Bajaj Auto (BAJAJ-AUTO) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 delivered outstanding results, with consolidated revenue from operations reaching ₹11,932.07 crore, up from ₹10,663.01 crore in Q1 FY24, and profit after tax at ₹1,941.79 crore, surpassing street estimates and reflecting strong year-over-year growth.

• Growth was balanced across domestic and export sales, with spares contributing 11% of revenue and the electric vehicle (EV) portfolio now at 14% of overall revenue.

• The company continues to focus on scalable growth platforms, including new launches in CNG bikes, affordable electric scooters, and a new plant in Brazil.

• Total comprehensive income for Q1 FY25 reached ₹1,978.66 crore, up from ₹1,955.38 crore in Q1 FY24.

• A major share buyback of 4,000,000 equity shares at ₹10,000 per share was completed, with a total outlay of ₹4,932 crore including tax.

Financial highlights

• Standalone revenue from operations for Q1 FY25 was ₹11,928.02 crore, up from ₹10,309.77 crore in Q1 FY24, with robust vehicle and record spares sales.

• EBITDA margin reached 20.2%, up 130 bps year-over-year, driven by better realization and cost reduction.

• Standalone profit after tax for Q1 FY25 was ₹1,988.34 crore, up from ₹1,664.77 crore in Q1 FY24.

• Surplus cash stood at INR 16,700 crore, with over INR 1,750 crore free cash generated in Q1.

• Export revenues for the quarter were $460 million, with double-digit growth.

Outlook and guidance

• Q2 is expected to be better than Q1, with continued growth in exports and domestic business, especially in the festive season.

• The company is optimistic about new growth platforms and expects to sustain margins despite rising commodity costs.

• Industry volume growth is projected at 6–8%, with the 125cc+ segment expected to outpace the market.

• The company’s share of profit/loss from its associate, Pierer Bajaj AG, will be accounted for on a six-monthly basis due to regulatory differences, impacting quarterly reporting.