Bajaj Auto PAT rises 18% to Rs 1,942 crore in Q1

New Delhi: Bajaj Auto on Tuesday said its consolidated profit after tax increased 18 per cent to Rs 1,942 crore for the first quarter ended June 30, 2024, aided by robust sales across domestic and export markets.

The Pune-based automaker had reported a profit after tax of Rs 1,644 crore in the April-June quarter of last fiscal.

Total revenue from operations rose to Rs 11,932 crore for the first quarter as compared with Rs 10,312 crore in the year-ago period, Bajaj Auto said in a regulatory filing.

On a standalone basis, the company reported a PAT of Rs 1,988 crore, an increase of 19 per cent as compared with 1,665 crore in the same period of last fiscal.

Revenue from operations rose to Rs 11,928 crore as against Rs 10,310 crore in the June quarter of FY24.

The company said its total sales stood 11,02,056 units in the first quarter as against 10,27,407 units, an increase of 7 per cent.

It sold 6,90,621 units in the domestic market in the first quarter, an increase of 8 per cent over 6,41,556 units in the year-ago period.

Exports increased 7 per cent year on year at 4,11,435 units in the June quarter as compared with 3,85,851 units in the April-June quarter of last fiscal.

Bajaj Auto said profit was driven by better realisation and cost reduction which more than offset the drag from the growing electric two-wheeler business.

In the domestic market, the company saw sustained broad-based growth across the motorcycles, commercial vehicles and electric scooters portfolio.

In export markets, consistent growth and market share gains over time have led to LATAM (Latin America) emerging as the largest region in the first quarter, Bajaj Auto said.

The company said it has a surplus cash of Rs 16,764 crore, providing sufficient fuel for future growth investments.

Bajaj Auto said its board has approved the appointment of Sangita Reddy as an additional Director (Non-executive Independent Director) of the company for a term of five years with effect from July 16, 2024.

Shares of the company were trading 1.34 per cent up at Rs 9,805 apiece on the BSE.