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Bajaj Auto gets board nod for ₹2,250 crore investment in Bajaj Auto Credit
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The funds will be infused in a phased manner, in addition to the existing ₹600 crores approved earlier, the filing said.
Bajaj Auto’s board of directors have approved an additional investment of ₹2,250 crore in its wholly owned subsidiary Bajaj Auto Credit Ltd, the Bajaj Group auto major informed exchanges on Friday, April 18.
The funds will be infused in a phased manner, in addition to the existing ₹600 crores approved earlier, the filing added.
Bajaj Auto Credit finances vehicles manufactured and/or marketed by Bajaj Auto and its subsidiaries. The company’s turnover for 2023-24 (Apr-Mar) was ₹16.65 crore and the net worth ₹258 crore, as per the filing.
The announcement coincides with Bajaj Auto’s robust financial performance in Q4FY24. The company’s standalone net profit surged 35.1% year-on-year to ₹1,936 crore in the January-March quarter, surpassing expectations set by a CNBC-TV18 poll, which had projected a quarterly profit of ₹1,870 crore. This impressive performance was attributed to factors including increased volumes, a higher share of high-margin products, price hikes, and reduced input costs.
Shares of Bajaj Auto jumped over 2% to an intraday high of ₹9,129 apiece. The stock price has risen over 33% this year so far and nearly 7% in the past 30 sessions.
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