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Bajaj Auto (Q2 FY14)

Bajaj Auto Q2 FY14 revenues were at Rs51.7bn representing a growth of 4.1% yoy and 5.4% qoq.

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs2,164, Target Rs2,179, Upside 0.7%

  • Revenues at Rs51.7bn higher by 4% yoy; better than our estimates

  • Blended realizations improved 13.6% yoy driven by 24% surge in export realizations. Better product mix (higher share of Pulsars) and currency benefits enabled this surge

  • Total volumes were down by 8.4% yoy. While domestic volumes were lower by 15% yoy export volumes rose 2.8% yoy. In terms of products, motorcycle volumes fell 8.5% while 3-W volumes fell 7.2% yoy

  • OPM at 21.9% was higher by 347bps yoy and 341bps qoq helped by the steep rupee depreciation. Other expenses were higher on account of notional forex loss of Rs393mn

  • PAT at Rs8.4bn was up 13% yoy and was ahead of our estimates

  • Maintain our rating of Market Performer with a revised 9-month price target of Rs2,179  

Result table
(Rs m)
Q2 FY14
Q2 FY13
% yoy
Q1 FY14
% qoq
Total volumes
961,330
1,049,208
(8.4)
979,275
(1.8)
Export volumes
401,030
390,285
2.8
362,563
10.6
Total realizations
53,831
47,392
13.6
50,150
7.3
Net sales
51,749
49,724
4.1
49,111
5.4
Material costs
(32,363)
(33,560)
(3.6)
(32,036)
1.0
Purchases
(2,323)
(2,126)
9.2
(2,031)
14.4
Personnel costs
(1,834)
(1,532)
19.7
(1,837)
(0.1)
Other overheads
(3,910)
(3,353)
16.6
(4,141)
(5.6)
Operating profit
11,320
9,152
23.7
9,067
24.8
OPM (%)
21.9
18.4
347 bps
18.5
341 bps
Depreciation
(443)
(410)
7.9
(444)
(0.2)
Interest
(0)
(2)
(1)
Other income
1,242
1,667
(25.5)
1,756
(29.3)
PBT
12,118
10,407
16.4
10,378
16.8
Tax
(3,746)
(3,000)
24.9
(3,002)
24.8
Effective tax rate (%)
30.9
28.8
28.9
Adjusted PAT
8,372

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