Bajaj Auto - Q3FY14 Result Update - IIFL

- Revenues at Rs51.3bn lower by 5.2% yoy; lower than our estimates

- Blended realizations improved 7.6% yoy driven by 8.1% higher export realizations and 7.3% yoy increase in domestic realizations.

- Total volumes were down by 11.9% yoy. While domestic volumes were lower by 24% yoy export volumes rose 12.3% yoy. In terms of products, motorcycle volumes fell 10% while 3-W volumes fell 25% yoy

- OPM at 22.1% was higher by 343bps yoy and 25bps qoq helped by the steep rupee depreciation and reversal of MTM losses of previous quarters

- PAT at Rs9bn was up 10.5% yoy and was ahead of our estimates

- Maintain our rating of Market Performer with a revised 9-month price target of Rs2,069.

Source : Equity Bulls

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