Bajaj Auto

------------------- in Rs.
Profit & Loss account Cr. -------------------
Mar '06 Mar '07 Mar '08

12 mths 12 mths 12 mths

Income
Sales Turnover 8,653.83 10,741.91 9,856.66
Excise Duty 1,081.70 1,321.67 1,029.51
Net Sales 7,572.13 9,420.24 8,827.15
Other Income 458.96 567.16 170.27
Stock Adjustments 49.01 -0.9 67.85
Total Income 8,080.10 9,986.50 9,065.27
Expenditure
Raw Materials 5,446.62 6,969.50 6,760.04
Power & Fuel Cost 59.09 79.34 69.2
Employee Cost 282.45 310.07 350.09

Other Manufacturing Expenses 79.5 74.53 53.72

Selling and Admin Expenses 299.99 457.17 390.15
Miscellaneous Expenses 198.52 230.89 209.63
Preoperative Exp Capitalised -24.81 -32.05 -23.04
Total Expenses 6,341.36 8,089.45 7,809.79
Mar '06 Mar '07 Mar '08

12 mths 12 mths 12 mths

Operating Profit 1,279.78 1,329.89 1,085.21

PBDIT 1,738.74 1,897.05 1,255.48
Interest 0.34 5.34 5.16
PBDT 1,738.40 1,891.71 1,250.32
Depreciation 191 190.26 173.96
Other Written Off 3.62 0.39 1.12
Profit Before Tax 1,543.78 1,701.06 1,075.24
Extra-ordinary items 59.03 26.6 59.32
PBT (Post Extra-ord Items) 1,602.81 1,727.66 1,134.56
Tax 479.11 490.09 378.78
Reported Net Profit 1,101.63 1,237.96 755.95
Total Value Addition 894.74 1,119.95 1,049.75
Preference Dividend 0 0 0
Equity Dividend 404.74 404.73 289.37
Corporate Dividend Tax 56.76 68.78 49.18
Per share data (annualised)
Shares in issue (lakhs) 1,011.84 1,011.84 1,446.84
Earning Per Share (Rs) 108.87 122.35 52.25
Equity Dividend (%) 400 400 200
Book Value (Rs) 471.49 546.96 109.73

Source : Asian CERC

Mar '09 Mar '10

12 mths 12 mths

9,310.24 12,420.95
610.07 607.7
8,700.17 11,813.25
-4.52 38.76
-24.49 47.6
8,671.16 11,899.61

6,502.10 8,187.11
60.89 70.35
366.67 411.76

58.1 73.8
383.41 423.87
226.22 221.94
-14.42 -15.67
7,582.97 9,373.16
Mar '09 Mar '10

12 mths 12 mths

1,092.71 2,487.69
1,088.19 2,526.45
21.01 5.98
1,067.18 2,520.47
129.79 136.45
0 0
937.39 2,384.02
18.72 24.25
956.11 2,408.27
301.61 707.5
656.48 1,702.73
1,080.87 1,186.05
0 0
318.3 578.73
54.1 96.12
1,446.84 1,446.84
45.37 117.69
220 400
129.23 202.4
Bajaj Auto

------------------- in Rs.
Balance Sheet Cr. -------------------
Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 101.18 101.18 144.68 144.68

Equity Share Capital 101.18 101.18 144.68 144.68

Share Application
Money 0 0 0 0
Preference Share
Capital 0 0 0 0
Reserves 4,669.55 5,433.14 1,442.91 1,725.01

Revaluation Reserves 0 0 0 0
Networth 4,770.73 5,534.32 1,587.59 1,869.69
Secured Loans 0.02 22.46 6.95 0
Unsecured Loans 1,467.13 1,602.97 1,327.39 1,570.00
Total Debt 1,467.15 1,625.43 1,334.34 1,570.00
Total Liabilities 6,237.88 7,159.75 2,921.93 3,439.69
Mar '06 Mar '07 Mar '08 Mar '09

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
Less: Accum.
Depreciation 1,761.22 1,904.94 1,726.07 1,807.91
Net Block 1,133.00 1,273.60 1,268.61 1,542.29
Capital Work in
Progress 43.33 107.62 34.74 106.48
Investments 5,856.97 6,447.53 1,857.14 1,808.52
Inventories 272.93 309.7 349.61 338.84
Sundry Debtors 301.55 529.83 275.31 358.65
Cash and Bank
Balance 80.84 62.16 54.74 135.68

Total Current Assets 655.32 901.69 679.66 833.17

Loans and Advances 2,282.98 2,925.24 1,099.68 1,567.09

Fixed Deposits 1.25 21.32 1.33 1.19
Total CA, Loans &
Advances 2,939.55 3,848.25 1,780.67 2,401.45
Deffered Credit 0 0 0 0
Current Liabilities 1,419.08 1,683.46 1,185.19 1,378.20
Provisions 2,315.89 2,833.79 834.04 1,224.15

