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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
₹10,838 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹2,133 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 quarter with revenue of ₹10,777 crore (up 6% YoY), EBITDA of ₹2,133 crore (up 21% YoY), and PAT of ₹1,836 crore. Margins expanded 260 bps YoY to 19.8%, driven by favorable commodity costs, richer product mix, and better forex realizations. Domestic three-wheeler volumes hit an all-time high of 132,000 units (up 81% YoY), while exports continued gradual recovery (140,000 units vs. 130,000 in Q1). Chetak EV market share rose to 11% (from 4% in FY23), and Triumph deliveries reached 8,000 units. Management expects festive season to drive double-digit industry growth, with Bajaj outpacing on 125cc+ strength. Key risk: export recovery remains slow due to macroeconomic headwinds in key markets.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the 33-day festive period to see double-digit growth vs. like-to-like period last year, with Bajaj outpacing the market.
- Target to reach 10,000 units per month in Q3, supported by new launches and network expansion to 180 cities by year-end.
- Monthly capacity to be expanded to ~10,000 units by end of FY24, with network covering 100 cities.
- Expect gradual recovery with each quarter larger than the previous, though return to peak (210,000 units) is some time away.
Risks flagged
- Exports remain at 66% of FY22 peak; macroeconomic headwinds and geopolitical issues could delay recovery.
- Recent FAME reduction has slowed high-speed EV sales to ~65,000 units/month; further policy changes could dampen Chetak and e-auto growth.
- Recent increase in steel and crude derivatives could pressure margins, though management expects flattish commodity costs in Q3.
- Management stopped monitoring order book; actual demand sustainability post-initial euphoria is unverified.
Key quotes
- Yet again, we have delivered a record financial performance with an all-time high revenue, EBITDA and PAT, breaking our previous record that was set just last quarter.
- Our margins closed at 19.8%, up 260 basis points year-on-year, driven by dynamic pricing cost management, better foreign exchange realization and a richer product mix.
- The real proposition which is really getting traction for electric two-wheelers is one based on economics. That simply as things stand now people save money depending on how much they ride every month.
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