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Bajaj Auto net up 32%, rides on other income - Views on News from Equitymaster
 
 
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  • Jan 22, 2000

    Bajaj Auto net up 32%, rides on other income

    Two-wheeler major, Bajaj Auto, has posted a net profit growth of 32% in 3QFY2000. The appreciation is attributed mainly to an increase in non-operating income.

    (Rs m) 3QFY2000 3QFY1999 Change
    Net Sales 9,972.6 8,492.4 17.4%
    Other Income 745.1 376.2 98.1%
    Expenditure 8,489.0 7,130.1 19.1%
    Interest 6.1 10.5 -41.9%
    Depreciation 366.2 332.4 10.2%
    Profit before Tax 1,856.4 1,395.6 33.0%
    Tax 570.0 420.0 35.7%
    Profit after Tax/(Loss) 1,286.4 975.6 31.9%
    Net profit margin (%) 12.9% 11.5%  

    Bajaj Auto is India's largest manufacturer of two/three-wheelers with a presence in all three segments of the two-wheeler market - scooters (64% market share in September 1999), motorcycles (26% market share) and mopeds (6% market share).

    A 98% leap in treasury income has fuelled Bajaj Auto's 3QFY2000 net profit by 32% to Rs 1.3 bn. Total revenues improved to Rs 10.7 bn, up 20%.

    The company's results were in line with market expectations, give or take a few basis points. However, the company's operating margins showed no signs of firming up, and on the contrary declined by 0.2%.

    Year-on-year (YoY) volume growth has improved 14%. The quarter-on-quarter (QoQ) volume growth also improved strongly by 12%. The company's marketing blitz in December 1999 proved a winner and the strong volume growth can be attributed to this.

    Market view:
    Most analysts are not very impressed with the company's performance and view the marketing tactics as short term in nature. It remains to be seen how long these measures can be sustained. However, some analysts continue to hold a positive view on the company and see tremendous potential in its brands - Caliber, Boxer, Spirit.

     

     

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