Results     25-Jan-24
Analysis
Bajaj Auto
Sales up 30.55% and NP up 38.02%
For quarter ended Dec 2023, consolidated Net sales (including other operating income) of Bajaj Auto has increased 30.55% to Rs 12165.33 crore compared to quarter ended Dec 2022.  Sales of Automotive segment has gone up 30.40% to Rs 12,181.78 crore (accounting for 97.29% of total sales).  Sales of Investments segment has gone up 37.40% to Rs 339.88 crore (accounting for 2.71% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 37.14% to Rs 2,678.32 crore.  PBIT of Automotive segment rose 37.12% to Rs 2,339.04 crore (accounting for 87.33% of total PBIT).  PBIT of Investments segment rose 37.24% to Rs 339.28 crore (accounting for 12.67% of total PBIT).  

PBIT margin of Automotive segment rose from 18.26% to 19.20%.  PBIT margin of Investments segment fell from 99.94% to 99.82%.  Overall PBIT margin rose from 20.37% to 21.39%.  

Operating profit margin has jumped from 18.86% to 19.85%, leading to 37.42% rise in operating profit to Rs 2,414.90 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 63.88% to 65.24%.   Purchase of finished goods cost fell from 6.22% to 5.73%.   Employee cost decreased from 3.96% to 3.34%.   Other expenses fell from 6.68% to 5.72%.   Preoperation capitalised expenses fell from 0.07% to 0.06%.   

Other income rose 31.72% to Rs 356.33 crore.  PBIDT rose 36.66% to Rs 2771.23 crore.  Provision for interest rose 42.69% to Rs 12.1 crore.  

PBDT rose 36.64% to Rs 2759.13 crore.  Provision for depreciation rose 24.18% to Rs 92.91 crore.  

Profit before tax grew 37.11% to Rs 2,666.22 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 633.6 crore, compared to Rs 471.82 crore.  Effective tax rate was 23.76% compared to 24.26%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 38.02% to Rs 2,032.62 crore.  

Promoters’ stake was 54.94% as of 31 December 2023 ,compared to 54.98% as of 31 December 2022 .  Promoters pledged stake was 0.01% as of 31 December 2023 ,compared to 0.01% as of 31 December 2022 .  



For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Bajaj Auto has increased 21.03% to Rs 33315.48 crore.  Sales of Automotive segment has gone up 20.21% to Rs 33,342.01 crore (accounting for 96.95% of total sales).  Sales of Investments segment has gone up 47.24% to Rs 1,049.50 crore (accounting for 3.05% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 30.84% to Rs 7,465.02 crore.  PBIT of Automotive segment rose 28.52% to Rs 6,417.12 crore (accounting for 85.96% of total PBIT).  PBIT of Investments segment rose 47.11% to Rs 1,047.90 crore (accounting for 14.04% of total PBIT).  

PBIT margin of Automotive segment rose from 18.00% to 19.25%.  PBIT margin of Investments segment fell from 99.94% to 99.85%.  Overall PBIT margin rose from 20.05% to 21.71%.  

Operating profit margin has jumped from 17.41% to 19.44%, leading to 35.13% rise in operating profit to Rs 6,477.30 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.44% to 65.45%.   Purchase of finished goods cost rose from 5.57% to 5.92%.   Employee cost decreased from 4.03% to 3.62%.   Other expenses fell from 6.47% to 5.57%.   Preoperation capitalised expenses rose from 0.06% to 0.10%.   

Other income rose 16.45% to Rs 1076.03 crore.  PBIDT rose 32.11% to Rs 7553.33 crore.  Provision for interest rose 29.44% to Rs 30.73 crore.  

PBDT rose 32.12% to Rs 7522.6 crore.  Provision for depreciation rose 29.58% to Rs 271.96 crore.  

Profit before tax grew 32.22% to Rs 7,250.64 crore.  Share of profit/loss was 7.32% lower at Rs 183.65 crore.  Provision for tax was expense of Rs 1737.48 crore, compared to Rs 1326.4 crore.  Effective tax rate was 23.37% compared to 23.34%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 30.80% to Rs 5,696.81 crore.  

Promoters’ stake was 54.94% as of 31 December 2023 ,compared to 54.98% as of 31 December 2022 .  Promoters pledged stake was 0.01% as of 31 December 2023 ,compared to 0.01% as of 31 December 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

Board at its meeting held on 08 January 2024 approved a proposal to buy-back fully paid equity shares of the Company having a face value of 10 each from the existing shareholders through the "Tender Offer" route for an aggregate amount upto Rs 4,000 Crore at a price of Rs 10,000 per equity share. Buy-back represents 4,000,000 equity shares, on a proportionate basis comprising 1.41 % of the total paid up equity shares of the Company.

In Q3 FY24, domestic two wheeler volume increased 44% to 6,55,453 units compared to Q3 FY23. Domestic CV volume rose 38% to 89,042 units, exports two wheeler volume fell 3% to 3,84,740 units and exports CV volume fell 12% to 37,976 units on YoY basis.

In 9M FY24, domestic two wheeler volume increased 22% to 17,03,704 units compared to 9M FY23. Domestic CV volume rose 76% to 3,53,689 units, while exports two wheeler volume fell 17% to 11,07,402 units and exports CV volume fell 22% to 1,17,562 units on YoY basis.


