Close
x
  • SMC open account icon Open an A/C
    • Open an A/C
    • CHOOSE YOUR OPTION(S)
    • Trading A/c
    • Mutual Fund A/c
    • NBFC A/c
    • NPS A/c
  • SENSEX Aug 03 2020 12:00
    36,939.60 -667.29 (-1.77%)
  • NIFTY Aug 03 2020 12:00
    10,891.60 -181.85 (-1.64%)
  • SENSEX Aug 03 2020 12:00
    36,939.60 -667.29 (-1.77%)
  • NIFTY Aug 03 2020 12:00
    10,891.60 -181.85 (-1.64%)
  • Nasdaq Aug 01 2020 04:30
    10,745.27 +157.46 ( +1.49%)
  • DJIA Aug 01 2020 04:30
    26,428.32 +114.67 ( +0.44%)
  • S&P 500 Aug 01 2020 04:30
    3,271.12 +24.90 ( +0.77%)
  • Hang Seng Aug 03 2020 02:10
    24,458.13 -137.22 (-0.56%)
  • Crude Oil Aug 03 2020 07:25
    3,043.00 +20.00 ( +0.66%)
  • Gold Aug 03 2020 07:29
    53,600.00 -228.00 (-0.42%)
  • Silver Aug 03 2020 07:25
    65,331.00 +347.00 ( +0.53%)
  • Copper Aug 03 2020 07:25
    507.70 +6.95 ( +1.39%)
  • Pound / Rupee Dec 23 2016 22:30
    97.89 +0.70 ( +0.73%)
  • Dollar / Rupee Dec 23 2016 22:30
    74.62 +0.01 ( +0.01%)
  • Euro / Rupee Dec 23 2016 22:30
    88.32 +0.36 ( +0.41%)
  • Yen / Rupee Dec 23 2016 22:30
    0.71 0.00 (-0.08%)

Bajaj Auto Ltd

BSE Code : 532977 | NSE Symbol : BAJAJ-AUTO | ISIN:INE917I01010| SECTOR: - |

NSE BSE
 
SMC down arrow

2,917.45

-87.50 (-2.91%) Volume 280564

03-Aug-2020 EOD

Prev. Close

3,004.95

Open Price

2,990.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

2,917.45(89)

 

Today’s High/Low 3,069.90 - 2,910.00

52 wk High/Low 3,315.15 - 1,788.65

Key Stats

MARKET CAP (RS CR) 84408.36
P/E 18.75
BOOK VALUE (RS) 688.5887348
DIV (%) 1200
MARKET LOT 1
EPS (TTM) 155.59
PRICE/BOOK 4.23620058328029
DIV YIELD.(%) 4.11
FACE VALUE (RS) 10
DELIVERABLES (%) 19.29
4

News & Announcements

03-Aug-2020

Bajaj Auto total sales decline 33% to 2.55 lakh units in July

24-Jul-2020

Bajaj Auto Ltd - Bajaj Auto Limited - Shareholders meeting

23-Jul-2020

Bajaj Auto Ltd - Shareholder Meeting / Postal Ballot-Outcome of AGM

23-Jul-2020

Bajaj Auto Ltd - Shareholder Meeting / Postal Ballot-Scrutinizers Report

25-Jun-2020

Bajaj Auto to declare Quarterly Result

02-Jun-2020

Bajaj Auto sells 1.27 lakh units in May 2020

21-May-2020

Bajaj Auto to hold AGM

06-May-2020

Bajaj Auto announces board meeting date

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Andhra Pradesh Scooters Ltd(liquidated) 505021
Atul Auto Ltd 531795 ATULAUTO
Kinetic Motor Company Ltd (Merged) 505190 KINETICMOT
LML Ltd 500255 LML
Scooters India Ltd 505141
Sooraj Automobiles Ltd 40022
Sunku Auto Ltd 520117
VCCL Ltd 522015

Share Holding

Category No. of shares Percentage
Total Foreign 41080239 14.20
Total Institutions 26390270 9.12
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 12982574 4.49
Total Promoters 155358104 53.69
Total Public & others 53555833 18.51
Total 289367020 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Bajaj Auto Ltd

