Bajaj Auto aims to sustain its business momentum in the Indian market in the current financial year
Bajaj Auto aims to maintain its current growth trajectory in the domestic market and enhance production capacity for new ventures, anticipating sustained demand in the current fiscal year, as reported by Chairman Niraj Bajaj in the company’s Annual Report for 2023-24. Highlighting the company’s strategic direction, he emphasized efforts towards recovering export volumes amidst a backdrop of favourable economic conditions.
Bajaj expressed optimism about India’s economic outlook, projecting GDP growth above 7% in FY2024 and expecting continued buoyancy into FY2025. He noted stable CPI inflation around 5%, anticipating robust nominal GDP growth. “Given this environment and barring unforeseen events, I foresee continued domestic demand driving growth in the upcoming year,” remarked Bajaj.
Detailing their strategic priorities, Bajaj outlined plans to sustain momentum in the domestic market across all segments and address challenges in international markets to revive export volumes. Additionally, the company plans to expand its capabilities and infrastructure for new ventures such as Chetak electric scooters, electric three-wheelers, and Triumph motorcycles.
Reflecting on the previous fiscal year, Bajaj acknowledged strong domestic performance offsetting subdued exports due to challenging global market conditions. He highlighted the company’s robust financial position, with surplus cash and cash equivalents amounting to Rs 16,386 crore as of March 31, 2024. This financial strength enables Bajaj Auto to invest in future growth initiatives and consistently reward shareholders through dividends and share buybacks.