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Bajaj Auto’s market cap on Thursday crossed the Rs 2 lakh crore-mark to touch Rs 2.04 lakh crore, surpassing M&M.
Maruti
Bajaj Auto stock gained 5.3 per cent to close at Rs 7,596 on Thursday.
Its EBITDA margin expanded YoY, supported by commodity tailwinds. In Q3FY24, gross profit per vehicle and EBITDA per vehicle improved over Q2FY24. Recovery in the domestic two-wheeler segment is expected to continue.
“We are impressed by Bajaj Auto’s margin resilience despite adverse mix (3W volume contribution down 300bps QoQ). This validates the fact that its margin performance is not overtly dependent on 3W performance. Domestic 2W retail market share gain has been impressive at 150bps YoY to 12 per cent YTDFY24. Domestic 2W industry volumes have held up post festive season as well. We expect these to grow in high single-digit in FY25E,” Elara Securities said.
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