Bajaj Auto : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202312202212Var.(%)202312202212Var.(%)202303202203Var.(%)
Net Sales (including other operating income)12,165.339,318.5430.5533,315.4827,526.1521.0336,455.3833,144.719.99
OPM (%)19.8518.8699 bps19.4417.41203 bps17.6915.84185 bps
OP2,414.901,757.2937.426,477.304,793.3235.136,450.535,249.9222.87
Other Inc.356.33270.5331.721,076.03924.0216.451,187.521,284.14-7.52
PBIDT2,771.232,027.8236.667,553.335,717.3432.117,638.056,534.0616.90
Interest12.108.4842.6930.7323.7429.4439.518.66356.24
PBDT2,759.132,019.3436.647,522.605,693.6032.127,598.546,525.4016.45
Depreciation92.9174.8224.18271.96209.8829.58285.85269.765.96
PBT2,666.221,944.5237.117250.645483.7232.227312.696255.6416.90
Share of Profit/(Loss) from Associates00-183.65198.15-7.32529.29579.53-8.67
PBT before EO2666.221944.5237.117434.295681.8730.847841.986835.1714.73
EO Income00-00-0816.51-
PBT after EO2666.221944.5237.117434.295681.8730.847841.987651.682.49
Taxation633.6471.8234.291737.481326.430.991781.771485.8119.92
PAT2032.621472.738.025696.814355.4730.806060.216165.87-1.71
Minority Interest (MI)00-00-00-
Net profit2032.621472.738.025696.814355.4730.806060.216165.87-1.71
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations2032.621472.738.025696.814355.4730.806060.216165.87-1.71
EPS (Rs)*71.7852.0138.02201.17153.8130.80214.01194.969.77
* EPS is on current equity of Rs 283.18 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
td>-
 Quarter endedYear to DateYear ended
% of (Total)202312202212Var.(%)% of (Total)202312202212Var.(%)% of (Total)202303202203Var.(%)
Sales
Automotive97.2912,181.789,341.7130.4096.9533,342.0127,737.3820.2197.4036,665.0333,271.4710.20
Investments2.71339.88247.3637.403.051,049.50712.7947.242.60977.871,157.38-15.51
Total Reported Sales100.0012,521.669,589.0730.58100.0034,391.5128,450.1720.88100.0037,642.9034,428.859.34
Less: Inter segment revenues 0.000.00- 0.000.00 0.000.00-
Net Sales100.0012,521.669,589.0730.58100.0034,391.5128,450.1720.88100.0037,642.9034,428.859.34
PBIT
Automotive87.332,339.041,705.7937.1285.966,417.124,993.2728.5287.616,905.246,505.576.14
Investments12.67339.28247.2137.2414.041,047.90712.3447.1112.39976.251,154.77-15.46
Total PBIT100.002,678.321,953.0037.14100.007,465.025,705.6130.84100.007,881.497,660.342.89
Less : Interest12.108.4842.6930.7323.7429.4439.518.66356.24
Add: Other un-allcoable0.000.00-0.000.00-0.000.00-
PBIT Margin(%)
Automotive 19.2018.2694.12 19.2518.00124.44 18.8319.55-71.97
Investments 99.8299.94-11.59 99.8599.94-8.93 99.8399.775.98
PBT100.002,666.221,944.5237.11100.007,434.295,681.8730.84100.007,841.987,651.682.49
Previous News
  Bajaj Auto
 ( Results - Analysis 16-Jul-24   18:29 )
  Benchmarks trade near day’s high; European mrkt advance
 ( Market Commentary - Mid-Session 26-Jun-24   13:41 )
  Board of Bajaj Auto approves issue of 6.40 lakh equity shares to ESOP Trust
 ( Corporate News - 16-Jul-24   18:45 )
  Bajaj Auto Ltd spurts 2.33%, up for third straight session
 ( Hot Pursuit - 27-Dec-23   13:05 )
  Bajaj Auto gains after Q1 PAT jumps 19% YoY To Rs 1,988 cr
 ( Hot Pursuit - 16-Jul-24   14:41 )
  Bajaj Auto Q3 PAT jumps 37% YoY to Rs 2,042 cr
 ( Hot Pursuit - 24-Jan-24   17:20 )
  Market snaps 3-day winning streak; Nifty holds 22,450; VIX drops 3.55%
 ( Market Commentary - Quick Review 02-Apr-24   15:59 )
  Bajaj Auto's subsidiary commences operations at new facility in Brazil
 ( Hot Pursuit - 26-Jun-24   13:06 )
  Bajaj Auto arm commences production at new plant in Manaus, Brazil
 ( Corporate News - 26-Jun-24   12:59 )
  Bajaj Auto reports muted sales in Sep
 ( Corporate News - 03-Oct-23   09:07 )
  Bajaj Auto Ltd gains for third straight session
 ( Hot Pursuit - 25-Jan-24   13:05 )
Other Stories
  Patanjali Foods
  20-Jul-24   18:21
  Avantel
  20-Jul-24   11:43
  JSW Steel
  20-Jul-24   11:28
  Bharat Petroleum Corporation
  20-Jul-24   10:19
  Atul
  20-Jul-24   09:43
  Reliance Industries
  20-Jul-24   09:12
  UltraTech Cement
  20-Jul-24   05:46
  Indian Hotels Co
  20-Jul-24   05:32
  Wipro
  20-Jul-24   05:28
  Union Bank of India
  20-Jul-24   09:38
Back Top