· Revenue from Operations registers a new high of ₹10,777 crores, up 6% YoY
o Underpinned by double digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving exports performance
· At ₹2,133 crores, quarterly EBITDA surpasses the ₹2,000 crore milestone for the first time – growth of 21% YoY
o Margin at 19.8%, up +260 bps YoY, driven by better realisation and a richer product mix, which more than covered the drag arising from investments on growing electric scooters
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Buoyant domestic business registers a new peak, on the back of six successive quarters of double-digit YoY growth
o Underpinned by a broad-based performance, most notably the sustained competitive growth on 125 cc+ Bajaj motorcycles and the further acceleration of three-wheeler sales that delivered its highest ever quarter
· Exports stay on course to making a gradual recovery, amidst volatile market conditions– volumes up 8% sequentially
o Market share holds steady with volume uptick in Africa, LATAM and SAME allowing for a slight build back of inventory in select markets; actions continue unabated to navigate currency constraints and challenging macros in overseas markets
· In motorcycles, consistent focus on premiumization enables solid market leading growth (6x YoY vs. rest of market in 125cc+)
o Launched the Pulsar N150, India’s favourite 150cc in an all-new avatar with aggressive styling, segment leading features, stellar on-road performance, and an attractive price point – auguring well as a promising addition to the Pulsar family
· A landmark quarter for three-wheelers as it steps up its volume trajectory to clock historic high sales(Q1: 99K, Q2: 132K units)
o An encouraging response to the e3W launch has led to advancing of rollout plans – 7 cities now covered with further expansion underway; potential to add incremental volumes from restricted markets that become accessible through the electric offering
· Chetak expansion making steady progress – exit market share more than doubles to 11% vs. 5% same time a year ago
o Focused actions on brand activation, network extension (now in 120 cities vs. 90 in previous quarter), augmenting supply chain capability and product interventions all in the pipeline to further scale up business and bolster competitive play
· Deliveries of Triumph Speed 400 initiated in August met with very enthusing customer feedback (>8K units in Q2)
o System capacity being built on front/back end for rapid scale up; the launch of Scrambler 400X and start of exports are planned for Q3, while work on taking the brand experience to over 100 cities by the year end is on track (currently 26)
· Strong cash generation sustained – over ₹3,600 crores of Free Cash Flow added in first half, 1.6x higher than H1 FY23
o Robust Balance Sheet with surplus funds at ₹17,326 crores as on 30th Sep 2023, after dividend distribution of ~₹4,000 crores during the quarter
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