REG - Bajaj Hldgs & Inv - 3rd Quarter Results <Origin Href="QuoteRef">BJAT.NS</Origin> - Part 1

Bajaj Holdings And InvestmentAnnouncement

02/02/2017 07:05

RNS Number : 8435V
Bajaj Holdings & Investment Ltd
02 February 2017
Bajaj Holdings & Investment Limited
CIN : L35911PN1945PLC004656
Registered Office : Mumbai - Pune Road, Akurdi, Pune 411 035
Website : www.bhil.in ; E-mail : investors@bhil.in ; Telephone : +91 20 27472851 ; Fax : +91 20 27407380








Statement of standalone unaudited financial results for the quarter and nine months ended 31 December 2016













(` In Crore)

Particulars
Quarter ended
Nine months ended
Year ended


31.12.2016
30.09.2016
31.12.2015
31.12.2016
31.12.2015
31.03.2016


(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)








1 
Income from operations
 274.27 
 310.46 
 73.36 
 701.67 
 810.55 
 1,394.51 








2 
Expenses







(a) Employee benefits expense
 4.52 
 4.53 
 3.59 
 13.59 
 10.72 
 14.43 

(b) Depreciation and amortisation
 1.30 
 1.31 
 1.32 
 3.93 
 3.96 
 5.30 

(c) Other expenses (See note 1)
 86.76 
 87.83 
 5.61 
 178.91 
 16.54 
 22.99 

Total expenses
 92.58 
 93.67 
 10.52 
 196.43 
 31.22 
 42.72 








3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 181.69 
 216.79 
 62.84 
 505.24 
 779.33 
 1,351.79 








4 
Other income
 0.95 
 4.13 
 0.93 
 6.89 
 3.65 
 6.77 








5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 182.64 
 220.92 
 63.77 
 512.13 
 782.98 
 1,358.56 








6 
Finance costs
 - 
 - 
 - 
 - 
 - 
 - 








7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 182.64 
 220.92 
 63.77 
 512.13 
 782.98 
 1,358.56 








8 
Exceptional items
 - 
 - 
 - 
 - 
 - 
 - 








9 
Profit from ordinary activities before tax (7+8)
 182.64 
 220.92 
 63.77 
 512.13 
 782.98 
 1,358.56 








10 
Tax expense
 58.67 
 22.48 
 18.50 
 103.99 
 68.40 
 88.05 








11 
Net profit from ordinary activities after tax (9-10)
 123.97 
 198.44 
 45.27 
 408.14 
 714.58 
 1,270.51 








12 
Paid-up equity share capital (Face value of ` 10)
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 








13 
Reserves excluding revaluation reserves





 6,686.76 








14 
Basic and diluted earnings per share (`) 







before and after extraordinary items (not annualised) 
 11.1 
 17.8 
 4.1 
 36.7 
 64.2 
 114.2 








Notes :














1.
Other expenses includes following - 







(` In Crore)

Particulars
Quarter ended
Nine months ended
Year ended


31.12.2016
30.09.2016
31.12.2015
31.12.2016
31.12.2015
31.03.2016

Business support service charges
 3.48 
 4.99 
 1.23 
 10.39 
 3.68 
 4.93 

Provision for diminution in investments
 80.00 
 80.00 
 - 
 160.00 
 - 
 - 

Subscription and membership expenses
 1.40 
 0.01 
 1.33 
 1.41 
 1.34 
 1.35 

CSR expenditure
 0.22 
 0.34 
 0.30 
 0.56 
 3.10 
 6.91 








2.
The Company is essentially a holding and investment company focussing on earning income through dividends, interest and gains on investments held. Hence, the Company's business activity falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.
3.
The Company has opted to publish Extracts of the Unaudited/Audited Consolidated Financial Results, pursuant to option made available as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These standalone financial results are available on the Company's website viz. www.bhil.in and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).
4.
Figures for previous year / period have been regrouped wherever necessary.
5.
` 1 crore is equal to ` 10 million.
6.
The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 31 January 2017 and subjected to a limited review by the statutory auditors.















