Bajaj Auto Q4 Results FY2023, Net profit at Rs. 1433 crores, down by 2.45%
On 25th April, Bajaj Auto announced its results for the last quarter of FY2023.
Bajaj Auto Net Revenue:
- Revenue from Operations stood at Rs.8,905 crores for Q4FY23, up 12% YoY, led by the sustained momentum on the domestic business that delivered strong volume-led revenue growth (>50% YoY). Compared to the same time last year, better foreign exchange realization, judicious pricing, and a richer product mix all helped offset the drop in overall volumes arising from sluggish exports
- Revenue from Operations was at its highest ever at Rs. 36,428 crores, growing 10% YoY despite constrained supplies early on and particularly challenging overseas markets for the most part of the year. Spares revenue registered an all-time high
Bajaj Auto Net Profit:
- EBITDA maintained its strong run, growing 26% YoY to Rs.1,718 crores for Q4FY23, with margin accretion of +220 bps to 19.3%. Sequentially across quarters, price realization and material costs held flat with a favorable mix driving the slight uptick
- Dynamic management of the business enabled a record profit performance, and new peaks were achieved on EBITDA, which at Rs.6,551 crores was up by 25% YoY for FY2023 on the back of solid margin expansion of +210 bps
- PAT clocked Rs.5,628 crores for FY2023
- For Q4FY23 the company reported its PAT at Rs. 1433 crores, down by 2.45% YoY
Bajaj Auto Business Highlights:
- Domestic motorcycle sales continued to deliver well, buoyed by the strong performance of the Pulsar portfolio and further scale-up in Platina 110 ABS volumes. The latest relaunch of Pulsar NS160 and NS200 with muscular styling along with launches earlier in the year continues to grab the attention of enthusiasts and is enabling the acceleration of the company’s market share in the 125cc+ segment
- Three-wheeler sales crossed the 100K units milestone for the first time since the pandemic, reflecting the strong rebound to pre-Covid levels for Bajaj (>100%) compared to ~45% for the rest of the industry and also reflected in the new high on the company’s market share.
- Building on the robust work done on the EV supply chain, Chetak has firmly commenced its scale-up phase, and exit month retails stepped up to >5.5K units.
- The progress of various initiatives and a secure outlook has allowed for the expansion of the exclusive store network that now stands at 105 dealerships and 42 experience centers across 84 cities, with further scale-up well underway
- Bajaj and Yulu launched their revolutionary new electric 2-Wheeler platform, purpose-built for Indian urban mobility. Two new generation vehicles, Miracle GR & DeX GR with a unique form factor, ergonomic design & tech-powered utility were unveiled, with these products poised to revolutionize the last-mile mobility market and open a large/exciting opportunity for both companies.
- Pulsar, Dominar, and KTM powered ahead to deliver their lifetime high annual sales. As for 3-Wheelers, the continued preference for a Bajaj vehicle led to its best market share print of 78% in Q4.
- The Balance Sheet remains very healthy with surplus cash of Rs.17,445 crores as of March 31, 2023. The consistent robust cash generation fuelled ongoing competitive investments, capex of >Rs.1000 crores (including Chetak Technology), and a share buyback
- The Board of Directors has recommended a Final Dividend of Rs.140 per share, totaling to about Rs.3,961 crores. This, along with the share buyback and tax thereon that was concluded earlier in the year will add up to almost Rs.7,055 crores of cash being paid to shareholders.
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DisclaimerInvestment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.
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