Bajaj Auto
Mar '14
Investment Valuation Ratios
Face Value
10.00
Dividend Per Share
50.00
Operating Profit Per Share (Rs)
141.89
Net Operating Profit Per Share (Rs)
696.33
Free Reserves Per Share (Rs)
-Bonus in Equity Capital
89.45
Profitability Ratios
Operating Profit Margin(%)
20.37
Profit Before Interest And Tax Margin(%)
18.82
Gross Profit Margin(%)
19.48
Cash Profit Margin(%)
16.41
Adjusted Cash Margin(%)
16.41
Net Profit Margin(%)
15.55
Adjusted Net Profit Margin(%)
15.55
Return On Capital Employed(%)
47.92
Return On Net Worth(%)
33.75
Adjusted Return on Net Worth(%)
33.75
Return on Assets Excluding Revaluations
332.04
Return on Assets Including Revaluations
332.04
Return on Long Term Funds(%)
47.92
Liquidity And Solvency Ratios
Current Ratio
0.80
Quick Ratio
0.67
Debt Equity Ratio
0.01
Long Term Debt Equity Ratio
0.01
Debt Coverage Ratios
Interest Cover
9,454.16
Total Debt to Owners Fund
0.01
Financial Charges Coverage Ratio
9,820.71
Financial Charges Coverage Ratio Post Tax 6,986.57
Management Efficiency Ratios
Inventory Turnover Ratio
31.50
Debtors Turnover Ratio
25.31
Investments Turnover Ratio
31.50
Fixed Assets Turnover Ratio
4.94
Total Assets Turnover Ratio
2.08
Asset Turnover Ratio
2.12
Average Raw Material Holding
-Average Finished Goods Held
-Number of Days In Working Capital
-23.69
Mar '13
Mar '12
Mar '11
Mar '10
10.00
45.00
125.63
691.07
-89.45
10.00
45.00
129.11
674.46
198.77
89.45
10.00
40.00
112.47
568.54
158.97
89.45
10.00
40.00
173.02
816.49
190.09
78.91
18.17
16.69
17.35
15.42
15.42
14.63
14.63
53.51
38.51
38.51
273.08
273.08
53.51
19.14
18.06
18.39
15.33
15.33
15.11
15.11
64.24
49.72
47.99
208.77
208.77
64.24
19.78
18.57
19.03
15.71
15.71
19.80
19.80
67.57
68.01
51.42
169.69
169.69
69.67
21.19
19.78
20.03
16.20
16.20
14.23
14.23
59.01
58.14
61.53
202.40
202.40
59.19
0.88
0.74
0.01
0.01
0.88
0.72
0.02
0.02
0.80
0.71
0.07
0.03
0.69
0.55
0.46
0.45
7,901.43
0.01
8,205.07
5,940.89
177.33
0.02
183.98
142.72
2,093.39
0.07
2,167.34
2,051.12
421.06
0.46
443.88
308.56
31.43
33.59
31.43
5.22
2.51
2.83
---11.90
30.97
49.66
30.97
5.75
3.19
3.43
5.97
9.44
-10.29
32.80
51.77
32.80
4.85
3.14
3.46
5.58
9.18
-26.24
28.87
37.41
28.87
3.50
2.77
3.07
7.91
9.13
-41.29
70.91
73.81
74.70
72.72
69.30
4.25
4.64
4.40
4.06
3.59
-39.52
-32.83
1.38
33.95
2.71
27.74
3.23
27.67
44.60
42.26
55.40
57.74
0.02
42.78
40.59
57.22
59.41
0.02
43.34
41.31
55.10
57.27
0.03
34.65
33.40
54.17
56.33
0.12
33.98
31.46
67.89
70.15
0.69
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
112.08
332.04
105.18
273.08
103.81
208.77
115.42
169.69
117.69
202.40
FINANCIAL RATIOS
Particulars
Operational & Financial Ratios
Earnings Per Share (Rs)
CEPS(Rs)
DPS(Rs)
Book NAV/Share(Rs)
Tax Rate(%)
Margin Ratios
Core EBITDA Margin(%)
EBIT Margin(%)
Pre Tax Margin(%)
PAT Margin (%)
Cash Profit Margin (%)
Performance Ratios
ROA(%)
ROE(%)
ROCE(%)
Asset Turnover(x)
Sales/Fixed Asset(x)
Working Capital/Sales(x)
Efficiency Ratios
Mar 2014 Mar 2013 Mar 2012 Mar 2011 Mar 2010
112.08
118.22
50.00
332.03
29.98
105.18
110.80
45.00
273.07
28.66
103.81
108.85
45.00
208.77
25.39
115.41
119.66
40.00
169.69
23.18
117.75
63.59
40.00
202.40
29.34
19.24
21.89
21.89
15.33
16.17
16.92
20.20
20.19
14.41
15.18
17.98
19.77
19.66
14.67
15.38
18.21
25.10
25.09
19.27
19.98
17.99
19.95
19.90
14.06
15.18
23.82
37.05
52.47
1.55
5.35
23.87
25.83
43.66
60.28
1.79
5.85
10.23
29.55
54.86
71.02
2.01
6.03
37.64
34.77
85.21
91.55
1.80
5.12
-21.03
21.51
73.83
64.26
1.53
3.60
26.86
Fixed Capital/Sales(x)
