Country’s third largest two-wheeler manufacturer will soon send out nearly 48,000 bikes to the African country. These are good signs for the company as recently its exports had slowed down. Currently exports contribute to 47 percent of overall sales and stand at 3, 89,000 units.
With this, the company also reported a 37% rise in its net profit when compared to the last quarter. The profits are also helped by dividends coming from KTM. The Indian manufacturer has almost 50% stake of the Austrian sports bike makers.
In Nigeria, only three products are on sale which includes two-wheelers Boxer 100 and Boxer 150 and a three-wheeler RE 205. Since Bajaj has claimed that the number 48,000 includes only bikes, it is not confirmed that all of those are Boxers or not. Nigeria is the biggest market for the company in terms export and accounts for 12% of the company’s overall turnover.
Boxer is the market leader in the African nation and around 35% of its yearly exports are to Nigeria only. The company has also hiked its prices there as it aims to get more profits and also because of the devaluation of Naira (Nigeria’s currency) to US Dollar. It exported around 5 lakh units last year to Nigeria alone and always maintains a market share of above 40%.
The report did not have any significant affect on the stick prices of the company as it closed 0.90% down. Bajaj is more focussed on the sports bike segment in India and developing its 100 cc commuters for markets like Nigeria. The company is expected to launch 400 cc variants of its flagship Pulsar bikes very soon. Bajaj has benefitted from its partnership with KTM as Pulsar 200 NS is based on KTM’s Duke and RS 200 is based on the Austrian’s RC series of bikes.
