Investor Presentation

April 2015

Industry Overview

Industry Size and Structure

FMCG
Rs.238,016 cr (USD 38.38 bn)

Hair Care
Rs. 17,102 cr (USD 2.75 bn)

Shampoo
Rs. 5217cr
(USD 841 mn)
(31%)*

Perfumed Oil
Rs. 4996 cr
(USD 805mn)
(29%)*

Coconut Based Oil

Rs. 3768 cr
(USD 581mn)
(22%)*

7% salience

Hair Conditioners
Rs. 413 cr
(USD 66 mn)
(2.0%)*

Hair Dyes
Rs. 2,630 cr
(USD 437 mn)
(16.0%)*

Hair Oil Market

Coconut based
Oils
(43%)**

Light Hair Oils

(17%)**

Amla Based Hair

Oils
(17%)**

Cooling Oils
(10%) **

Others
(13%)**

Perfumed Hair Oil Segment

Source: AC Nielsen Retail Audit Report.
Only branded products data for CY 2014

* Value based share of Hair Care Market

** Value based share of Hair Oil Market

Light Hair Oil is the largest non-coconut hair oil segment

2

Hair Oil Market in India

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15

(11M)

7,867

06-07

07-08 08-09 09-10

Y-o-Y 6.9%

Y-o-Y 12.7%
1311

1,400

14-15
(11M)

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15

(11M)
Source: AC Nielsen Retail Audit Report, Feb 2015.

11M-o-11M 2.5%

200

Y-o-Y 12.2%

335.6

472

Y-o-Y 29%

610

600

Y-o-Y 17.1%

800

Y-o-Y 21.4%

831
710
Y-o-Y 16.4%

1,000

400

1,374

1,080

Y-o-Y 40%

11M-o-11M -2.3%

Y-o-Y 6.6%

Y-o-Y 11.9%

Y-o-Y 19.5%

Y-o-Y 8.3%

5,000

11764

Y-o-Y 33%

10,000

15,603

1,471

1,200

19,908
Y-o-Y 12.5%

18,390
Y-o-Y 18%

(In KLtr)

15,000

28,491

22,406

20,000

12-13 13-14

1,600

31,928

26,768

25,000

10-11 11-12

Light Hair Oil Value

(Rs. Cr.)

30,000

Y-o-Y 22%

2,827.3

Y-o-Y 12.1%

4,498
3,707

5,044

Y-o-Y 30%

29,958

8,159

11M-o-11M 6.4%

5,728

Light Hair Oil Volume

35,000

8,408

6,981

Y-o-Y 13.6%

9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

Y-o-Y 21%

11M-o-11M - 6.1%

Y-o-Y 3.1%

50,000

Y-o-Y 3.9%

100,000

Y-o-Y 1.2%

132560
Y-o-Y 14%

150,000

Y-o-Y 30%

(In KLtr)

200,000

Y-o-Y 10.1%

250,000

Y-o-Y 8.6%

247,478255,178
235,539238,283
219,280
214,002
197,057
172,528

Y-o-Y 31%

300,000

Overall Oil Market Value

(Rs. Cr.)

Overall Hair Oil Market Volume

0
06-07

07-08 08-09 09-10

10-11 11-12

12-13 13-14

14-15
(11M)

Light hair oils is one of the fastest growing segments in the hair oil market in India
3

Light Hair Oil Market in India

Light Hair Oil Volume

Light Hair Oil Value

1,000

06-07

Almond Drops Hair Oil Market - Volume

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14

Source: AC Nielsen Retail Audit Report, Feb 2015.

14-15
(11M)

Y-o-Y 12.2%

Y-o-Y 21.4%

10-11 11-12

12-13 13-14

875

14-15
(11M)

832.0

746

06-07

07-08 08-09 09-10

10-11 11-12

12-13 13-14

11M-o-11M 4.4%

441

Y-o-Y 17.3%

284

360

Y-o-Y 22.6%

123

191

Y-o-Y 26.7%

594

Y-o-Y 48.9%

1,000
900
800
700
600
500
400
300
200
100
0

Y-o-Y 54.5%

(Rs. Cr.)

