Bajaj Auto’s Q2FY25 Results

• Bajaj Auto reported an 11% quarter-on-quarter (QoQ) increase in its consolidated revenues for the quarter ended Sept (Q2FY25). On a year-on-year (YoY) basis, it witnessed a growth of 22%.
• Its expenses for the quarter were up by 11% QoQ and 22% YoY.
• The net profit decreased 29% QoQ and 31% YoY.
• The earnings per share (EPS) of Bajaj Auto stood at 49.7 during Q1FY25.

Bajaj Auto’s Financial Statements for Q1FY25:

Quarter Highlights (Standalone)

• Revenue Growth: Revenue surpassed ₹13,000 crores, up 22% YoY, driven by strong domestic performance and export recovery.
• EBITDA Record: EBITDA reached an all-time high of ₹2,653 crores, up 24% YoY, maintaining over 20% margins.
• PAT Milestone: Adjusted PAT hit a record of ₹2,216 crores, while reported PAT stood at ₹2,005 crores after-tax adjustments.
• Green Energy Growth: The green energy portfolio now contributes 40% to domestic revenues, with 100K electric vehicles sold in the quarter.
• Domestic Business: Domestic revenues hit new highs, marking 10 consecutive quarters of double-digit growth.
• Export Revenue: Export revenue grew in double digits, with LATAM achieving record sales and Pulsar’s highest-ever quarterly sales.
• Motorcycle Segment: Pulsar’s premiumisation drove double-digit growth, supported by the launch of the Freedom 125 CNG bike.
• Triumph Performance: Triumph volumes surged 50% QoQ, with new product launches and an extended dealer network.
• Commercial Vehicles: Commercial vehicle sales hit an all-time high of 140K units, with e3Ws reaching 35% market share.
• Chetak Electric Scooters: Chetak sales tripled YoY, capturing 21% market share in September, up from 11% in June.
• Cash Flow & Balance Sheet: Free Cash Flow increased by ₹2,000 crores, with surplus cash of ₹16,392 crores after strategic investments.

Commentary from Bajaj Auto Management:

• Festive Season Demand: Bajaj Auto's management noted that demand during the festive season has been below expectations.
• Retail Registrations: Retail registrations indicate muted demand in the first half of the festive period.
• Inventory Build-Up: Concerns have been raised about the build-up of inventory.
• Raw Material Costs: Rising raw material costs are adding to the pressure.
• Impact on Margins: Increased costs are expected to affect profit margins.

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