
Bajaj Auto Ltd is expected to report 19-25 per cent year-on-year (YoY) jump in net profit for the September quarter on 20-25 per cent rise in net sales. The top line growth is likely be supported by volume growth and better realisation, analysts said, as they see Ebitda margin expanding YoY on better net pricing. All eyes would be on the demand outlook in domestic and overseas markets, and CNG/E-mobility initiatives.
Prabhudas Lilladher expects Bajaj Auto to report 24.9 per cent YoY surge in adjusted PAT at Rs 2,292.70 crore for the September quarter on 22.9 per cent YoY rise in sales at Rs 13,240 crore.
Volumes are seen rising up 15.9 per cent YoY. The improvement in product mix in the two-wheeler business and stable growth in three-wheeler business may be aided by healthy growth in the EV business, it said. Factoring this, the brokerage estimated Ebitda margin for Bajaj Auto to expand 79 bps YoY.
Nuvama also sees profit rising about 23 per cent to Rs 2,266 crore on 25 per cent jump in sales Rs 13,487 crore. PhillipCapital expects Bajaj Auto to report 19 per cent jump in profit at Rs 2,192 crore on 23 per cent YoY rise in sales at Rs 10,141.90 crore. It sees Ebitda margin at 20.3 per cent.
"Revenue to increase 11 per cent QoQ, led majorly by volume increase. Ebitda margin to remain flattish QoQ as improved operating leverage to be partially offset by adverse 2W mix," it said.
MOFSL, meanwhile, noted that, after many quarters, the mix in the domestic motorcycles segment may deteriorate, given higher sales of Chetak and Freedom 125 and a normalising momentum for Pulsar 125. "We expect the impact of a weaker mix to be partially offset by operating leverage benefit. We hence expect margin to decline 40 bps QoQ to 19.8 per cent," it said.