|
|
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2006 |
(Rs. in Million) |
|
QUARTER ENDED
30.09.2006 (Reviewed)
|
QUARTER
ENDED
30.09.2005
(Reviewed)
|
HALF YEAR
ENDED
30.09.2006
(Reviewed)
|
HALF YEAR
ENDED
30.09.2005
(Reviewed)
|
YEAR ENDED
31.03.2006
(Audited)
|
Sales in numbers |
708,124 |
555,552 |
1,355,218 |
1,061,076 |
2,281,230 |
Gross Sales & Income from Operations |
27751.4 |
21306.3 |
52805.0 |
39898.8 |
87483.8
|
Less: Excise duty |
3391.7 |
2636.8 |
6418.7 |
4887.8 |
10804.8
|
Net Sales & Income from Operations |
24359.7 |
18669.5 |
46386.3 |
35011.0 |
76679.0
|
Other Income |
1424.3 |
1362.0 |
2369.9 |
2289.8 |
4384.5
|
TOTAL INCOME |
25784.0
|
20031.5 |
48756.2
|
37300.8
|
81063.5
|
TOTAL EXPENDITURE : |
|
|
|
|
|
a) (Increase)/decrease in stock-in-trade |
68.4
|
156.5
|
292.4
|
(10.7)
|
(490.1)
|
b) Materials |
17623.4
|
12824.9
|
32943.3
|
24416.3
|
53736.1
|
c) Staff Cost |
725.9
|
652.4
|
1569.9
|
1384.2
|
2741.3
|
d) Other expenditure |
2345.2
|
1964.0
|
4430.9
|
3624.6
|
7377.1
|
e) Expenses capitalised |
(55.1)
|
(84.7)
|
(120.8)
|
(135.1)
|
(248.1)
|
Interest |
20.0
|
0.5
|
27.3
|
1.4
|
3.4
|
GROSS PROFIT AFTER INTEREST BUT BEFORE DEPRECIATION AND TAXATION |
5056.2 |
4517.9 |
9613.2 |
8020.1 |
17943.8 |
Export incentives accrued in previous year written off
|
- |
- |
103.9 |
- |
- |
Compensation paid under Voluntary Retirement Schemes (See note 4)
|
126.0
|
-
|
137.8 |
- |
226.4 |
Depreciation |
491.7
|
489.8
|
972.9 |
952.0 |
1910.0 |
PROFIT BEFORE TAX |
4438.5
|
4028.1
|
8398.6
|
7068.1
|
15807.4
|
Provision for Taxation (Including Deferred Taxes and Fringe Benefit Tax) |
1250.0
|
1120.0
|
2550.0
|
2070.0
|
4791.1
|
NET PROFIT |
3188.5
|
2908.1
|
5848.6
|
4998.1
|
11016.3
|
Prior period adjustments |
|
|
|
|
|
|
Tax credits pertaining to earlier years
|
- |
- |
- |
- |
225.1 |
|
Others (net)
|
(12.6)
|
(14.5)
|
(12.6)
|
(25.0)
|
(8.7)
|
Profit after prior period adjustments
|
3175.9
|
2893.6
|
5836.0
|
4973.1
|
11232.7
|
Paid up Equity Share Capital (Face value of Rs 10/-)
|
1011.8 |
1011.8 |
1011.8 |
1011.8 |
1011.8 |
Reserves excluding Revaluation Reserves
|
|
|
|
|
46695.5 |
Basic and Diluted Earnings per Share of Rs. 10/- each (not annualised) (Rs). |
31.4
|
28.6
|
57.7
|
49.2
|
111.0
|
Aggregate of Non-Promoter Shareholding : |
|
|
|
|
|
No. of shares |
|
|
71,031,876
|
71,047,533
|
71,047,708
|
Percentage of Shareholding |
|
|
70.20%
|
70.22%
|
70.22%
|
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL AND SEGMENT-WISE RESULTS OF BAJAJ AUTO LTD. AND ITS SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES |
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2006 |
(Rs. in Million)
|
|
QUARTER ENDED
30.09.2006
|
QUARTER
ENDED
30.09.2005
|
HALF YEAR
ENDED
30.09.2006
|
HALF YEAR
ENDED
30.09.2005
|
YEAR ENDED
31.03.2006
(Audited)
|
Net Sales / Income from Operations |
25388.6 |
19695.7 |
48331.4 |
37254.0 |
81037.4
|
|
|
|
|
|
|
TOTAL EXPENDITURE : |
|
a) Materials |
17692.1
|
12989.7
|
33245.9
|
24421.6
|
53281.5
|
b) Staff Cost |
731.8
|
658.2
|
1581.8
|
1395.9
|
2763.6
|
c) Other expenditure |
2343.6
|
1968.3
