Bajaj Auto, under pressure in the domestic motorcycle market for the last couple of years, reported a sharp 300 basis points increase in its market share in the June quarter over a year ago.

The maker of Discover and Pulsar models saw its share go up to 16.27 per cent in the three months to June from 13.96 per cent in the year ago period.

Shares of Bajaj Auto hit a two month high of Rs 3,029 per share, up 2% on the BSE in early morning trade, extending their 9% rally in the past five days after reporting a healthy volume performance during the month of June 2018. The stock was trading at its highest level since May 2, 2018.

Bajaj Auto on Monday, said that its total sales grew 65% YoY at 404,429 units in June 2018, due to strong domestic performance in two-wheeler (2W) and three-wheeler (3W) segment led by new launches and healthy export 3W sales.

Bajaj Auto on Monday reported a 65 per cent jump in total sales to 4,04,429 units for June.

The company had sold 2,44,878 units in the same month a year ago.

Its motorcycle sales also increased by 65 per cent to 3,37,752 units as against 2,04,667 in June last year, Bajaj Auto said in a BSE filing.

Bajaj Auto’s performance in fiscal 2018 could have been much better had it not been for declining motorcycle sales in the domestic market, chairman Rahul Bajaj wrote in a letter to shareholders in the company’s 11th annual report.

“This was not on account of the market as a whole, nor due to an overall lack of demand for all types and makes of motorcycles. Indeed, fiscal 2018 saw domestic sales of motorcycles grow by 13.7 per cent in volume,” wrote Bajaj, while expressing his concern.

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Prime Minister Narendra Modi is following his predecessor in boosting spending before polls due early 2019, a practice that has sparked surges in stocks of consumer finance firms.

Robust sales of motorcycles and three-wheelers in the domestic as well as export markets drove up Bajaj Auto’s net profit by 34.67 per cent in the March quarter over the year-ago period, the company said in a filing with the stock exchanges. The earnings are not comparable to the previous year’s because these are disclosed net of the goods and services tax (GST), introduced in July last year, it said.

Two-wheeler major Bajaj Auto on Friday said its consolidated net profit increased 36.32 per cent to Rs 11.75 billion for March quarter, driven by robust sales across segments.

The company had reported a net profit of Rs 8.62 billion during January-March, 2016-17.

Bajaj Auto has announced its sales numbers for the month of April 2018 and during the period, the Pune-based manufacturer registered a growth of 26%. The company achieved this figure with a total sales of 4,15,168 vehicles last month. During the same period last year, Bajaj Auto sold 3,29,800 vehicles. Speaking of motorcycle sales, the company sold 3,49,617 units last month, reporting a growth of 19%.

Bajaj Auto Ltd may boast about being the world’s third-largest motorcycle manufacturer, but the fact remains that it has lost out to competition on domestic roads.

March sales numbers finally nailed it for fiscal year 2018 (FY18). The 5% growth year-on-year during the month closed FY18 with a 1% sales contraction in motorcycles on domestic roads. Fortunately robust exports gave a leg-up to total sales for the year, which were 5% higher year-on-year.

Bajaj Auto’s three-wheelers are on a fast track. The end of the permit raj for autorickshaws in Maharashtra has pushed the company’s three-wheeler sales to record highs in FY18 and this good run is expected to continue in FY19 too. Bajaj Auto has emerged as a major beneficiary of the end of the permit system in Maharashtra and issue of new permits in Delhi. There has been a recovery in three-wheeler exports as well, and the company is set to exceed its annual sales targets this year.

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