- Bajaj Auto reported a 23% year-on-year increase in net profit to ₹1,491 crore on Wednesday, while revenue from operations grew 3% to ₹9,315 crore.
- The challenging macroeconomic conditions led to a 33% year-on-year decline in exports, which fell to 4.39 lakh units in the third quarter from 6.58 lakh units a year ago.
- The company’s domestic sales have witnessed continued double-digit sales growth for both two-wheelers and three-wheelers
Bajaj Auto said on Wednesday that its consolidated net profit increased 23% to ₹1,491 crore in the third quarter ended 31 December 2022, aided by sales growth in the domestic market. The Pune-based company reported a net profit of ₹1,214 crore in the same period last year.
Total revenue from operations rose to ₹9,315 crore in the quarter from ₹9,022 crore in the same period a year ago. The growth in the company’s domestic business partially offset the decline in exports due to a decline in exports due to difficult macroeconomic conditions.
The company’s domestic sales have witnessed continued double-digit sales growth for both two-wheelers and three-wheelers. “2W’s performance was mainly supported by solid 125cc+ sales during the holiday season, while 3W volumes increased strongly, leading to record market share,” the company said.
|Particularities||Q3 FY23 (in units)||Q2 FY23 (in units)||Q3 FY22 (in units)|
|Two wheeler||4.55 lakh||6.21 lakh||4.71 lakh|
|Subtotal||5.44 lakh||6.94 lakh||5.23 lakh|
|Two wheeler||3.95 lakh||3.97 lakh||5.77 lakh|
|Subtotal||4.39 lakh||4.56 lakh||6.58 lakh|
“On the export side, macroeconomic challenges continue to depress industry volumes in overseas regions. While the company continues to navigate this situation through decisive action, market share remains stable and the resilient performance in ASEAN is partially mitigating the drop in volumes in other regions,” said Bajaj Auto.
The balance sheet remains healthy with excess liquidity of ₹14,894 crore as of 31 December 2022, providing the capacity for growth investment, it added.
Shares of the company ended 0.87% higher at ₹3,717.40 apiece on the BSE on Wednesday.
(With input from PTI.)
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