Bajaj Auto Ltd

About [ edit ]

Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 70+ 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. #

Key Points [ edit ]
  • Market Cap 102,344 Cr.
  • Current Price 3,541
  • High / Low 4,361 / 2,264
  • Stock P/E 22.0
  • Book Value 820
  • Dividend Yield 3.39 %
  • ROCE 29.6 %
  • ROE 23.2 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.39%.
  • Company has been maintaining a healthy dividend payout of 47.67%

Cons

  • The company has delivered a poor sales growth of 6.74% over past five years.
  • Earnings include an other income of Rs.1786.63 Cr.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
6,788 7,465 8,036 7,436 7,421 7,756 7,707 7,640 6,816 3,079 7,156 8,910
5,458 6,127 6,623 6,224 6,194 6,567 6,428 6,273 5,563 2,803 5,890 7,181
Operating Profit 1,331 1,338 1,413 1,212 1,226 1,188 1,279 1,367 1,253 276 1,266 1,729
OPM % 20% 18% 18% 16% 17% 15% 17% 18% 18% 9% 18% 19%
Other Income 447 274 415 533 813 337 514 427 577 338 342 530
Interest 0 0 0 4 0 1 1 0 1 1 3 1
Depreciation 88 70 72 63 61 60 61 62 63 64 64 65
Profit before tax 1,689 1,542 1,757 1,678 1,979 1,465 1,730 1,732 1,765 549 1,541 2,193
Tax % 30% 32% 28% 27% 29% 31% 12% 24% 23% 28% 23% 22%
Net Profit 1,175 1,042 1,257 1,221 1,408 1,012 1,523 1,322 1,354 396 1,194 1,716
EPS in Rs 40.62 36.00 43.42 42.19 48.67 34.98 52.64 45.70 46.79 13.67 41.26 59.31

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
8,427 11,525 16,408 19,582 20,025 20,137 21,595 22,574 21,755 25,210 30,358 29,919 25,961
7,777 9,543 13,249 15,901 16,377 15,982 17,663 17,786 17,331 20,377 25,168 24,823 21,438
Operating Profit 650 1,982 3,158 3,681 3,648 4,155 3,932 4,788 4,424 4,833 5,190 5,096 4,523
OPM % 8% 17% 19% 19% 18% 21% 18% 21% 20% 19% 17% 17% 17%
Other Income 324 459 1,406 502 797 682 425 1,199 1,473 1,417 2,036 1,846 1,787
Interest 22 7 2 23 1 1 6 1 1 1 4 3 6
Depreciation 131 137 124 147 168 181 267 307 307 315 266 246 256
Profit before tax 821 2,298 4,438 4,013 4,277 4,655 4,083 5,679 5,588 5,933 6,956 6,692 6,048
Tax % 35% 30% 23% 25% 29% 31% 31% 28% 27% 29% 29% 22%
Net Profit 536 1,597 3,455 3,049 3,133 3,380 3,026 4,061 4,079 4,219 4,928 5,212 4,660
EPS in Rs 18.51 55.19 119.39 105.35 108.26 116.82 104.56 140.35 140.98 145.80 170.29 180.11 161.03
Dividend Payout % 59% 36% 34% 43% 42% 43% 48% 39% 39% 41% 35% 67%
Compounded Sales Growth
10 Years:10%
5 Years:7%
3 Years:11%
TTM:-15%
Compounded Profit Growth
10 Years:12%
5 Years:11%
3 Years:8%
TTM:-7%
Stock Price CAGR
10 Years:10%
5 Years:7%
3 Years:8%
1 Year:45%
Return on Equity
10 Years:29%
5 Years:24%
3 Years:22%
Last Year:23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
145 145 289 289 289 289 289 289 289 289 289 289 289
Reserves 1,668 2,572 4,518 5,792 7,776 9,878 10,806 13,731 17,567 20,136 22,944 21,373 23,430
Borrowings 1,595 1,361 347 150 116 59 112 118 120 121 125 126 126
2,458 2,865 3,994 4,894 4,461 5,081 4,758 3,102 3,661 4,595 5,476 4,722 5,553
Total Liabilities 5,866 6,942 9,149 11,126 12,642 15,308 15,966 17,240 21,638 25,141 28,834 26,510 29,399
1,914 1,812 1,855 1,920 2,355 2,660 2,448 2,026 2,002 1,878 1,764 1,699 1,672
CWIP 22 42 70 42 294 144 255 52 42 56 48 60 58
Investments 1,423 3,445 4,211 4,473 6,059 8,448 8,985 11,067 15,477 18,895 20,603 19,914 21,844
2,507 1,643 3,013 4,692 3,934 4,056 4,277 4,095 4,117 4,312 6,420 4,837 5,824
Total Assets 5,866 6,942 9,149 11,126 12,642 15,308 15,966 17,240 21,638 25,141 28,834 26,510 29,399

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
329 2,564 1,639 3,246 2,218 3,502 2,114 3,690 3,267 4,328 2,487 3,850
-173 -1,935 -627 -850 -1,394 -2,072 -380 -68 -3,610 -1,954 -273 1,766
-84 -664 -871 -1,462 -1,445 -1,496 -1,644 -3,384 -190 -1,885 -2,074 -6,247
Net Cash Flow 71 -35 141 934 -621 -66 90 238 -532 488 140 -630

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 32% 65% 77% 73% 59% 50% 40% 45% 35% 31% 30% 30%
Debtor Days 12 8 8 7 13 14 12 12 16 22 31 21
Inventory Turnover 17.68 19.69 22.98 22.23 21.60 21.77 20.57 19.80 20.34 23.81 25.72 20.86

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
49.30 49.30 49.30 49.30 51.18 53.52 53.52 53.52 53.66 53.69 53.69 53.70
17.20 16.72 16.42 16.11 15.64 14.61 14.05 13.88 13.94 13.71 13.56 13.06
8.51 7.94 7.98 8.16 7.38 8.57 9.79 10.10 8.76 9.12 10.41 9.13
24.99 26.04 26.30 26.43 25.80 23.30 22.64 22.49 23.64 23.48 22.34 24.11

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