Bajaj-Auto: Bajaj Auto Falls 0.1% On High Volume For A Third Consecutive Day, A Three Day Fall of 2.0%

(BAJAJ-AUTO)
Bajaj Auto
INDIA Edition buysellsignals.com | 1 MONTH PRICE VOLUME 3Mo
Friday, June 15, 2012
5Yr
Bajaj Auto falls 0.1% on high volume for a third consecutive day, a three day fall of 2.0%
Bajaj Auto Limited fell Rs1.0 (or 0.1%) for a third consecutive day on Friday bringing its three-day fall to Rs32.0 or 2.0%. Compared with the BSE Sensex index, which rose 272.0 points (or 1.6%) on the day, this was a relative price change of -1.7%.
Shares Outstanding: 289,367,020 Market Cap: Rs44,504.6 crores (US$8.1 billion) Closing Price: Rs1,538.0
PERCENT R
L-T Rating: 5 out of 5

Price/Earnings ROA ROE Yield % Price/Sales Price/NTA Earning Yield % Disc to High
CONTENTS
S-T Rating: 3 out of 5

Present Value Rs1000 (1 year) 1-YEAR PRICE(%) 1-DAY PRICE (%) REL STRENGTH (6M) PEMAP50 30-DAY PRICE (%) 5-DAY PRICE (%) 3-MONTH PRICE(%) 1144 14.4 -0.1 31.5 0.98 -5.4 -1.3 -10.5
12.9x 37.8 71.9 2.6 2.5x 10x 7.8 16.6
1 Company overview 2 Shareholder returns 3 Stock analysis and ratings
4 Technical analysis 5 Sector ranking 6 News and events
7 Glossary
A publication of:
Bajaj Auto ( BAJAJ-AUTO )
buysellsignals.com |
FRIDAY, JUNE 15, 2012
Company Overview
Activities
Bajaj Auto Limited (Bajaj Auto) operates in segments, such as automotive, insurance and investment, and others. It is engaged in various markets, including, motorcycles, twowheelers and three-wheeler vehicles. The Company manufactures its vehicles at three plants: Akurdi, Waluj and Chakan, which produced a total of 2,723,291 two and threewheelers. Further details can be found at www.bajajauto.com.
FAVOURABLE CHANGES
Total revenue up 41.0% to Rs17,941.5 crores ($US4.0b) EBIT Margin up 38.4% to 26.3% A track record of profits in 4 of the last 4 years Total liabilities to EBITDA down 45.3% to 0.9: this compares favourably with the Joseph Piotroski benchmark of <5 Total liabilities to total assets down 23.0% to 0.5 Current ratio up 30.4% to 0.7 Net tangible assets per share up 85.9% to Rs153.37 ($US3.4) EBIT to total assets up 46.8% to 48.8% Total revenue to total assets up 7.0% to 2.0.
VOLUME WEIGHTED PRICE
UNFAVOURABLE CHANGES
Although the Total Liabilities to Operating Cash Flow ratio of 2.1 also compares favourably with the Joseph Piotroski benchmark of <4, it had deteriorated by 29.1% from the previous year..
MAJOR COMMON SIZE RATIOS

Total non-current assets to total assets down from 76.8% to 68.3% Long term investments to total assets down from 49.6% to 46.8% Total current assets to total assets up from 23.2% to 31.7% Fixed assets to total assets down from 22.0% to 17.0% Cash to total assets up from 1.5% to 6.3% EBITDA to Sales up from 19.3% to 25.7% EBIT to Sales up from 18.1% to 24.9% Profit before tax to sales up from 18.1% to 24.9% Profit after tax to sales up from 12.6% to 19.3% Tax expenses to sales up from 5.5% to 5.6%.
RELATIVE STRENGTH
Issued Capital
Based on 289,367,020 issued equity shares the market capitalisation is Rs44,504.6 crores (US$8.1 billion). It is India's 2nd largest 2/3 Wheelers company by total revenue.
Top Management
The managing director is Rajiv Bajaj, the chairman is Rahul Bajaj and the auditor is Dalal & Shah.
Financials
ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2011
year-on-year comparisons with previous corresponding period
Copyright BuySellSignals Financial Research. Please refer to Disclaimer on back page.
Bajaj Auto ( BAJAJ-AUTO ) | Page 2
Company Overview Cont.

TOP 3 SHAREHOLDERS Name of Shareholder
Promoters (Indian & Foreign) Float Foreign Institutional Investors
PRESENT VALUE RS1000 No. of Shares(m)

145 73 46 265
3Yr
% Held
50.02 25.36 16.07 91.45
Total TOP 3 SHAREHOLDERS
SHAREHOLDER RETURNS(PV RS1000)
5Yr
Shareholder Returns
TRAILING ONE WEEK
The stock fell three times (60% of the time) and rose twice (40% of the time). The aggregate volume was 1.6 times average trading of 2,584,300 shares. The value of Rs1,000 invested a week ago is Rs998 [vs Rs1,014 for the BSE Sensex index], for a capital loss of Rs2(or loss of 0.2%).
TRAILING ONE MONTH

The stock fell fourteen times (61% of the time) and rose nine times (39% of the time). The aggregate volume was 1.2 times average trading of 11,370,920 shares. The value of Rs1,000 invested a month ago is Rs946 [vs Rs1,044 for the BSE Sensex index], for a capital loss of Rs54(or loss of 5.4%).
TRAILING ONE YEAR

The value of Rs1,000 invested one year ago is Rs1,144 [vs Rs958 for the BSE Sensex index], for a capital gain of Rs144. The total return to shareholders for 1 year is 14.4%.
Analysis & Rating (Long-Term & Short-Term)

