Detailed Report | 27 May 2015
Sector: Automobiles
Bajaj Auto
King's gambit |
Trade-offs to pay off
Jinesh Gandhi
(Jinesh@MotilalOswal.com); +91 22 3982 5416
Jay Shah
(Jay.Shah@MotilalOswal.com); +91 22 3078 4701

BAJAJ AUTO: King's gambit | Trade-offs to pay off
Summary ............................................................................................................3
Story in charts: Domestic recovery, export momentum key drivers....................... 5
Why is Bajaj’s strategy right & investors are unduly worried about it? .................. 6
New launches to drive domestic recovery ............................................................ 9
Exports: Transitory issues over, recovery underway ........................................... 13
Superior performance vindicates Bajaj’s strategy ............................................... 16
Valuations don’t reflect superior strategy .......................................................... 18
Key Operating Indicators ................................................................................... 22
Financials and Valuations .................................................................................. 23
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Bajaj
2015
27 May
Auto
Update | Sector: Automobiles
Bajaj Auto
BSE Sensex
27,565
S&P CNX
8,335
CMP: INR2,306
TP: INR2,701 (+17%)
Buy
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel.Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val(INRm)/Vol
‘000
Free float (%)
King's gambit | Trade-offs to pay off
BJAUT IN
289.4
2,690/1,914
15/-10/5
667.4
10.4
932/415
50.8
India business bottoming out, exports recovering from transitory issues
Stable profit share, despite weakness in market share, vindicates BJAUT’s
strategy.
New launches to strengthen BJAUT’s moat in Premium segment, and drive
recovery and outperformance.
Transitory issues in key markets are behind us. We expect export volume recovery
of April 2015 to continue.
Volume recovery-led operating leverage and favorable forex to drive 24% EPS
CAGR; maintain Buy.
Financial Snapshot (INR b)
Y/E MAR
2015 2016E 2017E
Sales
EBITDA
NP
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuation
P/E (x)
P/BV (x)
Div. Yield (%)
21.9
6.2
2.2
18.7
5.6
12.0
2.8
14.3
4.7
9.4
3.3
216.1 230.5 270.4
41.2
30.5
-5.8
30.0
42.7
56.9
45.7
35.7
17.2
31.5
43.8
63.3
55.6
46.6
30.5
35.8
48.2
56.0
Focus on profitable market share reflects in stable profit share
Bajaj’s absence in the scooters segment and tardiness in the Executive
segment is completely overshadowing success in exports.
Despite domestic market share declining by ~8pp to ~11% (or ~6pp to
~18%, including exports), its profitable market share is stable at ~35% of the
two-wheeler industry EBITDA.
This vindicates Bajaj’s strategy of ‘trade-offs’ and focusing on its area of
strength for profitable market share.
However, the 100cc Executive segment (Bajaj’s weakest link in domestic
motorcycle) continues to be under stress owing to stiff competition and the
rising demand for automatic scooters (where Bajaj is absent).
Adj. EPS (INR) 105.3 123.4 161.1
369.5 414.8 485.7
EV/EBITDA (x) 13.9
New launches to drive recovery
Shareholding pattern (%)
Mar-15 Dec-14 Mar-14
Promoter 49.2
DII
FII
8.7
17.0
50.0
7.0
18.8
50.0
7.0
18.7
Others
25.1
24.2
24.3
FII Includes depository receipts
Stock Performance (1-year)
BJAUT’s domestic business has bottomed out after witnessing pressure in
the Executive segment and impact of economic headwinds in the Premium
segment.
Success of CT100, new Pulsars and urban market recovery driving the
Premium segment augurs well for BJAUT, and is expected to drive its
outperformance and shore up its domestic motorcycle market share. The
management is targeting a market share of 23-24% by 4QFY16 (v/s ~15% in
4QFY15).
The Executive segment’s contribution declined significantly to ~19% of
domestic volumes (from 54% in FY13), implying a negligible impact on its
P&L.
While the Executive segment is expected to remain a drag, Bajaj’s market
share in other motorcycle segments is healthy and has scope to improve.
Transitory issues in Exports over, recovery underway
Transitory issues in key markets—impact of elections in Sri Lanka and
Nigeria—are behind us. We expect export volume recovery of April 2015 to
continue.
3
27 May 2015

Bajaj Auto
Recovery in crude oil prices from the lows of USD50/barrel also dilutes the
potential impact on demand in the medium term.
Underlying demand drivers (such as low penetration) in most of the key
export markets—Africa, Latin America, Middle East and South Asia—
remain intact.
BJAUT’s experience and global alliances (with Kawasaki and KTM) would
reduce learning curve in new markets where it plans to enter.
Superior performance vindicates Bajaj’s strategy
BJAUT’s focused strategy and ‘trade-off’ are paying dividends, as reflected
in superior realizations (~15% better realization than the next best) and
near-2x EBITDA margins.
Higher asset turn at ~5x (v/s 3x-4x for peers) is resulting in superior RoICs
and cashflow per unit (excluding three-wheelers) vis-à-vis competitors.
Superior cashflow from operations and limited capex intensity is resulting in
annual FCFF generation of over INR45b. We estimate cash accumulation of
~INR132b by FY17, despite dividend payout of over 55%.
Strong FCFF generation and limited avenues to deploy cash augur well for
further increase in dividend payout and/or buyback of shares.
Robust EPS CAGR (~24%) to drive re-rating; Maintain Buy
Recovery in industry demand, especially in the Premium segment, would
drive market share gains for BJAUT. Further, normalization of export
volumes in key markets of Nigeria, Sri Lanka and Egypt would drive volume
recovery.
Besides, favorable Fx and operating leverage would drive 24% EPS CAGR
over FY15-17E.
The stock trades at 18.7x FY16E EPS and 14.3x FY17E EPS. We value BJAUT
at INR2,701 (16x FY17E EPS and we add INR123/share value of KTM stake
post 20% HoldCo discount). Maintain
Buy.
Exhibit 1:
BJAUT trading near LPA P/E…
27
22
17
12
7
2
13.9
P/E (x)
5 Yrs Avg(x)
6 Yrs Avg(x)
Exhibit 2:
…although on P/B basis
9.1
7.2
5.3
3.4
1.5
5.5
P/B (x)
5 Yrs Avg(x)
6.1
6 Yrs Avg(x)
16.4
16.4
5.0
Source: Company, MOSL
Source: Company, MOSL
27 May 2015
4

