Bajaj Auto has posted Q1FY23 standalone profit of Rs 1,173 crore, up 11 percent YoY from Q1FY22 profit of Rs 1,061 crore. The Q1 revenues from operations rose 8 percent YoY to Rs 8,005 crore compared to Rs 7,386 crore in the same quarter last year.

On a sequential basis, the revenue from operations was flat compared to Rs 7975 in Q4FY22 but the profit after tax slipped almost 20 percet in Q1 from Rs 1469 crore profit in Q4FY22.

Bajaj Auto’s EBITDA margin expanded by 100 basis points in Q1FY23 to 16.6 percent against 15.6 percent on the back of price increases, better foreign exchange realisation. The favourable mix helped to a large extent in offsetting the impact of inflation and enabled margin improvement.

The commissioning of the state- of- the- art plant under Chetak Technologies, part of its EV investment commitment is the key highlight of the June quarter. The company also sustained a track record of surplus cash and at the end of June quarter, its cash surplus stood at Rs 20,509 crore.

Two-wheeler sales for the quarter slipped 8 percent YoY. Even on a sequential basis, the Q1 two-wheeler volumes dipped 7 percent. Export of two-wheelers however, recovered some ground sequentially up 2 percent from Q4FY22 levels despite the 4 percent drop YoY.