Bajaj Case Study

Financial Skill at Bajaj Auto Bajaj Auto Poor is one of India's catholicst two-wheeler compositionrs. As the dominant reproduce-exhibiter until the forthadvenient 1990s, Bajaj's traffic portio faded from 49. 3% in 1994, to 38. 9% in 1999 relapse the minute of elder competitors relish Hero Honda. Bajaj has prepared divers measures to reobtain its traffic portio and secure its competitive pose. The occurrence discusses the financial manoeuvre pursued by Bajaj. Financial Skill at Bajaj Auto We bankruptcy to get tail the chiefship pose in the two-wheeler section and form use the coin if required to do so. However, in vulgar gay traffic stipulations (not to pretermit the Japanese and their enormous coin restraints), we would rather accept the ease of coin any day. We are competing not merely relapse Indian companies, but to-boot relapse catholic exotic two-wheeler companies, multifarious of whom accept considereffectual deeper pockets than ours. While our residue coin form co-operate-behind a while us in forthadvenient enlargement, it to-boot acts as a deterlaceration to others from indulging in rapacious pricing temporization – Sanjiv Bajaj, Vice-President Finance, Bajaj Auto Limited. 1 Introduction In 2003, Bajaj Auto Poor (Bajaj) was one of India’s catholicst compositionrs of twain two and three-wheelers. The three-wheelers, to-boot disclosed as autorickshaws, were choice to the South Asian part. The aggregation chronicled fruits of Rs. 5125. 73 crores representing a 13% augmentation aggravate the antecedent year 2. Once the unchallenged traffic chief, Bajaj trailed Hero Honda in the deceased 1990s. Bajaj’s traffic portio faded from 49. 3% in 1994, to 38. 9% in 1999. 3 Thereafter, Bajaj had prepared divers measures to reobtain its traffic portio and secureed its competitive pose. In 2003, Bajaj had a achievementforce of 12,000 employees and a netachievement of 422 tradesmans and aggravate 1,300 authorised utility centers. 4 The Indian Two-Wheeler Activity Two-wheelers had gfamily the exemplar statute of conveyance in multifarious of India’s catholic oppidan centers. Use of two-wheelers in the sylvan areas had to-boot augmentationd significantly in the 1990s. The source of the Indian two-wheeler activity could be traced to the forthadvenient 1950s, when Automobile Products of India (API) agoing manufacturing scooters in the kingdom. While API moderately dominated the scooter traffic relapse its Lambrettas, it was Bajaj which eagerly emerged as the unchallenged chief in the scooter activity. A revere of council and peculiar invadeprises who invadeed the scooter section, had disappeared from the traffic by the round of the epoch. The Indulge Raj that existed former to economic liberalization (1940s-1980s) in India, did not toleblame exotic reproduce-exhibiters to invade the traffic, making it an creative disciprow reason for topical reproduce-exhibiters. But the Raj to-boot torture the enlargement of the activity by solemn several peacerictions. In the mid-80s, the council agoing permitting exotic companies to invade the Indian traffic, through lad junction stakes. During this continuance, the twowheeler traffic witnessed a peal relapse Japanese reproduce-exhibiters relish Honda, Suzuki, Yamaha and Kawasaki, invadeing the traffic through junction stakes. 1 2 3 4 M. Anand, ? Is Munjal Entity Too Generous?? Businessworld, 19th May 2003. B1 Source: Prowess Database. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Occurrence Contest, www. thesmartmanager. om, February-March, 2003. Source: Bajaj Auto Poor Annual Report 2003. 109 Financial Insights Figure (i) Indian Motorcycle Traffic Source: Honda Annual Report 2003. Exotic reproduce-exhibiters promptly transitional the rules of the recreation. From a supplier’s traffic, it became a buyer’s traffic. Companies practised to outstrip each other in conditions of diction, esteem and fuel aptitude. The technological expertise that the exotic collaborators brought to the traffic attribute helped augmentation the aggravateall kind of the fruits in-truth significantly. In the forthadvenient 2000s, the emulation tall exalt. In 2000, Honda announced its sketchs to set up a 100% conducive to composition scooters and motorcycles. Exhibit I Comparative Valuation of the Leading Companies Source: Motilal Oswal, Equity Research, February 2003. The Indian two-wheeler activity witnessed noticeeffectual enlargement blames gone 2000, due to a revere of factors relish droop in cause blames, availability of finance and affordeffectual esteems not-absolute to the growing purchasing immanentity. Despite the solemn enlargement blame of the definite few years, two-wheeler acuteness peaceful remained low in the kingdom. Analysts believed, increasing oppidanization, unfolding cities, bankruptcy of other statutes of conveyance and adjuvant demographics would livelihood double-digit enlargement in the advenient decade. The Indian two-wheeler activity could be broadly classified into three elder sections— scooters, motorcycles and mopeds5. Until the forthadvenient 1990s, topically compositiond scooters relapse attributes dominated the traffics. But in novel seasons, claim 5 Mopeds were diminutive motorcycles, relapse less engine immanentity which were esteemd low and were aimed at the low-allowance traffic. 