Bajaj Auto Q2 Results FY2023, Revenue at Rs. 10,203 crores

On 14th October 2022, Bajaj Auto announced its quarterly results for the second quarter of FY2023.

Q2FY23 Performance updates:

- The quarterly revenue from operations stood at Rs. 10,203 crores, with a growth of 16% YoY and 27% QoQ, aided by the recovery of volumes on the improvement of semi-conductor supplies.
- The quarterly EBITDA was registered at Rs. 1,759 crores, with strong growth of 26% YoY and 36% QoQ. The EBITDA Margin was up by 100 bps, led by judicious price increases, dynamic cost management, and better foreign exchange realization.
- The company reported PAT at Rs. 1530 crores, with a growth of 20% YoY.

Business Highlights:

- Domestic volumes nearly doubled over the last quarter across both 2-wheeler and 3-wheeler segments; helping cushion the drop in exports arising from deteriorating macros in overseas markets.
- Steady progress is being made on building the EV portfolio with Chetak 2-wheeler sales volume and footprint scaling up. Chetak 2-wheeler reported an exit run rate up by twice over the previous quarter's average with a continued emphasis on unlocking supply constraints.
- The continued improvement in semi-conductor supplies enabled a healthy build-back of channel inventory, ahead of the festive season 
- The rebound in domestic motorcycle market share, led by the robust momentum on the sports portfolio 
- Pulsar brand continues to deliver a solid performance; the newly launched N160 was extended across the country with impactful activation to bring its proposition alive 
- In a market that is still significantly lower than pre-COVID, although recovering, Bajaj three-wheelers delivered an industry-leading performance, while retaining its strong position across segments; CNG does particularly well and is growing penetration 
- Macro-economic challenges in select overseas markets subdue export billing volumes; however, the strong show in ASEAN (with the Philippines registering its highest sales) and improved foreign exchange realizations (79.75 in Q2FY23 vs. 77.43 in Q1FY23) partly alleviate the drag on turnover.

The Bajaj auto share price went up by 1.3%