Bajaj Auto’s strong export growth offsets domestic sales slowdown in October

Domestic two-wheeler sales of Bajaj Auto Ltd fell 8% in October on year, according to the sales figure data released by the company on Monday. It reported a modest 2% growth in total sales for October 2024. However, exports which surged by 24%, helped offset domestic market challenges.

The company's total sales reached 479,707 units in October 2024, compared to 471,188 units in the same month last year.

In the two-wheeler category, which constitutes the bulk of Bajaj's business, total sales grew by 2% to 414,372 units. The domestic market showed signs of stress with an 8% decline to 255,909 units, but exports rose significantly by 22% to 158,463 units, compensating for the domestic slowdown.

The commercial vehicle segment’s overall sales grew 4%. While domestic CV sales declined 6% to 47,922 units, exports showed grew by 46%, reaching 17,413 units.

The company's year-to-date performance (April-October 2024) presented a more robust picture, with total sales growing by 10% to 2.8 million units. Both domestic sales and exports showed healthy growth of 10% and 9% respectively, indicating strong underlying business fundamentals.

This performance comes amid challenging market conditions in India's two-wheeler sector, which has been facing headwinds due to inflationary pressures and changing consumer preferences. Nevertheless, Bajaj Auto's good export performance underscores its successful international market strategy and the growing global demand for Indian vehicles.

The results include sales from Chetak Technology Ltd, Bajaj's wholly-owned subsidiary that manufactures electric vehicles.