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BAJAJAUTO-2011-2012.Pdf Contents Board of Directors 02 Management Team 04 Chairman’s Letter 08 Management Discussion and Analysis 11 Corporate Governance 30 General Shareholder Information 42 Directors’ Report 50 Report on Corporate Social Responsibility 62 Standalone Financial Statements 71 Consolidated Financial Statements 127 Board of Directors Management Auditors Rahul Bajaj Rahul Bajaj Dalal and Shah Chairman Chairman Chartered Accountants Madhur Bajaj Madhur Bajaj Vice Chairman Vice Chairman Rajiv Bajaj Rajiv Bajaj Cost Auditor Managing Director Managing Director A P Raman Sanjiv Bajaj Sanjiv Bajaj Cost Accountant (Executive Director Executive Director upto 31 March 2012; (upto 31 March 2012) Non-Executive Director from 1 April 2012) Pradeep Shrivastava Chief Operating Officer Bankers Kantikumar R Podar Abraham Joseph Central Bank of India State Bank of India Shekhar Bajaj Chief Technology Officer Citibank N A Standard Chartered Bank D J Balaji Rao R C Maheshwari President Bank of America ICICI Bank D S Mehta (Commercial Vehicle Business) HDFC Bank J N Godrej Rakesh Sharma President (International Business) S H Khan Eric Vas Registered under the Ms Suman Kirloskar President (Retail Finance) Companies Act, 1956 Naresh Chandra Kevin D’sa President (Finance) Nanoo Pamnani K Srinivas Registered Office Manish Kejriwal President (Motorcycle Business) Mumbai-Pune Road P Murari S Ravikumar Akurdi, Pune 411 035 Senior Vice President Niraj Bajaj (Business Development and Assurance) Amrut Rath Works Vice President (Human Resources) Akurdi, Pune 411 035 C P Tripathi Vice President (CSR) Aurangabad 431 136 Chakan, Pune 410 501 Company Secretary IIE Pantnagar J Sridhar Udhamsinghnagar, Uttarakhand 263 531 2 Bajaj Auto Limited 5th Annual Report 2011-12 Rahul Bajaj Chairman Madhur Bajaj Vice Chairman 3 Bajaj Auto Limited 5th Annual Report 2011-12 CNBC TV 18 honors MD with Outstanding Business Leader of the Year Award Business Leader of the Year” at the CNBC TV 18’s India Business Leader Mr. Rajiv Bajaj awarded Young Business Leader of the year at NDTV Profit Business Leadership Awards 6 Bajaj Auto Limited 5th Annual Report 2011-12 Awards 2011-12 CNBC TV18 NDTV Profit Business Standard Outstanding Business Leader CEO of the Year of the Year Young Business Leader AIAI Kawasaki Ninja National Leadership Award Generation Next Award Premium Bike of the Year Automobiles Ernst And Young Best CEO-Private Sector “Entrepreneur of the Year” Rajiv Bajaj Emerging Business Leader of the Year 7 Bajaj Auto Limited 5th Annual Report 2011-12 8 Bajaj Auto Limited 5th Annual Report 2011-12 Chairman’s Letter Dear Shareholder, l l ` l l ` l ` ` operating income l ` 4,160 crore l ` 2010-11, as the Company of the Year; the CNBC-TV18 Outstanding Business Leader for being the Young Business Leader of 2011; 9 Bajaj Auto Limited 5th Annual Report 2011-12 Regarding your Company, it is also true that FY2012 has been disappointing on the Chairman 10 Bajaj Auto Limited 5th Annual Report 2011-12 Management Discussion and Analysis 11 Bajaj Auto Limited 5th Annual Report 2011-12 2011-12 (FY2012) has been the best year ever for Bajaj Auto Limited highest ever sales, highest ever exports, and highest ever profits from operations 12 Bajaj Auto Limited 5th Annual Report 2011-12 Performance Highlights for FY2012 Bajaj Auto is the “Company of the Year” – The Economic Times Award, 2010-11 ›› Bajaj Auto recorded its highest ever sales, exports and profits from operations ›› Turnover crossed the ` 20,000 crore mark ›› Net sales and other operating income grew by 19% to ` 19,804 crore ›› Record sales of 4.35 million units — with over a million units being sold in each of the four quarters ›› Exports performed very well — rising by 31% to 1.58 million