Abhishek BAJAJ FM

8/2/2019 Abhishek BAJAJ FM

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Balance Sheet of Bajaj Auto (all amounts in billion)

Mar '07 Mar '08 Mar '09 Mar '10 Mar '11

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of FundsTotal Share Capital 101.18 144.68 144.68 144.68 289.37

Equity Share Capital 101.18 144.68 144.68 144.68 289.37

Share Application Money 0 0 0 0 0

Preference Share Capital 0 0 0 0 0

Reserves 5,433.14 1,442.91 1,725.01 2,783.66 4,620.85

Revaluation Reserves 0 0 0 0 0

Networth 5,534.32 1,587.59 1,869.69 2,928.34 4,910.22

other current liabilities 1.03 1.60 2.03 2.44

Secured Loans 22.46 6.95 0 12.98 23.53

Unsecured Loans 1,602.97 1,327.39 1,570.00 1,325.60 301.62

Total Debt 1,625.43 1,334.34 1,570.00 1,338.58 325.15

Total Liabilities 7,159.75 2,921.93 3,439.69 4,266.92 5,235.37


12 mths 12 mths 12 mths 12 mths 12 mths

Application Of FundsGross Block 3,178.54 2,994.68 3,350.20 3,379.25 3,395.16

Less: Accum. Depreciation 1,904.94 1,726.07 1,807.91 1,899.66 1,912.45

Net Block 1,273.60 1,268.61 1,542.29 1,479.59 1,482.71

Capital Work in Progress 107.62 34.74 106.48 120.84 149.34

Investments 6,447.53 1,857.14 1,808.52 4,021.52 4,795.20

Inventories 309.7 349.61 338.84 446.21 547.28

Sundry Debtors 529.83 275.31 358.65 272.84 362.76


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other current asset 3.68 2.73 3.24 13.936 21.642

Cash and Bank Balance 62.16 54.74 135.68 100.2 155.45

Total Current Assets 901.69 679.66 833.17 819.25 1,065.49

Loans and Advances 2,925.24 1,099.68 1,567.09 2,291.29 3,891.66

Fixed Deposits 21.32 1.33 1.19 1.21 401.04

Total CA, Loans & Advances 3,848.25 1,780.67 2,401.45 3,111.75 5,358.19

Deffered Credit 0 0 0 0 0

Current Liabilities 1,683.46 1,185.19 1,378.20 2,218.06 2,624.35

Provisions 2,833.79 834.04 1,224.15 2,248.72 3,925.72

Total CL & Provisions 4,517.25 2,019.23 2,602.35 4,466.78 6,550.07

Net Current Assets -669 -238.56 -200.9 -1,355.03 -1,191.88

Miscellaneous Expenses 0 0 183.3 0 0

Total Assets 7,159.75 2,921.93 3,439.69 4,266.92 5,235.37

Contingent Liabilities 811.66 1,129.29 924.96 818.25 959.66

Book Value (Rs) 546.96 109.73 129.23 202.4 169.69

sundary creditors 14 9 8 1.58 1.95

common size statement

Total Share Capital 1.41% 4.95% 4.21% 3.39% 5.53%

Equity Share Capital 1.41% 4.95% 4.21% 3.39% 5.53%

Share Application Money

Preference Share CapitalReserves 75.88% 49.38% 50.15% 65.24% 88.26%

Revaluation Reserves

Networth 77.30% 54.33% 54.36% 68.63% 93.79%

Secured Loans 0.31% 0.24% 0.30% 0.45%

Unsecured Loans 22.39% 45.43% 45.64% 31.07% 5.76%

Total Debt 22.70% 45.67% 45.64% 31.37% 6.21%

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00%


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Application Of Funds

Gross Block 44.39% 102.49% 97.40% 79.20% 64.85%

Less: Accum. Depreciation 26.61% 59.07% 52.56% 44.52% 36.53%

Net Block 17.79% 43.42% 44.84% 34.68% 28.32%

Capital Work in Progress 1.50% 1.19% 3.10% 2.83% 2.85%

Investments 90.05% 63.56% 52.58% 94.25% 91.59%Inventories 4.33% 11.97% 9.85% 10.46% 10.45%