Total CL & Provisions 3,734.97 4,517.25 2,019.23 2,602.35

Net Current Assets -795.42 -669 -238.56 -200.9
Miscellaneous
Expenses 0 0 0 183.3
Total Assets 6,237.88 7,159.75 2,921.93 3,439.69

Contingent Liabilities 719.06 811.66 1,129.29 924.96

Book Value (Rs) 471.49 546.96 109.73 129.23

Source : Asian CERC

Mar '10

12 mths

144.68

144.68

0
2,783.66

0
2,928.34
12.98
1,325.60
1,338.58
4,266.92
Mar '10

12 mths

3,379.25

1,899.66
1,479.59

120.84
4,021.52
446.21
272.84

100.2

819.25

2,291.29
 1.21

3,111.75
0
2,218.06
2,248.72

4,466.78
-1,355.03

0
4,266.92

818.25
202.4
Bajaj Auto

------------------- in Rs.
Cash Flow Cr. -------------------
Mar '06 Mar '07 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 1580.74 1728.05 958.09 2411.13

Net Cash From

Operating Activities 1072.62 681.73 411.49 2737.11
Net Cash (used
in)/from
Investing Activities -1087.54 -429.99 -207.66 -2163.62

Net Cash (used

in)/from Financing
Activities -11.68 -250.35 -123.03 -608.95

Net
(decrease)/increase In
Cash and Cash
Equivalents -26.6 1.39 80.8 -35.46
Opening Cash & Cash
Equivalents 108.69 82.09 56.07 136.87
Closing Cash & Cash
Equivalents 82.09 83.48 136.87 101.41

Source : Asian CERC

Bajaj Auto

------------------- in Rs.
Key Financial Ratios Cr. -------------------

Mar '06 Mar '07 Mar '08 Mar '09

Investment Valuation Ratios

Face Value 10 10 10 10
Dividend Per Share 40 40 20 22
Operating Profit Per
Share (Rs) 126.44 131.39 75.01 75.52

Net Operating Profit

Per Share (Rs) 748.36 931.01 610.1 601.32
Free Reserves Per
Share (Rs) 459.69 535.16 99.73 106.56
Bonus in Equity
Capital 112.84 112.84 78.91 78.91
Profitability Ratios
Operating Profit
Margin(%) 16.89 14.11 12.29 12.55

Profit Before Interest

And Tax Margin(%) 13.7 11.65 10.03 10.86
Gross Profit
Margin(%) 14.37 12.09 10.32 11.06

Cash Profit Margin(%) 14.73 12.18 10.48 10.53

Adjusted Cash
Margin(%) 14.73 12.18 10.48 10.53

Net Profit Margin(%) 13.86 12.66 8.32 7.4

Adjusted Net Profit
Margin(%) 13.86 12.66 8.32 7.4
Return On Capital
Employed(%) 23.32 20.9 39.71 32.75
Return On Net
Worth(%) 23.09 22.36 47.61 38.92
Adjusted Return on
Net Worth(%) 20.45 18.09 48.91 47.68
Return on Assets
Excluding
Revaluations 11.05 546.96 109.73 116.56

Return on Assets
Including
Revaluations 11.05 546.96 109.73 116.56
Return on Long Term
Funds(%) 23.32 20.97 39.71 35.31

Liquidity And Solvency Ratios

Current Ratio 0.79 0.84 0.88 0.84
Quick Ratio 0.69 0.76 0.64 0.73
Debt Equity Ratio 0.31 0.29 0.84 0.84
Long Term Debt
Equity Ratio 0.31 0.29 0.84 0.71

Debt Coverage Ratios

Interest Cover 4,280.03 280.28 224.91 53.63
Total Debt to Owners
Fund 0.31 0.29 0.84 0.84
Financial Charges
Coverage Ratio 4,852.44 315.98 258.84 59.81

Financial Charges
Coverage Ratio Post
Tax 3,813.50 268.53 181.43 38.42

Management Efficiency Ratios

Inventory Turnover
Ratio 34.14 36.88 29.33 28.64
Debtors Turnover
Ratio -- 22.66 21.93 27.45
Investments Turnover
Ratio 34.14 36.88 29.33 28.64
Fixed Assets Turnover
Ratio 2.62 2.96 2.95 2.6
Total Assets Turnover
Ratio 1.21 1.32 3.02 2.53

Asset Turnover Ratio 2.62 2.96 2.95 2.6

Average Raw Material

Holding 4.89 5.08 5.24 6.39
Average Finished
Goods Held 8.12 8.14 10.73 9.97
Number of Days In
Working Capital -37.82 -25.57 -9.73 -8.31

Profit & Loss Account Ratios

Material Cost
Composition 71.92 73.98 76.58 74.73

Imported
Composition of Raw
Materials Consumed 4.58 5.56 2.37 2.35
Selling Distribution
Cost Composition 3.41 4.45 3.98 3.97

