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India’s electric vehicle (EV) sector, often seen as a key player in the country’s clean energy transition, has been called “irrelevant” without government <keyword id="20231384" type="General" weightage="20" keywordseo="incentives" source="keywords">incentives</keyword> by a recent Bernstein research report. The report highlights the serious challenges automakers face in achieving profitability and scaling operations in the EV segment, which remains heavily reliant on financial support from the government. <h2>Struggling to achieve profitability</h2>The Bernstein report reveals that generating profitable margins in the Indian EV sector is proving to be an uphill battle for automakers. “It is tough to generate sufficient margins and get scale in EVs. Even with hefty incentives, incumbent OEMs are still unprofitable,” the report stated. This underscores the fact that even with <keyword id="20022183" type="General" weightage="20" keywordseo="government-subsidies" source="keywords">government subsidies</keyword> aimed at promoting <keyword id="20138204" type="General" weightage="20" keywordseo="electric-mobility" source="keywords">electric mobility</keyword>, automakers are struggling to make EVs financially viable. High production costs, limited infrastructure, and relatively low consumer demand all contribute to this issue. Traditional automakers, particularly in India’s two-wheeler market, are facing significant financial losses. According to Bernstein, while some niche startups may survive, their long-term market share will likely remain limited, and competition will primarily be between established original equipment manufacturers (OEMs). The key challenge for these OEMs is achieving the scale and cost reductions required to compete with the well-entrenched internal combustion engine (ICE) sector. <h2>Reliance on incentives</h2>One of the most striking conclusions from Bernstein’s analysis is the deep reliance of the EV sector on government subsidies. Without these incentives, the <keyword id="19952060" type="General" weightage="100" keywordseo="EV-Industry" source="keywords">EV industry</keyword> would be unable to compete with traditional ICE vehicles. “The EV Industry is not relevant without incentives currently, and to break the ICE sector, it needs intense focus, scale, and continued cost downs,” the report emphasised. This indicates that while government schemes like GST benefits have helped reduce the cost difference between EVs and ICE vehicles, they are not enough to ensure the long-term sustainability of the EV sector. Bernstein estimates that the overall EV two-wheeler industry in India generates around USD 1.3 billion in annual revenues, but without government support, the sector incurs an EBIT loss of approximately USD 300-400 million. The high cost structure of EVs, combined with the relatively low sales volumes, makes it difficult for companies to operate without subsidies. <h2>Established players face mixed fortunes</h2>Among India’s leading two-wheeler manufacturers, Bernstein noted that <keyword id="19897354" type="General" weightage="20" keywordseo="Bajaj-Auto" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Auto" meta.hostid="265" meta.entityid="Bajaj Auto">Bajaj Auto</keyword> and <keyword id="20326963" type="General" weightage="20" keywordseo="TVS-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motors" meta.hostid="265" meta.entityid="TVS Motors">TVS Motors</keyword> are on a similar footing in terms of their performance in the EV space. Bajaj Auto received an "Outperform" rating from Bernstein due to its lower valuations, while TVS Motors was rated "Market Perform" after it was found to be losing approximately 7.5% in EBITDA, or Rs 11,000 per vehicle, despite generating a gross profit margin of 7% without subsidies. <div type="Article" hostid="261" msid="113631992" title="Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh" mstype="2" mssubtype="0"></div>Hero MotoCorp, a major player in India’s automotive market, lags behind both Bajaj and TVS in terms of its EV offerings. Bernstein also pointed out that Eicher Motors, which is expected to launch its own <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> soon, is likely to remain “sub-scale and less relevant” in the competitive EV landscape. Interestingly, <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="265" meta.entityid="Ola Electric">Ola Electric</keyword> (Ola-E) stands out as a startup that has been able to generate positive operating earnings (EBITDA) from its premium models like the S1 Pro and S1 Air, even as it incurs losses on its mass-market model, the S1X. “Our analysis indicates that Ola-E is generating positive operating EBITDA from its premium models, such as the S1 Pro and S1 Air while incurring a loss on its mass-market model, the S1X,” the report said. While Ola has shown some promise, it too remains heavily dependent on subsidies to maintain its financial health. <h2>Long-term outlook</h2>Bernstein’s report paints a challenging picture for the future of India’s EV sector, suggesting that while dominant startups may survive, the majority of the competition will come from traditional automakers. However, without significant scale and continued cost reductions, the EV industry will struggle to become self-sustaining. <div type="Article" hostid="261" msid="113315022" title="Waiting for the festive season to buy an EV? Cabinet approves PM E-Drive subsidising most EVs, sans electric cars" mstype="2" mssubtype="0"></div>Bernstein emphasised that to truly compete with ICE vehicles, the EV sector needs to focus on scaling up operations, reducing costs, and maintaining long-term commitment. Until these conditions are met, India’s EV industry will remain highly dependent on government support and may continue to face an uphill battle for relevance. In conclusion, while India’s EV sector is seen as a vital part of the country’s clean energy future, Bernstein’s analysis highlights that it is far from being self-reliant. The industry’s heavy dependence on government incentives raises questions about its long-term sustainability and relevance, particularly in the face of ongoing challenges with profitability and scale. (With inputs from ANI)

