BJHN

Document Sample
BJHN Powered By Docstoc
					                                                                                             Regd off: Bajaj Bhavan, 2nd Floor, 226 Nariman Point, J. B. Marg, Mumbai - 21
BAJAJ HINDUSTHAN LIMITED                                                                     E-Mail:    investor.complaints@bajajhindusthan.com
                                                                                             Web site: www.bajajhindusthan.com
                                                                                             Telephone: (022) 2204 9056 Fax: (022) 2204 8681
SUGAR                                                                             BAJAJ      Tr agent: Sharepro Services, Satam Estate, C.G. Rd., Chakala, Mumbai - 99
Chairman: Shishir Bajaj (M.D.)                                                 SEC: Pradeep Parakh                                     AUD: Dalal & Shah
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E      P/CF            Yield         Mkt cap                Vol.              ISIN
 1931   500032             BJH:IN      1           181.5          -4.8            7.6          NM        21.4            0.3          25,658.8          1,669.7           INE306A01021
SHAREHOLDING                                                     FX Transaction (FY08)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 45.7%               Exports (fob)          Rs m      122
Foreign collaborators      :  0.0%               Imports (cif)          Rs m        1                (Rs)
Indian inst/Mut Fund       :  9.7%               Fx inflow              Rs m      122         500
FIIs/GDR                   : 13.7%               Fx outflow             Rs m       86
Free float                 : 30.9%               Net fx                 Rs m       36
                                                                                              400                                                             DAILY
Shareholders               : 98,913
                                                                                                                                                              100 DMA
                           No. of months                  12         12         12
                             Year ending          30/09/2006 30/09/2007 30/09/2008            300
EQUITY SHARE DATA
High                                  Rs                 569           352            400
Low                                   Rs                 180           116              97    200
Sales per share                       Rs               104.9         125.9         146.4
Earnings per share                    Rs                13.1            0.5         -11.3
Cash flow per share                   Rs                18.4          11.9             8.5
                                                                                              100
Dividends per share                   Rs                0.60          0.60           0.60
Dividend yield (eoy)                  %                  0.2           0.3            0.2
                                                                                                0
Book value per share                  Rs                96.3          99.4           85.0
Shares outstanding (eoy)              m               141.41        141.41        141.41        Aug-06              Jun-07            Feb-08            Nov-08                 Aug-09
Bonus/Rights/Conversions                                GDR               -              -
Price / Sales ratio                   x                   3.6           1.9            1.7                               No. of months                 12         12         12
Avg P/E ratio                         x                 28.6         441.2         -22.0                                   Year ending         30/09/2006 30/09/2007 30/09/2008
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                 20.3          19.6           29.3
Price / Book Value ratio              x                   3.9           2.4            2.9    From Operations                         Rs   m      -1,271                876      -1,657
Dividend payout                       %                  4.6         113.1           -5.3     From Investments                        Rs   m     -13,776            -19,984      -2,928
Avg Mkt Cap                           Rs m            52,958        33,090        35,140      From Financial Activity                 Rs   m      17,221             19,471       3,652
No. of employees                      `000                NA            NA             NA     Net Cashflow                            Rs   m       2,175                363        -934
Total wages/salary                    Rs m               585         1,423         1,483
Avg. sales/employee                   Rs Th               NA            NA             NA                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th               NA            NA             NA                                           4QFY08   1QFY09             2QFY09          3QFY09
Avg. net profit/employee              Rs Th               NA            NA             NA     Net sales                   Rs    m     4,768    3,623              5,159           3,993
                                                                                              Gross profit                Rs    m      -240      363              2,055           1,378
INCOME DATA                                                                                   Gross profit margin         %             -5.0    10.0               39.8            34.5
Net Sales                             Rs     m        14,829        17,805        20,702      Net profit                  Rs    m      -875     -287                509             619
Other income                          Rs     m           874           802         1,207      Net profit margin           %           -18.4      -7.9                9.9           15.5
