Bajaj Auto Q2FY23 PAT down -15.71% yoy at Rs1,719cr due to exceptional incentive gains in the base quarter

15 Oct 2022 , 04:58 PM

Bajaj Auto Ltd reported 16.44% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs10,203cr. Sequential revenues were up 27.46%. In Q2FY23,

Bajaj Auto witnessed growth in revenues from automobile sales but flat revenue son investments. Bajaj has crossed the Rs10,000 crore revenue milestone for the first time ever.

Domestic volumes across 2 wheelers and 3 wheelers nearly doubled compared to the previous quarter. The strong domestic market growth has helped cushion weak exports amidst global headwinds.

Chetak 2W sales of its EV products has also scaled up. Domestic volumes of 2-wheelers were up 27% and CVs were up 66%.

However, when it came to exports, the 2-wheeler volumes were down -27% and CV volumes down -17%.

Consolidated Profit after tax (PAT) for September 2022 quarter was down -15.71% at Rs1,719cr as the company had an exceptional inflow from the Maharashtra state government as incentive of Rs501 crore under the PLI scheme.

This accentuated the fall in the profits. In addition, input costs still remain high putting pressure on the bottom line of the company. Faltering export performance also made an impact, although domestic growth did make up for it.

PAT margins at 16.85% in Q2FY23 were lower than 23.28% in year ago period but better than 14.53% in the sequential quarter.

Financial highlights for Sep-22 compared yoy and sequentially

	Bajaj Auto
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 10,203	₹ 8,762	16.44%	₹ 8,005	27.46%
Operating Profit (Rs cr)	₹ 2,214	₹ 2,419	-8.47%	₹ 1,538	43.92%
Net Profit (Rs cr)	₹ 1,719	₹ 2,040	-15.71%	₹ 1,163	47.80%
Diluted EPS (Rs)	₹ 60.10	₹ 70.50		₹ 40.20
OPM	21.70%	27.61%		19.22%
Net Margins	16.85%	23.28%		14.53%