REG - Bajaj Hldgs & Inv - Half Yearly Report <Origin Href="QuoteRef">BJAT.NS</Origin> - Part 2
29/10/2014 13:19
- Part 2: For the preceding part double click ID:nRST7502Ua
As at 30.09.2014 As at 30.09.2013 As at 31.03.2014
(Unaudited) (Unaudited) (Audited)
A Equity and liabilities
1 Shareholders' funds
(a) Share capital 111.29 111.29 111.29
(b) Reserves and surplus 12,814.72 11,128.30 11,887.69
Sub-total - Shareholders' funds 12,926.01 11,239.59 11,998.98
2 Minority Interest - - -
3 Non-current liabilities
(a) Deferred tax liabilities (net) 6.14 4.17 4.69
(b) Other long-term liabilities 30.47 30.43 30.98
(c) Long-term provisions 0.12 0.07 0.11
Sub-total - Non-current liabilities 36.73 34.67 35.78
4 Current liabilities
(a) Trade payables 0.87 4.63 1.32
(b) Other current liabilities 12.93 9.97 12.76
(c) Short-term provisions 18.82 127.16 399.40
Sub-total - Current liabilities 32.62 141.76 413.48
Total - Equity and liabilities 12,995.36 11,416.02 12,448.24
B Assets
1 Non-current assets
(a) Fixed assets 26.04 27.17 26.69
(b) Goodwill on consolidation 505.11 505.11 505.11
(c) Non-current investments 11,052.60 9,471.19 10,932.02
(d) Long-term loans and advances 159.11 329.84 231.36
(e) Other non-current assets 56.89 190.01 52.42
Sub-total - Non-current assets 11,799.75 10,523.32 11,747.60
2 Current assets
(a) Current investments 855.19 773.20 392.91
(b) Inventories 0.13 0.14 0.12
(c) Trade receivables 0.59 0.29 0.31
(d) Cash and bank balances 257.32 66.07 268.53
(e) Short-term loans and advances 1.59 1.68 0.58
(f) Other current assets 80.79 51.32 38.19
Sub-total - Current assets 1,195.61 892.70 700.64
Total - Assets 12,995.36 11,416.02 12,448.24
Notes (contd.) :
3. The Company is essentially a holding and investment company focusing 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 consolidated financial results, pursuant to option made available as per Clause 41 of the Listing Agreement. 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
30.09.2014 30.06.2014 30.09.2013 30.09.2014 30.09.2013 31.03.2014
Income from operations and other income 676.86 169.30 508.36 846.16 648.51 839.47
Profit before tax 670.98 164.42 499.44 835.40 634.64 813.77
Profit after tax 644.65 147.61 484.12 792.26 595.08 733.35
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 15 October 2014 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 : 15 October 2014 Chairman
Press release
Financial results - Q2 FY15
A meeting of the Board of Directors of Bajaj Holdings & Investment Limited
(BHIL) was held today to consider and approve the results for Q2 FY15.
1. Highlights
Q2 FY15 v/s Q2 FY14
ü Consolidated profit after tax - ` 510 crore v/s ` 460 crore -
11%
ü Standalone profit after tax - ` 645 crore v/s ` 484 crore
- 33%
H1 FY15 v/s H1 FY14
ü Consolidated Profit After Tax - ` 1,032 crore v/s ` 903 crore -
14%
ü Standalone Profit After Tax - ` 792 crore v/s ` 595 crore -
33%
2. Consolidated results
BHIL, with a sizeable pool of cash and cash equivalents, is essentially an
investment company, holding as on 30 September 2014, strategic stakes of
31.49% in Bajaj Auto Limited (BAL) and 39.16% in Bajaj Finserv Limited (BFS),
the results of which are consolidated with BHIL.
ü BAL continues to be the leader in Auto industry in terms of EBITDA with a
margin of 20.8% and recorded profit after tax of ` 591 crore. This was after
recognising liability of ` 340 crore towards National Calamity Contingent Duty
(NCCD) of its Pantnagar plant for the last seven and half years, i.e. 1 April
2007 to 30 September 2014 as per ruling of Honourable High Court of
Uttarakhand. But for this exceptional charge, profit after tax would have been
` 853 crore.