Expenses as
Composition of Total
Sales 12.46 18.36 23.53 30.82

Cash Flow Indicator Ratios

Dividend Payout Ratio
Net Profit 41.89 38.24 44.78 56.72
Dividend Payout Ratio
Cash Profit 35.6 33.14 36.36 47.36
Earning Retention
Ratio 52.71 52.71 56.41 53.7
Cash Earning
Retention Ratio 60.57 60.28 64.43 60.13
AdjustedCash Flow
Times 1.25 1.36 1.4 1.68

Mar '06 Mar '07 Mar '08 Mar '09

Earnings Per Share 108.87 122.35 52.25 45.37

Book Value 471.49 546.96 109.73 129.23

Source : Asian CERC

Mar '10

10
40

171.89

816.49

190.09

78.91

21.05

19.64

19.89

16.08

16.08

14.23

14.23

58.63

58.14

61.06
 202.4

202.4

58.8

0.69
0.55
0.46

0.45

418.34

0.46

441.16

308.56

28.87

37.41

28.87

3.5

2.77

3.5

7.91

9.11
 -41.29

69.3

3.59

3.23

27.67

39.63

36.69

62.27

64.94

0.7

Mar '10

117.69
202.4
Bajaj Auto

------------------- in Rs.
common size statement Cr. -------------------
Mar '06 Mar '07 Mar '08

12 mths 12 mths 12 mths

Income
Sales Turnover 100.00 100.00 100.00
Excise Duty 12.50 12.30 10.44
Net Sales 87.50 87.70 89.56
Other Income 5.30 5.28 1.73
Stock Adjustments 0.57 -0.01 0.69
Total Income 93.37 92.97 91.97
Expenditure 0.00 0.00
Raw Materials 62.94 64.88 68.58
Power & Fuel Cost 0.68 0.74 0.70
Employee Cost 3.26 2.89 3.55
Other Manufacturing Expenses 0.92 0.69 0.55
Selling and Admin Expenses 3.47 4.26 3.96
Miscellaneous Expenses 2.29 2.15 2.13
Preoperative Exp Capitalised -0.29 -0.30 -0.23
Total Expenses 73.28 75.31 79.23
Mar '06 Mar '07 Mar '08

12 mths 12 mths 12 mths

Operating Profit 14.79 12.38 12.38

PBDIT 20.09 17.66 17.66
Interest 0.00 0.05 0.05
PBDT 20.09 17.61 17.61
Depreciation 2.21 1.77 1.77
Other Written Off 0.04 0.00 0.00
Profit Before Tax 17.84 15.84 15.84
Extra-ordinary items 0.68 0.25 0.25
PBT (Post Extra-ord Items) 18.52 16.08 16.08
Tax 5.54 4.56 4.56
Reported Net Profit 12.73 11.52 11.52
Total Value Addition 10.34 10.43 10.43
Preference Dividend 0.00 0.00 0.00
Equity Dividend 4.68 3.77 3.77
Corporate Dividend Tax 0.66 0.64 0.64
Per share data (annualised) 0.00
Shares in issue (lakhs) 11.69 9.42 9.42
Earning Per Share (Rs) 1.26 1.14 1.14
Equity Dividend (%) 4.62 3.72 3.72
Book Value (Rs) 5.45 5.09 5.09

Source : Asian CERC

Mar '09 Mar '10

12 mths 12 mths

100.00 100.00
6.55 4.89
93.45 95.11
-0.05 0.31
-0.26 0.38
93.14 95.80
0.00 0.00
69.84 65.91
0.65 0.57
3.94 3.32
0.62 0.59
4.12 3.41
2.43 1.79
-0.15 -0.13
81.45 75.46
Mar '09 Mar '10

12 mths 12 mths

11.74 11.74
11.69 11.69
0.23 0.23
11.46 11.46
1.39 1.39
0.00 0.00
10.07 10.07
0.20 0.20
10.27 10.27
3.24 3.24
7.05 7.05
11.61 11.61
0.00 0.00
 3.42 3.42
0.58 0.58
0.00 0.00
15.54 15.54
0.49 0.49
2.36 2.36
1.39 1.39
 CAGR(Compounded Average Grow

Compounded Growth(%)
Sales Turnover
Other Income
Employee Cost
Operating Profit
Profit Before Tax
Reported Net Profit
Power & Fuel Cost
Other Manufacturing Expenses
Selling and Administration Expenses
Miscellaneous Expenses
Interest

Analysis :
1 The other income growth is negative which me
2 The interest rates have increased considerably w
3 Substantial increase in Power & Fuel cost.
5 Miscellaneous Expenses have increased to a gr
unded Average Growth Rate) of Bajaj

2006-2010
9.45
-46.09
9.88
18.07
11.47
11.49
4.46
ng Expenses -1.84
istration Expenses 9.03
2.83
104.788

growth is negative which means that there is a decline in the incomes at bajaj
ave increased considerably which decreased the profit.
e in Power & Fuel cost.
enses have increased to a greater amount leading to lesser profit.