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Bajaj Auto Q4 Net profit

Bajaj Auto Q4 Cons Net profit at Rs862.3 cr vs Rs996.2 cr

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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