110 Financial Skill at Bajaj Auto or scooters had tapered off, while that for motorcycles looked lively. The motorcycle traffic in India had environing tripled in magnitude aggravate the gone-by 10 years 6. In 2002, the two-wheeler activity claim aggregateed 5 darling items, making India the succor catholicst traffic in the earth behind China 7. Exhibit II Two Wheelers Industry: Changing Dynamics Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Aggregate Two wheelers (item sold) 1,503,172 1,763,210 2,208,231 2,660,005 2,965,474 3,042,347 3,403,471 3,776,719 3,745,516 4,318,531 5,053,562 Geared scooters 41. 8% 43. 3% 42. 6% 40. 6% 38. 4% 35. 4% 32. % 25. 9% 16. 0% 12. 3% 6. 7% Ungeared scooters 9. 4% 7. 9% 8. 6% 9. 1% 8. 9% 8. 8% 8. 3% 10. 0% 10. 9% 9. 5% 10. 5% Motorcycles 20. 2% 21. 6% 23. 9% 24. 8% 27. 1% 30. 0% 34. 6% 42. 7% 54. 1% 66. 2% 74. 4% Mopeds 20. 0% 17. 6% 15. 1% 16. 8% 16. 5% 15. 5% 14. 6% 14. 1% 12. 9% 8. 7% 6. 2% Stepthrus 8. 6% 9. 6% 9. 8% 8. 7% 9. 1% 10. 3% 9. 8% 7. 3% 6. 1% 3. 3% 2. 2% Source: Bajaj Auto Annual Report 2002-03. Backreason Note The Bajaj collection was founded by Jamnalal Bajaj in the 1930s. His eldest son Kamalnayan recognized Bajaj Auto, the flagship of the Bajaj collection, in 1945, as a peculiar poor aggregation. From 1948 to 1959, Bajaj ascititious scooters and three wheelers from Italy and sold them in India. In 1959, the aggregation obtained a indulge to composition scooters and motorized three wheeler conveyances. In 1960, it invadeed into a technical collaboration relapse Piaggio of Italy and got the correct to composition and traffic Piaggio’s Vespa mark scooters and three wheelers in India. The selfselfsame year, it went open. Bajaj’s earliest full-fledged manufacturing adroitness at Akurdi (Bombay-Pune Road) was agoing in 1960. Scooter genesis commenced in 1961, followed by three wheeler genesis in 1962. Bajaj’s scooters and three wheelers agoing selling subordinate the Bajaj mark designate merely in 1971, when the obligation relapse Piaggio expired. Till the 1980s, Bajaj scooters were so affectd that the basic manoeuvre was desire genesis runs adesire relapse a uniform rendezvous on requires. In 1984, Bajaj recognized its succor insert (1000-acre insert) at Waluj, Aurangabad. Scooter genesis at this insert agoing in 1986, followed by three wheeler genesis in 1987 and scooterettes and motorcycle genesis in 1990 & 1991, respectively. 6 7 Source: Honda Annual Report 2003. China was revere one relapse an annual genesis and sales of aggravate 10 darling. 111 Financial Insights As Bajaj’s fruits were in majestic claim, the aggregation did not move the want to make-known new fruits or upgrade its old statutels. The Chetak, which recitaled for 60% of Bajaj’s scooter sales, did not smooth accept an electronic incendiarism. The statutel’s 2stroke engine to-boot had an discharge collection that was in-truth weighty by interdiplomatic exemplars. As emulation became warm and the traffic was flooded relapse increasing reveres of statutels, Bajaj’s traffic portio faded. During this continuance, Bajaj to-boot followed a greatly centralized, paternalistic skill diction. In the forthadvenient 1990s, as the motorcycle traffic began to unfold and became an alluring affirmation, Bajaj past reason. Though Bajaj had a closeness in the motorcycle section relapse its KB100 and 4S Champion, it did not captivate the section weightyly ample. Bajaj believed, motorcycles were a limited insanity and mob would reround to scooters. But the scooter traffic kept dowdy and Bajaj was relegated to fourth attribute in the motorcycle traffic. Exhibit III Comparative Analysis: Motorcycle Sales (Number) Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Bajaj Auto 32,028 34,672 42,080 75,067 89,675 129,263 137,717 200,132 255,129 421,966 670,117 % Portio 10 14 14 17 16 18 17 19 17 22 23 Hero Honda 134,801 127,803 150,456 183,131 230,194 168,936 407,563 530,607 761,700 1,029,391 1,425,302 % Portio 44 51 50 42 40 38 50 50 50 53 50 TVS Motors 33,744 30,085 42,080 53,120 125,286 164,083 211,667 268,099 326,357 354,497 450,113 % Portio 11 12 18 20 22 23 26 25 21 18 16 Others 108,601 59,066 56,894 89,643 132,922 146,625 60,674 64,529 177,704 123,472 312,547 Aggregate 309,174 251,626 302,550 435,053 578,077 708,907 817,621 1,063,367 1,520,890 1,929,326 2,858,079 Source: Society of Indian Automobile Manufacturers. In the deceased 1990s, Bajaj relapse the livelihood of Kawasaki, agoing producing motorcycles. The effect was an aggressively esteemd Boxer 100cc motorcycle in 1997, environing Rs. 8000 cheaper than Hero Honda. As Bajaj’s volumes augmentationd, it agoing meddling esteems down by esteem engineering, topicalization and amend talents utilization that cut its requires by Rs. 4000 per conveyance. Exhibit IV Bajaj: Elder Models State Motorcycle Wind BYK Pulsar Eliminator 112 Products Year of Introduction 2003 2003 2002 2001 Financial Skill at Bajaj Auto State Caliber Products Boxer CT Boxer AT 4S Champion KB 100 Legend Year of Introduction 1998 1997 1997 1991 1987 1998 1976 1972 2000 1998 1990 1986 1987 Geared Scooters Super Chetak Saffire Ungeared Scooters Spirit Sunny M80 Elder M80 Elder 4S Step-Thrus Source: www. bajajauto. com In forthadvenient 1998, Bajaj recognized a new insert (Rs. 3. 