Rajiv Bajaj, Managing Director at Bajaj Auto on Wednesday said he is expecting exports of 1.5 lakh units in the next quarter. He added that demand has bottomed out but will likely move higher from here in the export market. Bajaj was exclusively speaking to CNBC-TV18 days after the company reported total sales of 3,55,148 units in May 2023. However, exports fell 23 percent to 1,26,747 units in May from 1,63,560 units in the year-ago period.
Bajaj said that uncertainty is a big factor now. However, he is firm that the next quarter will be better in terms of exports demand.
If we look at May figures, Bajaj Auto's domestic sales almost doubled to 2,28,401 units from 1,12,308 units last year, up 103 percent. Among specific segments, two-wheeler sales jumped 23 percent to 3,07,696 units in May from 2,49,499 units a year ago. Meanwhile, sales of commercial vehicles grew 80 percent to 47,452 from 26,369 in May 2022.
For full fiscal 2023, revenue from operations was at its highest ever at Rs 36,428 crore, growing 10 percent over the revenue in financial year 2022, despite constrained supplies early on and particularly challenging overseas markets for the most part of the year.
Meanwhile, the auto industry recorded its highest domestic passenger sales growth of 13.5 percent in May 2023. The auto sector reported 14,71,550 domestic sales of two-wheelers and 48,732 sales of three-wheeler vehicles in May 2023, data released by the Society of Indian Automobile Manufacturers (SIAM) showed.
(Edited by : Anshul)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
