Ratios

Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

Liquidity ratios
Current ratio 0.69 0.92 0.88 0.85

Quick ratio 0.55 0.73 0.64 0.75

Per share ratios

Adjusted EPS (Rs) 123.6 55.58 53.67 98.96

Reported EPS (Rs) 117.69 45.37 52.25 122.35

Dividend per share 40 22 20 40

Profitability ratios

Operating margin (%) 21.05 12.55 12.29 14.11

Gross profit margin (%) 19.89 11.06 10.32 12.09

Net profit margin (%) 14.23 7.4 8.32 12.66

Leverage ratios
Long term debt / Equity 0.45 0.7 0.84 0.28

Total debt/equity 0.45 0.83 0.84 0.29

Fixed assets turnover ratio 3.5 2.6 2.95 2.96

Inventory turnover ratio 28.87 28.64 29.33 36.88

Payout ratios

Dividend payout ratio (net profit) 39.63 56.72 44.78 38.24

Dividend payout ratio (cash profit) 36.69 47.36 36.36 33.14

Earning retention ratio 62.27 53.7 56.41 52.71

Cash earnings retention ratio 64.94 60.13 64.43 60.28

Mar ' 06

0.78

0.68

96.43

108.87

40

16.89

14.37

13.86

0.3

0.3

2.62

34.14

41.89

35.6

52.71

60.57
Ratios
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Liquidity ratios
Current ratio 0.57 0.46 0.48 0.56

Quick ratio 0.49 0.31 0.31 0.39

Per share ratios

Adjusted EPS (Rs) 102.16 58.5 42.09 37.26

Reported EPS (Rs) 111.77 64.19 48.47 42.96

Dividend per share 110 20 19 17

Profitability ratios

Operating margin (%) 17.32 14.22 13.22 12.13

Gross profit margin (%) 16.11 12.75 11.67 10.72

Net profit margin (%) 14 10.3 9.27 8.58

Leverage ratios

Long term debt / Equity 0.01 0.02 0.04 0.06

Total debt/equity 0.01 0.02 0.04 0.06

Fixed assets turnover ratio 6.29 5.34 5.89 6.01

Inventory turnover ratio 42.8 47.53 42.82 47.48

Payout ratios

Dividend payout ratio (net profit) 115.04 36.45 45.86 46.29

Dividend payout ratio (cash profit) 105.95 31.95 39.34 39.8

Mar ' 06

0.48

0.35

43.44

48.64

20

15.84

14.53

11.06

0.09

0.09

6.45

50.65

46.88

41.93
 ------------------- in
Rs. Cr.
Balance Sheet -------------------
Hero Honda Bajaj Auto

Mar '10 Mar '10

Sources Of Funds
Total Share Capital 39.94 144.68
Equity Share Capital 39.94 144.68
Share Application Money 0 0

Preference Share Capital 0 0

Reserves 3,425.08 2,783.66
Revaluation Reserves 0 0
Networth 3,465.02 2,928.34
Secured Loans 0 12.98
Unsecured Loans 66.03 1,325.60
Total Debt 66.03 1,338.58
Total Liabilities 3,531.05 4,266.92
Hero Honda Bajaj Auto

Mar '10 Mar '10

Application Of Funds
Gross Block 2,750.98 3,379.25

Less: Accum. Depreciation 1,092.20 1,899.66

Net Block 1,658.78 1,479.59
Capital Work in Progress 48.14 120.84
Investments 3,925.71 4,021.52
Inventories 436.4 446.21
Sundry Debtors 108.39 272.84
Cash and Bank Balance 1,863.48 100.2
Total Current Assets 2,408.27 819.25
Loans and Advances 438.46 2,291.29
Fixed Deposits 43.73 1.21
Total CA, Loans &
Advances 2,890.46 3,111.75
Deffered Credit 0 0
Current Liabilities 3,965.69 2,218.06
Provisions 1,026.35 2,248.72
Total CL & Provisions 4,992.04 4,466.78
Net Current Assets -2,101.58 -1,355.03

Miscellaneous Expenses 0 0
Total Assets 3,531.05 4,266.92
Contingent Liabilities 73.04 818.25
Book Value (Rs) 173.52 202.4
 -------------------
in Rs. Cr.
Profit & Loss account -------------------
Hero Honda Bajaj Auto

Mar '10 Mar '10

Income
Sales Turnover 16,856.43 12,420.95
Excise Duty 1,016.85 607.7
Net Sales 15,839.58 11,813.25
Other Income 290.69 38.76
Stock Adjustments -11.54 47.6
Total Income 16,118.73 11,899.61
Expenditure
Raw Materials 10,822.99 8,187.11
Power & Fuel Cost 81.05 70.35
Employee Cost 560.32 411.76
Other Manufacturing Expenses 454.36 73.8
Selling and Admin Expenses 885.03 423.87
Miscellaneous Expenses 280.64 221.94
Preoperative Exp Capitalised 0 -15.67
Total Expenses 13,084.39 9,373.16
Hero Honda Bajaj Auto

Mar '10 Mar '10

Operating Profit 2,743.65 2,487.69

PBDIT 3,034.34 2,526.45
Interest 11.14 5.98
PBDT 3,023.20 2,520.47
Depreciation 191.47 136.45
Other Written Off 0 0
Profit Before Tax 2,831.73 2,384.02
Extra-ordinary items 0 24.25
PBT (Post Extra-ord Items) 2,831.73 2,408.27
Tax 599.9 707.5
Reported Net Profit 2,231.83 1,702.73
Total Value Addition 2,261.40 1,186.05
Preference Dividend 0 0
Equity Dividend 2,196.56 578.73
Corporate Dividend Tax 371 96.12

