Bajaj Auto Q3 Results: Net Profit Rises 3% to ₹2,109 Cr and Revenue Up 6%
Bajaj Auto Ltd: Overview
Bajaj Auto Ltd is one of India’s leading manufacturers of motorcycles, three-wheelers, and quadricycle, with a significant global presence. Established in 1945 and headquartered in Pune, Maharashtra, Bajaj Auto has evolved into a global powerhouse in the automotive sector, recognized for its innovation, quality, and design. The company is part of the larger Bajaj Group. Bajaj Auto has state-of-the-art manufacturing facilities located in India, including in Pune, Aurangabad, and Waluj. The company focuses on maintaining high-quality standards across its operations, supported by robust research and development (R&D). Bajaj’s R&D facilities are dedicated to innovation, focusing on improving fuel efficiency, design, and technological advancements, especially in the motorcycle and electric vehicle segments. Bajaj Auto continues to innovate with products like the Pulsar series, Avenger, and the Qute quadricycle. These products have strong brand recognition and customer loyalty. The Indian automotive industry is one of the largest in the world, with motorcycles and three-wheelers accounting for a significant share of the market. The two-wheeler segment, in particular, has been experiencing steady growth, fueled by rising disposable incomes, increasing urbanization, and a growing middle class. Bajaj Auto, with its strong product portfolio and expansive distribution network, continues to capture a significant portion of the domestic market and benefit from the overall industry growth. The shift towards electric vehicles (EVs) is one of the key trends in the automotive industry, driven by government initiatives to promote cleaner vehicles and growing consumer demand for eco-friendly transportation options. Bajaj Auto’s early foray into the EV segment with the Chetak electric scooter places it ahead of many competitors in this transition.
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Export of KTM brand contributed only 2% in total exports. Exports to be grow at 20% YoY in short term future. 125cc segment is growing at the twice pace than 100cc segment. Because of tactical price competition in 100cc segment, loss of market share is seen. Between December to march, company is launching 9 new variants in 125cc+ segment, it will allow more choice and better pricing to customers. Company sold 50,000 bikes of Freedom, since the launch. In commercial vehicle segment, three wheelers clocked the highest retail sales of about 125000 units in Q3, of which 17000 units were EVs. E-Auto brand is now working under the brand of Bajaj Gogo. Chetak market share has performed very well that its market share from 13% in Q3 FY24 is now increased to 22% in Q3 FY25. Bajaj Auto Credit Limited has rolled out in pan India ahead of its schedule, it is serving the both two and three wheelers segment of Bajaj Auto, and it posted a profit in Q3. The rename of Bajaj Auto Technology Limited erstwhile Chetak Technology Limited, is to focus now fully on technology segment, to fully adapt the new cutting edge technology. The EV two and three has achieved a combined breakeven in EBITDA in this quarter. The new Chetak 35 series platform will increase more demand in coming years.
Business Segments
- Motorcycles: Bajaj Auto is renowned for its motorcycles, which span across various segments, from entry-level to premium motorcycles. The company’s motorcycle portfolio includes models across the commuter, sports, and cruiser segments. Bajaj is particularly famous for brands like Pulsar, Avenger, Dominar, and Platina. The Pulsar brand, in particular, has established itself as one of India’s top-selling motorcycles, with a strong following in both domestic and international markets.
- Three-Wheelers: Bajaj Auto is also a key player in the three-wheeler segment, manufacturing auto rickshaws and commercial vehicles. The company has a robust lineup of three-wheelers under brands like RE, Qute, and Maxima. These vehicles are used for passenger transport and goods transportation, playing an essential role in the urban and rural mobility ecosystem, particularly in India and other emerging markets.
- Electric Vehicles (EVs): As part of its forward-looking strategy, Bajaj Auto has been making investments in the electric vehicle (EV) space. The company has launched the Chetak Electric Scooter, which marks its foray into the electric mobility sector. The Chetak has received a positive response due to its design, performance, and Bajaj’s strong brand presence in the Indian market. Bajaj Auto plans to continue investing in electric mobility to capitalize on India’s growing demand for environmentally-friendly and sustainable transportation solutions.
- Global Operations and Exports: Bajaj Auto has a significant presence in international markets, particularly in Southeast Asia, Africa, Latin America, and Europe. The company’s motorcycles and three-wheelers are exported to over 70 countries, making Bajaj one of the largest two-wheeler exporters globally. It has a strong distribution network, a manufacturing presence in several countries, and strategic partnerships with local entities to support growth in international markets.
Subsidiary Information
- Bajaj Auto International Holdings BV Ltd: BAIH is responsible for managing Bajaj Auto’s international investments. It oversees the company’s operations in various global markets and is primarily involved in the export business. It plays a key role in expanding Bajaj Auto’s international presence, including overseeing joint ventures, partnerships, and collaborations outside India.
- Bajaj Motorcycle Ltd (Thailand): This subsidiary helps Bajaj Auto expand its presence in Southeast Asia, particularly Thailand, where Bajaj Auto manufactures and sells motorcycles. Thailand serves as an important base for Bajaj Auto in the region due to its strategic location and high demand for motorcycles.
- Bajaj Auto Ltd (Indonesia): Bajaj Auto Indonesia is instrumental in distributing and selling Bajaj motorcycles in Indonesia, a key market for two-wheelers in Southeast Asia. The subsidiary is involved in both local manufacturing and assembly, along with distribution of motorcycles.
- Bajaj Auto Ltd (Africa): This subsidiary is critical for Bajaj Auto’s strategy to tap into the growing demand for affordable mobility solutions in Africa. Bajaj Auto has become one of the largest exporters of two-wheelers to the continent, with a presence in several countries.
- Bajaj Auto Ltd (USA): The U.S. subsidiary of Bajaj Auto focuses on expanding the company’s footprint in North America. It plays an essential role in promoting Bajaj Auto’s premium product range, including models like the Bajaj Dominar and Pulsar, to the North American market.
Q3 FY25 Earnings
- Revenue of ₹13169 crore in Q3 FY25 up by 8.3% YoY from ₹12165 crore in Q3 FY24.
- EBITDA of ₹2751 crore in this quarter at a margin of 21% compared to 20% in Q3 FY24.
- Profit of ₹2196 crore in this quarter compared to a ₹2033 crore profit in Q3 FY24.
Financial Summary
| Amount in ₹ Cr | Q3 FY24 | Q3 FY25 | FY23 | FY24 |
| Revenue | 12165 | 13169 | 36455 | 44870 |
| Expenses | 9750 | 10418 | 29991 | 36106 |
| EBITDA | 2415 | 2751 | 6465 | 8765 |
| OPM | 20% | 21% | 18% | 20% |
| Other Income | 356 | 348 | 1703 | 1700 |
| Net Profit | 2033 | 2196 | 6060 | 7708 |
| NPM | 16.7% | 16.7% | 16.6% | 17.2% |
| EPS | 71.8 | 78.6 | 214.2 | 276.1 |