Bajaj Auto Ltd

Bajaj Auto Ltd

₹ 9,148 -0.16%
28 Mar - close price
About

Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries across several countries in Latin America, Southeast Asia, and many more. Its headquarter is in Pune, India.
It has acquired 48% of the KTM Brand which manufactures sports and super sports two-wheelers, which was 14% in 2007 when the company first acquired KTM. [1]

Key Points

Brand Reputation
It is the world's fourth-largest manufacturer of motorcycles. It is also the largest manufacturer and seller of 3-wheelers globally. [1] [2]

Segment Performance
Mileage Segment (100cc to 125cc)- This segment consists of products like Bajaj CT, the Platina, and the Pulsar 125. It accounts for by far the highest unit-wise sale of motorcycles in India. In FY22, the market share in this segment improved from 15.2% in FY21 to 17%. [3]

  • Market Cap 2,58,806 Cr.
  • Current Price 9,148
  • High / Low 9,288 / 3,802
  • Stock P/E 37.1
  • Book Value 896
  • Dividend Yield 1.53 %
  • ROCE 28.1 %
  • ROE 21.3 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 80.0%
  • Debtor days have improved from 23.4 to 17.8 days.

Cons

  • Stock is trading at 10.2 times its book value
  • The company has delivered a poor sales growth of 7.64% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
8,910 8,596 7,386 8,762 9,022 7,975 8,005 10,203 9,315 8,905 10,310 10,777 12,114
7,180 7,072 6,266 7,361 7,650 6,609 6,708 8,444 7,538 7,188 8,356 8,644 9,684
Operating Profit 1,730 1,524 1,120 1,401 1,372 1,366 1,297 1,759 1,777 1,717 1,954 2,133 2,430
OPM % 19% 18% 15% 16% 15% 17% 16% 17% 19% 19% 19% 20% 20%
369 284 329 318 273 604 319 333 269 260 346 361 346
Interest 1 2 2 2 2 3 4 11 8 16 12 7 12
Depreciation 65 66 64 66 70 70 67 67 74 74 84 88 88
Profit before tax 2,033 1,739 1,383 1,652 1,573 1,897 1,545 2,014 1,964 1,886 2,205 2,400 2,676
Tax % 23% 23% 23% 23% 23% 23% 24% 24% 24% 24% 24% 24% 24%
1,556 1,332 1,061 1,275 1,214 1,469 1,173 1,530 1,491 1,433 1,665 1,836 2,042
EPS in Rs 53.78 46.03 36.67 44.05 41.96 50.76 40.55 52.87 52.71 50.64 58.83 64.89 72.11
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
19,516 19,980 20,088 21,593 22,574 21,755 25,210 30,358 29,919 27,741 33,145 36,428 42,105
15,783 16,335 15,974 17,461 17,780 17,323 20,362 25,157 24,809 22,800 27,877 29,864 33,872
Operating Profit 3,734 3,645 4,113 4,132 4,794 4,432 4,848 5,201 5,110 4,942 5,268 6,563 8,233
OPM % 19% 18% 20% 19% 21% 20% 19% 17% 17% 18% 16% 18% 20%
461 788 699 227 1,062 1,213 1,251 1,772 1,720 1,263 1,516 1,167 1,314
Interest 22 1 0 6 1 1 1 4 3 7 9 39 46
Depreciation 146 167 180 267 307 307 315 266 246 259 269 282 333
Profit before tax 4,026 4,266 4,632 4,085 5,547 5,336 5,783 6,703 6,580 5,939 6,505 7,409 9,167
Tax % 25% 29% 30% 31% 29% 28% 30% 30% 22% 23% 23% 24%
3,004 3,044 3,243 2,814 3,930 3,828 4,068 4,675 5,100 4,555 5,019 5,628 6,976
EPS in Rs 103.81 105.18 112.08 97.24 135.80 132.27 140.59 161.57 176.25 157.40 173.44 198.89 246.47
Dividend Payout % 43% 43% 45% 51% 40% 42% 43% 37% 68% 89% 81% 70%
Compounded Sales Growth
10 Years: 6%
5 Years: 8%
3 Years: 7%
TTM: 19%
Compounded Profit Growth
10 Years: 6%
5 Years: 6%
3 Years: 3%
TTM: 29%
Stock Price CAGR
10 Years: 16%
5 Years: 26%
3 Years: 36%
1 Year: 136%
Return on Equity
10 Years: 24%
5 Years: 21%
3 Years: 20%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 289 289 289 289 289 289 289 289 289 289 289 283 283
Reserves 5,752 7,613 9,319 10,403 12,977 16,745 18,814 21,491 19,636 24,913 26,379 25,143 25,098
125 88 59 112 118 120 121 125 126 121 123 124 125
4,918 4,488 5,080 4,758 3,102 3,661 4,595 5,476 4,722 6,206 5,130 5,578 6,941
Total Liabilities 11,084 12,479 14,748 15,562 16,486 20,815 23,819 27,380 24,773 31,530 31,922 31,128 32,447
1,482 1,804 2,006 1,917 2,026 2,002 1,878 1,764 1,699 1,665 1,834 2,716 2,797
CWIP 42 294 144 255 52 42 56 48 60 16 77 82 45
Investments 4,883 6,430 8,550 9,153 10,321 14,731 17,588 19,159 18,196 22,631 23,819 22,923 23,264
4,678 3,950 4,048 4,237 4,088 4,039 4,296 6,409 4,818 7,218 6,192 5,406 6,341
Total Assets 11,084 12,479 14,748 15,562 16,486 20,815 23,819 27,380 24,773 31,530 31,922 31,128 32,447

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
3,193 2,134 3,546 2,147 3,657 3,339 4,261 2,490 3,862 3,114 4,208 5,512
-682 -1,278 -2,141 -414 -30 -3,687 -1,894 -271 1,757 -2,867 -92 1,322
-1,564 -1,479 -1,468 -1,644 -3,384 -190 -1,885 -2,074 -6,247 -20 -4,056 -7,179
Net Cash Flow 947 -622 -64 89 242 -538 481 144 -628 228 59 -345

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 8 14 14 12 12 16 22 31 21 36 17 18
Inventory Days 18 16 17 20 17 18 16 16 18 28 18 20
Days Payable 51 50 56 43 49 56 68 63 56 85 55 57
Cash Conversion Cycle -25 -20 -24 -11 -20 -22 -31 -17 -16 -22 -19 -20
Working Capital Days -41 -22 -34 -23 -4 -3 -21 -4 -9 -0 -3 -10
ROCE % 73% 60% 52% 42% 46% 35% 32% 31% 31% 26% 24% 28%

Shareholding Pattern

Numbers in percentages

81 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
53.70% 53.70% 53.70% 53.73% 53.77% 53.77% 54.84% 54.99% 54.99% 54.99% 54.99% 54.95%
11.99% 11.82% 11.21% 10.20% 10.49% 11.16% 11.56% 11.82% 12.35% 13.67% 14.37% 14.64%
12.29% 12.71% 12.85% 13.23% 13.17% 12.40% 11.53% 10.91% 10.79% 9.56% 9.03% 8.66%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
22.02% 21.77% 22.24% 22.84% 22.57% 22.68% 21.99% 22.20% 21.79% 21.72% 21.54% 21.67%
No. of Shareholders 1,56,9551,54,3092,11,2032,44,0812,33,2252,28,8732,25,5182,26,8362,09,0762,02,9281,96,5432,00,795

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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