Bajaj Auto -
Q4 and FY 24 results and concall highlights -
Q4 outcomes -
Revenues - 11555 vs 8929 cr
EBITDA - 2284 vs 1657 cr ( margins @ 20 vs 19 pc )
Other income - 444 vs 595 cr
PAT - 2011 vs 1705 cr
FY 24 outcomes -
Revenues - 44870 vs 36455 cr
EBITDA - 8762 vs 6465 cr ( margins @ 20 vs 18 pc )
Other income - 1704 vs 1703 cr
PAT - 7708 vs 6060 cr
Highest reported highest ever Pulsar, Three wheeler and KTM volumes in India in FY 24
In Q4, volume growth was 24 pc ( despite continued sluggishness in the export markets )
Export markets like Kenya, Bangladesh, Nigeria, Argentina, Egypt - continue to be under pressure due steep inflation and current devaluations
Other LATAM countries, ASEAN mkts continue to do well
To commence exports of Quadricycle - Qute to Egypt in Q1 FY 25 ( 3-wheelers were banned in Egypt - LY. Qute can capture a large Mkt in Egypt )
The manufacturing plant in Brazil to go online in Jun 25- should be able to address the pent up demand in Brazil
Company’s mkt share has improved by 800 bps ( 8 pc ) in the 125-200 cc category of bikes. Company is now no-2 in this category
Launched Pulsar -400 in first week of May 24. Company has 4 popular models in above 300 cc category ie - Pulsar 400, Dominar, KTM 390 and Triumph 400. This makes Bajaj Auto - the second largest player in this segment behind RE
Company’s 3 wheeler EVs are now avlb in 60 cities. Will double the no of cities covered by opening 90 new stores in Q1 FY 25 !!!
Chetak is now ranked no 3 in the EV scooters mkt. It started FY 24 at 6th rank and gained 3rd ranks within FY 24 ( mkt share up to 13 pc vs 5 pc YoY ). Chetak’s monthly sales have risen from 3k units / month to 12k units / month inside 1 yr
Bajaj Chetak is being sold through 200 showrooms across India. Company to ramp this up to 600 stores in Q1 FY 25. Will also launch another model of Chetak in Q1 FY 25
To scale up the Triumph business in H1 FY 25 by taking the total Triumph - stores count to 150 in India. Made in India Triumph’s exports are holding up well. Company exported 19k units of Triumph bikes from India in FY 24
Cash on books is around 16000 cr
To launch a CNG motorcycle in June 25
With PLI benefits, the electric three wheelers business is as profitable as ICE three wheeler business. However, electric two wheelers are yet to break even, despite PLI incentives. Company has undertaken a lot of cost reduction initiatives in this space. Additionally, the EV costs are structurally slated to come down. Assuming a stable selling price iro Electric Chetaks, unit economics should improve with every passing Qtr
Seeing good response for Triumph - 400 (both models) in domestic mkt
Company has set up a subsidiary - Bajaj Auto Credit Ltd ( an NBFC ) to finance 2 - wheeler sales. Aim to cover 100 pc of Bajaj outlets by end of FY 25. Have pumped in 2250 cr into the subsidiary
Disc: hold a small tracking position, biased, not SEBI registered
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