Bajaj Auto Ltd (BAL) is one of the leading two & three wheeler manufacturers in India. The company is well known for its R&D, product development, process engineering and low-cost manufacturing skills. The company is the largest exporter of two and three-wheelers in the country. The company has two subsidiaries, namely Bajaj Auto International Holdings BV and PT Bajaj Indonesia. On 29 November 1945, Bajaj Auto came into being under the name M/s Bachraj Trading Corporation Private Limited. In 1948, Bajaj Auto started selling imported two- and three-wheelers in India. In 1959, Bajaj Auto obtained licence from the Government of India to manufacture two- and three-wheelers. In the year 1960, Bajaj Auto became a public limited company. In the year 1970, Bajaj Auto rolled out its 100,000th vehicle. In 1971, Bajaj Auto launched three-wheeler goods carrier. In 1977, the company launched Rear Engine Autorickshaw. On 19 January 1984, the foundation stone was laid for Bajaj Auto's new plant at Waluj, Aurangabad. On 5 November 1985, Bajaj Auto commenced production at Waluj plant. In 1998, Bajaj Auto commenced production at its Chakan, Pune plant. In November 2001, Bajaj Auto launched its premium bike 'Pulsar'. In February 2003, Bajaj Auto launched Caliber115 in the executive motorcycle segment. Pursuant to the Scheme of Arrangement of Demerger, Bajaj Holdings & Investments Ltd (BHIL, erstwhile BAL) was demerged into three undertakings with effect from the effective date, viz. 20 February 2008. The holding company operated in the segments, such as automotive, insurance and investment, and others. Considering the growth opportunities in the auto, wind-energy, insurance and finance sectors, the holding company de-merged its activities into three separate entities, each of which can focus on their core businesses and strengthen competencies. The auto business of the holding company along with all assets and liabilities pertaining thereto including investments in PT Bajaj Auto Indonesia and in a few vendor companies transferred to Bajaj Investment & Holding Ltd (BHIL). In addition a total of Rs 15,000 million in cash and cash equivalents also transferred to Bajaj Investment & Holding Ltd. As the part of the scheme, Bajaj Holdings and Investment Ltd was renamed as Bajaj Auto Ltd (BAL). The appointed date of this de-merger was closing hours of business on March 31, 2007. In April 9, 2007, the company inaugurated their green field plant at Pantnagar in Uttarakhand. In the first year of operations, the plant produced over 275,000 vehicles. The company's vehicle assembly plant at Akurdi was shut down from September 3, 2007 due to higher cost of production. In November 2007, Bajaj Auto International Holdings BV, a wholly owned subsidiary company acquired 14.51% equity stake in KTM Power Sports AG of Austria, Europe's second largest sport motorcycle manufacturer for Rs 345 crore. During the year 2007-08, the company launched XCD 125 DTS-Si and the Three-wheeler Direct Injected auto rickshaw. The Chakan plant completed the cumulative production of over 2 million Pulsar. During the year 2009-10, the company expanded the production capacity of Motorised Two & Three Wheelers by 300,000 Nos to 4,260,000 Nos. The company launched Pulsar 220 F, Pulsar 180 UG, Pulsar 150 UG, Pulsar 135 LS and Discover DTS-si in the market. During the year 2010-11, the company expanded the production capacity of Motorised Two & Three Wheelers by 780,000 Nos to 5,040,000 Nos. The company launched Avenger 220 DTS-i, KTM Duke 125, Discover 150 and Discover 125 in the market. The company plans to maintain the capacity of two and three-wheelers at the current level of 5,040,000 numbers per annum during the year ending 31 March 2012. The 4 wheel vehicle development work is under progress and commercial launch of the first product from this platform is scheduled for 2012. In 2012, Bajaj Auto tied up with Japan's Kawasaki in Indonesia. In 2013, the Company has introduced another variant of premium motorcycles under the Bajaj-KTM joint venture namely Duke 390cc for a price of Rs 1.83 lakh. The company also received 'CII Design Excellence Award' In 2014, Bajaj Auto bagged order in Sri Lanka -People's Choice Bike of the Year - CNBC TV18 Overdrive Awards. The Company has also received Bike of the Year BBC Topgear Awards. In 2015, Bajaj Auto has introduced the all-new Platina electric start 100 cc bike to the long-distance commuter. On 8 August 2017, Bajaj Auto and Triumph Motorcycles UK announced global partnership whereby Bajaj will gain access to the iconic Triumph brand, and its great motorcycles, enabling it to offer a wider range of motorcycles within its domestic market and other international markets.

Bajaj Auto Ltd Chairman Speech

Dear Shareholder,

Let me start by clearly saying that I am delighted with your Company's results for FY2019 and proud of the excellent work carried out by your Managing Director and his team.

FY2019 has not been a particularly brilliant year from an economic point of view. The second advance estimate of the Central Statistical Organisation (CSO) has pegged real GDP growth at 7.0%, and real growth of gross value added (GVA) at 6.8%. Both these estimates are lower than what occurred a year earlier.

Moreover, growth has slowed down on a quarterly basis. After posting an impressive 7.8% growth in April-June 2018, GVA growth reduced to 6.8% for July-September 2018, and then even further to 6.3% for October-December 2018. And the CSO's muted advance estimate of 6.8% GVA growth for the full year suggests that the fourth quarter may also post modest growth.

Despite such a milieu, your Company has performed admirably. Allow me to outline the key results.

• Total turnover increased by 18.5% to ? 31,899 crore. This is your Company's highest ever top-line.

• Total operating income (net sales plus other operating income) grew by 20.1% to ? 30,540 crore — also Bajaj Auto's highest.

• Operating EBITDA increased by 4.7% to ? 5,387 crore.

• Profit before tax (PBT) after exceptional items grew by 15.9% to ? 6,703 crore, which was also the best for Bajaj Auto.

• Profit after tax (PAT) increased by 14.9% to ? 4,675 crore — this, too, being the highest ever.

• Surplus cash and cash equivalents as on 31 March 2019 was up by 5.3% to ? 16,368 crore.

There are several positive aspects of your Company's performance. Let me share three.

First, and this pleases me no end, with a combination of well styled, appealing products and astute pricing, Bajaj Auto has begun to grow its domestic market share in motorcycles. In the course of a single year, FY2019, your Company succeeded in increasing its domestic sale of motorcycles by almost 29% — and, in the process, grew its market share by 3 percentage points to 18.7%. In fact, for March 2019, the market share exceeded 20.0%. I hope that we are seeing the beginning of a trend that will continue to increase your Company's share of motorcycles in the domestic market and, in doing so, take Bajaj Auto to a place that behoves its presence.

