Hold Bajaj Auto, target price Rs 4100: ICICI Direct

ICICI Direct has hold call on with a target price of Rs 4100. The current market price of Bajaj Auto is Rs 3957.35. Time period given by analyst is a year when Bajaj Auto price can reach defined target.


Bajaj Auto, incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 105186.57 Crore) operating in Auto sector.

Bajaj Auto key Products/Revenue Segments include Automobile - 2 & 3 Wheelers, Export Incentives, Other Operating Revenue, Royalty Income and Scrap for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 9589.07 Crore, down -8.99 % from last quarter Total Income of Rs 10536.56 Crore and up 2.35 % from last year same quarter Total Income of Rs 9369.31 Crore. Company has reported net profit after tax of Rs 1472.70 Crore in latest quarter.

The company’s top management includes Mr.Niraj Bajaj, Mr.Pradip Shah, Mrs.Lila Poonawalla, Mr.Anami Roy, Dr.Naushad Forbes, Mr.D J Balaji Rao, Mr.Shekhar Bajaj, Mr.Sanjiv Bajaj, Mr.Rakesh Sharma, Mr.Pradeep Shrivastava, Mr.Rajiv Bajaj, Mr.Madhur Bajaj, Mr.Abhinav Bindra. Company has SRBC & Co LLP as its auditors. As on 31-12-2022, the company has a total of 28 Crore shares outstanding.

Investment Rationale
The brokerage maintains HOLD rating on Bajaj Auto following slower pace of volume recovery in export markets and gradual inching up the play in EV domain by the company with captive electric-3-W launch expected in March 2023.