Bajaj Auto share price rallied over 2% in the early trade on Thursday after the company reported upbeat earnings for the December quarter of FY24 led by high operating profit and strong volume growth. Bajaj Auto shares gained as much as 2.26% to ₹7,374.95 apiece on the BSE.
Two-wheeler major Bajaj Auto reported a net profit of ₹2,042 crore in Q3FY24, a growth of 37% from ₹1,491 crore in the year-ago quarter.
The company’s revenue from operations during the quarter rose by 30% to ₹12,114 crore from ₹9,315 crore, YoY.
Bajaj Auto posted its highest-ever quarterly EBITDA at ₹2,430 crore, which increased by 37% YoY, while its margins improved by 100 basis points (bps) to 20.1% due to better realisations, dynamic cost management and operating leverage.
Most analysts raised their earnings estimates and target price for Bajaj Auto shares after Q3 results.
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