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0 delivered, 0 close, 2 missed.
View Promises →Bajaj Auto Ltd — Q1 FY25
Bajaj Auto delivered a strong Q1 FY25 with revenue of INR 11,928 crore (+16% YoY) and EBITDA margin of 20.2% (+130bps YoY), marking the third consecutive quarter above 20%.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Bajaj Auto delivered a strong Q1 FY25 with revenue of INR 11,928 crore (+16% YoY) and EBITDA margin of 20.2% (+130bps YoY), marking the third consecutive quarter above 20%. PAT reached INR 1,988 crore, near the INR 2,000 crore milestone. Growth was driven by robust domestic performance (9th consecutive double-digit quarter), export recovery (+16% YoY to $460M), and record spare sales (INR 1,350 crore). Key growth platforms include the CNG bike Freedom 125 (10,000/month capacity, scaling to 40,000 by Q4), Chetak EV expansion (sub-INR 1 lakh model, targeting #2 position), and the new Brazil plant. Management guided for 6-8% industry growth and expects Q2 to be better than Q1. Risk: commodity cost inflation (50-70bps impact) partially mitigated by pricing actions.
बजाज ऑटो ने पहली तिमाही (अप्रैल-जून 2024) में शानदार प्रदर्शन किया। कंपनी की कमाई 11,928 करोड़ रुपये रही, जो पिछले साल से 16% ज्यादा है। मुनाफा 1,988 करोड़ रुपये पहुंचा, जो 2,000 करोड़ के करीब है। कंपनी का मुनाफा मार्जिन 20.2% रहा, जो लगातार तीसरी तिमाही 20% से ऊपर है। यह वृद्धि देश में मजबूत बिक्री, निर्यात में सुधार और स्पेयर पार्ट्स की रिकॉर्ड बिक्री से हुई। नए CNG बाइक फ्रीडम 125 की मासिक क्षमता 10,000 से बढ़ाकर 40,000 करने की योजना है। चेतक EV का सस्ता मॉडल लॉन्च होगा। ब्राजील में नया कारखाना खुला। कंपनी को उम्मीद है कि अगली तिमाही और बेहतर होगी। जोखिम: कच्चे माल की बढ़ती कीमतों का मुनाफे पर 50-70 बेसिस पॉइंट असर हो सकता है, लेकिन कीमतें बढ़ाकर इसकी भरपाई की जाएगी।
Promises0 met · 2 missedRisks4 tracked
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Commodity cost inflation pressure
View Risks →Quarter Snapshot
Chetak EV market share
12%
+9pp QoQ
Overall Q1 share was 12%, with 20%+ in above INR 1 lakh segment; new sub-INR 1 lakh model targets 50% of industry.
Electric portfolio share of domestic revenue
14%
+4pp YoY
Electric two-wheelers and three-wheelers combined contributed 14% of domestic revenue in Q1.
Freedom 125 CNG bike bookings
4,200
N/A (new launch)
Bookings reached 4,200 as of yesterday, 90% from Maharashtra and Gujarat; top-end variant preferred.
Three-wheeler market share
78%
N/A
Overall three-wheeler market share maintained at 78%; e-auto share increased to 26% from 17% QoQ.
What Changed vs Last Quarter
NEW
Freedom 125 capacity ramp-up to 40,000 units/month by Q4 FY25
Starting at 10,000 units/month in Q2, capacity will be scaled to 40,000 by Q4, with potential for further increase based on demand.
NEW
Chetak EV distribution expansion to 1,000 stores by September 2024
Chetak will expand from 250 stores in June to 500 by end July and nearly 1,000 by September, driving volume growth.
NEW
Commodity cost inflation of 50-70bps in Q2, partially offset by pricing
Management expects 50-70bps cost inflation from commodities, with pricing actions covering about half of the impact.
NEW
BACL captive financing to cover 100% of stores by March 2025
Bajaj Auto Credit Ltd (BACL) currently covers 50% of stores and is on track to reach full coverage by March 2025.
DROPPED
Domestic industry growth of 7-8% per annum
Management expects the domestic two-wheeler industry to grow at 7-8% annually, with the premium segment growing faster.
DROPPED
FY25 exports to be better than FY24 in volume and revenue
Despite cautious view on stressed markets, overall export volumes and revenue are expected to improve in FY25.
DROPPED
Chetak EV network to expand to 600 stores by H1 FY25
Chetak dealerships will increase from 200 to 600 within the first half of FY25.
DROPPED
Triumph capacity to reach 10,000 units per month in H1
Production capacity for Triumph motorcycles will be ramped up to 10,000 units per month in H1 FY25.
NEW RISK
Commodity cost inflation pressure
Rising aluminum and copper prices could impact margins by 50-70bps in Q2; pricing actions only partially offset.
NEW RISK
Nigeria demand recovery remains weak
Nigeria volumes dropped from 50,000/month benchmark to under 5,000 in April, recovering to only 15,000; Africa sales down 40% YoY.
NEW RISK
EV two-wheeler profitability drag persists
Chetak remains loss-making despite cost reductions; management declined to disclose specific margin, indicating profitability is still distant.
NEW RISK
Premium motorcycle segment slowdown
Analyst noted lackluster demand in the 250-500cc segment despite multiple launches; management acknowledged the trend but offered no specific mitigation.
RISK GONE
Fragile emerging market currencies
Runaway inflation in key markets like Nigeria and Bangladesh could dampen export recovery.
RISK GONE
Geopolitical disruptions affecting supply chains
Red Sea crisis has inflated container freight rates and disrupted lead times, impacting export operations.
RISK GONE
EV two-wheeler unit profitability still distant
Even with PLI incentives, Chetak is not yet profitable at unit level; price reductions are outpacing cost savings.
RISK GONE
Egypt currency availability limiting Qute exports
Despite regulatory approval, currency shortages in Egypt may constrain the ramp-up of Qute exports.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
Nigeria volumes remain at 40-50% of peak due to currency devaluation and macroeconomic challenges, with no quick fix in sight.
Mentioned in Q1 FY24, Q2 FY24, Q4 FY24
Production capacity for Triumph motorcycles will be ramped up to 10,000 units per month in H1 FY25.
Mentioned in Q2 FY24, Q3 FY24
Management targets to reach 15,000 units per month in Q4, up from ~10,000 exit rate in December.
Mentioned in Q2 FY24, Q3 FY24
Management noted uptick in costs for ABS, zinc, polypropylene, copper, and rubber, which could pressure margins.
Mentioned in Q1 FY24, Q3 FY24
Potential reduction in FAME subsidy could force price cuts, impacting EV margins and competitive positioning.
Fast read
Guidance and risk preview
Starting at 10,000 units/month in Q2, capacity will be scaled to 40,000 by Q4, with potential for further increase based on demand.
Rising aluminum and copper prices could impact margins by 50-70bps in Q2; pricing actions only partially offset.
View Risks →