15 billion bombardment in 200-acre frame) at Chakan adjacent Pune for its forthadvenient breed conveyances. The new insert peculiarized in pliant bodied and tubular erection scooters. Bajaj’s not-absolutely elevated roll of tailward integration helped it to peacerain raw esthetic requires polite belowneath the activity mean. For pattern, the aggregation bought raw esthetics in mass for itself as polite as for its suppliers. For most of the two-wheeler companies, esthetic requires recitaled for environing 70% of careless allowance, but for Bajaj it was merely 57% in 1998, the meanest in the activity. In 1998, Bajaj was ranked India’s fifth most estimeffectual aggregation 8. Internationally, it was the earth’s catholicst scooter inducement and the fourth catholicst two-wheeler compositionr behind Hero Honda, Yamaha and Suzuki. But the relapse in realizing the immanent of motorcycle section by Bajaj, tolerateed Hero Honda to family onwards to gfamily the traffic chief in 2001. During 2000-01, Bajaj invadeed into non-spirit and spirit security profession adesire relapse Allianz AG of Germany, one of the catholicst security companies in the earth. Two companies were set up: Bajaj Allianz Open Security Aggregation Ltd and Allianz Bajaj Spirit Security Aggregation Limited. Bajaj and Allianz identified two sepablame junction stake obligations for these two professiones and respectively committed 74% and 26% of the moderebuke portio consummate of Rs110 crore in occurrence of the open security stake and Rs150 crore in occurrence of the spirit security stake. Bajaj common Rs. 1. 17 billion from Allianz as kindliness. In 2001-02, Bajaj Allianz Open Security manifestationd the catholicst revere of policies unarranged all peculiar reproduce-exhibiters in the non-spirit section, and became the chief in this row of profession. Allianz Bajaj Spirit Security commenced operations in October 2001. 8 ?The BT 500,? Profession Today, 7th September 1998. 113 Financial Insights Exhibit V Bajaj vs. Competitors: Elder Models in Diffelaceration Segments in 2003 Segments BYK Distribution (Priced Rs. 27,000 – Rs. 37,000) Executive (Priced Rs. 38,000 – Rs. 5,000) Premium (Priced Rs. 45,000 – Rs. 75,000) Diction (Priced equalizemind Rs. 75,000) Boxer AT Boxer AR (K-Tec) Boxer CT Delux (KTec) Caliber (K-Tec) Caliber Croma Caliber 115 Pulsar 150 Pulsar 150 (self-start) Pulsar 180 CD100 SS Dawn Splendor Passion Ambition Disc CBZ Disc CBZ (selfstart) Bajaj Auto Hero Honda TVS Motors No Emulation Samurai Max 100R Max DLX Victor Fiero Fiero DLX Fiero ES Crux Crux R Libero Enticer Yamaha Eliminator No Emulation Note: List is not debilitating. Source: Compiled from several sources by ICFAI Knowledge Center. The shelve in voluptuousness from attributeed to nongeared scooters continued in 2002, effecting in a 35% decrow in yforthadvenient sales. The aggregation’s traffic portio in the ungeared scooter traffic faded due to bankruptcy of statutels. Twain LML and Honda Motorcycles secureed their foothold in 2002 behind the propel of 'Nova' and 'Dio' respectively. Bajaj Auto's 'Spirit', the ungeared scooter, commanded environing 25% traffic portio in the belowneath 100 cc state. Bajaj was one of the very few companies manufacturing three-wheelers in the earth. It commanded a appropriation in the private traffic relapse a traffic portio of equalizemind 80%. The peace was portiod by Bajaj Tempo, Greaves Ltd and Scooters India. The aggregation saw a hard mollify in three-wheeler claim. In forthadvenient 2002, the traffic grew by 23%. Bajaj had to-boot commenced the wholesale genesis of pi dischargers. In 2002, this section generated 22% of the aggregation’s renders. The emolument per three-wheeler was revered to be 2. 5-3 seasons that of a motorcycle. Bajaj formed traffic portio in the motorcycle section through its statutels relish 'Pulsar' and 'Boxer AR'. Boxer virtually created the four-stroke distribution section and Pulsar unfolded the spiritdiction section. Pulsar’s volumes surpassed the most optimistic expectations in conditions of volumes. In February 2003, Bajaj propeled 'Caliber 115' and steadied its closeness in the executive motorcycle section. The new statutel registered sales of 25,706 items in March 2003. 114 Financial Skill at Bajaj Auto Financial Management Bajaj earned mass of its fruits from the automotive profession. In 2003, motorcycles dominated the automotive section, recitaling for 55 % of its fruitss. In 2002-03, Bajaj concluded a roundaggravate of Rs. 5071 crore and earning antecedently cause, taxation, deterioration and amortization (EBITDA) of Rs. 817 crore. EBITDA as a percentage of net sales and other careless allowance augmentationd from 16. 