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Bajaj financial report

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									BAJAJ AUTO FINANCIAL
      ANALYSIS
• Bajaj Auto is a major Indian automobile
  manufacturer.
• It is India's largest and the world's 4th largest
  two- and three-wheeler maker.
• Chairman RahulBajaj
BALANCE SHEET OF BAJAJ AUTO
Sources Of Funds            Mar '06    Mar '07    Mar '08    Mar '09    Mar '10

Total Share Capital         101.18     101.18     144.68     144.68     144.68

Equity Share Capital        101.18     101.18     144.68     144.68     144.68


Share Application Money       0.00       0.00       0.00       0.00       0.00


Preference Share Capital      0.00       0.00       0.00       0.00       0.00


Reserves                   4,669.55   5,433.14   1,442.91   1,725.01   2,783.66

Revaluation Reserves          0.00       0.00       0.00       0.00       0.00

Networth                   4,770.73   5,534.32   1,587.59   1,869.69   2,928.34

Secured Loans                 0.02      22.46       6.95       0.00      12.98

Unsecured Loans            1,467.13   1,602.97   1,327.39   1,570.00   1,325.60

Total Debt                 1,467.15   1,625.43   1,334.34   1,570.00   1,338.58

Total Liabilities          6,237.88   7,159.75   2,921.93   3,439.69   4,266.92
Application Of Funds         Mar '06    Mar '07    Mar '08    Mar '09    Mar '10
Gross Block                  2,894.22   3,178.54   2,994.68   3,350.20   3,379.25
Less: Accum. Depreciation    1,761.22   1,904.94   1,726.07   1,807.91   1,899.66
Net Block                    1,133.00   1,273.60   1,268.61   1,542.29   1,479.59
Capital Work in Progress       43.33     107.62      34.74     106.48      120.84
Investments                  5,856.97   6,447.53   1,857.14   1,808.52   4,021.52
Inventories                   272.93     309.70     349.61     338.84      446.21
Sundry Debtors                301.55     529.83     275.31     358.65      272.84
Cash and Bank Balance          80.84      62.16      54.74     135.68      100.20
Total Current Assets          655.32     901.69     679.66     833.17      819.25
Loans and Advances           2,282.98   2,925.24   1,099.68   1,567.09   2,291.29
Fixed Deposits                  1.25      21.32       1.33       1.19        1.21
Total CA, Loans & Advances   2,939.55   3,848.25   1,780.67   2,401.45   3,111.75
Deffered Credit                 0.00       0.00       0.00       0.00        0.00
Current Liabilities          1,419.08   1,683.46   1,185.19   1,378.20   2,218.06
Provisions                   2,315.89   2,833.79    834.04    1,224.15   2,248.72
Total CL & Provisions        3,734.97   4,517.25   2,019.23   2,602.35   4,466.78
Net Current Assets            -795.42    -669.00    -238.56    -200.90   -1,355.03
Miscellaneous Expenses          0.00       0.00       0.00     183.30        0.00
Total Assets                 6,237.88   7,159.75   2,921.93   3,439.69   4,266.92
Contingent Liabilities        719.06     811.66    1,129.29    924.96      818.25
Book Value (Rs)               471.49     546.96     109.73     129.23      202.40
PROFIT AND LOSS ACCOUNT
Income

Sales Turnover                 8,653.83   10,741.91   9,856.66   9,310.24   12,420.95

Excise Duty                    1,081.70    1,321.67   1,029.51    610.07      607.70

Net Sales                      7,572.13    9,420.24   8,827.15   8,700.17   11,813.25

Other Income                    458.96      567.16     170.27       -4.52      38.76

Stock Adjustments                49.01        -0.90     67.85      -24.49      47.60

Total Income                   8,080.10    9,986.50   9,065.27   8,671.16   11,899.61

Expenditure

Raw Materials                  5,446.62    6,969.50   6,760.04   6,502.10    8,187.11

Power & Fuel Cost                59.09       79.34      69.20      60.89       70.35

Employee Cost                   282.45      310.07     350.09     366.67      411.76

Other Manufacturing Expenses     79.50       74.53      53.72      58.10       73.80

Selling and Admin Expenses      299.99      457.17     390.15     383.41      423.87

Miscellaneous Expenses          198.52      230.89     209.63     226.22      221.94

Preoperative Exp Capitalised     -24.81      -32.05     -23.04     -14.42      -15.67

