Neutral Bajaj Auto Ltd For Target Rs. 9,197 by Motilal Oswal Financial Services Ltd
* Total volumes grew ~6% YoY, supported by ~24% growth in exports even as domestic volumes declined ~5% YoY. While 2W sales grew 3% YoY, 3W sales were up ~20% YoY. Thus, product mix for BJAUT is favorable for 2Q.
* Hence, despite weak offtake, we expect BJAUT margins to improve by 30bp QoQ to 20%, led by improved mix and currency tailwinds toward 2Q end. Overall, we expect BJAUT to post 9% earnings growth YoY.

For More Research Reports : Click Here
For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412
