Key Financial Ratios of

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

Profit & Loss Account Ratios

Material Cost Composition
Imported Composition of Raw Materials
Consumed
Selling Distribution Cost Composition
Expenses as Composition of Total Sales
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit
Dividend Payout Ratio Cash Profit
Earning Retention Ratio
Cash Earning Retention Ratio
AdjustedCash Flow Times

Earnings Per Share

Book Value

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

Adjusted Cash EPS (Rs.)

118.29

110.85 105.31

91.58 133.97

Reported EPS (Rs.)

112.08

105.18 103.81

115.42 117.69

Reported Cash EPS (Rs.)

118.29

110.85 108.92

119.73 127.12

Dividend Per Share

50.00

45.00

45.00

40.00

40.00

Operating Profit Per Share (Rs.)

141.89

125.63 129.11

112.47 173.02

Book Value (Excl Rev Res) Per Share (Rs.)

332.03

273.07 208.77

169.69 202.40

Book Value (Incl Rev Res) Per Share (Rs.)

332.03

273.07 208.77

169.69 202.40

Net Operating Income Per Share (Rs.)

696.33

691.07 674.46

568.54 816.49

0.00

0.00 198.77

158.97 190.09

Free Reserves Per Share (Rs.)

PROFITABILITY RATIOS

Operating Margin (%)

20.37

18.17

19.14

19.78

21.19

Gross Profit Margin (%)

19.48

17.35

18.39

19.03

20.03

Net Profit Margin (%)

15.55

14.63

15.11

19.80

14.23

Adjusted Cash Margin (%)

16.41

15.42

15.33

15.71

16.20

Adjusted Return On Net Worth (%)

33.75

38.51

47.99

51.42

61.53

Reported Return On Net Worth (%)

33.75

38.51

49.72

68.01

58.14

Return On long Term Funds (%)

47.92

53.51

64.24

69.67

59.19

Long Term Debt / Equity

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

Owners fund as % of total Source

Fixed Assets Turnover Ratio

LIQUIDITY RATIOS

Current Ratio

0.79

0.87

0.88

0.81

0.69

Current Ratio (Inc. ST Loans)

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

Dividend payout Ratio (Net Profit)

44.60

42.78

43.34

34.65

39.63

Dividend payout Ratio (Cash Profit)

42.26

40.59

41.31

33.40

36.69

Earning Retention Ratio

55.40

57.22

55.10

54.17

62.55

Cash Earnings Retention Ratio

57.74

59.41

57.27

56.33

65.19

0.01

0.02

0.03

0.12

0.69

Inventory Turnover Ratio

PAYOUT RATIOS

COVERAGE RATIOS

Adjusted Cash Flow Time Total Debt

Financial Charges Coverage Ratio

9820.71 8205.07 183.98 2167.34 443.88

Fin. Charges Cov.Ratio (Post Tax)

6986.57 5940.89 142.72 2051.12 308.56

COMPONENT RATIOS

Material Cost Component(% earnings)

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

Import Comp. in Raw Mat. Consumed

4.25

4.64

4.40

4.06

3.59

Long term assets / Total Assets

0.72

0.68

0.59

0.54

0.64

89.45

89.45

89.45

Selling Cost Component

Exports as percent of Total Sales

Bonus Component In Equity Capital (%)