Bajaj Auto - Stellar Margin Performance In Q3, Valuation Caps Upside: Dolat Capital
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Dolat Capital Report
Bajaj Auto Ltd.’s Q3 FY21 Ebitda was 8% ahead of our expectations on the back of better than expected gross profit and lower other expenses.
Ebitda grew 27% YoY to Rs 17.29 billion with margin of 19.4% (up 152 basis points YoY) owing to better mix (higher share of Pulsar 125 and ultra-premium segment and strong export volume) and cost control measures.
Management appears enthused by market share gains in export and the domestic 125cc segment with ramp-up of Pulsar sales.
However, they are cautious on the margin front due to rising input prices.
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