Bajaj Auto - September 2012 Sales Update - Angel Broking

Bajaj Auto (BJAUT) reported volumes in line with our estimates for September 2012. Total volumes posted a decline of 13.8% yoy to 360,152 units. On a sequential basis though, total volumes improved 4.4% driven by new launches - Pulsar 200NS (~9,000 units) and Discover 125ST (~35,000 units).

- While motorcycle volumes registered a decline of 15.1% yoy (up 3.6% mom) led by weak domestic demand and base effect; three-wheeler volumes fell by 3.5% yoy (up 10.6% mom) mainly due to weakness in the export markets. The company is seeing normalcy in its operations in both, Sri Lanka and Egypt, with three-wheeler sales in Sri Lanka expected to clock ~8,500 units monthly.

- Exports too declined by 6.1% yoy (up 1.3% mom) to 133,222 units led by lower dispatches to Sri Lanka.

Source : Equity Bulls

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