At Rs 1,777 crore, Bajaj Auto's EBITDA was the highest ever, surpassing the record set in the previous quarter.
Two-wheeler major Bajaj Auto on January 25 reported a standalone net profit of Rs 1,491 crore for the quarter ended December 2022, clocking a 23 percent rise over Rs 1,214 crore a year ago.
Revenue from operations came in at Rs 9,315 crore, increasing 3 percent from Rs 9,022 crore in the corresponding quarter last year, the company said in an exchange filing.
In an analyst poll, revenue estimates for the quarter were at Rs 8,998.50 crore and net profit at Rs 1,379 crore. Both profit and revenue were better than estimates.
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The company said revenue growth was driven by robust double-digit growth in the domestic business, which offset the drop in exports arising from challenging market conditions. Overall, spares revenue came in at an all-time high.
At Rs 1,777 crore, EBITDA was the highest ever, surpassing the record set in the previous quarter. The strong growth of 29 percent year on year (YoY), was underpinned by margin expansion of 390 basis points YoY to 19.1 percent. Margin improvement was led by judicious pricing, better dollar realisation and richer product mix.
On domestic motorcycles, industry festive demand, particularly in the top end commuter/sports segment, was buoyant and the company said it outperformed with strong growth in the segment.
On exports, macro-economic challenges continue to subdue industry volumes across overseas geographies, said Bajaj Auto.
"While the company continues to navigate this situation through decisive actions, market share remains stable and the resilient performance in ASEAN is alleviating in part, the drop in volumes across other regions," it said.
Commercial vehicles maintained their path of recovery to pre-covid levels -- now at -75 percent - as the quarter saw strong growth with stepped up volumes and market share hitting an all-time high across segments, Bajaj Auto said.
