Bajaj Auto Annual Report Analysis - Exports Cushion Domestic Weakness: Motilal Oswal

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Motilal Oswal Report

Bajaj Auto Ltd.’s FY21 annual report highlights its resilient performance in a year impacted by the Covid-19 outbreak, led by continuous premiumisation and focus on research and development.

Its focus on exports and on premium motorcycles helped it to outperform the two-wheeler industry in a tough year. Contribution of exports to net sales grew 480 basis point to 46.8% in FY21.

While its share in the domestic motorcycle market declined marginally (50bp) to 18%, largely led by market share loss of 770bp in the sports segment due to cannibalisation by Pulsar 125cc.

It expects to further strengthen its position in the premium segment, with upper-end Pulsars, KTMs, Dominars, Husqvarnas, and the soon to be launched Triumphs.

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