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Revenue
₹11,555 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
₹2,307 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bajaj Auto delivered a strong Q4 FY24 with revenue of ₹11,500 crore (+29% YoY), EBITDA of ₹2,307 crore (+34% YoY), and PAT of ₹1,936 crore (+35% YoY), driven by domestic market share gains and a richer product mix. The full year was a record with revenue near ₹45,000 crore and EBITDA margin expanding 180bps to 19.7%, despite muted exports. Management expects FY25 to be better, led by domestic growth of 7-8%, recovery in export markets, and new product launches including the world's first CNG bike and expanded EV portfolio. Key risks include fragile emerging market currencies and geopolitical disruptions affecting supply chains and demand.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the domestic two-wheeler industry to grow at 7-8% annually, with the premium segment growing faster.
- Despite cautious view on stressed markets, overall export volumes and revenue are expected to improve in FY25.
- Chetak dealerships will increase from 200 to 600 within the first half of FY25.
- Production capacity for Triumph motorcycles will be ramped up to 10,000 units per month in H1 FY25.
Risks flagged
- Runaway inflation in key markets like Nigeria and Bangladesh could dampen export recovery.
- Red Sea crisis has inflated container freight rates and disrupted lead times, impacting export operations.
- Even with PLI incentives, Chetak is not yet profitable at unit level; price reductions are outpacing cost savings.
- Despite regulatory approval, currency shortages in Egypt may constrain the ramp-up of Qute exports.
Key quotes
- We are absolutely delighted to have established multiple records in FY 2024. Highest ever revenue, highest ever EBITDA and PAT, highest ever free cash flow, highest spares revenue, highest Pulsar volumes, highest three-wheeler volumes, and highest ever KTM volumes in India.
- The cost savings that we have seen in this quarter has contained the incremental drag arising from higher volumes.
- We will also take aim at the mileage-conscious commuter by launching the world's first CNG bike, which will halve the commuting expenses of the common man.
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