Essay about Hkkjnkb

5062 Words Apr 11th, 2016 21 Pages
1QFY2016 Result Update | Automobile
July 25, 2015

Bajaj Auto

NEUTRAL

Performance Highlights

CMP
Target Price

Y/E March (` cr)
Net Sales
Adj. EBITDA
EBITDA Margin (%)
Adj. net profit

1QFY16
5,613
1,140
20.3
1,015

1QFY15
5,252
925
17.6
740

% chg (yoy)
6.9
23.2
270 bp
37.1

4QFY15
4,739
904
19.1
666

% chg (qoq)
18.4
26.1
120 bp
52.4

Source: Company, Angel Research

`2,497
-

Investment Period

-

Stock Info
Sector

Automobile

Market Cap (` cr)

72,268

Operating performance misses estimates; other income boosts profitability: Bajaj
Auto (BJAUT)’s 1QFY2016 results have come in marginally below our estimates on the operating front. However, higher other income
…show more content…
Also, further price cuts in exports to boost volumes and deteriorating product mix would more than offset the benefits from increased dollar realization, thereby keeping margins in check. We expect BJAUT to report revenue and PAT CAGR of 12% and 16%, respectively, over FY20152017. We have retained our earnings estimates and maintain our Neutral rating on the stock with fair value of `2,454.
Key financials (Standalone)

0.7
2,737/2,239

52 Week High / Low
Avg. Daily Volume

78,778
10

BSE Sensex

28,112

Nifty

8,522

Reuters Code

BAJA.BO

Bloomberg Code

BJAUT@IN

Shareholding Pattern (%)
Promoters

49.2

MF / Banks / Indian Fls

16.3

FII / NRIs / OCBs

14.9

Indian Public / Others

19.6

Abs. (%)

3m

1yr

3yr

2.5

7.0

66.2

25.1

18.6

60.2

Sensex
Bajaj Auto

3-year price chart
2,800
2,400
2,000

Source: Company, Angel Research; Note: CMP as of July 24, 2015

Please refer to important disclosures at the end of this report

1,600

Jun-15

Jan-15

Aug-14

1,200
Mar-14

FY2017E
27,264
14.4
4,175
12.4
19.6
144.4
17.3
5.1
29.5
40.3
2.2
11.4

Oct-13

FY2016E
23,842
10.3
3,715
19.8
19.8
128.4
19.4
5.9
30.5
41.9
2.6
13.3

May-13

FY2015
21,612
7.3
3,101
(4.4)
19.0
107.2
23.3
6.9
27.0
40.3
2.9
15.5

Dec-12

FY2014
20,150
0.8

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