Company Note Autos │ India │ January 25, 2024

India
Bajaj Auto
ADD (no change)
Consensus ratings*: Buy 24 Hold 12 Sell 10 The excitement runs across divisions
Current price: Rs7,213
■ 3QFY24 EPS growth of 11% qoq and 36% yoy was 5% above our estimate,
Target price:  Rs8,090
driven by sustained qoq EBITDA margin expansion.
Previous target: Rs5,775
Up/downside: 12.2% ■ Considering that all its divisions are on a strong growth path trajectory via
InCred Research / Consensus: 22.7% segmental tailwinds or product actions, we upgrade FY24F-26F PAT by 3-5%.
■ Bajaj Auto may consolidate in the near term but considering its successful
Reuters: BAJA.NS
transition to electric vehicles with least impact on profitability, we retain ADD.
Bloomberg: BJAUT IN
Market cap: US$24,569m Sustained EBITDA margin expansion is impressive
Rs2,042,533m
Bajaj Auto’s 3QFY24 EBITDA rose 36% yoy and 13% qoq to Rs24.1bn, as the EBITDA
Average daily turnover: US$33.3m
margin qoq expansion sustained to touch a high of 19.9%. The 5% EBITDA beat was
Rs2771.5m
driven by lower expenses across major heads. Management stated that lower precious
Current shares o/s: 279.0m
metal cost was the key reason for the lower raw material cost benefit. PAT rose 11% qoq
Free float: 45.0%
*Source: Bloomberg and 36% yoy to Rs20.3bn, 5% above our estimate. Management has announced a Rs40bn
stock buyback program at Rs10,000 per share, leading to 1.4% share capital reduction.
Key changes in this note
FY24F-26F sales upgrade by 1-3%. Management conference-call highlights
FY24F-26F EBITDA upgrade by 3-5%. Management gave guidance of a gradual recovery in the export volume, as Africa’s two-
FY24F-26F EPS upgrade by 6-9%. wheeler industry demand recovery is gradual. In the fast-recovering Latin America. In the
domestic market, plans to launch a slew of new bikes in the coming months. For Triumph
bike, management gave volume guidance of 10,000 per month soon, as exports have just
Price Close Relative to SENSEX (RHS) commenced to global markets. In select cities where large premium bikes are being sold,
8,000 188.0 management claimed a 20% market share there in the above 350cc bike segment. Electric
6,000 142.0 three-wheeler or E3W distribution to be doubled to 50 cities in the Mar 2024F quarter, as
4,000 96.0
the company claims a 50% market share in the cities where it was launched recently.
2,000 50.0
3
Vol m

EPS upgrade by 6-9% for FY24F-26F

The strong festive season sales and new product ramp-up leads to our 1-3% net sales
Jan-23 Apr-23 Jul-23 Oct-23
upgrade for FY24F-26F. The sustained EBITDA margin expansion (despite low-margin EV
Source: Bloomberg headwinds) aiming at a historic peak margin of 21% is impressive. We upgrade our
Price performance 1M 3M 12M EBITDA estimates by 2-5% for FY24F-26F. Considering the share buyback offer leading
Absolute (%) 13.2 33.4 95.7 to a reduction in equity capital, we have raised our EPS estimates by 6-9% for FY24F-26F.
Relative (%) 13.3 20.3 65.8
Peak profit margins, despite export & EV challenges, are impressive
Major shareholders % held We have raised our sum-of-the-parts or SOTP-based target price sharply from Rs5,775 to
Bajaj Family 55.0
Rs8,090, rolling forward our EPS estimates, upgrading the target P/E to 24x one-year
LIC 5.0
forward, which is near +2SD above the 10-year mean to reflect strong profit margin
SBI Mutual Fund 1.2
performance, despite challenges to its product portfolio in respect of EVs and exports. We
assign Rs159/share valuation to its holding in Pierer Mobility. Considering the strong
performance across divisions and scaling up of new divisions without impacting its core
profitability, there can be a rerating of the stock to a new valuation trajectory. Retain ADD
rating on the stock as it remains a preferred 2W play. Downside risks: Export volume
weakness due to developments regarding the Red Sea.