11M-o-11M -0.7%

Y-o-Y 13.4%

Y-o-Y 17.3%

Y-o-Y 26.2%

11,006

Y-o-Y 15.1%

3978

Y-o-Y 17.9%

5,988

8,108

Y-o-Y 35%

Y-o-Y 51%

(In KLtr)

16,746

13,895
9,559

07-08 08-09 09-10

Almond Drops Hair Oil Market - Value

18,474
16,298

Y-o-Y 30%

06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15

(11M)

20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0

Y-o-Y 17.1%

200

472

Y-o-Y 16.4%

335.6

Y-o-Y 29%

610

600

710

11M-o-11M 2.5%

831

800

400

1,374

1,080

Y-o-Y 40%

(Rs. Cr.)

11M-o-11M -2.3%

5,000

Y-o-Y 6.6%

10,000

Y-o-Y 11.9%

Y-o-Y 33%

11764

Y-o-Y 8.3%

15,603

Y-o-Y 19.5%

19,908
Y-o-Y 12.5%

18,390

20,000

1311

1,400
1,200

22,406

Y-o-Y 18%

(In KLtr)

25,000

15,000

28,491

26,768

1,471

Y-o-Y 25 .6%

30,000

1,600

31,928

29,958

Y-o-Y 34.8%

35,000

14-15
(11M)

Almond Drops is the brand which is driving light hair oils and in turn the overall market
4

Market Shares Trends (All India - Urban Plus Rural)

Volume MS

Value MS

70%

70%

60%
50%
40%

44.1%

48.0%

49.1%

51.9%

57.9%

54.4%

58.8%

60%
46.5%

50%

38.4%

40%

30%

30%

20%

20%

10%

10%

0%

50.7%

56.9%
53.0% 55.0%

59.5% 60.5%

40.3%

0%
07-08

08-09

09-10

10-11

11-12

12-13

13-14

14-15
(11M)

07-08 08-09 09-10 10-11 11-12 12-13 13-14

14-15
(11M)

*Market Share in the Light Hair Oil Category

Source: AC Nielsen Retail Audit Report, Feb 2015

ADHO Relative Market Share Value Trend

Relative Market share is the ratio of Almond Drops market share to
the next largest competitor in LHO segment

Relative MS - Val
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0

4.0
3.2

4.3

4.4

4.4

2013

2014

2015(2M)

3.4

2.7

2.1

2008

2009

2010

2011

2012

Source AC Nielsen Retail Audit Report, Feb 2015

Growth in Relative market share demonstrates the strength of the brand

6

ADHO Relative Market Shares Value

State
Delhi
Rajasthan
Uttar Pradesh
Punjab
HP-JK
Haryana
Uttaranchal
North Zone
Assam
North East
Bihar
Orissa
West Bengal
Jharkhand
East Zone
All India

Relative MS
4.6
1.7
3.8
3.3
5.2
4.9
4.7
4.2
5.2
3.3
9.1
4.8
3.6

8.9
6.0
4.4

Rank
1st
1st
1st
1st
1st
1st
1st
1st
1st
1st
1st
1st
1st
1st
1st
1st

State

Relative MS

Rank

Madhya Pradesh

3.9

1st

Chhattisgarh

6.6

1st

Central Zone

4.7

1st

Gujarat

2.1

1st

Mumbai

2.9

1st

Maharashtra

3.8

1st

West Zone
Andhra Pradesh

2.9

1st

0.9

2nd

Karnataka

5.7

1st

Kerala

1.4

1st

Tamil Nadu

0.7

2nd

South Zone

1.6

1st

All India

4.4

1st

Relative Market share is the ratio of Almond Drops market share to the next largest competitor in LHO segment
Rank is the position of ADHO in respective state
Source AC Nielsen Retail Audit Report, Feb 2015
7

Statewise Market Share

Mar 14 - Feb 15
All India (U+R)
Punjab
Haryana
Delhi
Rajasthan
Uttar Pradesh
Uttaranchal
Assam
Bihar
Jharkhand
Orissa
West Bengal
Gujarat
Madhya Pradesh
Chattisgarh
Maharashtra
Karnataka
Andhra Pradesh
Tamil Nadu
Kerala

