REG - Bajaj Hldgs & Inv - 3rd Quarter Results <Origin Href="QuoteRef">BJAT.NS</Origin> - Part 2
02/02/2017 07:05
- Part 2: For the preceding part double click ID:nRSB8435Va
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 % shareholding and voting power of Bajaj Holdings & Investment Limited and its subsidiary Consolidated as
company
a. Bajaj Auto 31.49% Associate
Limited
b. Bajaj Finserv 39.29% Associate
Limited
c. Bajaj Auto 100% Subsidiary
Holdings Limited
d. Maharashtra 24% Joint venture
Scooters Limited
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 275.22 314.59 74.29 708.56 814.20 1,401.28
operations and
other income
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
ü Consolidated profit after tax - ` 647 crore v/s
` 521 crore - 24%
ü Standalone profit after tax - ` 124 crore v/s
` 45 crore
9M FY17 v/s 9M FY16
ü Consolidated profit after tax - ` 1,910 crore v/s
` 1,701 crore - 12%
ü 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
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