Quote on Bajaj Auto Ltd - Result Update -1QFY22 By Mr. Amarjeet Maurya, Angel Broking Ltd
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Below is quote on Bajaj Auto - Result Update -1QFY22 by Mr. Amarjeet Maurya, AVP - Mid Caps, Angel Broking Ltd
For 1QFY2022, Bajaj Auto Ltd (BAL)’s top-line reported growth of ~140% yoy to Rs7,386cr on back of healthy volume growth (~up by 127% yoy) and improvement in realisation. While the pandemic has impacted Q1 of FY21 and of FY22, the severity of impact was very different and hence, performance of the two quarters are not strictly comparable. On the operating profit front, the company has reported ~Rs1,118cr, grew by 174% on account of a lower base last year in the same quarter. BAL reported operating margin improvement (up by 187bp yoy to 15.1%). On the bottom-line front, BAL reported growth of ~196% yoy to Rs1,170cr due to sales recovery and healthy operating performance. Overall 1Q results were in line with expectation.Considering the BAL’s healthy performance recovery, strong brand, new launches and wide distribution, we are positive on stock.
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