EBITDA at Rs904.9 cr vs Rs1153.2 cr
Revenue at Rs5212.8 cr
Cons EBITDA Margin (Ex-Excise) At 18.5% Vs 21.5% (YoY)
Bajaj Auto Q4FY2017 Results in line with estimates
Bajaj Auto has reported in line numbers for Q4FY2017. The topline for the quarter was down 8.6% YoY driven by a 9.7% YoY dip in volumes as demonetization impacted the demand for two wheelers. The realizations however were up by around 1.2% YoY led by price hikes. The revenues were broadly in line with estimates.
The operating margins for the quarter contracted 300 BPS YoY to 18.5% (as against estimates of 19.8%) driven by rise in raw material costs and transition costs from BS3 to BS4 emission norms. Consequently, the EBITDA at Rs 906 Cr contracted 21.4% YoY.
A higher other income (up 14.3% YoY) to a certain extent contained the decline in the PAT. The PAT at Rs 801.8 Crs declined by 15.5% YoY and was broadly in line with our estimate of Rs 780 Crs.
We have a Hold Recommendation on the stock and shall come out with a detailed note post the management call tomorrow.
Result table
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