Long-Term Rating (Fundamentals): 5 out of 5
Bajaj Auto is ranked number 1 out of 11 listed 2/3 wheelers companies [that traded today] in India with a market capitalization of Rs44,504.6 crores (US$8.1 billion).
In the 2/3 wheelers companies it has the 2nd highest total assets and 2nd highest revenues. Within its sector it has a relatively low P/E of 12.9, high P/S of 2.5. It has a strong relative ROE of 71.9% and ROA of 37.8%. The dividend yield is high at 2.6%. Finally, its earnings growth in the past 12 months has been a comparatively high 332.6%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.
Relative Valuation Indicators - RVI Fundamental Analysis

THE STOCK HAS A SCORE OF 6 OUT OF 9 SET BY JOSEPH PIOTROSKI [PASS MARK >=5 ]:
Positive net income; Positive operating cashflow; Return on assets improvement [from 23.0% to 37.8%]; Improvement in current ratio from 0.56% to 0.73%; Total shares on issue unchanged; Improvement in asset turnover [growth in revenue of 39.57% exceeded growth in assets of 31.79%].
OTHER BULLISH SIGNALS:

Price/Earnings of 12.9 versus sector average of 16.1 and market average of 13.6. We estimate the shares are trading at a current year P/E of 7.2 and a forward year P/E of 4. Total Liabilities/EBITDA of 0.9 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5. Return on Assets of 37.8% versus sector average of 21.3% and market average of 3.2%. Dividend Yield of 2.6% (based on trailing 12 months dividends of Rs40.0) versus sector average of 2.3% and market average of 1.6%. The company paid out a dividend of Rs40.0 in the past 12 months. The 10-year bond yield is currently 8.05%.
BEARISH SIGNALS:
The earnings yield of 7.76% below 10-year bond yield of 8.05%. Price/Sales of 2.48 versus sector average of 1.8 and market average of 1.1. We estimate the shares are trading at a current year Price/Sales of 1.8 and a forward year Price/Sales of 1.2. The Price to Book of 10.0 higher than average of 9.6 for the 2/3 Wheelers sector and 2.1 for the Total Indian Market. We estimate the shares are trading at a current year Price to Book of 5.7 and a forward year Price to Book of 3.3. The Q Ratio, defined by James Tobin as MCap divided by Total Assets, is 4.9. Compared with the rest of the market the stock is overvalued and ranks in the bottom 4% of stocks by value of Q Ratio.
Analysis & Rating (Long-Term & Short-Term) Cont.

Short-Term Rating (Technical): 3 out of 5
Its short term falls have been combined with weak volume resulting in weak momentum falls over 5 and 30 days.
Significantly its price of Rs1,538.0 is at a discount of 5% to its 200-day moving average price of Rs1,619.47. Its 52-week range has been Rs1,843.35 to Rs1,295.0; it is trading at a discount of 16.6 % to its 52-week high and a premium of 18.8 % to its 52-week low. Rs1,000 invested exactly one year ago is now worth Rs1,144 of which Rs144 is a capital gain. Recommended stop loss: Rs1,422.65 Stocks are scored on a set of technical parameters reflecting price performance and trading volumes. They are ranked according to the average values of those parameters. The highest rating is 5 and the lowest rating is 1.
Relative Valuation Indicators - RVI Technical Analysis

BEARISH SIGNALS:
The price decreased 1.3% in the last week and slid 5.4% in the last month. This has been exacerbated by firm volume of 1.6 times average for the week and 1.2 times average for the month. In the Indian market of 2,712 stocks traded today, the stock has a 6-month relative strength of 31 which means it has underperformed 69.0% of the market. The price to 50-day EMAP ratio is 0.98. In the past 200 days this ratio has been under 0.98 30 times suggesting downside. The 50-day EMAP has decreased to Rs1,568.95. A decrease is another bearish indicator. The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 1,538.1 minus the 26-day EMA of 1,543.6 is negative suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal. In the past 200 days this ratio has been under 0.95 16 times suggesting downside. The stock is trading below both its MAPs and the 50-day MAP of Rs1,574.40 is lower than the 200-day MAP of Rs1,619.47, another bearish indicator. Breakdown: The bears are maintaining control with price open, high, low and close being below yesterday's levels.
Technical Analysis
STANDARD DEVIATION (SD)
Price Dynamics
VOLATILITY
The stock traded between an intraday high of Rs1,550.0 and a five-day low of Rs1,515.0, suggesting a trading opportunity between peaks and troughs. The average daily volatility of 3.1% places the stock in the 4th quartile in the market meaning it is least volatile.
SD is a statistical measure of deviation from the mean. The SD of 1.8% gives it a percentile rank of 5 meaning that 5% of stocks in the Indian market are less volatile than this stock.
Aggregate Volumes, Prices And Turnover Period

[Volume Index or VI in brackets; 1 is average] NSE: BAJAJ-AUTO.NS 1,652,948 [VI of 3.5]; volume 95.16% of aggregate. Day trader volume: 20.6% for the day; 29.3% for the trailing week and 41.9% for the trailing month. Price: Rs1,538.0. BSE: 532977.BO 84,008 [VI of 1.9]; volume 4.84% of aggregate. Day trader volume: 58.9% for the day; 52.8% for the trailing week and 65.3% for the trailing month. Price: Rs1,527.55. Aggregate volume: there were 1,736,956 shares worth Rs265.3 crores (US$48 million) traded. The aggregate volume was 3.4 times average trading of 516,860 shares.
% DISCOUNT TO HIGH
The last price is at a discount of 16.6% to the 12-month high of Rs1,843.35 four months ago on 29 Feb, 2012.
% PREMIUM TO LOW
The last price is at a premium of 18.8% to the 12-month low of Rs1,295.0 a year ago on 20 Jun, 2011.
ONE-YEAR PRICE HIGH, CLOSE AND LOW PRICE
5Yr
Open Interest Trend And Interpretation

Open interest hit an 11-day high.
SAME DAY TREND

Open interest rose for a second day; the stock fell for a third day. Open interest soared 16.9% from 62,875 to 73,500. Combined with the price decrease of 0.1% this suggests the market is weak.
TRAILING ONE WEEK TREND % DISCOUNT TO HIGH AND % PREMIUM TO LOW

