Bajaj Auto Q1 PAT jumps 42% to Rs 1,665 crore

Mumbai: Bajaj Auto on Tuesday reported a 42 per cent jump in standalone profit after tax (PAT) to Rs 1,665 crore in the June 2023 quarter.

The Pune-based vehicle maker had reported a standalone PAT of Rs 1,173 crore in Q1FY23, according to a company statement.

Its revenue from operations during the quarter under review rose 29 per cent to Rs 10,310 crore compared to Rs 8,005 crore clocked in the first quarter of the previous fiscal, Bajaj Auto said.

The total vehicle sales (two-wheelers and commercial vehicles) stood at 10,27,407 units in Q1FY24, registering a growth of 10 per cent against 9,33,646 units sold in the same quarter of FY23.

The company's total two-wheeler sales grew 5 per cent to 8,89,330 units against 8,47,158 units in the June quarter of last fiscal, while the total CV volumes were recorded at 1,38,077 units during the quarter under review vis-a-vis 86,488 units sold a year ago, a growth of 60 per cent, it said.

Domestic sales rose 82 per cent to 6,41,556 units in the first quarter of this fiscal from 3,52,836 vehicles sold in the June quarter of the previous fiscal, as per the statement.

The two-wheelers sales rose 73 per cent to 5,42,931 units against 3,14,418 units in the June quarter of FY23.

Its exports, however, declined 34 per cent to 3,85,851 vehicles during the reporting period as compared to 5,80,810 units in Q1FY23, it said.

Two-wheeler exports declined 35 per cent to 3,46,399 units during the June quarter against 5,32,740 units in Q1FY23.

Domestic revenues registered its biggest-ever quarter, maintaining its double-digit growth trajectory yet again, the company said.

It also said that all businesses contributed to the solid delivery with robust double-digit growth in motorcycle sales.

Amid the continued currency/macro challenges in overseas markets, export volumes improved sequentially by 12 per cent, it stated.