In an interview with CNBC-TV18, Rajiv Bajaj said the auto market is finally seeing signs of bottoming out and that the company is looking to add to its 19 percent market share with new models such as its recently-launched next-generation Discover 125cc.
The troubles in Egypt have been offset by growth in markets such as Nigeria where three-wheeler exports grew from 2,000 units in July last year to 6,000 in February.
Rajiv Bajaj
MD
Bajaj Auto
After months of declining sales, the worst in the auto industry may be over and negative growth may be tapering off, believes Rajiv Bajaj, Managing Director at Bajaj Auto.
In an interview with CNBC-TV18, the Bajaj scion said the auto market is finally seeing signs of bottoming out and that the company is looking to add to its 19 percent market share with new models such as its recently-launched next-generation Discover 125cc.
Total sales for Bajaj Auto fell 7 percent to 3.18 lakh vehicles in the month of February, data released on Saturday showed . But exports remained strong, rising 7 percent.
Bajaj is now sitting on "near-normal four-five weeks" of inventory, he said, adding that pile-up is not a concern for the company anymore.
The MD also touched upon the issue of the massive excise cut that finance minister P Chidambaram had carried out in the February interim budget and said he did not believe the duty cut would address the fundamental weakness in the market. "Dealers have also not started passing on the excise duty benefits to customers yet."
Bajaj also spoke about the recent turmoil in its export markets such as Egypt, where the previous government had banned imports soon before it fell. "The troubles in Egypt have been offset by growth in markets such as Nigeria where three-wheeler exports grew from 2,000 units in July last year to 6,000 in February."
The automaker foresees export growth to be in double digits in the near term, Bajaj said, indicating its recent troubles with exports are behind.
Shares in Bajaj Auto have remained about flat over the past one-month and one-year periods.
Bajaj Auto stock price
On March 03, 2014, at 14:12 hrs Bajaj Auto was quoting at Rs 1917.75, down Rs 24.95, or 1.28 percent. The 52-week high of the share was Rs 2193.85 and the 52-week low was Rs 1657.50.
The company's trailing 12-month (TTM) EPS was at Rs 112.15 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 17.1. The latest book value of the company is Rs 273.08 per share. At current value, the price-to-book value of the company is 7.02.
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