Dolat Capital: Bajaj Auto Q2 Review - Improving Volume And Margin Trajectory
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Dolat Capital Report
Bajaj Auto Ltd.’s Q2 FY21 performance was broadly in line with estimates.
Despite 7% YoY fall in revenue, Ebitda remained flat at Rs 12.66 billion with margin of 17.7% (up 110 basis points YoY) owing to sharp improvement in domestic two-wheeler business margin (higher share of Pulsar 125 and ultra premium segment and better forex realization).
Adjusted profit after tax declined 18% YoY due to lower other income.
The management expects volume recovery momentum to continue in H2 FY21, aided by increasing preference for personal mobility, ramp up in export volume and pick up in domestic festival season sales.
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