Mega-Cap Auto Major’s Sales Decline in Nov, Exports Slide 30%

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Mega-Cap Auto Major’s Sales Decline in Nov, Exports Slide 30%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The auto manufacturing company Bajaj Auto (NS: BAJA ) reported a decline in its total sales for the month of November 2022. 

The two-wheeler and auto rickshaw maker’s total sales declined 19% in November 2022 to 3,06,552 units, compared to 3,79,276 units reported in the same month last year. 

In the Indian market, Bajaj Auto’s total sales slipped 4% in the month under review at 1,52,716 units from 1,58,755 units in the year-ago period.

According to the company’s regulatory filing, its exports fell 30% to 1,53,836 units in November last year, compared to 2,20,521 units in Nov 2021.

“We tweak our estimates owing to export weakness but maintain a Buy rating on the stock with a target price of Rs 4,260 apiece and value it at 15x FY24,” stated Saksham Kaushal of Philip Capital.

Bajaj Auto is a mega-cap company with a market capitalization of Rs 1,03,808 crore. Its shares closed 1.3% lower at Rs 3,659.35 on Friday.

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