Why has Bernstein called India’s EV sector 'irrelevant'?

<keyword id="6359783" type="General" weightage="80" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> said its consolidated net profit increased 17.51% to Rs 2,020 crore for the September quarter with robust domestic performance driving record revenue. The Pune-based company had reported a consolidated net profit of Rs 1,719 crore in the year-ago period. Total income increased to Rs 11,207 crore for the second quarter of the current fiscal from Rs 10,537 crore a year ago, Bajaj Auto said in a regulatory filing. Bajaj Auto said its revenue from operations registered a new high of Rs 10,777 crore, up 6% year-on-year (YoY). In terms of volume, Bajaj said it sold a total of 10,53,953 units in the quarter under review, down 8% from 11,51,012 units in the year-ago period. Two-wheeler sales in the domestic market were down 19% to 5,05,320 units in Q2 as compared to 6,21,134 units in the year-ago period, while exports were at 3,76,263 units as against 3,97,900 units last year, down 5%. Total three-wheeler sales were at 1,72,370 units in the quarter under review as against 1,31,978 units in the corresponding period a year ago, up 31%. In the domestic market, the company said it clocked its highest-ever quarterly sales at 1,32,236 units as against 73,241 units last year, registering an increase of 81%. Addressing reporters in a virtual earnings call, Bajaj Auto Executive Director Rakesh Sharma said the company has been able to deliver "record breaking" performance in the midst of difficult international trading conditions. He said the drop in volumes of two-wheelers was due to the high base effect of the corresponding period last fiscal. Led by strong performance in the 125cc and above motorcycle segment, Sharma said Bajaj Auto has been able to increase its market share, which, along with better product mix, resulted in better revenue realisation. The domestic business registered a new peak, on the back of six successive quarters of double-digit growth, he added. On the company's electric two-wheeler brand <keyword id="409918" type="General" weightage="50" keywordseo="chetak" source="Orion">Chetak</keyword>, Sharma said after sorting out supply chain issues since March-April this year, Bajaj Auto has been able to increase its market share in the electric two-wheeler segment to 11% in Q2, up from 3% in FY23. The portfolio of the brand would also be expanded, he said, adding that the sales network of Chetak is present in 120 cities as against 90 in the previous quarter. Asked about the penetration of electric two-wheelers, he said it is at around 5% of the overall two-wheeler industry and in the September quarter, it has been "stuck" at monthly sales of about 65,000 units due to increase in prices after the reduction in FAME II subsidy. It has led to consolidation with the top-five players commanding 75% of the market as compared to 50% earlier and the bottom players have been weakened and severely hit. Sharma said one needs to wait and see how electric two-wheelers will grow in future as it will depend on the continuation or changes in the FAME scheme. Commenting on the performance of premium bike <keyword id="52525" type="General" weightage="50" keywordseo="triumph" source="Orion">Triumph</keyword>, he said it has been received extremely well in the market with the model clocking 8,000 units in the first one and half months of deliveries since August. Bajaj Auto will increase monthly production of the model to 10,000 units by the fourth quarter of FY24, up from 7,000 units currently. The company is also planning to start exports of Triumph bikes in the third quarter, while work on taking the brand experience to over 100 cities by the year end is on track from 26 currently, he added. Asked about the company's new launches, Sharma said there will be six upgrades and new launches in the 125 cc and above segment in the next four to five months starting after Diwali. On exports, he said a slow and steady recovery is expected considering the current global geopolitical situation and the difficulties in the financial system. Bajaj Auto said it sustained strong cash generation by adding over Rs 3,600 crore of free cash flow in the first half of the current fiscal. Shares of the company ended marginally up at 5,143.80 apiece on the BSE on Wednesday.