Bajaj Auto
Story in charts: Domestic recovery, export momentum key drivers
Exhibit 3:
Export markets make up for Bajaj’s weakness in
domestic market (million units)
Markets
targetted
for next 2
yrs
Markets
addressed
currently
BJAUT 2W Exports
Exhibit 4:
Export margins for BJAUT much higher than
domestic blended margins of peers
FY15
20%
11%
13-14%
4.5
Scooters
100cc
Executive
4.7
2.8
5.7
Size of segment in which
it is weak in India
Markets addressed
globally
Dom. Blended
(HMCL & TVS)
BJAUT Domestic 2W
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5:
Bajaj’s domestic 2W market share at an all-time
low of 12% (or ~18% incl exports)…
BJAUT
12
16
45
23
14
15
49
17
HMCL
13
14
48
19
13
15
45
21
TVS
15
14
45
19
19
13
43
18
HMSI
24
12
41
14
27
13
40
11
Exhibit 6:
… but share of profit pool at ~35% of industry
EBITDA (excl. 3W EBITDA)
^ Bajaj excludes
3W EBITDA
9
18
2
4
57
56
BJAUT ^
11
4
50
12
7
42
HMCL
12
6
47
TVS
15
6
44
HMSI
18
6
41
21
7
38
33
BAJAJ
BAJAJ
32
22
35
39
35
36
36
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Source: Company, MOSL
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Source: Company, MOSL
Exhibit 7:
BJAUT’s weaknesses get higher mindshare,
although other players too have weaknesses
Entry
Company
HMCL
Bajaj
TVS
Market
Share (%)
53.3
24.9
20.6
Executive
Market
Company Share (%)
HMCL
66.3
HMSI
Bajaj
TVS
22.1
8.2
0.6
Premium
Market
Company
Share (%)
Bajaj
42.7
HMSI
TVSL
HMCL
17.3
12.4
6.5
Exhibit 8:
…and superior RoICs (%)…
FY14
FY15
FY16E
FY17E
Source: Company, MOSL
159
139
120110
109
87 81 96
31
15 23 24 31
HMSI
TVS
BJAUT
HMCL
Source: Company, MOSL
27 May 2015
5

Bajaj Auto
Why is Bajaj’s strategy right & investors are unduly
worried about it?
Focus on profitable growth reflects in stable profit share despite weakness
in market share
Despite total market share declining ~6pp (since FY10) to ~18% (~8pp decline in
domestic two-wheeler market share to ~11%), its EBITDA share is stable at ~35%.
This vindicates Bajaj’s strategy of ‘trade-offs’ and focusing on its area of strength for
profitable growth.
However, the 100cc Executive segment (Bajaj’s weakest link in domestic motorcycle)
continues to be under stress owing to stiff competition and the rising demand for
automatic scooters (where Bajaj is absent).
Bajaj’s ‘trade-off’ of scooters and lack of success in Executive 100cc is
completely overshadowing success in exports…
“The essence of strategy is
choosing what not to do.
Strategy is about making
choices, trade-offs; it's
about deliberately choosing
to be different.”
Michael Porter
“Great brands are built on
the foundation of sacrifices.
Making more scooters
doesn't mean making more
money. We are a specialist
motorcycle company; we
won't venture out of that
easily.”
Rajiv Bajaj
Investors (including us) have been overly worried about Bajaj’s ‘trade-off’ of
scooters to focus exclusively on motorcycles.
To make matters worse, Bajaj has been losing ground in the domestic 100cc
Executive segment.
As a result, BJAUT underperformed the markets in FY15—domestic two-wheeler
volume de-growth of ~15.7% v/s the industry growth of ~8%.
However, we now see merit—albeit a bit late—in Bajaj’s focused approach,
which is reflected in the company’s stable profitable market share at ~35% of
the two-wheeler industry EBITDA despite domestic market share declining by
~8pp to ~11% (or ~6pp to ~18%, including exports).
In fast-growing scooters segment, Bajaj can gain market share but would hardly
get any profit share due to last-mover disadvantage. Moreover, the 100cc
Executive segment (Bajaj’s weakest link in domestic motorcycle) continues to be
under stress owing to the rising demand for scooters (where Bajaj is absent) and
stiff competition (HMSI & TVSL among others focusing on getting foothold in
this large segment). This is reflected in weak pricing power in this segment, even
for market leader HMCL.
Bajaj’s absence in scooters and lack of success in Executive segment is
completely overshadowing success in exports; the company enjoys a
profitability of over 20% in exports owing to its significant first-mover advantage
in external markets.
More importantly, it is fortifying its moat in the Premium segment in India and
strengthening its presence in the Economy segment by launching new products
(new range of Pulsars, Platina Self Start and CT100).
27 May 2015
6

Bajaj Auto
Exhibit 9:
Export markets make up for Bajaj’s weakness in
domestic market (million units)
Markets
targetted for
next 2 yrs
Markets
addressed
currently
Exhibit 10:
Export margins for BJAUT much higher than
domestic blended margins of peers
20%
FY15
13-14%
Scooters
100cc
Executive
4.5
2.8
11%
4.7
5.7
Size of segment in which
it is weak in India
Markets addressed
globally
Source: Company, MOSL
BJAUT 2W Exports
Dom. Blended
(HMCL & TVS)
BJAUT Domestic 2W
Source: Company, MOSL
Exhibit 11:
Scooterization is at the expense of Executive
100cc segment (% of total domestic 2W)
100cc Executive
39.4
38.3
36.8
Scooters
Exhibit 12:
Scooters partly cannibalizing the 100cc Executive
segment, as both have similar price points
33.7
32.9
28.3
29.6
15.1
FY10
17.3
FY11
20.9
21.1
24.5
FY12
FY13
FY14
FY15
Source: Company, MOSL
Source: Company, MOSL
…but EBITDA share stable at ~35% of 2W industry EBITDA, despite market
share decline!
“There is no honor in size or
growth if those are
profitless. Competition is
about profits, not market
share” Excerpt from the
book
Understanding
Michael Porter
Despite total market share declining ~6pp (since FY10) to ~18% (~8pp decline in
domestic 2W market share to ~11%), its EBITDA share of the industry is stable at
~35%.
This is driven by industry-leading 2W EBITDA margins of ~17% (v/s closest
competitor HMCL’s ~11.4%), which can be attributed to its focused approach
This vindicates Bajaj’s strategy of ‘trade-offs’ and focusing on its area of strength
for profitable growth.
27 May 2015
7