Financial Summary Mar-22A Mar-23A Mar-24F Mar-25F Mar-26F

Revenue (Rsm) 330,031 364,276 446,723 516,911 579,629
Research Analyst(s) Operating EBITDA (Rsm) 51,171 65,492 85,626 100,417 112,839
Net Profit (Rsm) 50,188 56,276 70,434 83,994 94,007
Core EPS (Rs) 164.8 201.7 259.0 301.1 336.9
Core EPS Growth 1.0% 22.4% 28.4% 16.2% 11.9%
FD Core P/E (x) 40.10 35.76 28.57 23.96 21.41
DPS (Rs) 140.0 140.0 170.0 200.0 240.0
Dividend Yield 2.01% 1.97% 2.36% 2.77% 3.33%
Pramod AMTHE EV/EBITDA (x) 34.58 27.20 20.50 17.27 15.24
P/FCFE (x) 48.94 54.90 69.86 28.55 26.74
T (91) 22 4161 1541
E [email protected] Net Gearing (86.4%) (83.8%) (84.1%) (82.2%) (79.2%)
P/BV (x) 7.55 7.91 7.16 6.51 5.99
Ravi GUPTA
ROE 17.7% 21.6% 27.0% 28.5% 29.1%
T (91) 02241611552
E [email protected] % Change In Core EPS Estimates 6.62% 7.30% 6.65%
InCred Research/Consensus EPS (x)
SOURCE: INCRED RESEARCH, COMPANY REPORTS

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Autos │ India
Bajaj Auto │ January 25, 2024

The excitement runs across divisions

Management conference-call highlights
• Outlook: The macroeconomic environment remains uncertain the Houthi
rebels. The attacks on ships in the Red Sea is likely to impact dispatches and
increase freight costs. High inflation and currency unavailability still impacting
Africa (notably Nigeria), while LATAM (Mexico registers the highest retail
sales) and Asian countries are scaling new peaks in volume terms. The
domestic market is likely to witness a volume growth of 8-10% next quarter and
Bajaj Auto plans to grow faster than the industry, led by new vehicle launches.
• Financial performance: Revenue for the quarter grew by 30% yoy, primarily
led by volume growth and the EBITDA margin standing at 20% up 80bp, driven
by better realization, cost management initiatives and operating leverage which
more than absorbed the drag from competitive investments on a growing scale
in electric scooters.
• Chetak E2W: Volume in the case of Chetak E2W (scooter) rose 3x yoy during
the quarter, with the market share rising to 14% (5% in the previous year),
primarily led by an improvement in the supply chain and competitive pricing.
Chetak E2W is now available in 160 cities and the target is to reach 200 cities
by the end of the financial year, with a target sales volume of 15,000 units per
month. Management plans to launch it in the international market in 1HFY25F.
• Triumph: Bajaj Auto delivered ~15k units till date, and it is available in 41 cities
currently, which management plans to double going ahead. In large cities like
Bengaluru, management indicated that it has already cornered a 20% market
share in the above 350cc bike segment. Management plans to ramp up the
production volume to 20,000 units per month, as it sees incremental demand.
• 125cc+ segment: Currently, the segment accounts for 50% of the two-wheeler
industry and Bajaj Auto has 70% of its products in this segment with a market
share of 31%. Going ahead, the company plans to launch a bigger Pulsar bike
variant with a slew of launches in the 150-250cc segment. Pulsar bike is now
contributing 28% to export sales vs. 19% in 3QFY23.
• Commercial vehicles: The monthly volume run-rate stood at 40k units during
the quarter while it was 30k units in 2QFY24. Bajaj Auto remains the leader in
the space with a market share of 77%. The company stated that compressed
natural gas or CNG penetration has increased to 65%. As regards E3W, it is
currently available in 28 cities, with work in progress on doubling this in the
coming months. Management indicated that it has cornered a 50% market
share in the cities where it currently has EV dealers.
• Commodity prices: Softening was witnessed during the quarter in the case of
steel and lead battery. Going ahead, the company expects an increase from
the current levels.
• Exports and spare parts revenue: Export revenue was at US$450m, up 2%
yoy, and spare parts revenue at Rs1,300m.

