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For quarter ending Sept 2024, consolidated Net sales (including other operating income) of Bajaj Auto has increased 22.23% to Rs 13247.28 crore compared to quarter ended Sept 2023. Sales of Automotive segment has gone up 20.53% to Rs 13,070.73 crore (accounting for 95.78% of total sales). Sales of Investments segment has gone up 9.57% to Rs 396.90 crore (accounting for 2.91% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 10.64% to Rs 2,314.98 crore. PBIT of Automotive segment fell 12.45% to Rs 1,951.30 crore (accounting for 84.29% of total PBIT). PBIT of Investments segment rose 9.46% to Rs 395.95 crore (accounting for 17.10% of total PBIT). PBIT margin of Automotive segment fell from 20.55% to 14.93%. PBIT margin of Investments segment fell from 99.86% to 99.76%. Overall PBIT margin fell from 23.12% to 16.96%. Operating profit margin has jumped from 19.65% to 20.03%, leading to 24.57% rise in operating profit to Rs 2,653.53 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.55% to 64.46%. Purchase of finished goods cost fell from 6.04% to 6.01%. Employee cost decreased from 3.63% to 3.56%. Other expenses rose from 5.47% to 6.11%. Preoperation capitalised expenses rose from 0.05% to 0.07%. Other income rose 8.34% to Rs 399.33 crore. PBIDT rose 22.18% to Rs 3052.86 crore. Provision for interest rose 1,049.85% to Rs 75.2 crore. Loan funds rose to Rs 5,245.29 crore as of 30 September 2024 from Rs 125.04 crore as of 30 September 2023. Inventories rose to Rs 1,712.45 crore as of 30 September 2024 from Rs 1,554.00 crore as of 30 September 2023. Sundry debtors were higher at Rs 2,818.56 crore as of 30 September 2024 compared to Rs 2,089.95 crore as of 30 September 2023. Cash and bank balance rose to Rs 1,553.20 crore as of 30 September 2024 from Rs 1,360.14 crore as of 30 September 2023. Investments rose to Rs 28,552.47 crore as of 30 September 2024 from Rs 26,304.13 crore as of 30 September 2023 . PBDT rose 19.48% to Rs 2977.66 crore. Provision for depreciation rose 7.02% to Rs 98.27 crore. Fixed assets increased to Rs 3,329.18 crore as of 30 September 2024 from Rs 2,976.30 crore as of 30 September 2023. Intangible assets increased from Rs 19.88 crore to Rs 25.96 crore. Profit before tax grew 19.96% to Rs 2,879.39 crore. Provision for tax was expense of Rs 913.65 crore, compared to Rs 563.97 crore. Effective tax rate was 39.74% compared to 21.83%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 31.42% to Rs 1,385.44 crore. Equity capital decreased from Rs 282.96 crore as of 30 September 2023 to Rs 279.26 crore as of 30 September 2024 . Per share face Value remained same at Rs 10.00. Promoters’ stake was 55.06% as of 30 September 2024 ,compared to 54.98% as of 30 September 2023 . Promoters pledged stake was 0.01% as of 30 September 2024 ,compared to 0.01% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Bajaj Auto has increased 19.05% to Rs 25179.35 crore. Sales of Automotive segment has gone up 17.78% to Rs 24,923.42 crore (accounting for 96.18% of total sales). Sales of Investments segment has gone up 2.89% to Rs 730.15 crore (accounting for 2.82% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 2.36% to Rs 4,899.55 crore. PBIT of Automotive segment rose 4.21% to Rs 4,249.64 crore (accounting for 86.74% of total PBIT). PBIT of Investments segment rose 2.88% to Rs 729.05 crore (accounting for 14.88% of total PBIT). PBIT margin of Automotive segment fell from 19.27% to 