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.
Motilal Oswal Report
Bajaj Auto Ltd.'s Q1 FY22 performance was impacted by high raw material and employee cost.
While core business recovery is ahead of the market, its ramp-up in electric vehicles would be a key monitorable as the inflection point for EVs comes closer.
Higher dividend yield will provide a floor to valuations.
Bajaj Auto's revenue/Ebitda/profit after tax grew 140%/174%/101% YoY (down 14%/down 26.5%/down 20% QoQ) in Q1 FY22.
Realisations grew 5.6% YoY (flat QoQ) to Rs 73,400 (estimate- Rs 72,800), led by a price hike of 1.5% QoQ, favorable forex (1%), and mix.
Gross margin declined by 110 basis point QoQ (down 590bp YoY) to 27% (estimate- 27.4%) due to cost inflation of 3.7%, but diluted by a price hike and favorable forex.
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