2
 Autos │ India
Bajaj Auto │ January 25, 2024

Figure 1: Quarterly results comparison

Y/E Mar (Rs m) 3QFY24 3QFY23 yoy % chg 2QFY24 qoq % chg Comments
Revenue 1,21,653 93,151 30.6 1,08,382 12.2 In line with our estimate.
Raw material costs 86,545 65,775 31.6 77,034 12.3
RM costs as a % of revenue 71.1 70.6 53.0 71.1 6.5 Rich product mix effect.
EBITDA 24,149 17,768 35.9 21,301 13.4 -
EBITDA margin (%) 19.9 19.1 77.6 19.7 19.7 76bp above our estimate.
Depreciation & amortization 929 740 25.6 918 1.2
EBIT 23,220 17,029 36.4 20,383 13.9
Interest expenses 121 85 42.7 65 85.0
Other income 3,563 2,691 32.4 3,686 (3.3) 8% above our estimate.
Pre-tax profit 26,662 19,635 35.8 24,004 11.1 5% above our estimate.
Tax 6,336 4,721 34.2 5,640 12.3
Tax rate (%) 24 24 (28) 23 27
Normalized net profit 20,326 14,914 36.3 18,364 10.7 5.4% above our estimate.
Exceptionals - - nm - nm
Other comprehensive income - - nm 1,837 na
Reported net profit 20,326 14,914 36.3 20,201 0.6
Normalized EPS (Rs) 71.8 52.7 36.3 64.9 10.7
Volume (nos) 12,00,997 9,83,304 22.1 10,53,953 14.0
Net realization (Rs) 1,01,294 94,733 6.9 1,02,834 (1.5)
EBITDA/vehicle 20,107 18,070 11.3 20,211 (0.5)
SOURCE: INCRED RESEARCH, COMPANY REPORTS

Figure 2: Domestic motorcycle segment’s market share trend

60%

50%

40%

30%

20%

10%

0%
Nov-05

Dec-07

Dec-09

Dec-11

Dec-13

Dec-15

Dec-17

Dec-19

Dec-21

Dec-23
Apr-04

Apr-07

Aug-08
Apr-09

Aug-10
Apr-11

Aug-12
Apr-13

Aug-14
Apr-15

Aug-16
Apr-17

Aug-18
Apr-19

Aug-20
Apr-21

Aug-22
Apr-23
Mar-05

Bajaj Auto Hero MotoCorp Honda

TVS Motor Yamaha Others
SOURCE: INCRED RESEARCH, COMPANY REPORTS

Figure 3: Impressive Triumph bikes’ volume ramp-up while Harley X440 yet to catch
up

7,000

6,000 6,119

5,000 4,925
4,508
4,000
3,572
3,000
2,496
2,000 2,160 2,189

1,000

0 0 18
Aug-23 Sep-23 Oct-23 Nov-23 Dec-23

Triumph Speed 400 Harley X440

SOURCE: INCRED RESEARCH, COMPANY REPORTS

3
Autos │ India
Bajaj Auto │ January 25, 2024

Figure 4: EBITDA margin scaling near peak margins

14,00,000 25%
13,00,000 23%
12,00,000 21%
11,00,000 19%
10,00,000 17%
9,00,000 15%
8,00,000 13%
7,00,000 11%
6,00,000 9%
5,00,000 7%
4,00,000 5%

