Bajaj Auto Limited
NSE Symbol BAJAJ-AUTO
RESULTS FOR Q2 FY 2012
ENDING SEPT,2011
BAJAJ AUTO has performed
reasonably in Q2 FY 12 ending Sept, 2011, as analyzed below:
Net Sales has increased to
Rs.5046.48 cr – against Rs.4586.91 Cr in Previous qtr of Q1 FY 12 (+10.02%) –
and Rs.4180.91 Cr in the corresponding Qtr of Q2 FY 2011 (+20.7%).
Raw Materials
consumption stands at Rs.3603.65 cr in Q2 FY 12 – against Rs.3175.41
cr in Q1 FY 12 (+13.49%) – and Rs.2942.74 Cr in Q2 FY 11 (+22.46%). Thus,
increase in Raw material cost has been more than proportionate to the sales.
Other Expenditure has also grown to Rs.317.25 cr in Q2 FY 12 – against Rs.261.10
cr (+21.51%) in Q1 FY 12 – and Rs. 259.31cr in Q2 FY 11(+22.34%).
Total Expenditure stands at Rs.4249.31cr
in Q2 FY 12 – against Rs.3897.09 cr (+9.04%) in Q1 FY 12 and Rs.3474.60 cr in
Q2 FY 11 (+22.3%) in Q2 FY 11.
Profit from Operations stands at Rs.1017.95Cr
in Q2 FY 12 – against Rs.880.20 cr(+15.65%) in Q1 FY 12 and Rs.867.22 cr (+17.38%) in Q2 FY 11.
There
is an Exceptional Items Expense of Rs.95.41 cr in
Q2 FY 12 – which was not there in Q1 FY 12 and Q2 FY 11.
Profit before tax has therefore grown
marginally to Rs.976.80 cr in Q2 FY 12 – against Rs.953.06 cr (+2.49%) in Q1 FY
12 – and against Rs.950.28 cr (+2.79%) in Q2 FY 11.
Net Profit stands at
Rs.725.80 cr in Q2 FY 12 – against Rs.711.06 cr (+2.07%) in Q1 FY 12 ; and Rs.682.08
cr(+6.41%) in Q2 FY11.
Basic EPS has grown
to Rs.25.1 on a FV of Rs.10 – against Rs.24.6 in Q1 FY 11 and Rs.23.6 in Q2 FY
11. Based on this, the annualized EPS could be around Rs.100 for FY
2012.
The
current market price is Rs.1614. The 52
week high price was Rs.1823.55 and 52
week low price was Rs.1165.65.
Based
on this, the current Price Earnings Ratio is 16.14. In a normal market Bajaj Auto can certainly
command a much higher price than its 52 week high also.
Notes in Accounts :
During
the quarter, the company has received a show cause notice of Rs.77.93 lakh from
the Commissioner, Central Excise & Service Tax, LTU Mumbai for payment of
National Calamity Contingent Duty (NCCD) on sale of vehicles from its
Pantanagar Plant. Out of the amount of Rs.7793 lakh, Rs.6762 lakh pertains to
the period prior to 31 March 2011 and the balance Rs.1031 lakh is for the period 1 April 2011 to
30 June 2011. Based on the legal opinion obtained, the company has filed a writ
petition in the Uttarakhand High Court, disputing the applicability of NCCD.
Pending decision of the Honourable High Court, no provision in respect of the
said amount of ` 7793 lakh has been made in the books of account.
The
Company has entered into range forward contracts to hedge highly probable
forecast transactions. Though these instruments meet the management’s foreign
exchange risk management objectives, some of them do not qualify for hedge
accounting as the same do not satisfy the test of effectiveness. Accordingly,
MTM loss of Rs.9541 lakh on range
forward contracts has been recognized in these results. This notional loss
would reverse over the contract period.
RESULTS TABLE
|
Bajaj
Auto
|
30-Sep-11
|
30-Jun-11
|
%
DIF
|
30-Sep-10
|
% DIF
|
|
Net Sales
|
504648
|
458691
|
10.02
|
418091
|
20.7
|
|
Other Operating Income
|
22078
|
19038
|
15.97
|
16091
|
37.21
|
|
Increase in SIT/WIP
|
-4153
|
11477
|
-136.2
|
-3200
|
29.78
|
|
Raw Materials
|
360365
|
317541
|
13.49
|
294274
|
22.46
|
|
Traded Goods
|
19944
|
17628
|
13.14
|
16045
|
24.3
|
|
Employees Cost
|
13108
|
13889
|
-5.62
|
11415
|
14.83
|
|
Depreciation
|
3942
|
3064
|
28.66
|
2995
|
31.62
|
|
Other Expenditure
|
31725
|
26110
|
21.51
|
25931
|
22.34
|
|
Total Expenditure
|
424931
|
389709
|
9.04
|
347460
|
22.3
|
|
Profit from Operations
|
101795
|
88020
|
15.65
|
86722
|
17.38
|
|
Other Income
|
7448
|
7309
|
1.9
|
8371
|
-11.03
|
|
Interest
|
2022
|
23
|
8691.3
|
65
|
3010.77
|
|
Exceptional Items
|
9541
|
-
|
-
|
||
|
Profit before tax
|
97680
|
95306
|
2.49
|
95028
|
2.79
|
|
Tax expense
|
25100
|
24200
|
3.72
|
26820
|
-6.41
|
|
Net Profit
|
72580
|
71106
|
2.07
|
68208
|
6.41
|
|
Face Value (In Rs
|
10
|
10
|
0
|
10
|
0
|
|
Paid Up Equity
|
28937
|
28937
|
0
|
28936
|
0
|
|
Basic EPS
|
25.1
|
24.6
|
2.03
|
23.6
|
6.36
|
|
Public holding (%)
|
49.91
|
49.91
|
0
|
50.26
|
-0.7
|
The Sales figures of Bajaj
Auto for the Months October and November, 2011 are furnished below :
|
Sales in numbers for the
month of October 2011
|
||||
|
Product
|
For Oct 2011
|
Upto Oct 2011
|
For Oct 2010
|
Upto October 2010
|
|
Motorcycles
|
351,083
|
2,341,491
|
329,776
|
2,041,661
|
|
Other 2 Wheelers
|
-
|
-
|
-
|
27
|
|
Total 2 Wheelers
|
351,083
|
2,341,491
|
329,776
|
2,041,688
|
|
Three Wheelers
|
44,191
|
310,735
|
41,040
|
258,034
|
|
Grand Total
|
395,274
|
2,652,226
|
370,816
|
2,299,722
|
|
|
||||
|
Sales in numbers for the
month of November 2011
|
||||
|
|
||||
|
Product
|
For November 2011
|
Upto November 2011
|
For November 2010
|
Upto November 2010
|
|
Motorcycles
|
331,967
|
2,673,458
|
265,036
|
2,306,697
|
|
Other 2 Wheelers
|
-
|
-
|
-
|
27
|
|
Total 2 Wheelers
|
331,967
|
2,673,458
|
265,036
|
2,306,724
|
|
Three Wheelers
|
42,510
|
353,245
|
34,195
|
292,229
|
|
Grand Total
|
374,477
|
3,026,703
|
299,231
|
2,598,953
|
As
we can see, the sales have been quite impressive for October and November,2011.
Hence, next results can also show reasonable improvement. At current prices,
Bajaj Auto is a Great Investment.
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