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Results
24-Jul-21
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Analysis
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Bajaj Holdings & Investment
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OPM eases
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The
income from operation of Bajaj Holdings & Investment on consolidated basis increased
8.20% to Rs 97.65 crore in Q1FY2022.
Overall
OPM eased to 70.81% in Q1FY2022 from 74.90% in Q1FY2021, leading to 2.29% rise
in operating profit to Rs 69.15 crore. Other expenditure as a percentage of
total income moved up to 16.74% from 12.54% in Q1FY2022. The staff cost as a
percentage of total income declined to 12.44% from 12.55% in Q1FY2022.
Other
income declined 14.03% to Rs 12.99 crore. Interest cost declined 17.89% to Rs
0.78 crore. Depreciation moved up 0.36% to Rs 8.42 crore. After which, PBT
moved down 0.59% to Rs 72.94 crore.
The
share of profit of associate companies increased 14.73% to Rs 728.44 crore.
Provision
for tax was expense of Rs 21.77 crore, compared to Rs 28.43 crore.
There
was profit attributable to non-controlling interest of Rs 1.05 crore as
compared to Rs 0.71 crore. Finally, Net profit attributable to owners moved up
14.64% to Rs 778.56 crore.
Business
highlights:
Bajaj Auto (consolidated)
profit after tax increased to Rs 1170 crore in Q1FY22 from Rs 396 crore in Q1FY21
upon significantly higher sales due to implementation of localised lockdowns
unlike a strict nation-wide lockdown in the corresponding previous period.
BFS (consolidated) profit
after tax stood at Rs 833 crore in Q1FY22 against Rs 1,215 crore in Q1FY21, due
to lower mark-to-market gains on equity investments and higher COVID-19 claims incurred
by insurance companies.
Maharashtra Scooters profit
after tax stood at Rs 2.14 crore in Q1FY22 from Rs 1.45 crore in Q1FY21.
BHIL remains essentially a
holding and investment company. It holds strategic stakes in Bajaj Auto, Bajaj
Finserv and Maharashtra Scooters, which it consolidates and other investments
of over Rs 10000 crore (at market value).
Full year results analysis
The
income from operation of Bajaj Holdings & Investment increased 1.46% to Rs
399.11 crore in FY2021.
Overall
OPM has increased to 73.56% in FY2021 from 65.95% in FY2020, leading to 13.18%
rise in operating profit to Rs 293.60 crore. Other expenditure as a percentage
of total income moved down to 15.37% from 22.73% in FY2021. The staff cost as a
percentage of total income declined to 11.06% in FY2021 from 11.32% in FY2020.
Other
income increased 51.17% to Rs 63.96 crore. There is 69.70% fall in interest
cost at Rs 3.8 crore and 0.84% rise in depreciation to Rs 33.61 crore, Profit
before tax increased 25.13% to Rs 320.15 crore. There is no extraordinary item.
After which, PBT increased 25.13% to Rs 320.15 crore.
The
share of profit of associate companies increased 12.68% to Rs 3445.59 crore.
Provision
for tax was expense of Rs 111.59 crore, compared to Rs 233.48 crore.
There
was profit attributable to non-controlling interest of Rs 4.32 crore in FY2021 as
compared to profit of Rs 88.19 crore in FY2020. Finally, Net profit
attributable to owners rose 21.99% yoy to Rs 3649.83 crore in FY2021.
Bajaj Holdings &
Investment : Consolidated Results
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Particulars
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2106 (3)
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2006 (3)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Income from Operations
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97.65
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90.25
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8
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399.11
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393.38
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1
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OPM (%)
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70.81
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74.9
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-409 bps
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73.56
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65.95
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762 bps
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OP
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69.15
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67.6
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2
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293.6
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259.42
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13
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Other Inc.
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12.99
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15.11
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-14
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63.96
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42.31
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51
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PBDIT
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82.14
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82.71
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-1
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357.56
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301.73
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19
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Interest
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0.78
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0.95
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-18
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3.8
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12.54
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-70
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PBDT
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81.36
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81.76
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0
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353.76
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289.19
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22
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Depreciation
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8.42
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8.39
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0
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33.61
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33.33
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1
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PBT
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72.94
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73.37
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320.15
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255.86
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Share of Profit/(Loss)
from Associates
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728.44
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634.9
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15
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3445.59
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3057.81
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13
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PBT before EO
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801.38
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708.27
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13
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3765.74
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3313.67
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14
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EO
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0
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0
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-
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0
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0
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-
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PBT after EO
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801.38
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708.27
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13
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3765.74
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3313.67
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14
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Tax Expenses
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21.77
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28.43
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-23
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111.59
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233.48
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-52
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PAT
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779.61
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679.84
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15
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3654.15
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3080.19
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19
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Profit attributable to
non-controlling interest
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1.05
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0.71
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48
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4.32
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88.19
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-95
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Net profit
attributable to owners
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778.56
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679.13
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15
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3649.83
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2992
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22
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EPS (Rs)*
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280
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244
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328
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269
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* Annualised on current
equity of Rs 111.29 crore, Face value of Rs 10, Excluding extraordinary
items.
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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