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Company Report

BAJAJ AUTO

Motorcycles have been powering Bajaj Auto’s revival. But in the September quarter even though there has been an increase of 29 per cent in volume of motorcycles sold, the overall performance has not been impressive.

Total income moved up by just 5 per cent over the previous corresponding quarter to Rs 1,089.77 crore (Rs 1,033.51 crore), whereas sequentially income fell 1 per cent over the June quarter income of Rs 1,102.73 crore.

Against this, the total spending was up by 8 per cent on a year-on-year basis to Rs 657.79 crore (Rs 887.55 crore), while net profit fell 10 per cent over the previous corresponding period to Rs 131.98 crore (Rs 145.96 crore). Sequentially, however, costs were down by 2 per cent and net profit rose by 8 per cent.

Net sales at Rs 1,050.07 crore (Rs 929.78 crore) was up 13 per cent over the previous corresponding quarter. Sequentially, sales fell 2 per cent.

Raw material cost (up 17 per cent) and staff costs (up 28 per cent) were the main costs components to have gone up. Sequentially, however, these costs were up by just 2 per cent and 9 per cent respectively.

Other expenditure came down 14 per cent over the year ago period and sequentially too. Operating profit moved up 53 per cent over the year ago period to Rs 204.64 crore (Rs 133.94 crore) while sequentially it was up by 4 per cent over the June quarter profits of Rs 196.64 crore.

OPM at 19 per cent was up 5 percentage points over the year ago period and 1 percentage point over the June quarter. Other income at Rs 39.70 crore was down 62 per cent over the previous corresponding period income of Rs 103.73 crore but up 15 per cent over the preceding quarter’s income of Rs 34.55 crore.

Depreciation was also down by 8 per cent over the previous corresponding quarter to Rs 41.21 crore (Rs 44.59 crore) and 4 per cent below the June quarter provisioning of Rs 43.05 crore.

After having provided for Rs 71 crore (Rs 46 crore) in taxes, up by 54 per cent over the previous corresponding quarter and 8 per cent sequentially the company reported a net profit of Rs 131.98 crore down 10 per cent over the previous corresponding period and 8 per cent over the June quarter profit of Rs 121.81 crore.

The stock currently trades at Rs 434 discounting its September quarter annualised EPS of Rs 52.18 by 8.5 times.

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