Bajaj Auto trades in green after strong Q3 results; Jefferies sees 27% upside

Bajaj Auto Q3 results 2024: Bajaj Auto shares traded in positive territory in the opening deals on Thursday, January 25, after the automotive manufacturing company reported a strong set of quarterly numbers.

Bajaj Auto share price target: Morgan Stanley has maintained an overweight call with a raise in target price to Rs 8,082 from Rs 7,112. Image: Reuters

Bajaj Auto share price NSE, Bajaj Auto share price target 2024, Bajaj Auto Q3 results 2024: Bajaj Auto shares traded in positive territory in the opening deals on Thursday, January 25, after the automotive manufacturing company reported a strong set of quarterly numbers.

On Wednesday, after market hours, Bajaj Auto reported a 36.9 per cent year-on-year (YoY) jump in standalone net profit at Rs 2,041.9 crore for the October-December period, driven by volume-led growth in its domestic business owing to a robust festive season. The net profit was in line with analysts' expectations.

Its quarterly revenue grew 30 per cent to Rs 12,113.5 crore, according to a regulatory filing. The company said the revenue growth was led by acceleration in the domestic business on the back of sharp execution and impactful activation during the festive season, which cushioned the relatively subdued, albeit recovering, export sales amidst continued challenges in overseas markets.

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The auto major's quarterly earnings before interest, taxes, depreciation, and amortisation (EBITDA) expanded 37 per cent to a record Rs 2,430 crore, according to the company.

Bajaj Auto's margin increased by 100 basis points on a year-on-year basis to 20.1 per cent, aided by better realisations, dynamic cost management, and operating leverage, which more than absorbed the drag from competitive investments on a growing scale on electric scooters, it said. Read more on Bajaj Auto Q3 results

Bajaj Auto share price target: Should you buy, sell, or hold the auto share?

Bajaj Auto
Brokerage	Rating	Target (INR)
Morgan Stanley	Overweight	8082
Jefferies	Buy	9000
CLSA	Sell	6273
JP Morgan	Overweight	8275
Citi	Sell	5000
Nomura	Buy	8897
Macquarie	Neutral	7867

Jefferies has maintained a buy call on Bajaj Auto. The brokerage has raised the target to Rs 9,000 from Rs 8,400. The brokerage sees an upside of nearly 27 per cent from current levels.

Morgan Stanley has maintained an overweight call with a raise in target price to Rs 8,082 from Rs 7,112.

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