Export recovery slower than expected
Forex availability and macroeconomic challenges in key markets (Nigeria, Kenya, Argentina) may delay export volume recovery to peak levels.
BAJAJAUTO / Q1-FY24 / risks
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Bajaj Auto · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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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.
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.
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.