BAJAJ
AUTO LTD
2ND
QUARTER RESULTS
(SEP’2014)
Bajaj
Auto 's second quarter (July-September) RESULTS are unimpressive.
Sales
in numbers has of course grown 7% QoQ and 9.8% YoY.Net Sales in value has risen
by 14% QoQ and 15% YoY.
But
its net profit fell 29.4 percent to Rs 591 crore – due to a one-time liability
of Rs 340.29 cr, related to national calamity contingent duty (NCCD). Profit in
the year-ago period was Rs 837.1 crore. On one-time liability, the company said
it had filed a writ petition before the Uttarakhand High Court in October 2011,
claiming benefit of exemption from payment of NCCD by Pantnagar plant.
On
October 9, 2014, the court ruled otherwise, it added. Accordingly, the company
recognised liability for the last seven and a half years (April 1, 2007 to
September 30, 2014) aggregating to Rs 340.29 crore. This is a one time only
charge.
Going
forward, the monthly charge towards NCCD is expected to be around Rs 3 crore
per month, Bajaj Auto said. If one ignores exceptional item, profit after tax
would have been at Rs 853 crore for the quarter. Even so, the net profit is
unimpressive compared to Rs.837.16 cr in the corresponding Quarter of last
year.
However, the whole 2 / 3 wheeler sector can expect to pick up in the 2nd half well.
S
Ravikumar, president (business development) Bajaj Auto, said, “We will consult
our legal team on whether or not to appeal (against the high court ruling) in
the Supreme Court. We have not received a copy of the final order yet.”
It
is learnt that Other manufacturers operating in Uttarakhand, including Hero
MotoCorp, have either appealed against the NCCD charge or have been paying this
regularly. Other manufacturers, too, enjoy a tax holiday of 10 years in that
state.
While
other 2 wheeler manufacturers are diversifying into scooter segment as well,
the one-time numero Uno in scooters, Bajaj Auto is sticking to Motor cycles
segment and 3 wheelers only now.
RESULTS TABLE
|
Particulars
|
Q2
FY 15
|
Q1
FY 15
|
Dif%
QoQ
|
Q2
FY 14
|
Dif
% YoY
|
|
Sales
in numbers
|
1055582
|
988,430
|
7
|
961330
|
9.8
|
|
Income
from operations
|
|||||
|
(a)
Gross sales
|
6054.32
|
5,334.71
|
13
|
5334.25
|
13.5
|
|
Less:
Excise duty
|
227.47
|
201.34
|
13
|
272.76
|
-16.6
|
|
Net
sales
|
5826.85
|
5,133.37
|
14
|
5061.49
|
15.12
|
|
(b)
Other operating income
|
136.24
|
119.04
|
14
|
113.4
|
20.14
|
|
Total
income from operations (net)
|
5963.09
|
5,252.41
|
14
|
6174.89
|
-3.43
|
|
Total
expenses
|
4904.93
|
4,396.48
|
12
|
4087.22
|
20.01
|
|
Profit
from operations
|
1058.16
|
855.93
|
24
|
1087.67
|
-2.71
|
|
Other
income (See note 1 and 2)
|
113.61
|
219.27
|
-48
|
124.16
|
-8.5
|
|
Profit
before tax
|
1171.12
|
1,075.09
|
9
|
1211.79
|
-3.36
|
|
Tax
expense
|
240.53
|
335.11
|
-28
|
374.64
|
-35.8
|
|
Net
Profit
|
590.9
|
739.98
|
-20
|
837.16
|
-29.42
|
|
Paid-up
equity (FV-10)
|
289.37
|
||||
|
EPS
|
20.4
|
25.6
|
-20
|
28.9
|
-29.41
|
OPERATING PERFORMANCE : FIRST HALF
|
Product
|
For September 2014
|
Upto September 2014
|
For September 2013
|
Upto September 2013
|
|
Motorcycles
|
347,010
|
1,774,011
|
323,879
|
1,709,441
|
|
Three
Wheelers
|
52,440
|
270,001
|
43,936
|
231,164
|
|
Grand Total
|
399,450
|
2,044,012
|
367,815
|
1,940,605
|
* *
* E N D *
* *
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