Home-grown two- and three-wheeler major Bajaj Auto has announced its financial results for Q1 of FY 2023. The company has reported a net profit of Rs 1,173 crore, up by 11 per cent against its profit from Q1 FY 2022.
The company’s revenue from operations stood at Rs 8,005 crore, which was up by 8 per cent YoY led by pricing and mix. The total income was recorded to be Rs 8,324 crore excluding earnings before interest, taxes, depreciation, and amortisation (EBITDA).
Earlier this year, the company set foot in the Indian EV industry as it commissioned a new EV plant in Pune under Chetak Technology. Recently, Bajaj Auto also announced a buyback of equity shares up to Rs 2,500 crore under the open market through stock exchange.
On the retail front, the auto major reported a YoY decline in its sales in the Q1 FY 2023. The Pune-based company, in the domestic market, sold 3,14,418 units of two-wheelers in the first quarter, registering a 8 per cent decline on YoY basis. CV sales stood at 38,418 units, up 163 per cent against 14,585 units sold a year ago.
Exports continue to constitute a major share in Bajaj Auto’s overall sales. The company exports for the two-wheeler and CV segments stood at a total of 5,80,810 units. However, the exports fell by 10 per cent on YoY basis in comparison with its 6,48,877 units exported last year.
The company blamed the semiconductor shortage for the slight decline registered in the sales volumes but affirmed that the situation has improved. Bajaj Auto said that it has record highest ever exports of sports bikes in the Latin America region. The two-wheeler sales were led by the Dominar and Pulsar brands.