Bajaj Auto Ltd (BAL) on Tuesday surpassed expectations when it reported a 19 per cent growth in standalone net profit for the first quarter ended June 30, 2024.

The two-wheeler major posted a net profit of ₹1,988.34 crore compared with ₹1,664.77 crore in the year-ago period.

Analysts were expecting the company to report profits of around ₹1,960 crore.

On a consolidated basis, the net profit rose to ₹1,941.79 crore compared with ₹1,644.14 crore in the corresponding quarter of the previous year.

Bajaj Auto said that the solid performance was on the back of robust vehicle sales and record spares revenue.

It added that the quarter was also marked by volume expansion across both domestic and exports business and further bolstered by favourable product mix.

This was reflected in its standalone revenues rising by 6 per cent to ₹11,928 crore against ₹ 10,309.77 crore in the year-ago quarter.

The company added that its domestic business maintained its momentum and resilience by registering the ninth successive quarter of double-digit growth.

There was a sustained broad-based growth across motorcycles, commercial vehicles and electric scooters portfolio.

On the other hand, the exports revenues showed a double-digit growth led by Latin America which clocked its highest ever sales.

Bajaj Auto executive director Rakesh Sharma told reporters in an earnings conference that two-wheeler sales in India are expected to grow around 6-8 per cent this fiscal and could reach the peak level of 2018-19 either in the fourth quarter or the beginning of next financial year.

Rising commodity prices have forced the company to increase prices, Sharma said.