Bajaj Auto rallies over 55% in CY23, best yearly performance since 2010 – key reasons
Bajaj Auto, a leading two-wheeler manufacturer and the flagship company of Bajaj Group, saw its shares perform exceptionally well on the exchanges this year, gaining 57.3% so far. This marks the stock's best yearly performance since 2010. The company's shares have been on a continuous uptrend since January 2023, with no significant pullbacks.
Over the last ten months, the stock finished eight months in positive territory. In today's trade, the stock recorded a new historic high of ₹5,676 apiece. Also Read: Five key trends in Q2 results revealed: Nuvama This stellar show is attributed to strong financial performance, an improvement in sales, and positive market sentiments for the automobile industry.
On November 01, Bajaj Auto reported a 19% YoY increase in total sales, recording 4,71,188 units in October 2023 as compared to 3,95,238 units in the same month of 2022. The total two-wheeler sales witnessed a 19% YoY growth, with 4,08,144 units sold in October 2023 as against 3,41,903 units sold in October 2022. On commercial vehicles front, the company sold 63,044 units in the domestic market, recording a growth of 35% YoY, while the export market witnessed a drop of 28% YoY.
For the September quarter, the company posted a robust set of numbers, with its net profit growing by 17.51% YoY to ₹2,020 crore. Revenue from operations registered a new high of ₹10,777 crore in Q2, up 6% YoY. Also Read: Olectra Greentech shares surge over 140% in 2023, will the momentum continue? At ₹2,133 crore, quarterly EBITDA surpassed the ₹2,000 crore milestone for the first time, reflecting a growth of 21% YoY, while the EBITDA margin expanded 260 basis points to 19.8%, driven by better realisation and a richer product mix, which more than
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