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

Bajaj Holdings And InvestmentAnnouncement

26/05/2016 11:55

RNS Number : 4219Z
Bajaj Holdings & Investment Ltd
26 May 2016
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 / audited financial results for the quarter and year ended 31 March 2016











( In Crore)

Particulars
Quarter ended
Year ended


31.03.2016
31.12.2015
31.03.2015
31.03.2016
31.03.2015


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







1 
Income from operations
 583.96 
 73.36 
 81.37 
 1,394.51 
 972.22 







2 
Expenses






(a) Employee benefits expense
 3.71 
 3.59 
 1.71 
 14.43 
 6.46 

(b) Depreciation and amortisation
 1.34 
 1.32 
 1.33 
 5.30 
 5.16 

(c) Other expenses (See note 2)
 6.45 
 5.61 
 5.24 
 22.99 
 30.34 

Total expenses
 11.50 
 10.52 
 8.28 
 42.72 
 41.96 







3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 572.46 
 62.84 
 73.09 
 1,351.79 
 930.26 







4 
Other income
 3.12 
 0.93 
 0.76 
 6.77 
 34.24 







5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 575.58 
 63.77 
 73.85 
 1,358.56 
 964.50 







6 
Finance costs
 - 
 - 
 - 
 - 
 - 







7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 575.58 
 63.77 
 73.85 
 1,358.56 
 964.50 







8 
Exceptional items
 - 
 - 
 - 
 - 
 - 







9 
Profit from ordinary activities before tax (7+8)
 575.58 
 63.77 
 73.85 
 1,358.56 
 964.50 







10 
Tax expense
 19.65 
 18.50 
 14.09 
 88.05 
 79.58 







11 
Net profit from ordinary activities after tax (9-10)
 555.93 
 45.27 
 59.76 
 1,270.51 
 884.92 







12 
Tax (debits)/credits pertaining to earlier years
 - 
 - 
 (18.00)
 - 
 (17.19)







13 
Net profit for the period (11+12)
 555.93 
 45.27 
 41.76 
 1,270.51 
 867.73 







14 
Paid-up equity share capital (Face value of  10)
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 







15 
Reserves excluding revaluation reserves



 6,686.76 
 5,851.58 







16 
Basic and diluted earnings per share () 






before and after extraordinary items (not annualised) 
 50.0 
 4.1 
 3.8 
 114.2 
 78.0 













Notes: 


1. 
Disclosure of standalone assets and liabilities as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the year ended 31 March 2016 -



( In Crore)

Particulars 
As at
31.03.2016 
As at
31.03.2015 


(Audited) 
(Audited) 
A 
Equity and liabilities 






1
Shareholders' funds 



(a) Share capital 
 111.29 
 111.29 

(b) Reserves and surplus 
 6,686.76 
 5,851.58 

Sub-total - Shareholders' funds 
 6,798.05 
 5,962.87 




2
Non-current liabilities 



(a) Deferred tax liabilities (net) 
 6.16 
 5.21 

(b) Other long-term liabilities 
 25.78 
 25.65 

(c) Long-term provisions 
 1.26 
 0.15 

Sub-total - Non-current liabilities 
 33.20 
 31.01 




3
Current liabilities 



(a) Trade payables 
 0.52 
 1.09 

(b) Other current liabilities 
 24.70 
 14.22 

(c) Short-term provisions 
 113.57 
 447.44 

Sub-total - Current liabilities 
 138.79 
 462.75 

Total - Equity and liabilities 
 6,970.04 
 6,456.63 
B 
Assets 






1
Non-current assets 



(a) Fixed assets 
 24.42 
 24.63 

(b) Non-current investments 
 5,285.62 
 5,799.77 

(c) Long-term loans and advances 
 137.23 
 151.62 

Sub-total - Non-current assets 
 5,447.27 
 5,976.02 




2
Current assets 



(a) Current investments 
 22.75 
 372.74 

(b) Cash and bank balances 
 1,421.46 
 45.19 

(c) Short-term loans and advances 
 12.58 
 10.71 

(d) Other current assets 
 65.98 
 51.97 

Sub-total - Current assets 
 1,522.77 
 480.61 

Total - Assets 
 6,970.04 
 6,456.63 








Notes:












2.
Other expenses includes following - 






( In Crore)

Particulars
Quarter ended
Year ended


31.03.2016
31.12.2015
31.03.2015
31.03.2016
31.03.2015

Business support service charges
 1.25 
 1.23 
 0.96 
 4.93 
 3.21 

Provision for diminution in investments
 - 
 - 
 - 
 - 
 15.00 

Subscription and membership expenses
 0.01 
 1.33 
 - 
 1.35 
 0.01 

CSR expenditure
 3.81 
 0.30 
 1.50 
 6.91 
 4.00 







3.
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.
4.
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).
5.
An interim dividend of  25 per equity share (250%) was declared on 9 March 2016 and paid on 23 March 2016. The Board of Directors recommend a final dividend of  7.50 per equity share (75%) subject to approval of shareholders.
6.
Figures for previous year / period have been regrouped wherever necessary.
7.
 1 crore is equal to  10 million.
8.
The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
9.
The above results have been reviewed by the Audit Committee and approved by the Board of Directors in the meeting held on 25 May 2016.





 By order of the Board of Directors
For Bajaj Holdings & Investment Limited



















Pune




Rahul Bajaj
Date : 25 May 2016




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 / audited financial results for the quarter and year ended 31 March 2016











( In Crore)


Particulars
Quarter ended
Year ended



31.03.2016
31.12.2015
31.03.2015
31.03.2016
31.03.2015



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









1 
Net Sales and Income from operations
 121.65 
 74.84 
 83.98 
 469.84 
 523.93 









2 
Expenses







(a) Cost of materials consumed
 0.19 
 0.18 
 0.39 
 0.92 
 1.02 


(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade
 0.02 
 0.11 
 (0.06)
 0.19 
 (0.18)


(c) Employee benefits expense
 4.07 
 4.00 
 2.05 
 16.35 
 7.87 


(d) Depreciation and amortisation
 1.39 
 1.36 
 1.42 
 5.48 
 5.93 


(e) Other expenses
 6.77 
 5.81 
 5.42 
 23.85 
 31.00 


Total expenses
 12.44 
 11.46 
 9.22 
 46.79 
 45.64 









3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 109.21 
 63.38 
 74.76 
 423.05 
 478.29 









4 
Other income
 3.14 
 0.92 
 0.79 
 6.85 
 34.90 









5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 112.35 
 64.30 
 75.55 
 429.90 
 513.19 









6 
Finance costs
 - 
 - 
 - 
 - 
 - 









7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 112.35 
 64.30 
 75.55 
 429.90 
 513.19 









8 
Exceptional items
 - 
 - 
 - 
 - 
 - 









9 
Profit from ordinary activities before tax (7-8)
 112.35 
 64.30 
75.55 
429.90 
513.19 









10 
Tax expense
 19.71 
 18.55 
 14.15 
 88.31 
 81.54 









11 
Net profit from ordinary activities after tax (9-10)
 92.64 
 45.75 
61.40 
341.59 
431.65 









12 
Add : Tax (debits)/credits pertaining to earlier years
 - 
 - 
 (18.63)
 - 
 (17.82)









13 
Add: Share of profit after tax of associates
 471.14 
 474.76 
 482.21 
 1,923.65 
 1,615.41 









14 
Less: Minority interest in net income of subsidiaries
 - 
 - 
 - 
 - 
 - 









15 
Net profit after tax, minority interest and share of profit of associates (11+12+13-14)
 563.78 
 520.51 
 524.98 
 2,265.24 
 2,029.24 









16 
Paid-up equity share capital (Face value of  10)
 111.29 
 111.29 
 111.29 
 111.29 
 111.29 









17 
Reserves excluding revaluation reserves



 15,182.03 
 13,281.94 









18 
Basic and diluted earnings per share () 







before and after extraordinary items (not annualised) 
 50.7 
 46.8 
 47.2 
 203.5 
 182.3 
























