Summary

BAJAJ AUTO LTD

Total number of shares (cr) 28.94
Current price ₹3,745.35
Market Cap (cr) ₹108,378

Page 1
 Graham Check list

Input Data
Fixed Assets
Current Assets
Fixed Liabilities
Current Liabilities

1. Size of the company

2. Strong financial stability

3. Earnings Stability

4. Dividend record

5. Earnings Growth

Financial Ratios
PE ratio should be at least less than 14
PB ratio should be less than 2
Debt to Equity ratio should be less than 1
RoE should be atleast 15%
RoA should be atleast 15%

Page 2
 Graham Check list

Input Data Result

15 Yes 64%
153 No 36%
0
15

Sales at least more than 200 crores.

YES
Latest Annual Sales 33,145
1. Current assets must be at least twice current liabilities

2. Long term or Fixed liabilities must be less than net current assets (Current assets – current
liabilities)
Criteria 1 YES
Criteria 2 YES

Should have positive earnings for past 10 years at least YES

Should have paid dividend for last 10 years uninterrupted YES

Average earnings should have increased by at least 100% in 10 years

Current Earnings 187.02
Earnings before 10 years 109.88 NO
Check Value 70.20%

Financial Ratios
ss than 14 21.35 No
2 709.19 No
e less than 1 0.00 Yes
3321.73% Yes
14.46% No

Page 3
 EPV method

Avg. Profit 5 years 5,076

Other income % 37%
EPV at 7% returns 71068
+ Invesments 26,634.12
+ Cash equivalents 958
Total 98660
Borrowings 123
Other Liabilities 5,129
IV1 (- all liabilities) IV2 (- Debt alone) 0
3,228 3,405
MoS -16% -10%

Page 4
 EPV method

Net Profit 2018 2019 2020 2021 2022

4,218.95 4,927.61 5,211.91 4,857.02 6,165.87
Other income 2018 2019 2020 2021 2022
1,403.72 2,027.83 1,832.38 1,569.68 2,680.18

Page 5
 Buffett Method

Profit Growth CAGR 8.61%

Debt 122.77
Avg. Capex 5 years -297.6
Avg. D&A 5 years 271

Net Profit Adjusted Value

2023 6,697 6,181
2024 7,274 6,247
2025 7,900 6,313
2026 8,580 6,380
2027 9,319 6,448
Terminal value 130,470 90,767
Total 122,336
IV3 4,228
MoS 11%

Page 6
 Buffett Method

Net Profit 2017 2018 2019 2020 2021 2022

4,079.49 4,218.95 4,927.61 5,211.91 4,857.02 6,165.87
Capex 2017 2018 2019 2020 2021 2022
-206 -196 -184 -297 -260 -551
Depreciation 2017 2018 2019 2020 2021 2022
307.29 314.80 265.69 246.43 259.37 269.76

Page 7
BAJAJ AUTO LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trailing Best Case Worst Case
Sales 20,025.24 20,136.94 21,595.44 22,573.69 21,754.72 25,209.93 30,357.63 29,918.65 27,741.08 33,144.71 33,144.71 39,600.90 34,129.48
Expenses 16,369.72 15,974.18 17,467.04 17,780.74 17,326.09 20,364.13 25,159.71 24,809.31 22,803.30 27,894.79 27,894.79 32,929.68 28,723.58
Operating Profit 3,655.52 4,162.76 4,128.40 4,792.95 4,428.63 4,845.80 5,197.92 5,109.34 4,937.78 5,249.92 5,249.92 6,671.22 5,405.90
Other Income 790.09 674.25 228.50 1,194.15 1,467.61 1,403.72 2,027.83 1,832.38 1,569.68 2,680.18 2,680.18 - -
Depreciation 167.81 181.32 267.46 307.16 307.29 314.80 265.69 246.43 259.37 269.76 269.76 269.76 269.76
Interest 1.19 0.82 6.49 1.05 1.40 1.31 4.48 3.16 6.66 8.66 8.66 8.66 8.66
Profit before tax 4,276.61 4,654.87 4,082.95 5,678.89 5,587.55 5,933.41 6,955.58 6,692.13 6,241.43 7,651.68 7,651.68 6,392.80 5,127.48
Tax 1,228.52 1,420.47 1,271.05 1,617.65 1,508.07 1,714.47 2,027.98 1,480.22 1,384.41 1,485.81 1,485.81 19% 19%
Net profit 3,132.69 3,380.28 3,025.63 4,061.24 4,079.49 4,218.95 4,927.61 5,211.91 4,857.02 6,165.87 6,165.87 5,151.44 4,131.82
EPS 108.25 116.80 104.55 140.33 140.96 145.78 170.27 180.09 167.83 213.06 213.08 178.02 142.79
Price to earning 16.62 17.84 19.29 17.14 19.90 18.83 17.10 11.23 21.87 17.15 17.58 17.58 16.96
Price 1,799.55 2,083.60 2,016.60 2,405.95 2,805.45 2,744.70 2,911.10 2,022.35 3,670.60 3,653.00 3,745.35 3,129.15 2,421.08

