BAJAJ AUTO LIMITED

Press Release: Full Year (FY23) & Quarterly (Q4) Results

A year of resilient and record performance marked by all-time high Revenue | EBITDA | PAT,
delivered amidst a challenging operating context

FY23: Full Year Highlights

• At ₹36,428 crores, Revenue from Operations was at its highest ever, growing 10% YoY despite constrained supplies early on and
particularly challenging overseas markets for the most part of the year. Spares revenue registered an all-time high.

• Dynamic management of the business enabled a record profit performance – new peaks were achieved on EBITDA, which at
₹6,551 crores was up 25% YoY on the back of solid margin expansion of +210 bps and on PAT that clocked ₹5,628 crores.

• Sustained momentum on the Domestic front led to strong double digit revenue growth, which more than made up for the setback on
exports arising from sluggish markets – a testament of the well-balanced business model that underpins the resilience

• While delighting thrill-seeking customers, the iconic motorcycle brands of Pulsar, Dominar and KTM powered ahead to deliver their
lifetime high annual sales. As for 3Ws, the continued preference for a Bajaj vehicle led to its best market share print of 78% in Q4.

• In Q4, KTM crossed a significant landmark as the one-millionth motorcycle made by Bajaj was rolled out. It took less than half
the time to hit the second half-million compared to the first, a reflection of the successful collaboration between the partners over time.

• The year witnessed a range of innovative and decisive actions taken to bolster the business, notably -
o Upgrade of the Pulsar across segments – reimagined design and re-engineered to deliver superior performance
o Launch of Platina 110cc ABS – a first-in-segment feature that provides better stability & control
o Entry into Brazil – seeding the well-recognized Dominar to leverage an attractive 2W market opportunity
o Investment behind EVs – new state-of-the-art 2W plant, augmented R&D setup, expanded go to market network
o Building supply security – Multiple vendors developed/onboarded to reduce single source dependency

• The Balance Sheet remains very healthy with surplus cash of ₹17,445 crores as of March 31, 2023. The consistent robust cash
generation fuelled ongoing competitive investments, capex of >₹1000 crores (including Chetak Technology) and a share buyback

• The Board of Directors have recommended a Final Dividend of ₹ 140 per share, totalling to about ₹ 3,961 crores. This, along with
the share buyback and tax thereon that was concluded earlier in the year will add up to almost ₹ 7,055 crores of cash being paid
to shareholders.

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Q4 FY23: Quarter Highlights

• Revenue from Operations stood at ₹8,905 crores, up 12% YoY, led by the sustained momentum on the domestic business that
delivered strong volume-led revenue growth (>50% YoY). Compared to same time last year, better foreign exchange realization,
judicious pricing and a richer product mix all helped offset the drop in overall volumes arising from sluggish exports

• EBITDA maintained its strong run, growing 26% YoY to ₹1,718 crores, with margin accretion of +220 bps to 19.3%. Sequentially
across quarters, price realisation and material costs held flat with favourable mix driving the slight uptick.

• Domestic motorcycle sales continued to deliver well, buoyed by the strong performance of the Pulsar portfolio and further
scale up in Platina 110 ABS volumes. The latest relaunch of Pulsar NS160 and NS200 with muscular styling along with launches earlier
in the year continues to grab the attention of enthusiasts and is enabling the acceleration of our market share in the 125cc+ segment

• Three-wheeler sales crossed the 100K units milestone for the first-time since the pandemic, reflecting the strong rebound to
pre-Covid levels for Bajaj (>100%) compared to ~45% for the rest of the industry – also reflected in the new high on our market share

• While Exports progressively worsened given the deteriorating macros across overseas markets, a close watch on developments and
decisive actions to salvage volumes ensured that our competitiveness was intact with overall market share holding steady.

• Building on the robust work done on the EV supply chain, Chetak has firmly commenced its scale-up phase - exit month retails
stepped up to >5.5K units. The progress of various initiatives and a secure outlook has allowed for the expansion of the exclusive store
network that now stands at 105 dealerships and 42 experience centres across 84 cities, with further scale up well underway

• The quarter saw Bajaj and Yulu launch their revolutionary new electric 2W platform, purpose-built for Indian urban mobility.
2 new generation vehicles, Miracle GR & DeX GR with a unique form-factor, ergonomic design & tech-powered utility were unveiled,
with these products poised to revolutionise the last-mile mobility market and open a large/exciting opportunity for both companies.

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Financial Summary (Standalone) ₹ Crores

Q3 Q4 Q4
Change Particulars Change FY23 FY22 Change
FY23 FY23 FY22

9,584 -4% Turnover 9,165 8,264 11% 37,609 34,354 9%

9,315 -4% Revenue from Operations 8,905 7,975 12% 36,428 33,145 10%

1,777 -3% EBITDA 1,718 1,366 26% 6,551 5,261 25%

19.1% 20 bps EBITDA % 19.3% 17.1% 220 bps 18.0% 15.9% 210 bps

1,964 -4% Profit Before Tax & Exceptionals * 1,887 1,582 19% 7,409 6,190 20%

1,964 -4% Profit Before Tax 1,887 1,897 -1% 7,409 6,505 14%
1,491 -4% Profit After Tax 1,433 1,469 -2% 5,628 5,019 12%
*Exceptionals include ₹315 crore accrued as incentive receivable from the Maharashtra Government under Package Scheme of Incentives, 2007 for the period April 2015 to March 2021

Volumes (BAL+CTL)

Q3 Q4 Q4
Change Particulars Change FY23 FY22 Change
FY23 FY23 FY22
Domestic
4,55,341 -9% Two-wheelers 4,14,990 3,39,100 22% 18,05,883 16,41,084 10%
89,042 12% CV 1,00,033 50,055 100% 3,00,734 1,60,723 87%
5,44,383 -5% Sub-total 5,15,023 3,89,155 32% 21,06,617 18,01,807 17%

Exports
3,95,901 -22% Two-wheelers 3,10,415 5,19,991 -40% 16,36,956 21,95,772 -25%
43,187 -21% CV 34,290 67,505 -49% 1,84,284 3,10,854 -41%
4,39,088 -21% Sub-total 3,44,705 5,87,496 -41% 18,21,240 25,06,626 -27%

Total
8,51,242 -15% Two-wheelers 7,25,405 8,59,091 -16% 34,42,839 38,36,856 -10%
1,32,229 2% CV 1,34,323 1,17,560 14% 4,85,018 4,71,577 3%
9,83,471 -13% Grand Total 8,59,728 9,76,651 -12% 39,27,857 43,08,433 -9%

________________________
Dinesh Thapar
CFO

Pune | 25th April 2023