Sundry Debtors 7.40% 9.42% 10.43% 6.39% 6.93%

Cash and Bank Balance 0.87% 1.87% 3.94% 2.35% 2.97%

Total Current Assets 12.59% 23.26% 24.22% 19.20% 20.35%

Loans and Advances 40.86% 37.64% 45.56% 53.70% 74.33%

Fixed Deposits 0.30% 0.05% 0.03% 0.03% 7.66%

Total CA, Loans & Advances 53.75% 60.94% 69.82% 72.93% 102.35%

Deffered Credit

Current Liabilities 23.51% 40.56% 40.07% 51.98% 50.13%

Provisions 39.58% 28.54% 35.59% 52.70% 74.98%

Total CL & Provisions 63.09% 69.11% 75.66% 104.68% 125.11%

Net Current Assets -9.34% -8.16% -5.84% -31.76% -22.77%

Miscellaneous Expenses 5.33%

Total Assets

Contingent Liabilities 11.34% 38.65% 26.89% 19.18% 18.33%

Book Value (Rs) 7.64% 3.76% 3.76% 4.74% 3.24%

ASSUMPTION

considered from 3 year data because in first 2 year was a major decline in the value


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363.75 457.24 574.76 722.49 908.19

0.26 0.26 0.26 0.26 0.26

363.75 457.24 574.76 722.49 908.19

0.26 0.26 0.26 0.26 0.26

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

6396.45 8854.33 12256.68 16966.40 23485.88

0.38 0.38 0.38 0.38 0.38

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.006752.74 9286.66 12771.41 17563.79 24154.48

0.38 0.38 0.38 0.38 0.38

2.80 3.22 3.70 4.25 4.89

0.15 0.15 0.15 0.15 0.15

31.68 42.65 57.43 77.32 104.11

0.35 0.35 0.35 0.35 0.35

175.00 101.53 58.91 34.18 19.83

-0.42 -0.42 -0.42 -0.42 -0.42

193.39 115.02 68.41 40.69 24.20

-0.41 -0.41 -0.41 -0.41 -0.41

6946.13 9401.68 12839.82 17604.48 24178.68

0.15 0.15 0.15 0.15 0.15

3410.13 3425.16 3440.26 3455.43 3470.67

0.00 0.00 0.00 0.00 0.00

1948.26 1984.74 2021.90 2059.76 2098.32

0.02 0.02 0.02 0.02 0.02

1463.56 1444.65 1425.99 1407.57 1389.39

-0.01 -0.01 -0.01 -0.01 -0.01166.98 186.70 208.74 233.40 260.96

0.12 0.12 0.12 0.12 0.12

6615.40 9126.53 12590.86 17370.20 23963.73

0.38 0.38 0.38 0.38 0.38

641.09 750.99 879.72 1030.51 1207.16

0.17 0.17 0.17 0.17 0.17

364.13 365.50 366.88 368.26 369.64

0.00 0.00 0.00 0.00 0.00


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40.51 75.81 141.88 265.55 497.00

0.87 0.87 0.87 0.87 0.87

162.59 170.05 177.86 186.02 194.56

0.05 0.05 0.05 0.05 0.05

1155.58 1253.28 1359.24 1474.17 1598.80

0.08 0.08 0.08 0.08 0.08

5254.10 7093.52 9576.91 12929.71 17456.310.35 0.35 0.35 0.35 0.35

441.14 485.26 533.78 587.16 645.88

0.10 0.10 0.10 0.10 0.10

6982.93 9100.34 11859.80 15455.99 20142.65

0.30 0.30 0.30 0.30 0.30

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

3245.83 4014.49 4965.17 6140.99 7595.26

0.24 0.24 0.24 0.24 0.24

5766.70 8471.01 12443.52 18278.94 26850.91

0.47 0.47 0.47 0.47 0.47

8882.52 12045.56 16334.93 22151.74 30039.89

0.36 0.36 0.36 0.36 0.36

-2144.89 -3859.93 -6946.29 -12500.46 -22495.69

0.80 0.80 0.80 0.80 0.80

0.00 0.00 0.00 0.00 0.00

-1.00 -1.00 -1.00 -1.00 -1.00

6946.13 9401.68 12839.82 17604.48 24178.68

0.15 0.15 0.15 0.15 0.15

971.39 983.27 995.30 1007.47 1019.78

0.01 0.01 0.01 0.01 0.01185.65 203.11 222.21 243.11 265.97

0.09 0.09 0.09 0.09 0.09

0.74 0.21 0.03 0.01 0.00

-0.62 -0.71 -0.84 -0.85 -0.95

6.95% 8.73% 10.98% 13.80% 17.35%

6.95% 8.73% 10.98% 13.80% 17.35%

122.18% 169.13% 234.11% 324.07% 448.60%

128.98% 177.38% 243.94% 335.48% 461.37%

0.61% 0.81% 1.10% 1.48% 1.99%

3.34% 1.94% 1.13% 0.65% 0.38%

3.69% 2.20% 1.31% 0.78% 0.46%

100.00% 100.00% 100.00% 100.00% 100.00%


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65.14% 65.42% 65.71% 66.00% 66.29%

