Bajaj Auto Ltd. share price target

Bajaj Autos 4Q EBITDA at Rs 9.06bn (-21% YoY) and margin at 18.5% came in below estimates, owing to 187bps YoY fall in gross margin and higher `other expenses?. Net revenue came in at Rs 49bn (-8.6% YoY), owing to a fall in volumes (-9.7%YoY).

in about 9% decline in topline with realizations improving by ~1% yoy. This was on the back of slight price hike taken by the management on BS IV implementation in January(much ahead of the BS IV implementation date) unlike its peers who took a hike at the fag end of the quarter. On the operating front, RM costs firmed up as RM to sales came in at 69.1% v/s 68% qoq and 66.6% yoy. EBITDA margins came in at 20% adjusted for CSR contribution of 740 mn....

ff Wide Product Portfolio with Strong Focus on Profitability: BAL has a wide product portfolio with a strong focus on profitability, superior product-mix in domestic and overseas markets. Further, efficient management of R&D; expenses has enabled BAL to sustain margin, which is one of the best in the industry. With higher average realisation compared to its peers we believe BAL is well-placed to manage...

ICICI Securities Ltd | Retail Equity Research Bajaj Auto reported its Q3FY17 results, which were above our estimates on the topline & bottomline front but marginally below our estimates on the margin front. Net revenues were at | 5067 crore (down 8.7% YoY, 16.3%QoQ) vs. our estimate of | 5009 crore. The beat on the revenues is attributable to higher than estimated blended ASPs(ASPs grew 1% QoQ to | 61796 against estimates of | 61467), mainly due to higher dollar realisations and a richer product mix...

Adj.PAT fell 5% to Rs9.3bn (est. Rs8.4bn) on the back of higher other income (up 30% YoY to Rs3.2bn). Bajaj performed reasonably well given the impact of demonetization, showing resilience with pricing as well as margins. However, long term, the company's growth potential remains the lowest within the OEM segment, and its margins could be at risk on continued 3W weakness. We retain our11.2x EV/EBIT multiple on Bajaj (now Dec'18; at a ~10% to Hero), yielding a revised TP of...

Bajaj Autos 3QFY17 EBITDA margin at 20.6% (Rs 10.4bn) was above estimates driven by higher net ASP (owing to better export realisation and higher share of Platina vs CT100 in the volume mix). Net revenue came in at Rs 50.6bn (-8.7% YoY) owing to fall in volume (-10.6%YoY). However, this was marginally offset by ASP growth of 2%YoY.

Domestic launches to be offset by export uncertainty Q3 FY17 results came in line with our expectations Bajaj Auto posted a decent set of numbers despite the DeMon impact taking toll on its volume performance in Q3. We witnessed volume reduction for the company at 17.5% qoq and 10.5% yoy. Realizations growth came in at 1.4% yoy as product mix improved. 170 mn of exchange benefit coupled with higher Platina sales as compared to lower CT 100 sales led to margin sustainance above 20%. Higher than expected other income elevated due to FMP revaluation under IND AS led to net profits moving up. Net profits came in at 9.25 mn which were below...

Reported PAT at Rs11.2bn vs. Our Estimate of Rs9.96bn Revenue declined by 0.4% yoy to Rs60.5bn (vs. our estimate of Rs60.0bn) owing to better product-mix, given 2.3% yoy decline in volume. Backed by better Pulsar volumes, higher three-wheeler exports and improved spare parts revenue, BAL's ASPs improved by 1.5% qoq. EBITDA dipped by 1.5% yoy to Rs13.0bn, but topped our estimates by 7.0%. With improved product-mix, the EBITDA margin rose by 90bps qoq to 21.4%, while dipped by 30bps yoy due to 30bps yoy contraction in gross margin. Other income rose by 27.6% yoy to Rs3.4bn, which is 36.8% above than our estimates. With healthy performance on...

ICICI Securities Ltd | Retail Equity Research Bajaj Auto reported its Q2FY17 results that were above our estimates on all parameters. Net revenues were at | 6055 crore (down 0.4% YoY, up 5.3% QoQ) in line with our estimate of | 6049 crore Domestic revenues came in at | 4218 crore (up 22% YoY, 7% QoQ) higher than our estimate of | 4198 crore while export revenues came...

Bajaj Autos 2QFY17 EBITDA margin at 21.3% (Rs 11.7bn) was above estimates driven by richer product mix (higher 3W and premium bike sales). Net sales at Rs 60.5bn (flat YoY), increased in ASP 1.5% QoQ (flat YoY) was offset by volumes declined 2.3% YoY ( 3.7% QoQ). APAT at Rs 11.22bn ( 6.7% YoY), boosted by higher other income (driven by revaluation of MF Investment).