2025-04-12 11:12:48 am | Source: Motilal Oswal Financial Services Ltd
Neutral Bajaj Auto Ltd For Target Rs. 7,990 by Motilal Oswal Financial Services Ltd
* Total volumes during the quarter grew ~3% YoY, supported by ~3% growth in 2Ws and 5% in 3Ws. However, the increase was entirely driven by exports, which rose 19% YoY, offsetting a 7% YoY decline in domestic demand.
* ASP is expected to grow 3% QoQ led by improved mix, favorable currency and price increases.
* We expect the impact of lower volumes (-10% QoQ) to be offset by improved mix (higher exports + higher Pulsar sales) and favorable currency QoQ. As a result, we expect margins to largely remain stable QoQ at ~20%.
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