Quote on Monthly Update : Bajaj Auto by Mr. Milan Desai, Angel Broking Ltd
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Below are Quote on Monthly Update: Bajaj Auto by Mr. Milan Desai, Lead Equity Analyst, Angel Broking
Bajaj Auto reported total monthly sales of 3,46,136 units for June’21, up by 24.5% YoY and 27.3% MoM. Domestic sales were up by 7% YoY/166% MoM to 1,61,836 units while exports at 1,84,300 units, grew by 45% YoY but were down 13% MoM due to higher base. Domestic 2Ws sequential growth rebounded strongly at 158% (+6% YoY) while exports were down 14% MoM (+43% YoY). Domestic CVs (3Ws) grew by 38% YoY to 6,196 units as against 488 units in May’21 while exports grew by 59% YoY to 29,362 units but the same were down 4.7% MoM. We expect Bajaj to fare well among peers owing to high exposure to exports and believe that domestic 2Ws would take longer to recover compared PVs and CVs. We currently have a neutral rating Bajaj Auto.
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