37.21% 37.91% 38.62% 39.34% 40.08%

27.96% 27.59% 27.24% 26.89% 26.54%

3.19% 3.57% 3.99% 4.46% 4.98%

126.36% 174.32% 240.50% 331.79% 457.73%12.25% 14.34% 16.80% 19.68% 23.06%

6.96% 6.98% 7.01% 7.03% 7.06%

3.11% 3.25% 3.40% 3.55% 3.72%

22.07% 23.94% 25.96% 28.16% 30.54%

100.36% 135.49% 182.93% 246.97% 333.43%

8.43% 9.27% 10.20% 11.22% 12.34%

133.38% 173.82% 226.53% 295.22% 384.74%

62.00% 76.68% 94.84% 117.30% 145.08%

110.15% 161.80% 237.68% 349.14% 512.88%

169.66% 230.08% 312.01% 423.12% 573.79%

-40.97% -73.73% -132.68% -238.77% -429.69%

18.55% 18.78% 19.01% 19.24% 19.48%

3.55% 3.88% 4.24% 4.64% 5.08%


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Mar '17 Mar '18 Mar '19 Mar '20

1141.62 1435.05 1803.90 2267.55

0.26 0.26 0.26 0.26

1141.62 1435.05 1803.90 2267.55

0.26 0.26 0.26 0.26

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

32510.51 45002.93 62295.65 86233.24

0.38 0.38 0.38 0.38

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.0033218.27 45683.18 62825.46 86400.26

