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

Equity Bottom-Up

<ul>
<li>Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls</li>
<li>Top Large Cap Bullish Ideas include <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> &amp; <a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (GOPAL IN)</a> are names that we have a bearish view on. </li>
</ul>


Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls
Top Large Cap Bullish Ideas include HDFC Asset Management Co Ltd (HDFCAMC IN), Bajaj Auto Ltd (BJAUT IN) &amp; Pvr Inox (PVRINOX IN).

D.B. Corp Ltd (DBCL IN), IndiaMart (INMART IN) &amp; Gopal Snacks (GOPAL IN) are names that we have a bearish view on. 


Namaste India 🙏 | Earnings Editions Are Back

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.</li><li>Bajaj, with its presence in multiple power trains – petrol, CNG, and EVs – is projected to achieve a higher growth rate of 11-12% YoY.</li><li>The company has lined up new launches from Nov’24 onwards which includes new e2W and e3W variants. </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.

Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.Bajaj, with its presence in multiple power trains – petrol, CNG, and EVs – is projected to achieve a higher growth rate of 11-12% YoY.The company has lined up new launches from Nov’24 onwards which includes new e2W and e3W variants. 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 - Q2 EBITDA Inline; Positives Largely Factored in Rich Valuations

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>We met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business.</li><li>The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.</li><li>In exports, the strong demand in Latin America and ASEAN is being offset by the continued slowdown in Africa and Bangladesh, and the management expects exports to post a single-digit growth in FY25E.</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.

We met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business.The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.In exports, the strong demand in Latin America and ASEAN is being offset by the continued slowdown in Africa and Bangladesh, and the management expects exports to post a single-digit growth in FY25E.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 - Volume Growth to Moderate in the Domestic Market

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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.

<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

<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

India

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)

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

Bajaj Auto Ltd - Q2 EBITDA Inline; Positives Largely Factored in Rich Valuations

Domestic Growth Drivers: The domestic 2W industry is expected to grow in the high single digits in FY25, with stronger growth in 125 cc motorcycles.

Axis Direct

Bajaj Auto - Volume Growth to Moderate in the Domestic Market

The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25E as it expects growth to moderate in H2 due to a high base YoY.

Motilal Oswal

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

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