By order of the Board of Directors







For Bajaj Holdings & Investment Limited
















Pune





Rahul Bajaj
Date : 31 January 2017





Chairman
Bajaj Holdings & Investment Limited
CIN : L35911PN1945PLC004656
Registered Office : Mumbai - Pune Road, Akurdi, Pune 411 035
Website : www.bhil.in ; E-mail : investors@bhil.in ; Telephone : +91 20 27472851 ; Fax : +91 20 27407380








Statement of consolidated unaudited financial results for the quarter and nine months ended 31 December 2016













(` In Crore)

Particulars
Quarter ended
Nine months ended
Year ended


31.12.2016
30.09.2016
31.12.2015
31.12.2016
31.12.2015
31.03.2016


(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)








1 
Net Sales and Income from operations
 275.84 
 267.86 
 74.84 
 661.77 
 348.19 
 469.84 








2 
Expenses







(a) Cost of materials consumed
 0.26 
 0.35 
 0.18 
 0.85 
 0.73 
 0.92 

(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade
 0.13 
 (0.31)
 0.11 
 (0.40)
 0.17 
 0.19 

(c) Employee benefits expense
 5.02 
 5.06 
 4.00 
 15.09 
 12.28 
 16.35 

(d) Depreciation and amortisation
 1.34 
 1.34 
 1.36 
 4.03 
 4.09 
 5.48 

(e) Other expenses
 86.97 
 87.99 
 5.81 
 179.47 
 17.08 
 23.85 

Total expenses
 93.72 
 94.43 
 11.46 
 199.04 
 34.35 
 46.79 








3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 182.12 
 173.43 
 63.38 
 462.73 
 313.84 
 423.05 








4 
Other income
 0.96 
 4.13 
 0.92 
 6.94 
 3.71 
 6.85 








5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 183.08 
 177.56 
 64.30 
 469.67 
 317.55 
 429.90 








6 
Finance costs
 - 
 - 
 - 
 - 
 - 
 - 








7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 183.08 
 177.56 
 64.30 
 469.67 
 317.55 
 429.90 








8 
Exceptional items
 - 
 - 
 - 
 - 
 - 
 - 








9 
Profit from ordinary activities before tax (7-8)
 183.08 
 177.56 
64.30 
469.67 
317.55 
429.90 








10 
Tax expense
 58.90 
 22.48 
 18.55 
 104.26 
 68.60 
 88.31 








11 
Net profit from ordinary activities after tax (9-10)
 124.18 
 155.08 
45.75 
365.41 
248.95 
341.59 








12 
Add: Share of profit after tax of associates
 522.46 
 542.84 
 474.76 
 1,544.99 
 1,452.51 
 1,923.65 








13 
Less: Minority interest in net income of subsidiaries
 - 
 - 
 - 
 - 
 - 
 - 








14 
Net profit after tax, minority interest and share of profit of associates (11+12-13)
 646.64 
 697.92 
 520.51 
 1,910.40 
 1,701.46 
 2,265.24 








15 
Paid-up equity share capital (Face value of ` 10)
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 








16 
Reserves excluding revaluation reserves





 15,182.03 








17 
Basic and diluted earnings per share (`) 







before and after extraordinary items (not annualised) 
 58.1 
 62.7 
 46.8 
 171.7 
 152.9 
 203.5 








Notes :






1.
The consolidated financial results include consolidated results of the following companies






Name of the company 



% shareholding and voting power of Bajaj Holdings & Investment Limited and its subsidiary
Consolidated as
a.
Bajaj Auto Limited 



31.49%
Associate
b.
Bajaj Finserv Limited 



39.29%
Associate
c.
Bajaj Auto Holdings Limited 



100%
Subsidiary
d.
Maharashtra Scooters Limited 



24%
Joint venture
















2.
The Company is essentially a holding and investment company focussing on earning income through dividends, interest and gains on investments held. Hence, the Company's business activity falls within a single business segment i.e. investment and therefore, segment reporting in terms of Accounting Standard 17 on Segment Reporting is not applicable.
3.
The Company has opted to publish Extracts of the Unaudited/Audited Consolidated Financial Results, pursuant to option made available as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The standalone financial results are available on the Company's website viz. www.bhil.in and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). Key standalone financial information is given below:







(` In Crore)

Particulars
Quarter ended
Nine months ended
Year ended


31.12.2016
30.09.2016
31.12.2015
31.12.2016
31.12.2015
31.03.2016

Income from operations and other income
 275.22 
 314.59 
 74.29 
 708.56 
 814.20 
 1,401.28 

Profit before tax
 182.64 
 220.92 
 63.77 
 512.13 
 782.98 
 1,358.56 

Profit after tax
 123.97 
 198.44 
 45.27 
 408.14 
 714.58 
 1,270.51 


4.
Figures for previous year / period have been regrouped wherever necessary.
5.
` 1 crore is equal to ` 10 million.
6.
The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 31 January 2017 and subjected to a limited review by the statutory auditors.







By order of the Board of Directors







For Bajaj Holdings & Investment Limited
















Pune





 Rahul Bajaj
Date : 31 January 2017





 Chairman
Press release 
Financial results - Q3 FY17
Consolidated profit after tax : ` 647 crore -24%
A meeting of the Board of Directors of Bajaj Holdings & Investment Limited (BHIL) was held today to consider and approve the results for Q3 FY17.
1. Highlights 
Q3 FY17 v/s Q3 FY16
 Consolidated profit after tax - ` 647 crore v/s ` 521 crore - 24%
 Standalone profit after tax - ` 124 crore v/s ` 45 crore 
9M FY17 v/s 9M FY16
 Consolidated profit after tax - ` 1,910 crore v/s ` 1,701 crore - 12%
 Standalone profit after tax - ` 408 crore v/s ` 715 crore 
2. Consolidated results
Bajaj Holdings & Investment Limited, as its name suggests, is a holding company in addition to being an investment company. As a holding company, it holds strategic stakes of 31.49% in Bajaj Auto Ltd. (BAL), 39.29% in Bajaj Finserv Ltd. (BFS) and 24% in Maharashtra Scooters Ltd. (MSL), the results of which it consolidates.
 
The Government's action to demonetize high value currency had an adverse impact on the Auto industry. Despite the adverse conditions, BAL was able to record a strong operating EBITDA margin of 22%. Its profit after tax (consolidated) under Ind AS stood at ` 977 crore in Q3 FY17 v/s ` 1,031 crore in Q3 FY16. 
BHIL, being an NBFC, is not covered under Ind AS and is required to prepare its financials under old Indian GAAP. Accordingly, BAL's consolidated results as prepared under Indian GAAP are consolidated in BHIL. BAL's profit after tax (consolidated) as considered for consolidation stood at ` 893crore in Q3 FY17 v/s ` 962 crore in Q3 FY16.
Bajaj Finserv's consolidated results include results of its lending arm Bajaj Finance Limited (BFL) and its two insurance subsidiaries - Bajaj Allianz Life Insurance Company Limited (BALIC) and Bajaj Allianz General Insurance Company Limited (BAGIC). BFS (consolidated) profit after taxincreased by 41% to ` 614 crore in Q3 FY17 v/s ` 437 crore in Q3 FY16 due to strong growth recorded by BFL and BAGIC. 
Due to strong performance of BHIL (standalone) and underlying companies, BHIL's consolidated profit after tax for Q3 FY17 increased by 24% - `647 crore v/s `521 crore in Q3 FY16. 
Summary of consolidated results is given in AnnexureA.
3. Standalone results
BHIL is essentially an investment company. Its focus is on earning income through dividends, interest and profits on investments held. It is largely dependent on the stock and money markets for its income.
Both, the stock and money markets provided an opportunity to the Company to book profits on some of its investments. Profit on sale of investments (net) during Q3 FY17 was ` 202 crore v/s`6 crore during Q3 FY16. As a result, BHIL's profit after tax (standalone) increased to ` 124 crore in Q3 FY17 v/s `45 crore in Q3 FY16. 
The results of BHIL on standalone basis for 9M FY17 are strictly not comparable with results of 9M FY16 since the company received significant amount of interim dividends in Q4 FY16 and much lower final dividends in Q2 FY17.
Details of standalone financials are given below:
` In Crore
Q3 FY17
Q3 FY16
9M FY17
9M FY16
FY16
Dividend
5
3
89
527
1,018
Profit on sale of investments (net)
202
6
416
82
114
Interest on investments and other income
68
65
204
205
269
Total revenue
275
74
709
814
1,401
Total expenses
92
10
197
31
42
Profit before tax
183
64
512
783
1,359
Profit after tax
124
45
408
715
1,271
4. Investments
The cost and market value of the investment portfolio is as under:
` In Crore
31-Dec-16
31-Mar-16
Cost
Market value
Cost
Market value
Strategic equity investments in group companies
1,188
42,965
1,188
33,356
Equity shares - others
1,440
2,338
1,911
2,705
Fixed income securities
4,193
4,289
3,415
3,444
Investment property
198
198
201
201
Total
7,019
49,790
6,715
39,706
As against a book value of ` 648 per share, NAV of the above investments was ` 4,474 per share as on 31 December 2016.
Sanjiv Bajaj 
Managing Director
31 January 2017
Annexure A - Consolidated results of BHIL












