Bajaj Case Study

Financial Administering at Bajaj Auto Bajaj Auto Bound is one of India's bigger bike manufacturers. As the ascendant amateur until the aboriginal 1990s, Bajaj's bazaar allotment beneath from 49. 3% in 1994, to 38. 9% in 1999 with the access of aloft competitors like Hero Honda. Bajaj has accomplished several measures to accomplish its bazaar allotment and strengthen its aggressive position. The case discusses the banking action pursued by Bajaj. Banking Administering at Bajaj Auto We appetite to get aback the administering position in the bike articulation and will use the banknote if appropriate to do so. However, in accepted airy bazaar altitude (not to balloon the Japanese and their huge banknote reserves), we would rather accept the aegis of banknote any day. We are aggressive not alone with Indian companies, but additionally with ample adopted bike companies, abounding of whom accept abundant added pockets than ours. While our surplus banknote will abetment us in approaching growth, it additionally acts as a bridle to others from indulging in bloodthirsty appraisement approach – Sanjiv Bajaj, Vice-President Finance, Bajaj Auto Limited. 1 Introduction In 2003, Bajaj Auto Bound (Bajaj) was one of India’s bigger manufacturers of both two and three-wheelers. The three-wheelers, additionally accepted as autorickshaws, were different to the South Asian region. The aggregation recorded acquirement of Rs. 5125. 73 crores apery a 13% access over the antecedent year 2. Once the advisedly bazaar leader, Bajaj trailed Hero Honda in the astern 1990s. Bajaj’s bazaar allotment beneath from 49. 3% in 1994, to 38. 9% in 1999. 3 Thereafter, Bajaj had accomplished several measures to accomplish its bazaar allotment and adequate its aggressive position. In 2003, Bajaj had a workforce of 12,000 advisers and a arrangement of 422 dealers and over 1,300 authorised annual centers. 4 The Indian Two-Wheeler Industry Two-wheelers had become the accepted approach of busline in abounding of India’s ample burghal centers. Use of two-wheelers in the rural areas had additionally added decidedly in the 1990s. The bearing of the Indian bike industry could be traced to the aboriginal 1950s, aback Automobile Articles of India (API) started accomplishment scooters in the country. While API initially bedeviled the scooter bazaar with its Lambrettas, it was Bajaj which rapidly emerged as the advisedly baton in the scooter industry. A cardinal of government and clandestine enterprises who entered the scooter segment, had abolished from the bazaar by the about-face of the century. The Authorization Raj that existed above-mentioned to bread-and-butter liberalization (1940s-1980s) in India, did not acquiesce adopted players to access the market, authoritative it an ideal ancestry arena for bounded players. But the Raj additionally aching the advance of the industry by arty assorted restrictions. In the mid-80s, the government started allowing adopted companies to access the Indian market, through boyhood collective ventures. During this period, the twowheeler bazaar witnessed a bang with Japanese players like Honda, Suzuki, Yamaha and Kawasaki, entering the bazaar through collective ventures. 1 2 3 4 M. Anand, ? Is Munjal Actuality 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 Case Contest, www. thesmartmanager. om, February-March, 2003. Source: Bajaj Auto Bound Anniversary Report 2003. 109 Banking Insights Figure (i) Indian Motorcycle Bazaar Source: Honda Anniversary Report 2003. Adopted players bound afflicted the rules of the game. From a supplier’s market, it became a buyer’s market. Companies approved to beat anniversary alternative in acceding of style, bulk and ammunition efficiency. The abstruse ability that the adopted collaborators brought to the bazaar abode helped access the all-embracing affection of the articles absolutely significantly. In the aboriginal 2000s, the antagonism agitated further. In 2000, Honda appear its intentions to set up a 100% accessory to accomplish scooters and motorcycles. Exhibit I Comparative Valuation of the Leading Companies Source: Motilal Oswal, Disinterestedness Research, February 2003. The Indian bike industry witnessed arresting advance ante aback 2000, due to a host of factors like abatement in absorption rates, availability of accounts and affordable prices about to the growing purchasing power. Despite the absorbing advance bulk of the aftermost few years, bike assimilation still remained low in the country. Analysts believed, accretion urbanization, accretion cities, abridgement of alternative modes of busline and favourable demographics would abutment double-digit advance in the advancing decade. The Indian bike industry could be broadly classified into three aloft segments— scooters, motorcycles and mopeds5. Until the aboriginal 1990s, locally bogus scooters with apparatus bedeviled the markets. But in contempo times, appeal 5 Mopeds were baby motorcycles, with beneath agent ability which were priced low and were aimed at the low-income market. 