Bajaj Auto Q3 consolidated PAT grows 30% YoY to Rs 1,716 crore

The company said its exports sales of 6.87lakh were the highest-ever despite shortage of containers

Two-wheeler major Bajaj Auto, on Thursday, reported consolidated net profit of Rs 1,716.26 crore for the October-December quarter of FY21 (Q3FY21), up 29.7 per cent, from a profit of Rs 1,322.4 crore in the year-ago period, primarily on the back of 9 per cent year-on-year (YoY) volume growth.

Sequentially, the profit surged 43.74 per cent from Rs 1,193.97 crore posted in the September quarter of FY21. The company's revenue grew 16.62 per cent YoY to Rs 8,909.88 crore, as against Rs 7,639.66 crore in Q3FY20.

Analysts at HDFC Securities had pegged revenue and profit for the quarter at Rs 7,246.7 crore and Rs 1,209.5 crore, respectively. READ MORE

Standalone numbers

On a standalone basis, the net profit came in at Rs 1,556.3 crore, up 23.4 per cent on a YoY basis while revenue grew to Rs 8,910 crore. Both the figures were the company's highest-ever in a single quarter.

On the operational front, the company’s Ebitda (earnings before interest, tax, depreciation and amortisation) rose 26.5 per cent YoY to Rs 1,730 crore in the quarter under review, while margin stood at 19.4 per cent, up 150 basis points (bps). The margins were driven by higher operating leverage and better product mix, the company said. 

As on December 31, 2020, the company's surplus cash and cash equivalents stood at Rs 16,891 crore as against Rs 16,240 crore as on September 30, 2020 and Rs 14,322 crore as on March 31, 2020.

Volumes

For the quarter under review, the company sold 13.06 lakh units. This includes 6.19 lakh units sold in the domestic markets and 6.87 lakh as exports. In the year-ago quarter, it had sold 12.02 lakh units in total. The company said its exports sales were the highest-ever despite shortage of containers.

Moreover, the company's overall share in the domestic motorcycle market also increased from 17.5 per cent to 18.6 per cent, sequentially.

Meanwhile, "the domestic CV business remains impacted due to inadequate demand for short distance mobility," Bajaj Auto said.

The company also informed that on December 22, 2020, a Memorandum of Understanding (MoU) was signed between the Government of Maharashtra and Sajaj Auto Ltd, to set up a new manufacturing facility at Chakan, Maharashtra for the manufacture of high-end motorcycles and electric vehicles, at proposed investment of around Rs 650 crore. This new facility is expected to commence production in the year 2023.