Sharekhan's research report on Bajaj Auto
Bajaj Auto Ltd (BAL) Q4 results beat estimates driven by higher realisations per vehicle and margins due to better product mix and favorable forex realisation. 2W are expected to witness faster recovery owing to higher rural exposure. Rural sentiments are strong due to strong rabi harvest. Recent Government move to open end markets for farmers would also boost income. BAL is expected to continue outpacing industry driven by new launches in domestic market and entry into newer markets overseas.
Outlook
Valuations at 14.4x FY22 earnings are lower than long term averages. Maintain Buy with an unchanged PT of Rs 3,000.
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