|
For quarter ended
June 2023, consolidated Net sales (including other operating income) of Bajaj Auto has increased 28.82% to Rs 10311.91 crore compared to quarter ended June 2022. Sales of Automotive segment has gone up 26.47% to Rs 10,315.62 crore (accounting for 96.74% of total sales). Sales of Investments segment has gone up 106.57% to Rs 347.39 crore (accounting for 3.26% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 42.75% to Rs 2,196.14 crore. PBIT of Automotive segment rose 34.94% to Rs 1,849.25 crore (accounting for 84.20% of total PBIT). PBIT of Investments segment rose 106.46% to Rs 346.89 crore (accounting for 15.80% of total PBIT). PBIT margin of Automotive segment rose from 16.80% to 17.93%. PBIT margin of Investments segment fell from 99.91% to 99.86%. Overall PBIT margin rose from 18.48% to 20.60%. Operating profit margin has jumped from 16.07% to 18.74%, leading to 50.21% rise in operating profit to Rs 1,932.27 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.85% to 65.59%. Purchase of finished goods cost rose from 5.76% to 6.03%. Employee cost decreased from 4.72% to 3.94%. Other expenses fell from 6.85% to 5.49%. Preoperation capitalised expenses rose from 0.06% to 0.19%. Other income rose 9.84% to Rs 351.1 crore. PBIDT rose 42.17% to Rs 2283.37 crore. Provision for interest rose 178.57% to Rs 12.09 crore. PBDT rose 41.81% to Rs 2271.28 crore. Provision for depreciation rose 29.11% to Rs 87.23 crore. Profit before tax grew 42.36% to Rs 2,184.05 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 539.91 crore, compared to Rs 370.8 crore. Effective tax rate was 24.72% compared to 24.17%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 41.33% to Rs 1,644.14 crore. Promoters’ stake was 54.98% as of 30 June 2023 ,compared to 53.77% as of 30 June 2022 . Promoters pledged stake was 0.01% as of 30 June 2023 ,compared to 0.01% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Bajaj Auto has increased 9.99% to Rs 36455.38 crore. Sales of Automotive segment has gone up 10.20% to Rs 36,665.03 crore (accounting for 97.40% of total sales). Sales of Investments segment has gone down 15.51% to Rs 977.87 crore (accounting for 2.60% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 2.89% to Rs 7,881.49 crore. PBIT of Automotive segment rose 6.14% to Rs 6,905.24 crore (accounting for 87.61% of total PBIT). PBIT of Investments segment fell 15.46% to Rs 976.25 crore (accounting for 12.39% of total PBIT). PBIT margin of Automotive segment fell from 19.55% to 18.83%. PBIT margin of Investments segment rose from 99.77% to 99.83%. Overall PBIT margin fell from 22.25% to 20.94%. Operating profit margin has jumped from 15.84% to 17.69%, leading to 22.87% rise in operating profit to Rs 6,450.53 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 67.27% to 65.85%. Purchase of finished goods cost fell from 5.98% to 5.88%. Employee cost decreased from 4.14% to 4.06%. Other expenses fell from 6.68% to 6.56%. Preoperation capitalised expenses rose from 0.04% to 0.08%. Other income fell 7.52% to Rs 1187.52 crore. PBIDT rose 16.90% to Rs 7638.05 crore. Provision for interest rose 356.24% to Rs 39.51 crore. Loan funds rose to Rs 124.23 crore as of 31 March 2023 from Rs 122.77 crore as of 31 March 2022. Inventories rose to Rs 1,563.55 crore as of 31 March 2023 from Rs 1,230.51 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,752.43 crore as of 31 March 2023 compared to Rs 1,516.38 crore as of 31 March 2022. Cash and bank balance declined from Rs 958.06 crore as of 31 March 2022 to Rs 690.48 crore as of 31 March 2023. Investments declined from Rs 26,634.12 crore as of 31 March 2022 to Rs 26,182.91 crore as of 31 March 2023. PBDT rose 16.45% to Rs 7598.54 crore. Provision for depreciation rose 5.96% to Rs 285.85 crore. Fixed assets increased to Rs 2,896.80 crore as of 31 March 2023 from Rs 1,887.94 crore as of 31 March 2022. Intangible assets increased from Rs 25.32 crore to Rs 30.70 crore. Profit before tax grew 16.90% to Rs 7,312.69 crore. Share of profit/loss was 8.67% lower at Rs 529.29 crore. Provision for tax was expense of Rs 1781.77 crore, compared to Rs 1485.81 crore. Effective tax rate was 22.72% compared to 19.42%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 1.71% to Rs 6,060.21 crore. Equity capital decreased from Rs 289.37 crore as of 31 March 2022 to Rs 282.96 crore as of 31 March 2023 . Per share face Value remained same at Rs 10.00. Promoters’ stake was 54.98% as of 31 March 2023 ,compared to 53.77% as of 31 March 2022 . Promoters pledged stake was 0.01% as of 31 March 2023 ,compared to 0.01% as of 31 March 2022 . Cash flow from operating activities increased to Rs 5,277.42 crore for year ended March 2023 from Rs 4,197.21 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 1,074.47 crore, compared to Rs 550.75 crore during the year ended March 2022. Other Highlights
In Q1 FY24, domestic two wheeler
volume increased 73% to 5,42,931 units compared to Q1 FY22. Domestic CV volume
rose 157% to 98,625 units, exports two wheeler volume fell 35% to 3,46,399 units
and exports CV volume fell 18% to 39,452 units on YoY basis.