Open interest rose for a second week. Open interest soared 42.0% from 51,750 a week ago while the stock decreased 1.3% from Rs1,526.05 a week ago. Combined with the falling price this also suggests the market is weak.
TRAILING ONE MONTH TREND

Open interest crashed 93.8% from 1,196,000 a month ago while the stock slid 5.4% from Rs1,607.10 a month ago. Combined with the falling price this suggests the market is strengthening.
OPEN INTEREST AS % OF ISSUED CAPITAL

18,375,000 shares, representing 6.4% of the issued capital. [ranked 146 out of 191 stocks in descending order]
VOLUME WEIGHTED PRICE (VWP)

The price is equal to its 1-month volume weighted average price of Rs1,533.40.
PUT:CALL RATIO
Open interest contracts on exchange traded options included 23,875 put contracts and 49,625 call contracts. The put:call ratio was 0.5, down 19.4% for the day, down 24.4% in the past week and down 23.8% in the past month.
BETA
The Beta of this stock is 0.7. A Beta lower than 1 suggests this is a low risk, low return stock with volatility less than that of the market.
Technical Analysis Cont.

Top 3 Call Options
Top three traded call options [1 contract is 250 shares]
EXERCISE RS1,600.0; EXPIRES JUN 28
Rs14.90 down 17.9%; volume 107; open interest 22500


Top 3 Put Options

Top three traded put options [1 contract is 250 shares]
Rs22.65 up 13.2%; volume 58; open interest 8250


OPEN INTEREST TREND
Sector Ranking
Market Share
Bajaj Auto vs 2/3 Wheelers sector [2/3 Wheelers sector Total in Brackets] Revenue of Rs17,941.5 crores (US$3.2 billion)[37.3% of aggregate sector revenue of Rs48,116.6 crores; up from 35.0% in the previous year.] Net Profit of Rs3,454.8 crores (US$625.3 million) [64.0% of aggregate sector net profit of Rs5,401.4 crores; up from 40.7% in the previous year.] EBIT of Rs4,466.5 crores (US$808.4 million) [65.3% of aggregate sector EBIT of Rs6,835.8 crores; up from 29.6% in the previous year.]
BuySellSignals Sector Valuation Table

TOTAL INDIAN MARKET Fundamental Valuation
P/Earnings Price/Net Tangible Assets 2.1x Discount to 52-Wk High (%) 15.7 Premium to 52-Wk Low (%) 14.6
Price Performance Rank

The stock is in 12 indices and 2 sectors.
Total Indian Market Avg BAJAJAUTO Rank Rank 1
13.6x
12.9x 1132 1.5x GTL 1.5x 531862 1.5x ZUARIAGR O
10.03x 2212 0.1x LCCINFOT EC 0.1x KIRIINDUS 0.1x 509130
16.6 2527 98.99 531693 98.8 531611 98.7 508998 0.02 SOLARIND S
18.8 1075 0.04 DYNAMAT ECH 0.1 530925 0.1 SURAJDIA MN 1690.1 531900
THE STOCK WENT AGAINST THE TREND SET BY THE FOLLOWING INDEX AND SECTORS:
BSE Sensex index of 30 stocks traded today, which was up 272.0 points or 1.6% to 16,949.8, 2/3 Wheelers sector of 11 stocks traded today, which was up 600.0 points or 1.1% to 56,172.2, The Total Indian Market of 2712 stocks traded today, which was up 21.9 points or 0.2% to 14,309.
Rank 2 Rank 3
Stock Ranking by Percentage Price Change, versus Index and Sectors for 1 day and 6 months
Lowest Rank
Total Rank of Rank of Number of Stock Stock Stocks in 6 1 Day Months Sector/Inde x
2/3 Wheelers sector BSE Sensex index Total Indian Market 7 28 1533 5 25 1779 11 30 3428
Size
Market Cap Rs Total Indian Market Avg BAJAJ-AUTO Rank Rank 1 Rank 2 Rank 3 Lowest Rank 2,174.8 crores 44,504.6 crores 24 249,261.9 crores TCS 237,885 crores RELIANCE 228,089.4 crores ONGC 31.9 lakhs 504180
buysellsignals.net |
Sector Ranking Count

Performance
ROA (%) Total Indian Market Avg BAJAJAUTO Rank Rank 1 3.2 Yield (%) 1.6 Free Cash Flow -34.6 crores EBITDA Margin 19.8
37.8 18
2.6 628 16.6 511571
1,837.7 crores 26 22,294.5 crores ONGC 20,009.4 crores 500333
25.7 412 89.9 SJVN 89.6 NAHARCA P 89.01 NHPC
Rank 2
187.5 532470 186.6 521167
16.2 KANORIC HEM
Rank 3
14.1 11,629.6 3IINFOTEC crores H BANKBAR ODA 0.03 DPSCLTD
Lowest Rank
0.001 ARCHIDPL Y
-88.5 526251
Technicals Price Volume Dynamics

1-Day Open Int (%) Total Indian Market Avg BAJAJAUTO Rank Rank 1 5-Day Open Int (%) PV Rs1,000 (1 Yr) 903.1 Rel PEMAP5 Strengt 0 h (6m) 59.6 1-Day Price (%) 0.2 5-Day Price (%) 0.6 30-Day 3-Month Price Price (%) (%) 1.2 -5.4 1-Year Price (%) -11.2 30-Day Moment Avg um Volatilit y 2.7 -
16.9 133 666.7 MRF 55.7 LICHSG FIN 50 SREINF RA
42.03 147
1,143.5 428
31.5 1779
0.98x 1151
-0.1 1533
-1.3 1536
-5.4 1913
-10.5 1505
14.4 383
2.6 2329 46.2 ANTGR APHIC 33.3 BIRLAC OT 26.2 590084 532870 0.5 508939 517471 1390
342.9 14,682.8 99.96 1.7x 19.2 33.4 MCDO 531900 509051 AKSHOP SHRINA 513713 WELL-N TFBR TRAJ 300 APIL 300 ZEEL 12,812.5 99.9 509051 506874 10,505.5 99.9 506016 GOENK A 1.7x 18.8 32.9 524754 AARTID SHRINA RUGS TRAJ 1.7x 530795 18.1 526313 31.4 ALPHA GEO
524540
Rank 2
506016
Rank 3
Lowest Rank
0.3 2.9 -996.6 0.04 0.4x -15.6 -27.2 ARVIND APOLLO INVENT 533310 REISIXT 509709 INDSWF TYRE URE EN TLAB
Financial Results
Year-on-year Comparisons
ANNUAL REPORT: BAJAJ AUTO (BSE:532977; NSE:BAJAJ-AUTO)

