REG - Bajaj Hldgs & Inv - Half-year Report <Origin Href="QuoteRef">BJAT.NS</Origin> - Part 1

Bajaj Holdings And InvestmentAnnouncement

03/11/2016 10:30

RNS Number : 2560O
Bajaj Holdings & Investment Ltd
03 November 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 financial results for the quarter and half year ended 30 September 2016













(` In Crore)

Particulars
Quarter ended
Half year ended
Year ended


30.09.2016
30.06.2016
30.09.2015
30.09.2016
30.09.2015
31.03.2016


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








1 
Income from operations
 310.46 
 116.94 
 575.54 
 427.40 
 737.19 
 1,394.51 








2 
Expenses







(a) Employee benefits expense
 4.53 
 4.54 
 3.59 
 9.07 
 7.13 
 14.43 

(b) Depreciation and amortisation
 1.31 
 1.32 
 1.32 
 2.63 
 2.64 
 5.30 

(c) Other expenses (See note 2)
 87.83 
 4.32 
 4.48 
 92.15 
 10.93 
 22.99 

Total expenses
 93.67 
 10.18 
 9.39 
 103.85 
 20.70 
 42.72 








3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 216.79 
 106.76 
 566.15 
 323.55 
 716.49 
 1,351.79 








4 
Other income
 4.13 
 1.81 
 1.06 
 5.94 
 2.72 
 6.77 








5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 220.92 
 108.57 
 567.21 
 329.49 
 719.21 
 1,358.56 








6 
Finance costs
 - 
 - 
 - 
 - 
 - 
 - 








7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 220.92 
 108.57 
 567.21 
 329.49 
 719.21 
 1,358.56 








8 
Exceptional items
 - 
 - 
 - 
 - 
 - 
 - 








9 
Profit from ordinary activities before tax (7+8)
 220.92 
 108.57 
 567.21 
 329.49 
 719.21 
 1,358.56 








10 
Tax expense
 22.48 
 22.84 
 20.98 
 45.32 
 49.90 
 88.05 








11 
Net profit from ordinary activities after tax (9-10)
 198.44 
 85.73 
 546.23 
 284.17 
 669.31 
 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) 
 17.8 
 7.7 
 49.1 
 25.5 
 60.1 
 114.2 
Notes: 



1. 
Disclosure of standalone assets and liabilities as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the half year ended 30 September 2016 -




(` In Crore)

Particulars 
As at
30.09.2016 
As at
30.09.2015 
As at
31.03.2016 


(Unaudited) 
(Unaudited) 
(Audited) 
A 
Equity and liabilities 








1
Shareholders' funds 




(a) Share capital 
 111.29 
 111.29 
 111.29 

(b) Reserves and surplus 
 6,970.93 
 6,520.89 
 6,686.76 

Sub-total - Shareholders' funds 
 7,082.22 
 6,632.18 
 6,798.05 





2
Non-current liabilities 




(a) Deferred tax liabilities (net) 
 4.93 
 5.12 
 6.16 

(b) Other long-term liabilities 
 25.73 
 25.90 
 25.78 

(c) Long-term provisions 
 2.03 
 0.69 
 1.26 

Sub-total - Non-current liabilities 
 32.69 
 31.71 
 33.20 





3
Current liabilities 




(a) Trade payables 
 0.49 
 0.40 
 0.52 

(b) Other current liabilities 
 13.25 
 14.47 
 24.70 

(c) Short-term provisions 
 45.98 
 38.07 
 113.57 

Sub-total - Current liabilities 
 59.72 
 52.94 
 138.79 

Total - Equity and liabilities 
 7,174.63 
 6,716.83 
 6,970.04 
B 
Assets 








1
Non-current assets 




(a) Fixed assets 
 24.11 
 24.53 
 24.42 

(b) Non-current investments 
 5,608.96 
 6,114.25 
 5,285.62 

(c) Long-term loans and advances 
 173.47 
 151.62 
 137.23 

Sub-total - Non-current assets 
 5,806.54 
 6,290.40 
 5,447.27 





2
Current assets 




(a) Current investments 
 1,304.10 
 301.91 
 22.75 

(b) Cash and bank balances 
 6.02 
 47.47 
 1,421.46 

(c) Short-term loans and advances 
 0.09 
 11.38 
 12.58 

(d) Other current assets 
 57.88 
 65.67 
 65.98 

Sub-total - Current assets 
 1,368.09 
 426.43 
 1,522.77 

Total - Assets 
 7,174.63 
 6,716.83 
 6,970.04 
Notes (contd.):














