New Delhi: Bajaj Auto is looking to maintain momentum in its domestic business and expand production capacity for new business as it expects demand to remain strong in the current fiscal year, according to its chairman Niraj Bajaj.
Addressing shareholders in the company's Annual Report for 2023-24, he noted that the company would also aim to recover export volumes.
"India, now the fastest-growing economy in the world, is anticipated to achieve real GDP growth of more than 7 percent in fiscal year 2024, and several forecasts expect this dynamism to continue in fiscal year 2025," said Bajaj.
With CPI inflation stable at around 5 percent, the company sees double-digit nominal GDP growth, he added.
"In such an environment and barring any unforeseen events, I would expect domestic demand to continue paving the way for another year of growth going forward," Bajaj said.
Elaborating on the focus areas, he noted that the company aims to maintain momentum in its domestic business and continue to drive growth across all segments.
Additionally, the Pune-based company seeks to "navigate the challenging international landscape and stay on course to recover our export volumes," Bajaj said.
Bajaj Auto also plans to expand capacity, capabilities and network for its new businesses - Chetak electric scooters, electric three-wheelers and Triumph motorcycles, the chairman informed shareholders.
Commenting on the last fiscal year, Bajaj noted that strong domestic performance more than offset weak exports that continued to be affected by the challenging backdrop in overseas markets.
The company faced continued difficult macroeconomic conditions in its key markets, he said.
Bajaj stated that the company's balance sheet remains very healthy with surplus cash and cash equivalent as on March 31, 2024, standing at Rs 16,386 crore, this after making capital investments of Rs 800 crore and paying a significant amount of Rs 8,900 crore to shareholders between dividend and share buyback.
This financial position allows the company to invest enough for its competitive and sustainable future growth as well as reward its shareholders from time to time, he added.
Addressing shareholders in the company's Annual Report for 2023-24, he noted that the company would also aim to recover export volumes.
"India, now the fastest-growing economy in the world, is anticipated to achieve real GDP growth of more than 7 percent in fiscal year 2024, and several forecasts expect this dynamism to continue in fiscal year 2025," said Bajaj.
With CPI inflation stable at around 5 percent, the company sees double-digit nominal GDP growth, he added.
"In such an environment and barring any unforeseen events, I would expect domestic demand to continue paving the way for another year of growth going forward," Bajaj said.
Elaborating on the focus areas, he noted that the company aims to maintain momentum in its domestic business and continue to drive growth across all segments.
Additionally, the Pune-based company seeks to "navigate the challenging international landscape and stay on course to recover our export volumes," Bajaj said.
Bajaj Auto also plans to expand capacity, capabilities and network for its new businesses - Chetak electric scooters, electric three-wheelers and Triumph motorcycles, the chairman informed shareholders.
Commenting on the last fiscal year, Bajaj noted that strong domestic performance more than offset weak exports that continued to be affected by the challenging backdrop in overseas markets.
The company faced continued difficult macroeconomic conditions in its key markets, he said.
Bajaj stated that the company's balance sheet remains very healthy with surplus cash and cash equivalent as on March 31, 2024, standing at Rs 16,386 crore, this after making capital investments of Rs 800 crore and paying a significant amount of Rs 8,900 crore to shareholders between dividend and share buyback.
This financial position allows the company to invest enough for its competitive and sustainable future growth as well as reward its shareholders from time to time, he added.