Summary
GENERAL INFORMATION
Company Name Company ISIN Company CODE Industry 2011-03-31 Native Currency Basic Shares Outstanding Audited by INR 289400000 Dalal & Shah Bajaj Auto Limited INE917I01010 BAJAJ-AUTO 2/3 Wheelers sector 2010-03-31 INR 289400000
Financial Results Cont.

INCOME STATEMENT
Currency in Million of INR Income Sales including excise duty Less: Excise Duty Net Sales Other Income 169,621.1 9,334.1 160,287 9,793.5 170,080.5 Expenditure Materials Other Expenses Interest Depreciation and write downs 118,044.6 14,798.2 23.9 1,238.9 134,105.6 Less: Expenses, included in above items, capitalised 166.6 133,939 Operating profit before tax and exceptional items Exceptional items Surplus on pre-payment of sales tax deferral liability/loan Expenditure incurred for Voluntary Retirement of employees Valuation gains of derivative hedging instruments 9,793.5 8,268.2 Profit for the year before income from associate & tax Income from associate of subsidiary Profit before tax Tax Current Tax [including ? 3.00 crore (previous year? 2.62 crore) for Wealth tax] Deferred Tax 9,830 262.9 10,092.9 Profit after tax Prior Period Expenses 34,547.9 Minority Interest Profit for the year Balance brought forward from previous year Adjustments on revaluation of deferred tax assets Profit available for appropriation Appropriations:
2011-03-31
2010-03-31
Change %
121,527.4 6,095.8 115,431.6 5,534.9 120,966.5
Up 39.6 Up 53.1 Up 38.9 Up 76.9 Up 40.6
81,038.1 12,988 67.5 1,374.1 95,467.7 156.7 95,311 25,655.5
Up 45.7 Up 13.9 Down 64.6 Down 9.8 Up 40.5 Up 6.3 Up 40.5 Up 40.9
36,141.5
8,268.2 -1,833 218 5,752.9 -1,615 24,040.5 -1,027.6 23,012.9 Up 70.2 Recovery Up 84.7 Recovery Up 94.0
44,409.7 231.1 44,640.8
7,126.2 -91.7 7,034.5 15,978.4 9 15,969.4 -2.8 15,972.2
Up 37.9 Recovery Up 43.5 Up 116.2
34,547.9
Up 116.3 Reduced 64.3 Up 116.3
-1 34,548.9 8,549.9
-26.2 43,098.8 15,946 Up 170.3

Transfer to General Reserve (net of gains of? 12.89 crore (previous 4,491.6 year losses of? 105.51 crore) of subsidiaries and associate of subsidiary) Proposed Dividend Corporate Dividend Tax thereon Balance Carried to Balance Sheet Notes forming part of the Financial Statements Basic and diluted Earnings Per Share (?) Nominal value per share (?) Net Profit (? In Crore) Weighted average number of Shares (In Crore) Rs119.40 100 34,548.9 289,400,000 Rs55.20 100 15,972.2 289,400,000 Up 116.3 Steady Up 116.3 Steady 11,574.7 1,877.7 25,154.8 647.6 Up 593.6
5,787.3 961.2 8,549.9
Up 100.0 Up 95.3 Up 194.2

BALANCE SHEET
Currency in Million of INR Sources of Funds 1. Shareholders'Funds a) Share Capital b) Reserves & Surplus 2,893.7 45,178.5 48,072.2 2. Minority Interest 3. Loan Funds a) Secured Loans b) Unsecured Loans 235.3 3,239.2 3,474.5 4. Deferred Tax Liability (net) 297.1 3,771.6 Total Application of Funds 1. Fixed Assets a) Gross Block b) Less: Depreciation and write downs c) Net Block d) Capital Work in progress,expenditure to date 33,984.2 19,160.5 14,823.7 698.6 15,522.3 2. Goodwill on investments in associate of subsidiary 3. Technical Know-how 4. Investments 5. Deferred Tax Asset (net) 3,685.6 42.8 42,842.1 369 62,461.8 6. Current Assets, Loans and Advances a) Inventories b) Sundry Debtors c) Cash and Bank Balances d) Other Current Assets e) Loans and Advances 5,762.5 3,416.1 5,752.5 2,164.2 11,958.7 29,054 Less: Current Liabilities and Provisions a) Liabilities b) Provisions 24,372.8 15,296.3 39,669.1 Net Current Assets Total -10,615.1 51,846.7 20,317.9 8,323.7 28,641.6 -12,528.7 40,800.3 Up 20.0 Up 83.8 Up 38.5 Reduced 15.3 Up 27.1 4,583.9 2,385.2 1,073 1,393.6 6,677.2 16,112.9 Up 25.7 Up 43.2 Up 436.1 Up 55.3 Up 79.1 Up 80.3 34,452.3 338.2 53,329 Up 24.4 Up 9.1 Up 17.1 33,855 19,021.6 14,833.4 415.2 15,248.6 3,289.9 Up 0.4 Up 0.7 Down 0.1 Up 68.3 Up 1.8 Up 12.0 51,846.7 129.8 13,480.5 13,610.3 16.9 13,627.2 40,800.3 Up 81.3 Down 76.0 Down 74.5 Up 1,658.0 Down 72.3 Up 27.1 2.9 1,446.8 25,722.5 27,169.3 3.8 Up 100.0 Up 75.6 Up 76.9 Down 23.7 2011-03-31 2010-03-31 Change %