| Bajaj Auto : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 10,311.91 | 8,004.90 | 28.82 | 36,455.38 | 33,144.71 | 9.99 | | OPM (%) | 18.74 | 16.07 | 267 bps | 17.69 | 15.84 | 185 bps | | OP | 1,932.27 | 1,286.39 | 50.21 | 6,450.53 | 5,249.92 | 22.87 | | Other Inc. | 351.10 | 319.64 | 9.84 | 1,187.52 | 1,284.14 | -7.52 | | PBIDT | 2,283.37 | 1,606.03 | 42.17 | 7,638.05 | 6,534.06 | 16.90 | | Interest | 12.09 | 4.34 | 178.57 | 39.51 | 8.66 | 356.24 | | PBDT | 2,271.28 | 1,601.69 | 41.81 | 7,598.54 | 6,525.40 | 16.45 | | Depreciation | 87.23 | 67.56 | 29.11 | 285.85 | 269.76 | 5.96 | | PBT | 2,184.05 | 1,534.13 | 42.36 | 7312.69 | 6255.64 | 16.90 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 529.29 | 579.53 | -8.67 | | PBT before EO | 2184.05 | 1534.13 | 42.36 | 7841.98 | 6835.17 | 14.73 | | EO Income | 0 | 0 | - | 0 | 816.51 | - | | PBT after EO | 2184.05 | 1534.13 | 42.36 | 7841.98 | 7651.68 | 2.49 | | Taxation | 539.91 | 370.8 | 45.61 | 1781.77 | 1485.81 | 19.92 | | PAT | 1644.14 | 1163.33 | 41.33 | 6060.21 | 6165.87 | -1.71 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 1644.14 | 1163.33 | 41.33 | 6060.21 | 6165.87 | -1.71 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1644.14 | 1163.33 | 41.33 | 6060.21 | 6165.87 | -1.71 | | EPS (Rs)* | 58.11 | 41.11 | 41.33 | 214.17 | 195.11 | 9.77 | | | * EPS is on current equity of Rs 282.96 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Bajaj Auto : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Automotive | 96.74 | 10,315.62 | 8,156.37 | 26.47 | 97.40 | 36,665.03 | 33,271.47 | 10.20 | | Investments | 3.26 | 347.39 | 168.17 | 106.57 | 2.60 | 977.87 | 1,157.38 | -15.51 | | Total Reported Sales | 100.00 | 10,663.01 | 8,324.54 | 28.09 | 100.00 | 37,642.90 | 34,428.85 | 9.34 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 10,663.01 | 8,324.54 | 28.09 | 100.00 | 37,642.90 | 34,428.85 | 9.34 | | PBIT | | Automotive | 84.20 | 1,849.25 | 1,370.45 | 34.94 | 87.61 | 6,905.24 | 6,505.57 | 6.14 | | Investments | 15.80 | 346.89 | 168.02 | 106.46 | 12.39 | 976.25 | 1,154.77 | -15.46 | | Total PBIT | 100.00 | 2,196.14 | 1,538.47 | 42.75 | 100.00 | 7,881.49 | 7,660.34 | 2.89 | | Less : Interest | | 12.09 | 4.34 | 178.57 | | 39.51 | 8.66 | 356.24 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Automotive | | 17.93 | 16.80 | 112.45 | | 18.83 | 19.55 | -71.97 | | Investments | | 99.86 | 99.91 | -5.47 | | 99.83 | 99.77 | 5.98 | | PBT | 100.00 | 2,184.05 | 1,534.13 | 42.36 | 100.00 | 7,841.98 | 7,651.68 | 2.49 |
|
|