The Pune-based automaker, Bajaj Auto, posted a healthy performance for the June quarter of the current fiscal year. The company posted a net profit of Rs 1,665 crore, making a 42% increase from the Rs 1,173 crore in the year-ago quarter.

The boost in net profit is coupled with various factors, including a healthy volume, a favourable product mix, and an increase in the average selling price (ASP) of its products.

The company’s revenue grew in double digits by 29% to reach Rs 10,310 crore for the quarter under review against Rs 8,005 crore in the year-ago quarter.

The substantial revenue can be attributed to an increase in volume, with strong domestic demand providing a solid foundation. However, the company has a relatively weaker export performance, which is showing signs of improvement.

“Domestic revenues registered its biggest-ever quarter, maintaining its double-digit growth trajectory yet again. Robust double-digit motorcycle growth, consistent industry-leading 3W performance and steady scale-up on Chetak EV are the main factors,” Bajaj Auto said in its exchange filing.

The company posted an increase in EBITDA for the quarter under review to 51% YoY at Rs 1,954 crore, while margins of 19% were up 280 basis points. Sequentially, its margins dropped by 30 basis points from 19.3 per cent in the previous quarter in FY23.

The company projected a 10% growth in overall volumes at Rs 10.27 lakh units, coupled with a 72% increase in the domestic 2 Wheeler segment because of a favourable base and pick-up in demand.

Bajaj Auto saw a significant increase of over 150% in domestic 3-wheeler segment volume YoY.

At 2:00pm,  The shares of Bajaj auto were trading at Rs 4,877.25 or 0.58% above its previous close.