17.05%. PBIT margin of Investments segment fell from 99.86% to 99.85%. Overall PBIT margin fell from 21.89% to 18.91%. Operating profit margin has jumped from 19.21% to 19.95%, leading to 23.67% rise in operating profit to Rs 5,023.97 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 65.57% to 63.82%. Purchase of finished goods cost fell from 6.03% to 5.99%. Employee cost increased from 3.78% to 3.85%. Other expenses rose from 5.48% to 6.33%. Preoperation capitalised expenses fell from 0.12% to 0.07%. Other income rose 2.08% to Rs 734.65 crore. PBIDT rose 20.42% to Rs 5758.62 crore. Provision for interest rose 555.77% to Rs 122.17 crore. Loan funds rose to Rs 5,245.29 crore as of 30 September 2024 from Rs 125.04 crore as of 30 September 2023. Inventories rose to Rs 1,712.45 crore as of 30 September 2024 from Rs 1,554.00 crore as of 30 September 2023. Sundry debtors were higher at Rs 2,818.56 crore as of 30 September 2024 compared to Rs 2,089.95 crore as of 30 September 2023. Cash and bank balance rose to Rs 1,553.20 crore as of 30 September 2024 from Rs 1,360.14 crore as of 30 September 2023. Investments rose to Rs 28,552.47 crore as of 30 September 2024 from Rs 26,304.13 crore as of 30 September 2023 . PBDT rose 18.33% to Rs 5636.45 crore. Provision for depreciation rose 7.95% to Rs 193.28 crore. Fixed assets increased to Rs 3,329.18 crore as of 30 September 2024 from Rs 2,976.30 crore as of 30 September 2023. Intangible assets increased from Rs 19.88 crore to Rs 25.96 crore. Profit before tax grew 18.73% to Rs 5,443.17 crore. Provision for tax was expense of Rs 1535.64 crore, compared to Rs 1103.88 crore. Effective tax rate was 31.58% compared to 23.15%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 9.20% to Rs 3,327.23 crore. Equity capital decreased from Rs 282.96 crore as of 30 September 2023 to Rs 279.26 crore as of 30 September 2024 . Per share face Value remained same at Rs 10.00. Promoters’ stake was 55.06% as of 30 September 2024 ,compared to 54.98% as of 30 September 2023 . Promoters pledged stake was 0.01% as of 30 September 2024 ,compared to 0.01% as of 30 September 2023 . Cash flow from operating activities decreased to Rs 76.46 crore for YTD ended September 2024 from Rs 3,925.73 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 314.71 crore, compared to Rs 301.44 crore during the YTD ended September 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 55.06% 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 722.84 crore, compared to Rs 1,074.47 crore during the year ended March 2023. Other Highlights
In Q2 FY25, the company’s electric
and CNG vehicle portfolio for both 2W and 3W contributed 40% to domestic
revenue.
To capitalize on the attractive
opportunities in the growing motorcycle market in Brazil, the board approved an
additional investment of up to USD 10 million (equivalent to Rs 84 crore) in
the equity share capital of Bajaj Brazil, a wholly owned subsidiary of the
Company.
In Q2 FY25, domestic two wheeler
volume increased 26% to 6,36,801 units compared to Q2 FY24. Domestic CV volume
rose 6% to 1,39,910 units, exports two wheeler volume increased 5% to 3,96,407 units
and exports CV volume increased 21% to 40,134 units on YoY basis.
In H1 FY25, domestic two wheeler
volume increased 16% to 12,19,298 units compared to H1 FY24. Domestic CV volume
rose 7% to 2,48,034 units, exports two wheeler volume increased 6% to 7,64,827 units
and exports CV volume increased 15% to 91,401 units on YoY basis.
