Sales of Automotive segment has gone up 22.34% to Rs 8,755.90 crore (accounting for 96.43% of total sales).  Sales of Investments segment has gone up 14.05% to Rs 324.60 crore (accounting for 3.57% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 56.73% to Rs 2,419.15 crore.  PBIT of Automotive segment rose 66.35% to Rs 2,095.30 crore (accounting for 86.61% of total PBIT).  PBIT of Investments segment rose 14.07% to Rs 323.85 crore (accounting for 13.39% of total PBIT).  

PBIT margin of Automotive segment rose from 17.60% to 23.93%.  PBIT margin of Investments segment rose from 99.75% to 99.77%.  Overall PBIT margin rose from 20.74% to 26.64%.  

Operating profit margin has declined from 17.69% to 15.98%, leading to 10.62% rise in operating profit to Rs 1,400.08 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 66.13% to 67.96%.   Purchase of finished goods cost rose from 4.81% to 5.60%.   Employee cost decreased from 4.50% to 4.05%.   Other expenses fell from 7.02% to 6.34%.   Preoperation capitalised expenses rose from 0.04% to 0.07%.   

Other income rose 11.38% to Rs 318.32 crore.  PBIDT rose 10.76% to Rs 1718.4 crore.  Provision for interest fell 35.85% to Rs 1.7 crore.  Loan funds declined from Rs 126.18 crore as of 30 September 2020 to Rs 122.12 crore as of 30 September 2021.  Inventories rose to Rs 1,185.68 crore as of 30 September 2021 from Rs 820.09 crore as of 30 September 2020.  Sundry debtors were higher at Rs 2,605.11 crore as of 30 September 2021 compared to Rs 2,383.60 crore as of 30 September 2020.  Cash and bank balance declined from Rs 767.23 crore as of 30 September 2020 to Rs 610.91 crore as of 30 September 2021.  Investments rose to Rs 24,863.31 crore as of 30 September 2021 from Rs 21,844.17 crore as of 30 September 2020 .  

PBDT rose 10.84% to Rs 1716.7 crore.  Provision for depreciation rose 2.21% to Rs 65.74 crore.  Fixed assets increased to Rs 1,717.76 crore as of 30 September 2021 from Rs 1,683.95 crore as of 30 September 2020.  Intangible assets declined from Rs 46.45 crore to Rs 36.31 crore.  

Profit before tax grew 11.21% to Rs 1,650.96 crore.  Share of profit/loss was 371.32% higher at Rs 265.26 crore.  Provision for tax was expense of Rs 377.59 crore, compared to Rs 346.86 crore.  Effective tax rate was 15.62% compared to 22.51%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 70.85% to Rs 2,039.86 crore.  

Equity capital stood at Rs 289.37 crore as of 30 September 2021 to Rs 289.37 crore as of 30 September 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 53.70% as of 30 September 2021 ,compared to 53.69% as of 30 September 2020 .  Promoters pledged stake was 0.01% as of 30 September 2021 ,compared to 0.01% as of 30 September 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Bajaj Auto has increased 57.77% to Rs 16148.22 crore.  Sales of Automotive segment has gone up 57.95% to Rs 16,168.42 crore (accounting for 96.26% of total sales).  Sales of Investments segment has gone up 0.80% to Rs 627.42 crore (accounting for 3.74% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 86.91% to Rs 3,913.15 crore.  PBIT of Automotive segment rose 123.23% to Rs 3,287.38 crore (accounting for 84.01% of total PBIT).  PBIT of Investments segment rose 0.78% to Rs 625.77 crore (accounting for 15.99% of total PBIT).  

PBIT margin of Automotive segment rose from 14.39% to 20.33%.  PBIT margin of Investments segment fell from 99.76% to 99.74%.  Overall PBIT margin rose from 19.28% to 23.30%.  

Operating profit margin has declined from 16.36% to 15.59%, leading to 50.41% rise in operating profit to Rs 2,518.04 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 64.59% to 67.64%.   Purchase of finished goods cost rose from 4.36% to 5.46%.   Employee cost decreased from 6.62% to 4.48%.   Other expenses fell from 7.72% to 6.66%.   

Other income rose 3.84% to Rs 647.62 crore.  PBIDT rose 37.77% to Rs 3165.66 crore.  Provision for interest rose 10.83% to Rs 3.99 crore.  Loan funds declined from Rs 126.18 crore as of 30 September 2020 to Rs 122.12 crore as of 30 September 2021.  Inventories rose to Rs 1,185.68 crore as of 30 September 2021 from Rs 820.09 crore as of 30 September 2020.  Sundry debtors were higher at Rs 2,605.11 crore as of 30 September 2021 compared to Rs 2,383.60 crore as of 30 September 2020.  Cash and bank balance declined from Rs 767.23 crore as of 30 September 2020 to Rs 610.91 crore as of 30 September 2021.  Investments rose to Rs 24,863.31 crore as of 30 September 2021 from Rs 21,844.17 crore as of 30 September 2020 .  

