Bajaj Auto Q1 FY24 net profit up 42% at Rs 1,665 crore

Home-grown automaker Bajaj Auto reported a 42% year-on-year growth in its net profit at Rs 1,664.77 crore for the fiscal's first quarter ended June 30. The company had posted a profit of Rs 1,173.30 crore in the year-ago period.

The company's total revenue from operations rose nearly 29% year over year to Rs 10,309.77 crore during the quarter ended June from Rs 8,004.97 crore in Q1 FY23. During the quarter under review, total income rose to Rs 10,656.10 crore as compared to Rs 8,324.29 crore in the year-ago period.

According to the company, revenue was supported by double-digit volume growth, which covered the sluggish, but improving performance of exports, and cushioned the ongoing domestic upswing. The company's export volumes had risen sequentially by 12% despite the ongoing currency and macro headwinds in foreign markets.

“Domestic revenues registered its biggest-ever quarter, maintaining its double-digit growth trajectory yet again. All businesses are contributing to the solid delivery - robust double-digit motorcycle growth, consistent industry-leading three-wheeler performance, and steady scale-up on Chetak EV," added the company in its exchange filing.