|
4422.2
|
3623.5
|
7391.4
|
d) Expenses capitalised |
(55.1)
|
(84.7)
|
(120.8)
|
(135.1)
|
(248.1)
|
Interest |
20.0
|
0.5
|
27.3
|
1.4
|
3.4
|
Gross Profit after Interest but before Depreciation & Taxation |
4656.2 |
4163.7 |
9175.0 |
7946.7 |
17845.6 |
Export incentives accrued in previous year written off
|
- |
- |
103.9 |
- |
- |
Compensation paid under Voluntary Retirement Schemes (See note 4)
|
126.0
|
0.3
|
137.8 |
0.7 |
227.8 |
Depreciation |
492.3
|
490.6
|
974.2 |
953.4 |
1912.8 |
Profit before Tax and share of profit on Investments in Associates
|
4037.9
|
3672.8
|
7959.1
|
6992.6
|
15705.0
|
Add: Share of Profit after tax on Investments in Associates
|
25.6 |
57.3 |
39.9 |
110.4 |
93.1 |
Profit before Tax |
4063.5
|
3730.1
|
7999.0
|
7103.0
|
15798.1
|
Provision for Taxation (Including Deferred Taxes & Fringe Benefit Tax) |
1300.2
|
1184.0
|
2719.5
|
2208.2
|
5093.7
|
Net Profit |
2763.3
|
2546.1
|
5279.5
|
4894.8
|
10704.4
|
Prior period adjustments |
|
|
|
|
|
|
Tax credits pertaining to earlier years |
- |
- |
- |
- |
228.2 |
|
Others (net)
|
(12.6)
|
(14.5)
|
(12.6)
|
(25.0)
|
(8.7)
|
Profit after prior period adjustments |
2750.7
|
2531.6
|
5266.9
|
4869.8
|
10923.9
|
Less: Minority Interest in Net Income of subsidiaries |
(117.0) |
(99.7) |
(158.5) |
(63.0) |
(122.1) |
Income attributable to consolidated group
|
2867.7
|
2631.3
|
5425.4
|
4932.8
|
11046.0
|
|
|
|
|
|
|
|
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
|
|
|
|
(Rs. in Million)
|
|
QUARTER ENDED
30.09.2006
|
QUARTER
ENDED
30.09.2005
|
HALF YEAR
ENDED
30.09.2006
|
HALF YEAR
ENDED
30.09.2005
|
YEAR ENDED
31.03.2006
(Audited)
|
Segment Revenue |
|
|
|
|
|
Automotive |
24361.4
|
18680.7
|
46401.1
|
35033.6
|
76728.2
|
Insurance |
11273.8
|
7077.5
|
20936.2
|
11007.7
|
38440.4
|
Investment & Others |
1430.0
|
1332.4
|
2382.4
|
2329.5
|
4470.7
|
Total
|
37065.2
|
27090.6
|
69719.7
|
48370.8
|
119639.3
|
Less:Inter segment Revenue |
120.5
|
96.9
|
182.1
|
154.3
|
254.5
|
Net Sales/Income from operations
|
36944.7
|
26993.7
|
69537.6
|
48216.5
|
119384.8
|
Segment Profit/(Loss) before Tax and Interest
|
|
|
|
|
|
Automotive |
3116.7
|
2798.3
|
6225.9
|
4997.5
|
11826.9
|
Insurance |
(400.0)
|
(319.9)
|
(440.8)
|
(104.6)
|
(167.4)
|
Investment & Others |
1366.8
|
1252.2
|
2241.2
|
2211.5
|
4142.0
|
Total
|
4083.5
|
3730.6
|
8026.3
|
7104.4
|
15801.5
|
Less: Interest |
20.0
|
0.5
|
27.3
|
1.4
|
3.4
|
Total Profit Before Tax |
4063.5
|
3730.1
|
7999.0
|
7103.0
|
15798.1
|
Capital Employed |
|
|
|
|
|
Automotive |
7545.6
|
7588.4
|
7545.6
|
7588.4
|
6839.9
|
Insurance |
4962.4
|
3554.9
|
4962.4
|
3554.9
|
5640.1
|
Investment & Others |
61755.8
|
52925.4
|
61755.8
|
52925.4
|
60325.7
|
Unallocable |
239.5
|
402.6
|
239.5
|
402.6
|
(3828.9)
|
Total
|
74503.3
|
64471.3
|
74503.3
|
64471.3
|
68976.8
|
|
|
|
|
|
|
|
NOTE:
The consolidated financial results include results of the following companies:
|
|
Name Of The Company
|
% shareholding and voting power of Bajaj Auto Limited and Subsidiaries
|
Segment
|
Consolidated as
|
a) Bajaj Auto Holdings Limited
|
100%
|
Investment
|
Subsidiary |
