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Bajaj Auto (Q3 FY14)

Bajaj Auto Q3 FY14 revenues were at Rs51.6bn a fall of 5.2% yoy and 0.8% qoq.

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs1,907, Target Rs2,069, Upside 8.5%
  • Revenues at Rs51.3bn lower by 5.2% yoy; lower than our estimates

  • Blended realizations improved 7.6% yoy driven by 8.1% higher export realizations and 7.3% yoy increase in domestic realizations.

  • Total volumes were down by 11.9% yoy. While domestic volumes were lower by 24% yoy export volumes rose 12.3% yoy. In terms of products, motorcycle volumes fell 10% while 3-W volumes fell 25% yoy

  • OPM at 22.1% was higher by 343bps yoy and 25bps qoq helped by the steep rupee depreciation and reversal of MTM losses of previous quarters

  • PAT at Rs9bn was up 10.5% yoy and was ahead of our estimates

  • Maintain our rating of Market Performer with a revised 9-month price target of Rs2,069  

Result table
(Rs m)
Q3 FY14
Q3 FY13
% yoy
Q2 FY14
% qoq
Total volumes
993,690
1,127,741
(11.9)
961,330
3.4
Export volumes
422,506
376,222
12.3
401,030
5.4
Total realizations
51,638
47,996
7.6
53,831
(4.1)
Net sales
51,312
54,127
(5.2)
51,749
(0.8)
Material costs
(33,317)
(37,157)
(10.3)
(32,363)
2.9
Purchases
(2,345)
(2,053)
14.2
(2,323)
1.0
Personnel costs
(1,848)
(1,592)
16.1
(1,834)
0.8
Other overheads
(2,450)
(3,207)
(23.6)
(3,910)
(37.3)
Operating profit
11,352
10,118
12.2
11,320
0.3
OPM (%)
22.1
18.7
343 bps
21.9
25 bps
Depreciation
(460)
(411)
11.9
(443)
3.7
Interest
(2)
(1)
(0)
Other income
2,218
2,032
9.2
1,242
78.7
PBT
13,109
11,738
11.7
12,118
8.2
Tax
(4,063)
(3,550)
14.5
(3,746)
8.5
Effective tax rate (%)
31.0
30.2
75 bps
30.9
8 bps
Adjusted PAT
9,046
8,187
10.5

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