Wednesday, January 16, 2013

BAJAJ AUTO LTD - RESULTS - FOR Q3 FY 2012-13 - Q/E DEC, 2012 - Net Sales up 9.65%; Net Profit up 2.96% YoY




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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