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Q2FY23 Preview: Bajaj Auto: Revenue seen at Rs99,116 million, PAT at Rs14,860 million

13 Oct 2022 , 01:00 PM

Result date: 14th October, 2022
Recommendation: Add
Target price: Rs3,950

Bajaj Auto witnessed 23% jump in sales volumes on a sequential basis, partly on the back of a low-base in the previous quarter amid chip shortage. Volumes were flat as compared to the year-ago quarter. The company’s revenue could grow 15% over the year-ago quarter and 24% sequentially.

Fall in commodity prices (small benefit in Q2), price hikes, Rupee depreciation (3% lower QoQ), operating leverage, higher revenue share of three wheelers (from 15% to 18%) could aid margins during the quarter. However, this will be partly offset by lower revenue share of exports (from 54% in Q1 to 39% in Q2), higher share of CT/Platina within domestic MC.

Bajaj Auto’s Profit After Tax or PAT could grow 27% both sequentially as well as over the year-ago quarter.

Important management insights to watch out for:

  • Demand trends across all key segments
  • Pricing action and new launches planned
  • Margin levers and outlook
September 2022 estimates QoQ change YoY change
Volumes 1,151,012 23.3% 0.6%
Revenue (Rs. mn) 99,116 23.8% 15.0%
EBITDA (Rs. mn) 16,394 26.4% 30.2%
EBITDA margin 16.5% 34 bps 193 bps
Profit After Tax (Rs. mn) 14,860 26.6% 27.2%

Source: IIFL Research

Related Tags

  • Bajaj Auto
  • Q2FY23
  • Q2FY23 preview
  • September 2022 quarter
  • September quarter
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