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Bajaj Auto: Other income push

May 19, 2004

Bajaj Auto, the country's second largest two-wheeler manufacturer, has experienced pressure at the operating level during FY04. For the full year, while the topline of the company has grown by 14% YoY, the bottomline has grown at a higher rate of 38%, thanks mainly to a healthy 102% rise in other income. For the fourth quarter, the topline and the bottomline have registered an improvement of 17% and 30% respectively on a YoY basis.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
No. of units sold 347,088 393,496 13.4% 1,445,773 1,518,085 5.0%
Net sales 10,931 12,836 17.4% 43,106 49,168 14.1%
Other income 450 643 42.9% 1,751 3,535 101.8%
Expenditure 8,797 10,577 20.2% 34,788 40,640 16.8%
Operating profit (EBDITA) 2,135 2,259 5.8% 8,319 8,528 2.5%
Operating profit margin (%) 19.5% 17.6%   19.3% 17.3%  
Interest 4 1 -77.5% 11 9 -16.1%
Depreciation 449 465 3.5% 1,712 1,799 5.1%
Profit before tax 2,131 2,436 14.3% 8,347 10,255 22.9%
Extraordinary items (191) (194)   (499) (582)  
Tax 432 279 -35.4% 2,502 2,289 -8.5%
Profit after tax/(loss) 1,508 1,963 30.1% 5,346 7,384 38.1%
Net profit margin (%) 13.8% 15.3%   12.4% 15.0%  
No. of shares (m) 101.2 101.2   101.2 101.2  
Diluted earnings per share (Rs)* 59.6 77.6   52.8 73.0  
P/E ratio (x)         11.9  
(* annualised)            

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