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For
quarter ended Dec 2022, consolidated Net sales (including other operating income) of Bajaj Auto has increased 3.29% to Rs 9318.54 crore compared to quarter ended Dec 2021. Sales of Automotive segment has gone up 2.52% to Rs 9,341.71 crore (accounting for 97.42% of total sales). Sales of Investments segment has gone down 3.84% to Rs 247.36 crore (accounting for 2.58% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 9.10% to Rs 1,953.00 crore. PBIT of Automotive segment rose 11.22% to Rs 1,705.79 crore (accounting for 87.34% of total PBIT). PBIT of Investments segment fell 3.62% to Rs 247.21 crore (accounting for 12.66% of total PBIT). PBIT margin of Automotive segment rose from 16.83% to 18.26%. PBIT margin of Investments segment rose from 99.71% to 99.94%. Overall PBIT margin rose from 19.11% to 20.37%. Operating profit margin has jumped from 15.20% to 18.86%, leading to 28.16% rise in operating profit to Rs 1,757.29 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 68.17% to 63.88%. Purchase of finished goods cost rose from 6.11% to 6.22%. Employee cost increased from 3.85% to 3.96%. Other expenses rose from 6.40% to 6.68%. Preoperation capitalised expenses rose from 0.04% to 0.07%. Other income fell 22.19% to Rs 270.53 crore. PBIDT rose 17.97% to Rs 2027.82 crore. Provision for interest rose 373.74% to Rs 8.48 crore. PBDT rose 17.60% to Rs 2019.34 crore. Provision for depreciation rose 6.93% to Rs 74.82 crore. Profit before tax grew 18.06% to Rs 1,944.52 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 471.82 crore, compared to Rs 358.68 crore. Effective tax rate was 24.26% compared to 20.06%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 3.01% to Rs 1,472.70 crore. Promoters’ stake was 54.98% as of 31 December 2022 ,compared to 53.73% as of 31 December 2021 . Promoters pledged stake was 0.01% as of 31 December 2022 ,compared to 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 9.36% to Rs 27526.15 crore. Sales of Automotive segment has gone up 9.72% to Rs 27,737.38 crore (accounting for 97.49% of total sales). Sales of Investments segment has gone down 19.43% to Rs 712.79 crore (accounting for 2.51% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 0.04% to Rs 5,705.61 crore. PBIT of Automotive segment rose 3.57% to Rs 4,993.27 crore (accounting for 87.52% of total PBIT). PBIT of Investments segment fell 19.26% to Rs 712.34 crore (accounting for 12.48% of total PBIT). PBIT margin of Automotive segment fell from 19.07% to 18.00%. PBIT margin of Investments segment rose from 99.73% to 99.94%. Overall PBIT margin fell from 21.80% to 20.05%. Operating profit margin has jumped from 15.45% to 17.41%, leading to 23.25% rise in operating profit to Rs 4,793.32 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 67.83% to 66.44%. Purchase of finished goods cost fell from 5.69% to 5.57%. Employee cost decreased from 4.25% to 4.03%. Other expenses fell from 6.57% to 6.47%. Preoperation capitalised expenses rose from 0.04% to 0.06%. Other income fell 7.16% to Rs 924.02 crore. PBIDT rose 17.05% to Rs 5717.34 crore. Provision for interest rose 310.73% to Rs 23.74 crore. PBDT rose 16.70% to Rs 5693.6 crore. Provision for depreciation rose 4.98% to Rs 209.88 crore. Profit before tax grew 17.20% to Rs 5,483.72 crore. Share of profit/loss was 61.71% lower at Rs 198.15 crore. Provision for tax was expense of Rs 1326.4 crore, compared to Rs 1057.81 crore. Effective tax rate was 23.34% compared to 18.57%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 6.13% to Rs 4,355.47 crore. Promoters’ stake was 54.98% as of 31 December 2022 ,compared to 53.73% as of 31 December 2021 . Promoters pledged stake was 0.01% as of 31 December 2022 ,compared to 0.01% as of 31 December 2021 .
Full year results analysis.