Per share data (annualised)

Shares in issue (lakhs) 1,996.88 1,446.84
Earning Per Share (Rs) 111.77 117.69
Equity Dividend (%) 5,500.00 400
Book Value (Rs) 173.52 202.4
 -------------------
in Rs. Cr.
Balance Sheet of Bajaj Auto -------------------
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 101.18 101.18 144.68 144.68 144.68
Equity Share Capital 101.18 101.18 144.68 144.68 144.68
Share Application Money 0 0 0 0 0
Preference Share Capital 0 0 0 0 0
Reserves 4,669.55 5,433.14 1,442.91 1,725.01 2,783.66
Revaluation Reserves 0 0 0 0 0
Networth 4,770.73 5,534.32 1,587.59 1,869.69 2,928.34
Secured Loans 0.02 22.46 6.95 0 12.98
Unsecured Loans 1,467.13 1,602.97 1,327.39 1,570.00 1,325.60
Total Debt 1,467.15 1,625.43 1,334.34 1,570.00 1,338.58
Total Liabilities 6,237.88 7,159.75 2,921.93 3,439.69 4,266.92
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 2,894.22 3,178.54 2,994.68 3,350.20 3,379.25
Less: Accum. Depreciation 1,761.22 1,904.94 1,726.07 1,807.91 1,899.66
Net Block 1,133.00 1,273.60 1,268.61 1,542.29 1,479.59
Capital Work in Progress 43.33 107.62 34.74 106.48 120.84
Investments 5,856.97 6,447.53 1,857.14 1,808.52 4,021.52
Inventories 272.93 309.7 349.61 338.84 446.21
Sundry Debtors 301.55 529.83 275.31 358.65 272.84
Cash and Bank Balance 80.84 62.16 54.74 135.68 100.2
Total Current Assets 655.32 901.69 679.66 833.17 819.25
Loans and Advances 2,282.98 2,925.24 1,099.68 1,567.09 2,291.29
Fixed Deposits 1.25 21.32 1.33 1.19 1.21
Total CA, Loans & Advances 2,939.55 3,848.25 1,780.67 2,401.45 3,111.75
Deffered Credit 0 0 0 0 0
Current Liabilities 1,419.08 1,683.46 1,185.19 1,378.20 2,218.06
Provisions 2,315.89 2,833.79 834.04 1,224.15 2,248.72
Total CL & Provisions 3,734.97 4,517.25 2,019.23 2,602.35 4,466.78
Net Current Assets -795.42 -669 -238.56 -200.9 -1,355.03
Miscellaneous Expenses 0 0 0 183.3 0
Total Assets 6,237.88 7,159.75 2,921.93 3,439.69 4,266.92

Contingent Liabilities 719.06 811.66 1,129.29 924.96 818.25

Book Value (Rs) 471.49 546.96 109.73 129.23 202.4
 -------------------
Profit & Loss account of Bajaj in Rs. Cr.
Auto -------------------
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 8,653.83 10,741.91 9,856.66 9,310.24 12,420.95
Excise Duty 1,081.70 1,321.67 1,029.51 610.07 607.7
Net Sales 7,572.13 9,420.24 8,827.15 8,700.17 11,813.25
Other Income 458.96 567.16 170.27 -4.52 38.76
Stock Adjustments 49.01 -0.9 67.85 -24.49 47.6
Total Income 8,080.10 9,986.50 9,065.27 8,671.16 11,899.61
Expenditure
Raw Materials 5,446.62 6,969.50 6,760.04 6,502.10 8,187.11
Power & Fuel Cost 59.09 79.34 69.2 60.89 70.35
Employee Cost 282.45 310.07 350.09 366.67 411.76

Other Manufacturing Expenses 79.5 74.53 53.72 58.1 73.8

Selling and Admin Expenses 299.99 457.17 390.15 383.41 423.87
Miscellaneous Expenses 198.52 230.89 209.63 226.22 221.94
Preoperative Exp Capitalised -24.81 -32.05 -23.04 -14.42 -15.67
Total Expenses 6,341.36 8,089.45 7,809.79 7,582.97 9,373.16
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 1,279.78 1,329.89 1,085.21 1,092.71 2,487.69

PBDIT 1,738.74 1,897.05 1,255.48 1,088.19 2,526.45
Interest 0.34 5.34 5.16 21.01 5.98
PBDT 1,738.40 1,891.71 1,250.32 1,067.18 2,520.47
Depreciation 191 190.26 173.96 129.79 136.45
Other Written Off 3.62 0.39 1.12 0 0
Profit Before Tax 1,543.78 1,701.06 1,075.24 937.39 2,384.02
Extra-ordinary items 59.03 26.6 59.32 18.72 24.25
PBT (Post Extra-ord Items) 1,602.81 1,727.66 1,134.56 956.11 2,408.27
Tax 479.11 490.09 378.78 301.61 707.5
Reported Net Profit 1,101.63 1,237.96 755.95 656.48 1,702.73
Total Value Addition 894.74 1,119.95 1,049.75 1,080.87 1,186.05
Preference Dividend 0 0 0 0 0
Equity Dividend 404.74 404.73 289.37 318.3 578.73
Corporate Dividend Tax 56.76 68.78 49.18 54.1 96.12
Per share data (annualised)
Shares in issue (lakhs) 1,011.84 1,011.84 1,446.84 1,446.84 1,446.84
Earning Per Share (Rs) 108.87 122.35 52.25 45.37 117.69
Equity Dividend (%) 400 400 200 220 400
Book Value (Rs) 471.49 546.96 109.73 129.23 202.4