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Revenue
₹10,312 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
₹1,954 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to hit a production rate of 5,000 units per month for Triumph within Q2, most likely in September.
- Management expects gradual build-back in export volumes, with each quarter larger than the previous, but no step jump.
- Company plans to spend between ₹400-500 crore on EV-related capital expenditure this year, including a new three-wheeler facility.
- Exclusive Chetak network will expand to 120 cities with 140 stores by end of Q2, covering ~75% of the industry.
Risks flagged
- Forex availability and macroeconomic challenges in key markets (Nigeria, Kenya, Argentina) may delay export volume recovery to peak levels.
- Reduction in FAME subsidies effective June 1 has caused a drop in EV two-wheeler industry volumes; new normal uncertain.
- Analyst raised concern that Triumph Speed 400 may cannibalize KTM/Dominar sales; management claims new customer set but no data provided.
- As EV volumes (lower margin) and export mix (improving but volatile) increase, EBITDA margins could face headwinds despite operating leverage.
Key quotes
- We are very pleased to report a strong start to the fiscal year, with new benchmarks on both financial outcomes and business operations.
- Our results demonstrate the resilience and the strength of our operating model, given a unique mix of exports and domestic in the overall scheme.
- We have not used FOB pricing, at least to deal with the devaluation.
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