Bajaj Corp - Q4FY13 Result Update - Nirmal Bang

- Bajaj Corp (BCL) reported 25% YoY growth in revenues in line with our/consensus expectations largely led by strong volume growth.

- BCL reported strong gross margins of 58.3% (up 262bps YoY and 20bps QoQ) which we believe is on account of reduction in LLP prices. This resulted in strong OPM of 28.1% marginally ahead of our expectation (27.8%)

- BCL reported 55% growth in EBIDTA to Rs517mn in line with our expectation.

- Tax rate came in at 20.4, against our expectation of 22%

- Consequently BCL reported PAT of Rs490mn, up 44% YoY, 6.8% higher than our estimate (Rs459mn) and 5% above consensus (Rs467mn)

Source : Equity Bulls

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