Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Bajaj Auto - Q2FY21 First Cut - ICICI Securities

Posted On: 2020-10-22 07:52:51


(CMP: Rs. 3,008; MCap: Rs. 87,042 crore)

Bajaj Auto reported a steady Q2FY21 performance that was largely in line with our estimates.

Q2FY21 Earnings Summary

- Net revenues came in at Rs. 7,156 crore (down 7.2% YoY; I-Direct estimate - Rs. 7,192 crore). Blended ASPs for the quarter stood at Rs. 67,935/unit (up 3.4% YoY, down 2.2% QoQ; I Direct estimate Rs. 68,281/unit). Lower share of 3-W in total volumes (~8% in Q2FY21 vs. ~16% YoY) impacted ASPs, although rupee depreciation acted as a tailwind. Total volumes for the quarter were at 10.5 lakh units (down 10.2% YoY) units wherein 2-W volumes were at 9.6 lakh units (down 2% YoY) and 3-W volumes were 88,872 units (down 53% YoY)

- Reported EBITDA in Q2FY21 was at Rs. 1266 crore (down 1% YoY), with EBITDA margins coming in at 17.7% (up 110 bps YoY) - slightly ahead of our estimate of 17.1%. The beat was attributable primarily to lower other expenses, which fell 190 bps YoY on percentage of sales basis. The company informed that reversal impact of MEIS export incentive for the quarter stood at Rs. 78 crore, abstaining which EBITDA margins could have been upward of 18.5%

- Consequent reported PAT was down by 18.8% YoY to Rs. 1,138 crore vs. our expectation of Rs. 1,178 crore. PAT came in lower tracking lower other income pursuant to low yields on treasury book

- The company posted CFO of Rs. 1,545 crore for H1FY21, with Cash & Cash Equivalents as of September 2020 end at Rs. 16,240 crore

We would be coming out with a detailed report soon.

Shares of BAJAJ AUTO LTD. was last trading in BSE at Rs.2997.2 as compared to the previous close of Rs. 3016.35. The total number of shares traded during the day was 48079 in over 5332 trades.

The stock hit an intraday high of Rs. 3037.95 and intraday low of 2977. The net turnover during the day was Rs. 144708171.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com



Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Astral Poly Technik - Scalability to further improve with storage tanks foray - ICICI Securities

Vardhman Special Steel - Q2FY21 Company Update - ICICI Direct

Initiating Coverage - Advanced Enzyme Technologies - ICICI Direct

L&T - Secures Large Contract - Nov 25, 2020 - Angel Broking

Alembic Pharmaceuticals - Tentative Approval for JV - Angel Broking

Drug launch by Lupin - Tacrolimus Capsules - Angel Broking

Gujarat Gas - Nov 25, 2020 - Angel Broking

Metropolis Healthcare - Nov 25, 2020 - Angel Broking

NTPC - Showcase of strength & competitiveness - ICICI Securities

Telecom - Market Share TRACKER - Bharti is narrowing the gap on incremental market share vs RJio - ICICI Securities

Cochin Shipyard - Q2FY21 Result Update - ICICI Direct

Engineers India - Q2FY21 Result Update - ICICI Direct

Rupee - Nov 24, 2020 - Reliance Securities

FMCG Sector Update - Recovery unlocked; lower growth divergence - HDFC Securities

Engineers India - Consultancy segment outperformance - ICICI Securities

Engineers India - Q2 FY21 Result Update - YES SECURITIES

Motherson Sumi Systems - Company Update - Virtual Investor Conference - ICICI Direct

Mutual Fund Review - November, 2020 - ICICI Direct

Sadbhav Engineering - Q2FY21 Company Update - ICICI Direct

IRB Infrastructure - Q2FY21 Company Update - ICICI Direct

Vodafone Idea fund raising - Angel Broking

Rupee - Nov 23, 2020 - Reliance Securities

Crude Oil - Nov 23, 2020 - Reliance Securities

Q2FY21 Bank Result Quick Review - Angel Broking

Banks & NBFC's Sector Update Report - Yet another watershed moment? - HDFC Securities

Galaxy Surfactants - EBITDA/kg has an upside risk - ICICI Securities

Diagnostics - COVID-19 tests continue to trend higher - ICICI Securities

Banking & Financial Services - Sector Update - Nov 22, 2020 - ICICI Direct

Dalmia Bharat Sugar - Q2FY21 Company Update - ICICI Direct

Balkrishna Industries - Industry export growth momentum continues - ICICI Securities

Covid Recovery Pulse - Festive positivity continues in auto retails, E-way bill generation improves... - ICICI Direct

Quant Pick - Exide Industries - ICICI Direct

Shankara Building Products - Q2FY21 Company Update - ICICI Direct

Triveni Engineering - Q2FY21 Company Update - ICICI Direct

Initiating Coverage on Sudarshan Chemical - Leaping into the league of giants - HDFC Securities

Earnings Wrap Q2FY21: Earnings outperform, post Covid recovery picks up steam - ICICI Direct

Vodafone Idea Positive development beneficial for IDFC first bank - Angel Broking

Lakshmi Vilas Bank - Angel Broking

WIPRO Buyback record date announcement - Angel Broking

TCS buyback record date announcement - Angel Broking

Banks Sector Update - Collection efficiency - a positive surprise! - HDFC Securities

Quant Pick - Max Financial Services - ICICI Direct

Graphite India - Q2FY21 Result Update - ICICI Direct

Gladiator Stocks - Maruti Suzuki India - ICICI Direct

Exide Industries - Q2FY21 Result Update - ICICI Direct

Mishra Dhatu Nigam - Execution outlook remains strong - ICICI Securities

Bharat Electronics - Diversifying into multiple revenue streams - ICICI Securities

Wipro Ltd - Virtual Analyst Meet Update - ICICI Direct

Avadh Sugar & Energy - November 2020 - Company Update - ICICI Direct

Mahindra Lifespace Developers - H1FY21 Company Update - ICICI Direct



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019