InvestorQ : What is your view on the quarterly numbers of Bajaj auto?
Rutuja Nigam made post

What is your view on the quarterly numbers of Bajaj auto?

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3 weeks ago
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For the Mar-22 quarter, Bajaj Auto net sales fell -7.23% to Rs.7,975 crore. Sequential sales were lower -11.6%. The consolidated net profit after tax for the fourth quarter fell -1.62% at Rs.1,526 crore. The company faced pressure on a spike in input costs .The only reason, the profit fall was averted was due to the Rs.315 crore exceptional gain towards accrual of incentives receivable from the Government of Maharashtra. Here are the financials.

Bajaj Auto Ltd

Rs in Crore

Mar-22

Mar-21

YOY

Dec-21

QOQ

Total Income (Rs cr)

₹ 7,974.84

₹ 8,596.10

-7.23%

₹ 9,021.65

-11.60%

EBIT (Rs cr)

₹ 1,957.04

₹ 1,960.74

-0.19%

₹ 1,790.15

9.32%

Net Profit (Rs cr)

₹ 1,526.16

₹ 1,551.28

-1.62%

₹ 1,429.68

6.75%

Diluted EPS (Rs)

₹ 52.80

₹ 53.60

₹ 49.40

EBIT Margins

24.54%

22.81%

19.84%

Net Margins

19.14%

18.05%

15.85%

  

Volume numbers took a big hit for Bajaj Auto in the fourth quarter. Volumes on two wheelers fell -30% at 339,100 units in Q4 of FY21. CV sales were up 8% at 50,055 units. Chip shortage resulted in overall domestic sales down -27%. Two wheeler exports fell -7% to 519,991 units while overall exports fell -8% but reduced the effect of the domestic slowdown caused by the chip shortage.

EBITDA was a major casualty in the quarter due to a spike in input costs and other supply chain constraints. EBITDA fell -10% to Rs.1,396 crore while EBITDA margins fell from 18.1% to 17.5%. Exports saved the day and reduced the impact by deferral of raw material cost hikes and favourable sales mix. Net margins stood at 19.14% in Mar-22 quarter compared to 18.04% in Mar-21. NPM was higher sequentially compared to 15.85% in Q3.
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