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Q2FY24 Preview: Bajaj Auto: Revenue seen at Rs. 108,001 million, PAT at Rs. 17,385 million

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:

  • Demand outlook in domestic, overseas markets
  • Margin drivers and future pricing action lined up
 

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

Related Tags

  • Bajaj Auto
  • Bajaj Auto Q2
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