Results     19-Apr-24
Analysis
Bajaj Auto
NP up 17.99%
For quarter ended March 2024, consolidated net sales (including other operating income) of Bajaj Auto has increased 29.41% to Rs 11554.95 crore compared to quarter ended March 2023. Sales of Automotive segment has gone up 29.13% to Rs 11,528.13 crore (accounting for 96.75% of total sales).  Sales of Investments segment has gone up 39.64% to Rs 370.16 crore (accounting for 3.11% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 21.12% to Rs 2,635.38 crore.  PBIT of Automotive segment rose 19.83% to Rs 2,291.03 crore (accounting for 86.93% of total PBIT).  PBIT of Investments segment rose 40.09% to Rs 369.70 crore (accounting for 14.03% of total PBIT).  

PBIT margin of Automotive segment fell from 21.42% to 19.87%.  PBIT margin of Investments segment rose from 99.56% to 99.88%.  Overall PBIT margin fell from 23.67% to 22.12%.  

Operating profit margin has jumped from 18.56% to 19.77%, leading to 37.84% rise in operating profit to Rs 2,284.26 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 64.11% to 64.16%.   Purchase of finished goods cost fell from 6.81% to 6.26%.   Employee cost decreased from 4.15% to 3.62%.   Other expenses fell from 6.83% to 6.31%.   Preoperation capitalised expenses fell from 0.14% to 0.13%.   

Other income rose 36.62% to Rs 359.99 crore.  PBIDT rose 37.67% to Rs 2644.25 crore.  Provision for interest rose 87.89% to Rs 29.63 crore.  Loan funds rose to Rs 1,911.74 crore as of 31 March 2024 from Rs 124.23 crore as of 31 March 2023.  Inventories rose to Rs 1,688.75 crore as of 31 March 2024 from Rs 1,563.55 crore as of 31 March 2023.  Sundry debtors were higher at Rs 2,075.53 crore as of 31 March 2024 compared to Rs 1,752.43 crore as of 31 March 2023.  Cash and bank balance rose to Rs 955.32 crore as of 31 March 2024 from Rs 690.48 crore as of 31 March 2023.  Investments rose to Rs 28,086.68 crore as of 31 March 2024 from Rs 26,182.91 crore as of 31 March 2023 .  

PBDT rose 37.25% to Rs 2614.62 crore.  Provision for depreciation rose 22.13% to Rs 92.81 crore.  Fixed assets increased to Rs 3,224.59 crore as of 31 March 2024 from Rs 2,896.80 crore as of 31 March 2023.  Intangible assets declined from Rs 30.70 crore to Rs 27.88 crore.  

Profit before tax grew 37.88% to Rs 2,521.81 crore.  Share of profit/loss was 74.65% lower at Rs 83.94 crore.  Provision for tax was expense of Rs 594.32 crore, compared to Rs 455.37 crore.  Effective tax rate was 22.81% compared to 21.08%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 17.99% to Rs 2,011.43 crore.  

Equity capital decreased from Rs 282.96 crore as of 31 March 2023 to Rs 279.18 crore as of 31 March 2024 .  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 54.94% as of 31 March 2024 ,compared to 54.98% as of 31 March 2023 .  Promoters pledged stake was 0.01% as of 31 March 2024 ,compared to 0.01% as of 31 March 2023 .  




Full year results analysis.

Net sales (including other operating income) of Bajaj Auto has increased 23.08% to Rs 44870.43 crore.  Sales of Automotive segment has gone up 22.38% to Rs 44,870.14 crore (accounting for 96.90% of total sales).  Sales of Investments segment has gone up 45.18% to Rs 1,419.66 crore (accounting for 3.07% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 28.15% to Rs 10,100.40 crore.  PBIT of Automotive segment rose 26.11% to Rs 8,708.15 crore (accounting for 86.22% of total PBIT).  PBIT of Investments segment rose 45.21% to Rs 1,417.60 crore (accounting for 14.04% of total PBIT).  

PBIT margin of Automotive segment rose from 18.83% to 19.41%.  PBIT margin of Investments segment rose from 99.83% to 99.85%.  Overall PBIT margin rose from 20.94% to 21.81%.  

Operating profit margin has jumped from 17.69% to 19.53%, leading to 35.83% rise in operating profit to Rs 8,761.56 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.85% to 65.12%.   Purchase of finished goods cost rose from 5.88% to 6.01%.   Employee cost decreased from 4.06% to 3.62%.   Other expenses fell from 6.56% to 5.76%.   Preoperation capitalised expenses rose from 0.08% to 0.11%.   

Other income rose 20.93% to Rs 1436.02 crore.  PBIDT rose 33.51% to Rs 10197.58 crore.  Provision for interest rose 52.77% to Rs 60.36 crore.  Loan funds rose to Rs 1,911.74 crore as of 31 March 2024 from Rs 124.23 crore as of 31 March 2023.  Inventories rose to Rs 1,688.75 crore as of 31 March 2024 from Rs 1,563.55 crore as of 31 March 2023.  Sundry debtors were higher at Rs 2,075.53 crore as of 31 March 2024 compared to Rs 1,752.43 crore as of 31 March 2023.  Cash and bank balance rose to Rs 955.32 crore as of 31 March 2024 from Rs 690.48 crore as of 31 March 2023.  Investments rose to Rs 28,086.68 crore as of 31 March 2024 from Rs 26,182.91 crore as of 31 March 2023 .  

