Bajaj Auto aims to maintain its growth in the domestic market and expand production for new ventures, according to Chairman Niraj Bajaj.
In the company’s Annual Report for 2023-24, Bajaj noted that India is the fastest-growing economy, expected to see over 7% real GDP growth in FY2024. With stable inflation around 5%, he anticipates double-digit nominal GDP growth.
Bajaj expects domestic demand to stay strong, leading to another year of growth. The company plans to focus on sustaining its domestic business and growing all segments. It also aims to recover export volumes despite challenging international conditions.
Bajaj Auto will expand its capacity and network for new businesses like Chetak electric scooters, electric three-wheelers, and Triumph motorcycles.
Last fiscal year, strong domestic performance offset weak exports due to tough overseas markets. Bajaj Auto’s balance sheet is strong, with Rs 16,386 crore in cash and equivalents as of March 31, 2024. This is after investing Rs 800 crore in capital and paying Rs 8,900 crore to shareholders through dividends and share buybacks.
