External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Bajaj Auto standalone revenue grew by 15.7% YoY to Rs119.3bn in Q1FY25, 1.8% higher than PLe, but 2% lower than BBGe.</li><li>ASP increased by 7.9% YoY led by ~760bps improvement in 125cc and higher category motorcycles.</li><li>The better mix offset rise in input cost, aiding increase in EBITDA by 23.6% YoY to Rs24.2bn, which beat PLe/BBGe by 1.2%/3.9%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto standalone revenue grew by 15.7% YoY to Rs119.3bn in Q1FY25, 1.8% higher than PLe, but 2% lower than BBGe.ASP increased by 7.9% YoY led by ~760bps improvement in 125cc and higher category motorcycles.The better mix offset rise in input cost, aiding increase in EBITDA by 23.6% YoY to Rs24.2bn, which beat PLe/BBGe by 1.2%/3.9%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto (BJAUT IN) - Mix Improvement Driving ASP and Margin Profile

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bajaj reported Q1FY25 results largely in line with our estimates. Revenue grew ~15%/3.3% YoY/QoQ led by ~7%/3% YoY/QoQ volume growth.</li><li>ASP (~0.6% beat) grew by ~7.1% YoY and was flat QoQ. The YoY growth in the ASP was led by product premiumisation, higher sales of 3W in the product mix, and a ramp-up in EV sales.</li><li>EBITDA grew by ~23.6%/4.7% YoY/QoQ, a ~2.8% beat vs our estimates mainly on account of accrual benefits of the PLI Scheme. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</li></ul>

Bajaj reported Q1FY25 results largely in line with our estimates. Revenue grew ~15%/3.3% YoY/QoQ led by ~7%/3% YoY/QoQ volume growth.ASP (~0.6% beat) grew by ~7.1% YoY and was flat QoQ. The YoY growth in the ASP was led by product premiumisation, higher sales of 3W in the product mix, and a ramp-up in EV sales.EBITDA grew by ~23.6%/4.7% YoY/QoQ, a ~2.8% beat vs our estimates mainly on account of accrual benefits of the PLI Scheme. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Q1 Results Inline; Positives Largely Factored in Rich Valuations

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bajaj Auto: Bajaj Auto’s Q4 PAT at INR19.4bn was ahead of our estimate of INR 17.7bn, driven by soft commodity prices and a better mix in the export markets</li><li>While BAL has posted a healthy performance in FY24, it is unlikely to sustain it, as (1) exports will take longer to revive in key markets of Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall in FY24, (3) in 2W EVs, BAL is facing intense competitive pressure and uncertainty exists due to the upcoming general elections, (4) higher ad spending is expected due to the upcoming launches under the Pulsar brand</li><li>Given its outperformance in FY24, we raise estimates for FY25-26E marginally by 2% each.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto: Bajaj Auto’s Q4 PAT at INR19.4bn was ahead of our estimate of INR 17.7bn, driven by soft commodity prices and a better mix in the export marketsWhile BAL has posted a healthy performance in FY24, it is unlikely to sustain it, as (1) exports will take longer to revive in key markets of Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall in FY24, (3) in 2W EVs, BAL is facing intense competitive pressure and uncertainty exists due to the upcoming general elections, (4) higher ad spending is expected due to the upcoming launches under the Pulsar brandGiven its outperformance in FY24, we raise estimates for FY25-26E marginally by 2% each.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto - Good Show but Headwinds Ahead

<ul><li>Bajaj reported a strong set of results in Q4FY24. Revenue stood largely in line with our estimates with a ~3% beat at Rs 11,178 Cr, up ~29.5% YoY (down ~5.5% QoQ) led by ~27.6%/19.2% volume YoY growth in domestic/exports market respectively.</li><li>ASP (~3.2% beat) grew by ~4.3%/6.2% YoY/QoQ. The YoY growth in the ASP was led by product premiumisation, higher sales of 3W in the product mix and a ramp-up in EV sales.</li><li>EBITDA grew by ~34.4% YoY (down ~5.5% QoQ) to Rs 2,306 Cr, a ~5.1% beat vs our estimates, led by better gross margins and lower employee costs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj reported a strong set of results in Q4FY24. Revenue stood largely in line with our estimates with a ~3% beat at Rs 11,178 Cr, up ~29.5% YoY (down ~5.5% QoQ) led by ~27.6%/19.2% volume YoY growth in domestic/exports market respectively.ASP (~3.2% beat) grew by ~4.3%/6.2% YoY/QoQ. The YoY growth in the ASP was led by product premiumisation, higher sales of 3W in the product mix and a ramp-up in EV sales.EBITDA grew by ~34.4% YoY (down ~5.5% QoQ) to Rs 2,306 Cr, a ~5.1% beat vs our estimates, led by better gross margins and lower employee costs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto  - Strong Q4 Results: Positives Largely Factored in Rich Valuations