Receivable days
Inventory Days
Payable days
Valuation Parameters
PER(x)
PCE(x)
Price/Book(x)
Yield(%)
EV/Net Sales(x)
EV/Core EBITDA(x)
EV/EBIT(x)
EV/CE(x)
M Cap / Sales
Growth Ratio
Net Sales Growth(%)
Core EBITDA Growth(%)
EBIT Growth(%)
PAT Growth(%)
EPS Growth(%)
Financial Stability Ratios
Total Debt/Equity(x)
Current Ratio(x)
Quick Ratio(x)
Interest Cover(x)
Total Debt/Mcap(x)
0.19
13.49
11.01
46.91
0.17
10.28
11.36
44.28
0.17
6.98
10.93
43.19
0.20
6.31
10.46
46.30
0.28
9.01
11.82
46.37
18.54
17.58
6.26
2.41
2.96
12.41
12.89
4.05
2.98
17.07
16.20
6.57
2.51
2.57
11.62
12.06
4.12
2.60
16.16
15.42
8.04
2.68
2.41
10.87
11.62
4.24
2.49
12.65
12.20
8.60
2.74
2.58
11.30
9.73
4.58
2.58
8.54
15.81
9.94
1.99
2.64
11.17
12.55
3.05
2.53
0.76
8.60
8.57
6.56
6.56
2.40
2.34
5.39
1.32
1.32
19.09
15.48
-6.92
-10.05
-10.05
42.49
38.03
79.94
96.04
-1.99
36.41
106.63
146.87
159.51
159.51
0.01
1.19
1.05
9454.16
0.00
0.01
1.50
1.35
7901.43
0.00
0.02
1.12
0.97
182.03
0.00
0.07
0.79
0.64
2573.63
0.01
0.46
1.08
1.00
404.20
0.09
NDTV
Parameter
Operational & Financial Ratios:
Earnings Per Share (Rs)
DPS(Rs)
Book NAV/Share(Rs)
Margin Ratios:
Yield on Advances
Yield on Investments
Cost of Liabilities
NIM
Interest Spread
Performance Ratios:
ROA(%)
MAR'14
MAR'13
112.08
50.00
332.03
105.18
45.00
273.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
23.83
25.83
ROE(%)
ROCE(%)
Efficiency Ratios:
Cost Income Ratio
Core Cost Income Ratio
Operating Costs to Assets
Capitalisation Ratios:
Tier 1 ratio
Tier 2 ratio
CAR
Valuation Parameters:
PER(x)
PCE(x)
Price / Book(x)
Yield(%)
EV / Net Sales(x)
EV / Core EBITDA(x)
EV / EBIT(x)
EV / CE(x)
M Cap / Sales
Growth Ratio:
Core Operating Income Growth
Operating Profit Growth
Net Profit Growth
BVPS Growth
Advances Growth
EPS Growth(%)
Liquidity Ratios:
Loans / Deposits(x)
Total Debt / Equity(x)
Current Ratio(x)
Quick Ratio(x)
Total Debt / Mcap(x)
Net NPA in Rs. Million
37.05
52.47
43.66
60.28
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
18.54
17.58
6.26
2.41
2.96
12.41
12.89
4.05
2.98
17.07
16.20
6.57
2.51
2.57
11.62
12.06
4.12
2.60
-9.26
8.60
6.56
21.59
0.00
6.56
-97.57
2.34
1.32
30.80
0.00
1.32
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Kotak securities
Mar14
PER SHARE RATIOS
Mar13 Mar12
Mar11 Mar10
Adjusted E P S (Rs.)
112.08
105.18 100.20
87.26 124.54
118.29
110.85 105.31
91.58 133.97
112.08
105.18 103.81
115.42 117.69
118.29
110.85 108.92
119.73 127.12
50.00
45.00
45.00
40.00
40.00
141.89
125.63 129.11
112.47 173.02
332.03
273.07 208.77
169.69 202.40
332.03
273.07 208.77
169.69 202.40
696.33
691.07 674.46
568.54 816.49
0.00
0.00 198.77
158.97 190.09
PROFITABILITY RATIOS
20.37
18.17
19.14
19.78
21.19
19.48
17.35
18.39
19.03
20.03
15.55
14.63
15.11
19.80
14.23
16.41
15.42
15.33
15.71
16.20
33.75
38.51
47.99
51.42
61.53
33.75
38.51
49.72
68.01
58.14
47.92
53.51
64.24
69.67
59.19
0.01
0.01
0.01
0.03
0.45
Total Debt/Equity
0.01
0.01
0.01
0.06
0.45
99.40
99.10
98.41
93.78
68.62
2.12
2.83
3.43
3.46
3.07
LEVERAGE RATIOS
LIQUIDITY RATIOS
Current Ratio
0.79
0.87
0.88
0.81
0.69
0.79
0.87
0.88
0.79
0.69
Quick Ratio
0.67
0.73
0.71
0.70
0.55
31.50
31.43
30.97
32.80
28.87
44.60
42.78
43.34
34.65
39.63
42.26
40.59
41.31
33.40
36.69
55.40
57.22
55.10
54.17
62.55
57.74
59.41
57.27
56.33
65.19
0.01
0.02
0.03
0.12
0.69
PAYOUT RATIOS
COVERAGE RATIOS
COMPONENT RATIOS
70.91
73.81
74.70
72.72
69.30
0.00
0.00
1.38
2.71
3.23
39.52
32.83
33.95
27.74
27.67
4.25
4.64
4.40
4.06
3.59
0.72
0.68
0.59
0.54
0.64
89.45
89.45
89.45