In October 2023, Bajaj Auto, one of India's leading motorcycle manufacturers, showcased a robust performance in terms of total domestic sales, while exports saw a decline. The company reported an impressive 19 percent year-on-year (YoY) growth in total sales, which includes both two-wheelers and commercial vehicles. Furthermore, the year-to-date (YTD) sales from April to October 2023 also showed a notable 3 percent improvement.

Impressive YoY Growth in October 2023

Bajaj Auto Limited reported total sales (comprising two-wheeler and commercial vehicles) of 4,71,188 units in October 2023. This figure represents a remarkable 19 percent YoY growth, compared to the 3,95,238 units sold in October 2022. Notably, the two-wheeler segment played a pivotal role in this growth, with a total of 2,78,486 units sold in the past month. This marks a substantial 35 percent increase when compared to the 2,06,131 units sold in October 2022.

Key Highlights

• Bajaj's Pulsar range contributed significantly to the company's sales, with sales figures surpassing the 1.61 lakh unit mark during October.
• Exports, however, experienced a decline of 5 percent YoY, with 1,29,658 units shipped in October 2023, compared to 1,35,772 units in the same month of the previous year.
• Commercial vehicle sales in the domestic market saw a remarkable 39 percent YoY growth, with 51,132 units sold in October 2023, compared to 36,786 units in October 2022, marking Bajaj's highest domestic CV sales.
• In contrast, exports of commercial vehicles fell by 28 percent, with 11,912 units shipped in October 2023, down from 16,549 units in the same month of the previous year.
• Total commercial vehicle sales increased by 18 percent, reaching 63,044 units on a YoY basis.

Year-to-Date Sales Performance

Year-to-date sales from April to October 2023 indicated a positive trend. In the two-wheeler domestic sales category, 13,26,737 units were sold, reflecting a notable 16 percent growth compared to the same seven-month period in 2022 when 11,41,683 units were sold. However, two-wheeler exports declined by 20 percent, with 8,52,320 units shipped, compared to 10,66,412 units in the April–October 2022 period, resulting in a 1 percent decrease in total two-wheeler sales on a YTD basis, amounting to 21,79,057 units.

In the commercial vehicle segment, Bajaj Auto witnessed a substantial 90 percent YTD growth, with 2,81,993 units sold in the April–October 2023 period, compared to 1,48,445 units in the same period of 2022. However, commercial vehicle exports saw a 26 percent decrease, with 91,498 units shipped in the first seven months of 2023, down from 1,23,356 units in the April–October 2022 period. Nevertheless, total commercial vehicle sales saw a remarkable 37 percent increase, totaling 3,73,491 units.