Bajaj Auto Ltd

Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles etc. and parts thereof. The Company sells its products in India as well as in various other global markets.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 22.80%
Company has been maintaining a healthy dividend payout of 38.47%
Cons:
The company has delivered a poor growth of 8.48% over past five years.
Earnings include an other income of Rs.2246.76 Cr.

Peer Comparison Sector: Automobile // Industry: Automobiles - Scooters And 3 - Wheelers

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
5,748 6,055 5,067 4,897 5,442 6,580 6,388 6,788 7,419 8,012 7,409 7,395
4,572 4,760 4,023 3,992 4,504 5,282 5,139 5,458 6,139 6,645 6,254 6,234
Operating Profit 1,176 1,294 1,044 905 938 1,297 1,249 1,331 1,280 1,367 1,155 1,162
OPM % 20% 21% 21% 18% 17% 20% 20% 20% 17% 17% 16% 16%
Other Income 267 422 371 355 339 379 270 447 332 461 590 878
Interest 0 1 0 0 0 0 0 0 0 0 4 0
Depreciation 77 77 77 76 75 77 75 88 70 72 63 61
Profit before tax 1,365 1,638 1,338 1,184 1,201 1,599 1,444 1,689 1,542 1,757 1,678 1,979
Tax % 28% 27% 27% 27% 30% 25% 30% 30% 32% 28% 27% 29%
Net Profit 1,040 1,201 977 862 837 1,194 1,013 1,175 1,042 1,257 1,221 1,408
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8,626 8,427 11,525 16,408 19,582 20,025 20,137 21,595 22,574 21,755 25,210 30,250
7,772 7,777 9,543 13,249 15,901 16,377 15,982 17,663 17,786 17,331 20,377 25,271
Operating Profit 854 650 1,982 3,158 3,681 3,648 4,155 3,932 4,788 4,424 4,833 4,979
OPM % 10% 8% 17% 19% 19% 18% 21% 18% 21% 20% 19% 16%
Other Income 442 324 459 1,406 502 797 682 425 1,199 1,473 1,417 2,247
Interest 5 22 7 2 23 1 1 6 1 1 1 4
Depreciation 175 131 137 124 147 168 181 267 307 307 315 266
Profit before tax 1,117 821 2,298 4,438 4,013 4,277 4,655 4,083 5,679 5,588 5,933 6,956
Tax % 33% 35% 30% 23% 25% 29% 31% 31% 28% 27% 29% 29%
Net Profit 750 536 1,597 3,455 3,049 3,133 3,380 3,026 4,061 4,079 4,219 4,928
EPS in Rs 16.65 51.88 112.90 98.05 100.61 108.32 94.62 120.23 140.98 145.80 170.29
Dividend Payout % 39% 59% 36% 34% 43% 42% 43% 48% 39% 39% 41% 35%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.63%
5 Years:8.48%
3 Years:10.25%
TTM:19.99%
Compounded Profit Growth
10 Years:21.90%
5 Years:6.81%
3 Years:4.58%
TTM:9.70%
Return on Equity
10 Years:31.74%
5 Years:25.19%
3 Years:22.80%
Last Year:21.31%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
145 145 145 289 289 289 289 289 289 289 289 289
Reserves 1,479 1,668 2,572 4,518 5,792 7,776 9,878 10,806 13,731 17,567 20,136 22,944
Borrowings 1,346 1,595 1,361 347 150 116 59 112 118 120 121 125
2,026 2,623 3,056 4,024 4,933 4,495 5,228 4,895 3,230 3,830 4,798 5,570
Total Liabilities 4,996 6,031 7,134 9,179 11,165 12,676 15,454 16,103 17,368 21,806 25,344 28,929
1,575 1,914 1,812 1,855 1,920 2,355 2,660 2,448 2,026 2,002 1,878 1,764
CWIP 35 22 42 70 42 294 144 255 52 42 56 48
Investments 1,563 1,423 3,445 4,211 4,473 6,059 8,448 8,985 11,067 15,477 18,895 20,603
1,824 2,672 1,835 3,043 4,731 3,968 4,203 4,415 4,223 4,285 4,514 6,514
Total Assets 4,996 6,031 7,134 9,179 11,165 12,676 15,454 16,103 17,368 21,806 25,344 28,929

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
329 2,564 1,639 3,246 2,218 3,502 2,114 3,690 3,267 4,328 2,487
-173 -1,935 -627 -850 -1,394 -2,072 -380 -68 -3,610 -1,954 -273
-84 -664 -871 -1,462 -1,445 -1,496 -1,644 -3,384 -190 -1,885 -2,074
Net Cash Flow 71 -35 141 934 -621 -66 90 238 -532 488 140

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 32% 65% 77% 73% 59% 50% 40% 45% 35% 31% 30%
Debtor Days 11 12 8 8 7 13 14 12 12 16 22 31
Inventory Turnover 22.84 27.77 31.72 30.60 29.72 31.34 29.68 29.45 30.06 34.28 35.50