BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
Bajaj Auto Ltd.’s Q1 FY22 Ebitda margin of 15.2% was below consensus and our estimates as gross margin contracted 120 basis points sequentially due to raw material inflation (500bps over the last 12 months).
Bajaj Auto expects commodity pressure to continue in Q2 FY22; it has taken another price hike to offset the impact partially.
As highlighted in our channel check note, the management confirmed that recovery in the domestic two-wheeler industry remains muted, unlike last year when demand surprised positively after lockdown 1.0.
The exports momentum remains strong, especially in the Africa and Latin America markets.
Three wheelers have started to gain traction after more than a year.
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