8 % in 2001-02 to 19 % in 2002-03. Reround on careless consummate, which had dipped to a low of 14% in 2000-01, augmentationd to 60% in 2002-03. Bajaj continued its efforts to instigate top-row enlargement, rectify operational aptitude, cut requires and rectify economies of lamina. Working Consummate Bajaj continued to minimize its aggravateall instituted consummate. Debtors faded from Rs. 198 crores on 31st March 2002, to Rs. 167 crore on 31st March 2003 – a contraction of 16%. Bajaj succeeded in reducing catalogue rolls by using the frequented on-row donation of esthetics from vendors. Catalogue of raw esthetics and components faded from ssmooth days as on 31st March 2002, to six days as on 31st March 2003, and availeffectual compatability for repossession traffic from 42 days to 31 days. The catalogue of perfect pi at-last augmentationd from six days to nine days owing of the inert traffic. 9 Exhibit VI Bajaj: Careless Instituted Consummate (Rs Million) Source: Bajaj Auto Annual Report 2002-03. Require Erection Raw esthetics, advertising and trafficing, and infrequented taxes (excise, etc) were the elder require minds for Bajaj. During 2002-03, through its natural efforts in esteem engineering and endly kinsmen relapse the vendors, Bajaj was effectual to classify its 9 Bajaj Auto Annual Report 2002-03. 115 Financial Insights esthetic requires. The portio of esthetics to net sales and other careless allowance classifyd from 63. 3 % in 2001-02 to 62 % in 2002-03, while the portio of stores and tools was contained at 1. 5 % of net sales and other careless allowance. 10 Strive requires for 2002-03 interjacent a sum of Rs. 461 darling (Rs. 3 darling in 2001-02) towards damages remunerated to employees subordinate the unconstrained solitude plan. A aggregate of 1,106 employees opted for the plan, which had a paytail continuance of two years. Bajaj’s strive requires made up 4. 66% of its aggregate fruits in 2002-03. 11 Despite a 16. 5% augmentation in net sales and other careless allowance - from Rs. 36. 96 billion in 2001-02 to Rs. 43. 06 billion in 2002-03, factory and administration requires had end down from 5. 3% of net sales and careless allowance to 4. 3%. This was the effect of a thoroughgoinggoing retrospect of unwandering requires relapse each insert mind. Sales and behind sales expenses were environing 6. 7 % of net sales and other careless allowance. In 2003, Bajaj’s advertising and trafficing outgoingss were Rs 233. 9 crore (8. 61% of its aggregate fruits), seeing Hero Honda’s outgoingss were Rs. 147. 01 crore (4. 16% of aggregate fruits) and TVS’ were Rs. 212. 49 crore (11. 06% of aggregate fruits). Bajaj’s aggregate infrequented tax expenses were Rs. 601. 22 crore in comparison to Hero Honda’s Rs. 9. 75 crore and TVS’ Rs. 435. 77 crore in 2003. 12 Investments Bajaj invested its residue stores in sure and unwandering bombardment securities relish G-Secs, T-Bills, etc. The reround earned by Bajaj on its store portfolio was compareffectual relapse the reround earned by the top interchangeable stores. During 2002-03, Bajaj classifyd its equity bombardments and concentrated more on the G-Sec and tie traffic. Thus, the traffic esteem of the portfolio transitional from a limitation in esteem to require in 2002, to an notion in esteem to require of Rs. 343 darling in March 2003. During 2002-03, Bajaj granted Rs. 26. 7 darling towards infirmity in the carrying requires of its bombardment portfolio. In importation, lasting its efforts to requite non-performing commodities, Bajaj booked a aggregate dropping of Rs. 853 darling. This dropping was set off athwart forms on sale of commodities of Rs. 1, 067 darling that effected in a net form of Rs. 214 darling. 13 Figure (ii) Bajaj: Liability Structure, 2003 Source: Prowess Database. 10 11 12 13 Bajaj Auto Annual Report, 2002-03. Source: Prowess Database. Source: Prowess Database. Bajaj Auto Annual Report, 2002-03. 116 Financial Skill at Bajaj Auto Exhibit VII Bajaj: Bombardment of Residue Funds (Rs. darling) Source: Bajaj Auto Annual Report, 2002-03. Exhibit: VIII Allowance from Investments (Rs Million) 2002-2003 Dividends Cause on debentures and ties Cause on council securities Cause on inter-corpoblame deposits and other loans Allowance from interchangeable store items Lease laceration and equalization Emolument on sale of bombardments Cause on unwandering deposits Others Aggregate Cause on tax refunds Aggregate non-careless allowance Non-careless expenses Net non-careless allowance Source: Bajaj Auto Annual Report, 2002-03. 17 127 408 405 239 44 214 2 11 1,450 1,450 274 1,176 2001-2002 592 291 18 364 79 234 6 1,584 18 1,602 436 1,166 Financial Insights Reround on Consummate In forthadvenient 2003, Bajaj maintained a uncounted coin restraint of Rs 2,700 crore. The skill had no sketch of reducing that coin collect in the adjacent forthcoming. Meanwhile, analysts argued14 that retaining residue coin would merely impair a aggregation's Reround on Consummate Industrious (ROCE) and, aggravate a continuance of season, subvert portioholder esteem. Bajaj had a consummate industrious of Rs 4,000 crore, of which merely Rs 1,300 crore was deployed in its two-wheeler operations. This generated an justifiable ROCE of 60%. But the fostering Rs 2,700 crore of unoccupied coin, earned a reround of merely 17%. As a effect, Bajaj Auto's aggravateall ROCE was 31%, far inferior than Hero Honda's 95%. Exhibit IX Reround on Careless Consummate (Rs. Million) As at 31, March 2003 Unwandering commodities Technical know-how Instituted consummate Aggregate Careless emolument behind cause and deterioration Pre-tax reround on careless consummate exmployed Source: Bajaj Auto Annual Report, 2002-03. As at 31, March 2002 10,910 128 699 11,737 4,834 41% 10,502 107 638 11,247 6,744 60% Exhibit X Dividend Payouts (%) Aggregation Bajaj Hero Honda TVS 1999 19. 