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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
₹13,247 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹2,653 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 INR 13,000 crore (+22% YoY) and EBITDA of INR 2,653 crore (+24% YoY), marking the fourth consecutive quarter of 20%+ EBITDA margin. Growth was driven by strong domestic performance (EV portfolio now 20% of domestic revenue) and export recovery, particularly in LatAm. The Freedom 125 CNG motorcycle is scaling rapidly, with capacity planned to reach 40,000/month by Q4. The EV portfolio (e-2W + e-3W) achieved EBITDA breakeven in absolute terms. However, consolidated PAT was impacted by a INR 580 crore loss from associate Pierer Mobility. Management remains optimistic about continued top-line growth and margin sustainability, though festive season demand has been muted. Key risk: sustained weakness in African markets and potential further losses from Pierer Mobility.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to increase Freedom 125 production capacity to 30,000/month in Q3 and 40,000/month in Q4, driven by strong customer adoption.
- Chetak will be available in about 4,000 stores by January, up from ~3,000 currently, supported by 250 exclusive stores.
- Captive finance arm BACL will cover 100% of Bajaj Auto's market share by January 2025, up from 70%+ currently.
- Board approved additional investment to expand Brazil plant capacity from 20,000 to 35,000 units per annum by FY2026.
Risks flagged
- Africa continues to decline across major markets, though decline rates have reduced. Nigeria recovery is fragile due to currency volatility.
- Associate Pierer Mobility reported a loss of EUR 172 million in H1 2024, leading to a INR 580 crore hit on consolidated PAT. Management declined to provide forward guidance on this.
- Motorcycle industry growth during festive season has been muted at 1-2%, below the expected 5-6%, with 100cc segment declining.
- Significant discounting in the EV two-wheeler market could pressure Chetak margins, even as cost reductions are achieved.
Key quotes
- Q2 has yet again been an outstanding quarter. Record revenues of INR 13,000 crores, with a growth of 22%, driven by domestic exports and spare parts sales.
- Our green energy portfolio, which comprises the greener fuels of electric and CNG across two-wheelers and three-wheelers, are a whopping 44% of our domestic revenue.
- In the entirety of our electric portfolio, which is electric two-wheelers and electric three wheelers, our EBITDA in the quarter has been flat in absolute terms.
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