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Prabhudas Lilladher Report
Bajaj Auto Ltd.’s Q1 FY22 results were impacted by lower scale of operations and raw material cost inflation.
Gross margins contracted 590 basis point YoY/ 110bp QoQ, yet better product mix led by higher share of exports and higher U.S. dollar realisations partially offset the raw material dent.
Also launch of Pulsar helped Bajaj Auto to gain market share in 125cc segment (up 300bps in Q1 FY22), thereby aiding domestic motorcycle segment.
Market share stood at 19.7% in Q1 FY22 versus 18.1% in FY21.
Management remained cautious on margin outlook amid raw material inflation.
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