08-11-2012, 04:09 PM
BAJAJ-AUTO
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Activities
Bajaj Auto Limited (Bajaj Auto) operates in segments, such as
automotive, insurance and investment, and others. It is
engaged in various markets, including, motorcycles, twowheelers
and three-wheeler vehicles. The Company
manufactures its vehicles at three plants: Akurdi, Waluj and
Chakan, which produced a total of 2,723,291 two and threewheelers.
FAVOURABLE CHANGES
Total revenue up 41.0% to Rs17,941.5 crores ($US4.0b)
EBIT Margin up 38.4% to 26.3%
A track record of profits in 4 of the last 4 years
Total liabilities to EBITDA down 45.3% to 0.9: this compares
favourably with the Joseph Piotroski benchmark of <5
Total liabilities to total assets down 23.0% to 0.5
Current ratio up 30.4% to 0.7
Net tangible assets per share up 85.9% to Rs153.37 ($US3.4)
EBIT to total assets up 46.8% to 48.8%
Total revenue to total assets up 7.0% to 2.0.
UNFAVOURABLE CHANGES
Although the Total Liabilities to Operating Cash Flow ratio
of 2.1 also compares favourably with the Joseph Piotroski
benchmark of <4, it had deteriorated by 29.1% from the
previous year..
MAJOR COMMON SIZE RATIOS
Total non-current assets to total assets down from 76.8% to
68.3%
Long term investments to total assets down from 49.6% to
46.8%
Total current assets to total assets up from 23.2% to 31.7%
Fixed assets to total assets down from 22.0% to 17.0%
Cash to total assets up from 1.5% to 6.3%
EBITDA to Sales up from 19.3% to 25.7%
EBIT to Sales up from 18.1% to 24.9%
Profit before tax to sales up from 18.1% to 24.9%
Profit after tax to sales up from 12.6% to 19.3%
Tax expenses to sales up from 5.5% to 5.6%.
TRAILING ONE WEEK
The stock fell three times (60% of the time) and rose twice
(40% of the time). The aggregate volume was 1.6 times
average trading of 2,584,300 shares. The value of Rs1,000
invested a week ago is Rs998 [vs Rs1,014 for the BSE Sensex
index], for a capital loss of Rs2(or loss of 0.2%).
TRAILING ONE MONTH
The stock fell fourteen times (61% of the time) and rose nine
times (39% of the time). The aggregate volume was 1.2 times
average trading of 11,370,920 shares. The value of Rs1,000
invested a month ago is Rs946 [vs Rs1,044 for the BSE Sensex
index], for a capital loss of Rs54(or loss of 5.4%).