Bajaj Auto; Hold recommendation

 Bajaj AutoThe recommendation made by KRChoksey for Bajaj Auto is hold rating with a goal of Rs 1648 in its October 19, 2010 study report.

He added that Bajaj Auto Limited (BAL) sustained to convey muscular execution, in sequence with the approximation on the reverse of vigorous quantity development of 46% y-o-y & 8% q-o-q. The group recorded the profile sales of 1,000,570 during the Q2FY11 resultant in net sales of Rs 4180.9 crore, a noteworthy development of 50% on y-o-y base.

The noteworthy increase in quantity during the quarter was above all guided by uppermost ever sales in the Motorcycle section that witness 53% year-on-year development in the household market & 35% y-o-y development in the exports.

The quantity development in the section was headed by strong sales of the important brands ‘Discover’ (392,000) & ‘Pulsar’ (246,000) that together donate 86% of the company’s internal sales.

The group also recorded uppermost yet marketable vehicle sales of 117,076 components in the quarter, a development of 37% y-o-y. In general BAL’s market share enhanced by 100 bps on q-o-q basis to 34.

Bajaj Auto recorded development of 42% yo- y, EBITDA of Rs 897.1 crore.

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