LHO Volume
Saliency
100.0%
5.8%
5.5%
5.8%
8.7%
21.4%
1.1%
5.3%
4.9%
1.3%
1.3%
7.4%
6.0%
12.0%
3.8%
6.2%
1.2%
1.5%
0.5%
0.1%

Proportion %
Urban
Rural
63.0%
37.0%
74.7%
25.3%
74.1%
25.9%
100.0%
NA
64.7%
35.3%
58.5%
41.5%
57.0%
43.0%
51.9%
48.1%
52.5%
47.5%
71.7%
28.3%
66.2%
33.8%
55.4%
44.6%
70.8%
29.2%
46.6%
53.4%
40.2%
59.8%
74.7%
25.3%
84.2%
15.8%
80.2%
19.8%
81.9%
18.1%
87.8%
12.2%

ADHO Market Share % (Vol)

Total
Urban
Rural
58.8%
56.3%
63.0%
53.5%
50.9%
61.4%
60.6%
56.8%
71.6%
58.7%
58.7%
NA
48.2%
48.7%
47.4%
63.8%
60.3%
68.7%
58.6%
51.7%
67.6%
54.5%
49.3%
60.2%
77.4%
74.5%
80.7%
72.7%
71.1%
76.9%
61.2%
60.3%
63.0%
44.8%
42.4%
47.7%
53.5%
48.6%
65.3%
61.7%
62.7%
60.9%
75.2%
70.3%
78.5%
59.2%
61.4%
52.5%
61.2%
59.9%
68.2%
38.0%
41.0%
25.6%
24.7%
22.8%
33.3%
22.5%
22.4%
23.3%

Source: AC Nielsen Retail Audit Report, MAT Feb 2015

8

Light Hair Oil Market Key Characteristics

Rural Urban break up of LHO market

Share of Distribution Channels in LHO market

Pan Plus ,
4%
All India
- Rural
36%

Urban dominated
segment due to its
relatively higher
pricing but Rural is
leading the
growth.

All India
- Urban
64%

Chemists,
6%

Cosmetics,
5%
Large
Grocers,
31%

Modern
Stores, 3%
Small
Grocers,
23%

Medium
Grocers,
28%

Grocers dominate
distribution, but
alternate channels
like modern retail
demonstrating
higher growth rate

% - Market share

SKU wise break up of LHO market

300-350ml
7%

400-500ml
10-45ml
5%
4%
2-5ml
9%

200-250ml
18%

100-150ml
35%

50-60 ml
19%

75ml
3%

Given the
dominance of the
urban market,
larger units
account for bulk
of the sales.
However, smaller
units growing fast
in Rural Markets

Region wise break up of LHO market

South, 4%

West, 28%

East, 21%

North,
48%

Sales tend to be
concentrated in
the Northern parts
of the country, but
East is the fastest
growing region

Source: AC Nielsen Retail Audit Report, Feb 2015

9

Cooling Hair Oil Market in India

Cooling Hair Oil Value
900

CY09

CY10

CY11

CY12

CY13

CY14

CY08

Lakh outlets

3.0
2.5
2.0

1.3
1.2
0.9
1.0
0.4
0.5

3.6
3.6
3.5
3.2

3.6
3.3
3.3
3.3
3.2
3.2
3.2
3.1 3.0
3.1
2.9
2.9
2.8
2.7
2.7
2.5
2.5

2.0
1.8
1.6 1.5
1.6

1.5

Y-o-Y (- 2.4)%

Y-o-Y 4.1%

2,093

CY09

CY10

CY11

CY12

CY13

CY14 Jan- Feb

15

Kailash Parbat Volume Market Share Trend

3.5%
3.0%
2.5%
2.0%

3.2 3.0
3.0 3.1
2.8
2.8
2.5

3.5

18,607

Jan- Feb
15

Kailash Parbat Distribution Trend

4.0

Y-o-Y 18%

5,000

101

Y-o-Y - 14%

10,000

0
CY08

14,655
12,416

Y-o-Y - 23%

KLtr

15,000

Y-o-Y - 12%

100

2M-o 2M( -2.3)%

Y-o Y( -4.5)%

Y-o-Y (-3.3%)

Y-o-Y 8.7%

Y-o-Y - 12%

200

Y-o-Y - 13%

300

Y-o-Y - 18%

Rs. Cr.

