REG - Bajaj Hldgs & Inv - Half-year Report <Origin Href="QuoteRef">BJAT.NS</Origin> - Part 8

Bajaj Holdings And InvestmentAnnouncement

03/11/2016 10:25

- Part 8: For the preceding part double click  ID:nRSC2560Og 

                                                                                                                                                                                                                                                                                                                                                                                                                
 16                                                                                                                                                                                                                                           Reserves                                                                                                                                         15,182.03                                                                                
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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