Bajaj Auto share price gains nearly 2% on better sales data

Hot Stocks
admin
June 1, 2023
0
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9 minutes read

The commercial vehicles sales were up 80 percent at 47,452 units versus 26,369 units, YoY.

The domestic sales were up 103% at 2,28,401 units versus 1,12,308 units, YoY.

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Bajaj Auto share price gained nearly 2 percent in the early trade on June 1 after company reported better sales number for the month May 2023. Bajaj Auto‘s total sales were up 29% at 3,55,148 units in May 2023 against 2,75,868 units in May 2022. The domestic sales were up 103% at 2,28,401 units versus 1,12,308 units, YoY.

However, exports were down 23 percent at 1,26,747 units against 1,63,560 units, YoY.

In the 2-wheeler segment, the total sales were up 23 percent at 3,07,696 units versus 2,49,499 units, while commercial vehicles sales were up 80 percent at 47,452 units versus 26,369 units, YoY.

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The financials

The company had reported a consolidated net profit for the quarter ended March 2023 of Rs 1,704.74 crore, up 11.70 percent from Rs 1,526.16 crore in the same quarter last year.

Revenue from operation came in at Rs 8,929.23 crore, registering a growth of 11.96 percent from Rs 7,974.84 crore in the year-ago quarter, the company said in a regulatory filing.

The board of directors of the company has recommended a dividend at the rate Rs 140 per share.

Management View

In an interview to CNBC-TV18, Rakesh Sharma, Executive Director Bajaj Auto, said performance of the domestic segment was strong, primarily driven by the outperformance in the 125cc segment. He highlighted that the growth rates are looking astronomical due to the low base of the previous year, indicating a significant improvement.

Sharma further stated that the business has improved on a sequential basis, and the 125cc plus segment has performed well. He expressed expectations of the industry growing by 3-5% in the next 2-3 months. Bajaj Auto, however, aims to grow at twice the rate of the industry, positioning itself for a stronger growth trajectory.

The company currently holds over 30% market share in the 125cc segment, indicating its strong position in the market. Additionally, Sharma mentioned that Bajaj Auto’s domestic market share has now reached 18%.

Regarding the international markets, Sharma highlighted that the Nigeria business is improving consistently month by month. On-ground demand in export markets is also showing signs of improvement. Furthermore, the availability of US dollars for trading is slowly improving, which is positive for the company’s export operations.

To support his statements, Sharma provided sales figures, stating that Nigeria sales have risen from 26,000 units in March to 28,000 units in April, and 30,000 units in May, reflecting a consistent upward trend.