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View Promises →Bajaj Auto Ltd — Q2 FY24
Bajaj Auto delivered a record quarter with revenue of ₹10,777 crore (up 6% YoY), EBITDA of ₹2,133 crore (up 21% YoY), and PAT of ₹1,836 crore.
bullish
high
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2-Minute Summary
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Bajaj Auto delivered a record quarter with revenue of ₹10,777 crore (up 6% YoY), EBITDA of ₹2,133 crore (up 21% YoY), and PAT of ₹1,836 crore. Margins expanded 260 bps YoY to 19.8%, driven by favorable commodity costs, richer product mix, and better forex realizations. Domestic three-wheeler volumes hit an all-time high of 132,000 units (up 81% YoY), while exports continued gradual recovery (140,000 units vs. 130,000 in Q1). Chetak EV market share rose to 11% (from 4% in FY23), and Triumph deliveries reached 8,000 units. Management expects festive season to drive double-digit industry growth, with Bajaj outpacing on 125cc+ strength. Key risk: export recovery remains slow due to macroeconomic headwinds in key markets.
बजाज ऑटो ने इस तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹10,777 करोड़ रही, जो पिछले साल से 6% ज़्यादा है। मुनाफा ₹1,836 करोड़ और परिचालन मुनाफा (EBITDA) ₹2,133 करोड़ रहा। कंपनी का मार्जिन 19.8% हो गया, जो पिछले साल से 2.6% बेहतर है। इसकी वजह कच्चे माल की कम कीमत, बेहतर उत्पाद मिश्रण और विदेशी मुद्रा से फायदा है। तिपहिया वाहनों की बिक्री 1.32 लाख यूनिट के रिकॉर्ड स्तर पर पहुंच गई। चेतक EV की बाजार हिस्सेदारी 11% हो गई। त्योहारी सीजन में अच्छी बिक्री की उम्मीद है। लेकिन निर्यात में सुधार धीमा है, जो एक चिंता का विषय है।
Promises0 met · 3 missedRisks4 tracked
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Focused Modules
Risks
4 risks
Risk Intelligence
Export recovery slower than expected
View Risks →Quarter Snapshot
Three-wheeler volumes
132,000 units
+81% YoY
Record quarterly volumes, driven by CNG conversion and market share gains.
Chetak EV market share
11%
+7pp YoY
Increased from 4% in FY23 to 11% in September 2023 retail.
Triumph deliveries
8,000 units
N/A (new launch)
Deliveries commenced end-July; strong demand with pending orders ~10,000.
125cc+ segment market share
30%
+? pp YoY
Bajaj's share in the fast-growing 125cc+ segment; segment now 51% of industry.
What Changed vs Last Quarter
NEW
Festive season industry growth of 12-15%
Management expects the 33-day festive period to see double-digit growth vs. like-to-like period last year, with Bajaj outpacing the market.
NEW
Chetak monthly sales target of 10,000 units
Target to reach 10,000 units per month in Q3, supported by new launches and network expansion to 180 cities by year-end.
NEW
Triumph capacity expansion to 10,000 units/month
Monthly capacity to be expanded to ~10,000 units by end of FY24, with network covering 100 cities.
NEW
Export volumes to improve quarter-on-quarter
Expect gradual recovery with each quarter larger than the previous, though return to peak (210,000 units) is some time away.
DROPPED
Triumph production to reach 5,000 units/month by September
Management expects to hit a production rate of 5,000 units per month for Triumph within Q2, most likely in September.
DROPPED
Exports to improve incrementally each quarter
Management expects gradual build-back in export volumes, with each quarter larger than the previous, but no step jump.
DROPPED
EV CapEx of ₹400-500 crore in FY24
Company plans to spend between ₹400-500 crore on EV-related capital expenditure this year, including a new three-wheeler facility.
DROPPED
Chetak EV network to expand to 120 cities by end of Q2
Exclusive Chetak network will expand to 120 cities with 140 stores by end of Q2, covering ~75% of the industry.
NEW RISK
FAME subsidy reduction impact on EV adoption
Recent FAME reduction has slowed high-speed EV sales to ~65,000 units/month; further policy changes could dampen Chetak and e-auto growth.
NEW RISK
Commodity cost uptick risk
Recent increase in steel and crude derivatives could pressure margins, though management expects flattish commodity costs in Q3.
NEW RISK
Triumph order book conversion uncertainty
Management stopped monitoring order book; actual demand sustainability post-initial euphoria is unverified.
RISK GONE
FAME subsidy reset dampening EV demand
Reduction in FAME subsidies effective June 1 has caused a drop in EV two-wheeler industry volumes; new normal uncertain.
RISK GONE
Cannibalization risk from Triumph on existing premium portfolio
Analyst raised concern that Triumph Speed 400 may cannibalize KTM/Dominar sales; management claims new customer set but no data provided.
RISK GONE
Margin pressure from EV scale-up and export mix
As EV volumes (lower margin) and export mix (improving but volatile) increase, EBITDA margins could face headwinds despite operating leverage.
Fast read
Guidance and risk preview
Management expects the 33-day festive period to see double-digit growth vs.
Exports remain at 66% of FY22 peak; macroeconomic headwinds and geopolitical issues could delay recovery.
View Risks →