Bajaj Auto Q4 PAT rises 2% to Rs 1,332 cr

On a standalone basis, the company recorded 2% increase in net profit to Rs 1,332 crore on 26% rise in revenue from operations to Rs 8,596 crore in Q4 FY21 over Q4 FY20.

EBITDA jumped 20% to Rs 1,558 crore in the fourth quarter from Rs 1,293 crore reported in the same period last year. EBITDA margin was at 18.1% as on 31 March 2021 as against 19% as on 31 March 2020.

The company said that Q4 FY21 witnessed a sharp increase in input costs and input costs continued to increase in Q1 FY22 as well.

Bajaj Auto's total vehicles sales increased 18% to 11,69,664 vehicles in Q4 FY21 from 991,961 vehicles sold in Q4 FY20.

While two-wheeler sales increased by 23% to 10,47,632 units, commercial vehicle (CV) sales declined 12% to 122,032 units in Q4 FY21 over Q4 FY20. The quarter under review recorded a healthy double-digit growth in volume for motorcycles in domestic market, overall exports, and auto spare parts business.

The company's standalone net profit declined by 11% to Rs 4,555 crore on 7% drop in revenue from operations to Rs 27,741 crore in the year ended 31 March 2021 as compared to the year ended 31 March 2021.

For FY21, EBITDA margin improved 70 bps to 18.3% as against 17.6% for FY20, on the back of better product mix and various austerity measures.

"Full year numbers are not comparable as Q1 FY21 was an absolute washout due to the pandemic and Q4 and full year FY20 had Rs 119 crore and Rs 234 crore as dividend income respectively. For FY21, no dividends were received, the company said in a statement.

The company's overall share for motorcycles sold in domestic and international markets amongst players from India was 27.6% as against 27.5% in FY20.

The company further said that domestic CV business remains impacted due to inadequate demand for short distance mobility. However, over the quarters, this business is recovering, albeit slowly.

In big three-wheeler passenger carrier segment, the company is now the market leader, with a market share approximately 46.9%. In goods carrier segment, the company improved its market share by 670 bps to 33.7% in FY21 over FY20.

As on 31 March 2021, surplus cash and cash equivalents stood at Rs 17,689 crore as against Rs 14,322 crore as on 31 March 2020.

The board of directors recommend a dividend of Rs 140 per share. The said dividend will be credited/dispatched on 26 July 2021 and/or 27 July 2021.

Separately, the company informed that Rahul Bajaj, non-executive chairman of the company, having been at the helm of the company since 1972 and the Group for five decades, considering his age, has tendered his resignation as non-executive director and chairman of the company with effect from close of business hours on 30 April 2021. The board has approved his appointment as chairman emeritus of the company for a term of five years with effect from 1 May 2021.

In place of Rahul Bajaj, the outgoing chairman of the company, Niraj Bajaj, non-executive director of the company has been appointed as chairman of the company with effect from 1 May 2021.

Bajaj Auto is the world's third largest manufacturer of motorcycles and the largest manufacturer of three wheelers. It has its manufacturing facilities located at Chakan near Pune, Waluj near Aurangabad, and at Pantnagar in Uttarakhand.

The scrip fell 1.78% to end at Rs 3820.95 on the BSE.

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