Bajaj Auto said on October 16 that its standalone net profit rose 9 percent to Rs 2,005 crore during the second quarter of FY2024-25, missing analysts’ expectations. The Profit After Tax (PAT) increased from Rs 1,836 crore recorded in the same period last year.
The homegrown automaker's July-September quarter revenue rose 22 percent to Rs 13,127 crore from Rs 10,777 crore in the year-ago period, according to a stock exchange filing. The company claimed that the portfolio comprising of electric and CNG vehicles across both the two-wheeler and three-wheeler portfolio, now contributes a significant 40 percent of total domestic revenues.
A Moneycontrol poll of eight brokerages pegged the company's fiscal second quarter net profit to grow 21 percent on-year to Rs 2,227 crore, and revenue to rise 23 percent to Rs 13,266 crore, with the growth being driven by increase in volumes and a diversified product mix.
"Balance Sheet remains healthy with surplus cash of Rs 16,392 crores, after having invested Rs 1.200 crores behind strategic growth enablers (primarily capital infusion into Bajaj Auto Credit Ltd. and EV capex) and distributing Rs 2.233 crores as dividend in H1FY25," it said.
The Rajiv Bajaj-led company claimed that it achieved its highest level ever EBITDA at Rs 2,653 crore, growing a robust 24 percent year-on-year, with margins remaining above 20 percent again.
However, its consolidated PAT declined 31 percent Year-on-Year (YoY) to Rs 1,385 crore during Q2FY25 from Rs 2,020 crore in the July-September period of last fiscal. Total revenue from operations, however, rose to Rs 13,247 crore in the second quarter compared with Rs 10,838 crore in the year-ago period, as per its filing with the BSE.
A sustained momentum in the domestic business led to its high revenue. Led by double digit growth on both motorcycles and commercial vehicles and propelled by the near trebling of electric scooters - a reflection of the broader portfolio strength in leveraging opportunities across both conventional and emerging segments, the company said.
Bajaj Auto said it sold 12,21,504 units (across all segments) in the second quarter, up 16 percent as compared with 10,53,953 units in the year-ago period. Domestic volumes, across segments, reached 7,76,711 units, reflecting a 22 percent from 6,37,556 units in the corresponding period last year.
The company's export revenue grew in double digits while Pulsar continued to gain traction across markets as it delivered its highest quarterly sales of over 1 lakh units.
On October 16, Bajaj Auto's shares on BSE closed 0.88 percent higher at Rs 11,622.5 apiece.
Meanwhile, the company said its board has approved additional investment in the equity share capital of Bajaj Brazil, a wholly-owned subsidiary of the company. The board approved an investment of up to $10 million in a phased manner. The additional capital infusion is to fund business expansion and the needs of the growing business.
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