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Yes Securities Report
Bajaj Auto Ltd.'s Q2 FY25 reported Ebitda was a marginal miss at Rs 26.5 billion (estimate Rs 27.8 billion) led by lower-than-expected gross margins. Ebitda margins were flat QoQ at 20.2% (+40bp YoY) led by;
weak gross margins at 28.7% (estimate 29.6%, -130 bp YoY) due to ~30 bp/100 bp impact due to raw material inflation/Chetak ramp-up and
higher other (+18% YoY) due to increased marketing spends and accounting for royalty as Triumph has been scaled-up.
We continue to believe, margins likely to be range bound given positive impact of favorable mix (increasing share of premium ICE two-wheeler and three-wheeler), operating leverage to off-set by increased marketing spends coupled with higher share of elecytric vehicles (even though PLI benefits have started to accrue).
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