Bajaj Auto
Exhibit 13:
Bajaj’s domestic 2W market share at an all-time low of 12% (or ~18% incl
exports)…
BJAUT
12
16
45
BAJAJ
14
15
49
13
14
48
13
15
45
21
FY11
HMCL
15
14
45
19
FY12
TVS
HMSI
19
13
43
18
FY13
24
12
41
14
FY14
27
13
40
11
FY15
23
FY08
17
FY09
19
FY10
.
Source: Company, MOSL
Exhibit 14:
… but share of profit pool at ~35% of industry EBITDA (excl. 3W EBITDA)
^ Bajaj excludes 3W EBITDA
9
2
57
18
4
56
BJAUT ^
11
4
50
12
7
42
HMCL
12
6
47
15
6
44
TVS
18
6
41
HMSI
21
7
38
33
FY15
BAJAJ
32
FY08
22
FY09
35
FY10
39
FY11
35
FY12
36
FY13
36
FY14
Source: Company, MOSL
27 May 2015
8

Bajaj Auto
New launches to drive domestic recovery
Focus on strengthening its moat in the Premium segment
BJAUT’s domestic business has bottomed out after witnessing pressure in the
Executive segment and economic headwinds in the Premium segment.
Success of CT100, new Pulsars and urban market recovery driving the Premium
segment augurs well for BJAUT, and is expected to drive its outperformance and shore
up its domestic motorcycle market share. The management is targeting a market share
of 23-24% by 4QFY16 (v/s ~15% in 4QFY15).
The Executive segment’s contribution to the company’s coffers declined significantly
to ~19% of domestic volumes (from 54% in FY13), implying a negligible impact on its
P&L.
While the Executive segment is expected to remain a drag, Bajaj’s market share in
other motorcycle segments is healthy and has scope to improve.
Bajaj’s domestic motorcycle business has bottomed out…
Bajaj’s domestic motorcycle business has taken a hit due to: a) Scooterization, b)
entry of HMSI in the Executive 100cc segment, and c) Premium segment
slowdown due to weak economic environment.
Though BJAUT’s Executive segment is yet to witness any sustained success, we
don’t see any further decline in the segment.
The Executive segment’s contribution has come down to ~19% of domestic
volumes (from 54% in FY13), implying negligible impact on its P&L.
Bajaj is now de-focusing on the Executive 100cc segment, and re-channelizing its
energies to fortify its moat in the Entry and Premium segments; it also plans to
re-orient the Discover brand toward 125/150cc segment.
Bajaj’s market share in other motorcycle segments is healthy and has scope to
improve.
Exhibit 15:
Executive segment continues to remain a drag due
to entry of HMSI
Exhibit 16:
HMSI ate into BJAUT’s Executive 100cc segment
Bajaj Executive Market Share (%)
Executive Contribution to BJAUT Mix (%)
54
52
50
48
40
31
15
15
FY10
22
FY11
19
FY12
20
FY13
14
FY14
8
FY15
5
Apr-15
Source: Company, MOSL
BJAUT ('000 Units)
HMSI's outlets
425
~1,300
325
225
125 Dream Yuga
25 launched
-75
Dream Neo
launched
HMSI ('000 Units)
HMSI's outlets
3,800
Source: Company, MOSL
27 May 2015
9

Bajaj Auto
Exhibit 17:
Market share to improve in FY16, driven by CT-100
Exhibit 18:
….similarly, new Pulsars would help market share
launch…
gain in the Premium segment
Economy - MS (%)
34
Lack of self-start (SS) option in
Platina hurt Bajaj Auto as SS grew
tp ~50% of Economy segment
CT100 &
40
Platina Self
Start launch
30
25
25
24
24
21
33
Premium - MS excl RE (%)
51
49
47
50
47
44
Premium - MS incl RE (%)
46
42
42
37
36
FY15
43
27
FY10
Source: Company, MOSL
FY11
FY12
FY13
FY14
Source: Company, MOSL
Exhibit 19:
BJAUT domestic key brand volumes
(Units '000)
Scooterization and entry of
HMSI in the Executive
segment hurt Discover
volumes, while weak
economic environment
impacted Pulsar volumes.
BJAUT Key Brands
Platina
Growth %
Discover
Growth %
Pulsar
Growth %
FY10
426
713
546
FY11
384
(10)
1,268
78
772
41
FY12
535
40
1,280
1
684
(11)
FY13
485
(9)
1,312
2
582
(15)
FY14
FY15
460
482
(5)
5
986
553
(25)
(44)
548
624
(6)
14
Source: Company, MOSL
Exhibit 20:
BJAUT’s weaknesses get higher mindshare, although other players too have
weaknesses
Economy
Company
Market Share (%)
HMCL
53.3
Bajaj
24.9
TVS
20.6
Executive
Company Market Share (%)
HMCL
66.3
HMSI
22.1
Bajaj
8.2
TVS
0.6
Premium (Ex RE)
Company Market Share (%)
Bajaj
42.7
HMSI
17.3
TVSL
12.4
HMCL
6.5
Source: Company, MOSL
….can only recover from here, as it fortifies its strength
The management highlighted customer response to recent launches of CT100
and new Pulsars have has been positive (in line with our channel check).
Impending urban market recovery would augur well for Bajaj Auto due to its
stronghold in the Premium segment, further aiding market share improvement.
Success of CT100, Platina Self Start and new Pulsars is expected to drive its
outperformance and domestic motorcycle market share gain. The management
is targeting a market share of 23-24% by 4QFY16 (v/s ~15% in 4QFY15).
Lastly, Discover volumes seems to be have bottomed out. The efforts to re-
orient the brand toward the 125/150cc segment would only drive improvement
in volumes.
27 May 2015
10

