Bajaj Auto_Ashutosh 12081
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Transcript of Bajaj Auto_Ashutosh 12081
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Bajaj Auto Rs. CroresBalance Sheet
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
12 mths 12 mths 12 mths 12 mths 12 mths
Total Share Capital 289 145 145 145 101
Equity Share Capital 289 145 145 145 101
Share Application Money - - - - -
Preference Share Capital - - - - -
Reserves 4,621 2,784 1,725 1,443 5,433
Revaluation Reserves - - - - -
Networth 4,910 2,928 1,870 1,588 5,534
Secured Loans 24 13 - 7 22
Unsecured Loans 302 1,326 1,570 1,327 1,603
Total Debt 325 1,339 1,570 1,334 1,625
Total Liabilities 5,235 4,267 3,440 2,922 7,160
Gross Block 3,395 3,379 3,350 2,995 3,179
Less: Accum. Depreciation 1,912 1,900 1,808 1,726 1,905
Net Block 1,483 1,480 1,542 1,269 1,274
Capital Work in Progress 149 121 106 35 108
Investments 4,795 4,022 1,809 1,857 6,448
Inventories 547 446 339 350 310
Sundry Debtors 363 273 359 275 530
Cash and Bank Balance 155 100 136 55 62
Total Current Assets 1,065 819 833 680 902
Loans and Advances 3,892 2,291 1,567 1,100 2,925Fixed Deposits 401 1 1 1 21
Total CA, Loans & Advances 5,358 3,112 2,401 1,781 3,848
Deffered Credit - - - - -
Current Liabilities 2,624 2,218 1,378 1,185 1,683
Provisions 3,926 2,249 1,224 834 2,834
Total CL & Provisions 6,550 4,467 2,602 2,019 4,517
Net Current Assets (1,192) (1,355) (201) (239) (669)
Miscellaneous Expenses - - 183 - -
Total Assets 5,235 4,267 3,440 2,922 7,160
Contingent Liabilities 960 818 925 1,129 812
Book Value (Rs) 170 202 129 110 547
Application Of Funds
Sources Of Funds
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Inv. In fixed assets
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Bajaj AutoPrevious
Years
Profit & Loss account
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
12 mths 12 mths 12 mths 12 mths 12 mths
Sales Turnover 17387 12421 9310 9857 10742Excise Duty 935 608 610 1030 1322
Net Sales 16452 11813 8700 8827 9420
Other Income 1176 23 -6 170 567
Stock Adjustments 83 48 -24 68 -1
Total Income 17711 11883 8669 9065 9987
Raw Materials 11965 8187 6502 6760 6970
Power & Fuel Cost 87 70 61 69 79
Employee Cost 494 412 367 350 310
Other Manufacturing Expenses 62 58 57 54 75
Selling and Admin Expenses 450 408 382 390 457
Miscellaneous Expenses 238 222 226 210 231
Preoperative Exp Capitalised -17 -16 -14 -23 -32
Total Expenses 13279 9341 7580 7810 8089
Operating Profit 3255 2520 1096 1085 1330
PBDIT 4431 2543 1090 1255 1897
Interest 2 6 21 5 5
PBDT 4430 2537 1069 1250 1892
Depreciation 123 136 130 174 190
Other Written Off 0 0 0 1 0Profit Before Tax 4307 2400 939 1075 1701
Extra-ordinary items 47 27 19 59 27
PBT (Post Extra-ord Items) 4354 2427 958 1135 1728
Tax 1011 710 302 379 490
Reported Net Profit 3343 1717 656 756 1238
Total Value Addition 1314 1154 1078 1050 1120
Preference Dividend 0 0 0 0 0
Equity Dividend 1157 579 318 289 405
Corporate Dividend Tax 188 96 54 49 69
Shares in issue (lakhs) 2894 1447 1447 1447 1012
Earning Per Share (Rs) 115 118 45 52 122
Equity Dividend (%) 400 400 220 200 400
Book Value (Rs) 170 202 129 110 547
Income
Per share data (annualised)
Expenditure
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Bajaj AutoPrevious
Years
Profit & Loss account
Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
12 mths 12 mths 12 mths 12 mths 12 mths
Sales Turnover 100.00 100 100 100 100
Excise Duty 5.38 4.89 6.55 10.44 12.30
Net Sales 94.62 95.11 93.45 89.56 87.70
Other Income 6.76 0.18 -0.07 1.73 5.28
Stock Adjustments 0.48 0.38 -0.26 0.69 -0.01
Total Income 101.86 95.67 93.12 91.97 92.97
0.00 0.00 0.00 0.00
Raw Materials 68.82 65.91 69.84 68.58 64.88
Power & Fuel Cost 0.50 0.57 0.65 0.70 0.74
Employee Cost 2.84 3.32 3.94 3.55 2.89
Other Manufacturing Expenses 0.36 0.46 0.61 0.55 0.69
Selling and Admin Expenses 2.59 3.28 4.10 3.96 4.26
Miscellaneous Expenses 1.37 1.79 2.42 2.13 2.15
Preoperative Exp Capitalised -0.10 -0.13 -0.15 -0.23 -0.30