18 22. 89 21. 96 2000 20. 88 23. 08 23. 92 2001 35. 69 26. 74 32. 54 2002 27. 34 75. 53 42. 47 Source: Businessworld, 19th May 2003. Consummate Erection Bajaj’s liability-equity narration was 0. 6 and cause coverage was 717. 76 seasons in 2003. Bajaj for-the-most-part relied on inside breed rather than appalaceration storeing. In 2003, Bajaj had Rs. 3139. 42 crore of restraint & residue (49% of it aggregate commodities), where as Hero Honda and TVS had merely Rs. 821. 09 crore and Rs. 399. 85 crore respectively. Bajaj deployed mass of its stores in bombardments (44. 02% of aggregate commodities) and unwandering commodities (20. 57% of aggregate commodities). 14 M. Anand, ? Is Munjal Entity Too Generous?? Businessworld, 19th May 2003. 118 Financial Skill at Bajaj Auto Exhibit XI Bajaj: Equity Holding, December 2003 Equity Trade Indian promoters Interchangeable stores and UTI Banks, FI's, Security Cos. FIIs Peculiar corpoblame bodies Indian open NRIs/OCBs Any other Aggregate equity trade Source: Prowess Database. No of Shares 29516461 1612731 3829868 19318255 13264490 29054237 401776 4185692 101183510 % of Aggregate Shares 29. 17 1. 59 3. 79 19. 09 13. 11 28. 71 0. 40 4. 14 100 In September 2000, Bajaj had recent environing Rs 720 crore to buy tail 15% of its equity. The extend was announced at a esteem of Rs 400 per portio when the operative esteem was environing Rs 320. Though esteems demolish to Rs 200 instantly behind the buyback, it had deceasedr recovered to environing Rs 500. Bajaj believed buy tail was a amend way to portio renders to portioholders than dividends. Bajaj had a coin restraint of $ 575 darling and remunerated a recentst dividend of 120% and a peculiar dividend of 20% in 2002 (remunerated on recital of the one-season premia common from Allianz AG, Germany, the aggregation's coadjutor in the two security junction stakes)15 and a recentst dividend of 140% in 2003. The aggregateity of dividend and the tax aggregated to Rs. 1,598 darling. The aggregation’s dividend consent i. e. , (dividend per portio by the traffic esteem) showed that Bajaj had a consent of 2. 7%. 16 Looking Onwards In the motorcycles section, 'Boxer' had produced polite and had augmentationd its traffic portio to 45% in the minute-roll traffic, which was revered at 102,000 items (35% of aggregate motorcycle sales). But enlargement was principally led by 'Pulsar', the premium-end motorcycle. Athwart the aggregation's revere of 10,000 items per month at the preparation of 2002, the statutel indented sales of environing 17,000 items per month in deceased 2002. Encouraged by the good-fortune, Bajaj intended to palliate up sales to 25,000 items per month by forthadvenient 2004 and expected to conclude aggregate chiefship in the motorcycle section, aiming at a enlargement blame of 15%. Bajaj expected to rectify its kinsmenhips relapse customers by unfolding its fruit class and widening its tradesman network. It intended to propel a 125 cc motorcycle relapse Kawasaki Heavy Industries Ltd, which was in the recentst position of product. A counterexhibition engine diesel pi discharger was in the testing position 15 16 Source: Prowess Database. Chetan Soni & Nandini Sen Gupta, ? Rolling store: Payouts put auto investors in top attribute,? Times News Network, 4th June 2003. 119 Financial Insights and would be propeled in 2004. Bajaj to-boot intended to swell its trust and achievement towards entity a in-truth global reproduce-exhibiter. Effective skill of the aggregation’s finances would reproduce-exhibit an grave role in this behold. Figure (iii) Bajaj: Closing Portio Esteem & Traded Quantity Source: Prowess Database. Figure (iv) Bajaj: Traded Quantity Source: Prowess Database. Figure (v) Bajaj: Dividend Consent & Earning Per Portio Dividend Consent 6 5 4 3 2 1 0 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Earning Per Portio 80 60 40 20 0 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Source: Prowess Database. 120 Financial Skill at Bajaj Auto Figure (vi) Bajaj: Commodities Erection Source: Prowess Database. Exhibit: XII Bajaj: Consummate History Manifestation Month Manifestation Type Face Esteem (Rs. ) 10 10 Ease Totality (Rs. Crore) 0 0 Additional Increased Remunerated up Remunerated up Consummate Principal (Rs. Crore) (Rs. Crore) 18. 81 37. 63 37. 63 75. 25 Ease Type Sep-91 Bonus Jun-94 Bonus Euro Oct-94 Manifestation Sep-97 Bonus Equity Equity Global Depository Receipts Equity 10 10 10 345. 07 0 0 4. 34 39. 8 0 79. 59 119. 39 101. 18 Buybac Sep-00 k Equity Source: Prowess Database. Exhibit XIII Bajaj: Ratios Bajaj Auto Ratios Liquidity Ratios Vulgar narration Quick narration Solvency Ratios Debt-equity narration Cause coverage 0. 