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ICICI Direct Report
Bajaj Auto Ltd. reported a steady Q2 FY21 performance. Net revenue was at Rs 7,156 crore (down 7.2% YoY) with blended average selling prices at Rs 67,935/unit (down 2.2% QoQ).
Lower share of three-wheeler in total volumes (approximately 8% in Q2 FY21 versus approximately 16% YoY) impacted ASPs.
Volumes for the quarter were at 10.5 lakh units (down 10.2% YoY) wherein two-wheeler volumes were at 9.6 lakh units (down 2% YoY), three-wheeler volumes were 88,872 units (down 53% YoY).
Reported Ebitda margins came in at 17.7%, up 110 basis points YoY, primarily due to lower other expenses (fell 190 basis points YoY on percentage of sales basis).
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