Bajaj Auto Q4 Review - Structural Margin Levers Help Maintain Positive Stance: ICICI Direct
Bajaj Auto signage. (Source: BloombergQuint)

Bajaj Auto Q4 Review - Structural Margin Levers Help Maintain Positive Stance: ICICI Direct

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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.

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.

Click on the attachment to read the full report:

ICICI Direct Bajaj Auto Q4FY21 Result Review.pdf

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