0.38 0.38 0.38 0.38

5.62 6.46 7.43

0.15 0.15 0.15

140.17 188.73 254.10 342.12

0.35 0.35 0.35 0.35

11.51 6.68 3.87 2.25

-0.42 -0.42 -0.42 -0.42

14.39 8.56 5.09 3.03

-0.41 -0.41 -0.41 -0.41

33232.66 45691.74 62830.55 86403.29

0.15 0.15 0.15 0.15

3485.97 3501.34 3516.77 3532.28

0.00 0.00 0.00 0.00

2137.61 2177.63 2218.41 2259.94

0.02 0.02 0.02 0.02

1371.45 1353.73 1336.25 1318.99

-0.01 -0.01 -0.01 -0.01291.78 326.24 364.77 407.84

0.12 0.12 0.12 0.12

33060.08 45609.30 62922.06 86806.54

0.38 0.38 0.38 0.38

1414.08 1656.48 1940.43 2273.04

0.17 0.17 0.17 0.17

371.04 372.44 373.84 375.25

0.00 0.00 0.00 0.00


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930.19 1740.95 3258.35

0.87 0.87 0.87

203.50 212.84 222.61 232.83

0.05 0.05 0.05 0.05

1733.98 1880.59 2039.59 2212.04

0.08 0.08 0.08 0.08

23567.63 31818.48 42957.90 57997.130.35 0.35 0.35 0.35

710.47 781.51 859.66 945.63

0.10 0.10 0.10 0.10

26250.43 34210.23 44583.66 58102.59

0.30 0.30 0.30 0.30

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

9393.91 11618.52 14369.94 17772.93

0.24 0.24 0.24 0.24

39442.73 57939.53 85110.45 125023.26

0.47 0.47 0.47 0.47

40736.98 55243.26 74915.17 101592.17

0.36 0.36 0.36 0.36

-40483.00 -72852.76 -131105.04 -235935.20

0.80 0.80 0.80 0.80

0.00 0.00 0.00 0.00

-1.00 -1.00 -1.00 -1.00

33232.66 45691.74 62830.55 86403.29

0.15 0.15 0.15 0.15

1032.25 1044.88 1057.65 1070.58

0.01 0.01 0.01 0.01290.99 318.36 348.30 381.05

0.09 0.09 0.09 0.09

0.00 0.00 0.00 0.00

-0.98 -1.00 -1.00 -1.00

21.81% 27.41% 34.46% 43.31%

21.81% 27.41% 34.46% 43.31%

620.98% 859.59% 1189.90% 1647.13%

634.50% 872.59% 1200.02% 1650.32%

2.68% 3.60% 4.85% 6.53%

0.22% 0.13% 0.07% 0.04%

0.27% 0.16% 0.10% 0.06%

100.00% 100.00% 100.00% 100.00%


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66.58% 66.88% 67.17% 67.47%

40.83% 41.59% 42.37% 43.17%

26.20% 25.86% 25.52% 25.19%

5.57% 6.23% 6.97% 7.79%

631.48% 871.18% 1201.86% 1658.08%27.01% 31.64% 37.06% 43.42%

7.09% 7.11% 7.14% 7.17%

3.89% 4.07% 4.25% 4.45%

33.12% 35.92% 38.96% 42.25%

450.16% 607.76% 820.53% 1107.79%

13.57% 14.93% 16.42% 18.06%

501.41% 653.44% 851.59% 1109.81%

179.43% 221.92% 274.48% 339.48%

753.39% 1106.69% 1625.68% 2388.05%

778.11% 1055.19% 1430.94% 1940.50%

-773.26% -1391.55% -2504.22% -4506.56%

19.72% 19.96% 20.20% 20.45%

5.56% 6.08% 6.65% 7.28%


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all data in billion

2007 2008 2009 2010

Profit & Loss account of Bajaj A Unit 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover Rs Bn 10,741.91 9,856.66 9,310.24 12,420.95

growth % pa -8.24 -5.54 33.41

Excise Duty Rs Bn 1,321.67 1,029.51 610.07 607.7

as % of sales turnover % 12.30 10.44 6.55 4.89

Net Sales Rs Bn 9,420 8,827 8,700 11,813

Other Income Rs Bn 567.16 170.27 -6.2 22.5

growth % pa -69.98 -103.64 -462.90

Stock Adjustments Rs Bn -0.9 67.85 -24.49 47.6

Total Income Rs Bn 9,986.50 9,065.27 8,669.48 11,883.35

Expenditure

Raw Materials Rs Bn 6,969.50 6,760.04 6,502.10 8,187.11

Power & Fuel Cost Rs Bn 79.34 69.2 60.89 70.35

Employee Cost Rs Bn 310.07 350.09 366.67 411.76

Other Manufacturing Expenses Rs Bn 74.53 53.72 57.08 57.54

Selling and Admin Expenses Rs Bn 457.17 390.15 381.73 407.61

as % of sales turnover Rs Bn 4.26 3.96 4.10 3.28

Miscellaneous Expenses Rs Bn 230.89 209.63 225.56 221.94

as % of growth or decline Rs Bn -10.14 7.06 -1.63

Preoperative Exp Capitalised Rs Bn -32.05 -23.04 -14.42 -15.67

Total Expenses Rs Bn 8,089.45 7,809.79 7,579.61 9,340.64

Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths

Operating Profit Rs Bn 1,329.89 1,085.21 1,096.07 2,520.21

PBDIT Rs Bn 1,897.05 1,255.48 1,089.87 2,542.71

Interest Rs Bn 5.34 5.16 21.01 5.98

PBDT Rs Bn 1,891.71 1,250.32 1,068.86 2,536.73

Depreciation Rs Bn 190.26 173.96 129.79 136.45


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Other Written Off Rs Bn 0.39 1.12 0 0

Profit Before Tax Rs Bn 1,701.06 1,075.24 939.07 2,400.28

Extra-ordinary items Rs Bn 26.6 59.32 18.72 26.87

PBT (Post Extra-ord Items) Rs Bn 1,727.66 1,134.56 957.79 2,427.15

Tax Rs Bn 490.09 378.78 301.61 710.12

Reported Net Profit Rs Bn 1,210.97 696.46 637.46 1,690.16

Total Value Addition Rs Bn 1,119.95 1,049.75 1,077.51 1,153.53

Preference Dividend Rs Bn 0 0 0 0

Equity Dividend Rs Bn 404.73 289.37 318.3 578.73

Corporate Dividend Tax Rs Bn 68.78 49.18 54.1 96.12

Per share data (annualised)

Shares in issue (lakhs) 1,011.84 1,446.84 1,446.84 1,446.84

Earning Per Share (Rs) 122.35 52.25 45.37 117.69

Equity Dividend (%) 400 200 220 400

Book Value (Rs) 546.96 109.73 129.23 202.4

Market Price (per share) 391.1 1754.8 1541

common size statement Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 114.03% 111.66% 107.01% 105.14%

Excise Duty 14.03% 11.66% 7.01% 5.14%

Net Sales 100.00% 100.00% 100.00% 100.00%

Other Income 6.02% 1.93% -0.07% 0.19%Stock Adjustments -0.01% 0.77% -0.28% 0.40%

Total Income 106.01% 102.70% 99.65% 100.59%

Expenditure

Raw Materials 73.98% 76.58% 74.74% 69.30%

Power & Fuel Cost 0.84% 0.78% 0.70% 0.60%

Employee Cost 3.29% 3.97% 4.21% 3.49%

Other Manufacturing Expenses 0.79% 0.61% 0.66% 0.49%

Selling and Admin Expenses 4.85% 4.42% 4.39% 3.45%


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Miscellaneous Expenses 2.45% 2.37% 2.59% 1.88%

