24 Jan 2023 , 09:50 AM
Result date: 25th January, 2023
Recommendation: Add
Target price: Rs3,975
Bajaj Auto witnessed 17% decline in sales volume over the year-ago quarter and 15% decline sequentially. However, the revenue performance is likely to be better due to price hikes. Analysts at IIFL Securities expect the company’s revenue to remain flattish over the year-ago quarter, and decline 12% sequentially.
EBITDA margin though could witness expansion amid lower commodity prices, price hikes, weaker Rupee (-3% sequentially) and higher mix of 3 Wheelers. Negative operating leverage will be a key margin headwind sequentially, believe analysts at IIFL Securities.
Important management insights to watch out for:
|
December 2022 estimates |
YoY change |
QoQ change |
|
| Volumes |
983,276 |
(16.8)% |
(14.6)% |
| Revenue (Rs mn) |
90,036 |
(0.2)% |
(11.8)% |
| EBITDA (Rs mn) |
16,021 |
16.8% |
(8.9)% |
| EBITDA margin |
17.8% |
258 bps |
56 bps |
| Profit After Tax (Rs mn) |
14,148 |
16.5% |
(7.5)% |
Source: IIFL Research
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