BAJAJ AUTO
Q4 & FY 2012
RESULTS REVIEW
BAJAJ AUTO’s results for the 4th
Qtr ending March,2012 are analysed below with the preceding qtr of Q3 FY 12 and
the corresponding Qtr of Q4 FY 11.
Sales in numbers was 1,017,167; down -5%
fro Q3 FY 12 (1,075,441); but up 7% from
Q4 FY 11 (948,198).
Income
from operations
Gross sales stands at Rs.4764 cr ; down -6% from Q3 FY 12 (Rs.5084 Cr); but up 11% from Q4 FY 11 (Rs.4278)
Net sales Less Excise Duty stands at Rs.4516
Cr; down -7% from Q3 FY 12 (Rs.4840 Cr);
but up 12% fromQ4 FY 1 (Rs.4030 Cr).
Total income from operations (net) stands at
Rs.4651 Cr; down -7% from Q3 FY 12
(Rs.4986 Cr); but up 12% fromQ4 FY 1 1(Rs.4145Cr).
Total expenses stands
at Rs.3774 Cr; down -6% from Q3 FY 12 (Rs.4034
Cr); but up 12% fromQ4 FY 11 (Rs.3372Cr).
Profit from operations stands at Rs.877 Cr; down -8%
from Q3 FY 12 (Rs.952 Cr); but up 13% fromQ4 FY 11 (Rs.773Cr).
Other income stands
at Rs.139 Cr; down -17% from Q3 FY 12
(Rs.168 Cr); but down -11% fromQ4 FY
11 (Rs.156Cr).
Profit before fin'costs etc stands at Rs.1017 Cr; down -9%
from Q3 FY 12 (Rs.1120 Cr); but up 9% fromQ4 FY 11 (Rs.929Cr).
Profit before tax stands at Rs.1035 Cr; down -2% from Q3 FY 12
(Rs.1061 Cr); but down -37% fromQ4 FY 11
(Rs.1654Cr). There was a Surplus on pre-payment of sales tax deferral
liability/loan in Q4 FY 11 at Rs. 826.82 Cr, which had boosted the Profits in
that quarter. Due to this Q4 FY 12 PBT is down from that Quarter by -37%.
Tax expense stands at Rs.263 Cr in Q4 FY 12;
Rs.266Cr in Q3 FY 12; and Rs.254 Cr in Q4 FY 12;
Net Profit (after taxes, M' intt etc) stands
at Rs.772 cr in Q4 FY 12 ; down -3% from Q3 FY 12 (Rs.795Cr) and down -45% from Q4 FY 11 (Rs.1400 Cr). Same reason
as for PBT holds good here also.
Thus, while sales numbers are down QoQ but up YoY in Q4 FY
12; the Net Profits are down from both quarters.
Paid-up equity stands
at Rs.289 Cr.
Basic EPS stands at Rs.26.7 in Q4 FY 12; Rs.27.5 in Q3 FY
11; and Rs.48.4 in Q4 FY 11.
FY 12 vs FY 11 (Consol)
Income from operations
Gross
sales in FY 12 stands at Rs.19892 Cr; up 17.98% from FY 11 (Rs.16861 Cr).
Net sales in FY 12 (Less Excise duty) stands
at Rs.18946 Cr; up 18.95% from FY 11
(Rs.15927 Cr).
Other operating income in FY 12 stands at Rs.649 Cr; up 29.39% from FY 11 (Rs.502 Cr).
Total income from operations (net) in FY 12
stands at Rs.19595 Cr; up 19.27% from FY 11 (Rs.16429Cr).
Total expenses in
FY 12 stands at Rs.16031 Cr; up 19.69%
from FY 11 (Rs.13395Cr).
Profit from operations in FY 12 stands at Rs.3563 Cr; up 17.42% from FY 11 (Rs. 3035 Cr).
Other income in
FY 12 stands at Rs.607 Cr; up 4.78% from FY 11 (Rs.579 Cr).
Profit before fin'costs etc in FY 12 stands at Rs.4170 Cr; up 15.40% from
FY 11 (Rs.3614 Cr).
Profit before tax in FY 12 stands at Rs.4013 Cr; down -9.57% from FY 11 (Rs.4438 Cr).
Tax expense in
FY 12 stands at Rs.1020 Cr; up 1.33% from FY 11 (Rs.1006 Cr).
Net Profit after taxes, M' intt etc in FY 12
stands at Rs.3045 Cr; up -11.85% from FY 11 (Rs.3455 Cr).
Paid-up equity in
FY 12 stands at Rs.289 Cr).
Reserves in FY 12 stands at Rs.5792 Cr; up 28.21% from
FY 11 (Rs.4518 Cr).
Basic EPS in FY 12 stands at Rs.105.2 Cr; up -11.89%
from FY 11 (Rs.119.4 Cr).
Thus, the performance of Bajaj Auto in FY 2012 shows no
significant improvement over FY 2011.
Current Market Price of Bajaj Auto share is
Rs.1522.80; while the 52 week high price is Rs.1843.35 and
the 52 week low price is Rs.1282.10 – on
a FV of Rs.10. The PE Ratio works out to 14.48.
Bajaj Auto Limited has recommend a dividend of Rs.45 per
share (450%) .
ANNOUNCEMENTS BY BAJAJ AUTO
17-05-2012 consolidated Results for the year ended on 31-MAR-2012 as
follows: Net Sales of Rs. 1894552 lacs for year ending on 31-MAR-2012 against
Rs. 1602870 lacs for the year ending on
31-MAR-2011. Net Profit / (Loss) of Rs.
304540 lacs for the year ending on 31-MAR-2012 against Rs. 345489 lacs for the
year ending on 31-MAR-2011. -
17-05-2012 standalone Results for the year ended on 31-MAR-2012 as
follows: Net Sales of Rs. 1888027 lacs for year ending on 31-MAR-2012 against
Rs. 1599812 lacs for the year ending on 31-MAR-2011. Net Profit / (Loss) of Rs.
300405 lacs for the year ending on 31-MAR-2012 against Rs. 333973 lacs for the
year ending on 31-MAR-2011. -
17-05-2012 Bajaj Auto Limited has informed the Exchange regarding the
standalone Results for the quarter ended on 31-MAR-2012 as follows: Net Sales
of Rs. 451555 lacs for quarter ending on 31-MAR-2012. Net Profit / (Loss) of
Rs. 77200 lacs for the quarter ending on 31-MAR-2012.
BAJAJ
AUTO SAYS :
1.
Motor Cycles Sales in April,12 stand at 342,324, while the same was 322235 in
April,11, a growth of 6% - Highest ever sales in Any April for Motor Cycles.
2.
Commercial Vehicles 39266 ( 45074) Nos –
a reduction of -135.
3.
Exports of the above : 169010 (against
158422 in April,11) – Highest ever Exports.
However, Competition
in 2 wheeler market is heating up – with Honda and Suzauki wanting to
aggressively tap rural Markets. Honda has snatched impressive sales already in
Scooters market, which was ( unnecessarily) left out by Bajaj Auto. Honda now wants
to dominate the whole 2 wheeler segment.
Both Hero and Bajaj
need to brace up for the competition with superior technology. Innovate or perish –
is the only mantra for survival in such competitive Markets. For further
details readers may refer to another article in this Blog at URL No. http://www.wiseinvestmentideas.blogspot.in/2012/05/news-views-today-bankers-think-npas-at.html
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