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.
Motilal Oswal Report
Bajaj Auto Ltd.’s operating performance was impacted by the reversal of Q1 FY21 Merchandise Exports from India Scheme incentives, adjusted for which performance was in-line.
The company has levers for both the near term (three-wheeler recovery) and long term (premiumization and exports), which are fairly reflected in the current valuations.
Q2 FY21 revenue/Ebitda/profit after tax declined 7.2%/1%/19% YoY.
For H1 FY21 revenue/Ebitda/profit after tax declined 34%/32.4%/34% YoY.
We change our earning per share for FY21/FY22E by down 5%/3% to factor in higher volumes, high raw material cost, and improved operating efficiency.
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