Bajaj Auto Q4FY23 PAT up 23.5% at Rs1,705cr on 26% EBITDA boost and 200 bps margin boost
Bajaj Auto Ltd reported 11.97% growth in revenues for the March 2023 quarter at Rs8,929 crore. Quarterly revenues were sequentially lower by -4.18% due to pressure on global sales. While overall volumes were sluggish in the fourth quarter, this was offset through better forex realization, judicious pricing, and a richer product mix.
Net profits for the quarter were up 11.7% at Rs1,705 crore while the sequential net profit growth was still better at 15.76%. EBITDA for the quarter grew 26% to Rs1,718 crore on a standalone basis with a 200 bps boost to the EBITDA margins at 19.35. This was largely responsible for the boost to the bottom line.
Financial highlights for Mar-23 compared yoy and sequentially
| Bajaj Auto Ltd | |||||
Rs in Crore | Mar-23 | Mar-22 | YOY | Dec-22 | QOQ |
| Total Income (Rs cr) | ₹ 8,929.23 | ₹ 7,974.84 | 11.97% | ₹ 9,318.54 | -4.18% |
| Operating Profit (Rs cr) | ₹ 2,175.88 | ₹ 1,957.04 | 11.18% | ₹ 1,953.00 | 11.41% |
| Net Profit (Rs cr) | ₹ 1,704.74 | ₹ 1,526.16 | 11.70% | ₹ 1,472.70 | 15.76% |
|
|
|
|
| |
| Diluted EPS (Rs) | ₹ 60.30 | ₹ 52.80 |
| ₹ 52.10 |
|
| OPM | 24.37% | 24.54% |
| 20.96% |
|
| Net Margins | 19.09% | 19.14% |
| 15.80% |
|
While the exports sales continued to see a lot of pressure due to fears of a global slowdown and an emerging banking crisis, the domestic sales growth appears to have more than made up for that. In addition, tweaking of models, the brand name and judicious pricing also helped.
Domestic two wheeler volumes were up 22% on yoy basis but marginally lower on a sequential basis. However, the domestic CV business saw 100% yoy growth and 12% sequential growth. On the exports front, the two-wheeler and CV business contracted more than -40% yoy and contracted more than -20% on a sequential basis.