400

20,128 19,486

16,610

594
485

18,520

20,000

667

700
500

25,000

912

760

800
600

934

897

2M-o-2M (- 0.9)%

1,000

Cooling Hair Oil Volume

1.5%
1.0%
0.5%

2.9%
2.9%
2.8%
2.6%
2.5% 2.5%
2.4%
2.4%
2.4%
2.4%
2.3% 2.3%
2.5%
2.5%
2.2%
2.1%
2.0%
1.9%
1.9%
1.8%
1.8%
1.8%
1.8%
2.3%
1.7%
1.7%
1.7%
1.6%
1.6%
1.4%
1.4%
1.4%
1.3%
1.2%
1.2%
1.0% 1.0% 1.0%
0.8%
0.4%

Source AC Nielsen Retail Audit Report, Feb 2015

0.0%
MAY11
JUL11
SEP11
NOV11
JAN12
MAR12
MAY12
JUL12
SEP12
NOV12
JAN13
MAR13
MAY13
JUL13
SEP13
NOV13
JAN14
MAR14
MAY14
JUL14
SEP14
NOV14
JAN15

MAY11
JUL11
SEP11
NOV11
JAN12
MAR12
MAY12
JUL12
SEP12
NOV12
JAN13
MAR13
MAY13
JUL13
SEP13
NOV13
JAN14
MAR14
MAY14
JUL14
SEP14
NOV14
JAN15

0.0

10

Company Overview

Bajaj Corp Ltd. (BCL) An

Overview

Part of Bajaj Group which has business interests

in varied industries including sugar, consumer
goods, power generation & infrastructure
development

Bajaj Almond Drops Hair Oil - A premium perfumed

hair oil containing almond oil and Vitamin E

Subsidiary of Bajaj Resources Ltd. (BRL)

Bajaj Kailash Parbat Cooling Oil An ayurvedic

formulation containing Sandal & Almond extracts

Haircare Portfolio

BCL is the exclusive licensee of brands

owned by BRL
Brands licensed to BCL for 99 years from
2008

Key brand Bajaj Almond Drops Hair Oil

2nd largest brand in the overall hair oils

segment

Market leader with over 60% market share*

of LHO market

Premium positioning commands one of the

highest per unit prices in the industry

New Product Launch: Bajaj Amla Hair Oil

Other brands - Brahmi Amla, Bajaj Kailash Parbat

Cooling Oil and Jasmine (all hair oil brands) and
Black tooth powder

Competitors Keo Karpin (Deys Medical), Hair &

Care (Marico), Clinic All Clear (HUL)

Competitors: Himani Navratna

Bajaj Brahmi Amla Hair Oil - Traditional heavy hair
oil. Brand has been in existence since 1953
Competitors - Dabur Amla, Dabur Sarson Amla
Bajaj Amla Variant in the low price amla hair oil
segment catering to price conscious consumers
Competitors - Shanti Badam Amla Hair Oil (Marico)

Bajaj Jasmine Hair Oil - A Jasmine flower perfumed

hair oil. In demand due to cultural significance.

Bajaj Kala Dant Manjan An oral care product for

the rural market.

*Source: AC Nielsen Retail Audit Report, Feb 2015.

12

Skincare Portfolio
Bajaj NOMARKS Creams for
All Skin, Oily Skin & Dry Skin Types, available in
sizes 12g & 25g

Bajaj NOMARKS Facewash for

All Skin, Oily Skin & Dry Skin Types & Neem Facewash, available in
sizes 15g, 50g, 100g

Bajaj NOMARKS Soaps for

All Skin, Oily Skin & Dry Skin Types & Neem Soap, available in sizes
125g & 75g

Bajaj NOMARKS Exfoliating Walnut Scrub, 50g & 100g

and Bajaj NOMARKS Dry Face Pack 25g

Bajaj Almond Drops - A Premium Brand

Strong Market Share Growth in Recent Years
70.0%
60.0%
46.5%

50.0%
40.0%

31.4%

36.7%

. . . But not at the cost of pricing power

70

60.5%
56.9% 59.5%
55.0%
50.7% 53.0%

60
50

40.3%

40

30.0%

30

20.0%

20

28

29

32

30

35

38

40

46

42

50

55

58

10

10.0%

0.0%
05-06 06-06 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15
(11M)

Comparative Price of Different Brands for 100 ml in the Hair Oil Segment
Competitor Brands

(MRP of 100ml (Rs.)

