Bajaj Auto: The 'Pulse' eases... - Views on News from Equitymaster

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Bajaj Auto: The 'Pulse' eases...

Jan 15, 2003

Bajaj Auto's growth engine seems to have slowed down a little. In the December quarter, while revenues have increased by 14.7%, overall volumes were up only 4%. However, higher operating margins saw net profits grow by nearly 24%. On a nine month basis, the company has recorded an encouraging 19% topline growth (9% volume growth) and 4% bottomline growth. However, excluding extraordinary items net profits were actually up nearly 49% in 9mFY03. Bajaj Auto had received an extraordinary insurance premium from Allianz in the corresponding period last year.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Sales 9,811 11,257 14.7% 27,249 32,439 19.0%
Other Income 469 295 -37.2% 1,352 1,037 -23.3%
Expenditure 8,230 9,090 10.5% 23,334 26,260 12.5%
Operating Profit (EBDIT) 1,582 2,167 37.0% 3,915 6,179 57.8%
Operating Profit Margin (%) 16.1% 19.3%   14.4% 19.0%  
Interest 5 2 -52.0% 29 7 -74.8%
Depreciation 445 420 -5.6% 1,340 1,262 -5.8%
Profit before Tax 1,601 2,040 27.4% 3,899 5,947 52.5%
Extraordinary item (25) (1) - 1,106 (12) -
Tax 495 700 41.4% 1,295 2,070 59.8%
Profit after Tax/(Loss) 1,082 1,339 23.8% 3,710 3,865 4.2%
Net profit margin (%) 11.0% 11.9%   13.6% 11.9%  
No. of Shares (m) 101.2 101.2   101.2 101.2  
Earnings per share (Rs)* 42.8 52.9   48.9 50.9  
P/E (x)   9.6     10.0  
(*annualised)            

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