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.</li>
<li>For this postcard, we travel to the magnificent and iconic city of Agra. </li>
<li>We were pleasantly surprised by the rapid pace of electrification among three-wheelers, which is the topic of this postcard.</li>
</ul>


With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
For this postcard, we travel to the magnificent and iconic city of Agra. 
We were pleasantly surprised by the rapid pace of electrification among three-wheelers, which is the topic of this postcard.


Postcard from Agra | India's 3W EV Adaptation On the Ground

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

Maharashtra Scooters Ltd. manufactures and distributes two-wheeler scooters.

Atul Auto Ltd. manufactures three-wheeled commercial diesel vehicles.

Bosch Limited manufactures a wide range of automotive parts. The Company'products includes fuel injection pumps, spark plugs, including nozzles and nozzle holders, elements, delivery valves, filters and filter inserts, glow plugs, starter motors, alternators and wipers. Bosch also manufactures hydraulics and pneumatic equipment and electric power tools and fixtures.

Hindustan Motors Limited manufactures cars, trucks, diesel engines, bulldozers, cranes, dumpers, compactors, shovels and scrapers. The Company also manufactures a wide range of steel products, axle assemblies, special purpose machine tools, hydraulic pumps and hydraulic valves.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto (BJAUT IN) - Mix Improvement Driving ASP and Margin Profile

Bajaj Auto standalone revenue grew by 15.7% YoY to Rs119.3bn in Q1FY25, 1.8% higher than PLe, but 2% lower than BBGe. ASP increased by 7.9% YoY led...

Prabhudas Lilladhar

Bajaj Auto Ltd - Q1 Results Inline; Positives Largely Factored in Rich Valuations

Bajaj reported Q1FY25 results largely in line with our estimates. Revenue grew ~15%/3.3% YoY/QoQ led by ~7%/3% YoY/QoQ volume growth.

Axis Direct

Bajaj Auto - Good Show but Headwinds Ahead

Bajaj Auto’s Q4 PAT at INR19.4bn was ahead of our estimate of INR 17.7bn, driven by soft commodity prices and a better mix in the export markets

HDFC Securities

Bajaj Auto - Strong Q4 Results: Positives Largely Factored in Rich Valuations

Revenue stood largely in line with our estimates with a ~3% beat at Rs 11,178 Cr, up ~29.5% YoY (down ~5.5% QoQ) led by ~27.6%/19.2% volume YoY...

Axis Direct

Postcard from Agra | India's 3W EV Adaptation On the Ground

Exploring the rapid electrification of three-wheelers in Agra, providing on-ground insights from tier 2 and tier 3 locations.

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Auto (BJAUT IN) - Mix Improvement Driving ASP and Margin Profile

Bajaj Auto standalone revenue grew by 15.7% YoY to Rs119.3bn in Q1FY25, 1.8% higher than PLe, but 2% lower than BBGe. ASP increased by 7.9% YoY led...

Prabhudas Lilladhar

Bajaj Auto Ltd - Q1 Results Inline; Positives Largely Factored in Rich Valuations

Bajaj reported Q1FY25 results largely in line with our estimates. Revenue grew ~15%/3.3% YoY/QoQ led by ~7%/3% YoY/QoQ volume growth.

Axis Direct

Bajaj Auto - Good Show but Headwinds Ahead

Bajaj Auto’s Q4 PAT at INR19.4bn was ahead of our estimate of INR 17.7bn, driven by soft commodity prices and a better mix in the export markets

HDFC Securities

Bajaj Auto - Strong Q4 Results: Positives Largely Factored in Rich Valuations

Revenue stood largely in line with our estimates with a ~3% beat at Rs 11,178 Cr, up ~29.5% YoY (down ~5.5% QoQ) led by ~27.6%/19.2% volume YoY...

Axis Direct

Postcard from Agra | India's 3W EV Adaptation On the Ground

​Exploring the rapid electrification of three-wheelers in Agra, providing on-ground insights from tier 2 and tier 3 locations.

Pranav Bhavsar

Exploring the rapid electrification of three-wheelers in Agra, providing on-ground insights from tier 2 and tier 3 locations.