Motilal Oswal's research report on Bajaj Auto
Bajaj Auto’s (BJAUT) 2QFY22 performance was impacted by high RM cost. While exports remained robust and domestic 3W continued to recover, a recovery in domestic 2Ws is still awaited. BJAUT’s ramp-up in EVs would be a key monitorable as the competitive landscape evolves. The company’s higher dividend yield will provide support to the stock’s valuation.
Outlook
We lower our FY22E/FY23E EPS by 5%/4% to account for the weaker domestic volumes and cost inflation. Maintain Neutral with a TP of INR4,200.
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