On a standalone basis, the company's net profit surged 41.89% YoY to Rs 1,664.77 crore in Q1 FY24. Revenue from operations stood at Rs 10,309.77 crore, up 28.79% YoY, Underpinned by double digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving exports performance.

EBITDA grew 51% YoY to Rs 1,954 crore, with margin accretion of more than 280 bps to 19%. EBITDA margin was driven by dynamic price as against cost management, better foreign exchange realisation and operating leverage; the slight dip sequentially was from the planned typical seasonal skew for commuter motorcycles.

The company's total auto sales rose 10% to 10,27,407 units in Q1 FY24 over Q1 FY23. During the said period, domestic sales jumped 82% while exports slipped 34%.

The company said that the domestic revenues registered its biggest-ever quarter, maintaining its double-digit growth trajectory yet again. All businesses contributed to the solid delivery, robust double digit motorcycle growth, consistent industry leading 3W performance and steady scale up on Chetak EV.

Amidst the continued currency/macro challenges in overseas markets, export volumes improved sequentially by 12%. While country retail volumes outstripped export billed volumes yet again, decisive interventions taken particularly on currency availability enabled the uptick in shipments to Africa and Latin America, the auto maker added.

Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric two-wheelers etc. and parts thereof.

The scrip declined 0.80% to end at Rs 4,843.95 on the BSE.