26 0. 22 0. 20 45. 04 0. 16 33. 85 0. 17 21. 23 0. 11 11. 83 0. 29 18. 43 0. 52 5. 63 0. 6 4. 58 2. 07 1. 20 1. 88 1. 01 1. 69 0. 69 1. 11 0. 16 1. 20 0. 25 1. 44 0. 81 1. 01 0. 34 1. 12 0. 47 1. 16 0. 36 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 717. 76 161. 91 121 Financial Insights Bajaj Auto Ratios 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 Aptitude Ratios (in Days) Mean days of perfect pi store Mean days of liabilityors Mean days of creditors Net instituted consummate cycle Profitability Ratios PBDIT (NNRT) as % of sales PBIT (NNRT) as % of sales PAT (NNRT) as % of sales Reround on net value Reround on consummate industrious 20. 19 16. 65 11. 07 17. 50 21. 47 16. 87 13. 12 8. 63 13. 3 16. 74 13. 07 9. 18 8. 24 10. 26 9. 98 17. 59 16. 45 10. 02 67. 10 94. 64 16. 77 15. 63 9. 72 67. 67 95. 27 14. 46 13. 07 7. 87 47. 52 70. 98 9. 23 6. 66 3. 94 32. 89 42. 10 6. 79 4. 57 2. 47 8. 18 5. 78 3. 47 9. 90 13. 80 42. 40 -5. 68 10. 27 13. 95 43. 47 0. 69 11. 38 15. 42 49. 54 6. 61 3. 91 8. 62 35. 57 -7. 47 3. 53 5. 80 32. 71 -4. 79 3. 93 4. 28 31. 10 14. 09 8. 14 52. 96 14. 97 13. 13 15. 95 19. 82 52. 05 44. 89 -1. 24 7. 54 2. 05 -14. 15 16. 05 18. 80 20. 86 20. 74 90. 00 80. 00 Dividend blame (sum of interim and recentst) 140. 00 140. 00 Traffic Ratios P/E P/B 16. 61 3. 19 9. 54 1. 63 80. 00 900. 00 850. 00 150. 00 120. 00 9. 25 1. 32 3. 46 7. 63 9. 27 5. 62 13. 66 6. 21 18. 41 5. 02 10. 35 10. 39 3. 08 0. 99 Source: Prowess Database. Exhibit XIV Common magnitude Allowance assertion Commonmagnitude Allowance Assertion 2003 Aggregate Fruits Sales Other allowance Change in stores Non-recurring allowance Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 94. 22 3. 51 0. 64 1. 64 92. 27 4. 22 -0. 67 4. 18 91. 85 6. 18 0. 36 1. 61 97. 76 0. 44 0. 40 1. 40 98. 24 1. 04 -0. 13 0. 85 98. 75 0. 33 0. 56 0. 35 97. 76 0. 67 1. 25 0. 31 98. 96 0. 89 0. 15 0. 01 98. 04 1. 05 0. 90 0. 01 122 Financial Skill at Bajaj Auto Commonmagnitude Allowance Assertion 2003 Outgoings Raw esthetics, stores, etc. Wages & salaries Energy (potentiality & fuel) Infrequented taxes (excise, etc. ) Advertising & trafficing expenses Distribution expenses Others Non-recurring expenses Returns / droppinges PBDIT Financial jaw (incl. lease laceration) PBDT Deterioration PBT Tax protrust PAT Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 52. 84 4. 66 1. 19 11. 73 51. 39 5. 12 1. 41 11. 80 52. 79 6. 20 1. 80 14. 57 67. 59 3. 86 0. 49 0. 19 68. 80 3. 71 0. 56 0. 12 72. 87 3. 67 0. 73 0. 19 60. 37 3. 27 0. 66 13. 69 63. 29 3. 37 0. 69 13. 86 73. 20 3. 46 0. 90 1. 72 8. 61 0. 86 3. 50 1. 63 19. 3 8. 62 0. 82 5. 28 0. 69 19. 06 9. 83 0. 90 4. 93 2. 85 10. 77 4. 16 1. 89 4. 57 0. 07 18. 51 2. 99 1. 88 5. 55 0. 22 17. 10 2. 74 1. 81 4. 12 0. 46 14. 18 11. 06 2. 08 3. 92 0. 10 9. 23 8. 37 2. 12 4. 65 0. 04 6. 69 8. 76 1. 60 4. 69 0. 04 7. 99 0. 02 19. 01 3. 34 15. 67 5. 24 10. 43 0. 07 18. 99 3. 47 15. 52 4. 06 11. 46 0. 19 10. 58 3. 57 7. 01 0. 68 6. 33 0. 48 18. 04 1. 11 16. 93 5. 81 11. 12 0. 72 16. 38 1. 12 15. 26 5. 08 10. 17 1. 09 13. 09 1. 38 11. 72 4. 04 7. 67 0. 35 8. 88 2. 51 6. 36 2. 30 4. 06 0. 80 5. 89 2. 20 3. 69 1. 28 2. 41 1. 24 6. 75 2. 35 4. 40 1. 03 3. 37 Source: Prowess Database. Exhibit XV Common magnitude Equalize Sheet Common magnitude Equalize Sheet 2003 Aggregate commodities Gross unwandering commodities Land & erection Insert & machinery Other unwandering commodities Consummate WIP Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 41. 62 4. 02 35. 09 2. 45 0. 06 46. 97 4. 65 39. 56 2. 69 0. 07 53. 65 5. 30 44. 99 2. 88 0. 48 35. 60 5. 77 28. 21 1. 20 0. 42 40. 72 6. 96 31. 96 1. 25 0. 55 54. 82 7. 93 43. 57 1. 68 1. 64 77. 80 12. 72 58. 45 4. 01 2. 63 78. 81 10. 14 63. 09 4. 22 1. 35 77. 23 10. 39 59. 41 4. 40 3. 04 123 Financial Insights Common magnitude Equalize Sheet 2003 Less: cumulative deterioration Net unwandering commodities Investments In collection / coadjutor cos. In interchangeable stores Other bombardments Catalogue Raw esthetics Stores and availables Perfect pi Semi-perfect pi Sundry liabilityors Accrued allowance Advances / loans to Collection / coadjutor cos. Advances / loans to Other cos. Deposits relapse govt. / agencies Advance liquidation of tax Other receivables Coin & bank equalize Courteous tax commodities Intangible commodities & courteous fruits outgoings not written off Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 21. 05 20. 57 44. 02 4. 13 3. 50 36. 39 3. 30 0. 89 0. 34 1. 82 0. 25 2. 65 0. 32 21. 67 25. 30 36. 82 4. 75 2. 29 29. 78 3. 31 1. 00 0. 57 1. 44 0. 30 3. 66 0. 47 24. 30 29. 35 25. 89 1. 46 2. 64 21. 79 5. 46 1. 96 0. 91 2. 23 0. 36 2. 60 0. 71 12. 47 23. 13 54. 3 0. 16 54. 37 0. 00 9. 18 5. 10 1. 14 2. 51 0. 43 6. 46 0. 00 12. 74 27. 98 41. 41 0. 20 41. 21 0. 00 10. 17 6. 17 1. 54 1. 94 0. 52 5. 69 0. 00 15. 55 39. 27 26. 18 0. 30 25. 88 0. 00 17. 18 10. 62 2. 32 3. 16 1. 08 3. 66 0. 00 28. 15 49. 65 8. 19 5. 60 2. 57 0. 02 19. 95 3. 89 4. 13 10. 36 1. 58 4. 87 0. 00 28. 18 50. 63 1. 66 1. 60 0. 00 0. 05 17. 15 4. 24 2. 50 8. 44 1. 97 9. 97 0. 00 24. 69 52. 54 1. 79 1. 