ü BFS (consolidated) net profit increasedby14% from ` 277 crore to ` 316
crore.
Bajaj Finserv's consolidated results include results of its lending arm Bajaj
Finance Limited and its two insurance subsidiaries - Bajaj Allianz Life
Insurance Company Limited and Bajaj Allianz General Insurance Company
Limited.
Summary of consolidated financials of BHIL is as under:
` In Crore Q2 FY15 Q2 FY14 H1 FY15 H1 FY14 FY14
Net sales and other income 216 92 390 234 428
Income from associates after tax 328 393 699 724 1,669
Profit after tax 510 460 1,032 903 1,988
1,988
3. Standalone results
With equity market performing well, this quarter provided an opportunity to
the Company to book profits on some of its investments.
Profit on sale of investments (net) during Q2 FY15 was `90 crore v/s ` 9 crore
during Q2 FY14.
Details of standalone financials are given below:
` In Crore Q2 FY15 Q2 FY14 H1 FY15 H1 FY14 FY14
Dividend :
- From BAL, BFS and MSL 473 425 473 425 425
- From others 24 22 49 46 55
Profit on sale of investments (net) 90 9 178 73 104
Interest and other income 86 51 138 104 245
Rent from investment property 4 1 8 1 10
Total revenue 677 508 846 649 839
Total expenses 6 9 11 14 25
Profit before tax 671 499 835 635 814
Profit after tax 645 484 792 595 733
4. Investments
The cost and market value of the investment portfolio is as under:
` In Crore 30-Sep-14 31-Mar-14
Cost Market value Cost Market value
Equity shares - BAL, BFS and MSL 1,030 28,714 1,030 24,021
Equity shares - others 1,666 3,390 1,814 3,136
Fixed income securities 2,921 3,024 2,322 2,340
Fixed deposits 190 190 240 240
Total 5,807 35,318 5,406 29,737
NAV of the above investments was ` 3,173 per share as on 30 September 2014.
Sanjiv Bajaj
Managing Director
15 October 2014
Annexure - Consolidated results of BHIL
(`In Crore) Q2 FY15 Q2 FY14 H1 FY15 H1 FY14 FY14
1 Net Sales and Income from operations 184.61 89.81 356.89 231.17 386.70
2 Expenses
(a) Cost of materials consumed 0.21 0.09 0.39 0.18 0.43
(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.01 0.01 (0.01) - 0.03
(c) Employee benefits expense 2.26 1.57 3.87 3.16 6.43
(d) Depreciation and amortisation 1.77 0.96 3.12 1.87 4.78
(e) Other expenses 2.84 6.86 5.40 9.79 16.48
Total expenses 7.09 9.49 12.77 15.00 28.15
3 Profit from operations before other income, finance costs and exceptional items (1-2) 177.52 80.32 344.12 216.17 358.55
4 Other Income 31.06 2.45 33.32 2.53 41.02
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 208.58 82.77 377.44 218.70 399.57
6 Finance costs - - - - -
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 208.58 82.77 377.44 218.70 399.57
8 Exceptional items - - - - -
9 Profit from ordinary activities before tax (7-8) 208.58 82.77 377.44 218.70 399.57
10 Tax expense 25.89 15.48 44.92 39.89 85.84
11 Net Profit from ordinary activities after tax (9-10) 182.69 67.29 332.52 178.81 313.73
12 Add : Tax (debits)/credits pertaining to earlier years (0.51) - 0.81 - 4.72
13 Add: Share of Profit after tax on Investments in Associates 327.86 392.69 699.07 724.35 1,669.11
14 Less: Minority Interest in Net Income of subsidiaries - - - - -
15 Net Profit / (Loss) for the period (11+12+13-14) 510.04 459.98 1,032.40 903.16 1,987.56
16 Basic and Diluted Earnings Per Share ( `) (not annualised)
before and after extraordinary items 45.8 41.3 92.8 81.2 178.6
This information is provided by RNS
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