2.
Other expenses includes following - 







(` In Crore)

Particulars
Quarter ended
Half year ended
Year ended


30.09.2016
30.06.2016
30.09.2015
30.09.2016
30.09.2015
31.03.2016

Business support service charges
 4.99 
 1.92 
 1.16 
 6.91 
 2.45 
 4.93 

Provision for diminution in investments
 80.00 
 - 
 - 
 80.00 
 - 
 - 

Subscription and membership expenses
 0.01 
 - 
 0.01 
 0.01 
 0.01 
 1.35 

CSR expenditure
 0.34 
 - 
 0.80 
 0.34 
 2.80 
 6.91 








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.
Figures for previous year / period have been regrouped wherever necessary.
6.
` 1 crore is equal to ` 10 million.
7.
The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 28 October 2016 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 : 28 October 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 financial results for the quarter and half year ended 30 September 2016













(` In Crore)

Particulars
Quarter ended
Half year ended
Year ended


30.09.2016
30.06.2016
30.09.2015
30.09.2016
30.09.2015
31.03.2016


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








1 
Net Sales and Income from operations
 264.49 
 118.07 
 110.00 
 382.56 
 273.35 
 469.84 








2 
Expenses







(a) Cost of materials consumed
 0.35 
 0.24 
 0.24 
 0.59 
 0.55 
 0.92 

(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade
 (0.31)
 (0.22)
 0.13 
 (0.53)
 0.06 
 0.19 

(c) Employee benefits expense
 5.06 
 5.01 
 4.37 
 10.07 
 8.28 
 16.35 

(d) Depreciation and amortisation
 1.34 
 1.35 
 1.36 
 2.69 
 2.73 
 5.48 

(e) Other expenses
 87.99 
 4.51 
 4.63 
 92.50 
 11.27 
 23.85 

Total expenses
 94.43 
 10.89 
 10.73 
 105.32 
 22.89 
 46.79 








3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 170.06 
 107.18 
 99.27 
 277.24 
 250.46 
 423.05 








4 
Other income
 7.50 
 1.85 
 1.08 
 9.35 
 2.79 
 6.85 








5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 177.56 
 109.03 
 100.35 
 286.59 
 253.25 
 429.90 








6 
Finance costs
 - 
 - 
 - 
 - 
 - 
 - 








7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 177.56 
 109.03 
 100.35 
 286.59 
 253.25 
 429.90 








8 
Exceptional items
 - 
 - 
 - 
 - 
 - 
 - 








9 
Profit from ordinary activities before tax (7-8)
 177.56 
 109.03 
100.35 
286.59 
253.25 
429.90 








10 
Tax expense
 22.48 
 22.88 
 21.01 
 45.36 
 50.05 
 88.31 








11 
Net profit from ordinary activities after tax (9-10)
 155.08 
 86.15 
79.34 
241.23 
203.20 
341.59 








12 
Add: Share of profit after tax of associates
 542.84 
 479.69 
 488.45 
 1,022.53 
 977.75 
 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)
 697.92 
 565.84 
 567.79 
 1,263.76 
 1,180.95 
 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) 
 62.7 
 50.8 
 51.0 
 113.6 
 106.1 
 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.
Disclosure of consolidated assets and liabilities as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the half year ended 30 September 2016 -




(` In Crore)