Preoperative Exp Capitalised -0.34% -0.26% -0.17% -0.13%

Total Expenses 85.87% 88.47% 87.12% 79.07%

Operating Profit 20.14% 14.22% 12.53% 21.52%

PBDIT 0.06% 0.06% 0.24% 0.05%

Interest 20.08% 14.16% 12.29% 21.47%

PBDT 2.02% 1.97% 1.49% 1.16%

Depreciation 0.00% 0.01% 0.00% 0.00%

Other Written Off 18.06% 12.18% 10.79% 20.32%

Profit Before Tax 0.28% 0.67% 0.22% 0.23%

Extra-ordinary items 18.34% 12.85% 11.01% 20.55%

PBT (Post Extra-ord Items) 5.20% 4.29% 3.47% 6.01%

Tax 12.85% 7.89% 7.33% 14.31%

Reported Net Profit 11.89% 11.89% 12.38% 9.76%


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2011 2012.0 2013 2014 2015 2016 2017 2018 2019

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

17,386.51 17404.1 17422 17439 17457 17475 17492 17510 17528

39.98 0.1 0.10 0.10 0.10 0.10 0.10 0.10 0.10

934.71 872.1 814 759 708 661 617 576 537

5.38 -0.1 -0.07 -0.07 -0.07 -0.07 -0.07 -0.07 -0.07

16,452 16531.9 16,608 16,680 16,748 16,814 16,875 16,934 16,991

1,176.00 1177.8 1180 1182 1183 1185 1187 1189 1191

5,126.67 0.2 0.16 0.16 0.16 0.16 0.16 0.16 0.16

82.79 0.0 0.00 0.00 0.00 0.00 0.00 0.00 0.00

17,710.59 17709.8 17,788 17,862 17,932 17,999 18,063 18,123 18,181

11,965.30 13331.2 14853 16548 18437 20542 22887 25500 28410

0.1 0.11 0.11 0.11 0.11 0.11 0.11 0.1186.61 88.1 87 88 88 89 89 89 89

0.0 0.02 0.02 0.02 0.02 0.02 0.02 0.02

494.33 542.7 596 654 718 788 865 950 1043

0.1 0.10 0.10 0.10 0.10 0.10 0.10 0.10

61.77 59.5 57 55 53 51 49 47 46

0.0 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04

450.18 448.8 447 446 445 443 442 441 439

0.0 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003

2.59 4.0 4 4 4 4 4 4 4

237.76 239.2 241 242 243 245 246 248 249

0.0 0.01 0.01 0.01 0.01 0.01 0.01 0.01

6.65 1.5 1.45 1.45 1.45 1.45 1.45 1.45 1.45

-16.66 -16.7 -16.66 -16.66 -16.66 -16.66 -16.66 -16.66 -16.66

13,279.29 14692.8 16,265 18,017 19,968 22,141 24,562 27,258 30,260

Mar '11

12 mths

3,255.30 3893.6 4656.945 5570.013 6662.102 7968.312 9530.625 11399.25 13634.260.2 0.196066 0.196066 0.196066 0.196066 0.196066 0.196066 0.196066

4,431.30 5250.8 6221.744 7372.293 8735.606 10351.03 12265.18 14533.31 17220.86

0.2 0.184924 0.184924 0.184924 0.184924 0.184924 0.184924 0.184924

1.69 1.3 1.066657 0.847411 0.673229 0.53485 0.424914 0.337575 0.268188

-0.2 -0.20555 -0.20555 -0.20555 -0.20555 -0.20555 -0.20555 -0.20555

4,429.61 5251.3 6225.437 7380.267 8749.319 10372.33 12296.42 14577.42 17281.56

0.2 0.185502 0.185502 0.185502 0.185502 0.185502 0.185502 0.185502

122.84 112.5 103.1185 94.47898 86.56327 79.31076 72.66589 66.57774 60.99967


14/26

-0.1 -0.08378 -0.08378 -0.08378 -0.08378 -0.08378 -0.08378 -0.08378

0 0.0 0 0 0 0 0 0 0

-1.0 -1 -1 -1 -1 -1 -1 -1

4,306.77 5186.1 6244.886 7519.88 9055.185 10903.95 13130.16 15810.9 19038.95

0.2 0.204166 0.204166 0.204166 0.204166 0.204166 0.204166 0.204166

46.77 52.4 58.61404 65.61737 73.45747 82.23432 92.05985 103.0593 115.3731

0.1 0.119482 0.119482 0.119482 0.119482 0.119482 0.119482 0.1194824,353.54 5237.4 6300.808 7580.068 9119.057 10970.51 13197.86 15877.44 19101.06