CASH FLOW
Currency in Million of INR OPERATING ACTIVITIES A) Profit before tax B) Adjustments Add: i) Depreciation 1,238.9 1,374.1 1,833 -218 21.4 6.5 201.2 162.6 6.6 34.2 -25 3.4 11.9 -161.4 Down 71.4 Recovery Down 86.8 Down 1.5 Up 488.3 Down 9.8 44,640.8 23,012.9 Up 94.0 2011-03-31 2010-03-31 Change %
ii) VRS compensation charged off iii) Valuation gains of derivative hedging instruments iv) Amountwritten off against Technical Know-how v) Amountwritten off against leasehold land vi) Loss on Assets sold, demolished, discarded and scrapped vii) Provision/(write back) for Diminution in Value of Investments viii) Provision for Doubtful Debts and Advances
ix) Amortisation of premium/discount on acquisition of fixed 159.1 income securities x) Interest paid included in above Interest on cash credit/fixed term loan Interest paid -others 20.8 3.1 1,654.4 46,295.2 Less: i) Investment and Other Non-operating Income
21.6 45.9 3,085.5 26,098.4
Down 3.7 Down 93.2 Down 46.4 Up 77.4
included in above: Interest on Government Securities Interest on Debentures and Bonds Interest on Fixed deposits & others Profit/(Loss) on Sale of Investments, net Surplus/(Loss) on Redemption of Securities Dividend on shares Amortisation of premium/discount on acquisition of fixed income securities Provision for Diminution in value of Investments, net Provision for Doubtful debts & advances, net 365.81 ii) Provision for Doubtful debts & advnaces written back iii) Surplus on Sale of Assets iv) Surplus on pre-payment of sales tax deferral liability/loan v) Prior Period Expenses -1,204.22 2.22 9.37 826.82 0.9 -130.7 Deterioration 821.4 -15.91 16.14 2.5 0.8 122.5 1.57 5.73 Up 198.6 Up 41.4 Up 63.5 Deterioration 262.8 2,946 6.16 52.82 1.39 0.47 182.6 409 0.3 42.94 0.41 0.25 Up 43.9 Up 620.3 Up 1,953.3 Up 23.0 Up 239.0 Up 88.0

Carried Forward Brought forward C) (Increase)/Decrease in Current Assets i) Inventories -1,178.6 -1,012.1 -6,347.7 -8,538.4 Increase/(Decrease) in Current Liabilities i) Liabilities 4,613.9 -3,924.5 30,328.5 D) Annuity payments (net) to VRS optees NET CASH FROM OPERATING ACTIVITIES BEFORE INCOME TAX Income Tax, Wealth Tax paid NET CASH FROM OPERATING ACTIVITIES II. INVESTMENT ACTIVITIES i) (Increase)/Decrease in Investment in subsidiaries, joint ventures and associates, etc. ii) (Increase)/Decrease in other investments, net iii) (Increase)/Decrease in fixed deposits iv) Capital Expenditure v) Sales Proceeds of Assets/Adjustment to Gross block vi) Technical Know-how vii) (Increase)/Decrease in Deposits with Joint Stock Companies, Loan to Bajaj Finance Ltd. -14,635.4 viii) Investment and other Non-operating Income: Interest on Government Securities Interest on Debenture and Bonds Interest on fixed deposits & others Profit/(Loss) on Sale of Investments, net Surplus/(Loss) on Redemption of Securities Dividend on shares Provision for Diminution in value of Investments, net Amortisation of premium/discount on acquisition of fixed income securities Provision for Doubtful debts & advances, net 3,658.1 -159.1 161.4 8 1,225 Up 198.6 Deterioration 262.8 2,946 61.6 528.2 13.9 4.7 182.6 409 3 429.4 4.1 2.5 25 Up 43.9 Up 620.3 Up 1,953.3 Up 23.0 Up 239.0 Up 88.0 -8,944.6 -4,000 -2,017.1 390.5 -64.2 146 -20,590 Reduced 28.9 -1,170.3 85.9 Deterioration 72.4 Up 354.6 -19,651.6 Reduced 54.5 -185.8 30,142.7 -9,749 20,393.7 8,623.5 8,028.4 32,819.8 -181.6 32,638.2 -6,997.4 25,640.8 Down 46.5 Deterioration Down 7.6 Deterioration 2.3 Down 7.6 Deterioration 39.3 Down 20.5 -866.3 420 -148.8 -595.1 Deterioration 36.0 Deterioration Deterioration 4,165.9 Deterioration 1,334.8 3,425.3 3,425.3 2,479.14 2,479.14 Up 38.2 Up 38.2
ii) Sundry Debtors iii) Other Current Assets and Loans and Advances

(Increase)/decrease in non-operating income receivable& dues -27.5 3,630.6 NET CASH FROM INVESTMENT ACTIVITIES Carried forward Brought forward FINANCING ACTIVITIES i) Short term bank Loan taken/(repaid) 1,341.6 105.5 -20.8 -3.1 -0.1 366.8 -3,681.4 -5,775.8 -961.2 -8,628.5 Adjustment to net worth on consolidation: i) Foreign currency translation reserve 382.1 1.2 -750.9 42.7 190.7 -6,643.8 -353.4 1,426.4 1,073 Recovery Down 97.2 Deterioration Deterioration 31.1 Recovery Down 24.8 Up 63.3 -3,174.5 -541 -6,126.3 Deterioration 81.9 Deterioration 77.7 Deterioration 40.8 -2,514.1 129.8 -21.6 -45.9 -0.1 41.1 Recovery Down 18.7 Reduced 3.7 Reduced 93.2 Steady Up 792.5 -11,004.8 9,388.9 9,388.9 14.6 1,239.6 -19,350.4 6,290.4 6,290.4 Deterioration Up 192.9 Reduced 43.1 Up 49.3 Up 49.3
ii) Cash Credit from Banks iii) Interest on cash credit/fixed term loan iv) Interest paid-others v) Repayment of Fixed Deposits vi) Deferral/(Repayment) of Sales tax deferral liability/loan vii) Pre-paymentof sales tax deferral liability/loan viii) Dividend Paid ix) Corporate Dividend Tax Paid
ii) Foreign exchange difference on paid-up capital of subsidiary
iii) On account of change in share of net assets of associate of -464.2 subsidiary NET CASH FROM FINANCING ACTIVITIES NET CHANGE IN CASH & CASH EQUIVALENTS Cash and Cash Equivalents as at 01.04.2010 [Opening Balance] Cash and Cash Equivalents as at 31.03.2011 [Closing Balance] -8,709.4 679.5 1,073 1,752.5
EBITDA AND MARGINS