Second, I am delighted that in FY2019 your Company exported over 2 million motorcycles, three-wheelers plus its new quadricycle, the QUTE, to no less than 79 countries. This is a landmark achievement, and represents a growth of 25% over the previous year — one that truly lends itself to the theme of this year's annual report, ‘The World's Favourite Indian'.

Third, I continue to remain impressed with your Company's performance in the three-wheelers space. In FY2019, Bajaj Auto's overall three-wheeler sales grew by more than 22% to reach an all-time high. Much of this growth was driven by an impressive 43% growth in exports. Your Company accounted for almost 57% of total three-wheeler sales in India, and two-thirds of total sales to export markets.

At my age, I am a bit superstitious about praise. Even so, on your behalf, let me congratulate your Managing Director and his team. While telling them, "This is great. Now take it to yet another level."

Finally, my thanks to our customers, dealers, vendors and employees who, as always, have done their utmost for Bajaj Auto. And to you for your steadfast support.

With best regards,

Rahul Bajaj

Chairman

17 May 2019

   

Bajaj Auto Ltd Company History

Bajaj Auto Ltd (BAL) is one of the leading two & three wheeler manufacturers in India. The company is well known for its R&D, product development, process engineering and low-cost manufacturing skills. The company is the largest exporter of two and three-wheelers in the country. The company has two subsidiaries, namely Bajaj Auto International Holdings BV and PT Bajaj Indonesia. On 29 November 1945, Bajaj Auto came into being under the name M/s Bachraj Trading Corporation Private Limited. In 1948, Bajaj Auto started selling imported two- and three-wheelers in India. In 1959, Bajaj Auto obtained licence from the Government of India to manufacture two- and three-wheelers. In the year 1960, Bajaj Auto became a public limited company. In the year 1970, Bajaj Auto rolled out its 100,000th vehicle. In 1971, Bajaj Auto launched three-wheeler goods carrier. In 1977, the company launched Rear Engine Autorickshaw. On 19 January 1984, the foundation stone was laid for Bajaj Auto's new plant at Waluj, Aurangabad. On 5 November 1985, Bajaj Auto commenced production at Waluj plant. In 1998, Bajaj Auto commenced production at its Chakan, Pune plant. In November 2001, Bajaj Auto launched its premium bike 'Pulsar'. In February 2003, Bajaj Auto launched Caliber115 in the executive motorcycle segment. Pursuant to the Scheme of Arrangement of Demerger, Bajaj Holdings & Investments Ltd (BHIL, erstwhile BAL) was demerged into three undertakings with effect from the effective date, viz. 20 February 2008. The holding company operated in the segments, such as automotive, insurance and investment, and others. Considering the growth opportunities in the auto, wind-energy, insurance and finance sectors, the holding company de-merged its activities into three separate entities, each of which can focus on their core businesses and strengthen competencies. The auto business of the holding company along with all assets and liabilities pertaining thereto including investments in PT Bajaj Auto Indonesia and in a few vendor companies transferred to Bajaj Investment & Holding Ltd (BHIL). In addition a total of Rs 15,000 million in cash and cash equivalents also transferred to Bajaj Investment & Holding Ltd. As the part of the scheme, Bajaj Holdings and Investment Ltd was renamed as Bajaj Auto Ltd (BAL). The appointed date of this de-merger was closing hours of business on March 31, 2007. In April 9, 2007, the company inaugurated their green field plant at Pantnagar in Uttarakhand. In the first year of operations, the plant produced over 275,000 vehicles. The company's vehicle assembly plant at Akurdi was shut down from September 3, 2007 due to higher cost of production. In November 2007, Bajaj Auto International Holdings BV, a wholly owned subsidiary company acquired 14.51% equity stake in KTM Power Sports AG of Austria, Europe's second largest sport motorcycle manufacturer for Rs 345 crore. During the year 2007-08, the company launched XCD 125 DTS-Si and the Three-wheeler Direct Injected auto rickshaw. The Chakan plant completed the cumulative production of over 2 million Pulsar. During the year 2009-10, the company expanded the production capacity of Motorised Two & Three Wheelers by 300,000 Nos to 4,260,000 Nos. The company launched Pulsar 220 F, Pulsar 180 UG, Pulsar 150 UG, Pulsar 135 LS and Discover DTS-si in the market. During the year 2010-11, the company expanded the production capacity of Motorised Two & Three Wheelers by 780,000 Nos to 5,040,000 Nos. The company launched Avenger 220 DTS-i, KTM Duke 125, Discover 150 and Discover 125 in the market. The company plans to maintain the capacity of two and three-wheelers at the current level of 5,040,000 numbers per annum during the year ending 31 March 2012. The 4 wheel vehicle development work is under progress and commercial launch of the first product from this platform is scheduled for 2012. In 2012, Bajaj Auto tied up with Japan's Kawasaki in Indonesia. In 2013, the Company has introduced another variant of premium motorcycles under the Bajaj-KTM joint venture namely Duke 390cc for a price of Rs 1.83 lakh. The company also received 'CII Design Excellence Award' In 2014, Bajaj Auto bagged order in Sri Lanka -People's Choice Bike of the Year - CNBC TV18 Overdrive Awards. The Company has also received Bike of the Year BBC Topgear Awards. In 2015, Bajaj Auto has introduced the all-new Platina electric start 100 cc bike to the long-distance commuter. On 8 August 2017, Bajaj Auto and Triumph Motorcycles UK announced global partnership whereby Bajaj will gain access to the iconic Triumph brand, and its great motorcycles, enabling it to offer a wider range of motorcycles within its domestic market and other international markets.

