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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹11,932 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹2,400 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 strong Q1 FY25 with revenue of INR 11,928 crore (+16% YoY) and EBITDA margin of 20.2% (+130bps YoY), marking the third consecutive quarter above 20%. PAT reached INR 1,988 crore, near the INR 2,000 crore milestone. Growth was driven by robust domestic performance (9th consecutive double-digit quarter), export recovery (+16% YoY to $460M), and record spare sales (INR 1,350 crore). Key growth platforms include the CNG bike Freedom 125 (10,000/month capacity, scaling to 40,000 by Q4), Chetak EV expansion (sub-INR 1 lakh model, targeting #2 position), and the new Brazil plant. Management guided for 6-8% industry growth and expects Q2 to be better than Q1. Risk: commodity cost inflation (50-70bps impact) partially mitigated by pricing actions.
Colored figures show movement against the previous available record.
Guidance to track
- Starting at 10,000 units/month in Q2, capacity will be scaled to 40,000 by Q4, with potential for further increase based on demand.
- Chetak will expand from 250 stores in June to 500 by end July and nearly 1,000 by September, driving volume growth.
- Management expects 50-70bps cost inflation from commodities, with pricing actions covering about half of the impact.
- Bajaj Auto Credit Ltd (BACL) currently covers 50% of stores and is on track to reach full coverage by March 2025.
Risks flagged
- Rising aluminum and copper prices could impact margins by 50-70bps in Q2; pricing actions only partially offset.
- Nigeria volumes dropped from 50,000/month benchmark to under 5,000 in April, recovering to only 15,000; Africa sales down 40% YoY.
- Chetak remains loss-making despite cost reductions; management declined to disclose specific margin, indicating profitability is still distant.
- Analyst noted lackluster demand in the 250-500cc segment despite multiple launches; management acknowledged the trend but offered no specific mitigation.
Key quotes
- It has been an outstanding quarter, and I think we beat the street estimates yet again, though by a small margin.
- There is good reason to entertain the thought that Freedom could redefine the motorcycle industry.
- We are strongly committed to playing and investing for competitive growth in this space and expanding this business in multiples in the times ahead.
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