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View Promises →Bajaj Auto Ltd — Q4 FY24
Bajaj Auto delivered a strong Q4 FY24 with revenue of ₹11,500 crore (+29% YoY), EBITDA of ₹2,307 crore (+34% YoY), and PAT of ₹1,936 crore (+35% YoY), driven by domestic market share gains and a richer product mix.
bullish
high
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2-Minute Summary
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Bajaj Auto delivered a strong Q4 FY24 with revenue of ₹11,500 crore (+29% YoY), EBITDA of ₹2,307 crore (+34% YoY), and PAT of ₹1,936 crore (+35% YoY), driven by domestic market share gains and a richer product mix. The full year was a record with revenue near ₹45,000 crore and EBITDA margin expanding 180bps to 19.7%, despite muted exports. Management expects FY25 to be better, led by domestic growth of 7-8%, recovery in export markets, and new product launches including the world's first CNG bike and expanded EV portfolio. Key risks include fragile emerging market currencies and geopolitical disruptions affecting supply chains and demand.
बजाज ऑटो ने चौथी तिमाही में 11,500 करोड़ रुपये की कमाई की, जो पिछले साल से 29% ज्यादा है। कंपनी का मुनाफा 1,936 करोड़ रुपये रहा, जो 35% बढ़ा। यह बढ़त भारत में ज्यादा बिक्री और महंगे मॉडल बेचने से हुई। पूरे साल कमाई 45,000 करोड़ रुपये के करीब रही और मुनाफा मार्जिन 19.7% हो गया। अगले साल कंपनी को भारत में 7-8% बिक्री बढ़ने, विदेशी बाजार सुधरने और नए प्रोडक्ट्स (जैसे दुनिया की पहली CNG बाइक और इलेक्ट्रिक वाहन) से उम्मीद है। लेकिन कमजोर विदेशी मुद्राएं और भू-राजनीतिक समस्याएं जोखिम पैदा कर सकती हैं।
Promises2 met · 0 missedRisks4 tracked
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Focused Modules
Risks
4 risks
Risk Intelligence
Fragile emerging market currencies
View Risks →Quarter Snapshot
Domestic motorcycle market share in 125cc+ segment
27%
+5pp YoY
Gained 5 percentage points market share in the premium segment, now just 2pp away from leadership.
Chetak EV quarterly sales
40,000 units
+4x YoY
Highest ever quarterly sales; market share rose from 5% to 13% YoY.
Three-wheeler market share
78%
+5pp YoY
Maintained dominant position in ICE three-wheelers; EV three-wheeler share at 30% in addressed cities.
Pulsar brand revenue
₹10,000 crore
N/A
Pulsar crossed ₹10,000 crore in annual revenue, driven by multiple new launches.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
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.
NEW
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.
DROPPED
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.
DROPPED
CNG motorcycle launch in FY25
Bajaj is working on a CNG motorcycle and expects to launch it in FY2025.
DROPPED
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.
DROPPED
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.
NEW RISK
Fragile emerging market currencies
Runaway inflation in key markets like Nigeria and Bangladesh could dampen export recovery.
NEW RISK
Geopolitical disruptions affecting supply chains
Red Sea crisis has inflated container freight rates and disrupted lead times, impacting export operations.
NEW RISK
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.
NEW RISK
Egypt currency availability limiting Qute exports
Despite regulatory approval, currency shortages in Egypt may constrain the ramp-up of Qute exports.
RISK GONE
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
Nigeria export recovery slower than expected
Nigeria volumes remain at 40-50% of peak due to currency devaluation and macroeconomic challenges, with no quick fix in sight.
RISK GONE
Commodity cost inflation in Q4
Management noted uptick in costs for ABS, zinc, polypropylene, copper, and rubber, which could pressure margins.
RISK GONE
FAME subsidy reset impact on EV pricing
Potential reduction in FAME subsidy could force price cuts, impacting EV margins and competitive positioning.
🤫 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 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
Management expects the domestic two-wheeler industry to grow at 7-8% annually, with the premium segment growing faster.
Runaway inflation in key markets like Nigeria and Bangladesh could dampen export recovery.
View Risks →