{"id":12967,"date":"2023-01-28T10:06:25","date_gmt":"2023-01-28T04:36:25","guid":{"rendered":"https:\/\/univest.in\/blogs\/?p=12967"},"modified":"2023-01-28T10:21:57","modified_gmt":"2023-01-28T04:51:57","slug":"bajaj-auto-rides-into-top-gear-with-q3fy23-results","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/bajaj-auto-rides-into-top-gear-with-q3fy23-results\/","title":{"rendered":"Bajaj Auto rides into top gear with Q3FY23 Results"},"content":{"rendered":"<p>Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries across several countries in Latin America, Southeast Asia, and many more. It has acquired 48% of the KTM Brand which manufactures sports and super sports two-wheelers, which was 14% in 2007 when the company first took a stake in KTM.<\/p>\n<p>Bajaj Auto announced their Q3FY23 results on 25th January 23 and on the next trading day, the stock shot up 6% on a day when many stocks fell drastically due to Hindenburg&#8217;s report on Adani group. So, let\u2019s now analyze their Q3FY23 numbers &amp; check if there is any more upside potential.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/bajaj-auto-rides-into-top-gear-with-q3fy23-results\/#Bajaj_Auto_beats_Q3_profit_estimates_on_higher_prices_domestic_demand\" title=\"Bajaj Auto beats Q3 profit estimates on higher prices, domestic demand\">Bajaj Auto beats Q3 profit estimates on higher prices, domestic demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/bajaj-auto-rides-into-top-gear-with-q3fy23-results\/#Bajaj_Auto_sees_the_highest_Profit_Margins_in_the_last_five_quarters_in_Q3FY23\" title=\"Bajaj Auto sees the highest Profit Margins in the last five quarters in Q3FY23\">Bajaj Auto sees the highest Profit Margins in the last five quarters in Q3FY23<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/bajaj-auto-rides-into-top-gear-with-q3fy23-results\/#Business_Highlights\" title=\"Business Highlights\">Business Highlights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/bajaj-auto-rides-into-top-gear-with-q3fy23-results\/#Univest_view_with_Technical_analysis\" title=\"Univest view with Technical analysis\">Univest view with Technical analysis<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Bajaj_Auto_beats_Q3_profit_estimates_on_higher_prices_domestic_demand\"><\/span><b>Bajaj Auto beats Q3 profit estimates on higher prices, domestic demand<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Bajaj Auto reported a nearly 23% YoY rise in net profit in Q3FY23 to Rs 1,473 crore, as compared to Rs 1,214 crore in Q3FY22. Revenue from operations came in at Rs 9,315.14 crore, up 3% YoY with robust double-digit revenue growth in the domestic business offsetting the drop in exports arising from the challenging market context. Overall spares revenue came in at an all-time high, the company said.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-12973 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Rev-PAT-1.png\" alt=\"pat\" width=\"1280\" height=\"720\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Rev-PAT-1.png 1280w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Rev-PAT-1-300x169.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Rev-PAT-1-1024x576.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Rev-PAT-1-768x432.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>The Q3FY23 EPS (Earning per share) is 52, up 5.8% compared to Q3FY22. While Maruti Suzuki reported the All time high EPS, on a QoQ basis Bajaj Auto\u2019s EPS has decreased from 60 to 52.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bajaj_Auto_sees_the_highest_Profit_Margins_in_the_last_five_quarters_in_Q3FY23\"><\/span><strong><span data-preserver-spaces=\"true\">Bajaj Auto sees the highest Profit Margins in the last five quarters in Q3FY23<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-12969 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-EBITDA.png\" alt=\"Bajaj Auto EBITDA\" width=\"1280\" height=\"720\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-EBITDA.png 1280w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-EBITDA-300x169.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-EBITDA-1024x576.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-EBITDA-768x432.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/>Meanwhile, EBITDA margins rose to 18.3% in Q3FY23 as against 14.6% in Q3FY22. This was led by judicious pricing, better dollar realization, and a richer product mix. Operating profit, calculated as earnings before interest, taxes, depreciation, and amortization (EBITDA), rose by a sharp 29.4% YoY to Rs 1,757 crore and margins expanded by a whopping 386 basis points to 18.3%. Bajaj Auto&#8217;s total expenses dropped 1% in the third quarter.