Fwd: Bajaj Auto Q2FY12 Result Update First Cut; Superb performance, Maintain Accumulate; Tartget: Rs 1,950

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Deepak Vaishnav

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Oct 22, 2011, 5:01:34 AM10/22/11
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Bajaj Auto Ltd.

Superb performance, Maintain Accumulate

 

ACCUMULATE

 

CMP: Rs 1,637                                        Target Price: Rs 1,950

n     Results above est. with EBIDTA at Rs 10.6bn (est.-9.9bn) due to higher sales at Rs 52.7bn (est- Rs 51.4bn). APAT at Rs 8bn (est of Rs 7.7bn) despite lower other inc./higher interest

n     Interest exp at Rs 202mn is significantly above est. Presume one time charges (bank guarantee) for obtaining VAT refund. Company has received VAT refund of Rs 8.6bn in the quarter

n     MTM loss of Rs 954mn indicates FY13 export covers at favorable rates. We have modeled our FY13 est. at Re 45.2 to USD. Re 1 change in USD/Re to result in 1.2% EPS change

n     Retain our FY13E EPS of Rs 114.7 and Accumulate rating.  Shall further update post conf. call scheduled on 24th Oct.

 

Regards,

Chirag Shah

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : chira...@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 252 | DID : 66121252 | Mob : +919820580701 |

 

 


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Bajaj Auto Q2FY12 Result Update First Cut.pdf
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