Net sales (including other operating income) of Bajaj Auto has increased 19.48% to Rs 33144.71 crore. Sales of Automotive segment has gone up 19.90% to Rs 33,271.47 crore (accounting for 96.64% of total sales). Sales of Investments segment has gone down 8.68% to Rs 1,157.38 crore (accounting for 3.36% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 22.60% to Rs 7,660.34 crore. PBIT of Automotive segment rose 30.53% to Rs 6,505.57 crore (accounting for 84.93% of total PBIT). PBIT of Investments segment fell 8.66% to Rs 1,154.77 crore (accounting for 15.07% of total PBIT). PBIT margin of Automotive segment rose from 17.96% to 19.55%. PBIT margin of Investments segment rose from 99.75% to 99.77%. Overall PBIT margin rose from 21.53% to 22.25%. Operating profit margin has declined from 17.75% to 15.84%, leading to 6.60% rise in operating profit to Rs 5,249.92 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 65.48% to 67.27%. Purchase of finished goods cost rose from 5.44% to 5.98%. Employee cost decreased from 4.61% to 4.14%. Other expenses fell from 6.86% to 6.68%. Other income rose 0.60% to Rs 1284.14 crore. PBIDT rose 5.37% to Rs 6534.06 crore. Provision for interest rose 30.03% to Rs 8.66 crore. Loan funds rose to Rs 122.77 crore as of 31 March 2022 from Rs 121.46 crore as of 31 March 2021. Inventories declined from Rs 1,493.89 crore as of 31 March 2021 to Rs 1,230.51 crore as of 31 March 2022. Sundry debtors were lower at Rs 1,516.38 crore as of 31 March 2022 compared to Rs 2,716.85 crore as of 31 March 2021. Cash and bank balance rose to Rs 958.06 crore as of 31 March 2022 from Rs 538.84 crore as of 31 March 2021. Investments rose to Rs 26,634.12 crore as of 31 March 2022 from Rs 24,686.65 crore as of 31 March 2021 . PBDT rose 5.34% to Rs 6525.4 crore. Provision for depreciation rose 4.01% to Rs 269.76 crore. Fixed assets increased to Rs 1,887.94 crore as of 31 March 2022 from Rs 1,636.23 crore as of 31 March 2021. Intangible assets declined from Rs 47.30 crore to Rs 25.32 crore. Profit before tax grew 5.40% to Rs 6,255.64 crore. Share of profit/loss was 89.19% higher at Rs 579.53 crore. Provision for tax was expense of Rs 1485.81 crore, compared to Rs 1384.41 crore. Effective tax rate was 19.42% compared to 22.18%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 26.95% to Rs 6,165.87 crore. Equity capital stood at Rs 289.37 crore as of 31 March 2022 to Rs 289.37 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 53.77% as of 31 March 2022 ,compared to 53.70% as of 31 March 2021 . Promoters pledged stake was 0.01% as of 31 March 2022 ,compared to 0.01% as of 31 March 2021 . Cash flow from operating activities increased to Rs 4,197.21 crore for year ended March 2022 from Rs 3,119.88 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 550.75 crore, compared to Rs 259.59 crore during the year ended March 2021. Other Highlights
In Q3 FY23, domestic two wheeler
volume fell 3% to 455,146 units compared to Q3 FY22. Domestic CV volume rose 71%
to 89,042 units, exports two wheeler volume fell 31% to 395,901 units and
exports CV volume fell 47% to 43,187 units on YoY basis.
In 9M FY23, domestic two wheeler
volume went up 7% to 13,90,698 units compared to 9M FY22. Domestic CV volume rose
81% to 200,701 units, exports two wheeler volume fell 21% to 13,26,521 units
and exports CV volume fell 38% to 149,994 units on YoY basis.
Chetak EV business continues to
steadily expand, volumes are up 5x over previous year.