RATIOS:
Dividend Payout 41.57% 42.80% 47.82% 39.19% 39.01% 41.15% 35.23% 66.63% 83.41% 65.70%
OPM 18.25% 20.67% 19.12% 21.23% 20.36% 19.22% 17.12% 17.08% 17.80% 15.84% 15.84%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 5.76% 6.31% 8.79% 2.97% 19.48% 19.48% 2.97%
OPM 18.42% 18.12% 17.31% 16.85% 15.84% 16.85% 15.84%
Price to Earning 17.69 17.60 17.29 16.96 17.58 17.58 16.96
BAJAJ AUTO LTD SCREENER.IN

Narration Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Sales 7,639.66 6,815.85 3,079.24 7,155.86 8,909.88 8,596.10 7,386.04 8,762.18 9,021.65 7,974.84
Expenses 6,272.55 5,563.27 2,803.24 5,890.14 7,181.22 7,074.22 6,268.08 7,362.10 7,650.45 6,614.16
Operating Profit 1,367.11 1,252.58 276.00 1,265.72 1,728.66 1,521.88 1,117.96 1,400.08 1,371.20 1,360.68
Other Income 427.16 576.53 337.88 342.08 530.14 505.10 440.26 1,084.81 488.92 666.19
Depreciation 61.68 63.27 63.79 64.32 65.02 66.24 64.22 65.74 69.97 69.83
Interest 0.47 0.91 0.95 2.65 1.02 2.04 2.29 1.70 1.79 2.88
Profit before tax 1,732.12 1,764.93 549.14 1,540.83 2,192.76 1,958.70 1,491.71 2,417.45 1,788.36 1,954.16
Tax 409.68 410.94 153.63 346.86 476.50 407.42 321.54 377.59 358.68 428.00
Net profit 1,322.44 1,353.99 395.51 1,193.97 1,716.26 1,551.28 1,170.17 2,039.86 1,429.68 1,526.16

OPM 18% 18% 9% 18% 19% 18% 15% 16% 15% 17%
BAJAJ AUTO LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 289.37 289.37 289.37 289.37 289.37 289.37 289.37 289.37 289.37 289.37
Reserves 7,775.93 9,877.89 10,805.95 13,730.94 17,567.20 20,135.87 22,944.44 21,372.71 26,984.06 29,570.28
Borrowings 115.58 59.19 112.35 117.86 119.90 120.77 124.52 125.59 121.46 122.77
Other Liabilities 4,461.44 5,081.31 4,757.93 3,102.20 3,661.15 4,594.99 5,476.08 4,722.35 6,206.82 5,128.79
Total 12,642.32 15,307.76 15,965.60 17,240.37 21,637.62 25,141.00 28,834.41 26,510.02 33,601.71 35,111.21

Net Block 2,355.41 2,659.62 2,448.03 2,025.67 2,001.79 1,878.33 1,763.94 1,699.02 1,667.55 1,836.05
Capital Work in Progress 293.55 144.06 254.94 52.24 42.17 56.47 48.02 60.19 15.98 77.21
Investments 6,058.92 8,447.77 8,985.25 11,067.23 15,477.04 18,894.57 20,602.85 19,913.58 24,686.65 26,634.12
Other Assets 3,934.44 4,056.31 4,277.38 4,095.23 4,116.62 4,311.63 6,419.60 4,837.23 7,231.53 6,563.83
Total 12,642.32 15,307.76 15,965.60 17,240.37 21,637.62 25,141.00 28,834.41 26,510.02 33,601.71 35,111.21