PBDT rose 37.81% to Rs 3161.67 crore.  Provision for depreciation rose 1.44% to Rs 129.96 crore.  Fixed assets increased to Rs 1,717.76 crore as of 30 September 2021 from Rs 1,683.95 crore as of 30 September 2020.  Intangible assets declined from Rs 46.45 crore to Rs 36.31 crore.  

Profit before tax grew 39.96% to Rs 3,031.71 crore.  Provision for tax was expense of Rs 699.13 crore, compared to Rs 500.49 crore.  Effective tax rate was 17.88% compared to 23.95%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 101.95% to Rs 3,210.03 crore.  

Equity capital stood at Rs 289.37 crore as of 30 September 2021 to Rs 289.37 crore as of 30 September 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 53.70% as of 30 September 2021 ,compared to 53.69% as of 30 September 2020 .  Promoters pledged stake was 0.01% as of 30 September 2021 ,compared to 0.01% as of 30 September 2020 .  

Cash flow from operating activities increased to Rs 2,383.34 crore for YTD ended September 2021 from Rs 1,554.20 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 109.89 crore, compared to Rs 90.59 crore during the YTD ended September 2020.  

Full year results analysis.

Net sales (including other operating income) of Bajaj Auto has declined 7.28% to Rs 27741.08 crore.  Sales of Automotive segment has gone down 7.40% to Rs 27,750.12 crore (accounting for 95.63% of total sales).  Sales of Investments segment has gone down 14.09% to Rs 1,267.42 crore (accounting for 4.37% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has slumped 6.68% to Rs 6,248.09 crore.  PBIT of Automotive segment fell 4.58% to Rs 4,983.82 crore (accounting for 79.77% of total PBIT).  PBIT of Investments segment fell 14.12% to Rs 1,264.27 crore (accounting for 20.23% of total PBIT).  

PBIT margin of Automotive segment rose from 17.43% to 17.96%.  PBIT margin of Investments segment fell from 99.78% to 99.75%.  Overall PBIT margin rose from 21.29% to 21.53%.  

Operating profit margin has jumped from 17.03% to 17.75%, leading to 3.36% decline in operating profit to Rs 4,924.68 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 64.99% to 65.48%.   Purchase of finished goods cost rose from 5.29% to 5.44%.   Employee cost decreased from 4.64% to 4.61%.   Other expenses fell from 8.08% to 6.86%.   Preoperation capitalised expenses fell from 0.10% to 0.04%.   

Other income fell 16.27% to Rs 1276.46 crore.  PBIDT fell 6.33% to Rs 6201.14 crore.  Provision for interest rose 110.76% to Rs 6.66 crore.  Loan funds declined from Rs 125.59 crore as of 31 March 2020 to Rs 121.46 crore as of 31 March 2021.  Inventories rose to Rs 1,493.89 crore as of 31 March 2021 from Rs 1,063.50 crore as of 31 March 2020.  Sundry debtors were higher at Rs 2,716.85 crore as of 31 March 2021 compared to Rs 1,725.10 crore as of 31 March 2020.  Cash and bank balance rose to Rs 538.84 crore as of 31 March 2021 from Rs 316.34 crore as of 31 March 2020.  Investments rose to Rs 24,686.65 crore as of 31 March 2021 from Rs 19,913.58 crore as of 31 March 2020 .  

PBDT fell 6.39% to Rs 6194.48 crore.  Provision for depreciation rose 5.25% to Rs 259.37 crore.  Fixed assets declined from Rs 1,702.47 crore as of 31 March 2020 to Rs 1,636.23 crore as of 31 March 2021.  Intangible assets declined from Rs 56.74 crore to Rs 47.30 crore.  

Profit before tax down 6.84% to Rs 5,935.11 crore.  Share of profit/loss was 4.72% lower at Rs 306.32 crore.  Provision for tax was expense of Rs 1384.41 crore, compared to Rs 1480.22 crore.  Effective tax rate was 22.18% compared to 22.12%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 6.81% to Rs 4,857.02 crore.  

Equity capital stood at Rs 289.37 crore as of 31 March 2021 to Rs 289.37 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 53.70% as of 31 March 2021 ,compared to 53.66% as of 31 March 2020 .  Promoters pledged stake was 0.01% as of 31 March 2021

Cash flow from operating activities decreased to Rs 3,119.88 crore for year ended March 2021 from Rs 3,850.44 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 259.59 crore, compared to Rs 296.74 crore during the year ended March 2020.  

Other Highlights

In Q2 FY22, Domestic Two wheeler volumes fell 11% to 488,148 units compared to 550,194 units in Q2 FY21, Domestic CV volumes rose 88% to 44,068 units, Total exports rose 28% to 612,191 units.

Company witnessed Increase in cost of raw-material, which was partially off-set with increase in prices.