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Bajaj Auto Q1 FY23 results: Net profit climbs 11% to ₹1,173 cr, EBITDA margin falls sequentially

By Priyanka Verma 
Updated Date

New Delhi: On Tuesday, Two-wheeler and three-wheeler giant Bajaj Auto reported a net profit of Rs 1,173 crores for the quarter ended June 30, 2022 (Q1FY23) as compared to Rs 1,061 crores – an increase of 11% for the same quarter last year. However, the Q1 PAT has declined by 20% from Rs 1,469 crore in the previous quarter.

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Meanwhile, standalone revenue stood at ₹8,005 crore in the quarter under review, a jump of 8% from Rs 7,386 crore in Q1FY22 and was marginally up from Rs 7,975 crore in Q4FY22. Standalone EBITDA stood at Rs 8,324 crore in Q1 FY23, up 8% from Rs 7,715 crore in Q1FY22, however, it was up only 1% from Rs 8,264 crore in Q4FY22. EBITDA margin increased by 100 basis points to 16.6% in Q1FY23, 15.6% in Q1FY22, however, declined by 90 basis points from 17.5% in Q4FY22.

Bajaj Auto said, “EBITDA grew at 15%, margins increased by 100 bps despite supply constraints, cost headwinds and weak macro-economic context. Prudential price increases, better foreign exchange realization, and favorable mix offset material costs. Inflation and efficient margin correction.”

In terms of sales volume, Bajaj Auto sold 9,33,646 vehicles in Q1FY23, down 7% from 10,06,014 vehicles in Q1FY22, and 4% lower than 9,76,651 vehicles in Q4FY22.

“Sales in the quarter were significantly disrupted due to inadequate availability of semiconductors, although the situation improved in the later part as new supply sources were developed,” Bajaj Auto said in its audit report.

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Shares of Bajaj Auto on BSE were trading at Rs 3987.95, down Rs 29.55 or 0.74% at around 2.48 pm. Its market cap is around Rs 1,15,398.12 Crore. “Given the confidence on the cash generating ability and strong Balance Sheet position, announced a buyback of equity shares up to Rs 2,500 crores under the open market through stock exchange route,” Bajaj Auto also said in its results filing.

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