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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2007
(Rs. in Million)
 
QUARTER ENDED
30.09.2007 ( Unaudited)
QUARTER 
ENDED
30.09.2006
(Unaudited)
HALF YEAR
ENDED
30.09.2007
(Unaudited)
HALF YEAR
ENDED
30.09.2006
(Unaudited)
YEAR ENDED
31.03.2007
(Audited)
Sales in numbers
614,093
708,124
1,185,684
1,355,218
2,721,824
Gross Sales & Income  from Operations
26378.8
27751.4
49994.8
52805.0
108342.7
Less: Excise duty
2756.0
3391.7
5280.9
6418.7
13138.6
Net Sales & Income from Operations (See note 3)
23622.8
24359.7
44713.9
46386.3
95204.1
Other Income
1472.3
1424.3
2499.2
2369.9
5556.4
TOTAL INCOME
25095.1
25784.0
47213.1
48756.2
100760.5
EXPENDITURE :
a) (Increase) / decrease in stock in trade and work in progress
(248.8)
68.4
(221.8)
292.4
9.0
b) Consumption of raw materials
16611.8
17123.3
31178.0
31933.2
66627.0
c) Purchase of traded goods
703.7
500.1
1370.7
1010.1
2374.1
d) Employees Cost
735.2
725.9
1721.9
1569.9
3015.2
e) Depreciation
487.2
491.7
977.4
972.9
1902.6
f) Other expenditure
2061.6
2345.2
4183.2
4430.9
9329.6
g) Expenses capitalised
(25.8)
(55.1)
(56.8)
(120.8)
(320.5)
Total
20324.9
21199.5
39152.6
40088.6
82937.0
Interest
13.6
20.0
14.2
27.3
53.4
Exceptional items
Export incentives accrued in previous year written off
-
-
-
103.9
103.9
Compensation paid under Voluntary Retirement Schemes
-
126.0
-
137.8
385.7
Provision for write downs (See note 4)
77.4
-
77.4
-
-
Profit / (Loss) from ordinary activities before tax
4679.2
4438.5
7968.9
8398.6
17280.5
Tax expense (Including Fringe Benefit Tax)
1315.0
1250.0
2340.0
2550.0
4900.9
Net Profit / (Loss) from ordinary activities after tax
3364.2
3188.5
5628.9
5848.6
12379.6
Prior period adjustments (net)
-
(12.6)
-
(12.6)
(8.6)
Net Profit / (Loss) for the period
3364.2
3175.9
5628.9
5836.0
12371.0
Paid up Equity Share Capital (Face value of Rs 10/-)
1011.8
1011.8
1011.8
1011.8
1011.8
Reserves excluding Revaluation Reserves as at 31 March 2007
54331.4
Basic and Diluted Earnings Per Share ( Rs.) (not annualised)
a) before extraordinary items
33.2
31.4
55.6
57.7
122.3
b) after extraordinary items
33.2
31.4
55.6
57.7
122.3
Public shareholding
No. of shares
69,024,067
69,037,225
68,986,672
Percentage of Shareholding
68.22%
68.23%
68.18%
 
 
CONSOLIDATED FINANCIAL AND SEGMENT-WISE RESULTS OF BAJAJ AUTO LIMITED AND ITS SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBETR 30, 2007
(Rs. in Million)
 
QUARTER ENDED
30.09.2007
( Unaudited )
QUARTER  ENDED
30.09.2006 (Unaudited )
HALF YEAR
ENDED
30.09.2007
(Unaudited )
HALF YEAR
ENDED
30.09.2006
(Unaudited )
YEAR ENDED
31.03.2007
(Audited)
Net Sales & Income from operations (See note 3)
25833.4
25388.6
47897.7
48331.4
101186.7
 
EXPENDITURE :
a) (Increase) / decrease in stock-in-trade and work in progress
(248.6)
68.6
(221.4)
304.1
22.4
b) Consumption of raw materials
16626.4
17123.4
31229.3
31931.7
66594.0
c) Purchase of traded goods
703.7
500.1
1370.7
1010.1
2374.1
d) Employees Cost
757.2
731.8
1764.4
1581.8
3059.5
e) Depreciation
489.9
492.3
981.1
974.2
1905.9
f) Other expenditure
2159.0
2343.6
4358.9
4422.2
9428.3
g) Expenses capitalised
(25.8)
(55.1)
(56.8)
(120.8)
(320.5)
Total
20461.8
21204.7
39426.2
40103.3
83063.7
Interest
13.6
20.0
14.2
27.3
55.4
Exceptional items
Export incentives accrued in previous year written off
-
-
-
103.9
103.9
Compensation paid under Voluntary Retirement Schemes
-
126.0
-
137.8
385.7
Provision for write downs (See note 4)
77.4
-
77.4
-
-
Profit / (Loss) from ordinary activities before tax and share of profit on Investments in Associates
5280.6
4037.9
8379.9
7959.1
17578.0
Add: Share of Profit after tax on Investments in Associates
17.5
25.6
35.8
39.9
203.9
Profit / (Loss) from ordinary activities before tax
5298.1
4063.5
8415.7
7999.0
17781.9
Tax expense (Including Fringe Benefit Tax)
1499.4
1300.2
2659.1
2719.5
5279.5
Profit / (Loss) from ordinary activities after tax
3798.7
2763.3
5756.6
5279.5
12502.4
Prior period adjustments
  Tax credits pertaining to earlier years
-
-
-
-
4.9
  Others (net)
-
(12.6)
-
(12.6)
(8.6)
 
