Conference Call with Bajaj Auto Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Automobile company Bajaj Auto announced Q1FY25 results: Revenue from operations at Rs 11,928 crore, +16% YoY on the back of robust vehicles sales and record spares revenue. Delivered another strong profit performance with EBITDA at Rs 2,415 crore, +24% YoY; Profit after Tax came in at nearly Rs 2K crore Margin at 20.2%, was up +130 bps YoY, driven by better realization and cost reduction which more than offset the drag from the growing e2W business; sequentially, margin was sustained at the 20% levels yet again. Domestic business maintained its momentum and resilience, registering its ninth successive quarter of double-digit growth. Sustained broad-based growth across the motorcycles, commercial vehicles and electric scooters portfolio; the electric portfolio (e2W, e3V) comprised 14% of domestic revenues this quarter (Q1FY24: 6%, FY23: 2%) Exports revenue grew double-digit YoY with LATAM clocking its highest ever and an uptick in Asia alleviating challenges in Africa Consistent growth and market share gains over time has led to LATAM emerging as the largest region this quarter; notably, the first owned overseas assembling facility was commissioned in Manaus, Brazil with an annual capacity of 20,000 units (single shift basis). Volume-led double digit growth in Commercial Vehicles, as it delivers over 100K units in a quarter for the fourth time in a row. The well-received response to the e3W proposition propelled a rapid expansion of the network to ~200 cities (60 cities in Mar'24), with exit market share reaching ~30% and putting e3Ws on a promising path to replicating the leadership position as in the IC segment. Strong Balance Sheet position with surplus cash of Rs 16,764 crore, providing sufficient fuel for future growth investments. Track record of strong free cash flow generation maintained; capital of around Rs 505 crores was infused into the wholly owned captive financing subsidiary to fund its scale up across the country and build its future ready capabilities. Result PDF