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Bajaj Auto: A mixed bag

Feb 3, 2004

Bajaj Auto, the second largest player in the two-wheeler industry, has announced a weak performance for the third quarter ended December 2003. While volumes sold have increased by 5% in 3QFY04, operating margin has declined marginally on account of poor performance of segments other than motorcycles.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
No. of units sold (m) 377,795 396,830 5.0% 1,098,685 1,124,635 2.4%
Net sales 11,221 13,101 16.8% 32,176 36,332 12.9%
Other income 332 618 86.4% 1,302 2,892 122.2%
Expenditure 9,090 10,663 17.3% 26,260 30,219 15.1%
Operating profit (EBDITA) 2,131 2,438 14.4% 5,916 6,113 3.3%
Operating profit margin (%) 19.0% 18.6%   18.4% 16.8%  
Interest 2 1 -58.3% 7 9 18.1%
Depreciation 420 462 10.1% 1,262 1,334 5.7%
Profit before tax 2,040 2,593 27.1% 5,948 7,662 28.8%
Extraordinary items - (12) - - (297) -
Tax 700 770 10.0% 2,070 2,010 -2.9%
Profit after tax/(loss) 1,340 1,811 35.1% 3,878 5,355 38.1%
Net profit margin (%) 11.9% 13.8%   12.1% 14.7%  
No. of shares (m) 101.2 101.2   101.2 101.2  
Diluted earnings per share (Rs)* 53.0 71.6   51.1 70.6  
P/E ratio (x)         14.6  
(* annualised)            

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