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.
Disclosure of consolidated assets and liabilities as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the year ended 31 March 2016 -



( In Crore)

Particulars 
As at
31.03.2016 
As at
31.03.2015 


(Audited) 
(Audited) 
A 
Equity and liabilities 






1
Shareholders' funds 



(a) Share capital 
 111.29 
 111.29 

(b) Reserves and surplus 
 15,182.03 
 13,281.94 

Sub-total - Shareholders' funds 
 15,293.32 
 13,393.23 




2
Minority interest 
 - 
 - 




3
Non-current liabilities 



(a) Deferred tax liabilities (net) 
 6.16 
 5.21 

(b) Other long-term liabilities 
 29.13 
 29.64 

(c) Long-term provisions 
 1.26 
 0.17 

Sub-total - Non-current liabilities 
 36.55 
 35.02 




4
Current liabilities 



(a) Trade payables 
 0.65 
 1.15 

(b) Other current liabilities 
 27.17 
 15.95 

(c) Short-term provisions 
 113.99 
 447.63 

Sub-total - Current liabilities 
 141.81 
 464.73 

Total - Equity and liabilities 
 15,471.68 
 13,892.98 
B 
Assets 






1
Non-current assets 



(a) Fixed assets 
 26.21 
 25.75 

(b) Goodwill on consolidation 
 518.21 
 518.21 

(c) Non-current investments 
 13,215.41 
 12,669.64 

(d) Long-term loans and advances 
 141.54 
 155.06 

(e) Other non-current assets 
 6.45 
 3.12 

Sub-total - Non-current assets 
 13,907.82 
 13,371.78 




2
Current assets 



(a) Current investments 
 60.43 
 407.92 

(b) Inventories 
 0.13 
 0.31 

(c) Trade receivables 
 0.59 
 0.61 

(d) Cash and bank balances 
 1,423.01 
 48.24 

(e) Short-term loans and advances 
 12.79 
 11.16 

(f) Other current assets 
 66.91 
 52.96 

Sub-total - Current assets 
 1,563.86 
 521.20 

Total - Assets 
 15,471.68 
 13,892.98 












Notes :












3.
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.
4.
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
Year ended


31.03.2016
31.12.2015
31.03.2015
31.03.2016
31.03.2015

Income from operations and other income
 587.08 
 74.29 
 82.13 
 1,401.28 
 1,006.46 

Profit before tax
 575.58 
 63.77 
 73.85 
 1,358.56 
 964.50 

Profit after tax
 555.93 
 45.27 
 41.76 
 1,270.51 
 867.73 


5.
An interim dividend of  25 per equity share (250%) was declared on 9 March 2016 and paid on 23 March 2016. The Board of Directors recommend a final dividend of  7.50 per equity share (75%) subject to approval of shareholders.
6.
Figures for previous year / period have been regrouped wherever necessary.
7.
 1 crore is equal to  10 million.
8.
The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
9.
The above results have been reviewed by the Audit Committee and approved by the Board of Directors in the meeting held on 25 May 2016.





By order of the Board of Directors
For Bajaj Holdings & Investment Limited



















Pune




Rahul Bajaj
Date : 25 May 2016




Chairman







Press release
Results - Q4 and FY16 
A meeting of the Board of Directors of Bajaj Holdings & Investment Limited (BHIL) was held today to consider and approve the results for Q4 and FY16.
An interim dividend of  25 per equity share (250%) was declared on 9 March 2016 and paid on 23 March 2016. 
The Board of Directors recommended a final dividend of  7.50 per share - 75%. 
(total dividend of 325% compared to previous year's 325% ).
The total amount of final dividend and tax thereon, including the amount paid as interim dividend, amounts to  435 crore (previous year -  434 crore).
1. Highlights 
Q4 FY16 v/s Q4 FY15
 Consolidated profit after tax -  564 crore v/s  525 crore - 7%
 Standalone profit after tax -  556 crore v/s  42 crore - 1,224%
FY16 v/s FY15
 Consolidated profit after tax -  2,265 crore v/s  2,029 crore - 12%
 Standalone profit after tax -  1,271 crore v/s  868 crore - 46%
2. 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. 
Q4 FY16
 The Company received interim dividends from group companies and other corporates.
 Both, movements in equity markets and decline in interest rates provided an opportunity to the Company to realise profit on sale of some of its investments. 
 As a result, profit after tax for Q4 FY16 recorded a significant increase to  556 crore v/s  42 crore in Q4 FY15.
FY16
 Interim dividends declared by group companies and other corporates at year end significantly boosted revenue of the Company. 
 The subdued equity markets lowered the returns on equities. Hence profit on sale of investments, stood at  114 crore in FY16 v/s  214 crore in FY15.
 Profit after tax for FY16 increased by 46% to  1,271 crore v/s  868 crore in FY15.
Details of standalone financials are given below:
 In Crore
Q4 FY16
Q4 FY15
FY16
FY15
Dividend :




