Bajaj Auto Limited Results : Q2 / FY19

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Highest ever Volumes, Highest ever Turnover  with Highest ever Profits

A meeting of the Board of Directors of Bajaj Auto Limited was held today to consider and approve the results for Q2 / FY19.

This quarter witnessed an all round growth in volumes, turnover and profits.

The Company recorded its HIGHEST ever:-

✓ Volumes : 1,339,444 units

✓ Domestic Motorcycle volumes : 692,899 units

✓ Turnover : ` 8,368 crore

✓ EBITDA : ` 1,454 crore

✓ Operating Profit : ` 1,382 crore

✓ Profit before tax : ` 1,653 crore

✓ Profit after tax : ` 1,152 crore

✓ Consolidated Profit after tax : ` 1,257 crore

Registered Office : Bajaj Auto Ltd Complex, Mumbai-Pune Road, Akurdi, Pune 411035. CIN : L65993PN2007PLC130076

2

  1. Volumes

Particulars

Q2 FY19

H1 Q2 FY18

%

H1 FY19

FY18

% FY18

Domestic

Motorcycles 692,899 583,997 19% 1,287,133 1,010,559 27% 1,974,577

CV 111,746 84,938 32% 206,177 137,285 50% 369,637

sub-total 804,645 668,935 20% 1,493,310 1,147,844 30% 2,344,214

Exports

Motorcycles 433,643 334,724 30% 869,373 683,876 27% 1,394,757

CV 101,156 67,851 49% 203,402 128,224 59% 267,820

sub-total 534,799 402,575 33% 1,072,775 812,100 32% 1,662,577

Total

Motorcycles 1,126,542 918,721 23% 2,156,506 1,694,435 27% 3,369,334

CV 212,902 152,789 39% 409,579 265,509 54% 637,457

Total 1,339,444 1,071,510 25% 2,566,085 1,959,944 31% 4,006,791

 

Highlights for individual business units are given below:

  1. Motorcycle – Domestic

Company outperformed the industry recording a growth of 19% over Q2 / FY18 as against industry growth of 8%.

Overall share in the domestic motorcycle market increased to 18.6% as against 16.9% in Q2 / FY18. For September 2018, overall share in domestic motorcycle market was 20.1%.

— In the Entry segment, as against industry growth of 27%, Company recorded a growth of 50% over

Q2 / FY18.

➢ CT sold over 248,000 units, growth of 40%.

➢ Platina sold over 153,000 units, growth of 47%.

Share in this segment of the domestic motorcycle market further improved to 37.7% in Q2 / FY19 as against 33.7% in Q1 / FY19 and 32.0% in Q2 / FY18.

— Pulsar, along with Avenger, sold over 233,000 units.

➢ Sold the HIGHEST number of Pulsars, over 87,000 units, in September 2018.

With this, the Company maintained its dominance in this segment of the domestic motorcycle market with share of 40.5% in Q2 / FY19.

3

  1. Commercial Vehicles

With sales of ~112,000 units for Q2 / FY19, Company recorded a growth of 32% as against an industry growth of 23%.

— Company continues to be a market leader; overall share in domestic market at 58.9%

➢ RE brand is the market leader in the small three-wheeler segment; market share at 85.9%. ➢ MAXIMA brand is a dominant player in the big three-wheeler passenger carrier segment;

market share at 36.5%.

➢ For Goods Carriers, Company recorded a growth of 43% over Q2 / FY18; market share at 22.8%

  1. International Business

Growth in International Business was witnessed across most geographies.

— Company recorded quarterly exports of ~535,000 units, growth of 33% over Q2 / FY18.

➢ Highest ever exports of 190,506 units in September 2018.

➢ Led by Africa and SAME ( South Asia & Middle East ), Motorcycles sold over 433,000 units,

a growth of 30% over Q2 / FY18. Africa recorded a growth of 53% while ASEAN recorded a growth of 35% over Q2 / FY18.

➢ Commercial Vehicles sold over 101,000 units, a growth of 49% over Q2 / FY18.

— In value terms, exports in US$ was 419 million as against US$ 335 million in Q2 / FY18. — Realization per US$ was ` 69.4 in Q2 / FY19 as against ` 67.4 in Q1 / FY19 and

` 67.0 in Q2 / FY18.

  1. Financials

Particulars

Q2 FY19

Q2 FY18

%

H1 FY19

H1 FY18

% FY18

Turnover ( net ) 8,368 6,876 22% 16,192 12,776 27% 26,512

Net Sales and Operating Income

8,071 6,635 22% 15,558 12,140 28% 25,424

EBITDA 1,454 1,383 5% 2,831 2,389 19% 5,145

EBITDA % 18.0% 20.8% 18.2% 19.7% 20.2%

Operating Profit 1,382 1,306 6% 2,689 2,236 20% 4,829

Profit before tax 1,653 1,517 9% 3,268 2,806 16% 5,783

Profit after tax 1,152 1,112 4% 2,268 2,036 11% 4,068

4

  1. Investment in KTM

Bajaj Auto International Holdings BV, a Netherlands based 100% subsidiary of Bajaj Auto Ltd, holds 47.99% stake in KTM AG of Austria at a total investment of €198.1 million ( ` 1,219 crore ).

Results of KTM AG are consolidated with Bajaj Auto, one quarter in arrear.

€ in million

Q2 FY19

Q2 FY18

Growth

Volumes 57,638 45,427 27%

Revenue 394.792 339.100 16%

Gross Margin 111.08 89.400 24%

Profit after tax 26.791 22.700 18%

The proportionate profit to Bajaj Auto Limited is € 12.8 million ( ` 105 crore ), which has been accounted for in the consolidated results of Q2 / FY19.

  1. Cash and cash equivalents

As on 30th June 2018, surplus cash and cash equivalents was ` 16,889 crore.

After payment of dividend and tax thereon of ` 2,074 crore, surplus cash and cash equivalents stood at ` 16,164 crore as on 30th September 2018.

  1. Other matters

Shri Rakesh Sharma, who is currently the Chief Commercial Officer of the Company, has been elevated as an additional director and whole-time director, with the designation of Executive Director, for a period of 5 years with effect from 1st January 2019, subject to his appointment being approved by the shareholders at the ensuing Annual General Meeting to be held in July 2019

 

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