Bajaj Auto Ltd Directors Reports

The Directors present their Twelfth Annual report and Audited Financial Statements for the year ended 31 March 2019.

Financial results

The financial results of the Company are elaborated in the Management Discussion and Analysis Report.

The highlights of the Financial Results are as under:

Sales in Numbers FY2019 FY2018
Motorcycles 4,236,873 3,369,334
Commercial vehicles 782,630 637,457
Total 5,019,503 4,006,791
Of which Exports 2,078,730 1,662,577
Total revenue 31,899.27 26,910.51
Total expenses 25,538.11 21,095.94
Profit before exceptional items and tax 6,361.16 5,814.57
Exceptional items (342.00) 32.00
Profit before tax 6,703.16 5,782.57
Tax expense 2,027.98 1,714.47
Profit for the year 4,675.18 4,068.10
Earnings per share (D) 161.6 140.6
Closing balances in reserve/other equity
General reserve 4,921.60 4,453.60
Retained earnings 16,451.58 14,321.65
Cash flow hedging reserve 60.31 79.72
Costs of hedging reserve (17.47) (40.48)
FVTOCI reserve 74.51
Total 21,490.53 18,814.49

Note: Detailed movement of above reserves can be seen in 'Statement of Changes in Equity''

Dividend

The directors recommend for consideration of the shareholders at the ensuing annual general meeting, payment of a dividend of Rs. 60 per equity share, (600%) for the year ended 31 March 2019. The amount of dividend and the tax thereon aggregate to H 2,093.08 crore.

For the year ended 31 March 2018, the dividend paid was Rs. 60 per share of Rs. 10 each (600%) and the total dividend and the tax thereon to the extent applicable aggregated to H 2,093.08 crore.

Share capital

The paid-up equity share capital as on 31 March 2019 was H 289.37 crore. There was no public issue, rights issue, bonus issue or preferential issue, etc. during the year. The Company has not issued shares with differential voting rights or sweat equity shares, nor has it granted any stock options.

Operations

Detailed information on the operations of the Company and details on the state of affairs of the Company are covered in the Management Discussion and Analysis Report.

Capacity expansion and new projects

The Company's current installed capacity is 6.33 million units per annum.

As regards the Company's much awaited Quadricycle – QUTE, launch of the product and sale has commenced in few states where the Company has received requisite approvals for sale. The response has been positive.

4,400 (nos.) of Qute were sold in various international markets during the year 2018-19, as against 1,605 (nos.) in the year 2017-18.

During the year under review, 627 (nos.) of Qute were sold in domestic markets.

Research and Development and technology absorption

A) Products

Many new products were launched during the year under review. Detailed information on the new products is covered in the Management Discussion and Analysis Report.

B) Process

R&D has been working on improving its operations in a number of areas as listed below:

Manpower: R&D has been expanding its team size in areas of design, analysis and validation in order to keep up with the rapidly expanding aspirations of the Company.

Facilities: R&D continued to enhance its design, computing, prototype manufacturing and validation facilities. A number of new test facilities and prototyping facilities were added.

C) Technology

As in the past, new and improved technology has been introduced during the year under review and the detailed information on the same is covered in the Management Discussion and Analysis Report.

D) Outgo

The expenditure on research and development during 2018-19 and in the previous year was:

(Rs. In Crore)
Particulars FY2019 FY2018
i. Capital (including technical know-how) 64.00 38.58
ii. Recurring 392.35 334.11
Total 456.35 372.69
iii. Total research and development expenditure as a percentage of sales 1.54% 1.48%

Conservation of energy

Company continues its efforts to reduce and optimise the energy consumption at all its manufacturing facilities, including corporate office at Pune.

Significant reduction in energy consumption has been achieved by various means as shown hereunder:

A) Electrical energy

• Use of IGBT based rectifier in place of conventional SCR based rectifier for ED process

• Provision of Energy Efficient Pumps for ETP/STP, Water Supply and Fire Systems

• Use of Energy Efficient LED Lighting for Street Lights, Shops and Offices

• Optimising compressed air pressure by use of portable Small Compressors on holidays

• Use of energy efficient air conditioner in place of conventional air conditioner

• Optimisation of processes and operational control

• Installation of common grid for compressed air to balance compressors loading

• Use of Mid Frequency DC Welding Machine in place of AC Welding Machine for Seam Welding Process

• Use of Active filters for harmonic suppression to reduce energy loss

B) Water

• Rain water harvesting with Ground Recharge

• Replacement of underground hydrant and water pipeline with above ground level pipeline to arrest water leakages

• Installation of second stage RO at paint shop

• Use of one touch water taps in canteen and washrooms

• Continued use of treated water for processes like cooling towers, central coolant systems, de-sludge pool and incinerator, compressor cooling tower and AHU etc.

