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IDBI Capital Report
Bajaj Auto Ltd.'s Q2 FY22 PAT was above our estimates on account of higher than expected Ebitda margins and higher average per unit realizations. We expect domestic two wheeler market to remain soft in Q3 FY22 and likely to post recovery during Q4 FY22 while export market continues to show improvement for Bajaj Auto.
The company is anticipated to face margin pressure during Q3 FY22, due to high raw material prices. To factor in weakness in domestic 2W market and raw material cost inflation, we revise our sales and PAT estimates by -1.9%/-12% and -1.2%/-11.2% for FY22E and FY23E respectively.
The company is expected to report EPS of Rs 201 and Rs 224 for FY23 and FY24 respectively.
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