Bajaj Auto Q2 net profit rises 17% to Rs 2,020 crore

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

<ul><li>Sector watchers anticipate robust double-digit year-over-year revenue growth for most 4-wheeler companies </li><li>Analysts are optimistic about <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>’ profit margins due to strong JLR sales. </li><li>Sales volumes of two-wheelers (2W) have experienced a slight year-on-year decline. </li></ul>The <keyword id="46265" type="General" weightage="20" keywordseo="auto-sector" source="Orion">auto sector</keyword> has been recovering, albeit slowly, after the pandemic. The second quarter of the current financial year (FY2024) saw wholesale trends exhibit a mixture of outcomes, with most segments experiencing an increase in sales volumes. Three-wheeler (3W) sales showed a significant year-on-year (Y-o-Y) recovery, while passenger vehicles (PV) saw growth in the mid-single digits, according to the India Autos report by BNP Paribas. However, sales volumes of two-wheelers (2W) experienced a slight year-on-year decline. A closer look at retail volume market share shows that in the 2W segment, <keyword id="6359783" type="General" weightage="20" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> lost 2.3 percentage points in market share when compared to the same period the year before, while Honda Motorcycle &amp; Scooter India lost 0.9% market share. Meanwhile TVS Motor Company and Suzuki gained market share by 1.7 and 1.1 percentage points respectively in the same time period. In the PV segment, <keyword id="50805" type="General" weightage="20" keywordseo="mahindra-and-mahindra" source="Orion">Mahindra and Mahindra</keyword>, Toyota and <keyword id="44883" type="General" weightage="20" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> India gained market share of 1.6, 1 and 1 percentage points respectively year-on-year, while Tata Motors and Kia lost market share by 0.6 and 1.1 percentage points respectively. Experts anticipate robust double-digit year-over-year revenue growth for most companies, with the exception of Bajaj Auto and Hero MotoCorp Limited. Substantial volume growth in the last quarter has been observed, except for the 2W segments, which has allowed them to take advantage of operational efficiency and a favourable product mix. <cmsannotation type="cmsannotation" annotationid="Analysts are optimistic about Tata Motors’ profit margins" comment="Subhead" text="Analysts are optimistic about Tata Motors’ profit margins">Analysts are optimistic about Tata Motors’ profit margins</cmsannotation> Analysts at BNP Paribas are optimistic about Tata Motors' profit margins due to strong Jaguar Land Rover (JLR) sales. In regards to other companies, they expect mixed or in-line results when compared to consensus expectations. The analysts take a pessimistic stance on the two-wheeler (2Ws) sector, citing expectations of persistently low growth, subdued festive seasons, the disruptive influence of electric vehicles (EVs), and heightened competition that could negatively impact the sector's profitability. However, they express preference for passenger vehicle original equipment manufacturers (OEMs) such as Maruti Suzuki, Mahindra and Mahindra, as well as globally-oriented companies like Tata Motors. These companies are better positioned to achieve sales growth and maintain healthy margins during the economic upswing, particularly due to their disciplined pricing strategies. Price targets (TPs) for select stocks have been increased, taking into account the shift in their valuation basis to September 2024, recent demand trends, and the inclusion of