| Bajaj Auto : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 13,247.28 | 10,838.24 | 22.23 | 25,179.35 | 21,150.15 | 19.05 | 44,870.43 | 36,455.38 | 23.08 | | OPM (%) | 20.03 | 19.65 | 38 bps | 19.95 | 19.21 | 75 bps | 19.53 | 17.69 | 183 bps | | OP | 2,653.53 | 2,130.13 | 24.57 | 5,023.97 | 4,062.40 | 23.67 | 8,761.56 | 6,450.53 | 35.83 | | Other Inc. | 399.33 | 368.60 | 8.34 | 734.65 | 719.70 | 2.08 | 1,436.02 | 1,187.52 | 20.93 | | PBIDT | 3,052.86 | 2,498.73 | 22.18 | 5,758.62 | 4,782.10 | 20.42 | 10,197.58 | 7,638.05 | 33.51 | | Interest | 75.20 | 6.54 | 1,049.85 | 122.17 | 18.63 | 555.77 | 60.36 | 39.51 | 52.77 | | PBDT | 2,977.66 | 2,492.19 | 19.48 | 5,636.45 | 4,763.47 | 18.33 | 10,137.22 | 7,598.54 | 33.41 | | Depreciation | 98.27 | 91.82 | 7.02 | 193.28 | 179.05 | 7.95 | 364.77 | 285.85 | 27.61 | | PBT | 2,879.39 | 2,400.37 | 19.96 | 5443.17 | 4584.42 | 18.73 | 9772.45 | 7312.69 | 33.64 | | Share of Profit/(Loss) from Associates | -580.3 | 183.65 | PL | -580.3 | 183.65 | PL | 267.59 | 529.29 | -49.44 | | PBT before EO | 2299.09 | 2584.02 | -11.03 | 4862.87 | 4768.07 | 1.99 | 10040.04 | 7841.98 | 28.03 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 2299.09 | 2584.02 | -11.03 | 4862.87 | 4768.07 | 1.99 | 10040.04 | 7841.98 | 28.03 | | Taxation | 913.65 | 563.97 | 62.00 | 1535.64 | 1103.88 | 39.11 | 2331.8 | 1781.77 | 30.87 | | PAT | 1385.44 | 2020.05 | -31.42 | 3327.23 | 3664.19 | -9.20 | 7708.24 | 6060.21 | 27.19 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 1385.44 | 2020.05 | -31.42 | 3327.23 | 3664.19 | -9.20 | 7708.24 | 6060.21 | 27.19 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1385.44 | 2020.05 | -31.42 | 3327.23 | 3664.19 | -9.20 | 7708.24 | 6060.21 | 27.19 | | EPS (Rs)* | 49.61 | 72.34 | -31.42 | 119.15 | 131.21 | -9.20 | 276.03 | 217.01 | 27.19 | | | * EPS is on current equity of Rs 279.26 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 |
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| Bajaj Auto : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | Automotive | 95.78 | 13,070.73 | 10,844.61 | 20.53 | 96.18 | 24,923.42 | 21,160.23 | 17.78 | 96.90 | 44,870.14 | 36,665.03 | 22.38 | | Investments | 2.91 | 396.90 | 362.23 | 9.57 | 2.82 | 730.15 | 709.62 | 2.89 | 3.07 | 1,419.66 | 977.87 | 45.18 | | Financing | 1.31 | 178.98 | 0.00 | - | | Total Reported Sales | 100.00 | 13,646.61 | 11,206.84 | 21.77 | 100.00 | 25,914.00 | 21,869.85 | 18.49 | 100.00 | 46,306.45 | 37,642.90 | 23.02 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 13,646.61 | 11,206.84 | 21.77 | 100.00 | 25,914.00 | 21,869.85 | 18.49 | 100.00 | 46,306.45 | 37,642.90 | 23.02 | | PBIT | | Automotive | 84.29 | 1,951.30 | 2,228.83 | -12.45 | 86.74 | 4,249.64 | 4,078.08 | 4.21 | 86.22 | 8,708.15 | 6,905.24 | 26.11 | | Investments | 17.10 | 395.95 | 361.73 | 9.46 | 14.88 | 729.05 | 708.62 | 2.88 | 14.04 | 1,417.60 | 976.25 | 45.21 | | Financing | -1.39 | -32.27 | 0.00 | - | | Total PBIT | 100.00 | 2,314.98 | 2,590.56 | -10.64 | 100.00 | 4,899.55 | 4,786.70 | 2.36 | 100.00 | 10,100.40 | 7,881.49 | 28.15 | | Less : Interest | | 15.89 | 6.54 | 142.97 | | 36.68 | 18.63 | 96.89 | | 60.36 | 39.51 | 52.77 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Automotive | | 14.93 | 20.55 | -562.36 | | 17.05 | 19.27 | -222.16 | | 19.41 | 18.83 | 57.41 | | Investments | | 99.76 | 99.86 | -10.13 | | 99.85 | 99.86 | -0.97 | | 99.85 | 99.83 | 2.06 | | Financing | | -18.03 | 0.00 | -1,802.99 | | -30.39 | 0.00 | -3,038.82 | | -152.25 | 0.00 | -15,225.23 | | PBT | 100.00 | 2,299.09 | 2,584.02 | -11.03 | 100.00 | 4,862.87 | 4,768.07 | 1.99 | 100.00 | 10,040.04 | 7,841.98 | 28.03 |
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