BAJAJ AUTO LTD
 |
| RAJIV BAJAJ, CEO & MD |
RESULTS FOR Q3 FY 2012-13
Q/E DEC, 2012
BAJAJ AUTO
has reported good Results for the third Quarter ending December, 2012.
Net Sales for Q3 FY 2013 stands at Rs.5307.20 Cr;
compared to Rs.4817.07 Cr in Q2 FY 13
(+10.17%); and Rs.4839.95 Cr in Q3 FY 13 (+9.65%
YoY).
For 9 m/e Dec,2013, the Net sales stands at
Rs.15,250,77 against Rs.14,877.54 for 9 m/e Dec,2012. The growth for 9 months
of FY 13 is just 2.5% over corresponding period of previous year. This
indicates the sluggish growth during current year.
Product
|
For Dec 2012
|
Upto Dec 2012
|
For Dec 2011
|
Upto Dec 2011
|
Upto Dedc %dif YoY
|
For Dec % dif YoY
|
Motorcycles
|
298,350
|
2,897,410
|
263,699
|
2,937,157
|
-1.35
|
13.14
|
Three Wheelers
|
45,596
|
358,510
|
41,991
|
395,236
|
-9.29
|
8.59
|
Grand Total
|
343,946
|
3,255,920
|
305,690
|
3,332,393
|
-2.29
|
12.51
|
If we
compare the Sales in Numbers, for 9
months ended Dec,2012, Sales were actually down by 1.35% for Motor cycles and
9.29% down for 3- wheelers. Overall Numbers are down by 2.29%. But, for the
month of December itself, there is a rise of 13.14 % in 2 wheelers and 8.59% in
3- wheelers.
For Q3 FY
13, sales in total are 1,127,741, whereas, for Q2 FY 13, the same was 1,049,208
and for Q3 FY 12, the same was 1,075,441.The quarterly growth in numbers is
4.86%, while the growth in terms of Rupees is 9.65%.
Total Expenditure for Q3 FY 2013 stands at Rs.4442.04
Cr; compared to Rs.4098.23 Cr in Q2 FY
13 (+8.39%); and Rs.4033.90 Cr in Q3 FY 13 (+10.12%). The expenditure has risen
more than proportionately compared to Sales.
Profit before Interest, Dep. & Taxes for Q3 FY
2013 stands at Rs.865.16 Cr; compared to
Rs.718.84 Cr in Q2 FY 13 (+20.36%); and Rs.806.05 Cr in Q3 FY 13 (+7.33%).
Net Profit for
Q3 FY 2013 stands at Rs.818.74 Cr; compared to
Rs.740.67 Cr in Q2 FY 13 (+10.54%); and Rs.795.19 Cr in Q3 FY 13 (+2.96%).
Profit YoY has thus risen by only 2.96%, because of more than proportionate
growth in expenditure.
Diluted EPS
for Q3 FY 2013 stands at Rs.28.3;compared to Rs.25.6 in Q2 FY 13 and Rs.27.5 in
Q3 FY 12. The Growth in EPS is marginal.
Cost of materials for
Q3 FY 2013 stands at Rs.3582.86 Cr; compared to
Rs.3446.23 Cr in Q2 FY 13 (+3.96%); and Rs.3356.24 Cr in Q3 FY 13 (+6.75%).
Purchases of S-I-T for Q3 FY
2013 stands at Rs.205.33 Cr; compared to
Rs.212.64 Cr in Q2 FY 13 (-3.44%); and Rs.203.99 Cr in Q3 FY 13 (+0.66%).
Employee expense for
Q3 FY 2013 stands at Rs.159.23 Cr; compared to
Rs.153.22 Cr in Q2 FY 13 (+3.92%); and Rs.132.04 Cr in Q3FY13 (+20.59%).
Depreciation for
Q3 FY 2013 stands at Rs.41.08 Cr; compared to
Rs.41.04 Cr in Q2 FY 13 (+0.1%); and Rs.32.14 Cr in Q3 FY 13 (+27.82%).
Other expenses for
Q3 FY 2013 stands at Rs.320.66 Cr; compared to
Rs.335.34 Cr in Q2 FY 13 (-4.38%); and Rs.306.11 Cr in Q3 FY 13 (+4.75%).
Total expenses for
Q3 FY 2013 stands at Rs.4442.04 Cr; compared to
Rs.4098.23 Cr in Q2 FY 13 (+8.39%); and Rs.4033.90 Cr in Q3 FY 13 (+10.12%).
Profit before
tax for Q3 FY 2013 stands at Rs.1173.76 Cr;
compared to Rs.1040.67 Cr in Q2 FY 13 (+12.79%);
and Rs.1061.19 Cr in Q3 FY 13 (+10.61%).
Tax Expenses for
Q3 FY 2013 stands at Rs.355.02 Cr; compared to
Rs.300.00 Cr in Q2 FY 13 (+18.34%); and Rs. 266.00 Cr in Q3 FY 13 (+33.47%). While PBT has risen by
10.61% YoY, the higher tax burden which has risen by 33.47% has reduced after
tax profit growth to only 2.96%.