2011-03-31 EBITDA Margin % Earnings from Cont. Ops. Margin % Net Income Margin % 25.67 24.89 19.26 2010-03-31 19.34 18.13 12.55

PERFORMANCE RATIOS
2011-03-31 Return on Assets (%) Total Liabilities to EBITDA Total Liabilities to Operating Cash Flow Total Liabilities/Total Assets Interest Cover Current Ratio 37.75 0.94 2.13 0.47 1,868.82 0.73 2010-03-31 23.01 1.72 1.65 0.61 341.93 0.56 Up 30.2 Change % Up 64.1 Down 45.1 Up 29.2 Down 22.0
PER SHARE FIGURES

2011-03-31 Revenue from operating activities EBIT EBITDA Cash Working Capital Shareholders' Funds Total Liabilities Total Assets Net Tangible Assets EPS Final EPS Factor Rs586.113 Rs154.336 Rs159.166 Rs19.877 Rs-36.68 Rs166.11 Rs150.106 Rs316.226 Rs153.375 Rs119.40 1.0 USD Conversion at balance date of March 31,2011 Export in XLS 2010-03-31 Rs419.929 Rs79.753 Rs85.058 Rs3.708 Rs-43.292 Rs93.881 Rs146.057 Rs239.951 Rs82.513 Rs55.20 Reduced 15.3 Up 76.9 Up 2.8 Up 31.8 Up 85.9 Up 116.3 Change % Up 39.6 Up 93.5 Up 87.1
News and Events

Reported Buying Selling
March 30: Bajaj Auto director buys
Bajaj Auto (BAJAJ-AUTO) director Minal Bajaj bought 24,000 shares worth approximately Rs3.9 crores (US$772,603.4) on March 28, 2012. Minal Bajaj previously held 101,800 shares and now holds 125,800 shares. The purchase price was Rs1,637.80. Date Name
RECENT SUBSTANTIAL SHAREHOLDER SELLING

No. of Shares Shares No. of Held Shares At Price Previous Close ly
10022012
Shekhar Bajaj A/c.
25,000 107,120 82,120 Rs1, shares(0. shares(0 shares(0. 736. 01%) .04%) 03%) 05
February 14: Bajaj Auto substantial shareholder sells

Bajaj Auto (BAJAJ-AUTO) substantial shareholder Shekhar Bajaj A/c. sold 25,000 shares worth approximately Rs4.3 crores (US$882,205.6) on February 10, 2012. Shekhar Bajaj A/c. previously held 107,120 share and now holds 82,120 shares. The selling price was Rs1,736.0.
RECENT DIRECTOR BUYING

Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly 101,800 shares 125,800 Rs1, shares(0. 637. 04%) 80
February 14: Bajaj Auto director buys

Bajaj Auto (BAJAJ-AUTO) director Bajaj Sevashram Pvt. Ltd. bought 25,000 shares worth approximately Rs4.3 crores (US$880,171.4) on February 10, 2012. Bajaj Sevashram Pvt. Ltd. previously held 4,477,720 shares and now holds 4,502,720 shares (or 1.6%). The purchase price was Rs1,736.0.
28032012
Minal Bajaj
24,000 shares 25,000 shares
10Bajaj 02- Sevashram Pvt 2012 Ltd
4,502,720 Rs1, 4,477,72 shares(1. 736. 0 shares 56%) 05
February 14: Bajaj Auto director buys

Bajaj Auto (BAJAJ-AUTO) director Bajaj Sevashram Pvt Ltd bought 25,000 shares worth approximately Rs4.3 crores (US$881,045.1) on February 10, 2012. Bajaj Sevashram Pvt Ltd previously held 4,477,720 shares and now holds 4,502,720 shares (or 1.6%). The purchase price was Rs1,736.0.
RECENT DIRECTOR SELLING

Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly 1,436,984 Rs1, 1,437,18 shares(0. 728. 4 shares 5%) 10 1,437,184 Rs1, 1,997,18 shares(0. 509. 4 shares 5%) 0
December 12: Bajaj Auto director buys

Bajaj Auto (BAJAJ-AUTO) director Manish Kejriwal bought 200 shares worth approximately Rs3.5 lakhs (US$6,493.6) on December 08, 2011. The purchase price was Rs1,728.10.
08122011 26092011
Rahul Bajaj
200 shares 560,000 shares
Rahul Bajaj
Company Announcements:Recent Headlines and Snippets

RECENT SUBSTANTIAL SHAREHOLDER BUYING
Date Name No. of Shares Shares No. of Held Shares At Price Previous Close ly
THE LAST 15 SNIPPETS WERE:
May 30, 2012: Bajaj Auto announces AGM

Bajaj Auto has announced its Annual General Meeting will take place on July 18, 2012. Open Full Announcement.
30Kent Resorts 08Private Limited 2011
10,000 298,000 308,000 Rs1, shares(0. shares(7 shares(7. 573. 25%) .52%) 77%) 55
News and Events Cont.

