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Bajaj Auto declares Q4 earnings; what should investors do now?

The two and three-wheeler maker on April 27 declared a 10.3 percent year on year increase in standalone profit after tax to Rs 1,469 crore.

April 28, 2022 / 09:36 AM IST
Bajaj Auto

Bajaj Auto

Bajaj Auto share price slipped over two percent in early trade on April 28 a day after the company reported its March quarter earnings.

The two and three-wheeler maker on April 27 declared a 10.3 percent year on year increase in standalone profit after tax (PAT) to Rs 1,469 crore.

On a sequential basis, the growth in PAT is 21 percent.

Profit was aided by an exceptional income of Rs 315 crore from incentive receivable from Maharashtra for the April 2015 to March 2021 period and Rs 31 crore receivable for the April 2021 to March 2022 period.

The revenues for the Pune-based automaker came in at Rs 7,975 crore, declining 7.2 percent from Rs 8,596 crore reported in the corresponding period last year.

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On a sequential basis, revenues tanked 11.6 percent.

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Here is what brokerages have to say about the stock and company after March quarter earnings:

Jefferies

The research firm maintained a buy call with a target price of Rs 4,000 per share.

EBITDA and net profit fell 8-10% year on year (flat sequentially) but were 26-30% above estimates. Also volume fell 17% YoY, but ASP rose higher-than-expected by 6% sequentially.

Gross and EBITDA margins expanded 280 and 190 basis points sequentially respectively.

The company attributes strong margin expansion to price hikes.

Both gross profit and EBITDA per vehicle rose to all-time highs, reported CNBC-TV18.

BofAML

The brokerage has maintained a buy rating with a target price of Rs 4,100 per share.

Dividend for FY22 at Rs 140 per share (81% payout ratio) and free cash flow was Rs 5500 crore, implying 5% FCF yield, reported CNBC-TV18.

At 09:20 hrs Bajaj Auto was quoting at Rs 3,817.95, down Rs 88.00 or 2.25 percent on the BSE.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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Moneycontrol News
first published: Apr 28, 2022 09:36 am
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