Bajaj Consumer Care Ltd

About

Bajaj Consumer Care is engaged in the business of cosmetics, toiletries and other personal care products. The Company has presence in both domestic and international markets.(Source : 201903 Annual Report Page No: 98)

Key Points

Leader in the Indian light hair oil segment [1]
Bajaj Consumer’s market share in the light hair oil segment has increased to 64% in FY2019 from 52% in FY2012.
Its estimated market share in the total hair oil segment was 10.5% in January 2020, with Bajaj Almond Drops penetration touching 21%.

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  • Market Cap 2,699 Cr.
  • Current Price 183
  • High / Low 324 / 182
  • Stock P/E 13.0
  • Book Value 53.8
  • Dividend Yield 5.46 %
  • ROCE 37.3 %
  • ROE 31.2 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 5.46%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.10%
  • Company has been maintaining a healthy dividend payout of 58.42%

Cons

  • The company has delivered a poor sales growth of 2.88% over past five years.
  • Promoter holding has decreased over last 3 years: -28.82%

Peer comparison

Sector: FMCG Industry: Personal Care - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
233 247 241 220 213 179 198 227 248 249 217 216
162 171 172 159 160 156 141 164 186 187 164 168
Operating Profit 70 77 69 61 53 22 57 62 62 62 52 48
OPM % 30% 31% 28% 28% 25% 13% 29% 28% 25% 25% 24% 22%
Other Income 7 2 6 7 9 8 11 8 9 6 8 10
Interest 0 1 0 2 1 1 0 0 0 0 0 1
Depreciation 2 2 1 1 1 1 2 2 2 2 1 1
Profit before tax 76 76 73 64 59 28 66 69 70 66 59 56
Tax % 22% 22% 22% 13% 18% 18% 17% 18% 18% 17% 17% 18%
Net Profit 59 60 57 56 49 23 54 57 57 55 49 47
EPS in Rs 4.02 4.06 3.84 3.80 3.30 1.58 3.68 3.86 3.88 3.71 3.31 3.15

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
468 600 665 817 800 797 828 918 852 922 930
351 428 479 578 526 533 575 644 647 678 706
Operating Profit 117 172 186 239 274 264 254 274 205 243 224
OPM % 25% 29% 28% 29% 34% 33% 31% 30% 24% 26% 24%
Other Income 37 40 12 -15 -18 21 24 17 30 35 34
Interest 0 0 6 0 0 1 1 1 4 1 2
Depreciation 3 4 4 5 5 5 7 7 6 6 6
Profit before tax 151 208 187 219 250 278 270 283 225 270 251
Tax % 21% 20% 20% 21% 22% 22% 22% 22% 18% 17%
Net Profit 120 166 149 173 196 218 211 222 185 223 207
EPS in Rs 8.14 11.27 10.10 11.71 13.32 14.80 14.31 15.02 12.52 15.12 14.05
Dividend Payout % 49% 58% 64% 98% 86% 78% 84% 93% 16% 66%
Compounded Sales Growth
10 Years: %
5 Years: 3%
3 Years: 4%
TTM: 14%
Compounded Profit Growth
10 Years: %
5 Years: -1%
3 Years: 2%
TTM: 13%
Stock Price CAGR
10 Years: 5%
5 Years: -13%
3 Years: -20%
1 Year: -10%
Return on Equity
10 Years: %
5 Years: 39%
3 Years: 36%
Last Year: 31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
15 15 15 15 15 15 15 15 15 15 15
Reserves 413 468 504 474 466 479 478 453 638 742 780
Borrowings 0 0 0 0 10 15 13 25 20 5 0
66 73 60 79 75 80 102 113 141 132 109
Total Liabilities 494 555 579 568 566 590 608 605 815 894 904
82 121 236 185 139 162 158 154 151 149 147
CWIP 0 1 1 1 1 0 15 22 27 25 33
Investments 313 183 157 184 275 339 307 251 446 585 566
100 250 186 199 151 90 127 178 191 135 158
Total Assets 494 555 579 568 566 590 608 605 815 894 904

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
90 123 126 207 193 212 180 176 179 237
-42 -10 3 -19 6 -15 37 68 -173 -106
-101 -111 -112 -204 -194 -200 -216 -238 -9 -134
Net Cash Flow -54 2 17 -16 5 -3 1 6 -3 -3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 4 6 5 6 12 13 14 15 11 9
Inventory Days 162 51 82 72 61 58 63 73 84 48
Days Payable 123 70 84 95 53 55 92 87 108 76
Cash Conversion Cycle 43 -13 2 -16 20 16 -15 1 -13 -20
Working Capital Days 5 -7 -2 -7 2 -2 4 19 14 -4
ROCE % 44% 43% 52% 60% 57% 53% 58% 39% 37%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
66.86 60.02 60.02 60.00 38.04 38.04 38.04 38.04 38.04 38.04 38.04 38.04
23.47 24.17 24.52 23.92 30.45 28.09 25.81 24.06 24.80 22.55 25.39 24.44
5.55 8.85 9.04 8.81 20.47 21.52 18.40 17.79 17.03 17.74 16.12 13.83
4.11 6.96 6.42 7.27 11.04 12.35 17.75 20.11 20.13 21.67 20.45 23.69

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