiring ride

The modern classic styled bikes with advanced features, rider focussed technology and attractive pricing will be made at the new Chakan 2 factory and be available in a phased manner at >100 showrooms across 80 cities this year, starting July

• Focus on cash generation remains – added a very healthy ₹2,000 crores of free cash flow during the quarter

Surplus funds at ₹19,582 crores as on 30th June 2023 (vs. ₹17,445 crores as on 31st March 2023) - providing sufficient capacity for growth, competitive investments and shareholder returns

Financial Summary (Standalone)₹ Crores

Q4 FY23	Change	Particulars	Q1 FY24	Q1 FY24	Change
9,165	16%	Turnover	10,656	8,324	28%
8,905	16%	Revenue from Operations	10,310	8,005	29%
1,718	14%	EBITDA	1,954	1,297	51%
19.3%	-30 bps	EBITDA %	19.0%	16.2%	+280 bps
1,887	17%	Profit before tax	2,205	1,545	43%
1,443	16%	Profit after tax	1,665	1,173	42%

Volumes (BAL + CTL)

Q4 FY23	Change	Particulars	Q1 FY24	Q1 FY24	Change
		Domestic
4,14,990	31%	Two-wheelers	5,42,931	3,14,418	73%
1,00,033	-1%	CV	98,625	38,418	157%
5,15,023	25%	Sub-total	6,41,556	3,52,836	82%
		Exports
3,10,415	12%	Two-wheelers	3,46,399	5,32,740	-35%
34,290	15%	CV	39,452	48,070	-18%
3,44,705	12%	Sub-total	3,85,851	5,80,810	-34%
		Totals
7,25,405	23%	Two-wheelers	8,89,330	8,47,158	5%
1,34,323	3%	CV	1,38,077	86,488	60%
8,59,728	20%	Grand Total	10,27,407	9,33,646	10%

Dinesh Thapar
CFO

Pune | 25th July 2023