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Bajaj Corp: Rural Slowdown Hits Volumes - Views on News from Equitymaster
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Bajaj Corp: Rural Slowdown Hits Volumes
Jan 11, 2016

Bajaj Corp (BCL) declared results for the quarter ended December 2015. Here is our analysis of the results.

Performance summary

  • BCL clocked a revenue growth of 3.6% YoY and 9.5% YoY in 3QFY16 and 9mFY16 respectively.
  • The operating margin expanded by 3.1% on account of low cost of Light Liquid Paraffin (LLP). For the nine months ended December 2015, margins expanded by 2.9%.
  • The net profit grew by 18.5% YoY in 3QFY16, led by higher operating margins and other income. For 9mFY16, net profit increased by 21% YoY.
  • The company declared an interim dividend of Rs 11.5 per share. At current market price, dividend yield turns out be at a healthy 2.85%

Standalone financial performance

(Rs m) 3QFY15 3QFY16 Change 9MY15 9MFY16 Change
Net sales 2,058 2,132 3.6% 5,851 6,404 9.5%
Expenditure 1,467 1,454 -0.9% 4,202 4,416 5.1%
Operating profit (EBDITA) 591 678 14.6% 1,649 1,989 20.6%
EBDITA margin (%) 28.7% 31.8%   28.2% 31.1%  
Other income 67 81 22.1% 240 224 -6.7%
Depreciation 10.8 11.2 4.2% 32 31 -2.9%
Interest 0.08 0.14 61.9% 0.38 0.34 -10.0%
Profit before tax 647 748 15.6% 1,857 2,182 17.5%
Exceptional Items 117 117   352 352  
Tax 111 135 20.9% 316 390 23.5%
Effective tax rate 17% 18%   17% 18%  
Profit after tax/(loss) 418 496 18.5% 1,189 1,439 21.0%
Net profit margin (%) 20.3% 23.3%   20.3% 22.5%  
No. of shares (m)         147.5  
Diluted earnings per share (Rs)*         16.6  
Price to earnings ratio (x)         24.2  

(*On a trailing 12-month basis & excluding exceptional Items)

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