units ›› For the first time, the Company’s operating earnings before interest, taxes, depreciation and amortisation (EBITDA) crossed ` 4,000 crore, a growth of 18% over previous year ›› Operating EBITDA margin was 20.2% of net sales and other operating income – highest in the industry ›› Profit before tax (PBT) and exceptional items was ` 4,160 crore ›› Profit after tax (PAT) but before exceptional items grew by 18% to ` 3,095 crore ›› Surplus cash and cash equivalents, as on 31 March 2012, stood at ` 5,451 crore 13 Bajaj Auto Limited 5th Annual Report 2011-12 The results for FY2012, coming on the back of its performance in FY2011 and FY2010, make Bajaj Auto amongst the most profitable automobile companies in the world. environment, the Company focused on driving the sales of more profitable products in its Bajaj Auto is amongst the most profitable automobile companies in the world 14 Bajaj Auto Limited Chart A: Sales, in '000 units 5th Annual Report 2011-12 4,500 515 4,000 437 3,834 3,500 3,387 3,000 341 322 2,500 2,512 2,400 290 252 2,161 275 2,000 2,029 1,920 1,500 1,000 500 0 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 Motorcycles (Including other 2 wheelers) 3 wheelers Chart B: Net Sales and Operating Income, Net Operating Profit and PAT 4500 20,000 18,000 4000 Net Operating Profit and PAT, and PAT, Profit Operating Net 16,000 3500 Crore Crore ` 14,000 3000 12,000 2500 10,000 2000 8,000 1500 ` 6,000 Crore 1000 4,000 Net Sales and Operating Income, Income, and Operating Sales Net 500 2,000 0 0 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 Net Sales & Operating Income Net Operating Profit PAT Chart C: EBITDA and EBITDA % 4000 25.0 3500 21.7 20.4 20.2 20.0 3000 17.9 2500 15.0 14.3 % EBITDA 13.6 15.0 Crore ` 2000 EBITDA, EBITDA, 1500 10.0 1000 5.0 500 0 0 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 EBITDA EBITDA % 15 Bajaj Auto Limited 5th Annual Report 2011-12 Motorcycles Table 1 gives the data of the Company’s sales of motorcycles, both domestic and exports, Table 1: Bajaj Auto’s Sale of Motorcycles, Domestic + Exports Year ended Industry Industry Bajaj Auto Bajaj Auto’s Bajaj Auto’s 31 March (nos.) growth (nos.) growth share 2006 2007 2008 6,544,482 6,806,114 2010 8,444,243 2011 10,500,073 3,387,043 2012 3,834,405 Note: Source: SIAM and Company data In doing so, India Bajaj Auto is now world’s third largest motorcycle manufacturer 16 Bajaj Auto Limited 5th Annual Report 2011-12 Both the In FY2012, In FY2011-12, the Discover range in the mid-Commuter Deluxe Bajaj Auto sold over 3.83 million motorcycles in India and abroad Reflecting the changing dynamics in the motorcycle market during FY2012, the Exports 17 Bajaj Auto Limited 5th Annual Report 2011-12 Commercial Vehicles Table 2: Three-Wheelers Sale, Industry and Bajaj Auto (in numbers) Domestic Exports Total 3-wheelers FY2011 FY2012 FY2011 FY2012 FY2011 FY2012 Industry sales 526,022 513,251 362,876 876,127 205,603 231,281 312,176 436,884 515,155 India l l Concerted efforts to increase market share of diesel Bajaj Auto continues to be world’s l Marketing efforts to promote alternate fuel vehicles largest three-wheeler manufacturer l Increase the share of public sector bank financing, thus making the vehicles more affordable l Generating other financing options for customers Exports . 18 Bajaj Auto Limited 5th Annual Report 2011-12 International Business Table 3: Export Units and Revenue for Bajaj Auto FY2011 FY2012 Growth % Motorcycles 1,267,648 231,281 312,176 Total 1,203,718 Exports in USD (million) Bajaj Auto is India’s No. 1 exporter in terms of the share of total production that is being sold abroad Chart D: Bajaj Auto’s Export Market 41% 40% 18% 1% L America Africa Asia & ME Europe Bajaj Auto is also India’s No.
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