Bajaj Auto Ltd

- Bajaj Auto is investing in expanding capacity for Triumph motorcycles, planning to increase capacity from 10,000 to 20,000 and then 30,000 units during the year, including exports. - Continued investment in the electric 2-wheeler segment, including supply chain enhancements and network expansions to about 200 cities, supporting growth of Chetak scooters. - Ongoing R&D efforts for new product development, including upcoming new EV models and a CNG motorcycle expected in FY '25, demonstrating focus on alternative fuel technologies. - Investment in specific production facilities for Chetak and electric 2-wheelers, managing fixed cost base aligned with scaling volumes. - Expansion and upgrade of retail outlets, with elegant stores opening at a rate of one every 2.5 days, improving customer engagement and brand presence. - No explicit dollar value disclosed for capex, but investments focus on capacity expansion, product pipeline, and technology development.

- Domestic motorcycle industry expected to grow 8-10% in coming months, with Bajaj Auto targeting faster growth, especially in the 125cc+ segment where it holds ~31% market share and aims for segment leadership. - Electric 2-wheeler sales (Chetak) to breach 15,000 units per month in Q4, supported by new launches and network expansion to 200 cities. - Triumph brand aims to expand footprint to 100+ cities by Q4, with capacity increasing progressively from 10,000 to 30,000 units including exports. - Export recovery is gradual; current exports at ~70% of FY22 peak with 2% sequential improvement and strong market share gains in LatAm. - Commercial vehicle volumes remain robust, surpassing 40,000 monthly run rate driven by CNG portfolio. - New product launches and portfolio expansion for electric vehicles and premium models expected to drive revenue growth. - Operating leverage and cost savings expected to enhance profitability alongside volume growth.

- Bajaj Auto delivered record Q3 FY '24 performance with revenue > INR12,000 crores, EBITDA of INR2,430 crores (20.1% margin), and PAT crossing INR2,000 crores for the first time. - The company expects steady quarter-on-quarter export recovery, despite macroeconomic and geopolitical challenges. - Domestic business shows strong momentum, with motorcycles and electric 2-wheelers scaling up rapidly; domestic motorcycles profitability improved due to portfolio/mix shift. - Electric 2-wheeler profitability expected to improve with declining lithium prices, scale expansion, and product portfolio optimization. - Triumph volumes planned to rise from 10,000 to 30,000 in the next 1-1.5 years, enhancing premium segment growth. - Commodity cost inflation expected in next quarter but manageable. - Company aims to sustain double-digit domestic growth, steady export recovery, and margin accretion through operating leverage and dynamic cost management. - Overall, gradual profit and EPS growth expected as scale, product mix, cost efficiencies, and market recovery continue.

- According to the discussion on page 12, there is **no current order book for the Triumph brand**; that phase is over. - Triumph bikes are now available **off-the-shelf**, and customers can walk in and purchase with immediate delivery. - The supply chain for Triumph has caught up, supporting this off-the-shelf availability, including for exports. - No specific numbers related to order backlog or pending orders were mentioned in the provided transcript content.

- There is no mention of any current or future fundraising through debt or equity in the provided transcript. - The company highlights a strong financial position with a surplus cash balance of over INR18,500 crores as of December and expects to close the year with over INR20,000 crores of surplus cash. - A buyback of INR4,000 crores under the tender route has been announced, indicating returning capital to shareholders rather than raising funds. - No plans for raising funds via new debt or equity issuance are discussed during the call.