 - From BAL, BFS and MSL
475
-
950
473
 - From others
16
7
68
56
Profit on sale of investments (net)
32
22
114
214
Interest on investments and other income
60
49
253
217
Interest on income-tax refund
-
-
-
30
Rent from investment property
4
4
16
16
Total revenue
587
82
1,401
1,006
Total expenses
11
8
42
41
Profit before tax
576
74
1,359
965
Profit after tax
556
42
1,271
868
3. Consolidated results
Bajaj Holdings & Investment Limited, as its name suggests, is a holding company in addition to being an investment company. As on 31 March 2016, the Company held strategic stakes of 31.49% in Bajaj Auto Ltd. (BAL), 39.29% in Bajaj Finserv Ltd. (BFS) and 24% in Maharashtra Scooters Ltd. (MSL). As such, consolidated results of BAL and BFS are consolidated in BHIL's results.
Bajaj Auto consolidates its holding in Indonesian subsidiary and its ~ 48% stake in KTM AG, Austria.
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).
The performance of the underlying companies is reflected in the consolidated results of BHIL.
Q4 FY16
 BAL'sprofit after tax (standalone) increased by 29% to  803 crore in Q4 FY16 v/s 622 crore in Q4 FY15. The EBITDA margin stood at a high of 23.1%. 
 BFS(consolidated)profit after tax stood at  518 crore in Q4 FY16 v/s  707 crore in Q4 FY15. This is due to BALIC's transfer of policyholders' surplus to shareholders' account on quarterly basis in FY16 as against on annual basis till FY15. For full year, BFS (consolidated) profit after tax increased by 10%.
 Accordingly, BHIL's consolidated profit after tax for Q4 FY16 increased by 7% to  564 crore v/s  525 crore in Q4 FY15.
FY16
 BAL recorded its highest ever profit after tax (standalone) of  3,652 crore in FY16 as against 2,814 crore in FY15 - an increase of 30%. Its operating EBITDA for FY16 stood at  5,041 crore at an industry leading EBITDA margin of 22.1%.
 BFS(consolidated) too recorded its highest ever profit after tax of  1,863 crore in FY16 as against  1,690 crore in FY15 - an increase of 10%, driven largely by extraordinary performance of BFL.
 Accordingly, BHIL's consolidated profit after tax for FY16 increased by 12% to  2,265 crore v/s  2,029 crore in FY15.
Summary of consolidated financials of BHIL is as under: 
 In Crore
Q4 FY16
Q4 FY15
FY16
FY15
Total revenue
125
85
477
559
Share of profit after tax of associates
471
482
1,924
1,615
Profit after tax
564
525
2,265
2,029
4. Investments
The cost and market value of the investment portfolio is as under:
 In Crore
31-Mar-16
31-Mar-15
Cost
Market value
Cost
Market value
Strategic equity investments in group companies
1,188
33,356
1,188
27,964
Equity shares - others
1,911
2,705
1,697
3,168
Fixed income securities
3,415
3,444
3,122
3,227
Investment property
201
201
206
206
Total
6,715
39,706
6,213
34,565
As against a book value of  611 per share,NAV of the above investments was  3,568 per share as on 31 March 2016.
 
Sanjiv Bajaj
Managing Director
25 May 2016

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