Particulars 
As at
30.09.2016 
As at
30.09.2015 
As at
31.03.2016 


(Unaudited) 
(Unaudited) 
(Audited) 
A 
Equity and liabilities 








1
Shareholders' funds 




(a) Share capital 
 111.29 
 111.29 
 111.29 

(b) Reserves and surplus 
 16,450.15 
 14,620.87 
 15,182.03 

Sub-total - Shareholders' funds 
 16,561.44 
 14,732.16 
 15,293.32 





2
Minority interest 
 - 
 - 
 - 





3
Non-current liabilities 




(a) Deferred tax liabilities (net) 
 4.93 
 5.12 
 6.16 

(b) Other long-term liabilities 
 28.66 
 29.44 
 29.13 

(c) Long-term provisions 
 2.03 
 0.93 
 1.26 

Sub-total - Non-current liabilities 
 35.62 
 35.49 
 36.55 





4
Current liabilities 




(a) Trade payables 
 0.62 
 0.77 
 0.65 

(b) Other current liabilities 
 15.50 
 16.16 
 27.17 

(c) Short-term provisions 
 46.23 
 38.31 
 113.99 

Sub-total - Current liabilities 
 62.35 
 55.24 
 141.81 

Total - Equity and liabilities 
 16,659.41 
 14,822.89 
 15,471.68 
B 
Assets 








1
Non-current assets 




(a) Fixed assets 
 25.85 
 25.59 
 26.21 

(b) Goodwill on consolidation 
 518.21 
 518.21 
 518.21 

(c) Non-current investments 
 14,520.09 
 13,650.81 
 13,215.41 

(d) Long-term loans and advances 
 177.57 
 155.19 
 141.54 

(e) Other non-current assets 
 7.25 
 5.02 
 6.45 

Sub-total - Non-current assets 
 15,248.97 
 14,354.82 
 13,907.82 





2
Current assets 




(a) Current investments 
 1,341.95 
 337.49 
 60.43 

(b) Inventories 
 0.67 
 0.25 
 0.13 

(c) Trade receivables 
 0.48 
 1.07 
 0.59 

(d) Cash and bank balances 
 7.67 
 50.30 
 1,423.01 

(e) Short-term loans and advances 
 0.42 
 11.85 
 12.79 

(f) Other current assets 
 59.25 
 67.11 
 66.91 

Sub-total - Current assets 
 1,410.44 
 468.07 
 1,563.86 

Total - Assets 
 16,659.41 
 14,822.89 
 15,471.68 





Notes (contd.):














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
Half year ended
Year ended


30.09.2016
30.06.2016
30.09.2015
30.09.2016
30.09.2015
31.03.2016

Income from operations and other income
 314.59 
 118.75 
 576.60 
 433.34 
 739.91 
 
 1,401.28 

Profit before tax
 220.92 
 108.57 
 567.21 
 329.49 
 719.21 
 
1,358.56 

Profit after tax
 198.44 
 85.73 
 546.23 
 284.17 
 669.31 
 
1,270.51 


5.
Figures for previous year / period have been regrouped wherever necessary.
6.
` 1 crore is equal to ` 10 million.
7.
The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 28 October 2016 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 : 28 October 2016





Chairman
Annexure A - Consolidated results of BHIL



















(` In Crore)
Q2 FY17
Q2 FY16
H1 FY17
H1 FY16
FY16







1 
Net Sales and Income from operations
 264.49 
 110.00 
 382.56 
 273.35 
 469.84 







2 
Expenses






(a) Cost of materials consumed
 0.35 
 0.24 
 0.59 
 0.55 
 0.92 

(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade
 (0.31)
 0.13 
 (0.53)
 0.06 
 0.19 

(c) Employee benefits expense
 5.06 
 4.37 
 10.07 
 8.28 
 16.35 

(d) Depreciation and amortisation
 1.34 
 1.36 
 2.69 
 2.73 
 5.48 

(e) Other expenses
 87.99 
 4.63 
 92.50 
 11.27 
 23.85 

Total expenses
 94.43 
 10.73 
 105.32 
 22.89 
 46.79 







3 
Profit from operations before other income, finance costs and exceptional items (1-2)
 170.06 
 99.27 
 277.24 
 250.46 
 423.05 







