BAJAJ AUTO = Q4 FY 2011 RESULTS = GOOD PERFORMANCE

Bajaj Auto Limited

NSE Symbol        BAJAJ-AUTO

Bajaj Auto has declared its results for the 4^th quarter and for FU 2011. The results are very good.

Net Sales for Q4 FY 11 : is Rs.4051.74 cr – up by  0.58% from Q3 FY 11; down by 3.09% from Q2 FY 11; up by 8.41% from Q1 FY 11; and up by 23.14% from Q4 FY 10. While Q2 was a water mark – recording the highest sales, the Q4 FY 11 (current Qtr) – also has recorded impressive sales with reference to corresponding qtr o Q4 FY 10.

Raw Material cost has however gone up considerably to Rs. 3029.77 cr in Q4 FY11 from  Rs. 2784.49 cr in  Q3 FY 11 (previous qtr) and Rs. 2337.28 cr only in Q4 FY 10.

Employees Cost has also increased considerably to Rs.129.64 cr – compared to Rs.106.60 cr in Q3 FY 11 and Rs.86.19 cr in Q4 FY 10.

Total Expenditure has risen to Rs.3368.52 cr – up by a marginal 0.29% from previous qtr of Q3 Fy11; but down by 3.05% from Q2 FY 11; and up by 7.11% from Q1 FY 11; and Up by 26.68% from Q4 FY 10.

Profit from Operations is up to Rs.831.45% - by 1.61% from Q3 FY 11; down by 4.12% from Q2 FY 11; Up by 11.59% from Q1 FY 11; and up by 12.3% from Q4 FY 10.

There is a huge Exceptional Items expenditure of Rs.(-)724.55, which means, it is an exceptional receipt, compared to nil in previous Qtrs of FY 11 and a Plus expenditure of Rs.45.83 cr in  Q4 FY 10. Bajaj Auto has said that - its fourth-quarter results included a sales tax benefit of 8.27 billion rupees ($183.3 million) and a provision of 1.02 billion rupees towards the impairment of its investments in its Indonesian subsidiary.

Profit before tax is therefore impressive at Rs1656.92 cr – up by 80.61% from previous qtr, up by  74.36% from Q2 FY 11; up by 100.56% from Q1 FY 11; and up by 124.8% from Q4 FY 11;

Net Profit  also is similarly impressive at Rs.1400.39 cr – up by 109.92% from Q3 FY 11; up by 105.31% from Q2 FY 11; up by 137.29% from Q1 FY 11; and up by 164.9% from Q4 FY 10.

Basic EPS is Rs.48.4 in Q4 – which is quite impressive on a face value of Rs.10.

The company sold 836,671 motorcycles in the quarter, up 17 percent from 712,410 sold in the year-ago period.

Its board had recommended a dividend of 40 rupees a share after the issue of bonus shares in the ratio of 1:1.

From what Bajaj Auto says – they are not expecting any steep price increases as in lat 12 months, in the coming days – though some cost pressures are to be expected.

Bajaj auto last 3 years results – a snap shot

As we can see from the table b, Net sales has increased phenomenally in the last 3 years.

Likewise, Consolidated Net Profit has increased impressively to Rs.     3454.89 cr – from just Rs.1594.60 cr in FY 10 ; and a mere Rs.535.79 cr in FY 09. Bajaj Auto’s performance YOTY is thus highly impressive.

Judged by the future plans of Bajaj Auto – it is bound to strike an equally impressive path in the years to come.

BAJAJ AUTO	FY 11 CS	FY 10 CS	FY 09  CS
Net Sales	1602870	1154316	844603
Other Operating Income	61354	43099	36878
Increase in SIT / WIP	-9819	-3721	2449
Raw Materials	1132865	771852	606272
Traded goods	57400	42250	37436
Employees Cost	48473	40612	36009
Depreciation	12389	13741	13062
Other Expenditure	97843	87701	93108
Total Expenditure	1339151	952435	788336
Profit from Operations	325073	244980	93145
Other Income	36581	12250	12190
Interest	239	675	2189
Exceptional items	-82682	16150	20510
Profit before tax	444097	240405	82636
Tax Expense	100929	70345	28888
Net Profit	343168	169970	53534
Minority Interest	-10	-28	-45
Shares of Associates	-2311	10276	-
Other Related Items	-	262	-
Consolidated Net Profit	345489	159460	53579
Dividend (%)	-	-	-
Face Value (in Rs.)	10	10	10
Paid-up Equity	28937	14468	14468
Reserves	451785	257225	166811
Basic EPS (in Rs.)	119.4	110.4	37
Public holding (%)	49.91	50.3	-

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