According to CNBC-TV18 poll estimates, analysts expect profit after tax to growth 11.3 percent year-on-year to Rs 821 crore and total revenue to rise 6 percent to Rs 5,214 crore compared to Rs 4,911 crore.
Bajaj Auto , India's second largest two-wheeler maker, will declare its first quarter (April-June) results on Thursday. Profitability of the company may impact by higher tax rate while growth in revenue may be due to higher export realisation, say analysts. They are cautious on the stock due to competitive intensity picking up and valuations not cheap compared to peers like TVS Motor that is gaining market share due to scooter segment picking up, in which Bajaj Auto is not present at all.
According to CNBC-TV18 poll estimates, analysts expect profit after tax to grow 11.3 percent year-on-year to Rs 821 crore and total revenue to rise 6 percent to Rs 5,214 crore compared to Rs 4,911 crore.
Operating profit is likely to increase 13.5 percent on yearly basis to Rs 1,030 crore and margin may jump to 19.7 percent as against 18.5 percent Y-o-Y. Adjusted margin for Q1FY14 was 20.4 percent due to mark-to-market loss of Rs 96 crore.
There was a considerable weakness in domestic volumes in Q1 due to competition and market share loss in Discover brand. Overall volumes grew 0.9 percent Y-o-Y to 9.88 lakh units with the domestic volumes falling 11.5 percent Y-o-Y to 5.47 lakh units. Exports grew 21 percent to 4.41 lakh units versus 3.62 lakh units during the same period.
Its peers like Hero Motocorp , TVS Motor and Honda reported 10 percent, 23.8 percent and 35 percent growth in volume on yearly basis during the quarter.
However, growth in revenue higher than growth in volumes may be due to higher export realisation. Overall realisation went up 1 percent Q-o-Q (up 6.2 percent Y-o-Y) at Rs 53,236 per unit due to 380 basis points sequential rise in share of exports to 44.7 percent.
Due to intense competition, Bajaj Auto has not been able to take price increase to pass on cost pressures. Its market share in 2-wheeler space fell 400 basis points Y-o-Y to 12.4 percent in Q1 versus 16.4 percent.
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