Bajaj Auto Q3 PAT slides 17% YoY to Rs 1430 cr

On a consolidated basis, the auto maker's net profit declined 16.70% to Rs 1429.68 crore on 0.86% rise in net sales to Rs 8805.50 crore in Q3 December 2021 over Q3 December 2020.

Bajaj Auto's profit before tax (PBT) declined 18.44% to Rs 1,788.36 crore in Q3 December 2021 over Q3 December 2020.

On a standalone basis, the company's net profit fell 21.98% to Rs 1,214.19 crore on 1% decline in total revenue from operations to Rs 9,022 crore during the period under review. Operating profit fell 21% to Rs 1,334 crore in Q3 December 2021 over Q3 December 2020.

EBITDA fell 20% year-on-year to Rs 1,405 crore in Q3 December 2021. EBITDA margin stood at 15.6% during the quarter, lower than 19.8% in the same quarter last year.

Sequentially, EBITDA margin improved from 15% (adjusted) in Q2 FY22, largely due to positive net impact of price increase, less material cost increase and favourable export realization for US$ to INR.

As on 31 December 2021, surplus cash and cash equivalents stood at Rs 17,883 crore as against Rs 17,526 crore as on 30 September 2021.

The company's total sales fell 10% to 11,81,361 units in Q3 December 2021 over Q3 December 2020. Bajaj Auto's market share in the domestic two-wheeler market improved to 19.2% in Q3 FY22 as against 18.6% in Q3 FY21 and 18.1% in FY21.

The firm's exports continue to record strong sales with average monthly volumes in excess of 219,000 units. For the calendar year 2021, exports, by volume, exceeded 2.5 million units - highest ever.

Bajaj Auto International Holdings BV (BAIH BV), a Netherlands based 100% subsidiary of Bajaj Auto, held 47.99% stake in KTM AG. As on 29 September 2021, BAIH BV swapped 46.50% stake in KTM AG for 49.90% stake in Pierer Bajaj AG. As per the public offer dated 5 November 2021 by KTM AG to buy back shares, BAIH BV tendered the balance 161,939 shares (1.49% stake) held in KTM AG. The resultant gain of 8.7 million euros (Rs 75 crore ) is shown as other income in consolidated financial results of Bajaj Auto.

Bajaj Auto is ranked as the world's fourth largest three and two wheeler manufacturer and the Bajaj brand is well-known across several countries in Latin America, Africa, Middle East, South and South East Asia.

Shares of Bajaj Auto fell 1% to Rs 3409.25 on the BSE.

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