C) LPG/propane

l Thermal imaging/audit for ovens in paint shop and countermeasure l Weight reduction of hangers in paint shop to reduce heat losses l Burner efficiency improvement through efficient burners l Teflon coated gratings in painting booth to eliminate cleaning activity through fluidised bed l Upgradation of furnace insulation to reduce heat losses l Provision of hydromax solution for hot water generator to reduce fuel consumption l Continued usage of low temperature chemicals for pre-treatment process

D) Utilisation of renewable energy-key initiatives

l Use of solar energy through Roof Top Solar Power System.

Akurdi Total Capacity – 2 MWp
Chakan Total Capacity – 2 MWp
Total Solar energy generated – 53.25 lakh KWH

l Installation of daylight pipes in plants.

Impact of measures taken

As a result of the initiatives taken for conservation of energy and natural resources, the Company has effected an overall reduction in consumption as given in the Table below:

% Reduction w.r.t. previous year
Description FY2019 FY2018
Electricity consumption 5.53 3.60
Water consumption 3.27 5.53
LPG/PNG consumption 1.05 2.37

Investment/savings

( Rs. In Crore)
Description FY2019 FY2018
Investment for energy conservation activities 1.51 2.90
Recurring savings achieved through above activities 3.73 2.47

Awards and Accolades

BAL Commercial vehicles manufacturing plant at Waluj and the Motorcycle manufacturing plant at Pantnagar received the Special award for TPM achievement from JIPM, Japan. This award is for a plant that has achieved a very high level in its practice of TPM methodology.

With this achievement, Bajaj Auto becomes the only OEM in the auto industry, where all its manufacturing plants have achieved the Special award for TPM practice.

International Business

Bajaj Auto's 22% growth in motorcycles and 43% growth in commercial vehicles means that it remains by far, India's No.1 exporter of two and three wheelers. It exports to over 79 countries in Latin America, Africa, South Asia, Middle East, Asia Pacific and Europe. During the year under review, exports accounted for 40.1% of the Company's net sales as against 39.3% in FY18. Detailed information on the International Business is given in the Management Discussion and Analysis Report.

Foreign exchange earnings and outgo

The Company continued to be a net foreign exchange earner during the year.

Total foreign exchange earned by the Company during the year under review was Rs. 11,434.23 crore, as compared to Rs. 9,281.46 crore during the previous year.

Total foreign exchange outflow during the year under review was Rs. 973.07 crore, as against Rs. 673.41 crore during the previous year.

Industrial relations

Industrial Relations with staff and workmen across all the plants, viz. Akurdi, Waluj, Chakan and Pantnagar, continued to be cordial.

The wage settlements signed for a period of 9 years for Chakan and Akurdi Plants are expiring on 31 March 2019 and 30 June 2019 respectively. The process for signing new settlements for both the plants has already been initiated and all efforts are being made to complete the process amicably in a congenial atmosphere.

With the active participation and involvement of all employees, we have been able to inculcate TPM culture for excellence and continuous improvement across all plants. Plants have received many awards during the year from Confederation of Indian Industry (CII), Quality Circle Forum of India (QCFI) and other organisations.

Two workmen, one each from Facility Engineering – MCD and Spare Operations at Waluj plant have been declared winner of Prime Minister's ‘Shram Veer' Award for the year 2017.

Various Employee Engagement activities like monthly Kaizen competitions, trekking events, sports competitions, yoga sessions, signing competitions, appreciation of meritorious students and felicitation of newly married couple are being organised to inculcate sense of belongingness amongst the employees across the plants.

Subsidiaries and joint ventures

PT. Bajaj Auto Indonesia (PT BAI)

Routine business operations of PT. Bajaj Auto Indonesia, a 99.25% subsidiary of Bajaj Auto, remain discontinued.

The plan for PT. Bajaj Auto Indonesia was to spearhead the development of KTM and Bajaj partnership and bring the jointly developed products into Indonesia. To take this further, all the required manufacturing, import and business licenses have been renewed. Further, studies on the product acceptability have been conducted, which look favorable.

The business model decided has been to export directly from India to local Indonesian distributor to be monitored and managed by PT. Bajaj Auto Indonesia. Further, the CKD configurations have been planned and PT. Bajaj Auto Indonesia will work with the distributors and take the responsibility of getting the KTM products in the market ensuring the right quality standards.

Bajaj Auto International Holdings BV, Netherlands (BAIH BV)

Bajaj Auto International Holdings BV is a 100% Netherlands-based subsidiary of Bajaj Auto Ltd.

Over the years, through this subsidiary, Bajaj Auto has invested a total of 198.1 million (Rs. 1,219 crore), and holds approximately 48% stake in KTM AG of Austria (KTM). Calendar year 2018 has again been a record year for KTM, with highest sales in units and again highest turnover in the history of the Company. Detailed information on the developments at the subsidiary and KTM AG is provided in the Management Discussion and Analysis Report.

During the year under review, dividend received from BAIH BV amounted to Rs. 94 crore.

Signing of anti-corruption initiative of World Economic Forum (WEF)

In support of the initiative taken by WEF, with a view to strengthening the efforts to counter bribery and corruption, your Company is a signatory to the 'Commitment to anti-corruption' and is supporting the 'Partnering Against Corruption-Principles for Countering Bribery' derived from Transparency International's Business Principles. This calls for a commitment to two fundamental actions, viz. a zero-tolerance policy towards bribery and development of a practical and effective implementation programme.

