Bajaj Auto Q4 Review - Structural Margin Levers Help Maintain Positive Stance: ICICI Direct
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ICICI Direct Report
Bajaj Auto Ltd. reported a healthy operational performance in Q4 FY21.
Net revenue came in at Rs 8,596 crore (up 26.1% year-on-year) amid 17.9% YoY volume increase at 11.7 lakh units (two-wheeler up 23%, three-wheeler down 12%) and 7.8% quarter-on-quarter average selling price rise to Rs 73,492/unit.
Ebitda margin came in at 17.7% (down 168 basis points QoQ) with lower than anticipated decline in gross margins amid improved product mix in the two-wheeler segment.
Consequent reported profit after tax was up 1.7% YoY to Rs 1,332 crore, with the company declaring Rs 140 per share as dividend for FY21, in line with its new dividend distribution policy.
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