Dolat Capital's research report on Bajaj Corp
Marginal Topline growth of 3.5% primarily on account of mix change as volume growth remains flat. Gross Margin expansion of 475bps (benign RM cost) was offset by higher ad spends & employee cost leading to flat EBITDA margins. Management expects revival in LHO category to mid-single digit growth in next few quarters. We upgrade our estimates by 1-2% for FY17E & FY18E. Maintain Accumulate with a target price of Rs 478. For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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