Bajaj Auto Limited (BJAUT) reported broadly in-line numbers with consensus estimates for Q4FY19. Standalone revenue grew by 8.9% yoy to Rs7,395.2cr (flat qoq), driven by the volume growth. However, due to high raw material costs, the EBITDA declined by 12.6% yoy to Rs1,162.3cr, broadly in-line with expectation. Resultantly, EBITDA margin contracted 388bps yoy to 15.7%. Company reported one-time gain of Rs342cr for the quarter. Thus, reported PAT stood at Rs1,305.6cr, up 20.9% yoy. However, adjusting for the one-time gain (with tax adjustment at current quarter’s rate), the Adj. PAT stands at Rs1,090.8cr, up 1.0% yoy.
The company reported 14.2% yoy growth in sales volume. However, realisation per unit (derived) stood at Rs61,958, down 4.6% yoy.
Company’s overall share in the domestic motorcycle market increased to 18.7% in FY19 against 15.7% in FY18, an improvement of 300bps yoy. For Q4FY19, share in domestic motorcycle market was 20%.
Raw material cost was up 309bps yoy as percent of net sales.
Company reported 23.1% yoy jump in other income.
The company had made a payment of ~Rs342cr during FY15 towards 'National Calamity Contingent Duty' (NCCD) and applicable education, secondary and higher education cess thereon, together with interest and penalty for the period from April 01, 2007 to September 30, 2014. In the current year, pursuant to a special leave petition filed by the company, the Honourable Supreme Court vide its judgement, has said that company is not liable to pay the above mentioned charges and hence, it has reversed the charge of ~Rs342cr as an exceptional item in the current year.
Company recommend a dividend of Rs60 per equity share.
Bajaj Auto Ltd is currently trading at Rs. 3,052.05, up by 107.4 points or 3.65% from its previous closing of Rs. 2,944.65 on the BSE.
The scrip opened at Rs. 2,959.90 and has touched a high and low of Rs. 3,145.55 and Rs. 2,935 respectively. So far 20,61,767 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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