Bajaj Auto reported an 18% increase in its consolidated profit after tax, reaching INR 1,942 crore for the first quarter ending June 30, 2024, driven by robust sales in both domestic and export markets. The company’s total revenue from operations for the quarter grew to INR 11,932 crore, compared to INR 10,312 crore in the same period last year. On a standalone basis, Bajaj Auto’s profit after tax rose to INR 1,988 crore, a 19% increase from INR 1,665 crore last fiscal year.
The company’s total sales in the first quarter amounted to 11,02,056 units, marking a 7% increase from the 10,27,407 units sold in the same period last year. Domestic sales accounted for 6,90,621 units, reflecting an 8% rise from 6,41,556 units in the previous year. Export sales increased by 7% to 4,11,435 units, compared to 3,85,851 units in the April-June quarter of the last fiscal year.
“Bajaj Auto said profit was driven by better realisation and cost reduction which more than offset the drag from the growing electric two-wheeler business.”
In the domestic market, Bajaj Auto experienced sustained growth across its motorcycles, commercial vehicles, and electric scooters portfolios. The company also noted consistent growth and market share gains in export markets, with Latin America emerging as the largest region in the first quarter.
“In export markets, consistent growth and market share gains over time have led to LATAM (Latin America) emerging as the largest region in the first quarter,” Bajaj Auto said.
The company disclosed that it has a surplus cash reserve of INR 16,764 crore, which provides ample resources for future growth investments. Additionally, Bajaj Auto announced the board’s approval of Sangita Reddy’s appointment as an additional Director (Non-executive Independent Director) for a five-year term starting July 16, 2024.
“Bajaj Auto said its board has approved the appointment of Sangita Reddy as an additional Director (Non-executive Independent Director) of the company for a term of five years with effect from July 16, 2024.”
As of the latest trading session, shares of Bajaj Auto were up by 1.34%, priced at INR 9,805 apiece on the BSE.
