Bajaj Auto’s (BJAUT) Q1FY19 operating performance missed estimates, with EBITDA margin at 17.3% (vs our estimate of 19.5%), inching up only 10bps YoY, despite the GST and BS 3 impacted low base (down 210bps QoQ).
We studied Bajaj Auto’s (BJAUT) FY18 annual report to get insights into: (a) management’s view on the domestic motorcycle business, (b) drivers and sustainability of exports, (c) Fx hedging and (d) utilization of cash.
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