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Prabhudas Lilladher Report
Bajaj Auto Ltd.'s Q4 FY24 revenue came in at Rs 114.8 billion, which is 3.5%/2.2% higher versus our/Bloomberg estimate Ebitda grew by 34.4% surpassing our/Bloomberg estimate by 5.2%/4.1% respectively while margin (20.1%) expanded by 80 basis points versus our/Bloomberg estimate 48 basis points/37 bps.
Management foresees recovery in exports markets, however, emerging markets like Nigeria and Bangladesh continue to be subdued due to currency devaluation and inflationary pressure.
The rise in EV volume suppressed margins, however, it has been able to mitigate some of it through cost cutting initiatives.
Going forward, the management expects the domestic two-wheeler market to grow by 7-8% in FY25 with faster growth anticipated in the premium range of motorcycles.
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