3798.7
2750.7
5756.6
5266.9
12498.7
Less: Minority Interest in Net Income of subsidiaries
134.1
(117.0)
80.5
(158.5)
5.2
Net Profit / (Loss) from ordinary activities after tax
3664.6
2867.7
5676.1
5425.4
12493.5
Adjustments on account of write down of deferred tax assets
-
-
-
-
10.7
Net Profit / (Loss) for the period
3664.6
2867.7
5676.1
5425.4
12482.8
Paid up Equity Share Capital (Face value of Rs 10/-)
1011.8
1011.8
1011.8
1011.8
1011.8
Reserves excluding Revaluation Reserves as at 31 March 2007
60496.5
Basic and Diluted Earnings Per Share ( Rs.) (not annualised)
a) before extraordinary items
36.2
28.3
56.1
53.6
123.5
b) after extraordinary items
36.2
28.3
56.1
53.6
123.4
 

SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

      (Rs. In Lakhs)
 
QUARTER
ENDED
30.09.2008
(Unaudited)
QUARTER
ENDED
30.09.2007
(Unaudited)
HALF YEAR ENDED
30.09.2008
(Unaudited)
HALF YEAR ENDED
30.09.2007
(Unaudited)
YEAR ENDED
31.03.2008
(Audited)
Segment Revenue          
Automotive
254843
236182
485919
447047
904617
Investment
2210
2595
5088
5928
12267
Total
257073
238777
491007
452975
916884
 
Segment Profit/(Loss) before Tax and Interest
         
Automotive
24968
33351
48293
57425
101722
Investment
2210
2595
5088
5928
12267
Total
27178
35946
53381
63353
113989
Less: Interest
587
136
679
142
516
Total Profit Before Tax
26591
35810
52702
63211
113473
 
Capital Employed          
Automotive
140014
148759
140014
148759
136867
Investment
171039
164960
171039
164960
190020
Unallocable
(2842)
(4965)
(2842)
(4965)
(33596)
Total
308211
308754
308211
308754
293291
 
 

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) PT. Bajaj Auto Indonesia

97.5%

Automotive

Subsidiary
e) Bajaj Holdings & Investment Limited

100%

Investment

Subsidiary
f) Bajaj Finserv Limited

100%

Investment

Subsidiary
g) Maharashtra Scooters Limited

24%

Automotive & Investments
Joint venture
h) Bajaj Allianz Financial Distributors Limited

50%

Investment
Joint venture
i) Bajaj Auto Finance Limited

46.31%

Hire Purchase Financing
Associate
 
NOTES:

1. Gross Written Premium (GWP) for the quarter and half year ended September 30, 2007 of general insurance business is Rs. 5487.6 million and Rs. 11224.9 million respectively. The corresponding figure for the quarter and half year ended September 30, 2006 was Rs. 3919.7 million and Rs. 8421.1 million respectively.

Gross Written Premium (GWP) for the quarter and half year ended September 30, 2007 of life insurance business is Rs. 20008.1 million and Rs. 30606.8 million respectively. The corresponding figure for the quarter and half year ended September 30, 2006 was Rs. 8784.4 million and Rs. 16106.3 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 surplus of Rs.663.6 million prior to elimination of inter segment revenue of Rs. 18.4 million for the half year ended September 30, 2007, 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 Government of India, vide Public Notice No. PN -17 dated 12 July 2007, increased rate of DEPB (export incentive) from 6% to 9% with retrospective effect from 1 April 2007. Consequently additional export incentive pertaining to previous quarter aggregating Rs. 140 million has been accrued and included in Net Sales & Income from Operations of the quarter ended September 30, 2007.

4.The Company with effect from 3rd September 2007 has discontinued its vehicle assembly facilities at its Akurdi Plant. The available infrastructure comprising land, buildings and some machinery, with suitable modifications/alterations, would be employed for business purposes including enhancing product and technology development capabilities. Consequently, surplus/redundant machinery, dies, components and spares have been identified. Assessment of realisable values is in process. The company has recognised a provision of Rs. 77.4 million in the above results for the quarter ended 30th September 2007 towards assessed losses on estimation. Further write downs / losses will be recognised in the subsequent quarter on completion of assessment.

5.The Scheme of arrangement approved by the Board of Directors on 17 May 2007, involving demerger of undertakings of the company resulting into three entities viz. Bajaj Auto Limited., Bajaj Finserv Limited and Bajaj Holdings & Investments Limited, has been approved by the shareholders and unsecured creditors at the court-convened meetings held on 18 August 2007. Pending approval of the honourable High Court of Bombay and inter-company allocations thereafter, the above results of the company continue to be prepared as a single entity.

6.The results for the quarter ended September 30, 2007 have been subjected to "Limited Review" by the auditors.

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

8.The company did not have any investor complaints pending as on 1 July 2007 and as on 30 September 2007. There were seven investors' complaints received and disposed of during the quarter ended 30 September 2007.

9.The above results have been reviewed by the Audit Committee and taken on record in the meeting of Board of Directors held on October 19, 2007.

 
BY ORDER OF THE BOARD OF DIRECTORS
FOR BAJAJ AUTO LIMITED
PUNE
DATE : October 19, 2007
RAHUL BAJAJ
CHAIRMAN