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Bajaj Corp: Volumes yet to gain momentum - Views on News from Equitymaster
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Bajaj Corp: Volumes yet to gain momentum
Oct 10, 2015

Bajaj Corp (BCL) declared results for the quarter ended September 2015. Here is our analysis of the results.

Performance summary

  • BCL clocked a revenue growth of 10.7% YoY in 2QFY16.
  • The operating margin expanded by 3.4% on account of low cost of Light Liquid Paraffin (LLP).
  • The net profit grew by 25% YoY led by higher operating margins and lower depreciation costs. The other income earned was lower by 9.8% YoY during the quarter.

Standalone financial performance

(Rs m) 2QFY15 2QFY16 Change
Net sales 1,880 2,082 10.7%
Expenditure 1,359 1,435 5.6%
Operating profit (EBDITA) 521 647 24.2%
EBDITA margin (%) 27.7% 31.1%  
Other income 83 75 -9.8%
Depreciation 13 10 -22.7%
Interest 0.13 0.10 -24.0%
Profit before tax 591 712 20.4%
Exceptional Items (117) (117) 0.0%
Tax 100 127 27.5%
Effective tax rate 21% 21%  
Profit after tax/(loss) 374 468 25.0%
Net profit margin (%) 19.9% 22.5%  
No. of shares (m)   147.5  
Diluted earnings per share (Rs)*   12.9  
Price to earnings ratio (x)   33.6  
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Aug 21, 2017 (Close)

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