Bajaj Auto (BAJAJ-AUTO) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 delivered record consolidated revenues of up to ₹13,247.28 crore, up 22% year-over-year, with strong growth in domestic, export, and green portfolios.

• EBITDA reached INR 2,653 crores, up 24% year-over-year, maintaining 20%+ margin for the fourth consecutive quarter.

• Profit after tax for Q2 FY25 was impacted by a one-time deferred tax provision and a share of loss from associate, totaling INR 2,005 crores after adjustments.

• Green energy portfolio (electric and CNG) now forms 44% of domestic revenue, with EVs at 20%.

• Strategic focus on emergent segments, operational control, and new growth platforms, with continued expansion in Brazil and financing arms.

Financial highlights

• Revenue from operations for Q2 FY25 was up to ₹13,247.28 crore, with H1 FY25 at ₹25,179.35 crore.

• EBITDA rose 24% year-over-year to INR 2,653 crores, with margins at 20.2%.

• Profit after tax (before exceptional item) was INR 2,216 crores; after a one-time deferred tax provision, PAT was INR 2,005 crores.

• Free cash flow exceeded INR 2,000 crores for the quarter; surplus cash stands at INR 16,400 crores.

• Net cash from operating activities for H1 FY25 was ₹3,925.73 crore.

Outlook and guidance

• Q3 exports expected to continue 10%+ sequential improvement, with LatAm leading growth.

• Management remains focused on operational efficiency, prudent capital allocation, and leadership in 125cc+ motorcycles, CNG, and EVs.

• Commodity cost outlook for Q3 is relatively flat, with some watch-outs on rubber, polypropylene, and platinum.

• Festive season industry growth expected at 3%-5%, with stronger performance in 125cc+ segment.