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Bajaj Auto: A new beginning - Views on News from Equitymaster

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Bajaj Auto: A new beginning
May 26, 2008

Curtains were finally drawn on the demerger process of the erstwhile Bajaj Auto (now Bajaj Holdings) as the other two companies created as a part of the demerger viz. Bajaj Auto and Bajaj Finserv got listed on the bourses today. Laid out below is the financial performance of Bajaj Auto, the company that will now house the auto business, for the quarter as well as the full year ended March 31, 2008.

Standalone Financials
(Rs m) 4QFY07 4QFY08 Change FY07 FY08 Change
Units sold 625,357 552,081 -11.7% 2,718,795 2,451,208 -9.8%
Net sales 23,136 20,744 -10.3% 95,204 90,462 -5.0%
Expenditure 19,873 18,129 -8.8% 81,034 77,526 -4.3%
Operating profit (EBDITA) 3,263 2,616 -19.8% 14,170 12,935 -8.7%
EBDITA margin (%) 14.1% 12.6%   14.9% 14.3%  
Other income 1,577 205 -87.0% 5,556 1,227 -77.9%
Interest (net) 24 18 -24.3% 53 52 -3.4%
Depreciation 458 414 -9.5% 1,903 1,740 -8.6%
Extraordinary income/(expense) (124) (511)   (498) (1,025)  
Profit before tax 4,358 2,388 -45.2% 17,770 12,371 -30.4%
Tax 1,151 670 -41.8% 4,901 3,788 -22.7%
Profit after tax/(loss) 3,083 1,208 -60.8% 12,371 7,558 -38.9%
Net profit margin (%) 13.3% 5.8%   13.0% 8.4%  
No. of shares (m) 101.2 144.7   101.2 144.7  
Diluted earnings per share (Rs)*       122.3 52.2  
Price to earnings ratio (x)**         12.4  

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