Name: Latest research reports of Bajaj Consumer Care Ltd. authored by Reliance Securities and published by - Trendlyne research reports.
Item: Bajaj Consumer Care Ltd.
Rating: 5
Author: Reliance Securities

Bajaj Corp - 3QFY18 Result Update

Buy: Bajaj Consumer Care Ltd.

Target

Reliance Securities

Mixed Performance; Rural Recovery on the Cards Bajaj Corp has reported a mixed set of numbers for 3QFY18. Net sales grew by 5.9% YoY to Rs2bn (vs. our estimate of Rs2.1bn), while PAT fell by 4.6% YoY to Rs552mn (vs. our estimate of Rs608mn). However, EBITDA grew by 10.8% YoY to Rs678mn in line with our estimates. Lowerthan-estimated growth is attributable to sharp fall in international business revenues (down 44% YoY) and lower other income (down 67% YoY to Rs45mn). On the back of favourable base effect, domestic volume growth came in at 8.2%, which was the highest in past 9 quarters. Expecting the Company to report revenue and earnings CAGR of 11.9% and 12.5%, respectively through FY17-20E coupled with attractive valuation of 24x FY20E, we maintain...