Bajaj Auto
Exhibit 21:
Premium segment volume growth closely linked
to economic activity
70
50
30
10
-10
-30
-50
Premium Ind. Volumes Growth (%)
IIP Growth (%) - RHS
20
15
10
5
0
-5
Exhibit 22:
BJAUT has seen increased contribution from the
Premium segment
Dom. Prem. seg ('000 units)
Contribution to Dom. M/C Vols (%)
39
31
33
28
716
26
622
29
796
560
601
692
FY10
Source: Company, MOSL
FY11
FY12
FY13
FY14
FY15
Source: Company, MOSL
Exhibit 23:
Pricing and positioning of recently launched Pulsars distinct than the existing
range
Unlike the Discover
launches in FY14-15, which
created confusion in the
market place, new Pulsars
are distinctively positioned
and priced
Product Name
Existing
Pulsar 135LS
Pulsar 150 DTS-i
Pulsar 180 DTS-i
Pulsar 200 NS
Pulsar 220 F
Recently Launched
Pulsar AS 150
Pulsar AS 200
Pulsar RS 200 STD
Pulsar RS 200 ABS
Price (INR ‘000)
59.1
69.6
73
94.7
83.6
87.7
99
124.5
137
Engine Displacement (cc)
134.6
149
178.6
199.5
220
Max Power (BHP)
13.5
15
17
23.2
21
150
17
199.6
23
199.6
24.2
199.6
24.2
Source: Company, MOSL
Exhibit 24:
New product launches focused on fortifying its strength
Product Name
Platina Self Start
CT 100
Pulsar RS 200
Pulsar AS 150
Pulsar AS 200
Pulsar Adventure Sports 180
Pulsar Super Sport 200
Pulsar Compact Sport 400
Cargo 3W
New Brand Entry Level
New Brand in Leisure Segment ( in Competition to Royal Enfield)
RE 60
Segment
Economy
Economy
Premium < 200
Premium < 200
Premium < 200
Premium < 200
Premium > 200
Premium > 300
-
Economy
Premium
-
Launch Date
Jan' 15
March' 15
March' 15
April' 15
April' 15
1QFY16
1QFY16
2QFY16
2QFY16
FY16
FY16/FY17
Source: Company, MOSL
27 May 2015
11

Bajaj Auto
Exhibit 25:
KTM volumes improving consistently QoQ
Trend in KTM volumes
Exhibit 26:
KTM dealer network (Probiking) has also
expanded
Probiking Showrooms
105
63
71
150
51
33
Jan' 12
Source: Company, MOSL
Jul' 12
Jan' 13
Jul' 13
Jan' 14
Oct' 14
Source: Company, MOSL
Exhibit 27:
BJAUT has the widest premium segment offerings, with price range of ~INR70k-386k
GS150R (69.5)
Pulsar 150 DTS-I
(69.6)
Hunk (69.9)
Xtreme (71.5)
Pulsar 180 DTS-I
(73)
Product offering
by BJAUT
Prices in bracket in INR '000s
Classic 350 (127.4) Bullet 500 (153.8)
Classic 500
Bullet 350 Twinspark
Apache (84.7)
CBR 150R (135)
(163.3)
(106.7)
Pulsar AS 150
Bullet Electra
Pulsar RS 200 ABS
Avenger (77.5)
CBR 250R (174)
INAZUMA (221)
(87.7)
Twinspark (119.6)
(137)
Pulsar 200 NS
Thunderbird 350
Thunderbird 500
FZ (78.8)
R15 (121.6)
Z250 (308)
(94.7)
(138.5)
(176.6)
CB UNICORN 160
Pulsar AS 200 Pulsar RS 200 STD
KTM 200 (144.5)
KTM 390 (200)
Ninja (386.1)
(79.8)
(99)
(124.5)
Price Range INR 70-80k
INR 80-100k
INR 100-125k
INR 125-150k
INR 150-200k
INR 200k & Above
Models in
Premium
segment CB Unicorn (74.1)
from all
CB TRIGGER
Players
(75.9)
(150-500cc)
Impulse (77.4)
GIXXER (83.5)
Pulsar 220 F
(83.6)
Karizma (106.5)
Source: Company, MOSL
27 May 2015
12

Bajaj Auto
Exports: Transitory issues over, recovery underway
Huge opportunity for BJAUT owing to its first-mover advantage
Transitory issues in key markets—impact of elections in Sri Lanka and Nigeria— are
behind us. We expect export volume recovery of April 2015 to continue.
Recovery in crude oil prices from the lows of USD50/barrel also dilutes the potential
impact on demand in medium term.
Underlying demand drivers (such as under-penetration) in most of the key export
markets—Africa, Latin America, Middle East and South Asia—remain intact.
BJAUT’s experience and global alliances (with Kawasaki and KTM) would reduce
learning curve in new markets where it plans to enter.
Transitory issues behind us, recovery underway
4QFY15 was an aberration, with exports de-growing ~12% YoY (~28% QoQ) to
0.35m units as motorcycle volumes in Nigeria crashed to ~15k/month in 4QFY15
(v/s ~48k/month in 3QFY15 and ~34k/month in April 2015).
Headwinds in export markets are easing, especially with elections in Sri Lanka
and Nigeria behind us. Further, demand from Egypt has improved owing to the
availability of USD in the country.
Based on its order book, BJAUT expects 1QFY16 exports to be atleast 0.48m
units (implying ~36% growth QoQ/9% YoY) and FY16 exports at 1.8m-2m units
(without factoring in the order for 0.1m units, which is in abeyance, from Sri
Lanka).
While weak oil prices (although recovered from the recent lows of
USD50/barrel) do pose a threat to 2W/3W demand in its key markets of Africa,
Middle East and LatAm, entry/ramp-up in new markets can offset the impact of
any such slowdown in the existing markets.
Further, any petrodollar-related impact would be temporary as underlying
demand drivers are fundamentally strong (motorcycle offers the cheapest mode
of motorized commute in BJAUT’s export markets as most of these markets lack
basic public transportation infrastructure).
Exhibit 28:
In the last 12 months, export volumes witnessed volatility due to concerns in Nigeria, Egypt and Sri Lanka
Source: Company, MOSL
27 May 2015
13

