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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
₹12,165 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹2,430 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 Q3 FY24 with revenue of ₹12,114 crore (up 30% YoY), EBITDA of ₹2,430 crore (margin 20.1%, up 100bps YoY), and PAT crossing ₹2,000 crore for the first time. Domestic business drove growth with 50% revenue jump, led by 125cc+ segment (36% growth) and Pulsar all-time high of 400,000 units. Exports remained soft (down 4% volume) but revenue grew 10% on better mix. Chetak reached 14% market share, targeting 15,000/month in Q4. Triumph scaled to 2,800 retail units in 40 cities. Management guided for sustained domestic momentum, gradual export recovery (2-5% QoQ), and new launches including CNG motorcycle in FY25. Key risk: Red Sea disruptions and geopolitical uncertainty delaying export recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets to reach 15,000 units per month in Q4, up from ~10,000 exit rate in December.
- Bajaj is working on a CNG motorcycle and expects to launch it in FY2025.
- Management expects sequential export volume improvement of 2-5% in Q4, tempered by Red Sea disruptions.
- Triumph capacity will be increased from current 10,000 to 20,000 and then 30,000 units in first half of next fiscal.
Risks flagged
- Geopolitical tensions have caused shipping delays and freight cost doubling, impacting export volumes and margins in the near term.
- Nigeria volumes remain at 40-50% of peak due to currency devaluation and macroeconomic challenges, with no quick fix in sight.
- Management noted uptick in costs for ABS, zinc, polypropylene, copper, and rubber, which could pressure margins.
- Potential reduction in FAME subsidy could force price cuts, impacting EV margins and competitive positioning.
Key quotes
- This is a hat trick of record setting, with each of Q1, Q2, and Q3 results successively establishing records, and this despite a soft international business environment.
- Our strategy continues to be to drive profitable growth in the 125 cc plus segment based on product differentiation and sharp positioning.
- We'd like to sustain the momentum in the domestic business and look to make it about as big as the festive quarter that has just gone by. Going by historical trends, you will know that that's an audacious ask, but an aspiration nonetheless.
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