Adoption of Confederation of Indian Industry (CII) Charters

Your Company, being a member of CII, has adopted the following Codes/Charters:

1. CII Code of Conduct for Affirmative Action;

2. Model Code of Conduct for Ethical Business practices;

3. Charters of Fair and Responsible Workplace Guidelines for Collaborative Employee Relations; and

4. Charters on Fair and Responsible Workplace Guidelines for Contract Labour.

Extract of Annual Return

The extract of annual return as provided under sub-section (3) of section 92 of the Companies Act, 2013, in the prescribed form MGT-9 is annexed to this Report and also on the company's website www.bajajauto.com/investors/annual-repors

Number of meetings of the Board

There were eight meetings of the Board held during the year. Detailed information is given in the Corporate Governance Report.

Directors' responsibility statement

As required under clause (c) of sub-section (3) of section 134 of the Companies Act, 2013, directors, to the best of their knowledge and belief, state that-

• in the preparation of the annual accounts, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

• the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period; l the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• the directors had prepared the annual accounts on a going concern basis;

• the directors had laid down internal financial controls to be followed by the Company and that such internal financial controls were adequate and were operating effectively; and

• the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and were operating effectively.

Details in respect of frauds reported by auditors under section 143(12)

During the year under review, there were no frauds reported by the auditors to the Audit Committee or the Board under section 143(12) of the Companies Act, 2013.

Declaration by independent directors

The independent directors have submitted the declaration of independence, as required pursuant to section 149(7) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in section 149(6) of the Companies Act, 2013, as amended and Regulation 16 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Listing Regulations'), as amended.

The Board took on record the declaration and confirmation submitted by the Independent Directors regarding their meeting the prescribed criteria of independence, after undertaking due assessment of the veracity of the same as required under Regulation 25 of the Listing Regulations.

Directors' Remuneration Policy and criteria for matters under section 178

The Board, at its meeting held on 13 March 2019, has revised the commission from Rs. 150,000 to H 250,000 payable per meeting to all non-executive directors (including independent directors) for meetings of Board and Committees thereof attended by them from 1 April 2019 onwards as member.

The salient features and changes to the Policy on directors' appointment and remuneration form a part of the ‘Corporate Governance Report'. The said policy is placed on the Company's website www.bajajauto.com/investors/codes-policies

Particulars of loans, guarantees or investments

Information regarding loans, guarantees and investments covered under the provisions of section 186 of the Companies Act, 2013 are detailed in the Financial Statements.

Related party transactions

No Related Party Transactions (RPTs) were entered into by the Company during the year, which attracted the provisions of section 188 of the Companies Act, 2013. There being no ‘material' RPTs as defined under Regulation 23 of Listing Regulations, there are no details to be disclosed in Form AOC-2 in that regard.

During the year 2018-19, pursuant to section 177 of the Companies Act, 2013 and Regulation 23 of Listing Regulations, all RPTs were placed before the Audit Committee for its approval.

Pursuant to Regulation 23 of Listing Regulations, the Board, at its meeting held on 13 March 2019, has revised the policy on materiality of RPTs and on dealing with RPTs inter alia by including clear threshold limits.

The revised Policy on materiality of RPTs as approved by the Board is uploaded on the Company's website www.bajajauto.com/investors/codes-policies

Material changes and commitments

There have been no material changes and commitments affecting the financial position of the Company, which have occurred between the end of the financial year and the date of this Report.

Risk Management Policy

Information on the development and implementation of a Risk Management Policy for the Company including identification therein of elements of risk, which in the opinion of the Board may threaten the existence of the Company, is given in the Corporate Governance Report.

Corporate Social Responsibility (CSR)

Detailed information on the Corporate Social Responsibility Policy developed and implemented by the Company on CSR initiatives taken during the year pursuant to section 135 of the Companies Act, 2013 is given in the annexed Annual Report on CSR activities.

Formal annual evaluation of the performance of the Board, its Committees, Chairperson and Individual Directors

Information on the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees, chairperson and individual directors is given in the Corporate Governance Report.

Presentation of financial statements

The financial statements of the Company for the year ended 31 March 2019 have been disclosed as per Division ll of Schedule III to the Companies Act, 2013.

Indian Accounting Standards, 2015

The annexed financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act, 2013, Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Companies Act, 2013.

Consolidated financial statements

The directors also present the audited consolidated financial statements incorporating the duly audited financial statements of the subsidiaries, and as prepared in compliance with the Companies Act, 2013, applicable Accounting Standards and Listing Regulations, as prescribed by SEBI.

Statutory disclosures

The summary of the key financials of the Company's subsidiaries (Form AOC-1) is included in this Annual Report. A copy of the audited financial statements for each of the subsidiary companies will be made available to the members of the Company seeking such information at any point of time.

The audited financial statements for each of the subsidiary companies will be kept for inspection by any member of the Company at its registered office during business hours. The same are placed on the Company's website www.bajajauto.com

Details as required under the provisions of section 197(12) of the Companies Act, 2013, read with rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, are annexed to this report.

Details as required under the provisions of section 197(12) of the Companies Act, 2013, read with rule 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, which form part of the Directors' Report, will be made available to any shareholder on request, as per provisions of section 136(1) of the said Act.