Bajaj Auto
Exhibit 30:
Fx in its key markets has stabilized after severe
depreciation
Nigerian Naira
130
125
120
115
110
105
100
95
Egyptian Pound
Exhibit 29:
Crude oil has recovered from recent lows
96
98
101
Brent Crude (USD/Barrel)
104
102 104
80
58
62
66
Source: Company, MOSL
Source: Company, MOSL
Secular growth opportunity in exports…
Most of the key export markets of Africa, Latin America, Middle East and South
Asia have very low 2W penetration.
BJAUT enjoys ~27% market share in markets where it has been present for over
five years; these markets offer addressable market size of ~4.7m units (~32
markets).
It plans to enter 50 more markets (~28 in two years), which have total
addressable market size of ~3.5m units (~2.75m in 28 markets where it plans to
be enter in the next two years); coupled with ~16 markets entered in the last
two years, this adds to new addressable market size of ~4.5m units.
BJAUT would also benefit from its alliance with Kawasaki (in South East Asian
markets, which are relatively premium markets having preference for Japanese
brands) and KTM (in LatAm markets). Alliance with Kawasaki helped Bajaj Pulsar
to get ~30% market share in Philippines. It has recently entered Indonesia with
Kawasaki, although it is yet to see any success. It would evaluate entry prospects
in other markets with Kawasaki, but would target one market at a time.
Exhibit 31:
BJAUT’s key export markets have very low 2W penetration
2W Penetration (% of Population)
29
21
8
9
30
1.7
Africa
4.2
LatAm
Asia & ME
India
Indonesia
Thailand
Vietnam
Exhibit 32:
BJAUT has significant headroom to grow its share across markets
Existing Market Type
Mature ( > 5 Years )
Nascent (2-5 Years )
New (0-2 Years)
Total Existing Markets
New Markets
Enter Now (0-2 Years)
Enter Later (> 2 Years)
Total addressable market size
No. Of Countries
25
7
16
48
28
22
98
Market Size FY14 (m)
4.2
0.5
0.95
5.65
BJAUT MS (%)
28
20
3
23
2.75
-
0.75
-
9.15
-
Source: Company, MOSL
27 May 2015
14

Bajaj Auto
Exhibit 33:
BJAUT’s Nigeria market share of 43% & up to 30%
pricing premium is led by 3S Network ramp-up to 172
600
Volumes ('000 units) - LHS
Market Share (%)
33
400
27
28
28
200
2
0
20
12
7
75
120
210
250
330
410
440
490
7
53
Columbia
12
56
CA
7 7
35
Mexico
30
34
1615
21
18
10
51
Peru
36
3
3031
25
15
10
50
43
39
43
Exhibit 34:
BJAUT enjoys market leadership in sports segment
in Latin America
Bajaj
Yamaha
Honda
Others
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15E
Source: Company, MOSL
Argentina LATAM
Source: Company, MOSL
…with scope to gain further market share in existing markets
BJAUT has a three-pronged export strategy: a) Expansive geographic reach, b)
differentiated user experience, and c) excellence in distributor management.
In all its existing markets, BJAUT has 3S (Sales, Spares and Service) distribution
network (a stark contrast to most Chinese players, who just sell kits).
BJAUT still has room to grow in majority of its markets at the expense of Chinese
players, who enjoy a higher market share of ~47%.
It currently has a cumulative share of ~23% in its existing markets, implying
significant headroom to grow.
Exhibit 36:
Chinese players enjoy higher market share in
BJAUT’s existing markets
Indian, 3%
BJAUT, 23%
30%
7%
Japanese,
27%
Chinese,
47%
Exhibit 35:
Significant scope to gain further market share,
especially in ASEAN markets
80%
44%
54%
28%
27%
42%
25%
44%
Source: Company, MOSL
Source: Company, MOSL
Exhibit 37:
Motorcycle exports market mix: Africa key driver
Africa
16%
25%
11%
48%
18%
27%
12%
43%
FY11
ASEAN
20%
23%
11%
47%
S.Asia & ME
21%
19%
9%
51%
LatAm
21%
21%
8%
50%
19%
29%
6%
46%
Exhibit 38:
3W exports market mix: South Asia/ME key
markets, but Africa catching up
Africa
12%
11%
ASEAN
11%
S.Asia & ME
14%
LatAm
12%
11%
57%
0%
32%
FY15E
66%
1%
21%
FY10
68%
0%
21%
FY11
71%
0%
19%
FY12
63%
0%
23%
FY13
61%
0%
27%
FY14
FY10
FY12
FY13
FY14
FY15E
Source: Company, MOSL
27 May 2015
Source: Company, MOSL
15

Bajaj Auto
Superior performance vindicates Bajaj’s strategy
Strong cash generation augurs well for further increase in payout
BJAUT’s focused strategy and its ‘trade-off’ is reflected in superior realizations (~15%
better realization than the next best) and near-2x EBITDA margins; coupled with
higher asset turn at ~5x (v/s 3x-4x for peers), this is resulting in superior RoICs and
cashflow per unit (excl. 3W) vis-à-vis competitors.
Superior cashflow from operations and limited capex intensity is resulting in annual
FCFF generation of over INR45b. We estimate cash accumulation of ~INR132b by FY17,
despite dividend payout of over 55%.
Strong FCFF generation and limited avenues to deploy cash augur well for further
increase in dividend payout and/or buyback of shares.
Exhibit 39:
Focused strategy reflecting in higher realizations
(INR ‘000/unit, excl. 3W)…
FY13
51
49
FY14
FY15
FY16E
FY17E
Exhibit 40:
…almost 2X EBITDA (INR/unit, excl. 3W)…
FY13
FY14
FY15
FY16E
FY17E
48
45
42
39
42
40 42
43
39
33
36 37
41
38 39
40
BJAUT
HMCL
TVSL
HMSI
Source: Company, MOSL
BJAUT
HMCL
TVS
HMSI
Source: Company, MOSL
Exhibit 41:
…higher gross fixed asset turnover (x)…
FY13
FY14
FY15
FY16E
Exhibit 42:
…and superior RoICs…
FY14
FY15
FY16E
FY17E
5.5
5.1
5.1
5.1
3.6
4.0
3.9
3.7 3.3 3.1
3.2 3.5
3.5
3.6
HMCL
TVS
HMSI
Source: Company, MOSL
159
139
120110
109
87 81 96
31
15 23 24 31
HMSI
TVS
Source: Company, MOSL
BJAUT
BJAUT
HMCL
27 May 2015
16

