Bajaj Auto Limited
NSE Symbol BAJAJ-AUTO
BAJAJ AUTO has produced good results in the first quarter (Q1 FY 2012) compared to the corresponding Qtr of Q1 FY 2011.
Net Sales has increased to Rs.4586.91 cr – up by 13.21 % from the previous qtr of Q4 FY 2011 and up by 22.73% from the corresponding Qtr of Q1 FY 2011.
Raw Materials cost has increased to Rs.3175.41 cr – up by 4.81% over Q4 FY 11 and up by 24.22% from Q1 FY11.
Total Expenditure has gone up to Rs.3897.09 Cr up by 15.69% from Q4 FY 11 and up by 23.92% from Q1 FY 11.
Profit from Operations is up at Rs.880.20 cr – up by 5.86% from Q4 FY 11 and up by 18.13% from Q1 FY 11.
There was an exceptional item of Rs. (-)724.55 in the previous qtr of Q4 FY11. Because of this Profits became much higher in Q4 FY 11.
Taking other income into account, Profit before tax has come to Rs.953.06 – down by 42.48% from Q4 FY 11( because of exceptional item stated above) – but up by 15.36% from Q1 FY 11.
After Tax, the Net Profit comes to Rs.711.06 cr – down by 49.22% from Q4 FY 1 – and up by a reasonable 20.49% from Q1 FY 11.
Paid Up Equity is Rs.289.37 in Q1 FY 12 and Q4 FY 11 but the same was Rs,144.68 cr only in Q1 FY 11 (due to Bonus issue).
Therefore, the Basic EPS for Q1 FY 2011 is Rs.24.6 on a face Value of Rs.10 – compared to Rs.48.4 in the previous qtr (which was because of a Huge exceptional item) and compared to Rs.20.40 (Rs.40.8 / 2 = Rs.20.4), reflecting reasonable progress.
Assuming no further improvement / deterioration, the annualized EPS comes to Rs.98.4. At the current MP of Rs.1429, the PE Ratio works out to just 14.2 – reflecting further scope for improvement in price. Bajaj Auto has good expansion / Marketing Plans and given its good market penetration is good investment for Medium / long term investors.
Bajaj makes the Pulsar, Discover, Platina and Avenger brands of motorcycles.
Its Sales in Q1 FY 12 compared to (Q1 FY 11) are as below :
Motor cycles Sales : 9,63,051 (828391) – 16% Growth- Highest Ever Qtrly Sales
Commercial vehicles : 1,29,764 (99,918) – 30% Growth- Highest Ever Qtrly sales
Total 10,92,815 (928,336) – 18% -Highest Ever Qtrly sales
Exports : 427364 (323899) – 32% - Highest ever Qtrly sales
The first quarter EBIDTA (earnings before interest, taxes, depreciation and amortization) margin is 19.1%,
RESULTS TABLE (In Lakhs)
| BAJAJ AUTO | 30-Jun-11 | 31-Mar-11 | 30-Jun-10 |
| Net Sales | 458691 | 405174 | 373729 |
| Other Operating Income | 19038 | 14823 | 15277 |
| Increase in SIT / WIP | 11477 | -17561 | 8689 |
| Raw Materials | 317541 | 302977 | 255619 |
| Traded Goods | 17628 | 12268 | 12510 |
| Employees Cost | 13889 | 12964 | 12639 |
| Depreciation | 3064 | 3005 | 3182 |
| Other Expenditure | 26110 | 23199 | 21856 |
| Total Expenditure | 389709 | 336852 | 314495 |
| Profit from Operations | 88020 | 83145 | 74511 |
| Other Income | 7309 | 10097 | 8167 |
| Interest | 23 | 5 | 63 |
| Exceptional Items | - | -72455 | - |
| Profit before tax | 95306 | 165692 | 82615 |
| Tax expense | 24200 | 25653 | 23600 |
| Net Profit | 71106 | 140039 | 59015 |
| Dividend (%) | - | 400 | - |
| Face Value (In Rs | 10 | 10 | 10 |
| Paid Up Equity | 28937 | 28937 | 14468 |
| Basic EPS | 24.6 | 48.4 | 40.8 |
| Public Holding (%) | 49.91 | 49.91 | 50.26 |
ANNOUNCEMENTS TO NSE
14-07-2011 Bajaj Auto Limited standalone Results for the quarter ended on 30-JUN-2011 as follows: Net Sales of Rs. 458691 lacs for quarter ending on 30-JUN-2011 against Rs. 373729 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 71106 lacs for the quarter ending on 30-JUN-2011 against Rs. 59015 lacs for the quarter ending on 30-JUN-2010.
ANNUAL REPORT FY 2010-11
SOME DATA
Ø In a record year, net sales and other operating income grew by over 39% to Rs.16,609 crore.
Ø Your Company sold a record 3.82 million units – consisting of 3,387,043 motorcycles and 436,884 three-wheelers.
Ø Exports were at an all-time high – and comfortably crossed the 1 million mark, and rose by 35% to 1,203,718 units.
Ø The Company’s operating EBITDA for FY2011 grew by 30.6% over the previous year to Rs.3,385 crore.
Ø The operating EBITDA margin was 20.4% of net sales and other operating income.
Ø Operating profit before tax (PBT) and exceptional items increased by 33% to Rs.3,260 crore.
Ø Profit after tax and exceptional items increased from Rs.1,704 crore to Rs.3,340 crore.
The Company’s sales grew significantly faster than the market. For instance, Bajaj Auto’s total motorcycle sales increased to almost 3.39 million units. Similarly, while domestic motorcycle sales in the aggregate grew by 23% to a bit over 9 million units, the Company’s domestic sales rose by more than 35% to over 2.4 million
The Company’s export performance bears special mention. Bajaj Auto has sold over 1.2 million two- and three-wheelers in FY2011, and clocked revenues close to a billion US dollars.
The company is confident that it will cross the 4 million mark in FY2012. In exports, it is looking forward to breaching the 2 million mark in the next three to four years.
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