Total Expenses 76.38 75.20 81.41 79.23 75.31Operating Profit 18.72 20.29 11.77 11.01 12.38
PBDIT 25.49 20.47 11.71 12.74 17.66
Interest 0.01 0.05 0.23 0.05 0.05
PBDT 25.48 20.42 11.48 12.69 17.61
Depreciation 0.71 1.10 1.39 1.76 1.77
Other Written Off 0.00 0.00 0.00 0.01 0.00
Profit Before Tax 24.77 19.32 10.09 10.91 15.84
Extra-ordinary items 0.27 0.22 0.20 0.60 0.25
PBT (Post Extra-ord Items) 25.04 19.54 10.29 11.51 16.08
Tax 5.81 5.72 3.24 3.84 4.56
Reported Net Profit 19.22 13.82 7.05 7.67 11.52
Total Value Addition 7.56 9.29 11.57 10.65 10.43
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 6.66 4.66 3.42 2.94 3.77
Corporate Dividend Tax 1.08 0.77 0.58 0.50 0.64
0.00 0.00 0.00 0.00
Shares in issue (lakhs) 16.64 11.65 15.54 14.68 9.42
Earning Per Share (Rs) 0.66 0.95 0.49 0.53 1.14
Equity Dividend (%) 2.30 3.22 2.36 2.03 3.72
Income
Expenditure
Per share data (annualised)
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Book Value (Rs) 0.98 1.63 1.39 1.11 5.09
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Correctio
Balance Sh
1
2
3
45
Profit & Lo
1
2
3
4
5
Important
1
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ns done - Class Assignment dated 17th Feb
eet
All rows with formula marked in shde for reference.
Total Networth (row 14)= Share Capital (rows 9 to 11)+Reserves (rows 12 to 13)
Total debts(row 17)= Secured loans (row 15)+unsecured loans (row 17)
Total Liabilities(Row 18) = Networth(Row 14) + Long term debts (row 17); note formula as inserted across the roCurrent Liabilites & Provisions (row no 36)= Current liabilities (row 34) + Provisions (row 35); note formula as inst
ss
Renamed sheet as P&L
Operating profit (row 29)= Total income (row 11)-Total expenses (row 20)- Other income (row 9)
PBDIT (Row 22)= Total Income (Row 11)- Total expenses(row 20)
Total Expenditure (Row 20)= Sum of expenses (Rows 13 to 19); formula as corrected to be noted
PBDIT (Row 22)= Total Income (Row 11)- Total expenses(row 20)
points to remember
To make a note of the fundamental points to be remembered with reference to Balance Sheet and Profit & Loss; r
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red in cell B36
efer the explanation in the separate sheet as included
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Balance Sheet - Fundamental Points to remember1 Liabilities = Assets
2 Liabilities = Networth(shareholders Funds)+Long term Liabilities
3 Networth = Share capital +Free Reserve
4 Long term Liabilities = Long term Debts+Short Term Debts
5 Assets = Net fixed Assets Block+Investment+ Net Current Assets + Other6 Net Fixed Assets = Gross Asset Block-Accumulaed Depreciation
7 Net Current Assets = Gross Current Assets - Current Liabilities & Provisions
8 Gross Current Assets = Inventory + Receivables + Other Loans & Advances
1
2 + Capital WIP + Investments +
3 Gross Fixed Assets - AccumulatedDepreciation
+ Capital WIP + Investments +
3 Gross Fixed Assets -Accumulated
Depreciation+ Capital WIP + Investments +
Profit & Loss - Fundamental Points to remember1 Total Income = Income from sales + Other Income
2 Operating Profit = Total Income - Total Expenditure (before interest & Taxes) - Oth
3 PBIDT = Profit before interest depreication and taxes
3 PBDT = Profits before depreciation & Taxes
4 PBT = Profit before taxes
5 PAT = Profit After Taxes
Assets ApplicationNet Fixed Assets
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Assets
+Intangibles(Misc Exp
not written off)
- Current Liabilities &Provisions
+ Intangibles(Misc Expnot written off)
Inventory + Receivables +
Other
Assets(loans &
advances)
-Current Liabilities &
Provisions+
Intangibles(Misc Exp
not written off)
er income
Gross Current Assets
Net Current Assets
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=
= +
= Share capital + Reserves + Secured Loans + Unsecured Loans
= Share capital + Reserves + Secured Loans + Unsecured Loans
LiabilitiesNet Worth (Shareholders funds) Long Term Debts
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Bajaj AutoKey Financial Ratios
Mar '11 Mar '10 Mar '09
