Sharekhan's research report on Bajaj Auto
Bajaj Auto’s (BAL’s) reported PAT stood at Rs 1665 crore in Q1FY24 against estimate of Rs. 1670 crore on maintaining EBITDA margin at ~19%. With the Triumph 400 cc, BAL has now ventured into the realm of iconic premium motorcycles, expanding its dominance from the mass premium motorcycles. Stock trades at a P/E multiple of 18.3x and EV/EBITDA multiple of 12.5x its FY25 E estimates.
Outlook
We maintain a Buy on Bajaj Auto (BAL) with an unchanged target price of Rs. 5,600 owing to its superior profitability, play on premiumisation and expectation of gradual export recovery.
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