Shares of Bajaj Auto rose over 2% in the afternoon session on Tuesday after the auto major reported its Q1 earnings. Net profit climbed 18% to Rs 1942 crore in June 2024 quarter against Rs 1644 crore profit in the corresponding quarter of the previous fiscal. Consolidated revenue from operations for the quarter stood at Rs 11,932 crore, reflecting a 16% rise compared to Rs 10,312 crore in the corresponding quarter of the previous financial year.
Sequentially, profit after tax (PAT) in Q1 fell 3.4% against Rs 2,011 crore reported in the January-March quarter.
Earnings per share (EPS) of the firm climbed to Rs 69.6 per share in Q1 against Rs 58.1 in the EPS in the June 2023 quarter.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for Bajaj Auto climbed 24% year-on-year to Rs 2,416 crore. EBITDA margin came at 20.2%, up 20 basis points than the estimate of 20% and 130 basis points higher on a year-on-year basis.
The auto major said domestic business maintained its momentum and resilience, clocking its ninth successive quarter of double-digit growth. "Sustained broad-based growth across the motorcycles, commercial vehicles and electric scooters portfolio; the electric portfolio (e2W, e3W) comprised 14% of domestic revenues this quarter (Q1FY24: 6%, FY23: 2%) - a reflection of the steady work on building this," said the firm.
The stock climbed 2.42% intraday to Rs 9909.95 against the previous close of Rs 9799 on BSE. Market cap of the firm stood at Rs 2.73 lakh crore. Earnings were announced during market hours.