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Bajaj Auto Q4: Long-term outlook positive; trades at reasonable valuation

We continue to remain upbeat on Bajaj Auto because of a positive demand outlook in domestic and export markets. Its valuation also looks reasonable

April 30, 2021 / 09:53 AM IST
Bajaj Auto Q4: Long-term outlook positive; trades at reasonable valuation

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The recovery in demand — both in domestic and export markets — after the adverse impact of the pandemic in the first half of FY21, helped Bajaj Auto (CMP: Rs 3,819, Mcap: Rs 1,11,000 crore) to post a decent set of numbers for the final quarter and the full year of the last fiscal. While the top line registered a double-digit growth in Q4 FY21, the operating margin contracted due to a significant rise in raw material prices. We continue to...

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