Motilal Oswal - MOSL: Morning India (8/July/21): 1. Bajaj Auto | Annual Report (Exports cushion domestic weakness); 2. Indian Hotel; 3. Consumer; 4. Tata Motors; 5. Technology; 6. Equitas Holdings

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MOSL: Morning India (8/July/21): 1. Bajaj Auto | Annual Report (Exports cushion domestic weakness); 2. Indian Hotel; 3. Consumer; 4. Tata Motors; 5. Technology; 6. Equitas Holdings

MOrning India (8/July/21):

Today’s top research idea

Bajaj Auto | Annual Report: Exports cushion domestic weakness; Prudent cost management led to margin expansion

BJAUT's focus on exports and Premium Motorcycles helped it outperform the 2W industry in a tough year. Contribution of exports to net sales grew 480bp to 46.8% in FY21.
While its share in the domestic Motorcycle market declined marginally (50bp to 18%), led by market share loss of 770bp in the Sports segment due to cannibalization 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.
Chetak is expected to be launched in additional cities in FY22 and would anchor BJAUT's foray into the electric mobility space after seeing disruptions in FY21.
In the domestic 3W segment, it lost ~670bp market share to 50.6%, due to sharp impact of COVID-19 in its area of strength: urban 3Ws. It improved its market share in both Goods Carriers (+670bp to 33.7%) and the Diesel Passenger segment (+12.7pp to 41.7%), in turn gaining leadership in all segments of 3Ws.
It has approved a new dividend policy that links payout to the level of cash/cash equivalents on its books, in turn increasing the payout up to 90% of PAT (v/s 50% as per its old policy).

Piping hot news

Cabinet Reshuffle: The full list of Modi's new ministers and what they got

As many as 43 ministers took oath in a major cabinet expansion-cum-reshuffle drive today, after several Union ministers including Harsh Vardhan and Ramesh Pokhriyal Nishank resigned. In the new setup, PM Modi will monitor Ministry of Science & Technology, while Amit Shah will take on the Ministry of Cooperation, in addition to Home Ministry.

08/07/2021 20 EN

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MOSL: Morning India (8/July/21): 1. Bajaj Auto | Annual Report (Exports cushion domestic weakness); 2. Indian Hotel; 3. Consumer; 4. Tata Motors; 5. Technology; 6. Equitas Holdings

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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