Bajaj Auto - Q3 Ebitda Above Estimates; Valuations Expensive: IDBI Capital
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IDBI Capital Report
Bajaj Auto Ltd. Q3 FY21 result was above our and consensus estimates at Ebitda and adjusted profit after tax level due to lower raw material, operating cost and higher other income.
We believe as restoring life back to normalcy and business as usual; with gradual opening up of educational institutes,colleges, organic demand for two-wheelers should progressively start coming back.
We expect domestic two-wheeler/three-wheeler industry to see a double growth for FY22 on a low base.
We anticipate stronger recovery in export market for two-wheeler/three-wheeler segment would help the company to partially mitigate any slowdown in domestic market in near term.
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