4 
Other income
 7.50 
 1.08 
 9.35 
 2.79 
 6.85 







5 
Profit from ordinary activities before finance costs and exceptional items (3+4)
 177.56 
 100.35 
 286.59 
 253.25 
 429.90 







6 
Finance costs
 - 
 - 
 - 
 - 
 - 







7 
Profit from ordinary activities after finance costs but before exceptional items (5-6)
 177.56 
 100.35 
 286.59 
 253.25 
 429.90 







8 
Exceptional items
 - 
 - 
 - 
 - 
 - 







9 
Profit from ordinary activities before tax (7-8)
 177.56 
100.35 
286.59 
253.25 
429.90 







10 
Tax expense
 22.48 
 21.01 
 45.36 
 50.05 
 88.31 







11 
Net profit from ordinary activities after tax (9-10)
 155.08 
79.34 
241.23 
203.20 
341.59 







12 
Add: Share of profit after tax of associates
 542.84 
 488.45 
 1,022.53 
 977.75 
 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)
 697.92 
 567.79 
 1,263.76 
 1,180.95 
 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) 
 62.7 
 51.0 
 113.6 
 106.1 
 203.5 





















Press release 
Financial results - Q2 FY17
Consolidated profit after tax : ` 698 crore -23%
A meeting of the Board of Directors of Bajaj Holdings & Investment Limited (BHIL) was held today to consider and approve the results for Q2 FY17.
1. 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.
 
BAL recorded its highest ever quarterlyprofit after tax (consolidated) under Ind AS of ` 1,201 crore in Q2 FY17 v/s ` 1,120 crore in Q2 FY16 at an industry leading EBITDA margin of 22.3%. 
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 ` 1,006 crore in Q2 FY17 v/s ` 1,001 crore in Q2 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 31% to ` 576 crore in Q2 FY17 v/s ` 441 crore in Q2 FY16 due to strong growth recorded by BFL and BAGIC. 
As a reflection of strong performances of the underlying companies, BHIL's consolidated profit after tax for Q2 FY17 increased by 23%- `698 crore v/s ` 568 crore in Q2 FY16. 
For H1 FY17, BHIL's consolidated profit after tax stood at ` 1,264 crore v/s ` 1,181 crore in H1 FY16.
Summary of consolidated results is given in AnnexureA.
2. Standalone results
BHIL is essentially an investment company. Its focus is on earning income through dividends, interest and profits on investments held.
The results of BHIL on standalone basis for Q2 FY17 are strictly not comparable with results of Q2 FY16 since the company received significant amount of interim dividends in Q4 FY16 and much lower final dividends in Q2 FY17.
As a result, BHIL's dividend income for Q2 FY17 stood at ` 82 crore v/s ` 498 crore in Q2 FY16 and consequently BHIL's standalone profit after tax stood at ` 198 crore in Q2 FY17 v/s ` 546 crore in Q2 FY16.
Details of standalone financials are given below:
` In Crore
Q2 FY17
Q2 FY16
H1 FY17
H1 FY16
FY16
Dividend
82
498
84
524
1,018
Profit on sale of investments (net)
163
12
214
76
114
Interest on investments and other income
70
67
135
140
269
Total revenue
315
577
433
740
1,401
Total expenses
94
10
104
21
42
Profit before tax
221
567
329
719
1,359
Profit after tax
198
546
284
669
1,271
3. Investments
The cost and market value of the investment portfolio is as under:
` In Crore
30-Sep-16
31-Mar-16
Cost
Market value
Cost
Market value
Strategic equity investments in group companies
1,188
45,860
1,188
33,356
Equity shares - others
1,566
2,577
1,911
2,705
Fixed income securities
3,961
4,107
3,415
3,444
Investment property
199
199
201
201
Total
6,914
52,743
6,715
39,706
As against a book value of ` 636 per share, NAV of the above investments was ` 4,739 per share as on 30 September 2016.
Sanjiv Bajaj 
Managing Director
28 October 2016

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