70
58

60
50

45

42

40
30

62

60

42

46

50

34
23

20
10
0

Amla Shikakai Brahmi Amla Almond Drops Kailash Parbat

Source: AC Nielsen Retail Audit
Report Feb 2015, Kotak
Institutional Research

Parachute

Keo Karpin

Dabur Vatika

Dabur Amla

Hair & Care

Navratna

Almond Drops has created a unique positioning for itself through initiatives like product differentiation
(Almond based), focused marketing, unique packaging (glass vs. plastic used by competition etc.)
14

Consumer Profile- Almond Drops

For Almond Drops the consumer is:
Gender
Male- 54%
Female- 46%

Age Group
15 to 39 yrs ( 59% of users)
Urban Vs Rural
61% are Urban consumers
Socio Economic Class (SEC)- Urban
A1- 10.4%
A2- 14.4%
B1- 14.4%
B2- 11.5%

Source IRS, Q42012

15

Strong Distribution Network

Distribution Network

Distribution Structure

The company reaches

consumers through 2.78mn
retail outlets serviced by
7234 distributors and
15,122 wholesalers

47
50
208

Factory (9)
OWN Himachal Pradesh -2, Uttarakhand- 1
THIRD PARTY - Himachal Pradesh-2, Rajasthan-1, Guwahati1, Uttarakhand- 2

Central Warehouse (1)

71

154
21

1696

528

201

633

414

347

622

Regional Distribution Centre (29)

523

177

Urban Distribution

229

Rural Distribution

515

45

MT - 69
272

Redistribution Stockist
(1,707)

257

Sub-Stockist (5514)
128

27

Super Stockist (184)

Retail Outlets
(1,081,940)1
1 - as on Feb 28, 2015. Nielsen New Sample

Retail Outlets
(1,701,936)1

Over the years, BCL has created a large distribution network (that continues to grow) which can be leveraged to
introduce new products

Van Operations
Started in FY 13 with a objective of increasing Rural Sales
Piloted 39 Vans in Q4 FY 13
Currently operating 101 vans (for Sales) and 6 Video Vans (for Promotions)
Vans cover 7705 uncovered Towns and Villages on a monthly basis
In Apr- Feb 2015
Bajaj Almond Drops Hair Oil got 39.7 % of its sales from Rural India
Volume Growth in Rural India 5.6% (Urban + Rural = -0.7%)
Market share in Rural India 62.9% (Urban + Rural = 58.8%)

*Source: AC Nielsen Retail Audit Report, Feb 2015.

17

Organization Structure
Chairman
Mr. Kushagra Nayan Bajaj

Managing Director
Mr. Sumit Malhotra

HeadInternal
Audit
Mr. Manoj
Gupta

President Operations
Mr. Apoorv Bajaj

Chief Financial officer

Mr. V.C. Nagori

Vice President (Finance)

Mr. D.K. Maloo

VP Marketing
Mr. Gurpreet S.
Amrit

Head International
Business
Arnab Banerjee

Country ManagerBangladesh, Nepal,

GCC and SEAN

DGM IT
Mr. Dharmesh J. Sanghavi

Purchase
Manager

DGM-Key
Accounts

VP HR
Mr. Subhamay
Chatterjee

GM- Sales
Mr. M K
Sachdeva

DGM South &

West

AGM - North 1

GM- Operations
Mr. Kabir Sahni

AGM - Central
AGM- North 2

Company
Secretary

Sr. Manager
Treasury

Regional
Commercial
Manager- 4 in
No's

Sr.
ManagerFinance

Works Manager

Head- QC & R&D

AGM- East
Manager
Planning &
Logistics
18

Financial Information
Summary Income Statement
Particulars
(Rs. In Crore)
Sales (Net)
EBITDA
EBITDA Margin
Profit Before Tax & Exceptional
Item
Exceptional Item (Trademark &
Intellectual Properties)
Profit Before Tax(PBT)
Net Profit after Tax
Net Profit Margin