| Bajaj Auto : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 9,318.54 | 9,021.65 | 3.29 | 27,526.15 | 25,169.87 | 9.36 | 33,144.71 | 27,741.08 | 19.48 | | OPM (%) | 18.86 | 15.20 | 366 bps | 17.41 | 15.45 | 196 bps | 15.84 | 17.75 | -191 bps | | OP | 1,757.29 | 1,371.20 | 28.16 | 4,793.32 | 3,889.24 | 23.25 | 5,249.92 | 4,924.68 | 6.60 | | Other Inc. | 270.53 | 347.66 | -22.19 | 924.02 | 995.28 | -7.16 | 1,284.14 | 1,276.46 | 0.60 | | PBIDT | 2,027.82 | 1,718.86 | 17.97 | 5,717.34 | 4,884.52 | 17.05 | 6,534.06 | 6,201.14 | 5.37 | | Interest | 8.48 | 1.79 | 373.74 | 23.74 | 5.78 | 310.73 | 8.66 | 6.66 | 30.03 | | PBDT | 2,019.34 | 1,717.07 | 17.60 | 5,693.60 | 4,878.74 | 16.70 | 6,525.40 | 6,194.48 | 5.34 | | Depreciation | 74.82 | 69.97 | 6.93 | 209.88 | 199.93 | 4.98 | 269.76 | 259.37 | 4.01 | | PBT | 1,944.52 | 1,647.10 | 18.06 | 5483.72 | 4678.81 | 17.20 | 6255.64 | 5935.11 | 5.40 | | Share of Profit/(Loss) from Associates | 0 | 141.26 | - | 198.15 | 517.48 | -61.71 | 579.53 | 306.32 | 89.19 | | PBT before EO | 1944.52 | 1788.36 | 8.73 | 5681.87 | 5196.29 | 9.34 | 6835.17 | 6241.43 | 9.51 | | EO Income | 0 | 0 | - | 0 | 501.23 | - | 816.51 | 0 | - | | PBT after EO | 1944.52 | 1788.36 | 8.73 | 5681.87 | 5697.52 | -0.27 | 7651.68 | 6241.43 | 22.59 | | Taxation | 471.82 | 358.68 | 31.54 | 1326.4 | 1057.81 | 25.39 | 1485.81 | 1384.41 | 7.32 | | PAT | 1472.7 | 1429.68 | 3.01 | 4355.47 | 4639.71 | -6.13 | 6165.87 | 4857.02 | 26.95 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 1472.7 | 1429.68 | 3.01 | 4355.47 | 4639.71 | -6.13 | 6165.87 | 4857.02 | 26.95 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1472.7 | 1429.68 | 3.01 | 4355.47 | 4639.71 | -6.13 | 6165.87 | 4857.02 | 26.95 | | EPS (Rs)* | 50.89 | 49.41 | 3.01 | 150.52 | 146.56 | 2.70 | 190.79 | 167.85 | 13.67 | | | * EPS is on current equity of Rs 289.37 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Bajaj Auto : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Automotive | 97.42 | 9,341.71 | 9,112.06 | 2.52 | 97.49 | 27,737.38 | 25,280.48 | 9.72 | 96.64 | 33,271.47 | 27,750.12 | 19.90 | | Investments | 2.58 | 247.36 | 257.25 | -3.84 | 2.51 | 712.79 | 884.67 | -19.43 | 3.36 | 1,157.38 | 1,267.42 | -8.68 | | Total Reported Sales | 100.00 | 9,589.07 | 9,369.31 | 2.35 | 100.00 | 28,450.17 | 26,165.15 | 8.73 | 100.00 | 34,428.85 | 29,017.54 | 18.65 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 9,589.07 | 9,369.31 | 2.35 | 100.00 | 28,450.17 | 26,165.15 | 8.73 | 100.00 | 34,428.85 | 29,017.54 | 18.65 | | PBIT | | Automotive | 87.34 | 1,705.79 | 1,533.65 | 11.22 | 87.52 | 4,993.27 | 4,821.03 | 3.57 | 84.93 | 6,505.57 | 4,983.82 | 30.53 | | Investments | 12.66 | 247.21 | 256.50 | -3.62 | 12.48 | 712.34 | 882.27 | -19.26 | 15.07 | 1,154.77 | 1,264.27 | -8.66 | | Total PBIT | 100.00 | 1,953.00 | 1,790.15 | 9.10 | 100.00 | 5,705.61 | 5,703.30 | 0.04 | 100.00 | 7,660.34 | 6,248.09 | 22.60 | | Less : Interest | | 8.48 | 1.79 | 373.74 | | 23.74 | 5.78 | 310.73 | | 8.66 | 6.66 | 30.03 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Automotive | | 18.26 | 16.83 | 142.89 | | 18.00 | 19.07 | -106.82 | | 19.55 | 17.96 | 159.34 | | Investments | | 99.94 | 99.71 | 23.09 | | 99.94 | 99.73 | 20.82 | | 99.77 | 99.75 | 2.30 | | PBT | 100.00 | 1,944.52 | 1,788.36 | 8.73 | 100.00 | 5,681.87 | 5,697.52 | -0.27 | 100.00 | 7,651.68 | 6,241.43 | 22.59 |
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