Bajaj Auto Q4 profit surges 35% to ₹1,936 cr; revenue up 29%

Auto major Bajaj Auto's January-December quarter standalone net profit jumped more than a third, driven by sustained domestic business and steady margins. The company's net profit surged 35.11% year-on-year to ₹1,936 crore in Q4 FY24, compared to ₹1,433 crore profit in the same period last fiscal.

The revenue from operations rose 29% to ₹11,833 crore, led by the broad-based buoyancy that was sustained on the domestic business and aided by steady exports, despite "continued challenges" in the overseas market, Bajaj Auto says in an exchange filing.

At ₹2,307 crore, its EBITDA grew 34% YoY, with a margin of 20.1%. "Domestic motorcycles delivered another share gain performance on the 125cc+ segment, registering 4X growth vs rest of the industry. Pulsar continues to lead the way and the range is strengthened by the upgraded N150/160/250, which seeks to elevate the ride experience," the company adds.

The company sold a total of 10.6 lakh units in the said quarter, which grew 24% over 8.5 lakh in the year-ago period. Among the different markets, the company's domestic business grew the highest by 29% in Q4 FY24, while exports dipped by 10%. The commercial vehicle sales surged 28% compared to the 10% sales recorded in the two-wheeler category.

For the full fiscal year FY2023-24, Bajaj Auto's profit came in at ₹7,479 crore, a growth of 33% year-on-year over ₹5,628 crore in FY23. The company's revenue clocked an all-time high at ₹44,685 crore, up 23% YoY, driven by the record sales of both vehicles and spares. At ₹8.825 crore, EBITDA registered its "highest ever" mark, growing a 35% YoY.

"Domestic business achieved its largest revenue, on sustained momentum that led to double-digit growth for 8 quarters on the trot," says Bajaj Auto, adding that the exports, despite rough macro conditions, stepped up in the second half of the fiscal year. The company says its commercial vehicle category grew around less than 50%.

The Bajaj Auto board has recommended a final dividend of ₹80 per share, totalling ₹2,233 crore for the fiscal year, says the company, adding that this is in addition to its recent share buyback of ₹4,932 crore.

The Bajaj Auto share closed 1.11% today, up 99 points to ₹9017.75 on the BSE, in contrast with the benchmark Sensex closing 0.62% down at 72,488.99.

Bajaj Auto shares had a stellar run in the last year, as the stock price more than doubled at 112.46%. The blue chip stock touched a fresh all-time high of ₹9,356 on April 2, 2024. The Bajaj Group stock has gained 35.25% in the calendar year alone and 65.31% in the past six months.