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21 December, 2014 03:43 IST
Bajaj Auto Q3 numbers likely to be subdued; brokers estimates mixed
Source: IRIS | 16 Jan, 2013, 10.49AM
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Bajaj Auto, one of the leading 2 and 3 wheeler makers, will be announcing its third quarter financial results on Wednesdau, Jan. 16, 2013. We have collated views of analysts at various broking houses on how they see earnings this time around. The same are as follows:

Angel Broking expects expect the company's revenues to register a healthy growth of 8% yoy (9% qoq) to Rs 54.05 billion owing to 5% yoy (8% qoq) growth in volumes and 4% (2% qoq) yoy growth in net average realization. It expects the net average realization to benefit from better product-mix and favorable foreign exchange rate on the exports front. On the operating front, EBITDA margin is expected to improve 30 bp sequentially (down 100bp yoy) to 18.7%, benefitting from better product-mix and export realization. As a result, the bottom-line is expected to grow by 9% yoy

Motilal Oswal expects PAT decline of 7.7% YoY (up 3.9% QoQ) would be higher than the EBITDA decline because of higher tax rate following the partial expiry of tax incentives at the Pantnagar plant. It expects Bajaj Auto's 3QFY13 volumes to grow 3% YoY (6% QoQ), buoyed by the delayed festive season and recent launches. EBITDA margin to shrink 150bp YoY (and 20bp QoQ) to 18.2%, with the reduction in export incentives more than offsetting the benefit of mix improvement.

Bank of America Merrill Lynch expects net profit to fall 3.8% y-o-y (11% sequential drop) to Rs 8.28 billion. It expects a growth of 5.9% y-o-y in net sales (7.8% sequential rise) to Rs 53.60 billion.     

Kotak Securities expects net profit to up 6.4% y-o-y (14.5% sequential rise) to Rs 8.45 billion. It expects a growth of 9.5% y-o-y in revenues (9.8% sequential rise) to Rs 54.57 billion.

IDFC Securities expect net profit to fall 0.8% y-o-y to Rs 8.28 billion. It expects a growth of 7.3% y-o-y in net sales to Rs 54.30 billion.

ICICIdirect expect net profit to slip 3.2% y-o-y (3.9% sequential rise) to Rs 7.69 billion. It expects a growth of 6.4% y-o-y in revenues (8.3% sequential rise) to Rs 53.87 billion.

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Bajaj Auto Limited   (Q,N,C,F)*

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