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A meeting of the Board of Directors of Bajaj Auto Limited was held today to consider and approve the
results for Q1 / FY22.
Q1 / FY22 has been a challenging quarter; the recovery over the past three quarters got undone with the
second wave of COVID-19 which again led to restrictions and full or partial lockdowns. This resulted in
weaker domestic demand, which was partially off-set with strong exports across all major geographies.

Highlights:-

— Volumes : 1,006,014 units
— Turnover : 7,715 crore — Revenue from operations : 7,386 crore
— Operating EBITDA : 1,153 crore — Operating Profit : 1,087 crore
— Profit before tax : 1,383 crore — Profit after tax : 1,061 crore
— Operating EBITDA % : 15.6%
— Consolidated Profit after tax : ` 1,170 crore

Financials

Q4 FY21 ₹ in crore Q1 FY22 Q1 FY21 FY21
8,880 Turnover 7,715 3,417 29,018
8,596 Revenue from operations 7,386 3,079 27,741
1,558 EBITDA 1,153 441 5,063
18.1 EBITDA % 15.6 14.3 18.3
1,490 Operating Profit 1,087 376 4,797
1,739 Profit before tax 1,383 682 5,939
1,332 Profit after tax 1,061 528 4,555

EBITDA from operations was ₹1,153 crore while EBITDA margin for Q1 / FY22 was 15.6% as against
18.1% in Q4 / FY21. The EBITDA margin was largely impacted on three counts:

— Lower revenue from operations resulted in loss on spread of fixed costs by ~160 bps.
— Increase in cost of raw-material, net of increase in prices, resulted in lower EBITDA margin
by ~220 bps.
— The above was partially off-set from higher US$ realization and improved mix.


Cash and cash equivalents

As on 30th June 2021, surplus cash and cash equivalents stood at ₹19,097 crore as against
₹17,689 crore as on 31st March 2021.

Volumes

Q4 FY21 Particulars Q1 FY22 Q1FY21 FY21
Domestic

487,731 Two-wheelers 342,552 185,981 1,809,375
46,388 CV 14,585 5,282 109,292
534,119 sub-total 357,137 191,263 1,918,667
Exports
559,901 Two-wheelers 556,753 213,948 1,796,518
75,644 CV 92,124 37,892 257,729
635,545 sub-total 648,877 251,840 2,054,247
Total
1,047,632 Two-wheelers 899,305 399,929 3,605,893
122,032 CV 106,709 43,174 367,021
1,169,664 Grand Total 1,006,014 443,103 3,972,914

While the pandemic has impacted Q1 of FY21 and of FY22, the severity of impact was very different and
hence, performance of the two quarters are not strictly comparable.

For Q1 / FY22, sold over 1 million units in India and across the globe.

— Motorcycles sold nearly 342,000 units in the domestic market; share of ~19.7% in Q1 / FY22
as against 17.3% in Q4 / FY21.
— Commercial Vehicles sold over 14,000 units in the domestic market. Volumes are still a fraction of
pre-pandemic levels.
Bajaj Auto continues to be a leader in the domestic market; share of ~65.3% as against
~56.3% in Q4 / FY21.
— Sold over 648,000 units in various international markets, despite challenges in the availability of
containers. By region, Africa, SAME and LATAM continued to record strong sales.

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