68 0. 00 0. 12 18. 32 5. 49 2. 13 8. 46 2. 25 12. 89 0. 00 1. 68 3. 56 0. 11 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 1. 16 1. 60 8. 21 0. 00 0. 00 0. 00 1. 43 4. 49 1. 86 0. 06 0. 40 0. 41 0. 01 0. 01 0. 11 0. 08 0. 02 3. 93 21. 99 2. 52 0. 8 1. 08 21. 04 2. 28 0. 47 0. 84 21. 71 4. 74 0. 46 0. 00 0. 52 4. 48 1. 11 0. 04 0. 59 7. 31 6. 21 0. 05 0. 88 7. 08 3. 90 0. 00 0. 00 7. 59 7. 69 0. 55 0. 59 6. 48 8. 56 0. 41 0. 77 5. 93 1. 92 0. 00 0. 17 0. 24 0. 35 0. 53 0. 58 1. 75 0. 00 0. 03 0. 05 124 Financial Skill at Bajaj Auto Common magnitude Equalize Sheet 2003 Aggregate liabilities Net value Paid-up equity consummate Reserves & residue Sure borrowings Unsure borrowings Courteous tax liabilities Vulgar liabilities Sundry creditors Cause accrued / due Other vulgar liabilities Conditions Tax protrust Dividend protrust Dividend tax protrust Other arrangements Bajaj Auto 2002 2001 Hero Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 51. 36 1. 60 49. 75 0. 85 12. 46 3. 81 7. 21 6. 56 0. 00 0. 65 24. 30 21. 01 2. 25 0. 29 0. 76 52. 99 1. 87 51. 12 0. 59 10. 99 4. 36 8. 41 7. 60 0. 00 0. 81 22. 65 19. 56 2. 62 0. 00 0. 47 56. 80 2. 18 54. 62 1. 21 9. 86 0. 00 10. 07 7. 70 0. 00 2. 37 22. 06 19. 77 1. 74 0. 18 0. 37 39. 34 1. 82 37. 52 0. 00 6. 14 3. 53 31. 14 18. 73 0. 00 12. 41 19. 86 0. 50 16. 42 2. 10 0. 84 39. 10 2. 28 36. 82 0. 00 6. 64 4. 07 34. 97 22. 73 0. 00 12. 24 15. 22 0. 48 13. 66 0. 00 1. 08 54. 44 3. 46 50. 98 0. 00 5. 75 0. 00 31. 63 22. 03 0. 00 9. 60 8. 18 0. 82 5. 18 0. 3 1. 64 39. 42 2. 15 37. 27 3. 82 7. 54 8. 27 37. 87 37. 81 0. 00 0. 06 3. 08 0. 00 1. 51 0. 19 1. 38 37. 27 2. 66 34. 61 10. 50 8. 74 9. 14 33. 31 33. 08 0. 00 0. 24 1. 04 0. 00 0. 00 0. 00 1. 04 43. 06 2. 78 40. 28 19. 09 9. 09 0. 00 25. 55 25. 51 0. 00 0. 05 3. 20 0. 00 2. 23 0. 23 0. 75 Source: Prowess Database. Exhibit XVI Comparative Allowance Assertion Comparative Allowance Assertion 2001 Aggregate Fruits Sales Other allowance Change in stores Non-recurring allowance 3628. 74 4172. 1 4829. 37 3177. 2 4471. 87 5107. 7 1820. 98 2213. 59 3111. 28 244. 19 190. 61 179. 85 14. 13 -30. 4 32. 58 83. 93 10. 63 18. 17 11. 42 47. 21 -5. 81 38. 54 23. 24 21. 08 72. 8 19. 57 16. 65 0. 27 19. 8 3. 27 0. 23 21. 4 39. 82 9. 94 Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 63. 66 189. 21 125 Financial Insights Comparative Allowance Assertion 2001 Outgoings Raw esthetics, stores, etc. Wages & salaries Energy (potentiality & fuel) Infrequented taxes (excise, etc. ) Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 2085. 47 2323. 71 2708. 23 2344. 39 3131. 72 3531. 81 1359. 65 1415. 78 1921. 32 245. 14 231. 48 239. 05 117. 96 168. 94 201. 63 64. 26 75. 37 104. 05 71. 03 63. 64 61. 12 23. 4 5. 98 25. 61 5. 39 25. 82 9. 75 16. 63 15. 44 20. 85 575. 8 533. 48 601. 22 31. 88 309. 94 435. 77 Advertising & trafficing expenses 204. 94 200. 41 233. 29 Distribution expenses Others 35. 46 37. 02 44. 23 64. 17 58. 1 93. 73 147. 01 119. 04 118. 49 212. 49 85. 39 98. 92 29. 64 47. 36 66. 27 194. 82 238. 63 179. 61 132. 45 252. 48 238. 84 31. 25 83. 7 14. 65 10. 24 3. 86 87. 15 103. 91 124. 72 0. 83 0. 86 3. 28 Non-recurring expenses 112. 59 Returns / droppinges PBDIT Financial jaw (incl. lease laceration) PBDT Deterioration PBT Tax protrust PAT ppropriation of renders Dividends Retained hues 425. 47 861. 9 975. 28 456. 32 778. 31 967. 36 148. 39 149. 74 293. 69 7. 4 3. 38 1. 12 35. 1 44. 27 32. 92 51. 01 24. 82 57. 98 303. 8 22. 97 43. 73 81. 69 19. 12 62. 7 17. 96 49. 22 28. 61 11. 24 79. 91 73. 19 418. 07 858. 52 974. 16 421. 22 745. 39 942. 54 125. 42 131. 78 282. 45 141. 12 156. 68 171. 16 276. 95 701. 84 803 376. 95 694. 38 884. 56 82. 56 202. 54 53. 95 129. 35 27 183. 68 268. 36 130. 08 231. 45 249. 95 518. 16 534. 64 246. 87 462. 93 580. 76 89. 21 141. 66 159. 81 160. 74 66. 01 349. 67 405. 49 20. 36 42. 21 22. 91 31. 04 29. 79 99. 56 376. 5 374. 83 180. 86 113. 26 175. 27 Source: Prowess Database. Exhibit XVII Comparative Equalize Sheet Comparative Equalize Sheet (Rs Crore) Commodities Gross unwandering commodities 2001 Bajaj 2002 2003 Hero Honda 2001 633. 61 2002 714. 21 2003 779. 25 TVS Motor 2001 641. 3 2002 683. 85 2003 834. 7 2490. 26 2540. 08 2626. 18 126 Financial Skill at Bajaj Auto Comparative Equalize Sheet (Rs Crore) Land & erection Insert & machinery Other unwandering commodities Consummate WIP Less: cumulative deterioration Net unwandering commodities Investments In collection / coadjutor cos. In interchangeable stores Other bombardments Inventories Raw esthetics Stores and availables Perfect pi Semi-perfect pi Receivables Sundry liabilityors Accrued allowance Advances / loans to Collection / coadjutor cos. Advances / loans to Other cos. Deposits relapse govt. / agencies Advance liquidation of tax Other receivables Coin & bank equalize Courteous tax commodities Intangible commodities (goodwill, etc. Courteous fruits outgoings not written off 245. 85 Bajaj 251. 53 Hero Honda 253. 42 Mar-00 May-00 May-00 503. 59 19. 45 18. 95 179. 76 453. 85 302. 59 3. 46 299. 13 0 198. 54 122. 79 26. 81 36. 47 12. 47 135. 54 42. 29 0 560. 54 21. 89 9. 69 223. 47 490. 74 617. 32 26. 37 9. 19 273. 