A Cash Flow Statement for the year 2018-19 is attached to the Balance Sheet.

Pursuant to the legislation ‘The Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013', the Company has a Policy on Prevention of Sexual Harassment at Workplace.

During the year under review, one complaint was received from one of the employees, which was investigated and redressed by the Internal Complaints Committee formed under the aforesaid Act and closed.

There was no other case reported during the year under review under the said Policy.

Directors and Key Managerial Personnel-changes

A. Changes in Directors:

I. Cessation of Directors:

(a) Manish Kejriwal (DIN 00040055), a non-executive director of the Company, on account of his preoccupation with his business and various interests, resigned as director of the Company from the close of office hours on 31 December 2018. The Board recorded its sincere appreciation for his valuable contribution during his long association with the Company.

(b) D. S. Mehta (DIN 00038366) and P Murari (DIN 00020437) have signified their intention not to continue as an Independent Director of the Company for another term, due to their other priorities, pre-occupations and health reasons. They have ceased to be directors of the Company from the close of business hours on 31 March 2019. The Board recorded its sincere appreciation for their valuable contribution during their long association with the Company.

II. Appointment/Re-appointment of Directors:

(a) The Board at its meeting held on 24 October 2018, pursuant to the recommendation of Nomination and Remuneration Committee and subject to necessary approval of shareholders, appointed Rakesh Sharma (DIN 08262670) as additional director and Whole-time Director, with the designation as Executive Director of the Company for a period of five years with effect from 1 January 2019.

(b) The Board at its meeting held on 13 March 2019, pursuant to the recommendation of Nomination and Remuneration Committee, appointed Smt. Lila Poonawalla (DIN 00074392) and Pradip Shah (DIN 00066242) as Additional Directors and Independent Directors for a period of 5 years with effect from 1 April 2019. Under Regulation 17(1A) of Listing Regulations, consent of the Members by way of Special Resolution is sought by the Company in compliance with Regulation 17(1A) of Listing Regulations, for continuance of Smt. Lila Poonawalla beyond 16 September 2019 on account of her attaining the age of 75 years on that date.

(c) At the aforesaid meeting, the Board taking into account the Report of performance evaluation and the recommendation of Nomination and Remuneration Committee, re-appointed following independent directors for a second consecutive term:

Sr. No. Name of Independent Director Tenure of Second term
1. Nanoo Pamnani (DIN 00053673)* Five years w.e.f. 1 April 2019
2. D J Balaji Rao (DIN 00025254)** Five years w.e.f. 1 April 2019

*Under Regulation 17(1A) of Listing Regulations, consent of the Members by way of Special Resolution is sought by the Company in compliance with Regulation 17(1A) of Listing Regulations, for continuance of Nanoo Pamnani beyond 26 February 2020 on account of his attaining the age of 75 years on that date. **Under Regulation 17(1A) of Listing Regulations, consent of the Members by way of Special Resolution is sought by the Company in compliance with Regulation 17(1A) of Listing Regulations, for continuance of D J Balaji Rao beyond 1 April 2019 on account of his having already attained the age of 75 years as on 1 April 2019.

Necessary details regarding their appointment and re-appointment as required under the Companies Act, 2013 and Listing Regulations, are given in the notice of annual general meeting. The aforesaid appointments are subject to approval of shareholders at the ensuing annual general meeting.

III. Retirement by Rotation:

The independent directors hold office for a fixed term not exceeding five years from the date of their appointment and are not liable to retire by rotation.

The Companies Act, 2013 mandates that at least two–thirds of the total number of directors (excluding independent directors) shall be liable to retire by rotation. Accordingly, Sanjiv Bajaj (DIN 00014615) and Pradeep Shrivastava (DIN 07464437), Directors, being the longest in the office amongst the directors liable to retire by rotation, retire from the Board by rotation this year and, being eligible, have offered their candidature for re–appointment.

Brief details of Sanjiv Bajaj and Pradeep Shrivastava, Directors, who are seeking re–appointment are given in the notice of annual general meeting.

B. Change in Key Managerial Personnel:

The Board at its meeting held on 13 March 2019, pursuant to the recommendation of Nomination and Remuneration Committee appointed Soumen Ray as Chief Financial Officer and Key Managerial Personnel of the Company w.e.f. 18 May 2019 in place of Kevin D'sa, 65 years, who after a long distinguished tenure would be ceasing as Chief Financial Officer of the Company w.e.f. closing hours of 17 May 2019.

There was no other change in the Directors and Key Managerial Personnel during the year under review.

Detailed information on the directors is provided in the Corporate Governance Report.

Significant and material orders passed by the regulators or courts

During the year under review, there were no significant and material orders passed by the regulators or courts or tribunals, which may impact the going concern status of the Company and its operations in future.

Details of internal financial controls with reference to the financial statements

The Company has documented its internal financial controls considering the essential components of various critical processes, physical and operational. This includes its design, implementation and maintenance, along with periodical internal review of operational effectiveness and sustenance, which are commensurate with the nature of its business and the size and complexity of its operations.

This ensures orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention of errors, accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

The internal financial controls with reference to the financial statements were adequate and operating effectively.