May 17, 2012: Bajaj Auto: Financial Result Updates
Bajaj Auto Limited has submitted to the Exchange the Standalone and Consolidated Financial Results for the period ended March 31,2012.Source: National Stock Exchange of India Open Full Announcement.
January 19, 2012: Bajaj Auto: Results Update, Quarter ended, 31-DEC-2011 (Standalone)
[News Story] Bajaj Auto Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31DEC-2011 as follows: Net Sales of Rs. 483995 lacs for quarter ending on 31-DEC-2011 against Rs. 402818 lacs for the quarter ending on 31-DEC-2010. Net Profit / (Loss) of Rs. 79519 lacs for the quarter ending on 31-DEC-2011 against Rs. 66711 lacs for the quarter ending on 31-DEC-2010.Source: National Stock Exchange of India Open Full Announcement.
May 02, 2012: Bajaj Auto: Bajaj Sales April 2012

[News Story] Bajaj Auto Ltd has informed BSE regarding a Press Release titled "Bajaj Sales April 2012". http://www.bseindia.com/xmldata/corpfiling/AttachLive/Bajaj_Auto_Ltd_020512.pdfSource: Bombay Stock Exchange of India Open Full Announcement.
December 20, 2011: Bajaj Auto: Q3 results on Jan 19, 2012

[News Story] Bajaj Auto Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on January 19, 2012, inter alia, to consider Unaudited financial results for the quarter and nine months ending December 31, 2011 (Q3).Source: Bombay Stock Exchange of India Open Full Announcement.
May 02, 2012: Bajaj Auto: Press Release

[News Story] Bajaj Auto Limited has informed the Exchange regarding a press release dated May 02, 2012, titled "BAJAJ AUTO RECORDS ITS HIGHEST EVER EXPORTS FOR ANY MONTH IN ITS HISTORY". http://www.nseindia.com/content/corporate/bajajauto_pr_020 52012.zipSource: National Stock Exchange of India Open Full Announcement.
October 20, 2011: Bajaj Auto: Results Update, Quarter ended, 30-SEP-2011 (Standalone)
[News Story] Bajaj Auto Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30SEP-2011 as follows: Net Sales of Rs. 504648 lacs for quarter ending on 30-SEP-2011 against Rs. 418091 lacs for the quarter ending on 30-SEP-2010. Net Profit / (Loss) of Rs. 72580 lacs for the quarter ending on 30-SEP-2011 against Rs. 68208 lacs for the quarter ending on 30-SEP-2010.Source: National Stock Exchange of India Open Full Announcement.
April 19, 2012: Bajaj Auto: FY12 results on May 17, 2012
[News Story] Bajaj Auto Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 17, 2012, inter alia, to consider, the audited financial results and statements of accounts for the year ended March 31, 2012 and dividend on equity shares for the said year.Source: Bombay Stock Exchange of India Open Full Announcement.
July 21, 2011: Bajaj Auto: Outcome of AGM

[News Story] Bajaj Auto Ltd has informed BSE that the members at the 4th Annual General Meeting (AGM) of the Company held on July 14, 2011, inter alia, have unanimously approved the following:1. Adoption of audited balance sheet as at March 31, 2011 & the Profit and Loss Account for the year ended on that date & the Directors' and Auditors' Reports thereon.2. Declaration of dividend of Rs. 40/- per equity share of Rs. 10/- each (400%).3. Re-appointment of Shri Nanoo Pamnani as a director.4. Re-appointment of Shri Manish Kejriwal as a director.5. Open Full Announcement.
April 03, 2012: Bajaj Auto: Press Release

[News Story] Bajaj Auto Limited has informed the Exchange regarding a press release dated April 03, 2012, titled "Best Year Ever for Bajaj Auto, Pulsar Becomes a 5 Million Brand". http://www.nseindia.com/content/corporate/BajajAuto_PR_03 042012.zipSource: National Stock Exchange of India Open Full Announcement.
April 03, 2012: Bajaj Auto: Sales for the Month of March 2012
[News Story] Bajaj Auto Ltd has submitted to BSE a copy of the Press Release being issued by the Company in respect of sales for the month of March 2012.Source: Bombay Stock Exchange of India Open Full Announcement.
July 19, 2011: Bajaj Auto: Outcome of Annual General Meeting

[News Story] Bajaj Auto Limited has informed the Exchange regarding the Outcome of Annual General Meeting of the Company held on July 14, 2011. http://www.nseindia.com/content/corporate/BajajAuto01_agm outcome_19072011.zipSource: National Stock Exchange of India Open Full Announcement.
March 28, 2012: Bajaj Auto: Change in Directorate

[News Story] Bajaj Auto Ltd has informed BSE that Shri Sanjiv Bajaj, in view of his appointment as Managing Director in Bajaj Holdings & Investment Limited, has resigned as Executive Director of the Company with effect from April 01, 2012.He will continue as a director in a non-executive capacity with effect from April 01, 2012.Source: Bombay Stock Exchange of India Open Full Announcement.
News and Events Cont.

July 14, 2011: Bajaj Auto: Results Update, Quarter ended, 30-JUN-2011 (Standalone)
[News Story] Bajaj Auto Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30JUN-2011 as follows: Net Sales of Rs. 458691 lacs for quarter ending on 30-JUN-2011 against Rs. 373729 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 71106 lacs for the quarter ending on 30-JUN-2011 against Rs. 59015 lacs for the quarter ending on 30-JUN-2010.Source: National Stock Exchange of India Open Full Announcement.
June 23, 2011: Bajaj Auto recommends dividend

Bajaj Auto today announced a final dividend of Rs40.0 per share. The ex dividend date is June 29, 2011.
Glossary
DEBT/EQUITY
Net Debt/Net Assets (times) Dividends received during the Period
TOTAL PROFIT (LOSS) OVER N YEARS (3/2/1)

Capitla Gain (Loss) plus Dividens received minus Original Investment
CURRENT RATIO
Current Assets/Current Liabiliites (times)
INTEREST COVER
Earnings Before Interest and Tax/Interest (times)
TOTAL LIABILITIES/TOTAL ASSETS