2QFY10
1QFY11
4QFY11
3QFY12
2QFY13
1QFY14
4QFY14
3QFY15
2QFY16
1QFY17
4QFY17
3QFY18
2QFY19
1QFY20
4QFY20
3QFY21
2QFY22
1QFY23
4QFY23
3QFY24
Sales Volume (Units) EBITDA Margin (%) (RHS)
SOURCE: INCRED RESEARCH, COMPANY REPORTS

Figure 5: Export volume on a gradual recovery path to enter the growth phase
units
3,00,000 100%
80%
2,50,000
60%
40%
2,00,000
20%
1,50,000 0%
-20%
1,00,000
-40%
-60%
50,000
-80%
0 -100%
Dec-18

Sep-19
Dec-19

Sep-20
Dec-20

Sep-21
Dec-21

Sep-22
Dec-22

Sep-23
Dec-23
Mar-19
Jun-19

Mar-20
Jun-20

Mar-21
Jun-21

Mar-22
Jun-22

Mar-23
Jun-23
Two-Wheeler Exports Three-Wheeler Exports Exports Growth %
SOURCE: INCRED RESEARCH, COMPANY REPORTS

Figure 6: Product mix improves with a better 3W and premium 2W mix

3QFY24 3QFY23 % yoy 2QFY24 % qoq
CT100 24,053 30,537 -21% 25,446 -5%
Platina 1,61,312 1,27,701 26% 1,22,865 31%
Pulsar family 3,98,709 2,61,373 53% 2,98,769 33%
Avenger 5,280 4,608 15% 5,888 -10%
KTM / Dominar / Husqvarna 20,117 20,576 -2% 19,637 2%
Chetak 33,617 10,351 225% 21,548 56%
2W domestic 6,43,088 4,55,146 41% 4,94,153 30%
2W exports 3,84,576 3,95,901 -3% 3,76,263 2%
Total 2W 10,27,664 8,51,047 21% 8,70,416 18%
3W domestic (including Qute) 1,22,828 89,042 38% 1,32,236 -7%
3W exports (including Qute) 37,976 43,187 -12% 40,134 -5%
Total 3W 1,60,804 1,32,229 22% 1,72,370 -7%

Total volume 11,88,468 9,83,276 21% 10,42,786 14%

SOURCE: INCRED RESEARCH, COMPANY REPORTS

4
Autos │ India
Bajaj Auto │ January 25, 2024

Figure 7: Chetak scooter shows a significant improvement in EV market share post

subsidy cut

14,000 16%

12,000 14%

12%
10,000
10%
8,000
8%
6,000
6%
4,000
4%
2,000 2%

0 0%

May-22

Nov-22
Dec-22

May-23

Nov-23
Dec-23
Apr-22

Aug-22
Sep-22
Oct-22

Apr-23

Aug-23
Sep-23
Oct-23
Jun-22

Jan-23
Feb-23
Mar-23

Jun-23
Jul-22

Jul-23
Chetak Wholesales (units) Chetak Retails (units) Bajaj Chetak

SOURCE: INCRED RESEARCH, COMPANY REPORTS

Figure 8: Key assumptions

Volume Break-Up FY21A FY22A FY23A FY24F FY25F FY26F
(Number of vehicles)
Domestic Motorcycles 18,09,375 16,41,084 18,01,010 22,46,419 25,99,508 28,33,308
Growth (%) -12.9% -9.3% 9.7% 24.7% 15.7% 9.0%
Export Motorcycles 17,96,518 21,95,772 16,36,956 15,06,000 16,56,599 18,71,957
Growth (%) -3.9% 22.2% -25.4% -8.0% 10.0% 13.0%
Total Motorcycle 36,05,893 38,36,856 34,37,966 37,52,418 42,56,108 47,05,265
Growth (%) -8.7% 6.4% -10.4% 9.1% 13.4% 10.6%
Total 2-wheelers 36,05,893 38,36,856 34,37,966 37,52,418 42,56,108 47,05,265
Growth (%) -8.7% 6.4% -10.4% 9.1% 13.4% 10.6%
3-wheelers 3,67,021 4,71,577 4,85,018 6,33,302 6,80,924 7,31,574
Growth (%) -45.0% 28.5% 2.9% 30.6% 7.5% 7.4%
Total vehicles 39,72,914 43,08,433 39,22,984 43,85,721 49,37,032 54,36,840
Growth (%) -13.9% 8.4% -8.9% 11.8% 12.6% 10.1%