Corporate governance

Pursuant to Listing Regulations, a separate chapter titled ‘Corporate Governance' has been included in this Annual Report, along with the reports on Management Discussion and Analysis and General Shareholder Information.

All Board members and Senior Management personnel have affirmed compliance with the Code of Conduct for the year 2018-19. A declaration to this effect signed by the Managing Director and CEO of the Company is contained in this Annual Report.

The Managing Director and CFO have certified to the Board with regard to the financial statements and other matters as required under Regulation 17(8) of the Listing Regulations.

Certificate from the Auditors of the Company regarding compliance of conditions of corporate governance is annexed to this Report.

Employee stock option scheme

During the year under review, the Company has approved Bajaj Auto Employee Stock Option Scheme 2019 (BAL-ESOS 2019) of the Company. The ESOP Scheme is in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014 (‘the SBEB Regulations').

Pursuant to the approval by the shareholders and in-principle approval given by the Stock Exchanges, the Company can grant upto 5,000,000 options to the eligible employees of the Company under the BAL-ESOS 2019.

Disclosures pertaining to the ESOP Scheme pursuant to the SBEB Regulations are placed on the Company's website www.bajajauto.com/investors/annual-reports

Business Responsibility Report

Regulation 34(2) of the Listing Regulations, as amended, inter alia, provides that the annual report of the top 500 listed entities based on market capitalisation (calculated as on 31 March of every financial year), shall include a Business Responsibility Report.

Since Bajaj Auto Ltd. is one of the top 500 listed entities, the Company, as in the previous years, has presented its BR Report for the year 2018-19, which is part of this Annual Report.

As a green initiative, the BR Report has been hosted on the Company's website www.bajajauto.com/investors/annual-reports

A physical copy of the BR Report will be made available to any shareholder on request.

Secretarial Standards of ICSI

Pursuant to the approval given on 10 April 2015 by the Central Government to the Secretarial Standards specified by the Institute of Company Secretaries of India, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) came into effect from 1 July 2015. The said standards were further amended w.e.f. 1 October 2017. The Company is in compliance with the same.

Statutory Auditor

Pursuant to the provisions of section 139 of the Companies Act, 2013, the members at the annual general meeting of the Company held on 20 July 2017 appointed S R B C and CO LLP (Firm Registration No. 324982E/E300003) as statutory auditors of the Company from the conclusion of Tenth annual general meeting till the conclusion of Fifteenth annual general meeting, covering one term of five consecutive years.

The statutory audit report for the year 2018-19 does not contain any qualification, reservation or adverse remark or disclaimer made by statutory auditor.

Secretarial Auditor

Pursuant to the provisions of section 204 of the Companies Act, 2013 and Rules made thereunder, the Company has re-appointed Shyamprasad D Limaye, Practising Company Secretary (Membership No.1587, CP No. 572) to undertake the secretarial audit of the Company. Secretarial audit report for the year 2018-19 issued by him in the prescribed form MR-3 is annexed to this Report.

The said secretarial audit report does not contain any qualification, reservation or adverse remark or disclaimer made by the Secretarial Auditor.

In addition to the above and pursuant to SEBI Circular dated 8 February 2019, a Report on secretarial compliance by Shyamprasad D Limaye for the year ended 31 March 2019 is being submitted to stock exchanges. There are no observations, reservations or qualifications in the said Report.

On behalf of the Board of Directors,

Rahul Bajaj

Chairman

Pune: 17 May 2019

   

Bajaj Auto Ltd Company Background

Rahul BajajRajiv Bajaj
Incorporation Year2007
Registered OfficeBajaj Auto Limited Complex,Mumbai - Pune Road Akurdi
Pune,Maharashtra-411035
Telephone91-20-2747 2851,Managing Director
Fax91-20-2740 7380
Company SecretaryJ Sridhar
AuditorSRBC & Co LLP
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Bajaj Auto Ltd Company Management

Director NameDirector DesignationYear
Rahul Bajaj Chairman 2020
Madhur Bajaj Vice Chairman 2020
Rajiv Bajaj Managing Director & CEO 2020
Sanjiv Bajaj Director 2020
Shekhar Bajaj Director 2020
D J Balaji Rao Independent Director 2020
Niraj Bajaj Director 2020
J Sridhar Company Secretary 2020
Gita Piramal Independent Director 2020
Pradeep Shrivastava Whole-time Director 2020
Naushad Forbes Independent Director 2020
Omkar Goswami Independent Director 2020
Anami Roy Independent Director 2020
Rakesh Sharma Executive Director 2020
Lila Poonawalla Independent Director 2020
Pradip Shah Independent Director 2020
Abhinav Bindra Independent Director 2020

Bajaj Auto Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
BSEAUTO
CNX100
CNXCONSUMP
CNXAUTO
CNX200
CNXDIVIDEN
BSECARBONE
NIFTY50V20
NI15
NFT100EQWT
BSEALLCAP
BSELARGECA
GOODSSERVI
BSEMANUFAC
NFTQULTY30
SENSEX50
LMI250
BSEDSI
BSELVI
NFT50EQWT
NFT100LV30

Bajaj Auto Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales NA 00029111.54
Other Operating Revenue NA 000807.11
Auto Spare Parts NA 0000
Special Purpose Machine Tools No 0000
Engineering Products NA 0000
Vehicles NA 0000
Two/Three Wheelers upto 350cc No 0000

Contact us