Two and three-wheeler maker Bajaj Auto has reported 3% growth in its revenue from operations to INR 9,315 crore in Q3FY23. The robust double-digit revenue growth in the domestic business offset the drop in exports arising from the challenging market context.
“Overall spares revenue came in at an all-time high,” read a press release issued by the company.At INR 1,777 crore, EBITDA was the highest ever, surpassing the record set in the previous quarter. The 29% YoY growth underpinned by margin expansion of +390 bps YoY to 19.1% was led by judicious pricing, better dollar realisation, and richer product mix.
The OEM's domestic business saw double-digit revenue growth across both 2Ws and 3Ws. The 2W performance was buoyed by 125 cc+ festive season sales while 3W volumes surged, leading to its record-high market share.In its overseas business, the quarter marked the launch of motorcycles in Brazil with the Dominar brand.
The company, through its wholly-owned subsidiary, is establishing its capabilities and go-to-market network to leverage the attractive market opportunity. Notably, the company has recently launched its new Pulsar 150, and also introduced the Platina 110 with ABS.
On the EV front, the company's Chetak continued its growth in the local market. Dinesh Thapar, CFO, Bajaj Auto noted, “Volumes are up 5x over the previous year, the thrust on augmenting capabilities in the supply chain, R&D and growing dealership presence (62 at Dec 2022 end vs. 35 at the end of FY22) is well underway.”