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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:
  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. The results for the quarter ended September 30, 2006 have been subjected to "Limited Review" by the auditors.

  6. Figures for previous year / period have been regrouped wherever necessary.

  7. 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.

  8. 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
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