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View Promises →Bajaj Auto Ltd — Q3 FY24
Bajaj Auto delivered a record Q3 FY24 with revenue of ₹12,114 crore (up 30% YoY), EBITDA of ₹2,430 crore (margin 20.1%, up 100bps YoY), and PAT crossing ₹2,000 crore for the first time.
bullish
high
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Bajaj Auto delivered a record Q3 FY24 with revenue of ₹12,114 crore (up 30% YoY), EBITDA of ₹2,430 crore (margin 20.1%, up 100bps YoY), and PAT crossing ₹2,000 crore for the first time. Domestic business drove growth with 50% revenue jump, led by 125cc+ segment (36% growth) and Pulsar all-time high of 400,000 units. Exports remained soft (down 4% volume) but revenue grew 10% on better mix. Chetak reached 14% market share, targeting 15,000/month in Q4. Triumph scaled to 2,800 retail units in 40 cities. Management guided for sustained domestic momentum, gradual export recovery (2-5% QoQ), and new launches including CNG motorcycle in FY25. Key risk: Red Sea disruptions and geopolitical uncertainty delaying export recovery.
बजाज ऑटो ने तीसरी तिमाही में ₹12,114 करोड़ की कमाई की, जो पिछले साल से 30% ज़्यादा है। कंपनी का मुनाफ़ा ₹2,430 करोड़ रहा और पहली बार शुद्ध मुनाफ़ा ₹2,000 करोड़ पार हुआ। देश में बिक्री 50% बढ़ी, खासकर 125cc से बड़ी बाइक (36% बढ़ोतरी) और पल्सर की रिकॉर्ड 4 लाख यूनिट बिक्री से। विदेशों में बिक्री थोड़ी कम रही, लेकिन बेहतर मिश्रण से कमाई 10% बढ़ी। चेतक इलेक्ट्रिक स्कूटर की बाज़ार हिस्सेदारी 14% हो गई है, अब हर महीने 15,000 बेचने का लक्ष्य है। ट्रायम्फ बाइक 40 शहरों में 2,800 यूनिट बिकी। आने वाले समय में देश में बिक्री अच्छी रहेगी, विदेशों में धीरे-धीरे सुधार होगा और अगले साल CNG मोटरसाइकिल लॉन्च होगी। लाल सागर में गड़बड़ी से विदेशी बिक्री में देरी हो सकती है।
Promises0 met · 4 missedRisks4 tracked
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Focused Modules
Risks
4 risks
Risk Intelligence
Red Sea shipping disruptions
View Risks →Quarter Snapshot
Pulsar quarterly volume
400,000 units
+100% vs 2 years ago
All-time high quarterly volume for Pulsar, doubling in two years.
Chetak retail market share
14%
+10pp vs FY23
Market share rose from 4% in FY23 to 14% in December 2023.
125cc+ segment market share
31%
N/A
Bajaj holds 31% share in the 125cc+ segment, nearing leadership.
Three-wheeler market share
77%
N/A
Overall three-wheeler market share at 77% in Q3; 85% in CNG segment.
What Changed vs Last Quarter
NEW
CNG motorcycle launch in FY25
Bajaj is working on a CNG motorcycle and expects to launch it in FY2025.
NEW
Export recovery of 2-5% QoQ in Q4 FY24
Management expects sequential export volume improvement of 2-5% in Q4, tempered by Red Sea disruptions.
UPDATED
Chetak monthly volume target of 15,000 units in Q4 FY24
Management targets to reach 15,000 units per month in Q4, up from ~10,000 exit rate in December.
UPDATED
Triumph capacity expansion to 20,000-30,000 units in H1 FY25
Triumph capacity will be increased from current 10,000 to 20,000 and then 30,000 units in first half of next fiscal.
DROPPED
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.
DROPPED
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.
NEW RISK
Red Sea shipping disruptions
Geopolitical tensions have caused shipping delays and freight cost doubling, impacting export volumes and margins in the near term.
RISK GONE
Triumph order book conversion uncertainty
Management stopped monitoring order book; actual demand sustainability post-initial euphoria is unverified.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24
Monthly capacity to be expanded to ~10,000 units by end of FY24, with network covering 100 cities.
Fast read
Guidance and risk preview
Management targets to reach 15,000 units per month in Q4, up from ~10,000 exit rate in December.
Geopolitical tensions have caused shipping delays and freight cost doubling, impacting export volumes and margins in the near term.
View Risks →