Nirmal Bang: Bajaj Auto - Cost Control, Strong Exports Are The Key Highlights 
An employee works on the assembly line at the Bajaj Auto Ltd. plant in Chakan, India. (Photographer Adeel Halim/Bloomberg)

Nirmal Bang: Bajaj Auto - Cost Control, Strong Exports Are The Key Highlights 

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Nirmal Bang Report

Bajaj Auto Ltd.’s Q2 FY21 net profit of Rs 11.4 billion is a tad below our estimate of Rs 11.88 billion and was driven by a strong operating performance.

Revenue came in at Rs 71.9 billion, down 7% YoY and largely in line with our expectation. ASP growth was 4.6% YoY.

Reported Ebitda margin stood at 18.1%, up 120 basis points YoY and 390 basis points QoQ but was marginally below our estimate of 18.5%.

The strong operating performance was on the back of tight cost control measures and lower marketing and ad spends, aided by better forex realisations and better product mix within motorcycles.

Click on the attachment to read the full report:

Nirmal Bang Bajaj Auto Q2FY21 Result Update-23 October 2020.pdf


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