Bajaj Auto Ltd. share price target

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...

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.