Dolat Capital: Bajaj Auto Q2 Review - Improving Volume And Margin Trajectory  
Bajaj Auto Ltd. Pulsar motorcycles sit ready at the end of the assembly line at the company’s factory in Pune, India. (Photographer: Kuni Takahashi/Bloomberg)

Dolat Capital: Bajaj Auto Q2 Review - Improving Volume And Margin Trajectory  

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 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.

Click on the attachment to read the full report:

Dolat Capital Bajaj Auto Q2FY21 Result Update.pdf

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