0.2 0.203031 0.203031 0.203031 0.203031 0.203031 0.203031 0.203031

1,011.02 1168.6 1350.683 1561.17 1804.458 2085.661 2410.685 2786.36 3220.579

0.2 0.155838 0.155838 0.155838 0.155838 0.155838 0.155838 0.155838

3,295.75 4026.4 4919.066 6009.617 7341.942 8969.643 10958.2 13387.62 16355.64

0.2 0.221699 0.221699 0.221699 0.221699 0.221699 0.221699 0.221699

1,313.99 1356.7 1400.714 1446.199 1493.162 1541.649 1591.711 1643.398 1696.764

0.0 0.032473 0.032473 0.032473 0.032473 0.032473 0.032473 0.032473

0 0.0 0 0 0 0 0 0 0

1,157.47 1428.2 1762.169 2174.284 2682.781 3310.199 4084.35 5039.551 6218.143

0.2 0.233868 0.233868 0.233868 0.233868 0.233868 0.233868 0.233868

187.77 229.5 280.6027 343.0241 419.3314 512.6137 626.6471 766.0478 936.4588

0.2 0.222455 0.222455 0.222455 0.222455 0.222455 0.222455 0.222455

2,893.67 2893.7 2893.67 2893.67 3617.088 3617.088 3617.088 4521.359 4521.359

0.0 0.0 0.0 0.3 0.0 0.0 0.3 0.0

115.42 114.1 112.7592 111.4519 110.1597 108.8825 107.6201 106.3724 105.1391

0.0 -0.01159 -0.01159 -0.01159 -0.01159 -0.01159 -0.01159 -0.01159

400 400.0 400 400 400 400 400 400 400

0.0 0 0 0 0 0 0 0

169.69 134.3 106.2519 84.07689 66.52989 52.64498 41.65787 32.9638 26.08419-0.2 -0.2087 -0.2087 -0.2087 -0.2087 -0.2087 -0.2087 -0.2087

1649.1 2224.05 2580.07 2936.09 3292.11 3648.13 4004.15 4360.17 4716.19

0.3 0.33 0.33 0.33 0.33 0.33 0.33 0.33

Mar '11

12 mths

105.68% 105.28% 104.90% 104.55% 104.23% 103.93% 103.65% 103.40% 103.16%

5.68% 5.28% 4.90% 4.55% 4.23% 3.93% 3.65% 3.40% 3.16%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

7.15% 7.12% 7.10% 7.08% 7.07% 7.05% 7.03% 7.02% 7.01%0.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

107.65% 107.12% 107.10% 107.08% 107.07% 107.05% 107.03% 107.02% 107.01%

72.73% 80.64% 89.43% 99.21% 110.08% 122.18% 135.62% 150.58% 167.21%

0.53% 0.0 0.53% 0.53% 0.53% 0.53% 0.53% 0.53% 0.53%

3.00% 0.0 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

0.38% 0.0 0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.38%

2.74% 2.71% 2.69% 2.67% 2.65% 2.64% 2.62% 2.60% 2.59%


15/26

1.45% 0.0 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%

-0.10% -0.10% -0.10% -0.10% -0.10% -0.10% -0.10% -0.10% -0.10%

80.72% 88.87% 97.93% 108.01% 119.22% 131.69% 145.55% 160.96% 178.10%

26.94% 31.76% 37.46% 44.20% 52.16% 61.56% 72.68% 85.82% 101.35%

0.01% 0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%

26.92% 31.76% 37.48% 44.25% 52.24% 61.69% 72.87% 86.08% 101.71%

0.75% 0.68% 0.62% 0.57% 0.52% 0.47% 0.43% 0.39% 0.36%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