110 Banking Administering at Bajaj Auto or scooters had cone-shaped off, while that for motorcycles looked buoyant. The motorcycle bazaar in India had about tripled in admeasurement over the accomplished 10 years 6. In 2002, the bike industry appeal totaled 5 actor units, authoritative India the additional bigger bazaar in the apple afterwards China 7. Exhibit II Two Wheelers Industry: Changing Dynamics Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Absolute Two wheelers (unit 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 Anniversary Report 2002-03. Background Note The Bajaj accumulation was founded by Jamnalal Bajaj in the 1930s. His earlier son Kamalnayan accustomed Bajaj Auto, the flagship of the Bajaj group, in 1945, as a clandestine bound company. From 1948 to 1959, Bajaj alien scooters and three wheelers from Italy and awash them in India. In 1959, the aggregation acquired a authorization to accomplish scooters and automatic three wheeler vehicles. In 1960, it entered into a abstruse accord with Piaggio of Italy and got the appropriate to accomplish and bazaar Piaggio’s Vespa cast scooters and three wheelers in India. The aforementioned year, it went public. Bajaj’s aboriginal full-fledged accomplishment ability at Akurdi (Bombay-Pune Road) was inaugurated in 1960. Scooter assembly commenced in 1961, followed by three wheeler assembly in 1962. Bajaj’s scooters and three wheelers started affairs beneath the Bajaj cast name alone in 1971, aback the acceding with Piaggio expired. Till the 1980s, Bajaj scooters were so accepted that the basal action was connected assembly runs forth with a connected focus on costs. In 1984, Bajaj accustomed its additional bulb (1000-acre plant) at Waluj, Aurangabad. Scooter assembly at this bulb started in 1986, followed by three wheeler assembly in 1987 and scooterettes and motorcycle assembly in 1990 & 1991, respectively. 6 7 Source: Honda Anniversary Report 2003. China was cardinal one with an anniversary assembly and sales of over 10 million. 111 Banking Insights As Bajaj’s articles were in abundant demand, the aggregation did not feel the charge to acquaint new articles or advancement its old models. The Chetak, which accounted for 60% of Bajaj’s scooter sales, did not alike accept an cyberbanking ignition. The model’s 2stroke agent additionally had an discharge botheration that was absolutely austere by all-embracing standards. As antagonism became acute and the bazaar was abounding with accretion numbers of models, Bajaj’s bazaar allotment declined. During this period, Bajaj additionally followed a awful centralized, paternalistic administering style. In the aboriginal 1990s, as the motorcycle bazaar began to aggrandize and became an adorable proposition, Bajaj absent ground. Though Bajaj had a attendance in the motorcycle articulation with its KB100 and 4S Champion, it did not booty the articulation actively enough. Bajaj believed, motorcycles were a acting abnormality and bodies would acknowledgment to scooters. But the scooter bazaar kept shrinking and Bajaj was relegated to fourth abode in the motorcycle market. 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 % Allotment 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 % Allotment 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 % Allotment 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 Absolute 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 astern 1990s, Bajaj with the abutment of Kawasaki, started bearing motorcycles. The aftereffect was an aggressively priced Boxer 100cc motorcycle in 1997, about Rs. 8000 cheaper than Hero Honda. As Bajaj’s volumes increased, it started blame prices bottomward by bulk engineering, localization and bigger accommodation appliance that cut its costs by Rs. 4000 per vehicle. Exhibit IV Bajaj: Aloft Models Class Motorcycle Wind BYK Pulsar Eliminator 112 Articles Year of Introduction 2003 2003 2002 2001 Banking Administering at Bajaj Auto Class Caliber Articles 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 Aloft M80 Aloft 4S Step-Thrus Source: www. bajajauto. com In aboriginal 1998, Bajaj accustomed a new bulb (Rs. 3. 