Working Capital -527.00 -1,025.00 -480.55 993.03 455.47 -283.36 943.52 114.88 1,024.71 1,435.04
Debtors 734.33 796.21 716.96 717.93 953.29 1,491.87 2,559.69 1,725.10 2,716.85 1,516.38
Inventory 643.96 641.21 814.15 719.07 728.38 742.58 961.51 1,063.50 1,493.89 1,230.51

Debtor Days 13.38 14.43 12.12 11.61 15.99 21.60 30.78 21.05 35.75 16.70
Inventory Turnover 31.10 31.40 26.53 31.39 29.87 33.95 31.57 28.13 18.57 26.94

Return on Equity 39% 33% 27% 29% 23% 21% 21% 24% 18% 21%
Return on Capital Emp 51% 38% 45% 35% 31% 32% 30% 25% 27%
BAJAJ AUTO LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity 2,218.30 3,501.71 2,113.80 3,689.85 3,267.36 4,327.84 2,486.86 3,850.44 3,119.88 4,197.21
Cash from Investing Activity -1,394.43 -2,072.26 -379.66 -67.52 -3,609.68 -1,954.48 -272.77 1,765.83 -2,869.15 -80.86
Cash from Financing Activity -1,444.69 -1,495.69 -1,644.18 -3,384.08 -190.09 -1,885.26 -2,074.05 -6,246.51 -19.52 -4,056.33
Net Cash Flow -620.82 -66.24 89.96 238.25 -532.41 488.10 140.04 -630.24 231.21 60.02
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COMPANY NAME BAJAJ AUTO LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 28.94
Face Value 10.00
Current Price 3,745.35
Market Capitalization 108,378.05

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16
Sales 20,025.24 20,136.94 21,595.44 22,573.69
Raw Material Cost 14,401.19 13,895.80 14,907.89 14,993.41
Change in Inventory -32.35 12.57 56.46 -63.45
Power and Fuel 121.57 106.37 114.80 120.66
Other Mfr. Exp 261.26 530.42 655.78 644.19
Employee Cost 651.29 733.18 901.30 920.01
Selling and admin 742.47 534.95 707.58 795.66
Other Expenses 159.59 186.03 236.15 243.36
Other Income 790.09 674.25 228.50 1,194.15
Depreciation 167.81 181.32 267.46 307.16
Interest 1.19 0.82 6.49 1.05
Profit before tax 4,276.61 4,654.87 4,082.95 5,678.89
Tax 1,228.52 1,420.47 1,271.05 1,617.65
Net profit 3,132.69 3,380.28 3,025.63 4,061.24
Dividend Amount 1,302.16 1,446.85 1,446.85 1,591.54

Quarters
Report Date Dec-19 Mar-20 Jun-20 Sep-20
Sales 7,639.66 6,815.85 3,079.24 7,155.86
Expenses 6,272.55 5,563.27 2,803.24 5,890.14
Other Income 427.16 576.53 337.88 342.08
Depreciation 61.68 63.27 63.79 64.32
Interest 0.47 0.91 0.95 2.65
Profit before tax 1,732.12 1,764.93 549.14 1,540.83
Tax 409.68 410.94 153.63 346.86
Net profit 1,322.44 1,353.99 395.51 1,193.97
Operating Profit 1,367.11 1,252.58 276.00 1,265.72

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital 289.37 289.37 289.37 289.37
Reserves 7,775.93 9,877.89 10,805.95 13,730.94
Borrowings 115.58 59.19 112.35 117.86
Other Liabilities 4,461.44 5,081.31 4,757.93 3,102.20
Total 12,642.32 15,307.76 15,965.60 17,240.37
Net Block 2,355.41 2,659.62 2,448.03 2,025.67
Capital Work in Progress 293.55 144.06 254.94 52.24
Investments 6,058.92 8,447.77 8,985.25 11,067.23
Other Assets 3,934.44 4,056.31 4,277.38 4,095.23
Total 12,642.32 15,307.76 15,965.60 17,240.37
Receivables 734.33 796.21 716.96 717.93
Inventory 643.96 641.21 814.15 719.07
Cash & Bank 566.51 500.90 592.74 867.03
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16
Cash from Operating Activity 2,218.30 3,501.71 2,113.80 3,689.85
Cash from Investing Activity -1,394.43 -2,072.26 -379.66 -67.52
Cash from Financing Activity -1,444.69 -1,495.69 -1,644.18 -3,384.08
Net Cash Flow -620.82 -66.24 89.96 238.25

