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Bajaj Auto: Catching the leader! - Views on News from Equitymaster
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Bajaj Auto: Catching the leader!
Oct 17, 2005

India’s leading two- and three-wheeler manufacturer, Bajaj Auto announced its 2QFY06 results late last week. The company has reported another quarter of robust performance. While the topline grew by 30% YoY during the quarter, despite increasing pressure on the raw material front, the company reported an improvement in operating margins. The net profit grew at a much faster pace of 61% YoY, mainly aided by a 54% YoY increase in other income and lower effective tax rates.

Financial snapshot
(Rs m) 2QFY05 2QFY06 Change 1HFY05 1HFY06 Change
Net sales 14,483 18,670 28.9% 26,744 35,011 30.9%
Expenditure 12,088 15,513 28.3% 22,505 29,279 30.1%
Operating profit (EBDITA) 2,395 3,156 31.8% 4,239 5,732 35.2%
EBDITA margin (%) 16.5% 16.9%   15.9% 16.4%  
Other income 883 1,362 54.2% 1,947 2,290 17.6%
Interest (net) 1 (1) -150.0% 2 0 -80.0%
Depreciation 464 490 5.6% 926 952 2.8%
Profit before tax 2,813 4,029 43.2% 5,258 7,069 34.4%
Extraordinary item -168 (15) -91.4% -183 (25) -86.3%
Tax 850 1,120 31.8% 1,650 2,070 25.5%
Profit after tax/(loss) 1,795 2,895 61.3% 3,425 4,974 45.2%
Net profit margin (%) 12.4% 15.5%   12.80% 14.2%  
No. of shares (m) 101.2 101.2   101.2 101.2  
Diluted earnings per share (Rs)* 70.9 114.4   67.7 98.3  
Price to earnings ratio (x)         17.2  
(* annualised)            

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