Bajaj Auto's overseas sales help push Q4 net up 12%

Pune, May 17: Riding on its success in overseas markets, Bajaj Auto Limited (BAL) has posted a net profit of Rs 759 crore during the fourth quarter of the last fiscal, registering an actual rise of 12 per cent year on year. It may be mentioned that the total profit of Rs 1,400 crore during Q4-11 included surplus on pre-payment of sales tax deferral liability loan amounting to Rs 826 crore, and Rs 102 crore provision for diminution in value of investment in PT Bajaj Auto Indonesia. While BAL's turnover in the quarter ended March 31, 2012 stood at Rs 4,791 crore, against Rs 4,301 crore, indicating a rise of 11 per cent, exports gave the two-wheeler major's top-line a clear leg-up, with revenue from overseas sales growing by 40 per cent YoY to touch Rs 1,477 crore. The operating EBIDTA margin in Q4-12 was 20.7 per cent. In terms of total sales numbers, BAL grew 7 per cent with 10,17,167 units sold (including around 1,20,000 CVs) during Q4-12 against 9,48,198 units in Q4-11. Sales of both bikes and CVs in the domestic market were slightly lower this year. Annual performance However, exports of motorcycles were up by 28 per cent while CVs recorded 18 per cent growth over the corresponding quarter of the previous fiscal, to reflect 26 per cent overall growth on overseas sales. During FY-12, BAL's net profit stood at Rs 3,095 crore against Rs 2,615 crore (without exceptional items indicated above), translating into a rise of 18 per cent. This year, the company has protected its future export realisations by entering into range forward contracts. The time value of option contracts, amounting to Rs 134 crore and charged to the P&L account, will reverse over the tenure of the contract. On its turnover, the company grew 19 per cent year on year, with total turnover in FY-12 standing at Rs 20,137 crore (Rs 16,975 crore). Exports, again, played a stellar role, with revenue from sales abroad growing by 45 per cent to stand at Rs 6,604 crore. Sales numbers Total sales in numbers for the company stood at 4,349,560 units — an overall growth of 14 per cent. However, while in the domestic market total sales grew in single digits, from 2.6 million units to a little below 2.8 million units, the company's exports rose by a little over 30 per cent to notch up nearly 1.6 million units. At its meeting today, the Board of Directors recommended a dividend of Rs 45 per share. The total outgo, in terms of dividend and tax thereon, amounts to Rs 1,513 crore.