Shares of 2/3-wheeler major dropped over 4% to Rs 3,595.5 in Thursday’s intraday trade on the BSE after the company reported a 19.3% fall in November sales.
Sales of Bajaj Auto stood at 3.06 lakh units in November 2022 against 3.79 lakh units in November 2021. Its exports also fell 30% to 1.53 lakh units in the last month against 2.20 lakh units in the corresponding month of the last year. Domestic sales also slipped 4% to 1.52 lakh units in November this year against 1.58 lakh units in the same period last year.
The Nifty Auto index today fell up to 0.52% as November sales data started trickling in.
, Bharat Forge, Bajaj Auto and Samvardhana Motherson International were the top losers, while Forging, TII India, and were the top gainers.
At 2.36 pm, the scrip was trading 1.23% lower at Rs 3,704 over its previous day’s closing price of Rs 3750.3 apiece. It has surged nearly 13% year-to-date, while it has given a flat return in the last six months.
As per Trendlyne data, the highest target price for the stock goes up to Rs 4,800, while the average target price estimate is at Rs 4,057, which shows an upside potential of 10% from the current market prices.
Out of the 41 analysts covering the stock, 22 have strong ‘buy’ and ‘buy’ ratings, while only four have strong sell and sell ratings and 15 have hold ratings.
In the second quarter of this fiscal, Bajaj Auto reported a 20% YoY rise in net profit to Rs 1,530 crore. The total revenue from operations increased 16.4% to Rs 10,202.8 crore.
The company sold 11,51,012 units in the last quarter, compared with 11,44,407 units a year ago and 933,646 units in Q1. The earnings before interest, taxes, depreciation and amortization (EBITDA) grew 25.5% on-year to Rs 1,759 crore, with the operating margin expanding by a sharp 125 basis points to 17.2%.
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