Q4FY15

Q4FY14

Summary Balance Sheet

FY 15

235.42
75.05
31.88%

184.18
52.76
28.65%

819.50
242.74
29.62%

670.68
186.65
27.83%

80.55

58.43

266.29

217.23

11.75

11.75

46.98

28.60

68.81
54.42
23.12%

46.69
38.31
20.80%

219.31
173.31
21.15%

188.63
150.45
22.43%

Brandwise Sales Break-Up for FY 2015

BAHO
1.3%

ASHO
0.2%

KPCO
0.7%

FY 14

BTP NOMARKS AHO

0.2% 7.1% 0.2%
JHO 0.4%

Particulars

FY 15

(Rs. In Crore)

FY 14

Shareholders Equity

491.81

522.08

Net Fixed Assets

110.38

160.89

371.07

338.83

10.36

22.36

Investments
(including Bank FDs, Bank CDs and
Government Securities & Bonds)
Net Current Assets

Key Highlights

Strong demonstrated growth track record

Among the highest EBITDA margins in the

industry

Company is a Debt free company.

ADHO
90.0%

19

EBITDA & PAT Performance

` in Crore

Particulars

Q4FY15

Q4FY14

YoY%

FY 15

FY 14

YoY%

EBITDA

75.05

52.76

42.23%

242.74

186.65

30.05%

Profit Before Tax &

Exceptional Item

80.55

58.43

37.85%

266.29

217.23

22.59%

Exceptional Item
(Trademark &
Intellectual Properties)

11.75

11.75

46.98

28.60

Profit Before Tax

(PBT)

68.81

46.68

47.37%

219.31

188.63

16.27%

Profit After Tax (PAT)

54.42

38.31

42.04%

173.31

150.45

15.20%

20

Profit & Loss Q4 FY2015 and for the year 2014-15

` in Crore
Particulars
Net Sales
Other Operating Income
Material Cost
% of Sales
Employees Cost
% of Sales
Advertisement & Sales Prom.
% of Sales
Other Expenses
% of Sales
EBITDA
% of Sales
Other Income
% of Sales
Finance Cost
Depreciation
Corporate Social Responsibility
Profit Before Tax & Exceptional Item
Exceptional Item (Trademark & Intellectual
Properties)
Profit Before Tax(PBT)
Tax Expenses
Profit After Tax(PAT)
% of Sales
Diluted EPS (Rs.)

Q4FY15
235.42
0.75

Q4FY14
184.18
0.33

88.05
37.40%
9.87
4.19%
40.92
17.38%
22.29
9.47%
75.05
31.88%
7.54
3.20%
0.06
1.06
0.92
80.55

75.76
41.14%
8.59
4.67%
28.54
15.50%
18.85
10.23%
52.76
28.65%
8.28
4.49%
1.65
0.96
58.43

11.75
68.81
14.39
54.42
23.12%
3.69

11.75
46.68
8.37
38.31
20.80%
2.60

YoY%
27.82%

42.23%

37.85%

47.37%
42.04%

FY 15
819.50
1.80

FY 14
670.68
1.05

315.36
38.48%
38.05
4.64%
145.14
17.71%
80.00
9.76%
242.74
29.62%
31.55
3.85%
0.10
4.24
3.67
266.29

268.75
40.07%
33.94
5.06%
113.30
16.89%
69.07
10.30%
186.65
27.83%
40.13
5.98%
5.88
3.67
217.23

46.98
219.31
45.99
173.31
21.15%
11.75

28.60
188.63
38.18
150.45
22.43%
10.20

YoY%
22.19%

30.05%

22.59%

16.27%
15.20%

21

Sales Performance
Sales (Value) :
Q4FY14 v/s Q4FY15

Sales (Value) :
FY14 v/s FY15

200
150
100

184.18

235.42

50
0

Q4 FY14

Q4 FY15

In ` Crores

In ` Crores

250

900
800
700
600
500
400
300
200
100
0

670.68

FY 14

819.50

FY 15

Sales for the quarter ended March15 has increased by 27.82% value wise and
23.03 % volume wise.
Sales for year ended March15 has increased by 22.19 % value wise and 14.16 %

volume wise.
22

Statement of Quarter wise Sales (Volume & Value)

