Bajaj Auto Q2 Results: Profit jumps 35% YoY to Rs 3,354 crore; revenue up 34%

Bajaj Auto on Tuesday reported a 35% year-on-year (YoY) rise in profit after tax for the September quarter at Rs 3,354 crore, as strong demand across its domestic and export businesses helped the two-wheeler maker post its highest-ever quarterly revenue.

Revenue grew 34% YoY to Rs 20,003 crore for the first time, doubling over the past three years. The company also reported EBITDA exceeding Rs 4,000 crore, a rise of over 37% from the year-ago period.

Operating margins remained steady at 20.9% despite higher input costs and volatile commodity prices. Bajaj Auto attributed its performance to record vehicle sales, better product mix, pricing measures and favourable currency movements.


The company said revenue growth exceeded 20% across powertrains, markets and vehicle categories, including two-wheelers and three-wheelers.

The September quarter marked record levels for vehicle volumes, revenue, profitability and cash generation, even as the company navigated inflationary pressures and supply constraints in its electric vehicle business.

Bajaj Auto Q2: Domestic business

Bajaj Auto's domestic business reported record quarterly revenue, growing 30% year-on-year, supported by demand for motorcycles, electric scooters and three-wheelers.

The company's electric vehicle portfolio emerged as a major growth driver, with sales reaching a record 2 lakh units during the quarter, compared with 82,000 units in the corresponding period last year. Electric vehicles now account for one-third of Bajaj Auto's domestic revenue, reflecting the growing contribution from its Chetak electric scooters and electric three-wheelers.

The company said growth came despite significant supply constraints, with demand for its electric models exceeding available production.

Its domestic motorcycle business also maintained growth, supported by double-digit expansion in the sports motorcycle segment.

Bajaj Auto said its Pulsar range recorded encouraging demand following recent launches, with the N and NS series driving sequential market share gains in the sports segment.

The company plans further upgrades to the Pulsar portfolio as it seeks to strengthen its presence in the premium motorcycle market.

Bajaj Auto Q2 Exports

Bajaj Auto's export business recorded another strong quarter, with revenue growing more than 40% YoY, supported by higher volumes across key international markets.

Also read: Maruti Suzuki Q2 Results: Profit falls 26% YoY to Rs 2,466 crore, but revenue rises 26%

Africa emerged as a major contributor, with billings nearly doubling from the corresponding quarter last year. The region also surpassed its previous quarterly peak recorded in FY21. Latin America continued its growth momentum, reporting its best-ever sales year-to-date.

The company said exports remained strong despite intermittent logistical disruptions in international markets.

Growth across overseas markets helped Bajaj Auto offset fluctuations in domestic demand and supported its overall profitability.

Chetak

Bajaj Auto's Chetak electric scooter business reported its strongest quarter, with volumes more than doubling year-on-year. Chetak revenue crossed Rs 2,000 crore during the September quarter, supported by higher sales and expanding customer demand.

The company said Chetak's growth was twice the industry rate, although the comparison benefited from a relatively weaker base in the corresponding period last year.

Profitability in the electric scooter business also continued to improve. However, production remained constrained by supply shortages, and Bajaj Auto said it was increasing manufacturing output to meet demand from domestic and overseas markets.

KTM and Triumph

The company's premium motorcycle portfolio, comprising KTM and Triumph, reported 45% year-on-year growth in domestic revenue, reaching a new quarterly record. Combined volumes crossed 40,000 units during the quarter.

KTM recorded strong demand for its Adventure and Duke motorcycles, while Triumph continued to gain traction following the launch of its modern classic models.

Bajaj Auto said it was expanding the distribution network for both brands, with the combined KTM and Triumph dealership network exceeding 110 towns across India. The company expects a broader dealership presence and product upgrades to support future growth in the premium motorcycle segment.

Bajaj Auto's commercial vehicle business also reported record quarterly volumes and revenue, with sales exceeding 1.6 lakh units. Electric three-wheelers were a major contributor to the growth, with both volumes and revenue more than doubling from the year-ago quarter.

The company said its electric three-wheeler portfolio continued to hold a leading position in the L5 category.

Its electric rickshaw brand Riki expanded its presence to nearly 185 cities and strengthened its position in the lithium-ion-powered L3 segment.

Bajaj Auto reported record quarterly free cash flow of around Rs 4,000 crore, with strong cash generation supporting its balance sheet. The company's surplus funds stood at around Rs 15,500 crore after capital expenditure, growth investments and shareholder distributions.