PBDT rose 33.41% to Rs 10137.22 crore.  Provision for depreciation rose 27.61% to Rs 364.77 crore.  Fixed assets increased to Rs 3,224.59 crore as of 31 March 2024 from Rs 2,896.80 crore as of 31 March 2023.  Intangible assets declined from Rs 30.70 crore to Rs 27.88 crore.  

Profit before tax grew 33.64% to Rs 9,772.45 crore.  Share of profit/loss was 49.44% lower at Rs 267.59 crore.  Provision for tax was expense of Rs 2331.8 crore, compared to Rs 1781.77 crore.  Effective tax rate was 23.23% compared to 22.72%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 27.19% to Rs 7,708.24 crore.  

Equity capital decreased from Rs 282.96 crore as of 31 March 2023 to Rs 279.18 crore as of 31 March 2024 .  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 54.94% as of 31 March 2024 ,compared to 54.98% as of 31 March 2023 .  Promoters pledged stake was 0.01% as of 31 March 2024 ,compared to 0.01% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 6,558.16 crore for year ended March 2024 from Rs 5,277.42 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 706.45 crore, compared to Rs 1,074.47 crore during the year ended March 2023.  

Other Highlights

Board of Directors has approved a dividend at the rate Rs 80 per share (800%) of face value of Rs 10 each on equity shares for the financial year ended 31 March 2024. Record Date fixed for the purpose is 14 June 2024.

The Board of Directors at its meeting held on 08 January 2024 approved a proposal to buyback fully paid up 4,000,000 equity shares of the Company having a face value of Rs 10 each at a price of Rs 10,000 per equity share, on proportionate basis, for an aggregate amount not exceeding Rs 4,000 crore. The buyback issue opened on 4 March 2024 and closed on 13 March 2024 (both days inclusive).

In Q4 FY24, domestic two-wheeler volume increased 32% to 5,46,881 units compared to Q4 FY23. Domestic CV volume rose 10% to 110,449 units, exports two-wheeler volume increased 19% to 3,69,936 units and exports CV volume increased 20% to 41,310 units on YoY basis.

In FY24, domestic two-wheeler volume increased 25% to 22,50,585 units compared to FY23. Domestic CV volume rose 54% to 4,64,138 units, while exports two-wheeler volume fell 10% to 14,77,338 units and exports CV volume fell 14% to 1,58,872 units on YoY basis.


Bajaj Auto : Consolidated Results
 Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)11,554.958,929.2329.4144,870.4336,455.3823.08
OPM (%)19.7718.56121 bps19.5317.69183 bps
OP2,284.261,657.2137.848,761.566,450.5335.83
Other Inc.359.99263.5036.621,436.021,187.5220.93
PBIDT2,644.251,920.7137.6710,197.587,638.0533.51
Interest29.6315.7787.8960.3639.5152.77
PBDT2,614.621,904.9437.2510,137.227,598.5433.41
Depreciation92.8175.9922.13364.77285.8527.61
PBT2,521.811,828.9537.889772.457312.6933.64
Share of Profit/(Loss) from Associates83.94331.16-74.65267.59529.29-49.44
PBT before EO2605.752160.1120.6310040.047841.9828.03
EO Income00-00-
PBT after EO2605.752160.1120.6310040.047841.9828.03
Taxation594.32455.3730.512331.81781.7730.87
PAT2011.431704.7417.997708.246060.2127.19
Minority Interest (MI)00-00-
Net profit2011.431704.7417.997708.246060.2127.19
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations2011.431704.7417.997708.246060.2127.19
EPS (Rs)*72.0561.0617.99276.10217.0727.19
* EPS is on current equity of Rs 279.18 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
 Quarter endedYear ended
% of (Total)202403202303Var.(%)% of (Total)202403202303Var.(%)
Sales
Automotive96.7511,528.138,927.6529.1396.9044,870.1436,665.0322.38
Investments3.11370.16265.0839.643.071,419.66977.8745.18
Financing0.1416.650.00-
Total Reported Sales100.0011,914.949,192.7329.61100.0046,306.4537,642.9023.02
Less: Inter segment revenues 0.000.00- 0.000.00-
Net Sales100.0011,914.949,192.7329.61100.0046,306.4537,642.9023.02
PBIT
Automotive86.932,291.031,911.9719.8386.228,708.156,905.2426.11
Investments14.03369.70263.9140.0914.041,417.60976.2545.21
Financing-0.96-25.350.00-
Total PBIT100.002,635.382,175.8821.12100.0010,100.407,881.4928.15
Less : Interest29.6315.7787.8960.3639.5152.77
Add: Other un-allcoable0.000.00-0.000.00-
PBIT Margin(%)
Automotive 19.8721.42-154.29 19.4118.8357.41
Investments 99.8899.5631.71 99.8599.832.06
Financing -152.250.00-15,225.23 -152.250.00-15,225.23
PBT100.002,605.752,160.1120.63100.0010,040.047,841.9828.03
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