Face Value of Share is Rs.10 and Paid-up Equity stands at Rs.289.37
Cr.
Basic EPS for
Q3 FY 2013 stands at Rs.28.3; compared to Rs.25.6 in Q2 FY 13; and Rs.27.5 in
Q3 FY 12.
Public holding in the company stands at 49.98%.
Bajaj Auto has improved its domestic market
share to 26.2% this quarter compared with 25.1% a year ago. However, margins
slipped to 20.1% in Q3 from 21% a year ago.
In six
months of the launch of 125cc Discover ST, Bajaj Auto has sold over 2 lakh
units and 51,000 units of Pulsar NS.
“We saw a
strong growth in volumes despite slow industry sales on account of
differentiated products and a brand-centric strategy,” says the company.
The company hopes
to continue the momentum in Q4 also on the back of new launches. Bajaj Auto,
recently expanded its Discover family with the new Discover 100T.
The company
recorded its highest-ever sales of commercial vehicles (three-wheelers) – over
141,000 units —during the quarter. It recorded a growth of 23% in domestic
market, higher than the industry growth of 13%.
Exports,
which contribute almost a third to the company’s turnover, increased in regions
such as Africa and Egypt, but were subdued in South Asia.
“We will be
looking at more countries for exports, which will offset the slow sales in the
South Asian region. We will expand in African and Latin American regions,” says
the Company.
For the
ongoing quarter, the company expects the two-wheeler demand to remain subdued.
It is hoping
for a strong fiscal 2014 as it expects dollar realisation to add additional 3%
to profit.
“We will use
this additional amount in taking our plans forward and expanding in newer
markets,” says the company.
While the
indigenous 2 wheeler Majors, Bajaj Auto and Hero Moto are struggling to expand
their sales in India, the Honda 2
wheeler manufacturer seems to be doing better:
HMSI SALES FIGURES :
Two-wheeler
manufacturer Honda Motorcycle & Scooter India (HMSI) reported 13.59 %
growth in its total sales for December 2012 at 2,17,612 units. The company's
total sales stood at 1,91,584 units in the corresponding month of the previous
year.
Motorcycle
sales jumped 35.03 per cent to 1,06,297 units in December last year as against
78,721 units in December 2011. The company, however, reported 1.37 per cent
decrease in its scooter sales at 1,11,315 units from 1,12,863 units in December
2011, it said. This Late starter is thus
racing forward in its sales numbers strongly – to give a good fight to the
Industry Majors.
RESULTS TABLE
BAJAJ AUTO
|
31-Dec-12
|
30-Sep-12
|
%dif QoQ
|
30-Jun-12
|
31-Mar-12
|
31-Dec-11
|
%Dif YoY
|
Net Sales
|
530720
|
481707
|
10.17
|
471364
|
451555
|
483995
|
9.65
|
Total Expenditure
|
444204
|
409823
|
8.39
|
402920
|
377431
|
403390
|
10.12
|
Profit before Intt, Dep.
& Taxes
|
86516
|
71884
|
20.36
|
68444
|
74124
|
80605
|
7.33
|
Net Profit
|
81874
|
74067
|
10.54
|
71839
|
77200
|
79519
|
2.96
|
Diluted EPS
|
28.3
|
25.6
|
10.55
|
24.8
|
26.7
|
27.5
|
2.91
|
Changes in inventories of
f/g, w-i-p, s-i-t
|
13288
|
-9024
|
-247.25
|
11555
|
-17077
|
338
|
3831.36
|
Cost of materials
|
358286
|
344623
|
3.96
|
320076
|
331198
|
335624
|
6.75
|
Purchases of SIT
|
20533
|
21264
|
-3.44
|
19173
|
17144
|
20399
|
0.66
|
Employee expense
|
15923
|
15322
|
3.92
|
16040
|
11956
|
13204
|
20.59
|
Depreciation
|
4108
|
4104
|
0.1
|
3524
|
4342
|
3214
|
27.82
|
Other expenses
|
32066
|
33534
|
-4.38
|
32552
|
29868
|
30611
|
4.75
|
Total expenses
|
444204
|
409823
|
8.39
|
402920
|
377431
|
403390
|
10.12
|
Profit before tax
|
117376
|
104067
|
12.79
|
101839
|
103512
|
106119
|
10.61
|
Tax Expenses
|
35502
|
30000
|
18.34
|
30000
|
26312
|
26600
|
33.47
|
Face Value of Share (Rs )
|
10
|
10
|
0
|
10
|
10
|
10
|
0
|
Paid-up Equity
|
28937
|
28937
|
0
|
28937
|
28937
|
28937
|
0
|
Basic EPS
|
28.3
|
25.6
|
10.55
|
24.8
|
26.7
|
27.5
|
2.91
|
Public holding (%)
|
49.98
|
49.98
|
0
|
49.98
|
49.92
|
49.91
|
0.14
|
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* E N D *
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