26.18% 31.37% 37.60% 45.08% 54.07% 64.85% 77.81% 93.37% 112.06%

0.28% 0.32% 0.35% 0.39% 0.44% 0.49% 0.55% 0.61% 0.68%

26.46% 31.68% 37.94% 45.44% 54.45% 65.25% 78.21% 93.76% 112.42%

6.15% 7.07% 8.13% 9.36% 10.77% 12.40% 14.29% 16.45% 18.96%

20.03% 24.36% 29.62% 36.03% 43.84% 53.35% 64.94% 79.06% 96.26%

7.99% 8.21% 8.43% 8.67% 8.92% 9.17% 9.43% 9.70% 9.99%


16/26

2020

12 mths

17545

0.10

501

-0.07

17,044

1193

0.16

0.00

18,237

31654

0.1190

0.02

1145

0.10

44

-0.04

438

-0.003

4

251

0.01

1.45

-16.66

33,604

16307.470.196066

20405.41

0.184924

0.213063

-0.20555

20487.32

0.185502

55.88895


17/26

-0.08378

0

-1

22926.06

0.204166

129.1581

0.11948222979.16

0.203031

3722.466

0.155838

19981.67

0.221699

1751.863

0.032473

0

7672.371

0.233868

1144.779

0.222455

4521.359

0.0

103.9202

-0.01159

400

0

20.64037-0.2087

5072.21

0.33

102.94%

2.94%

100.00%

7.00%0.00%

107.00%

185.71%

0.53%

3.00%

0.38%

2.57%


18/26

1.45%

-0.10%

197.16%

119.72%

0.00%

120.20%

0.33%

0.00%

134.51%

0.76%

134.82%

21.84%

117.23%

10.28%


19/26

Financial Indicators2008 2009 2010 2011

Valuation Ratios

EPS 6.266 5.992 8.213 6.120

Dividend per Share 0.200 0.220 0.400 0.400

P/E Ratio 62.421 292.857 187.622 269.441

P/B (price to book) Ratio 3.564 13.579 7.614 9.718

Dividend Payout Ratio 0.287 0.345 0.237 0.121

Profitability Ratios

Return on Equity (ROE) 14.91808 9.664649 6.844459 6.849607

Return on Sales (ROS) 0.142229 0.12527 0.215242 0.26935

Growth Rates

EPS Growth Rate -4% 37% -25.48%Dividend Growth Rate 10% 82% 0%

Sales Growth Rate -1% 36% 39%

EBIT Growth Rate -13% 133% 74%

Net Income Growth Rate -8% 165% 95%

Liquidity Ratios

Current Ratio 0.337 0.320 0.183 0.163

Quick Ratio 54.88 135.82 100.26 155.51

Operating Efficiency Ratios

Inventory Turnover Ratio 88.5 80.1 88.7 108.5

Receivable Turnover Ratio 32.06 24.26 43.30 45.35

Leverage Ratios

Total Debt to Total Capitalization 90% 92% 90% 53%

Long-Term Debt to Total Capitalization 0.47% 0.00% 0.88% 3.83%

Total Debt to Equity 9.22 10.85 9.25 1.12

Coverage Ratios

Times Interest Earned (TIE) 209.60 45.70 402.38 2549.38

Cash Coverage Ratio 243 52 425 2622


20/26

2012 2013 2014 2015 2016 2017 2018 2019 2020

6.120 6.147 6.173 4.958 4.976 4.994 4.008 4.021 4.034

0.494 0.609 0.751 0.742 0.915 1.129 1.115 1.375 1.697

363.396 419.723 475.663 664.061 733.138 801.844 1087.759 1172.818 1257.512

16.563 24.283 34.921 49.483 69.297 96.120 132.271 180.806 245.742

0.099 0.081 0.067 0.054 0.045 0.037 0.030 0.024 0.020

5.551077 4.518691 3.677437 2.992145 2.434062 1.979698 1.609868 1.308915 2.376975

0.317613 0.374625 0.441984 0.521577 0.615637 0.726806 0.858211 1.01355 1.197198

0.00% 0.44% 0.42% -19.69% 0.37% 0.35% -19.73% 0.32% 0.31%23% 23% 23% -1% 23% 23% -1% 23% 23%

0.49% 0.46% 0.43% 0.41% 0.39% 0.37% 0.35% 0.33% 0.32%

18% 18% 18% 18% 18% 18% 18% 18% 18%

22% 22% 22% 22% 22% 22% 22% 22% 22%

0.130 0.104 0.083 0.067 0.053 0.043 0.034 0.027 0.022

162.63 170.08 177.88 186.04 194.58 203.51 212.85 222.62 232.84

108.9 107.2 106.6 106.1 105.5 105.0 104.5 104.1 103.7

45.40 45.44 45.47 45.48 45.49 45.48 45.47 45.45 45.42

35% 20% 11% 5% 3% 1% 1% 0% 0%

5.69% 7.45% 8.93% 10.13% 11.17% 12.13% 13.07% 14.05% 15.07%

0.53 0.25 0.12 0.06 0.03 0.01 0.01 0.00 0.00

3826.98 5736.26 8588.30 12847.10 19204.85 28694.07 42854.86 63984.45 95509.33

3911 5833 8700 12976 19353 28865 43052 64212 95772


21/26

Cash Flow of Bajaj Auto ------------------- in Rs. Cr. -------------------

Mar '07 Mar '08 Mar '09

12 mths 12 mths

Net Profit Before Tax 1728.05 958.09

Net Cash From Operating Activities 681.73 411.49Net Cash (used in)/from -429.99 -207.66

