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Q4FY24 Preview: Bajaj Auto: Revenues seen at ₹114,295 Million, PAT at ₹19,196 Million

16 Apr 2024 , 12:26 PM

Result date: April 18, 2024

Recommendation: Buy

Target price: ₹8,100

Bajaj Auto has witnessed 24% growth in its sales volume over the year-ago quarter (albeit on a low base). On a sequential basis though, sales volume declined 11% owing to the festive season in Q3. Analysts at IIFL Securities expect the company’s average selling price to improve both sequentially as well as over the year-ago quarter. Overall, revenue growth is pegged at 28.4% over the year-ago quarter even though sequentially revenue could decline 5.6%.

The company’s EBITDA margin could inch up 73 basis points over the year-ago quarter and decline 6 basis points sequentially. Sequential margin performance is likely to be aided by a favorable mix of products sold and easing costs of key raw materials (steel, precious metals). On the flip side, negative operating leverage is likely to be a key pressure on margins as compared to Q3.

Bajaj Auto’s Profit After Tax or PAT could grow 34% over the year-ago quarter and decline 6% sequentially.

Important management insights to watch out for:

  • Demand outlook across domestic and international markets
  • Margin drivers, pricing actions planned
  March 2024 estimates QoQ change YoY change
Volumes 1,065,626 (11.0)% 24.0%
Revenue (₹ mn) 114,295 (5.6)% 28.4%
EBITDA (₹ mn) 22,862 (5.9)% 33.2%
EBITDA margin 20.0% (6) bps 73 bps
Profit After Tax (₹ mn) 19,196 (6.0)% 34.0%

Source: IIFL Research

Related Tags

  • Bajaj Auto
  • Bajaj Auto Q4
  • Bajaj Auto Q4 Preview
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