valuation related to Hero MotoCorp's (HMCL) financing subsidiary. They highlight that Maruti remains their top choice among the investments. <cmsannotation type="cmsannotation" annotationid="Expectations for different automakers" comment="Subhead" text="Expectations for different automakers">Expectations for different automakers</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Maruti Suzuki" comment="Subhead" text="Maruti Suzuki">Maruti Suzuki</cmsannotation> For Maruti Suzuki , analysts recommend a "BUY" with a target price set at ₹13,000, while the current price is at ₹12,700. This is based on a price-to-earnings (P/E) ratio of 29 times the estimated earnings per share (EPS) for September 2025. The target multiple remains the same, but it has been adjusted for the next quarter. The target multiple is based on the five-year average next twelve months (NTM) P/E, as per Bloomberg consensus estimates, to account for a gradual recovery in the demand cycle. The target price has increased due to the forward adjustment in valuation. <cmsannotation type="cmsannotation" annotationid="Mahindra &amp; Mahindra" comment="Subhead" text="Mahindra &amp; Mahindra">Mahindra &amp; Mahindra</cmsannotation> For Mahindra &amp; Mahindra, the recommendation is a "BUY" with a target price of ₹1,905 (current price: ₹1,930). The valuation includes a sum-of-the-parts (SoTP) approach, with a target multiple similar to that of Escorts for the Farm Equipment Sector (FES). In the automotive sector, the target multiple is also unchanged and rolled forward by a quarter. A holding company discount of 10% is applied, similar to Escorts. However, there's a 20% discount compared to peers Maruti Suzuki (MSIL) and Ashok Leyland (AL) due to concerns about automotive market share loss. The target price has slightly decreased due to earnings estimate cuts offsetting the roll-forward of the valuation. <cmsannotation type="cmsannotation" annotationid="Bajaj Auto" comment="Subhead" text="Bajaj Auto">Bajaj Auto</cmsannotation> For Bajaj Auto, the recommendation is "HOLD" with a target price of ₹4,900 (current price: ₹4,600). The valuation is based on a sum-of-the-parts (SoTP) approach using a 16x target multiple for Bajaj Auto's internal combustion engine (ICE) business in September 2025. The Electric Vehicle (EV) business is valued at 2.3x the estimated EV revenue for the same period. The target multiple for EV aligns with global EV companies' market cap/revenue multiples for December 2025. The target price has risen due to higher earnings estimates and a valuation base shift. Additionally, the value of Bajaj's stake in Pierer Bajaj AG, with holdings in PIERER Mobility AG, is included in the assessment. <cmsannotation type="cmsannotation" annotationid="Tata Motors" comment="Subhead" text="Tata Motors">Tata Motors</cmsannotation> Tata Motors gets a "BUY" recommendation with a target price of 770, mirroring the current price. The valuation relies on a sum-of-the-parts (SoTP) method, averaging various valuation methods, such as EV/Sales, EV/EBITDA, EV/EBIT, and P/E ratios. The multiples remain the same, but the valuation base is extended by a quarter. Different valuation multiples are applied to segments like JLR, China JV, Passenger Vehicles (PV), and Commercial Vehicles (CV), considering their estimated sales, EBITDA, EBIT, and EPS for September 2025. These multiples are benchmarked against similar companies, with target multiples discounted by 20% for JLR and China JV, and 50% for CV and PV. The Electric Vehicle (EV) business valuation is based on the last funding round average with a 30% discount, and the target price remains unchanged.

