BAJAJ-AUTO Financial Statements

BAJAJ-AUTO Annual Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth (7.30) 18.90 15.60 (3.60)
Op profit growth (3.40) 6.57 8.20 (7.60)
EBIT growth (6.80) 6.82 6.76 2.39
Net profit growth (6.80) 23.50 3.42 0.45
Profitability ratios (%)        
OPM 17.80 17 19 20.30
EBIT margin 21.40 21.30 23.70 25.70
Net profit margin 17.50 17.40 16.80 18.70
RoCE 23.60 29.40 30.20 33.90
RoNW 4.96 6.19 5.51 6.40
RoA 4.83 6.01 5.34 6.19
Per share ratios ()        
EPS 168 180 146 141
Dividend per share 140 120 60 55
Cash EPS 159 172 135 130
Book value per share 943 749 706 617
Valuation ratios        
P/E 21.90 11.20 18.90 19.90
P/CEPS 23.10 11.80 20.40 21.50
P/B 3.90 2.70 3.89 4.55
EV/EBIDTA 17.10 8.82 12.60 13.70
Payout (%)        
Dividend payout -- 80.30 41.20 39
Tax payout (23) (23) (29) (27)
Liquidity ratios        
Debtor days 29.20 19.60 17.70 14
Inventory days 16.80 11 10.70 12.10
Creditor days (62) (47) (49) (45)
Leverage ratios        
Interest coverage (892) (2,017) (4,555) (3,992)
Net debt / equity -- -- -- --
Net debt / op. profit (0.10) -- (0.10) --
Cost breakup ()        
Material costs (71) (70) (69) (67)
Employee costs (4.60) (4.60) (4.20) (4.60)
Other costs (6.90) (8.10) (7.60) (7.90)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 27,741 29,919 25,165 21,767
yoy growth (%) (7.30) 18.90 15.60 (3.60)
Raw materials (19,610) (21,008) (17,410) (14,624)
As % of sales 70.70 70.20 69.20 67.20
Employee costs (1,288) (1,391) (1,069) (997)
As % of sales 4.64 4.65 4.25 4.58
Other costs (1,919) (2,424) (1,904) (1,726)
As % of sales 6.92 8.10 7.56 7.93
Operating profit 4,925 5,096 4,782 4,419
OPM 17.80 17 19 20.30
Depreciation (259) (246) (315) (307)
Interest expense (6.70) (3.20) (1.30) (1.40)
Other income 1,276 1,525 1,500 1,477
Profit before tax 5,935 6,371 5,965 5,588
Taxes (1,384) (1,480) (1,714) (1,508)
Tax rate (23) (23) (29) (27)
Minorities and other -- -- 0.01 0.01
Adj. profit 4,551 4,890 4,251 4,079
Exceptional items -- -- (32) --
Net profit 4,857 5,212 4,219 4,079
yoy growth (%) (6.80) 23.50 3.42 0.45
NPM 17.50 17.40 16.80 18.70
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 5,935 6,371 5,965 5,588
Depreciation (259) (246) (315) (307)
Tax paid (1,384) (1,480) (1,714) (1,508)
Working capital 1,814 108 25.30 1,600
Other operating items -- -- -- --
Operating cashflow 6,106 4,752 3,961 5,372
Capital expenditure 576 318 133 (134)
Free cash flow 6,682 5,070 4,095 5,239
Equity raised 26,645 25,426 25,429 24,957
Investments 20,476 15,441 12,836 7,029
Debt financing/disposal 422 276 236 179
Dividends paid -- 3,472 1,736 1,592
Other items -- -- -- --
Net in cash 54,224 49,685 44,332 38,996
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 289 289 289 289
Preference capital -- -- -- --
Reserves 26,984 21,373 22,944 20,136
Net worth 27,273 21,662 23,234 20,425
Minority interest
Debt 121 126 125 121
Deferred tax liabilities (net) 621 522 637 526
Total liabilities 28,016 22,310 23,995 21,072
Fixed assets 1,684 1,759 1,812 1,935
Intangible assets
Investments 24,687 19,914 20,603 18,895
Deferred tax asset (net) 98.60 176 94.20 203
Net working capital 1,008 145 553 (753)
Inventories 1,494 1,064 962 743
Inventory Days 19.70 13 -- 10.80
Sundry debtors 2,717 1,725 2,560 1,492
Debtor days 35.70 21 -- 21.60
Other current assets 2,482 1,732 1,965 1,285
Sundry creditors (4,574) (3,200) (3,787) (3,244)
Creditor days 60.20 39 -- 47.10
Other current liabilities (1,111) (1,176) (1,147) (1,027)
Cash 539 316 933 793
Total assets 28,016 22,310 23,995 21,072
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Particulars ( Rupees In Crores.) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017
Gross Sales 27,133 29,112 29,567 25,099 22,695
Excise Duty -- -- -- 398 1,321
Net Sales 27,133 29,112 29,567 24,700 21,374
Other Operating Income 608 807 790 519 393
Other Income 1,583 1,846 2,036 1,446 1,477
Total Income 29,324 31,765 32,394 26,665 23,244
Total Expenditure ** 22,816 24,823 25,168 20,415 17,347
PBIDT 6,507 6,942 7,226 6,250 5,896
Interest 6.66 3.16 4.48 1.31 1.40
PBDT 6,501 6,939 7,221 6,248 5,895
Depreciation 259 246 266 315 307
Minority Interest Before NP -- -- -- -- --
Tax 1,348 1,547 1,819 1,646 1,458
Deferred Tax 36.30 (67) 209 68.10 50.40
Reported Profit After Tax 4,857 5,212 4,928 4,219 4,079
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 4,857 5,212 4,928 4,219 4,079
Extra-ordinary Items -- -- 242 (23) --
Adjusted Profit After Extra-ordinary item 4,857 5,212 4,685 4,242 4,079
EPS (Unit Curr.) 168 180 170 146 141
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 1,400 1,200 600 600 550
Equity 289 289 289 289 289
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 24 23.80 24.40 25.30 27.60
PBDTM(%) 24 23.80 24.40 25.30 27.60
PATM(%) 17.90 17.90 16.70 17.10 19.10
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