Bajaj Auto Ltd

- The transcript does not mention any current or planned fundraising activities through debt or equity for Bajaj Auto Limited. - It highlights a strong and healthy balance sheet with surplus cash of about INR 15,000 crores even after completing a buyback worth INR 3,100 crores. - The company emphasizes having enough financial muscle and flexibility to invest in capabilities and growth opportunities without the need for external fundraising at this time. - No references were made to raising capital through debt or equity in the near future during the call.

- Bajaj Auto is investing to expand its EV portfolio with a slew of launches planned in FY '24, addressing different demographics and use cases (Page 6). - They are building capability for a broader EV product range to prepare for lower subsidy scenarios and higher quality standards (Page 6). - There is strategic investment in setting up Chetak exclusive retail and service stores to offer a differentiated customer experience (Page 6). - Strong focus on expanding the Chetak EV presence from 37-38 cities to 85 by March-end and 100 by April, signaling capex in retail expansion (Page 6). - Continued R&D investments aimed at cost reduction and new product development for export and domestic markets (Page 6, Page 13). - Preparedness for upcoming launches, including EV 3-wheelers expected in a couple of months, implies ongoing capex (Page 9, Page 11).

- Domestic motorcycle industry expected to grow at a steady 3-5% post-festive season (Page 3). - 3-wheeler industry recovering smartly, currently at 76% of pre-COVID levels, with expectations of growth aided by finance penetration and shift from diesel to CNG (Page 15). - Exports soft in near term due to macroeconomic challenges but expected to improve and normalize by May-June, with potential release of pent-up demand and rebuilding of stocks (Pages 3, 13). - Plans to expand EV portfolio in FY24 targeting different segments with multiple product launches to build capability for long-term growth (Page 6). - Higher volumes expected in next 3-wheeler upcycle versus previous, driven by market recovery and premiumization (Page 15). - Revenue improvement aided by better forex realization and price increases, though volumes are below peak, indicating headroom for growth as volumes recover (Page 8). - Export rev for Q3 around $415 million, with signs of bottoming and expected pick-up next financial year (Pages 13, 15).

- Bajaj Auto expects volume recovery and margin expansion as commodity costs soften and dollar realization remains strong, driving future profit growth. - Despite weak exports due to macroeconomic challenges, domestic 2W and 3W segments showed strong double-digit revenue growth, supporting earnings. - The company is focused on profitable growth via increased market share, enriched product mix, and new launches, including EV portfolio expansion. - Improved supply chain and R&D efforts aim to sustain margin improvement and support new segment growth for FY'24. - EBITDA reached an all-time high with a 390bps year-on-year margin expansion, indicating solid operating leverage. - Domestic 125cc+ and 3-Wheeler segments are key profitability drivers expected to continue momentum. - The company anticipates margin improvements with higher volumes and better cost management alongside EV initiatives. - PLI scheme benefits will be recognized from FY'24, contingent on investment thresholds, further aiding profitability.

The transcript does not explicitly provide details about the current or expected order book or pending orders for Bajaj Auto Limited. However, relevant insights related to demand and supply conditions include: - Overseas markets are experiencing subdued industry volumes, with declines of 25%-35% year-on-year due to macroeconomic challenges, currency devaluation, and limited forex availability (Page 7, 3). - Some export markets face stock-outs due to forex unavailability affecting shipments (Page 14). - Anticipated normalization of export market demand by May-June 2023, pending stabilization of forex and political situations like Nigeria elections (Page 14, 3). - Domestic demand remains robust in key segments, and new product launches continue to drive demand (Pages 4, 9). - Chetak EV volumes are being migrated to subsidiary accounts, with material results expected to reflect from the next financial year (Page 15). No quantitative order book or pending order figures are disclosed.