PV sales to shift gears courtesy festive season but 2-wheelers’ struggles to continue

<ul><li><keyword id="6359783" type="General" weightage="100" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword>’s shares edged lower by 1% on Wednesday even as the Pune-based manufacturer <a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-q4-net-profit-falls-2-yoy-to-1433-crore/articleshow/99766398.cms">delivered better-than-expected results in Q4</a>.</li><li>Analysts remain divided on the company’s prospects going forward, due to macroeconomic headwinds, rising competition and disruption.</li><li>Bajaj Auto plans to launch an upgrade to its Chetak electric scooter and first electric three-wheelers.</li></ul>Bajaj Auto’s shares headed lower on Wednesday even as the Pune-based manufacturer of popular two-wheelers like <keyword id="76971" type="General" weightage="20" keywordseo="Pulsar" source="Orion">Pulsar</keyword><a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-q4-net-profit-falls-2-yoy-to-1433-crore/articleshow/99766398.cms"> delivered better-than-expected results in Q4</a>. While the company beat analyst expectations thanks to a richer product mix during the quarter, brokerages point out that uncertainty on exports and concerns of disruption still persist. Bajaj Auto’s shares edged lower on on Wednesday, down by 1%. The company reported a 2% YoY decline in its standalone net profit to ₹1,433 crore. Two-wheeler sales, which constituted nearly 88% of the company’s total volumes, were down by over 10% during FY23, largely due to shrinking exports. Brokerages are divided on the stock despite its strong operating performance. “Post the recent rally, we believe most of the positives are already being factored in at the current market price,” said the analysts at Kotak Institutional Equities. Bajaj Auto’s shares rose 13% in the last one month and over 20% in 2023 so far, outperforming the broader Nifty Auto index which has gained nearly 8% and 2%, respectively. An average of brokerage estimates suggests that there is an upside of a little over 3% over the next 12 months, with an average target price of ₹4,443, as compared to the current market price of ₹4,306 per share. <cmsannotation type="cmsannotation" annotationid="Exports to recover in FY24, but that will shrink margins" comment="subhead" text="Exports to recover in FY24, but that will shrink margins">Exports to recover in FY24, but that will shrink margins</cmsannotation> Declining exports have been a major pain point for Bajaj Auto in FY23. The share of exports in its total volumes declined to 46% in FY23 from 58% in FY22. This was in large part due to demonetization in Nigeria, which is Bajaj Auto’s key market. Demonetization led to limited availability of US dollars and in conjunction with inflation, it limited exports. Management commentary in Q4 underlined that the exports have bottomed out and a recovery is expected in FY24, but brokerages say that this is contingent upon the availability of US dollar improving. A downside of exports recovering is a decline in margins owing to the lower average selling price of vehicles in Africa. “We do not expect the current profitability to sustain as we expect demand from African geography (lower average selling prices) to recover from the second half of FY24 onwards,” the Kotak report added. <cmsannotation type="cmsannotation" annotationid="Ripe for disruption from electrification" comment="subhead" text="Ripe for disruption from electrification">Ripe for disruption from electrification</cmsannotation> A richer product mix aided Bajaj Auto’s margins in the March quarter – its operating margins rose 220 basis points YoY to 19.3%. However, analysts underscore a key emerging concern – disruption from electrification. “A large part of its India profit pool of premium motorcycles and three-wheelers is vulnerable to possible disruption from electrification,” said the analysts at Motilal Oswal. Bajaj Auto sold over 5,500 units of its Chetak electric scooter in March 2023 while its peers — Ather, TVS and Ola Electric sold between 12,000, 15,000 and 21,000 electric scooters, respectively. The company plans to catch up by ramping up its manufacturing capacity to 10,000 units from June this year, but even at those levels, its peers are still ahead. The company also said that an upgrade to its Chetak electric scooter is in the works. Three-wheelers, which accounted for nearly 12% of the company’s total volumes, is another segment where Bajaj Auto is lagging behind its rivals Mahindra and Kinetic, among others, who already have their vehicles on sale. Bajaj Auto said it will launch its own electric three-wheelers in the coming days. <cmsannotation type="cmsannotation" annotationid="Analysts divided, upside limited" comment="subhead" text="Analysts divided, upside limited">Analysts divided, upside limited</cmsannotation> Analysts are divided on the company’s prospects going forward. Bajaj Auto is guarding its margins with price hikes and a better product mix. But, headwinds like elevated commodity costs could limit its scope. “At current valuation, most positives are priced in, leaving limited upside,” said the analysts at Reliance Securities, downgrading the company from ‘buy’ to ‘hold’. All in all, Bajaj Auto has a few challenges on hand which includes heightened competition in the budget two-wheeler segment, disruption concerns in the high-margin premium motorcycles and three-wheeler segments, and uncertainty in its export markets. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/what-type-of-documents-require-for-the-return-filing-in-fy-2022-23/articleshow/99764857.cms">Your comprehensive document checklist for income tax return filing</a> <a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-q4-net-profit-falls-2-yoy-to-1433-crore/articleshow/99766398.cms">Bajaj Auto Q4 net profit falls 2% YoY to ₹1,433 crore</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-likely-candidate-for-rerating-after-q4-profit-surge-of-46/articleshow/99756150.cms">IndusInd Bank likely candidate for rerating after Q4 profit surge of 46%</a>