Bajaj Auto
Exhibit 43:
…cashflows superior to peers (INR/unit, ex 3W)
FY13
12,000
10,000
8,000
6,000
4,000
2,000
-
BJAUT
HMCL
TVS
HMSI
FY14
FY15
FY16E
FY17E
Exhibit 44:
Increasing cash balance augurs well for further
increase in dividend payout
FCF (INR b)
Dividend Payout (%)
57
51
49
52
50
63
56
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
27 May 2015
17

Bajaj Auto
Valuations don’t reflect superior strategy
~24% EPS CAGR (led by volume recovery) to drive re-rating
Urban recovery to drive revival in the Premium segment; BJAUT to be the key
beneficiary:
The expected economic recovery is likely to revive the Premium
segment. Initial signs of recovery are visible, as per our industry interaction. BJAUT
will be the key beneficiary of this revival, given its leadership position in the segment
(36% market share) and several planned launches in FY16-17.
New launches in the Economy and Premium segments to fortify its areas of
strength:
BJAUT is on a lunching spree in its areas of strength—Economy and
Premium segments. Its recent launches of CT100 and Pulsar RS200/AS200/AS150
received a positive customer response from. It also plans to launch variants of Pulsar
and a new brand in the Leisure segment, thereby straddling the entire Premium
segment and having the widest product offering in the segment.
Exports offer huge potential, but growth might not be linear:
2W penetration is
very low (for e.g., ~1.7% in Africa and 4.2% in LatAm) in BJAUT’s key markets,
thereby offering huge growth potential. Further, in most of these markets it has
room to grow market share at the expense of Chinese players. While long-term
growth potential remains intact, there volumes could see some short-term volatility.
Robust EPS CAGR (~24%) to drive re-rating:
Recovery in industry demand, especially
in the Premium segment, would drive market share gains for BJAUT. Further,
normalization of export volumes in key markets—Nigeria, Sri Lanka and Egypt—
would drive volume recovery; coupled with favorable Fx and operating leverage, this
would drive 24% EPS CAGR over FY15-17E.
Maintain Buy with a TP of ~INR2,701:
The stock trades at 18.6x/14.3x FY16E/FY17E
EPS, respectively.
We value BJAUT at INR2,701 (16x FY17E EPS, and we now add
INR123/share value of KTM stake post 20% HoldCo discount). Maintain Buy.
Exhibit 45:
BAJAJ AUTO: Least recommended large-cap Auto stock, but has highest
returns!
Reco break-up (%)
Buy
Hold
Sell
Coverage (# of analysts)
Consensus returns (%)
BJAUT
45.8
39
15.3
59
2.6
AL
55.6
22.2
22.2
45
8
EIM
78.1
15.6
6.3
33
-5.7
HMCL
66.1
23.7
10.2
59
4.9
MM
69.4
26.5
4.1
49
10.6
MSIL
TVSL TTMT
88.1
41.7
88.5
8.5
19.4
9.6
3.4
38.9
1.9
60
36
55
15.8
6
26.3
Source: Company, MOSL
27 May 2015
18

Bajaj Auto
Exhibit 46:
One of the lowest ever Buy rating from sell side on Bajaj Auto
Source: Company, MOSL
Exhibit 47:
Institutional investor’s ownership lowest in recent
past
Exhibit 48:
BJAUT trading near LPA P/E…
2.0
1.5
1.0
0.5
0.0
Inst. Investors ^
Sensex
27
22
17
12
7
2
^ Inst. Investors weight based on total investment in Sensex
Source: Bloomberg, MOSL
Source: Bloomberg, MOSL
13.9
P/E (x)
5 Yrs Avg(x)
6 Yrs Avg(x)
16.4
16.4
Exhibit 49:
…although on P/B basis
9.1
7.2
5.3
3.4
1.5
5.5
P/B (x)
5 Yrs Avg(x)
6.1
6 Yrs Avg(x)
Exhibit 50:
BJAUT’s FCF yield near peak levels
10
8
6
5.0
4
2
FCF Yield (%)
Max
Avg
Min
Source: Company, MOSL
Source: Company, MOSL
27 May 2015
19

Bajaj Auto
Exhibit 51:
Comparative Valuation
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors#
Auto Ancillaries
Bharat Forge
Exide Industries
Amara Raja Batteries
# Nos. are on CY basis
CMP * Rating
TP
(INR)
(INR)
2,306 Buy
2,701
2,605 Buy
2,791
236 Buy
302
1,225 Neutral 1,246
3,722 Buy
4,617
472 Buy
647
71 Buy
84
18,354 Buy 18,211
1,239
155
864
Buy
Buy
Buy
1,555
223
1,195
P/E (x)
FY16E
FY17E
18.7
14.3
18.4
14.9
21.4
13.7
16.7
13.2
20.8
16.1
7.8
6.5
22.6
12.2
47.7
27.7
28.2
18.3
26.7
19.9
15.3
18.1
EV/EBITDA (x)
FY16E
FY17E
12.0
9.4
12.7
10.6
13.1
8.8
14.6
12.3
10.8
8.8
3.2
2.5
10.9
6.6
27.6
16.6
15.2
11.5
15.2
11.5
9.3
11.0
RoE (%)
FY16E
FY17E
31.5
35.8
39.8
41.1
28.5
34.4
15.8
16.1
19.3
21.2
29.4
25.7
16.6
26.5
36.9
45.5
26.7
15.7
29.0
RoCE (%)
FY16E
FY17E
43.8
48.2
55.6
56.4
27.6
35.9
16.9
17.9
25.9
28.3
25.6
24.7
17.0
27.1
38.9
52.7
30.3
27.8
32.9
16.6
22.1
23.3
33.5
40.9
45.4
Source: Company, MOSL
27 May 2015
20