Per Vehicle assumptions

In Rs. FY21A FY22A FY23A FY24F FY25F FY26F
Net ASP/Vehicle 69,826 76,601 92,857 1,01,859 1,04,701 1,06,611
Growth (%) 7.7% 9.7% 21.2% 9.7% 2.8% 1.8%
Contribution/vehicle 20,467 20,131 26,441 29,233 30,363 31,024
Growth (%) 6.0% -1.6% 31.3% 10.6% 3.9% 2.2%
EBITDA/vehicle 12,405 11,877 16,694 19,524 20,340 20,755
Growth (%) 12.3% -4.3% 40.6% 16.9% 4.2% 2.0%
EBITDA Margin (%) 17.8% 15.5% 18.0% 19.2% 19.4% 19.5%
SOURCE: INCRED RESEARCH, COMPANY REPORTS

Figure 9: EPS change summary

FY24F FY25F FY26F
Rs m Old New Old New Old New
Sales volume 43,89,981 43,85,721 48,68,383 49,37,032 51,49,457 54,36,840
Change -0.1% 1.4% 5.6%
Net sales 4,42,099 4,46,723 5,07,997 5,16,911 5,62,584 5,79,629
Change 1.0% 1.8% 3.0%
EBITDA 83,453 85,626 95,448 1,00,417 1,09,170 1,12,839
Change 2.6% 5.2% 3.4%
PBT 92,528 95,092 1,05,543 1,10,518 1,20,290 1,23,693
Change 2.8% 4.7% 2.8%
EPS (Rs) 243.0 259.0 277.2 301.1 315.9 336.9
Change 6.6% 8.6% 6.7%
SOURCE: INCRED RESEARCH, COMPANY REPORTS

Figure 10: SOTP-based target price

1-year forward
EPS (Rs.) (1-year forward) 330.5
P/E(x) 24.0
Value (Rs.) 7,930.9
Value of stake in PMAG post 20% holding discount 159.1
Target Price (Rs) 8,090
SOURCE: INCRED RESEARCH, COMPANY REPORTS

5
Autos │ India
Bajaj Auto │ January 25, 2024

Figure 11: Forward P/E valuation near the mean level provides comfort

28
26
24
22
21.0x
20
18.8x
18
16
16.6x

14 14.3x
12
10
8

Jan/14

Jan/15

Jan/16

Jan/17

Jan/18

Jan/19

Jan/20

Jan/21

Jan/22

Jan/23

Jan/24
Jul/14

Jul/15

Jul/16

Jul/17

Jul/18

Jul/19

Jul/20

Jul/21

Jul/22

Jul/23
P/E 10-yr mean Mean -1SD Mean + 1SD Mean -2SD

SOURCE: INCRED RESEARCH, COMPANY REPORTS

6
 Autos │ India
Bajaj Auto │ January 25, 2024

BY THE NUMBERS

P/BV vs ROE 12-mth Fwd FD Core P/E vs FD

9.00 50 Core EPS Growth
50 30
7.00 40
40 20
5.00 30 30 10

3.00 20 20 0

1.00 10 10 -10
Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25
Rolling P/BV (x) (lhs) ROE (rhs) 12-mth Fwd Rolling FD Core P/E (x) (lhs)