Bajaj Auto rides on richer product mix in Q4, but export and disruption concerns persist

<ul><li>Among the three players, Bajaj Auto has reported poor performance in the March quarter although it managed to grow on a yearly basis.</li><li><keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> and Hero MotoCorp delivered strong profit and sales growth in FY23 as well as in the recent March quarter.</li><li>All the automakers have delivered growth in profitability and sales.</li><li>This is reflected in the overall growth of the domestic two wheeler industry in FY23, which rose 17% on year after three years of decline.</li></ul>The most popular brands in the <keyword id="3312762" type="General" weightage="20" keywordseo="Indian-two-wheeler-industry" source="Orion">Indian two wheeler industry</keyword> -- Bajaj Auto, Hero MotoCorp and TVS Motor have come out with their performance for the financial year 2023 and all of them have beat analysts estimates. All the automakers have delivered growth in profitability and sales. This is reflected in the overall growth of the domestic two wheeler industry in FY23, which rose 17% on year after three years of decline. The industry clocked sales of 15.86 million units in FY23 from 13.57 million in the last fiscal year, according to Society of Indian Automobile Manufacturers (SIAM) However, reports say that the segment is still at a nine year low. Among the three players, Bajaj Auto has reported poor performance in the March quarter although it managed to grow on a yearly basis. Bajaj Auto’s Q4 standalone net profit fell 2% on year to ₹1,433 crore. Rising input costs and shrinking exports ate into the two-wheeler maker's volumes as well as bottomline, even as the company’s topline expanded by 12% to ₹8,905 crore during the quarter. In fact, analysts believe it may continue to underperform its peers because of weak presence in the domestic market. “Even so, we believe the company would underperform peers such as Eicher Motors (12% growth in FY24E) and TVS Motors (10% growth). Bajaj Auto’s underperformance is likely to persist owing to its weak presence in scooters in the domestic market, not to mention its large exposure to overseas markets,” said a report by Nuvama Institutional Equities. Stress of rising input costs in FY23 was clearly visible – Bajaj Auto’s input costs rose by nearly 9% to ₹24,073 crore, eating into its profits. Comparison of the three two wheeler maker’s financial performance <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,491 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,628 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,911 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% YoY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,378 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹36,428 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹33,806 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% YoY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 Margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">140 basis points </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40 basis points </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 basis points </td></tr></tbody></table> Meanwhile, TVS Motor and Hero MotoCorp delivered strong profit and sales growth in FY23 as well as in the recent March quarter. Hero MotoCorp beat analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hero-motocorp-q4-results-pat-beats-estimates-jumps-37-yoy-to-rs-859-cr-revenue-up-12/videoshow/99989882.cms">estimates</a> to deliver a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. Further, the company said that in the coming fiscal year, it has lined up a slew of product launches in different segments with an aim to strengthen its premium portfolio as well as premiumisation of existing models, which will help deliver improvement in market share. On the other hand, TVS Motor outperformed the other two and registered 67% on year growth in net profit along with sharp 140 basis points expansion in operating margin as well. After posting strong March-quarter earnings, the shares of the motorcycle manufacturer hit a 52-week high at ₹1,235, up nearly 6% on Friday. The management said that it expects to outperform the industry in both domestic and export segments due to demand recovery led by the premium and electric vehicle (EV) segment. “With supply challenges now largely over, we expect TVS’ outperformance to continue on the back of the ramp-up of its launches. Even in EVs, it seems to be ahead of its listed peers with a strong product pipeline in place for the next 24 months; it has signed up with industry experts and joint venture partners to emerge as a leading player in EVs,” said a report by HDFC Securities. 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FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins

<ul><li>TVS Motor’s standalone net profit jumped 49% to ₹410 crore in March quarter from ₹274 crore during the same period last year on the back of strong sales.</li><li>Meanwhile, its revenue from operations in the quarter grew 19% at ₹6,605 crore as compared to ₹5,530 crore last year.</li><li>Overall TVS Motor sold 8.68 lakh units in the March quarter as against 8.56 lakh units during the same period last year including two-wheeler, three-wheeler sales and exports. </li></ul>TVS Motor’s standalone net profit jumped 49% to ₹410 crore in March quarter from ₹275 crore during the same period last year on the back of strong sales. Meanwhile, its revenue from operations in the quarter grew 19% at ₹6,605 crore as compared to ₹5,530 crore last year. It has performed better than its peer Bajaj Auto whose Q4 standalone net profit fell 2% on year to ₹1,433 crore. Despite the quarterly decline in revenue, <a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-q4-net-profit-falls-2-yoy-to-1433-crore/articleshow/99766398.cms">Bajaj Auto still managed to beat analyst expectations. </a> Meanwhile, India’s largest two-wheeler manufacturer <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-q4-net-profit-beats-estimates-rises-37-yoy-to-859-crore/articleshow/99989966.cms">Hero MotoCorp also delivered a strong March quarter </a>earnings performance beating analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hero-motocorp-q4-results-pat-beats-estimates-jumps-37-yoy-to-rs-859-cr-revenue-up-12/videoshow/99989882.cms">estimates</a>. It reported a 37% YoY rise in standalone net profit to ₹859 crore in Q4, aided by price hikes, cost cutting and improved product mix. The company posted a 17% growth in its FY23 net profit, which rose to ₹2,911 crore. TVS’ operating earnings before interest, taxes, depreciation and amortisation (EBITDA) margin grew marginally at 10.3% in Q4 as against 10.1% during Q4 of last year. For the financial year ended 2023, net profit grew 67% to ₹1,491 crore as compared to ₹894 crore in last fiscal. Revenue from operations grew by 27% to ₹26,378 crore from ₹20,791 crore last year. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹26,378 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20,791 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,605 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,530 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,491 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹894 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹410 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹274 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody></table>Source: Company reports Overall TVS Motor sold 8.68 lakh units in the March quarter as against 8.56 lakh units during the same period last year including two-wheeler, three-wheeler sales and exports. Its motorcycle sales fell to 3.89 lakh units in the quarter as against 4.42 lakh units last year. Scooter sales for the quarter grew by 30% registering 3.40 lakh units as against 2.62 lakh units last year. Electric vehicles registered sales of 43,000 units in the quarter ended March 2023 as against 6,000 units during the quarter ended March 2022. Three-wheeler sales for the quarter under review is 29,000 units as against 42,000 units last year. Shares of the company ended 1.97% higher at ₹1,180 apiece on Thursday, ahead of the earnings announcement. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hdfc-q4-net-profit-jumps-20-to-4425-crore-declares-interim-dividend-44-per-share/articleshow/99987148.cms">HDFC Q4 net profit jumps 20% to ₹4,425 crore, declares interim dividend ₹44 per share</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-q4-net-profit-more-than-doubles-yoy-to-722-crore/articleshow/99990510.cms">Adani Enterprises Q4 net profit more than doubles YoY to ₹722 crore as airports and roads businesses pick up pace</a>