STATEMENT OF QUARTERWISE SALES (VOLUME - In Cases )
ADHO
FY 15

FY 15

FY 14

BAHO

ASHO

AHO

Q1

1,123,144 1,134,735 15,805 21,653 9,671

9,853

2,184

1,732

58,222

4,848

4,779

1,213,874 1,172,752 3.51%

Q2

1,120,081 1,077,517 2,380 11,823 10,218 9,770 10,019 1,986

54,811

6,552

5,563

1,204,061 1,106,659 8.80%

Q3

1,226,347 1,028,943 2,017

48,913 28,565 9,442

6,039

1,305,332 1,078,210 21.06%

Q4

1,410,349 1,138,334 8,635 32,589 14,881 8,474

69,196 49,847 5,837

4,399

1,524,795 1,239,398 23.03%

- 231,142 78,412 26,679

20,780

5,248,062 4,597,019 14.16%

4,879,921 4,379,529 28,837 67,767 49,921 38,466 16,600

5,755

14,961

12,065 14,961

FY 14

FY 15

FY 14

FY 15

FY 14

% Inc
over PY

FY 14

2,592

FY 15

Total

FY 15

936

FY 14

Others

FY 14

1,702 15,152 10,369 3,461

FY 15

Nomarks

FY 15

Total

FY 14

KPCO

STATEMENT OF QUARTERWISE SALES (VALUE - In Rs. Crores)

ADHO

KPCO

BAHO

ASHO

AHO
Nomarks
Others
FY
FY 14 FY 15 FY 14 FY 15 FY 14
15

Total

FY 15

FY 14

FY 15 FY 14 FY 15 FY 14 FY 15 FY 14

Q1

170.91

162.71

2.92

4.33

2.00

1.94

0.23

0.18

14.13

0.89

0.89

191.07 170.05

12.36%

Q2

168.89

153.00

0.37

2.11

2.15

1.89

1.04

0.21

13.92

1.22

1.03

187.61 158.24

18.55%

Q3

186.07

148.68

0.42

0.35

3.23

2.03

0.36

0.27

13.57 5.76

1.76

1.12

205.40 158.21

29.83%

Q4

211.32

165.41

1.81

5.15

3.10

1.67

0.10

0.60 1.43

16.59 10.52 1.08

0.82

235.42 184.18

27.82%

58.21 16.29 4.96

3.86 819.50 670.68

22.19%

Total 737.18

629.79 5.51 11.94 10.48 7.54 1.73 1.26 1.43

FY 15

FY 14

% Inc over
PY

23

Consistent Performance over the last 16 successive quarters

40.00%

35.00%
31.88%
29.03%
28.25% 28.37%
28.19% 28.76%

30.00%

27.09% 27.04%

28.65% 28.58% 28.27%

29.24%

25.68% 25.51%
24.96%
25.00%

23.17%

20.00%
Gr (Value)
15.00%

Gr (Vol)
EBIDTA

10.00%

27.82%
23.03%

29.83%
21.06%

18.55%
8.80%

12.36%
3.51%

0.26%

6.85%
0.90%

16.48%
14.96%

23.18%
20.16%

25.31%
19.12%

31.84%
22.33%

27.25%
18.70%

29.53%
22.35%

33.46%
22.27%

30.75%
20.45%

31.43%
21.98%

30.44%
19.96%

5.00%

0.00%
-6.40%

Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15
-5.00%

-10.00%

24

Breakup of RM/PM Costs (for FY 15)

Key Raw & Packing Material

LLP
Glass Bottles
Refined Veg. Oil
Perfumes & other additives
Corrugated Boxes
Caps
Others
TOTAL

