Automobile giant Bajaj Auto Ltd. reported a strong set of earnings for the June quarter, with net profit rising 42.3% year-on-year (YoY) to Rs 2,983 crore from Rs 2,096 crore, supported by robust growth in both domestic and export markets.
Revenue from operations increased 37% to Rs 17,244 crore from Rs 12,584 crore in the year-ago period. EBITDA climbed 44.9% to YoY Rs 3,595 crore from Rs 2,481 crore, while EBITDA margin expanded to 20.8% from 19.7% a year earlier.
Tax expense rose to Rs 1,002 crore from Rs 692 crore, while other income increased to Rs 512 crore from Rs 431 crore.
The company's domestic business delivered another strong quarter, with revenue rising 26% year-on-year on the back of double-digit growth across all segments.
Performance was driven by both two-wheelers and three-wheelers, with internal combustion engine (ICE) vehicles maintaining strong momentum. Electric vehicle revenue, which now accounts for nearly 30% of the domestic business, almost doubled from a year ago despite capacity and supply constraints.
Exports recorded their best-ever quarter, with both revenue and volumes hitting record highs and shipments crossing the 700,000-unit mark for the first time.
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Notably, Bajaj Auto continued to gain market share across key international markets, posting another strong performance in Latin America, while Africa rebounded sharply with revenue more than doubling year-on-year, led by a three-fold increase in Nigeria.
Commercial vehicle exports also grew around 70% despite logistical challenges and geopolitical tensions in the Middle East and North Africa region.
In the domestic motorcycle business, revenue grew at a double-digit pace, led by the sports segment where retail sales expanded 1.5 times faster than the industry. The Pulsar, Avenger and Dominar brands all posted double-digit growth, while the sports motorcycle segment grew around 50%, supported by product interventions across the Pulsar range.
The company expects upcoming upgrades in the 125-160cc category to further strengthen its market position.
The KTM and Triumph brands maintained their strong momentum, with domestic revenue rising 60% year-on-year. Bajaj attributed the growth to the popularity of the new 350cc range and the launch of the Triumph Tracker 400, alongside the continued expansion of its KTM-Triumph dealership network to more than 90 towns.
The commercial vehicles business retained its leadership position, with revenue increasing 25% YoY, driven by rapidly growing electric three-wheelers. Revenue from the electric three-wheeler (L5) segment jumped around 80%, taking the business to nearly two-thirds the size of its ICE three-wheeler franchise.
The company has initiated capacity expansion and is also expanding the reach of its electric rickshaw brand, Riki, which is now present in over 150 cities.
The Chetak electric scooter business also delivered a record quarter across volumes, revenue and profitability. Bajaj said demand continued to outpace production capacity, prompting investments to expand manufacturing, improve availability, support international expansion and drive the next phase of growth.
The company generated more than Rs 2,300 crore in free cash flow during the quarter, representing around 80% of reported profit after tax. Its balance sheet remained strong, with surplus funds exceeding Rs 21,000 crore at the end of the quarter, providing ample room to invest in future growth while continuing to deliver returns to shareholders.
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