Bajaj Auto Ltd reported a consolidated net profit of Rs 2,011.43 crore for the fourth quarter of FY2023-24. The Pune-based company’s profit was up by 18 percent from Rs 1,704.74 crore reported during the same period last year.
The homegrown two- and three-wheeler manufacturer posted revenue of Rs 11,249.8 crore for the January-March quarter this year, up by 30 percent from Rs 8,660 crore during the same period last year.
Analysts projected a profit of Rs 1,816 crore on revenue of Rs 11,096 crore, according to an average estimate of eight brokerages polled by Moneycontrol.
The company's total income for Q4 was Rs 11,914.94 crore, up 29.6 percent from Rs 9,192.73 crore during the same period last year.
The automaker's board also approved a dividend at the rate Rs 80 per share (800 percent) of face value of Rs 10 each on equity shares for the financial year ended 31 March 2024, the filing said on April 18.
“Domestic motorcycles delivered another share gain performance on the 125cc+ segment, registering 4X growth vs. rest of industry. Pulsar continues to lead the way and the range strengthened by the upgraded N150/160/250, that seeks to elevate the ride experience,” Bajaj Auto said in a statement.
Bajaj Auto also noted that commercial vehicles had stepped up their sales trajectory and electric three-wheelers were continuing to grow in volumes.
The Rajiv Bajaj-led company’s net profit for the entire fiscal was Rs 7,708.24 crore, up 27 percent as against Rs 6,060.21 crore in FY23. The company posted a revenue of Rs 43,782.08 crore, up by 23.7 percent from Rs 35,391 .5 crore at the end of FY23, which it attributed to the the record sales of both vehicles and spares.
“The consistent growth across all quarters (with quarterly highs on 3/4) reflected the resilient business model, where a strong domestic performance more than made up for muted exports which continued to be impacted by the challenging context in overseas markets,” the company said in an official statement.
The maker of Pulsar motorcycles also claimed that it registered its highest earnings before interest, taxes, depreciation, and amortisation (EBITDA) at Rs 8,825 crore, which is a 35 percent yearly growth.
Operating margins stood at at 19.7 percent, up 180 basis points driven by “dynamic P&L management”, “richer product mix” and “operating leverage”, the company said.
Bajaj Auto stated that the robust financial figures is underpinned by the strong volume-led growth across all businesses and marketshare gains – buoyant domestic motorcycles, significant uptick on premium motorcycles with an expanded portfolio, acceleration in 3W sales, and quadrupling of Electric Vehicles (EVs).
On April 18, Bajaj Auto shares rose 1.61 percent to Rs 9,062 on the BSE. The earnings were announced after the close of trading hours.
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