Bajaj Auto share price nears all-time high on strong Q1 results, should you buy, sell or hold?
Bajaj Auto share price is hovering around its all-time high level of ₹4,995 on Wednesday after the company reported an 42% year-on-year rise in its net profit for the fiscal's first quarter ended June (Q1FY24) to ₹1,664.77 crore, on Tuesday. Bajaj Auto share price opened at ₹4,874 apiece on BSE. Bajaj Auto stock touched intraday high of ₹4883.70 and low of ₹4842.70.
With a current market price of Rs. 4,872, the price of the Bajaj Auto stock is ₹123 below its all-time high level. Strong volume growth, improved cost control, and increased FX realisation all contributed to Bajaj Auto's profitability.
The company had reported a profit of ₹1,173.30 crore in the year-ago period. Sequentially, consolidated net profit was rose 16% from ₹1,432.88 crore in Q4FY23. The company's total revenue from operations rose nearly 29% on year to ₹10,309.77 crores during the quarter ended June from ₹8,004.97 crore in Q1FY23.
The company's EBITDA for the quarter under review was ₹1,954 crore, up 51% year over year, while margins of 19% were up 280 basis points. Sequentially, margins dropped by 30 basis points from 19.3% in Q4FY23. Rakesh Sharma, executive director of Bajaj Auto, stated that since the company's two motorcycles were unveiled earlier this month in partnership with the Triumph motorbike brand from the United Kingdom, there have been roughly 17,000 reservations made.
In Q1FY24, the overall number of vehicles sold—including both two-wheelers and commercial vehicles—was 10,27,407 units, up 10% from the 9,33,646 units sold in the same period of FY23. The stock has gone up roughly 5% after Bajaj Auto introduced the Triumph Speed 400 and Triumph Scrambler 400X on 5 July in collaboration with the British motorcycle manufacturer. "No major
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