Profit & Loss

(Rs mn) Mar-22A Mar-23A Mar-24F Mar-25F Mar-26F
Total Net Revenues 330,031 364,276 446,723 516,911 579,629
Gross Profit 73,278 89,558 112,596 132,552 149,144
Operating EBITDA 51,171 65,492 85,626 100,417 112,839
Depreciation And Amortisation (2,692) (2,824) (3,700) (4,000) (4,500)
Operating EBIT 48,479 62,667 81,926 96,417 108,339
Financial Income/(Expense) (87) (395) (420) (300) (200)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense) 12,092 11,814 13,586 14,402 15,554
Profit Before Tax (pre-EI) 60,485 74,087 95,092 110,518 123,693
Exceptional Items
Pre-tax Profit 60,485 74,087 95,092 110,518 123,693
Taxation (14,500) (17,810) (22,822) (26,524) (29,686)
Exceptional Income - post-tax 4,203 (1,837)
Profit After Tax 50,188 56,276 70,434 83,994 94,007
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit 50,188 56,276 70,434 83,994 94,007
Recurring Net Profit 45,985 56,276 72,270 83,994 94,007
Fully Diluted Recurring Net Profit 45,985 56,276 72,270 83,994 94,007

Cash Flow
(Rs mn) Mar-22A Mar-23A Mar-24F Mar-25F Mar-26F
EBITDA 51,171 65,492 85,626 100,417 112,839
Cash Flow from Invt. & Assoc.
Change In Working Capital 5,232 136 2,016 (1,102) (5,149)
(Incr)/Decr in Total Provisions (3,935) 9,752 (3,119) (2,900) (3,100)
Other Non-Cash (Income)/Expense (1,188) (582)
Other Operating Cashflow 4,203 (1,837)
Net Interest (Paid)/Received 12,006 11,419 13,166 14,102 15,354
Tax Paid (16,306) (18,548) (22,822) (26,524) (29,686)
Cashflow From Operations 51,182 67,668 73,031 83,992 90,257
Capex (4,991) (11,695) (2,856) (7,500) (8,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow (5,083) (19,335) (41,327) (6,000) (7,000)
Cash Flow From Investing (10,074) (31,030) (44,183) (13,500) (15,000)
Debt Raised/(repaid) 13 15 (42)
Proceeds From Issue Of Shares (64) (40)
Shares Repurchased 40,000
Dividends Paid (40,512) (39,614) (47,430) (55,800) (66,960)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing (40,499) (39,664) (7,512) (55,800) (66,960)
Total Cash Generated 610 (3,026) 21,337 14,693 8,298
Free Cashflow To Equity 41,122 36,653 28,806 70,492 75,257
Free Cashflow To Firm 41,195 37,033 29,268 70,792 75,457
SOURCE: INCRED RESEARCH, COMPANY REPORTS

7
 Autos │ India
Bajaj Auto │ January 25, 2024

BY THE NUMBERS…cont’d

Balance Sheet
(Rs mn) Mar-22A Mar-23A Mar-24F Mar-25F Mar-26F
Total Cash And Equivalents 231,587 214,227 237,563 255,256 267,553
Total Debtors 15,164 17,761 24,478 28,324 31,761
Inventories 12,305 13,979 14,687 18,411 23,820
Total Other Current Assets 28,571 19,467 25,000 29,500 33,000
Total Current Assets 287,627 265,433 301,728 331,490 356,134
Fixed Assets 19,108 23,835 27,135 30,635 34,135
Total Investments 12,484 17,864 20,864 23,864 26,864
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets 31,593 41,699 47,999 54,499 60,999
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors 36,332 40,739 50,180 56,648 60,345
Other Current Liabilities 9,388 9,918 12,000 13,200 13,200
Total Current Liabilities 45,720 50,656 62,180 69,848 73,545
Total Long-term Debt 1,228 1,242 1,200 1,200 1,200
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities 1,228 1,242 1,200 1,200 1,200
Total Provisions 5,584 5,120 5,452 5,852 6,252
Total Liabilities 52,531 57,018 68,831 76,899 80,996
Shareholders Equity 266,688 254,259 280,896 309,090 336,137
Minority Interests
Total Equity 266,688 254,259 280,896 309,090 336,137

