Sharekhan's research report on Bajaj Auto
Q4 operating results were marginally ahead of estimates; Net Profit missed estimates due to higher tax. Volume outlook healthy but operating margins to remain under pressure on the back of continued strategy to prioritise market share over profitability. OPM’s to contract by 80 bps in FY2020; Earnings growth at 9% CAGR to lag topline growth of 13%.
Outlook
We retain our Hold rating on Bajaj Auto Limited (BAL) with a revised PT of Rs 3,250.
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