Total Expenses                 6,341.36    8,089.45   7,809.79   7,582.97    9,373.16
Operating Profit              1,279.78   1,329.89   1,085.21   1,092.71   2,487.69
PBDIT                         1,738.74   1,897.05   1,255.48   1,088.19   2,526.45
Interest                         0.34       5.34       5.16      21.01       5.98
PBDT                          1,738.40   1,891.71   1,250.32   1,067.18   2,520.47
Depreciation                   191.00     190.26     173.96     129.79     136.45
Other Written Off                3.62       0.39       1.12       0.00       0.00
Profit Before Tax             1,543.78   1,701.06   1,075.24    937.39    2,384.02
Extra-ordinary items            59.03      26.60      59.32      18.72      24.25
PBT (Post Extra-ord Items)    1,602.81   1,727.66   1,134.56    956.11    2,408.27
Tax                            479.11     490.09     378.78     301.61     707.50
Reported Net Profit           1,101.63   1,237.96    755.95     656.48    1,702.73
Total Value Addition           894.74    1,119.95   1,049.75   1,080.87   1,186.05
Preference Dividend              0.00       0.00       0.00       0.00       0.00
Equity Dividend                404.74     404.73     289.37     318.30     578.73
Corporate Dividend Tax          56.76      68.78      49.18      54.10      96.12
Per share data (annualised)
Shares in issue (lakhs)       1,011.84   1,011.84   1,446.84   1,446.84   1,446.84
Earning Per Share (Rs)         108.87     122.35      52.25      45.37     117.69
Equity Dividend (%)            400.00     400.00     200.00     220.00     400.00
Book Value (Rs)                471.49     546.96     109.73     129.23     202.40
RATIO ANALYSIS
                     LEVERAGE RATIOS
• Debt-equity Ratio
      Debt         1338.58
               =          = 0.435
     Equity        (144+2928)
• Debt-asset Ratio
      Debt         1338.58
               =             = 0.313
     Assets        4266.92
• Interest Coverage Ratio
      Profit before interest and tax       2384.02
                                       =             = 3.23
              Interest                     707.5
                   TURNOVER RATIOS
• Inventory Turnover
      Cost of goods sold    12420.95
                         =
      Average inventory    (446.21 + 338)/2 =29.19
• Debtors’ Turnover
      Net credit sales
                       =37.41
      Average debtors
• Fixed Assets Turnover
            Net sales
                                   =3.50
      Average net fixed assets
• Total Assets Turnover
            Net sales
                           =2.77
      Average total assets
                    LIQUIDITY RATIOS
• Current Ratio
       Current assets           1355.03
                            =          = 0.61
      Current liabilities       2218.06

• Acid-Test Ratio
       Quick assets         (1355.03-135)
                          =             = 0.55
      Current liabilities      2218.06

• Cash Ratio
      Cash and bank       Current
      balances        + investments        (100.2 +4021.52)
                                         =               = 1.858
            Current liabilities              2218.06
                   PROFITABILITY RATIOS
• Gross Profit Margin Ratio
      Gross profit       2384
                     =        = 20.1%
      Net sales          11813.25

• Net Profit Margin Ratio
      Net profit         1702.73
                     =         = 14.41%
      Net sales       11813.25

• Return on Assets (ROA)
      Profit after tax               1702.73
                             =                 =44.1%
    Average total assets         (3439.69 + 4266.92)/2
                   PROFITABILITY RATIOS
• Earning Power
 Profit before interest and tax          2384.02
                                   =                           =61.8%
     Average total assets              (3439.69 + 4266.92)/2

• Return on Capital Employed
  Profit before interest and tax
         (1 – Tax rate)                 2384.02(1 – 0.054)
                                   =                       = 58.5%
      Average total assets             ((3439.69 + 4266.92)/2

• Return on Equity
  Equity earnings            578.73
                     =                   = 0.131 or 13.1
  Average equity                             percent
                           VALUATION RATIOS
 Price-earnings Ratio
       Market price per share        2850.75
                                   =        = 24.22
           Earnings per share        117.69
 Yield
           Dividend               Price change
                            +
           Initial price          Initial price
          Dividend yield    Capital gains/losses yield
           584                       1.0
                = 9.35%                    = 5%
           20.0                      20.0
 Market Value to Book Value Ratio
      Market value per share     2850.75
                              =         = 14.1
      Book value per share       202.4
THANK YOU

								
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