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Part of Bajaj Group and was founded by Jamnalal Bajajat Rajasthan in the 1930s.

One of the oldest and largest manufacturer ofautomobiles in India.

Worlds 4th largest two wheeler and 3 wheeler maker.

Motorbikes in current production include Platina

Discover Pulsar Avenger Ninja

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Current Market Price:1711

Market Cap:49,517 Cr

Competitors include:

Hero motocorp TVS motors Mah scooters LML Kinetic motors

Current market share of approximately 32% in the Indianmarket.

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Continuous compounding

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27th June 2008: Stock dropped 7.5%Bajaj Auto sales grew by only 4% for the month of

May compared to 17% in the previous month.

10th July 2008:Stock surged by 9%Announcement that its profit margins will improve

with introduction of pricier models. It willintroduce more125 cc models.

10th Oct 2008: Stock dropped by 16% Bajaj Auto posted a worse than expected 23% decline in

second quarter income after it spent more on raw materials.

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7th Jan 2009:Stock dropped by 7%Bajaj Auto Dec sales fall 29% on lower motor cycle

demand

20th Jan 2009:Stock dropped by 8%

Bajaj Auto third quarter results profit fell 23% as tighter creditand a cooling economy dampened sales.

18th May 2009: Stock surged by 12% on openingof market Nifty and Sensex hit upper circuit on back of elections

10th Aug 2009:Stock dropped by 9% Bajaj Auto downgraded by Foreign brokerage house JP Morgan.

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Gross Profit Margin(%) 12.57 21.19 19.76

Return On Capital Employed(%) 32.8 59.01 67.57

Return On Net Worth(%) 38.92 58.14 68.01

Current ratio 0.84 0.69 0.8

Quick Ratio 0.73 0.55 0.71

Debt Equity Ratio 0.84 0.46 0.07

Financial Charges Coverage Ratio 59.89 443.88 2166.08

Inventory Turnover Ratio 28.64 28.87 32.8Debtors Turnover Ratio 27.45 37.41 51.77

Fixed Assets Turnover Ratio 2.6 3.5 4.85

Earnings Per Share 33.26 103.73 112.9

Price to earning ratio 7.31 8.88 12.46

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Company expects the domestic motorcycle demand to remain soft in the nearterm but is extremely confident on the export. Strong export volumes shouldmore than compensate the slackening domestic demand.

BAL reported a 21% jump in revenues that increased from Rs41,771mn in 3QFY11to Rs50,632mn in 3QFY12.

BAL reported an adjusted PAT of Rs8,346mn in 3QFY12, a strong 25% growth over

3QFY11 profit of Rs6,671mn, consequently margins improved by 63 bps y-o-yand 89 bps q-o-q to 21% for Q3FY12.

BAL has planned for three new motorcycle launches over the next few monthswhich we believe will give some impetus to domestic sales in FY13.

We have a positive outlook on Bajaj Auto on the back of its superior product

portfolio & robust growth in export market. This coupled with launch of newpulsar in Q4FY12 we expect Bajaj Auto to maintain healthy growth trajectory &margins.