01 506. 24 TVS Motor 86. 24 493. 09 36. 49 25. 21 204. 92 436. 11 14. 89 13. 92 0 0. 97 152. 03 45. 53 17. 65 70. 2 18. 65 210. 64 106. 95 0. 04 88. 03 547. 47 36. 66 11. 69 244. 54 439. 31 14. 39 13. 92 0 0. 47 148. 79 36. 76 21. 73 73. 23 17. 07 187. 09 86. 52 0 136. 47 627. 07 42. 97 28. 19 302. 03 532. 67 87. 92 60. 08 27. 58 0. 26 214. 07 41. 71 44. 32 111. 1 16. 94 149. 87 52. 21 0 088. 17 2139. 11 2214. 16 133. 81 22. 43 1127. 91 145. 48 3. 96 154. 59 4. 01 1171. 8 1327. 95 1362. 35 1368. 28 1298. 23 1201. 65 1991. 42 2777. 68 67. 62 122. 77 257. 02 123. 99 260. 88 220. 77 726. 29 1193. 52 3. 46 3. 46 722. 83 1190. 06 0 178. 36 108. 27 26. 96 34. 02 9. 11 238. 52 99. 72 0 0 200. 92 111. 67 25. 04 54. 84 9. 37 251. 26 141. 49 0 1011. 26 1610. 41 2296. 03 253. 43 91 42. 17 103. 49 16. 77 179. 1 54. 32 30. 57 77. 95 16. 26 207. 98 56. 16 21. 15 114. 63 16. 04 1786. 88 1785. 53 1917. 13 120. 72 33. 01 198. 17 25. 34 167. 04 20. 24 5. 3 380. 88 19. 24 192. 75 86. 6 21. 73 106 73. 11 3. 87 1387. 8 159. 07 30. 03 68. 06 10. 68 0 1. 26 10. 14 81. 85 45. 09 0 0 0 0 0. 21 10. 34 128. 25 108. 96 0. 81 0 0 0 0. 32 11. 31 98. 14 24. 33 0. 89 0 0 15. 43 32. 66 6. 38 49. 18 15. 91 0 0 0 39 0. 14 5. 16 56. 27 74. 27 3. 57 0 0 15. 3 0. 86 0. 03 81. 47 82. 46 5. 9 0 1007. 75 1137. 62 219. 98 21. 32 0 0 123. 32 25. 2 45. 48 12. 8 16. 03 0 0 20. 2 10. 22 11. 52 0. 44 0. 3 0 127 Financial Insights Comparative Equalize Sheet (Rs Crore) Portio manifestation expenses not written off VRS expenses not written off Other misc. expenses not written off Aggregate commodities Net value Authorized consummate Issued equity consummate Paid-up equity consummate Bonus equity consummate Buy tail aggregateity Buy tail portios (nos. Reserves & residue Uncounted restraints Specific restraints Borrowings Bank borrowings Short signal bank borrowings Desire signal bank borrowings Govt. / sales tax deferral borrowings Debentures / ties Unwandering deposits Other borrowings Sure borrowings Unsure borrowings Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 0 0 0 0 0 0 0. 44 0 0. 3 0 0 0 16. 03 0 0 20. 2 10. 22 11. 52 0 830. 02 357. 41 25 23. 1 23. 1 0 0 0 334. 31 291. 81 42. 5 233. 95 107. 37 76. 12 31. 25 0 0 4641. 66 5407. 81 6309. 79 1155. 81 2636. 53 2865. 79 3240. 61 150 101. 18 101. 18 114. 17 18. 21 1820730 4 2535. 35 150 101. 19 101. 19 114. 17 0 0 150 101. 19 101. 19 114. 17 0 0 629. 19 50 39. 94 39. 94 23. 96 0 0 589. 25 589. 25 0 66. 48 0 0 0 1753. 9 2188. 68 685. 76 50 39. 94 39. 94 23. 96 0 0 645. 82 645. 2 0 116. 44 0 0 0 861. 03 50 39. 94 39. 94 23. 96 0 0 821. 09 821. 09 0 134. 28 0 0 0 867. 72 1072. 89 323. 39 25 23. 1 23. 1 0 0 0 300. 29 270. 59 29. 7 166. 94 53. 64 34. 89 18. 75 422. 95 25 23. 1 23. 1 0 0 0 399. 85 380. 05 19. 8 121. 89 16. 13 16. 13 0 2764. 6 3139. 42 2515. 39 2744. 64 3121. 21 19. 96 513. 71 55. 97 55. 97 0 19. 96 626. 09 31. 83 31. 83 0 18. 21 840. 23 53. 91 53. 91 0 451. 64 0 6. 1 0 55. 97 457. 74 588. 96 0 5. 3 0 31. 83 594. 26 781. 9 0 4. 42 0 53. 91 786. 32 66. 48 0 0 0 0 66. 48 116. 44 0 0 0 0 116. 44 134. 28 0 0 0 0 134. 28 0 85 0 41. 58 158. 49 75. 46 0 59. 4 0 53. 9 91. 11 75. 83 0 39. 6 0 66. 16 41. 03 80. 86 128 Financial Skill at Bajaj Auto Comparative Equalize Sheet (Rs Crore) Vulgar division of desire signal liability Aggregate exotic publicity borrowings Courteous tax liabilities Vulgar liabilities & arrangements Vulgar liabilities Sundry creditors Cause accrued / due Other vulgar liabilities Portio impression money Conditions Tax protrust Dividend protrust Dividend tax protrust Other arrangements Aggregate liabilities Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 65. 38 36 11. 48 0 0 0 236. 05 0 240. 47 0 0 0 0 71. 47 77. 16 0 0 0 79. 35 0 88. 72 1491. 42 1679. 88 1988. 48 467. 55 357. 29 0. 11 110. 15 454. 93 411. 13 0. 1 43. 7 454. 9 413. 86 0. 08 40. 96 460. 14 365. 62 254. 61 0 111. 01 880. 3 1116. 21 613. 32 398. 61 0 214. 71 681. 52 409. 94 0 271. 58 238. 66 212. 1 211. 71 0 0. 39 298. 04 289. 05 287 0 2. 05 439. 33 406. 26 405. 65 0 0. 61 0 0 0 0. 02 94. 52 9. 51 59. 9 6. 11 19 0. 02 266. 91 8. 34 239. 64 0 18. 93 0 434. 69 10. 9 359. 44 46. 05 18. 3 0 26. 56 0 18. 48 1. 88 6. 2 830. 02 0 8. 99 0 0 0 8. 99 0 33. 07 0 16. 17 2. 07 14. 83 1023. 87 1224. 95 1533. 58 917. 58 1057. 94 1325. 98 80. 95 8. 26 17. 08 141. 66 0 25. 35 141. 66 18. 15 47. 79 4641. 66 5407. 81 6309. 79 1155. 81 1753. 9 2188. 68 867. 72 1072. 89 Source: Prowess Database. 129 Financial Insights Bibliography 1. 2. ?The BT 500,? Profession Today, 7th September 1998. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Occurrence Contest, www. thesmartmanager. com, February-March, 2003. M. Anand, ? Is Munjal Entity Too Generous?? Businessworld, 19th May 2003. B19th May Chetan Soni & Nandini Sen Gupta, ? Rolling store: Payouts put auto investors in top attribute,? Times News Network, 4th June 2003. Motilal Oswal, Equity Research, February 2003. Honda Annual Report 2003. Bajaj Auto Poor Annual Report 2003. CMIE - Prowess Database. CMIE - Activity Analysis Service. www. bajajauto. com. www. siamindia. com. www. indiainfoline. com. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 130