Bajaj Auto Q4 Review - Higher Raw Material Cost Keeps Margin Under Pressure: Motilal Oswal
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Motilal Oswal Report
Bajaj Auto Ltd.’s Q4 FY21 performance was supported by favourable mix and price hikes, which helped in diluting commodity inflation.
It has both near (three-wheeler recovery) and long term (premiumization and exports) levers, which are fairly reflected in current valuations.
Revenue/Ebitda/profit after tax fell 26%/21.7%/1.7% YoY and 7.3%/3.3%/10.7% YoY in Q4 and FY21, respectively.
The company announced a dividend of Rs 140/share (approximately 90% payout) based on its revised dividend policy.
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