Key Ratios
Mar-22A Mar-23A Mar-24F Mar-25F Mar-26F
Revenue Growth 19.0% 10.4% 22.6% 15.7% 12.1%
Operating EBITDA Growth 3.8% 28.0% 30.7% 17.3% 12.4%
Operating EBITDA Margin 15.5% 18.0% 19.2% 19.4% 19.5%
Net Cash Per Share (Rs) 825.66 763.39 847.18 910.60 954.68
BVPS (Rs) 955.88 911.33 1,006.80 1,107.86 1,204.80
Gross Interest Cover 559.80 158.73 195.06 321.39 541.70
Effective Tax Rate 24.0% 24.0% 24.0% 24.0% 24.0%
Net Dividend Payout Ratio 88.1% 70.4% 65.6% 66.4% 71.2%
Accounts Receivables Days 23.41 16.50 17.26 18.64 18.92
Inventory Days 19.37 17.46 15.66 15.72 17.90
Accounts Payables Days 58.34 51.20 49.66 50.72 49.60
ROIC (%) 131.4% 164.0% 258.7% 254.9% 225.3%
ROCE (%) 22.8% 28.1% 35.1% 37.0% 37.9%
Return On Average Assets 14.5% 18.1% 22.1% 22.9% 23.4%

Key Drivers
Mar-22A Mar-23A Mar-24F Mar-25F Mar-26F
ASP (% chg, main prod./serv.) 9.7% 21.2% 9.7% 2.8% 1.8%
Unit sales grth (%, main prod./serv.) 8.4% (8.9%) 11.8% 12.6% 10.1%

SOURCE: INCRED RESEARCH, COMPANY REPORTS

8
 Autos │ India
Bajaj Auto │ January 25, 2024

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Holding of Analysts/Relatives of Analysts, IRSPL and Associates of IRSPL in the covered securities, as on the date of publishing of this report

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 Autos │ India
Bajaj Auto │ January 25, 2024

Analyst/ Entity/
Relative Associates
any financial interests in the company covered in this report (subject company) and nature of such financial
NO NO
interest
actual/beneficial ownership of 1% or more in securities of the subject company at the end of the month
immediately preceding the date of publication of the research report NO NO
or date of the public appearance;
any other material conflict of interest at the time of publication of the research report
NO NO
or at the time of public appearance
received any compensation from the subject company in the past twelve months
for investment banking or merchant banking or brokerage services or investment advisory or depository or
distribution from the subject company in the last twelve months for products/services other than investment NO NO
banking or merchant banking or broker- age services or investment advisory or depository or distribution from
the subject company in the last twelve months
managed or co-managed public offering of securities for the subject company in the last twelve months NO NO
received any compensation or other benefits from the subject company or third party in connection with the
NO NO
research report
served as an officer, director or employee of the subject company NO NO
been engaged in market making activity for the subject company NO NO

Analyst declaration
• The analyst responsible for the production of this report hereby certifies that the views expressed herein accurately and exclusively reflect his
or her personal views and opinions about any and all of the issuers or securities analysed in this report and were prepared independently and
autonomously in an unbiased manner.
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view(s) in this report or based any specific investment banking transaction.
• The analyst(s) has(have) not had any serious disciplinary action taken against him/her(them).
• The analyst, strategist, or economist does not have any material conflict of interest at the time of publication of this report.
• The analyst(s) has(have) received compensation based upon various factors, including quality, accuracy and value of research, overall firm
performance, client feedback and competitive factors.

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and/or (e) solicit such investment, advisory or other services from any entity mentioned in thisreport and/or (f) act as a lender/borrower to such
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(physical or uncertificated, including derivatives) of companies in respect of which they are compiling and producing financial recommendations or
in the result of which they play a key part.

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