Activity
Asset Turnover ratio (No. of times) 3.46 3.07 2.74
Fixed Asset Turover Ratio (Gross Block) - No of times 4.86 3.51 2.74
Fixed Asset Turover Ratio (Net Block) - No of times 11.11 7.82 6.19
Working capital Turover Ratio - No of times
Receivables Turnover Ratio - No of times 51.77 37.41 27.45
Receivables (Average number of days) 7 10 13
Inventory Turnover Ratio - No of times 23.92 20.74 18.96
inventory (Average number of days) 15 18 19
Payable Turnover Ratio 2.16 2.30 2.82
Payable (Average number of days) 169 159 129
Liquidity & Solvency
Current Ratio (No. of times) 0.82 0.70 0.92Quick Ratio ( no of times) 0.73 0.60 0.79
Cash Ratio(No. of times) 0.68 0.54 0.65
Operational Cash flow to current liabilities (No. of times)
Assets to Equity capital (No of times) 18 29 24
Long term Debt to Total Capital(No. of times) 1.12 9.25 10.85
Long term Debt to TotalNetworth(Equity) 0.07 0.46 0.84
Interest Coverage 2,622 425 52
Debt Service Coverage Ratio 13.6 1.9 0.7
Working capital (Average Number of days)
Profitability & Cost
Net Profit Margin (%) 20.32 14.53 7.54
Cash Profit Margin(%) 21.06 15.69 9.03
Profit Before Interest & Taxes (EBIT)-% 26.19 20.37 11.04
Operating Cash Profit Margin -% 19.79 21.33 12.60Net Operating Profit Margin -% 19.04 20.18 11.11
Gross Margin -% 27.77 31.10 24.98
Raw Materials cost on sales -% 72.23 68.90 75.02
Other Manufacturing cost on sales -% 6.10 7.60 9.65
Selling & Admin expenses on sales -% 2.74 3.45 4.39
Financial Cost on sales -% 0.01 0.05 0.24
Returns & Valuaton
Return on Total capital Employed -% 70.35 44.56 20.63
Operating margins on Operating Assets -% 711.65 971.38 59.24
Return on Net worth -% 68.07 58.63 35.10
Earnings Per Share (Rs) 115.51 118.68 45.35Dividend Payout ratio (%) 40.25 39.30 56.75
Net Operating profit per share 108.25 164.76 66.79
Free Reserves per share 159.69 192.40 119.23
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Face Value per share 10.00 10.00 10.00
Book Value Per Share (Rs) 169.69 202.40 129.23
Market Value per Share (Rs) 1,731.00 1,005.00 309.00
Price Earning (Market Value to Book value per share) 10.20 4.97 2.39
Market Value Capitalisation (Rs Crores) 50,089.95 14,540.34 4,470.61
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10.00 10.00
109.73 546.98
230.00
2.10 0.00
3,327.64 -
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implication
Number of times - HIgher the cycle ( number of days), the more efficient is the firm's operations
Number of times - Higher the ratio, the faster the utilization and efficiency of the capital
Number of times - Higher the ratio, the faster the rotation and better the chances of liquidity and lower the lengt
Number of times - DesirabHigher the ratio, better the efficiency in collection and receivable management
Number of times - Higher the ratio, better the efficiency in management of inventory
Number of times - Higher the ratio, the faster company settles the creditors dues
Number of times - high coverage -lesser the concern on short term solvency and liquidity
Number of times - Higher the ratio, lesser the concerns of liquidity
Number of times - Higher the ratio, lesser the concerns of liquidity
Number of times - higher the ratio, higher the dependence of external borrowing
Number of times - higher the ratio, higher the risk especially in adverse business situation
Number of times - higher the ratio, higher the risk especially in adverse business situation
Number of times - Lower the ratio, the riskier in chances of the company meeting the regular interest obligations
Number of times - Lower the ratio, the riskier in chances of the company meeting its financial obligtions
Percentage - higher the percentage, higher the profitability
Percentage - higher the percetage, healthier the gross margin to meet its other expenses
Percentage - higher the percetage, higher the returns on the capital independent of finance and tax obligations
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networth/(eq shr cap/10)
mkt shr value/(eq shr cap/10)