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-12970 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/28.1.png\" alt=\"Q3FY23\" width=\"616\" height=\"380\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/28.1.png 616w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/28.1-300x185.png 300w\" sizes=\"(max-width: 616px) 100vw, 616px\" \/><\/p>\n<p>Exports, which accounted for 45% of the total sales volume, declined a sharp 33% YoY in the quarter to 439,088 units, and 4% sequentially. While the Company continues to navigate this situation through decisive actions, market share remains stable and the resilient performance in ASEAN is alleviating in part, the drop in volumes across other regions. The domestic sales volume grew 4% YoY to 544,188 units but fell a sharp 22% sequentially. As a result, the total sales volume declined 17% YoY and 15% sequentially to 983,276 units.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Business_Highlights\"><\/span><strong><span data-preserver-spaces=\"true\">Business Highlights<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">In this quarter, Bajaj Auto launched the all-new Pulsar P150, N160, and P125 carbon fibre, continuing to display solid traction across markets. Commercial vehicles maintained their path of recovery to pre-covid levels (now at -75%), as the quarter saw strong growth with stepped-up volumes and market share hit an all-time high across segments. The Chetak EV business continues to steadily expand &#8211; volumes are up 5x over the previous year.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Univest_view_with_Technical_analysis\"><\/span><strong><span data-preserver-spaces=\"true\">Univest view with Technical analysis<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">On Friday, Bajaj Auto scrip was up 6% to touch Rs 3,995.00 apiece on NSE. The stock climbed 14% last year, compared with the Nifty auto index&#8217;s 15% gain.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12971 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Chart.png\" alt=\"CHART\" width=\"1280\" height=\"720\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Chart.png 1280w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Chart-300x169.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Chart-1024x576.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Bajaj-Auto-Chart-768x432.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>On the Univest App, the company has a buy rating, having strong fundamentals but a bullish stance for short-term and for long-term trend. This can be a bottoming-out scenario, with good stock price growth along with volumes, and the stock is likely to begin a new uptrend. There is strong resistance at 4131, whether it sustains or not is something time will tell.<\/p>\n<p>The stock price is trading above the moving averages as shown in the graph, which is a good sign of positioning toward a bullish move. The Relative Strength Index in the Daily timeframe has crossed 70, both weekly and monthly rejected from 50, which supports the above statement. From this, we can expect overall good performance in the Automobile sector.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">ABOUT THE AUTHOR<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ketan Sonalkar (SEBI Rgn No INA000011255 )Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note \u2013 This channel is for educational and training purposes only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/span><\/p>\n<p><em>You may also like: <a href=\"https:\/\/univest.in\/blogs\/reliance-industries-q3fy23-results-strong-growth-in-retail-and-jio\/\">Reliance Industries Q3FY23 Results: Strong growth in Retail and Jio<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries across several countries in Latin America, Southeast Asia, and many more. It has acquired 48% of the KTM Brand which manufactures sports and super sports two-wheelers, which was 14% in 2007 when the company first<\/p>\n","protected":false},"author":10,"featured_media":26910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[575,574,572],"class_list":["post-12967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-bajaj-auto-ltd-share-price","tag-bajaj-auto-share-price","tag-bajaj-auto-stocks"],"metadata":{"_edit_lock":["1674881375:10"],"_edit_last":["10"],"_nectar_gallery_slider":["off"],"_nectar_quote_author":[""],"_nectar_quote":[""],"_nectar_link":[""],"_nectar_video_m4v":[""],"_nectar_video_ogv":[""],"_nectar_video_poster":[""],"_nectar_video_embed":[""],"_nectar_audio_mp3":[""],"_nectar_audio_ogg":[""],"_post_item_masonry_sizing":["regular"],"_nectar_header_bg":[""],"_nectar_header_parallax":["off"],"_nectar_header_bg_height":[""],"_nectar_page_header_bg_alignment":["top"],"_nectar_header_bg_color":[""],"_nectar_header_font_color":[""],"_wpb_vc_js_status":["false"],"_yoast_wpseo_focuskw":["Bajaj 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