Bajaj Auto
Exhibit 52:
Key operating metrics
000 units
Motorcycles (units)
Domestic
Growth (%)
% of total volumes
Exports
Growth (%)
% of total volumes
Total M/Cycles
Growth (%)
% of total volumes
3Ws
Domestic
Growth (%)
% of total volumes
Exports
Growth (%)
% of total volumes
3Ws
Growth (%)
% of total volumes
Total Volumes
Growth (%)
Avg. Net Realn (INR/unit)
Growth (%)
Net Revenues (INR B)
Growth (%)
EBITDA (INR B)
EBITDA margins (%)
EBITDA (INR/Unit)
Growth (%)
PAT
EPS (INR)
FY10
1,782
39.6
62.5
725
14.8
25.4
2,507
31.4
87.9
176
30.0
6.2
165
18.6
5.8
341
24.2
12.0
2,853
30.0
39,544
4.3
115
36.4
26
21.7
9,088.5
117.5
18
63
FY11
2,415
35.5
63.1
972
34.1
25.4
3,387
35.1
88.6
206
16.8
5.4
231
40.3
6.0
437
28.1
11.4
3,824
34.1
41,013
3.7
159
38.1
32
19.3
8,292.6
22.3
26
90
FY12
2,567
6.3
59.0
1,268
30.4
29.1
3,834
13.2
88.2
203
-1.3
4.7
312
35.0
7.2
515
17.9
11.8
4,350
13.7
42,366
3.3
189
18.8
37
19.0
8,552.6
17.3
31
107
FY13
2,464
-4.0
58.1
1,293
2.0
30.5
3,757
-2.0
88.7
226
11.4
5.3
254
-18.7
6.0
480
-6.8
11.3
4,237
-2.6
44,665
5.4
195
3.2
36
18.2
8,579.5
-2.3
30
105
FY14
2,099
-14.8
54.2
1,323
2.3
34.2
3,422
-8.9
88.4
187
-17.3
4.8
261
2.7
6.7
448
-6.7
11.6
3,870
-8.7
48,425
8.4
197
1.1
41
20.3
10,591.0
12.8
32
112
FY15
1,776
-15.4
46.6
1,516
14.6
39.8
3,292
-3.8
86.4
234
25.4
6.1
285
9.2
7.5
519
16.0
13.6
3,811
-1.5
51,853
7.1
211
7.1
41
19.0
10,801.2
0.4
30
105
FY16E
1,847
4.0
46.9
1,547
2.0
39.2
3,393
3.1
86.1
FY17E
2,087
13.0
46.6
1,779
15.0
39.8
3,866
13.9
86.4
258
284
10.0
10.0
6.5
6.3
290
325
2.0
12.0
7.4
7.3
548
609
5.6
11.1
13.9
13.6
3,942
4,474
3.4
13.5
53,098
54,735
2.4
3.1
227
267
7.7
17.3
46
56
19.8
20.6
11,606.0
12,433.5
11.1
21.6
36
47
123
161
Source: Company, MOSL
27 May 2015
21

Bajaj Auto
Key Operating Indicators
Exhibit 53:
Exports & 3Ws to drive volume growth
Volumes ('000 Units)
13.7
Growth (%)
13.5
3.4
(2.6)
(8.7)
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
FY13
FY14
(1.5)
59.0
58.1
54.2
46.6
FY15E
46.9
FY16E
46.6
FY17E
Exhibit 54:
Share of exports motorcycles to increase
2W - Dom
7.2
4.7
29.1
6.0
5.3
30.5
2W - Exports
6.7
4.8
34.2
3W - Dom
7.5
6.1
39.8
3W - Exports
7.4
6.5
39.2
7.3
6.3
39.8
Source: Company, MOSL
Source: Company, MOSL
Exhibit 55:
EBITDA margins to remain healthy
EBITDA (INR m)
20.3
19.0
18.2
19.0
EBITDA Margins (%)
19.8
20.6
Exhibit 56:
Domestic recovery to drive earnings growth
EPS (INR)
19
EPS Growth (%)
31
105
112
6
105
17
(6)
123
161
FY17E
(2)
107
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
FY13
FY14
FY15E
FY16E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 57:
Return ratios to remain stable, due to
accumulation of cash
73.0
56.7 59.8
43.7
RoCE (%)
51.7
37.0
42.7
30.0
RoE (%)
Exhibit 58:
Dividend payout to remain healthy
Dividend Payout (%)
Dividend Yield (%) 3.3
2.8
2.2
56.9
63.3
43.8
31.5
48.2
35.8
2.0
48.7
2.0
49.7
2.2
52.3
56.0
FY12
FY13
FY14
FY15E
FY16E
FY17E
s
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
27 May 2015
22