Total Liabilities/Total Assets
EARNINGS YIELD ACTUAL

Earnings Per Share/Share Price (%)
FREE CASH FLOW PER SHARE

Earnings Before Interest, Tax, Depreciation and Amortisation Minus Capex/Per Share
EBIT MARGIN
Earnings Before Interest and Tax/Revenue (%)
CAPITAL GAIN/LOSS FROM N YEARS AGO TO N-1 YEARS AGO

Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
RETURN ON ASSETS
Net Profit/Total Assets (%)
ANNUAL RETURN
Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
PRICE/EARNINGS
Share Price/Earnings Per Share (times)
PRICE/SALES PS
Share Price/Sales Per Share (times)
BANKS COST-TO-INCOME RATIO OR EFFICIENCY RATIO

Total Non-Interest Expense/Total Income (Net Interest Income + Non-Interest Income)
PRICE/NTA
Closing Share Price/Net Tangible Assets Per Share (times)
BANKS NON-INTEREST INCOME TO TOTAL INCOME

Non-Interest Income (Loan fees etc)/Total Income (Net Interest Income + Non-Interest Income)
CASH/MCAP
Cash plus Liquids/Market Capitalisation (times)
VOLUME INDEX
Number of shares traded in the period/Average number of shares traded for the period
BANKS TIER 1 RATIO

Tier 1 Capital (Ending Equity - Intangibles etc)/Total Tangible Assets
MOVING AVERAGE PRICE (N PERIODS)

Sum of Prices for each Period/Number of Periods
BANKS TIER 2 RATIO

Tier 2 Capital (Tier 1 - Subordinated Debt + Unrealised Gains/Loan Losses)/Total Tangible Assets
PRICE CLOSE/MOVING AV PRICE

Latest Price/Moving Average Price
NET INTEREST MARGIN

Net Interest Income/Average of all Earning Assets
DIVIDEND YIELD
Dividend Per Share/Share Price (%)
RETURN ON EQUITY (SHAREHOLDERS' FUNDS)

Net Profit/Net Assets (%)
DIVIDEND % FRANKED (A)

Dividend Per Share Franked/Dividend Per Share (%)
DIVIDEND PAYOUT RATIO

Dividend Per Share/Earnings Per Share (%)
CAPITAL PROFIT (LOSS) N YEARS AGO (3/2/1)

Value of Current Investment minus Value of Original Investment
INCOME DURING THE N YEARS (3/2/1)

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BST MOMENTUM COLOUR GUIDE Momentum Up Weak Momentum Up Momentum Down Weak Momentum Down Strong Unchanged Weak Unchanged Untraded
Price increase fuelled by above average Volume Price increase on below average Volume Price decrease fuelled by above average Volume Price decrease on below average Volume Price unchanged on above average Volume Price unchanged on below average Volume Untraded
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Bajaj-Auto: Bajaj Auto Falls 0.1% On High Volume For A Third Consecutive Day, A Three Day Fall of 2.0%

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Bajaj-Auto: Bajaj Auto Falls 0.1% On High Volume For A Third Consecutive Day, A Three Day Fall of 2.0%

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(BAJAJ-AUTO)

L-T Rating: 5 out of 5

S-T Rating: 3 out of 5

12.9x 37.8 71.9 2.6 2.5x 10x 7.8 16.6

1 Company overview 2 Shareholder returns 3 Stock analysis and ratings

4 Technical analysis 5 Sector ranking 6 News and events

Bajaj Auto ( BAJAJ-AUTO )

FRIDAY, JUNE 15, 2012

VOLUME WEIGHTED PRICE

MAJOR COMMON SIZE RATIOS

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Bajaj Auto ( BAJAJ-AUTO ) | Page 2

Bajaj Auto ( BAJAJ-AUTO )

FRIDAY, JUNE 15, 2012

Company Overview Cont.

PRESENT VALUE RS1000 No. of Shares(m)

Total TOP 3 SHAREHOLDERS

SHAREHOLDER RETURNS(PV RS1000)

TRAILING ONE MONTH

TRAILING ONE YEAR

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Bajaj Auto ( BAJAJ-AUTO ) | Page 3

Bajaj Auto ( BAJAJ-AUTO )

FRIDAY, JUNE 15, 2012

Analysis & Rating (Long-Term & Short-Term)

Relative Valuation Indicators - RVI Fundamental Analysis

OTHER BULLISH SIGNALS:

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Bajaj Auto ( BAJAJ-AUTO ) | Page 4

Bajaj Auto ( BAJAJ-AUTO )

FRIDAY, JUNE 15, 2012

Analysis & Rating (Long-Term & Short-Term) Cont.

Relative Valuation Indicators - RVI Technical Analysis

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Bajaj Auto ( BAJAJ-AUTO ) | Page 5

Bajaj Auto ( BAJAJ-AUTO )

FRIDAY, JUNE 15, 2012

Aggregate Volumes, Prices And Turnover Period

ONE-YEAR PRICE HIGH, CLOSE AND LOW PRICE

Open Interest Trend And Interpretation

SAME DAY TREND

TRAILING ONE WEEK TREND % DISCOUNT TO HIGH AND % PREMIUM TO LOW

TRAILING ONE MONTH TREND

OPEN INTEREST AS % OF ISSUED CAPITAL

VOLUME WEIGHTED PRICE (VWP)

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Bajaj Auto ( BAJAJ-AUTO ) | Page 6

Bajaj Auto ( BAJAJ-AUTO )

FRIDAY, JUNE 15, 2012

Technical Analysis Cont.

EXERCISE RS1,550.0; EXPIRES JUN 28

EXERCISE RS1,500.0; EXPIRES JUN 28

Top 3 Put Options

EXERCISE RS1,550.0; EXPIRES JUN 28

EXERCISE RS1,600.0; EXPIRES JUN 28

OPEN INTEREST TREND

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Bajaj Auto ( BAJAJ-AUTO ) | Page 7

Bajaj Auto ( BAJAJ-AUTO )

FRIDAY, JUNE 15, 2012

BuySellSignals Sector Valuation Table

Price Performance Rank

Total Indian Market Avg BAJAJAUTO Rank Rank 1