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Bajaj Auto Q3 Results: Record 1.81 mn exports in 2021; operating profit sees 21% YoY decline to Rs 1,334 crore

Bajaj Auto Q3 Results: Record 1.81 mn exports in 2021; operating profit sees 21% YoY decline to Rs 1,334 crore

Bajaj Auto Q3 Results: Record 1.81 mn exports in 2021; operating profit sees 21% YoY decline to Rs 1,334 crore
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By CNBCTV18.com Jan 19, 2022 6:17 PM IST (Updated)

In the two-wheeler segment, the company sold 4,71,284 units domestically in the latest quarter, slightly lower than the 4,88,148 units it had sold in Q2. At the same time, the company exported 5,77,261 units as against 5,41,216 the previous quarter.

Pune-based Bajaj Auto Limited today reported continuing strong exports with average monthly volumes in excess of 2,19,000 units. In its quarterly earnings report released on Wednesday, the automaker said it exported a record 2.5 million units for the calendar year 2021. Overall, the company sold more than 1.81 million units in the domestic and foreign markets.

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In the two-wheeler segment, the company sold 4,71,284 units domestically in the latest quarter, slightly lower than the 4,88,148 units it had sold in Q2. At the same time, the company exported 5,77,261 units as against 5,41,216 the previous quarter.
"In the domestic motorcycle market, the industry recorded a decline of 23% over the quarter," Bajaj Auto said in the report, adding, "In contrast, Bajaj Auto fared marginally better, recording sales of over 469,000 units, a decline of 20%. Market share improved to 19.2% in Q3FY22 as against 18.6% in Q3FY21 and 18.1% in FY21."
In the domestic commercial vehicle market, the company sold 52,015 units as against 44,068 units in Q2FY22. "Bajaj Auto recorded a growth of 52% and reported a market share of 71%, continuing its leadership position," the company said.

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However, the company stated in the report that it recorded  a sharp yearly decline in its operating profit, profit before tax and profit after tax for the quarter ended December 31, 2021.
According to the report, the company's operating profit stood at Rs 1,334 crore, down 21 percent year-on-year (Rs 1,698 crore), but up 2.34 percent quarter-on-quarter (Rs 9,081 crore). Its PBT was at  Rs 1,573 crore--down 23% YoY (Rs 2,033 crore) and 4.78 percent QoQ (Rs 1,652 crore)--and PAT of Rs 1.214 crore, a decline of 22% YoY (Rs 1,556 crore) and 4.78 percent QoQ (Rs 1,275 crore).
Further, the company's revenue stood at Rs 9,022 crore, just a percentage point increase from Rs 8,910 crore reported in the third quarter of the previous fiscal. The company also reported earnings before interest, taxes, depreciation, and amortisation (EBIDTA) of Rs 1,405 crore in Q3FY22, a 20% YoY fall. Adjusted, the EBIDTA stood at 15.6%.
In the report, the company said, "Sequentially, EBITDA margins improved from 15.0% (adjusted) in Q2FY22 to 15.6% in Q3FY22, largely for two reasons -- positive net impact of price increase, less material cost increase, and favourable export realisation for USD to INR."
As on December 31, 2021, Bajaj Auto reported surplus cash and cash equivalents at Rs 17,883 crore as against Rs 17,526 crore the previous quarter. 
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