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The Q3 results exceeded analysts’ expectations as the average estimate of six brokerage firms suggested that the automaker's net profit will increase by 32.25 percent on-year to Rs 1,976 crore
Bajaj Auto Ltd reported a 37 percent year-on-year (YoY) increase in net profit for the third quarter of FY24 at Rs 2,041.88 crore driven by robust sales of its two-wheelers, price hikes and higher realisations amid consistent demand. Its PAT during the corresponding period last year stood at Rs 1,491.42 crore.
Aided by a better product mix in favour of premium vehicles, leading to a higher average selling price (ASP), the Pune-based automaker’s revenue also increased by 30.1 percent to Rs 12,114 crore during October-December 2023. Its turnover during Q3FY23 stood at Rs 9,315 crore.
The Q3 results exceeded analysts’ expectations as the average estimate of six brokerage firms suggested that Bajaj Auto’s net profit will increase by 32.25 percent on-year to Rs 1,976 crore. The estimates had projected the company’s revenue to rise 28.5 percent on-year to Rs 11,971 crore.
Furthermore, its earnings before interest, tax, depreciation and amortisation (EBITDA), increased 36.8 percent YoY to Rs 2,430 crore against Rs 1,776 crore in the year-ago period. Its operating margin also increased to 20.1 percent from 19.1 percent in Q3FY23.
On the back of strong momentum in the domestic market, the automaker reported a 32 percent YoY growth in sales at 12,00,997 units in the December quarter. The company reported a total sales of 3,26,806 units in December 2023, registering a growth of 16 per cent from 2,81,514 units sold in December 2022
Bajaj Auto’s share price went up 1.71 percent at Rs 7,211.40 on BSE when the Q3 results were announced.