% to Sales
13.73%
9.19%
3.70%

% to Total Cost
35.96%
24.06%
9.70%

3.19%
1.64%
2.16%
4.56%
38.18%

8.36%
4.30%
5.67%
11.94%
100.00%

* Consumption is 38.18% of Sales

*For Bajaj Almond Drops

25

Change in Prices of Key Ingredients

Per kg Rates of Oil

Per kg Rates of LLP

100.00

100.00
90.00
80.00
70.00

86.06

84.27
75.85
75.33
75.01
73.54

78.81

75.62
75.75

90.00
80.00
70.00

62.38

75.64
73.58
76.16
71.89
70.85
74.03
71.53
70.92
70.17
69.99

60.00

60.00

50.00

2014-15 50.00

2014-15

40.00

2013-14 40.00

2013-14

30.00

30.00

20.00

20.00

10.00

10.00
0.00

Quarter 1 Quarter 2 Quarter 3 Quarter 4

Annual

Quarter1

Quarter2

Quarter3

Quarter4

Annual

During the quarter average price of LLP decreased to Rs62.38/kg from Rs 78.81/kg in
corresponding quarter of previous year and average price of LLP during the whole year was
Rs. 75.62 /kg against Rs. 75.75/ kg in the previous year.

During the quarter average price of Refined Oil decreased to Rs 74.03/kg from Rs 75.64/kg in
corresponding quarter of previous year and average price of Oil during the whole year was
Rs. 71.53/kg against Rs.73.58/ kg in the previous year.
26

Fund Position
Fund Position:

The total Fund available with the company as on 31st March 2015 is Rs.315.96Crores
This has been invested in Bank Fixed Deposits, Certificate of Deposits of Banks , PSU Bonds,
Government Securities and Liquid MFs.
There is no investment in ANY Inter Corporate Deposit
Particulars

Amount (in Rs. Crores)

Bank FDs

132.30

Liquid Plans of Mutual

Funds

37.30

PSU Corporate Bonds

61.68

Government Bonds
Total

84.68
315.96
27

Dividend Payout History

Dividend Payout
% to Capital
(Rs in Lacs)

Dividend per
share
(Rs.)

Year

No. of Shares
(in Lacs)

Face
Value

2014-15

1,475

16962.50

1150%

11.50

2013-14

1,475

9,587.50

650%

6.50

2012-13

1,475

9,587.50

650%

6.50

2011-12

1,475

5,900.00

400%

4.00

2010-11

295

2,802.50

190%

9.50

28

Corporate Governance
Bajaj Corp Ltd is a part of the Bajaj Group of companies. The other listed entity
in the group is Bajaj Hindusthan Ltd
Bajaj Corp Ltd has not and will not transfer funds from and to from any other
company within the Bajaj Group

The Company acquired in September 2011 (Uptown Properties) owns a piece of

land and building in Worli, Mumbai. Uptown Properties was previously owned by
the C.K. Raheja Group (i.e. Mr. Chandu Raheja)
The corporate Headquarters of Bajaj Corp Ltd will be constructed on this land.
The Construction is expected to be completed by mid 2015.
The Bajaj Group is well aware of issues regarding Corporate Governance and
would like to state that they will be no financial interaction between any of the
listed entities within the group.

29

Growth Strategy
Strategy

Action Steps

Convert coconut hair oil users to light hair oil users through sampling, targeted advertising
campaigns, product innovation and creating awareness about product differentiation including
communicating the advantages of switching to lighter hair oils. Aim for a market share of 65% by the
year 2015-16

Tap the increase in disposable income of rural India and convert rural consumer from unbranded to
branded products by providing them with an appropriate value proposition

Among its key competitors, our Almond Drops is the only brand which is available in sachets a
marketing initiative to penetrate the rural market

BCL has over the years created a strong distribution network across 2.78 mn. retail outlets which can
be optimally utilized by introducing new products

BCL intends to extend Almond Drops platform developed by its Almond Drops Hair Oil brand to
other personal care products to leverage on the strong connotation of Almonds with nutrition

Will seek inorganic growth opportunities in the FMCG and hair oil market as part of growth strategy

The inorganic growth opportunities will focus on targeting niche brands which can benefit from BCLs
strong distribution network so that they can be made pan India brands

Market share gains from

other hair oil segments

Focus on rural
penetration

Leverage existing
strengths to introduce
new products

Pursue inorganic
Opportunities

30