Bajaj Auto
Financials and Valuations
Income Statement
Y/E March
Volumes
Change (%)
Net Sales
Change (%)
Total Expenditure
EBITDA
Change (%)
EBITDA Margins (%)
Depreciation
EBIT
Int. & Fin. Charges
Other Income
PBT
Effective Rate (%)
Adj. PAT
Change (%)
2010
2,852,579
30.0
119,210
35.3
93,284
25,926
117.5
21.7
1,365
24,561
60
1,225
24,102
29.4
18,175
128.3
2011
3,823,954
34.1
163,981
37.6
132,270
31,711
22.3
19.3
1,228
30,482
17
5,765
43,476
23.2
26,150
43.9
2012
4,349,560
13.7
195,290
19.1
158,090
37,200
17.3
19.0
1,456
35,744
222
6,080
40,262
25.4
31,069
18.8
2013
4,237,151
-2.6
199,973
2.4
163,620
36,353
-2.3
18.2
1,640
34,713
5
7,955
42,662
28.7
30,436
(2.0)
2014
3,870,077
-8.7
201,426
0.7
160,438
40,988
12.8
20.3
1,796
39,192
5
7,064
46,251
30.1
32,350
6.3
2015
3,811,201
-1.5
216,120
7.3
174,955
41,166
0.4
19.0
2,674
38,492
65
5,824
40,848
31.1
30,481
(5.8)
2016E
3,941,688
3.4
230,521
6.7
184,774
45,747
11.1
19.8
2,873
42,874
10
8,151
51,016
30.0
35,711
17.2
(INR Million)
2017E
4,474,402
13.5
270,400
17.3
214,768
55,632
21.6
20.6
3,062
52,570
10
12,182
64,743
28.0
46,615
30.5
Balance Sheet
Y/E March
Share Capital
Net Worth
Deferred Tax
Loans
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Sundry Debtors
Cash & Bank Balances
Loans & Advances
Others
Current Liab. & Prov.
Sundry Creditors
Other Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2010
1,447
29,324
17
13,386
42,727
33,793
18,997
14,796
415
40,215
15,838
4,462
2,395
1,014
6,574
1,394
28,579
15,712
4,551
8,316
-12,740
42,727
2011
2,894
49,102
297
3,252
52,651
33,952
19,125
14,827
699
47,952
28,726
5,473
3,628
5,565
11,896
2,164
39,553
19,431
4,836
15,286
-10,827
52,651
2012
2,894
60,411
484
975
61,870
33,961
19,143
14,817
417
48,828
46,749
6,785
4,228
16,538
16,227
2,970
48,941
20,031
7,161
21,749
-2,192
61,870
2013
2,894
79,020
1,151
713
80,883
38,289
20,244
18,044
2,936
64,305
39,502
6,363
7,676
5,589
17,741
2,133
43,903
19,796
6,682
17,425
-4,401
80,883
2014
2,894
96,080
1,432
577
98,089
40,770
20,710
20,060
1,441
85,496
40,479
6,397
7,962
4,955
16,984
4,181
49,387
21,114
8,536
19,737
-8,908
98,089
2015
2,894
106,922
1,416
1,118
109,455
44,106
23,384
20,722
1,000
91,533
42,368
8,142
7,170
5,862
17,727
3,469
46,168
17,998
8,251
19,920
-3,800
109,455
2016E
2,894
120,024
2,181
1,118
123,323
47,106
26,257
20,849
1,000
91,533
66,005
7,872
7,623
29,191
18,040
3,280
56,065
22,960
7,872
25,232
9,941
123,323
(INR Million)
2017E
2,894
140,552
3,476
1,118
145,145
50,106
29,319
20,786
1,000
91,533
97,178
9,239
8,946
55,126
20,018
3,850
65,353
26,947
9,239
29,166
31,826
145,145
27 May 2015
23

Bajaj Auto
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
EPS growth (%)
Cash EPS
Book Value per Share
DPS
Payout (Incl. Div. Tax) %
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price to Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors (Days)
Working Capital (Days)
Fixed Asset Turnover
Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Interest/Div. Received
Depreciation & Amort.
Direct Taxes Paid
(Inc)/Dec in Working Capital
CF from Oper. Activity
CF after EO Items
(Inc)/Dec in FA+CWIP
Free Cash Flow
(Pur)/Sale of Invest.
CF from Inv. Activity
Inc. / Dec.in Networth
Inc/(Dec) in Debt
Interest Paid
Dividends Paid
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Beginning Bal.
Closing Balance
2010
62.8
128.3
67.5
101.3
20.0
37.1
36.7
34.2
11.8
2.6
11.4
0.9
2011
90.4
43.9
94.6
169.7
40.0
51.4
25.5
24.4
19.5
3.8
13.6
1.7
2012
107.4
18.8
112.4
208.8
45.0
48.7
21.5
20.5
16.2
3.1
11.0
2.0
2013
105.2
-2.0
110.8
273.1
45.0
49.7
21.9
20.8
16.5
3.0
8.4
2.0
2014
111.8
6.3
118.0
332.0
50.0
52.3
20.6
19.5
14.1
2.9
6.9
2.2
2015
105.3
-5.8
114.6
369.5
50.0
56.9
21.9
20.1
13.9
2.6
6.2
2.2
2016E
123.4
17.2
133.3
414.8
65.0
63.3
18.7
17.3
12.0
2.4
5.6
2.8
2017E
161.1
30.5
171.7
485.7
75.0
56.0
14.3
13.4
9.4
1.9
4.7
3.3
78.7
68.4
116
66.7
76.0
239
56.7
73.0
334
43.7
59.8
159
37.0
51.7
120
30.0
42.7
110
31.5
43.8
139
35.8
48.2
256
7
13
46
-26
3.5
8
12
41
-22
4.8
8
12
36
-16
5.8
13
11
34
-10
5.5
14
11
36
-12
5.1
12
13
29
-4
5.1
12
12
35
-11
5.1
12
12
35
-11
5.6
2010
24,508
1,240
1,365
-6,999
8,679
28,792
28,611
-1,906
26,887
-20,970
-22,876
0
-2,314
-60
-3,716
-6,090
-355
1,369
1,014
2011
32,867
3,631
1,228
-9,743
-8,215
19,768
19,768
-1,678
18,089
-8,184
-9,863
0
-1,866
-17
-6,737
-8,620
1,285.4
1,014
5,565
2012
38,829
3,261
1,456
-11,483
797
32,860
32,860
-1,159
31,701
-6,557
-7,716
0
-2,001
-222
-13,420
-15,644
9,501
5,565
16,539
2013
34,713
7,955
1,640
-11,560
-8,740
24,007
24,007
-7,386
16,621
-15,477
-22,862
3,307
-262
-5
-15,134
-12,094
-10,950
16,538
5,589
2014
39,192
7,064
1,796
-13,620
3,873
38,305
38,305
-2,317
35,987
-21,192
-23,509
1,638
-135
-5
-16,927
-15,430
-634
5,589
4,955
2015
38,492
5,824
2,674
-12,727
-4,201
30,062
26,659
-2,895
27,167
-6,037
-8,932
-3,349
540
-65
-17,350
-20,224
-2,496
4,955
5,862
(INR Million)
2016E
2017E
42,874
8,151
2,873
-14,539
9,588
48,948
48,948
-3,000
45,948
0
-3,000
0
0
-10
-22,608
-22,618
23,329
5,862
29,191
52,570
12,182
3,062
-16,833
4,050
55,032
55,032
-3,000
52,032
0
-3,000
0
0
-10
-26,087
-26,097
25,935
29,191
55,126
27 May 2015
24

Bajaj Auto
NOTES
27 May 2015
25

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Bajaj Auto
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BAJAJ AUTO
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