17 Oct 2023 , 10:28 AM
Result date: October 18, 2023
Recommendation: Buy
Target price: Rs. 5,800
Bajaj Auto is likely to post healthy performance in the September 2023 quarter, despite fall in sales volume as compared to the year ago quarter. Volumes fell 8.5% over the year-ago quarter but grew 3% sequentially. Analysts at IIFL Capital Services expect average selling price and gross margin to improve sequentially on the back of a better product mix.
Higher sales of three wheelers, fall in precious metals and higher USD-INR are key margin tailwinds for the company during the quarter.
The company could post 13.6% growth in Profit After Tax (PAT) as compared to the year-ago quarter.
Important management insights to watch out for:
September 2023 estimates |
YoY change |
QoQ change |
|
Volumes |
1,053,330 |
(8.5)% |
2.6% |
Revenue (Rs. mn) |
108,001 |
5.9% |
4.8% |
EBITDA (Rs. mn) |
20,782 |
18.2% |
6.4% |
EBITDA margin |
19.2% |
200 bps |
29 bps |
Profit After Tax (Rs. mn) |
17,385 |
13.6% |
4.4% |
Source: IIFL Research
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