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Bajaj Auto a market performer: IIFL
IIFL has rated Bajaj Auto as a market performer with a 12-month target price of Rs 539. Bajaj Auto’s 1QFY09 results were marginally better than research firm's expectation, with revenue growing by 10% YoY and EBITDA declining by 3.1% YoY.
IIFL has rated Bajaj Auto as a market performer with a 12-month target price of Rs 539 in its July 11, 2008 research report. "Bajaj Auto's 1QFY09 results were marginally better than our expectation, with revenue growing by 10% YoY and EBITDA declining by 3.1% YoY. Raw-material costs as a percentage of net sales grew by 320bps YoY. The fall in EBITDA margin, however, was contained at 200bps-a result, we reckon, of tighter control on other costs such as subventions and advertising costs."
"Management indicated that the worst may be over for the company, and margins for FY09 should be 13-14%. We remain conservative and project FY09 EBITDA margin at 12%. Market performer, 12-month target price of Rs 539," says IIFL's research report
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