(` in Crore)
Q3 FY17
Q3 FY16
9M FY17
9M FY16
FY16







1 
Net Sales and Income from operations
 275.84 
 74.84 
 661.77 
 348.19 
 469.84 







2 
Expenses






(a) Cost of materials consumed
 0.26 
 0.18 
 0.85 
 0.73 
 0.92 

(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade
 0.13 
 0.11 
 (0.40)
 0.17 
 0.19 

(c) Employee benefits expense
 5.02 
 4.00 
 15.09 
 12.28 
 16.35 

(d) Depreciation and amortisation
 1.34 
 1.36 
 4.03 
 4.09 
 5.48 

(e) Other expenses
 86.97 
 5.81 
 179.47 
 17.08 
 23.85 

Total expenses
 93.72 
 11.46 
 199.04 
 34.35 
 46.79 







3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 182.12 
 63.38 
 462.73 
 313.84 
 423.05 







4 
Other income
 0.96 
 0.92 
 6.94 
 3.71 
 6.85 







5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 183.08 
 64.30 
 469.67 
 317.55 
 429.90 







6 
Finance costs
 - 
 - 
 - 
 - 
 - 







7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 183.08 
 64.30 
 469.67 
 317.55 
 429.90 







8 
Exceptional items
 - 
 - 
 - 
 - 
 - 







9 
Profit from ordinary activities before tax (7-8)
 183.08 
64.30 
469.67 
317.55 
429.90 







10 
Tax expense
 58.90 
 18.55 
 104.26 
 68.60 
 88.31 







11 
Net profit from ordinary activities after tax (9-10)
 124.18 
45.75 
365.41 
248.95 
341.59 







12 
Add: Share of profit after tax of associates
 522.46 
 474.76 
 1,544.99 
 1,452.51 
 1,923.65 







13 
Less: Minority interest in net income of subsidiaries
 - 
 - 
 - 
 - 
 - 







14 
Net profit after tax, minority interest and share of profit of associates (11+12-13)
 646.64 
 520.51 
 1,910.40 
 1,701.46 
 2,265.24 







15 
Paid-up equity share capital (Face value of ` 10)
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 







16 
Reserves excluding revaluation reserves




 15,182.03 







17 
Basic and diluted earnings per share (`) 






before and after extraordinary items (not annualised) 
 58.1 
 46.8 
 171.7 
 152.9 
 203.5 








This information is provided by RNS
The company news service from the London Stock Exchange
  END
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