External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Bajaj reported a good set of results. Revenue stood in line, while EBITDA and PAT registered a slight beat against our estimate.</li><li>Revenue at Rs 10,777 Cr (up 6%/5% YoY/QoQ) stood largely in line with our estimate.</li><li>EBITDA grew by 21%/9% YoY/QoQ at Rs 2,133 Cr and came in line with consensus but stood ahead of our estimate by 2%. </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 good set of results. Revenue stood in line, while EBITDA and PAT registered a slight beat against our estimate.Revenue at Rs 10,777 Cr (up 6%/5% YoY/QoQ) stood largely in line with our estimate.EBITDA grew by 21%/9% YoY/QoQ at Rs 2,133 Cr and came in line with consensus but stood ahead of our estimate by 2%. 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 - Robust Q2, Multiple Growth Levers Ahead

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Thematic (Sector/Industry)

<ul><li>Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.</li><li>In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.</li><li>CV demand momentum continues to be healthy in Q2. </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.

Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.CV demand momentum continues to be healthy in Q2. 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.

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.</li><li>This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),</li><li>2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,</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.

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,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.

<ul><li>Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.</li><li>We see more optimism by the dealers in the PV segment with robust demand for UVs.</li><li>In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.</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.

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.We see more optimism by the dealers in the PV segment with robust demand for UVs.In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.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.

<ul><li>FY23 for Bajaj Auto was characterised by strong domestic sales but weak exports, which continued to weigh on overall sales.</li><li>Despite lower sales volumes, revenue grew YoY due to higher ASPs during the year, which was led by price increases, higher share of 3W, and higher share of 125cc+ in the sales mix.</li><li>The management continued to focus on the EV and premium motorcycle and as a result, Capex stood higher in FY23. </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.

FY23 for Bajaj Auto was characterised by strong domestic sales but weak exports, which continued to weigh on overall sales.Despite lower sales volumes, revenue grew YoY due to higher ASPs during the year, which was led by price increases, higher share of 3W, and higher share of 125cc+ in the sales mix.The management continued to focus on the EV and premium motorcycle and as a result, Capex stood higher in FY23. 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.

Annual Report Analysis - Bajaj Auto - 28th Aug 2023

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)

Bajaj Auto - Robust Q2, Multiple Growth Levers Ahead

Bajaj reported a good set of results. Revenue stood in line, while EBITDA and PAT registered a slight beat against our estimate. Revenue at Rs...

Axis Direct

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs. CV demand momentum...

HDFC Securities

Auto Q2FY24 Results Preview

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24. This will be led by YoY growth in 1)...

Axis Direct

Sector Update - Automotive Industry

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki...

Axis Direct

Annual Report Analysis - Bajaj Auto - 28th Aug 2023

Despite lower sales volumes, revenue grew YoY due to higher ASPs during the year, which was led by price increases, higher share of 3W, and higher...

Axis Direct

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