Investing Activities

Net Cash (used in)/from Financing Activities -250.35 -123.03

Net (decrease)/increase In Cash and Cash Equivalents 1.39 80.8

Opening Cash & Cash Equivalents 82.09 56.07

Closing Cash & Cash Equivalents 83.48 136.87

average no of shares 139.5 144.7

free cash flow calculation

Units 2009

2008

Decrease/(Increase) in Accounts Receivable rs bn

Decrease/(Increase) in Inventories rs bn

Decrease/(Increase) in Other Current Assets rs bn

Change in Current Asset rs bn

Increase/(Decrease) in Accounts Payable rs bn

Increase/(Decrease) in Other Current Liabilities rs bn

Increase/(Decrease) in Short term debt rs bn

Change in current Liability rs bn

Change in Working Capital rs bn

Free Cash Flow to Equity (FCFE)

Net Income Rs bn 939.07

Net Capital Expenditure Rs bn -207.66

Change in net working capital Rs bn

New Debt Rs bn 0

Debt repayment Rs bn 0

FCFE Rs bn 731.41


22/26

% 9

NPV Rs bn 45,032.90 94,330.35

Average no of shares bn 139.50 144.70

Valuation of share 322.82 651.90

Intrinsic value

Dividend Discount model

Dividends 318.30

Present value of dividend 17,402.08

Intrinsic value 124.75


23/26

Mar '10 Mar '11 12 13 14 15 16 17 18

12 mths 12 mths

2411.13 4350.75

2737.11 2013.72-2163.62 -1096.64 -1899.148 -1819.171 -2149.862 -2239.658 -2398.741 -2487.038 -2574.528

0.732 -0.042 0.182 0.042 0.071 0.037 0.035

-608.95 -862

-35.46 55.08

136.87 101.41

101.41 156.49

28.94 28.94

2010 2011 2012 2013 2014 2015 2016 2017 2018

-85.81 89.92 1.37 1.37 1.38 1.38 1.39 1.39 1.40

107.37 101.07 93.81 109.89 128.73 150.80 176.65 206.93 242.40

10.70 7.71 18.86 35.30 66.08 123.67 231.45 433.19 810.75

32.26 198.70 114.04 146.57 196.18 275.85 409.49 641.51 1054.55

-6.42 0.38 -1.22 -0.52 -0.18 -0.03 0.00 0.00 0.00

0.43 0.41 0.36 0.42 0.48 0.55 0.64 0.73 0.84

0 0 0 0 0 0 0 0 0

-5.99 0.78 -0.85 -0.10 0.30 0.52 0.63 0.73 0.84

38.25 197.91 114.89 146.67 195.88 275.32 408.86 640.78 1053.71

2,400.28 4,306.77 5,186.07 6,244.89 7,519.88 9,055.18 10,903.95 13,130.16 15,810.90

-2163.62 -1096.64 -1899.15 -1819.17 -2149.86 -2239.66 -2398.74 -2487.04 -2574.53

38.25 197.91 114.89 146.67 195.88 275.32 408.86 640.78 1053.71

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

274.91 3,408.04 3,401.81 4,572.39 5,565.90 7,090.85 8,914.06 11,283.90 14,290.08


24/26

94,055.44 90,647.40 87,245.58 82,673.20 77,107.30 70,016.45 61,102.39 49,818.49 35,528.41

28.94 28.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3250.02 3132.25 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

578.73 1,157.47 1,428.17 1,762.17 2,174.28 2,682.78 3,310.20 4,084.35 5,039.55


25/26

19 20

-2635.32 -2686.168

0.024 0.019

2019 2020

1.40 1.41

283.95 332.62

1517.40 -3258.35

1802.75 -2924.32

0.00 0.00

0.97 -7.43

0 0

0.97 -7.43

1801.79 -2916.90

19,038.95 22,926.06

-2635.32 -2686.17

1801.79 -2916.90

0 0

0 0

18,205.42 17,322.99


26/26

17,322.99 0.00

0.00 0.00

#DIV/0!

6,218.14 7,672.37

Documents

Abhishek BAJAJ FM