Bajaj Auto Ltd
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]
- 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.
Peer comparison
Sector: Automobile Industry: Automobiles - Scooters And 3 - Wheelers
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Closure of Buy Back 1d
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Announcement under Regulation 30 (LODR)-Newspaper Publication
22 Mar - In furtherance of our Disclosure dated March 4, 2024 in relation to the letter of offer for the Buyback. Pursuant to Regulation 24(vi) of the …
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 20 Mar
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 15 Mar
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Announcement under Regulation 30 (LODR)-Credit Rating
12 Mar - Of credit ratings assigned by CRISIL Ratings Limited to Bajaj Auto Credit Limited, wholly owned subsidiary of Bajaj Auto Limited.
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Concalls
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Jan 2024TranscriptPPT
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Jul 2023TranscriptPPT
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May 2023TranscriptPPT
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Oct 2022TranscriptPPT
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Jul 2022TranscriptPPT
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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]