Bajaj Holdings & Investment (500490) Q4 14/15 earnings summary

Executive summary

• FY2015 standalone profit for the year rose 18.32% YoY to ₹867.73 crore; consolidated profit increased 2.10% to ₹2,029.24 crore, with associate income remaining a major contributor.

• Investment gains in a strong equity market and a larger fixed-income portfolio supported results; consolidated performance was affected by a ₹340 crore one-time NCCD charge at an associate.

Financial highlights

• Standalone total revenue was ₹1,006.46 crore vs ₹839.47 crore; PBT was ₹964.50 crore vs ₹813.77 crore; profit for the year was ₹867.73 crore vs ₹733.35 crore.

• Consolidated revenue was ₹558.83 crore vs ₹427.72 crore; PBT was ₹2,128.60 crore vs ₹2,068.68 crore; profit for the year was ₹2,029.24 crore vs ₹1,987.56 crore.

• Standalone EPS was ₹78.0 vs ₹65.9; consolidated EPS was ₹182.3 vs ₹178.6.

• Standalone investment-sale profit, net, rose to ₹213.66 crore from ₹103.76 crore; revenue from operations reached ₹972.22 crore vs ₹799.61 crore.

Outlook and guidance

• Forward-looking statements were subject to risks from global conditions, political stability, equity-market performance, regulation, taxation and economic developments; actual results could differ.

• Portfolio management retained a 3–5-year holding horizon for other equities, with allocation adjusted to market-return views and private-equity opportunities.