Bajaj Auto Ltd. share price target

Results below estimates on weak sales: Bajaj Auto reported weak Q1 result due to lower volumes sold in the quarter and higher RM cost. Revenue and EBITDA were 1.5% and 13% below the consensus estimates respectively. Though PAT beat the street estimates by 2%, this was due to 71% jump in the other income (dividend by KTM). Net sales and PA..

Bajaj Auto reported its Q1FY18 results, which were below our estimates on the operational front. Revenues were at | 5442 crore (down 5.3% YoY, up 11.1%QoQ) vs. our estimate of | 5378 crore....

Two-wheeler and three-wheeler maker Bajaj Auto has reported mixed set of earnings. Profit fell by 20 percent year-on-year to Rs 837 crore in the quarter ended June 2017, which was almost in line with expectations. Bajaj Auto reported mixed set of earnings for the first quarter ended June 2017. While net profit on a consolidated basis fell 20% to Rs 836.75 crore in the quarter ended June 2017, revenue fell...

Revenue grew by 10.89% to Rs. 5328.48 Cr in Q1FY18 when compared to the previous quarter. Revenue grew by 10.89% to Rs. 5328.48 Cr in Q1FY18 when compared to the previous quarter.

We cut 3% EPS for FY18E, factoring in lower OPM in 1QFY18, but keep FY19 numbers intact. Maintain BUY with a SOTP-based TP of Rs 3,296 (19x 19E Core EPS + cash + 30% discount for KTM stake) Bajaj Autos (Bajaj) 1Q EBITDA at Rs 9.4bn (-20% YoY) and margin at 17.2% came in below estimates, owing to 279bps YoY fall in gross margin and higher employee expenses. Net revenue came in at Rs 54.4bn (-5.3% YoY), owing to a fall in volumes (-11%YoY), offset by ASP growth (+6.5% YoY). ASP growth was driven by a price hike taken on BS4 vehicles, and a better product mix. APAT at Rs 9.5bn (-2.3% YoY) was above expectations, led by higher other income (dividend received from KTM).

decelerated to 17.6%, lowest since Q4 FY09. The transition to GST resulted into dealer compensation of Rs320 mn, plus destocking of motorcycles before GST implementation (to minimize inventory losses), postponement of buying high end motorcycles by consumers, implementation of post GST prices in mid June itself and some loss of market share v/s competitors led to margin decline. Higher RM costs, increased marketing on CT 100 and Platina...

FY18 volume outlook:Management highlighted industry players are filling channel inventory post depletion of BS 3 inventory in Mar'17 and thus industry growth seems higher than underlying retail.

Revenue decreased by 3.43% to Rs. 4805.03 Cr in Q4FY17 when compared to the previous quarter.

ICICI Securities Ltd | Retail Equity Research Bajaj Auto reported its Q4FY17 results, which were below our estimates. Net revenues were at | 4897 crore (down 8.6% YoY, 3.3% QoQ) against our estimate of | 4693 crore. The beat is attributable to higher than estimated domestic realisations. Gross blended realisations increased 5% QoQ to ~| 65012 Total volumes for Q4FY17 were at 787627 units (down 9.7% YoY, 7.5% QoQ). Domestic volumes fell 14.1% YoY, 9.6% QoQ to 463576...