Profit before interest, tax and other unallocable items (PBIT) has slumped 18.40% to Rs 1,790.15 crore.  PBIT of Automotive segment fell 16.30% to Rs 1,533.65 crore (accounting for 85.67% of total PBIT).  PBIT of Investments segment fell 29.06% to Rs 256.50 crore (accounting for 14.33% of total PBIT).  

PBIT margin of Automotive segment fell from 20.55% to 16.83%.  PBIT margin of Investments segment fell from 99.79% to 99.71%.  Overall PBIT margin fell from 23.64% to 19.11%.  

Operating profit margin has declined from 19.40% to 15.20%, leading to 20.68% decline in operating profit to Rs 1,371.20 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 65.99% to 68.17%.   Purchase of finished goods cost rose from 5.36% to 6.11%.   Employee cost increased from 3.49% to 3.85%.   Other expenses rose from 6.12% to 6.40%.   Preoperation capitalised expenses rose from 0.02% to 0.04%.   

Other income fell 5.83% to Rs 347.66 crore.  PBIDT fell 18.07% to Rs 1718.86 crore.  Provision for interest rose 75.49% to Rs 1.79 crore.  

PBDT fell 18.11% to Rs 1717.07 crore.  Provision for depreciation rose 7.61% to Rs 69.97 crore.  

Profit before tax down 18.93% to Rs 1,647.10 crore.  Share of profit/loss was 12.24% lower at Rs 141.26 crore.  Provision for tax was expense of Rs 358.68 crore, compared to Rs 476.5 crore.  Effective tax rate was 20.06% compared to 21.73%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 16.70% to Rs 1,429.68 crore.  

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

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

Net sales (including other operating income) of Bajaj Auto has increased 31.47% to Rs 25169.87 crore.  Sales of Automotive segment has gone up 31.99% to Rs 25,280.48 crore (accounting for 96.62% of total sales).  Sales of Investments segment has gone down 10.16% to Rs 884.67 crore (accounting for 3.38% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 33.03% to Rs 5,703.30 crore.  PBIT of Automotive segment rose 45.88% to Rs 4,821.03 crore (accounting for 84.53% of total PBIT).  PBIT of Investments segment fell 10.20% to Rs 882.27 crore (accounting for 15.47% of total PBIT).  

PBIT margin of Automotive segment rose from 17.25% to 19.07%.  PBIT margin of Investments segment fell from 99.77% to 99.73%.  Overall PBIT margin rose from 21.29% to 21.80%.  

Operating profit margin has declined from 17.77% to 15.45%, leading to 14.30% rise in operating profit to Rs 3,889.24 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 65.26% to 67.83%.   Purchase of finished goods cost rose from 4.83% to 5.69%.   Employee cost decreased from 5.13% to 4.25%.   Other expenses fell from 6.96% to 6.57%.   Preoperation capitalised expenses rose from 0.03% to 0.04%.   

Other income rose 0.24% to Rs 995.28 crore.  PBIDT rose 11.12% to Rs 4884.52 crore.  Provision for interest rose 25.11% to Rs 5.78 crore.  

PBDT rose 11.11% to Rs 4878.74 crore.  Provision for depreciation rose 3.52% to Rs 199.93 crore.  

Profit before tax grew 11.46% to Rs 4,678.81 crore.  Share of profit/loss was 510.09% higher at Rs 517.48 crore.  Provision for tax was expense of Rs 1057.81 crore, compared to Rs 976.99 crore.  Effective tax rate was 18.57% compared to 22.81%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 40.35% to Rs 4,639.71 crore.  

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

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

As on 31st December 2021, surplus cash and cash equivalents stood at Rs 17,883 crore as against Rs 17,526 crore as on 30th September 2021.

In Q3 FY22, domestic two wheeler volume fell 20% to 471,284 units compared to Q3 FY21. Domestic CV volume rose 52% to 52, 015 units, exports two wheeler volume fell 5% to 577,261 units and exports CV volume rose 3% to 80,801 units on YoY basis.

In 9M FY22, domestic two wheeler volume fell 1% to 13,01,984 units compared to 9M FY21. Domestic CV volume rose 76% to 110,668 units, exports two wheeler volume rose 36% to 16,75,781 units and exports CV volume rose 34% to 243,349 units on YoY basis.

In domestic two wheeler, company's market share improved to 19.2% in Q3 FY22 as against 18.6% in Q3 FY21.