Bajaj Auto Q1FY23 Results: Auto major reports healthy earnings – profit surges 11%, revenue up 8% YoY

Bajaj Auto Q1FY23 Results: Auto major Bajaj Auto on Tuesday reported healthy earnings in the first quarter of the financial year 2022-23 (Q1FY23). The company’s profit jumped 11 per cent to Rs 1163 crore in Q1FY23 as against Rs 1,061 crore in the same quarter in the financial year 2021-22, the company said in a regulatory filing. 

Bajaj Auto’s revenue surged by 8 per cent year-on-year (YoY) to Rs 8,005 crore in the June-end quarter of FY23 as compared to Rs 7,386 crore in a year-ago quarter, Bajaj Auto reported in an exchange filing. 

Similarly, the EBITDA (earnings before interest, taxes, depreciation, and amortization) of Bajaj Auto advanced by 15 per cent YoY to Rs 1,328 crore against Rs 1,153 in the corresponding quarter of FY22. And, EBITDA margin soared by 100 basis points (bps) to 16.6 per cent from 15.6 YoY. 

Bajaj Auto said, “Judicious price increases, better foreign exchange realisation and favourable mix offset the material cost inflation and enabled margin improvement.”

A significant milestone was delivered on the commitment to invest in the EV business-a new state-of-the-art plant was commissioned under Chetak Technology Limited in June 2022, it added.

The company reported a strong track record of cash generation was sustained; surplus cash stood at 20,509 crores as of June 30, 2022, against Rs 19,090 crore as of March 31, 2022.

“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.

Shares of Bajaj Auto witnessed a spike immediately after results to touch a day’s high level of Rs 4018.8 per share on the BSE. At around 02:26, the stock was trading over 1 per cent lower to Rs 3974.7 apiece against a 0.59 per cent fall in the S&P BSE Sensex.