Capitalstars Updates: Bajaj Auto commercial vehicles sales up 187% in December: 2 Jan 2018

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Bajaj Auto Limited reported 13% growth in motorcycles in December 2017 vs December 2016. The performance was led by exports, which grew 20%, while domestic growth was lower at 6%. Commercial vehicles (CVs) stole the show with 180-200% growth for domestic, exports and total CV sales. Domestic sales were up 25%, while exports, which contribute nearly 50% to total volumes, grew 35%. On the whole, volumes for Bajaj Auto for the month of December 2017 were up 30%.

Bajaj Auto sold 228,762 motorcycles in December 2017 against 203,312 motorcycles in December 2016. It sold 63,785 CVs in December 2017 vs 22,217 CVs in December 2016.

Management is positive on the domestic 3W market due to a removal of permit cap in Maharashtra, new permits in Delhi and transition from 2-stroke to 4-stroke 3Ws in Bangalore. It has upgraded domestic 3W volume guidance to 300k units in FY18 vs. 260-270k units guided earlier (253k units in FY17).
Bajaj plans to launch an upgraded Avenger version in Q4FY18 and an all-new brand in commuter segment subsequently. Led by robust demand, Bajaj increased its export guidance from 1.6mn to 1.7mn vehicles for FY18 and 15% CAGR in volumes over next 3 years.

Bajaj Auto Ltd is currently trading at Rs3,325.1, up by Rs31.7 or 0.96% from its previous closing of Rs3,293.4 on the BSE.

The scrip opened at Rs3,314.85 and has touched a high and low of Rs3,344.5 and Rs 3285.25 respectively. The current market cap of the company is Rs95,301.12cr.

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