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.
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