Bajaj Auto - Stellar Margin Performance In Q3, Valuation Caps Upside: Dolat Capital 
A security guard stands in front of a Bajaj Auto Ltd. logo in Pune, India. (Photographer: Adeel Halim/Bloomberg)

Bajaj Auto - Stellar Margin Performance In Q3, Valuation Caps Upside: Dolat Capital 

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.

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.

Click on the attachment to read the full report:

Dolat Capital Bajaj Auto Q3FY21 Result Update.pdf

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