Bajaj Auto Q3 Results FY2023, Reported a Highest ever EBITDA

On 25th January 2023, Bajaj Auto announced its results for the third quarter of FY2023.

Key Highlights:

- Revenue from Operations at Rs. 9,315 crores, was up 3% YoY, with robust double-digit revenue growth in the domestic business offsetting the drop in exports arising from the challenging market context. Overall spares revenue came in at an all-time high. 
- The company reported the highest ever EBITDA which stood at Rs. 1777 crores, surpassing the record set in the previous quarter. The strong growth of 29% YoY, underpinned by margin expansion of +390 bps YoY to 19.1% was led by reasonable pricing, better dollar realization and a richer product mix. 
- PAT stood at Rs. 1491 crores, with a growth of 23%

Business Highlights:

- The domestic business saw sustained double-digit revenue growth across two-wheelers (2W) and three-wheelers (3W). The 2W performance was buoyed particularly by solid 125 cc+ festive season sales while 3W volumes surged, leading to its record-high market share.
- On Domestic Motorcycles, industry festive demand, particularly in the top-end commuter/sports segment, was buoyant and the Company outperformed with strong growth in the segment.
- Introduced the Platina 110cc with the first-in-segment ABS feature in Dec 2022.
- On exports, macroeconomic challenges continue to subdue industry volumes across overseas geographies. 
- Commercial vehicles maintained their path of recovery to pre-covid levels (now at -75%), as the quarter saw strong growth with stepped-up volumes and market share hit an all-time high across segments 
- The Chetak EV business continues to steadily expand - volumes are up 5x over the previous year, the thrust on augmenting capabilities supply chai R&D and growing dealership presence (62 at Dec 2022 end vs. 35 at the end of FY22) is well underway
-  The quarter marked the launch of motorcycles in Brazil with the well-recognized Dominar brand.