b) Bajaj Allianz General Insurance Company Limited
|
74%
|
Insurance - general
|
Subsidiary |
c) Bajaj Allianz Life Insurance Company Limited
|
74%
|
Insurance - life
|
Subsidiary |
d) Maharashtra Scooters Limited |
24%
|
Automotive & Investments |
Joint venture |
e) Bajaj Auto Finance Limited |
41.51%
|
Hire Purchase Financing |
Associate |
|
NOTES: |
- Gross Written Premium (GWP) for the quarter and half year ended September 30, 2006 of general insurance business is Rs. 3919.7 million and Rs. 8421.1 million respectively. The corresponding figure for the quarter and half
year ended September 30, 2005 was Rs. 3053.6 million and Rs. 6222.4 million respectively.
Gross Written Premium (GWP) for the quarter and half year ended September 30, 2006 of life insurance business is Rs. 8784.4 million and Rs. 16106.3 million respectively. The corresponding figure for the quarter
and half year ended September 30, 2005 was Rs. 5364.7 million and Rs. 7761.4 million respectively.
- For the purpose of consolidated financials the net result of the insurance business revenue accounts together with shareholders income and transfers to policyholders revenue account in accordance with the reporting framework
of IRDA, amounting to a net loss of Rs.434.5 million prior to elimination of inter segment revenue of Rs. 17.6 million for the half year ended September 30, 2006, has been included in a manner consistent with the parent's
reporting format as was done for the previous periods. However, for reporting segment information, segment revenues for both insurance businesses represent the premiums earned and other income.
- The consolidated financial results exclude the Indonesian joint venture company viz. PT. Bajaj Auto Indonesia as the company had not commenced business as at 30th September 2006.
- The company had announced a Voluntary Retirement Scheme (VRS) on 23rd August 2006 for the workmen and on 13th September 2006 for the staff of its Akurdi plant. The schemes were open till 25th September 2006. In response
to the VRS, 343 workmen and 41 staff opted for the same.
In line with the policy consistently followed by the company, the liability amounting to Rs. 378 million, in respect of the same will be charged equally over the three quarters of the year. A sum of Rs. 126 million
has been charged in the current quarter. The balance together with any further sums in this regard will be charged in the remaining two quarters of the current financial year.
- The results for the quarter ended September 30, 2006 have been subjected to "Limited Review" by the auditors.
- Figures for previous year / period have been regrouped wherever necessary.
- The company did not have any investor complaints pending as on 1 July 2006 and as on 30 September 2006. There were six investors' complaints received and disposed of during the quarter ended 30 September 2006.
- The above results have been taken on record in the meeting of Board of Directors held on October 18, 2006.
|
|
BY ORDER OF THE BOARD OF DIRECTORS
FOR BAJAJ AUTO LIMITED
|
PUNE DATE : October 18, 2006 |
RAHUL BAJAJ
CHAIRMAN
|
|
|
|
|
|
|
|
|