Volume push from product launches and exports are likely to be the mainstay and provide some cushion to Bajaj Auto in FY13, as growth in the domestic market continues to be tepid. This is also visible in the September quarter. Despite new product launches in the quarter — the Discover ST and the Pulsar 200 NS — motorcyle sales fell seven per cent, in the domestic market.However, it bucked the trend in the three-wheeler segment, due to introduction of three-wheeler diesel variants which helped domestic volumes grow three per cent against near-flat industry growth. While demand has been weak, the company has done well to curb the impact on its financials. Thus, despite a 10 per cent fall in September quarter volumes (two- and three-wheelers), revenues fell only four per cent, on higher realisations. Rising sales of its three-wheelers, Pulsar and higher range of the Discover motorbikes helped realisation improve six per cent year-on-year (YoY).These also reflected in the Ebitda margins, at 18.4 per cent, down 40 basis points over the year-ago quarter but up 50 basis points sequentially. The company expects to maintain margins on price hikes for three-wheelers as well as Discover brands in July and October. The… Read full this story
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