PRICE: 1,799.55 2,083.60 2,016.60 2,405.95

DERIVED:
Adjusted Equity Shares in Cr 28.94 28.94 28.94 28.94
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

21,754.72 25,209.93 30,357.63 29,918.65 27,741.08 33,144.71
14,667.83 17,400.41 21,854.10 21,071.29 19,829.13 24,141.86
43.68 -9.68 56.42 63.01 219.48 -187.96
96.46 100.26 115.01 116.57 91.34
547.54 550.16 633.99 698.83 597.11
999.83 1,072.59 1,260.32 1,395.00 1,296.07 1,362.79
699.73 852.82 940.92 1,020.98 654.86
358.38 378.21 411.79 569.65 554.27 2,202.18
1,467.61 1,403.72 2,027.83 1,832.38 1,569.68 2,680.18
307.29 314.80 265.69 246.43 259.37 269.76
1.40 1.31 4.48 3.16 6.66 8.66
5,587.55 5,933.41 6,955.58 6,692.13 6,241.43 7,651.68
1,508.07 1,714.47 2,027.98 1,480.22 1,384.41 1,485.81
4,079.49 4,218.95 4,927.61 5,211.91 4,857.02 6,165.87
1,591.54 1,736.22 1,736.22 3,472.44 4,051.18 4,051.18

Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22

8,909.88 8,596.10 7,386.04 8,762.18 9,021.65 7,974.84
7,181.22 7,074.22 6,268.08 7,362.10 7,650.45 6,614.16
530.14 505.10 440.26 1,084.81 488.92 666.19
65.02 66.24 64.22 65.74 69.97 69.83
1.02 2.04 2.29 1.70 1.79 2.88
2,192.76 1,958.70 1,491.71 2,417.45 1,788.36 1,954.16
 476.50 407.42 321.54 377.59 358.68 428.00
1,716.26 1,551.28 1,170.17 2,039.86 1,429.68 1,526.16
1,728.66 1,521.88 1,117.96 1,400.08 1,371.20 1,360.68

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

289.37 289.37 289.37 289.37 289.37 289.37
17,567.20 20,135.87 22,944.44 21,372.71 26,984.06 29,570.28
119.90 120.77 124.52 125.59 121.46 122.77
3,661.15 4,594.99 5,476.08 4,722.35 6,206.82 5,128.79
21,637.62 25,141.00 28,834.41 26,510.02 33,601.71 35,111.21
2,001.79 1,878.33 1,763.94 1,699.02 1,667.55 1,836.05
42.17 56.47 48.02 60.19 15.98 77.21
15,477.04 18,894.57 20,602.85 19,913.58 24,686.65 26,634.12
4,116.62 4,311.63 6,419.60 4,837.23 7,231.53 6,563.83
21,637.62 25,141.00 28,834.41 26,510.02 33,601.71 35,111.21
953.29 1,491.87 2,559.69 1,725.10 2,716.85 1,516.38
728.38 742.58 961.51 1,063.50 1,493.89 1,230.51
301.36 792.66 933.07 316.34 538.84 958.06
### ### ### ### ###

10.00 10.00 10.00 10.00 10.00 10.00

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

3,267.36 4,327.84 2,486.86 3,850.44 3,119.88 4,197.21
-3,609.68 -1,954.48 -272.77 1,765.83 -2,869.15 -80.86
-190.09 -1,885.26 -2,074.05 -6,246.51 -19.52 -4,056.33
-532.41 488.10 140.04 -630.24 231.21 60.02

2,805.45 2,744.70 2,911.10 2,022.35 3,670.60 3,653.00

28.94 28.94 28.94 28.94 28.94 28.94