Bajaj Auto Q2 Earnings: Net Profit Skids 16 Per Cent To Rs 1,719 Crore As Exports Slip

Bajaj Auto's total revenue from operations, however, rose to Rs 10,203 crore in the September quarter against Rs 8,762 crore in the year-ago period

Bajaj Auto said its total sales during the second quarter rose 1 per cent to 11,51,012 units from 11,44,407 units in the same period last fiscal year.

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Bajaj Auto on Friday logged a 16 per cent fall in its consolidated net profit to Rs 1,719 crore for the September quarter, hit by a 25 per cent dip in overseas shipments. The Pune-based firm had posted a consolidated net profit of Rs 2,040 crore in the July-September quarter of the previous fiscal year. 

Total revenue from operations, however, rose to Rs 10,203 crore in the September quarter against Rs 8,762 crore in the year-ago period, Bajaj Auto said in a regulatory filing.

On a standalone basis, the company posted a net profit of Rs 1,530 crore in the second quarter compared to Rs 1,275 crore in the corresponding period of the last fiscal year.

The company said its total sales during the second quarter rose 1 per cent to 11,51,012 units from 11,44,407 units in the same period last fiscal year. The domestic sales of two and three-wheelers stood at 6,94,375 units in the September quarter, up 30 per cent from 5,32,216 units a year ago.

Exports sank 25 per cent to 4,56,637 units in the second quarter against 6,12,191 units in the year-ago period.

The company has clocked highest ever quarterly Ebitda at Rs 1,759 crores, a strong growth of 26 per cent YoY and 36 per cent QoQ. Margin up 100 bps, led by judicious price increases, dynamic cost management and better foreign exchange realisation.

According to the stock exchange filing, domestic volumes nearly double over previous quarter across both 2Ws and 3Ws; helps cushion the drop in exports arising from deteriorating macros in overseas markets.

Reflection of the Bajaj Auto's balanced and diversified portfolio that enables the resilience in performance. Steady progress being made on building EV portfolio - Chetak 2W sales volume and footprint scaling up.

Chetak 2W exit run rate up -2X over previous quarter average - continued emphasis on unlocking supply constraints.

Macroeconomic challenges in select overseas markets subdued export billing volumes. However, the strong show in ASEAN (with the Philippines registering its highest sales) and improved foreign exchange realisations partly alleviated the drag on turnover, the company stated.

Bajaj shares ended 1.01 per cent down at Rs 3,569 apiece on Friday.

With PTI inputs