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Export recovery slower than expected
View Risks →Bajaj Auto Ltd — Q1 FY24
Bajaj Auto delivered a record Q1 FY24 with revenue of ₹10,310 crore (+29% YoY), EBITDA of ₹1,954 crore (+51% YoY), and PAT of ₹1,665 crore.
bullish
high
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2-Minute Summary
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Bajaj Auto delivered a record Q1 FY24 with revenue of ₹10,310 crore (+29% YoY), EBITDA of ₹1,954 crore (+51% YoY), and PAT of ₹1,665 crore. Domestic motorcycle retail grew 19% YoY, gaining 2% market share in the 125cc+ segment, which now constitutes 70% of domestic mix. Exports showed sequential improvement (12% QoQ volume growth) but remain 35% below prior year. Triumph Speed 400 received 17,000+ bookings; production ramp-up to 5,000/month by September. Chetak EV volumes doubled QoQ but face headwinds from FAME subsidy reduction. Management expects gradual export recovery and sustained domestic momentum, with Q2 performance similar to Q1. Key risk: export recovery may be slower than expected due to persistent forex constraints in key markets.
बजाज ऑटो ने पहली तिमाही (अप्रैल-जून 2023) में ₹10,310 करोड़ की कमाई दर्ज की, जो पिछले साल से 29% ज़्यादा है। कंपनी का मुनाफा ₹1,665 करोड़ रहा। देश में मोटरसाइकिल की बिक्री 19% बढ़ी, खासकर 125cc से बड़ी बाइकों में, जिसमें कंपनी की हिस्सेदारी 2% बढ़ी। निर्यात में पिछली तिमाही से 12% सुधार हुआ, लेकिन अब भी पिछले साल से 35% कम है। नई ट्रायम्फ स्पीड 400 को 17,000 से ज़्यादा बुकिंग मिली, और सितंबर तक इसका उत्पादन 5,000 प्रति माह हो जाएगा। चेतक ईवी की बिक्री दोगुनी हुई, लेकिन सरकारी सब्सिडी कम होने से चुनौती है। कंपनी को उम्मीद है कि निर्यात धीरे-धीरे सुधरेगा और देश में बिक्री अच्छी बनी रहेगी। खतरा: कुछ देशों में पैसे की कमी के कारण निर्यात उम्मीद से धीमा रह सकता है।
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Quarter Snapshot
Pulsar global volumes
4.2 lakh units
+50% YoY (NS series)
Pulsar brand crossed 4.2 lakh units globally in Q1, generating over ₹3,300 crore revenue.
Triumph Speed 400 bookings
17,000+
N/A (new launch)
Bookings received from just 15 dealerships; dispatches commenced in July.
Export monthly volume run-rate
140,000 units (June)
+33% vs March (105k)
Sequential improvement from 105k in March to 140k in June; retail outpaced billing.
Domestic three-wheeler market share
80%
+10pp vs pre-COVID
Three-wheeler sales surpassed pre-COVID levels; CNG segment driving growth.
Fast read
Guidance and risk preview
Management expects to hit a production rate of 5,000 units per month for Triumph within Q2, most likely in September.
Forex availability and macroeconomic challenges in key markets (Nigeria, Kenya, Argentina) may delay export volume recovery to peak levels.
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