Total revenues                        Rs     m        15,703        18,607        21,909
Gross profit                          Rs     m         3,122         1,855         2,695                                            KEY DATA
Depreciation                          Rs     m           759         1,611         2,799      Parameters                          Unit              FY06              FY07        FY08
Interest                              Rs     m           497         1,341         2,530      Crushing capacity                   TCD              53,000            96,000     136,000
Profit before tax                     Rs     m         2,740          -295        -1,427      Sugar produced                      m ton                0.7               1.3         1.0
Minority Interest                     Rs     m             0           115           173      Sugar revenue                       % of sales         91.9              90.1        80.0
Prior Period Items                    Rs     m             6             54           -25     Sugar realisations                  Rs               18,442            14,468      16,333
Extraordinary Inc (Exp)               Rs     m             0              0       -1,300      Power produced                      MW                   31             7,581     111,002
Tax                                   Rs     m           897          -201          -980
                                                                                                                                     NOTES
Profit after tax                      Rs     m         1,849             75       -1,599
Gross profit margin                   %                 21.1          10.4          13.0     Bajaj Hindusthan (BHL), a part of the 'Bajaj Group', is India's number one sugar and
Effective tax rate                    %                 32.7          68.1          68.7     ethanol manufacturing company. It has ten sugar plants, which are all located in Uttar
                                                                                             Pradesh. BHL has a cane crushing capacity of around 136,000 TCD and is also the
Net profit margin                     %                 12.5            0.4          -7.7
                                                                                             country's largest ethanol producer with 800 KLPD capacity. It also has a power plant
BALANCE SHEET DATA                                                                           with 105 KW capacity. BHL's wholly owned subsidiary, Bajaj Eco-tec Products Limited
                                                                                             (BEPL), commenced trial production of environment-friendly Medium Density Fibre
Current assets                        Rs m             8,847        20,549        25,921     Boards (MDF) and Particle Boards (PB), both from its bagasse waste. Its three units,
Current liabilities                   Rs m             4,015        10,129        11,693     put together, will turn out 210,000 cubic metres of MDF and Particle Boards in a year.
Net working cap to sales              %                 32.6          58.5          68.7
Current ratio                         x                   2.2           2.0           2.2    BHL reported a 4% YoY decline in the topline during 9mCY09 mainly led by a sharp
Inventory Turnover                    Days                35             89          140     decline in revenues of the distillery and power segments due to lower volumes. The
Debtors Turnover                      Days                16             23           10     profits more than doubled mainly on account of higher EBIT from the sugar division.
Net fixed assets                      Rs m            25,457        40,846        41,848     The sugar segment saw EBIT of Rs 1 bn as compared to losses last year due to
Share capital                         Rs m               141           141           141     higher realizations. The company has fully utilised Rs 7 bn raised by private
"Free" reserves                       Rs m            12,162        12,428        10,433     placement of shares for repayment of its debt in accordance with the terms of the
                                                                                             issue.
Net worth                             Rs m            13,615        14,060        12,014
Long term debt                        Rs m            10,101        29,634        37,301     With domestic output touching a three-year low of 15 million tonne in the current
Total assets                          Rs m            34,305        61,395        67,770     season (October-September) against the consumption of 22 million tonnes, prices
Interest coverage                     x                   6.5           0.8           0.4    have been on an uptrend. This has led to higher realizations and better cash flow for
Debt to equity ratio                  x                   0.7           2.1           3.1    sugar companies including BHL. Further, with the company having an integrated
Sales to assets ratio                 x                   0.4           0.3           0.3    model, the coming quarters would remain sweet for the company.
Return on assets                      %                   9.9           3.2           1.9
Return on equity                      %                 13.6            0.5        -13.3
Return on capital                     %                 13.7            2.8          -0.1
Exports to sales                      %                   0.8           1.6           0.6
Imports to sales                      %                   0.0           0.0           0.0
                                                                         GET MORE INFO AT WWW.EQUITYMASTER.COM

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:9
posted:11/6/2010
language:English
pages:1