TVS Motor’s Q4 net profit jumps 49% on year to ₹410 crore

<ul><li>Bajaj Auto’s quarterly revenue from operations surpassed the ₹10,000 crore milestone for the first time.</li><li>Its operating margin expanded 100 basis points from the previous quarter.</li><li>Its domestic sales rose but exports fell due to deteriorating macros in overseas markets.</li><li>Analysts expect more turbulence ahead in its exports business amid a slowdown in a few geographies.</li></ul>Pune-based Bajaj Auto reported a 20% rise in the second-quarter net profit to ₹1,530 crore from ₹1,274 crore a year earlier. On a sequential basis its net profit went up by 30% due to rise in realisations and currency gains. Total revenue from operations for the quarter grew 16% to ₹10,202 crore from a year ago. On a quarter-on-quarter basis, it rose 28% in the July-September quarter. The company surpassed the ₹10,000 crore quarterly revenue milestone for the first time. Analysts believe that Bajaj Auto reported healthy performance in 2QFY23, but expects turbulence ahead in its exports business amid a slowdown in a few geographies. “In view of significant cut in high margin exports business, slower recovery in domestic business, market share loss domestically and in overseas coupled, at present we have SELL rating on BJAUT, while post management's commentary on exports outlook, we would revisit our recommendation,” said Mitul Shah, head of research at Reliance Securities. The company informed exchanges that this was a record quarter with revenue and EBITDA. According to the company, “At ₹10,203 crore, quarterly revenue from operations surpasses the ₹10,000 crores milestone for the first time.” Its operating margins also expanded 100 basis points from the previous quarter. Baja Auto said that operating margin rose 100 basis points led by judicious price increases, dynamic cost management and better foreign exchange realisation. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,202 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,004 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,762 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,530 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,173 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,274 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.0% </td></tr></tbody></table>(Figures on a standalone basis) The company’s domestic sales have doubled compared to the previous quarter across two- wheeler and three-wheeler segments. However, its exports witnessed a drop due to “deteriorating macros in overseas markets”, the company said. Further, improvements in semiconductor supplies have helped the company build good inventories for the festive season. “Continued improvement in semiconductor supplies enabled a healthy build-back of channel inventory, ahead of the festive season,” said the company. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 (in units) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 (in units) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 (in units) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Domestic </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Two wheeler </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.21 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.14 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.88 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,241 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38,418 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44,068 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sub total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.94 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.52 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.32 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exports </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Two wheeler </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.97 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.32 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.41 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">58,737 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48,070 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70,424 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sub total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.56 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.80 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.12 lakh </td></tr></tbody></table> Shares of Bajaj Auto rose more than 1% in early trade but the stock closed 1% lower at the end of the day, ahead of its earnings announcement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-puts-in-place-plan-to-take-group-valuation-to-1-trillion/articleshow/94857619.cms">Gautam Adani puts in place plan to take Group valuation to $1 trillion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-becomes-more-valuable-than-its-peer-hero-motocorp/articleshow/94863107.cms">TVS Motor becomes more valuable than its peer Hero MotoCorp</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-hcl-tech-and-wipro-ring-the-bell-its-time-to-return-to-office/articleshow/94860273.cms">TCS, HCL Tech and Wipro ring the bell – It’s time to return to office</a>

You Searched For "Bajaj Auto earnings" and got 8 results

Why has Bernstein called India’s EV sector 'irrelevant'?

BI India Bureau

Bajaj Auto Q2 net profit rises 17% to Rs 2,020 crore

PTI

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

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PV sales to shift gears courtesy festive season but 2-wheelers’ struggles to continue

BI India Bureau

Bajaj Auto rides on richer product mix in Q4, but export and disruption concerns persist

Rounak Jain

FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins

Bhakti Makwana

TVS Motor’s Q4 net profit jumps 49% on year to ₹410 crore

Bhakti Makwana

Bajaj Auto’s Q2 net profit up 20% but analysts expect more pain in exports

Bhakti Makwana

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