Bajaj Auto Ltd. reported second quarter standalone net profit grew 9% from the year-earlier period to ₹2,005 crore. Revenue from operations at ₹13,247 crore for the quarter ended September 30, 2024 grew 22% YoY due to record highs in vehicle and spare parts sales, the company said.
During the quarter the company made an additional ₹211 crore provision for the one-time deferred tax impact on investment income due to changes in the Finance Act, 2024.
The company said its green energy portfolio reached new milestones, with 100,000 units sold in September and 100,000 electric vehicles sold during the quarter.
“Electric and CNG vehicles now contribute 40% of total domestic revenues, highlighting the strategic shift towards sustainable mobility,” the company said in a filing.
Its domestic business achieved its highest revenue and tenth consecutive quarter of double-digit growth. Growth was driven by double-digit gains in both motorcycles and commercial vehicles, with a near tripling of electric scooters, it said.
Export revenue rose in double digits, helped by better USD/INR realisation, a richer mix, and a record quarter in Latin America. The Pulsar brand continued to gain traction with over 1,10,000 units sold, while Africa saw positive trends despite being lower than last year, it said.
Motorcycles maintained double-digit growth, supported by the premiumisation of the Pulsar brand in the sports segment. Commercial Vehicles set a new record with 140,000 units sold.
Chetak electric scooters accelerated with volumes at 70,000, more than tripling YoY, reaching a 21% market share in September. “The success was due to the launch of an affordable variant and leveraging a wider distribution network with nearly 3,000 touchpoints,” the company said.
The company said string cash generation continued, adding ₹2,000 crore in free cash flow during the quarter. Balance sheet remained robust with surplus cash of ₹16,392 crore, after investments of ₹1,200 crore in strategic growth initiatives and distributing ₹2,233 crore as dividends in H1FY25.
The company’s board has approved additional investment in the equity share capital of Bajaj Brazil, a wholly owned subsidiary of the company, of up to $10 million (equivalent to ₹84 crore at an assumed exchange rate of $= ₹84) in a phased manner.
Published - October 16, 2024 07:11 pm IST
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