15 billion advance in 200-acre plot) at Chakan abreast Pune for its approaching bearing vehicles. The new bulb specialized in artificial bodied and tubular anatomy scooters. Bajaj’s almost aerial akin of astern affiliation helped it to accumulate raw actual costs able-bodied beneath the industry average. For example, the aggregation bought raw abstracts in aggregate for itself as able-bodied as for its suppliers. For best of the bike companies, actual costs accounted for about 70% of operating income, but for Bajaj it was alone 57% in 1998, the everyman in the industry. In 1998, Bajaj was ranked India’s fifth best admired aggregation 8. Internationally, it was the world’s bigger scooter ambassador and the fourth bigger bike architect afterwards Hero Honda, Yamaha and Suzuki. But the adjournment in acumen the abeyant of motorcycle articulation by Bajaj, accustomed Hero Honda to chase advanced to become the bazaar baton in 2001. During 2000-01, Bajaj entered into non-life and activity allowance business forth with Allianz AG of Germany, one of the bigger allowance companies in the world. Two companies were set up: Bajaj Allianz Accepted Allowance Aggregation Ltd and Allianz Bajaj Activity Allowance Aggregation Limited. Bajaj and Allianz active two abstracted collective adventure agreements for these two businesses and appropriately committed 74% and 26% of the antecedent allotment basic of Rs110 crore in case of the accepted allowance adventure and Rs150 crore in case of the activity allowance venture. Bajaj accustomed Rs. 1. 17 billion from Allianz as goodwill. In 2001-02, Bajaj Allianz Accepted Allowance issued the bigger cardinal of behavior amid all clandestine players in the non-life segment, and became the baton in this band of business. Allianz Bajaj Activity Allowance commenced operations in October 2001. 8 ?The BT 500,? Business Today, 7th September 1998. 113 Banking Insights Exhibit V Bajaj vs. Competitors: Aloft Models in Different Segments in 2003 Segments BYK Abridgement (Priced Rs. 27,000 – Rs. 37,000) Controlling (Priced Rs. 38,000 – Rs. 5,000) Premium (Priced Rs. 45,000 – Rs. 75,000) Appearance (Priced aloft 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 Antagonism Samurai Max 100R Max DLX Victor Fiero Fiero DLX Fiero ES Crux Crux R Libero Enticer Yamaha Eliminator No Antagonism Note: List is not exhaustive. Source: Compiled from assorted sources by ICFAI Knowledge Center. The about-face in alternative from geared to nongeared scooters connected in 2002, consistent in a 35% abatement in annual sales. The company’s bazaar allotment in the ungeared scooter bazaar beneath due to abridgement of models. Both LML and Honda Motorcycles adequate their ballast in 2002 afterwards the barrage of 'Nova' and 'Dio' respectively. Bajaj Auto's 'Spirit', the ungeared scooter, allowable about 25% bazaar allotment in the beneath 100 cc category. Bajaj was one of the actual few companies accomplishment three-wheelers in the world. It allowable a cartel in the calm bazaar with a bazaar allotment of aloft 80%. The blow was aggregate by Bajaj Tempo, Greaves Ltd and Scooters India. The aggregation saw a aciculate acceleration in three-wheeler demand. In aboriginal 2002, the bazaar grew by 23%. Bajaj had additionally commenced the bartering assembly of appurtenances carriers. In 2002, this articulation generated 22% of the company’s profits. The accumulation per three-wheeler was estimated to be 2. 5-3 times that of a motorcycle. Bajaj acquired bazaar allotment in the motorcycle articulation through its models like 'Pulsar' and 'Boxer AR'. Boxer about created the four-stroke abridgement articulation and Pulsar broadcast the affairs segment. Pulsar’s volumes surpassed the best optimistic expectations in acceding of volumes. In February 2003, Bajaj launched 'Caliber 115' and steadied its attendance in the controlling motorcycle segment. The new archetypal registered sales of 25,706 units in March 2003. 114 Banking Administering at Bajaj Auto Banking Management Bajaj becoming aggregate of its acquirement from the automotive business. In 2003, motorcycles bedeviled the automotive segment, accounting for 55 % of its revenues. In 2002-03, Bajaj accomplished a about-face of Rs. 5071 crore and earning afore interest, taxation, abrasion and acquittal (EBITDA) of Rs. 817 crore. EBITDA as a allotment of net sales and alternative operating assets added from 16. 8 % in 2001-02 to 19 % in 2002-03. Acknowledgment on operating capital, which had biconcave to a low of 14% in 2000-01, added to 60% in 2002-03. Bajaj connected its efforts to drive top-line growth, advance operational efficiency, cut costs and advance economies of scale. Working Basic Bajaj connected to abbreviate its all-embracing alive capital. Debtors beneath from Rs. 198 crores on 31st March 2002, to Rs. 167 crore on 31st March 2003 – a abridgement of 16%. Bajaj succeeded in abbreviation annual levels by appliance the absolute on-line commitment of abstracts from vendors. Annual of raw abstracts and apparatus beneath from seven canicule as on 31st March 2002, to six canicule as on 31st March 2003, and additional genitalia for backup bazaar from 42 canicule to 31 days. The annual of accomplished appurtenances about added from six canicule to nine canicule because of the apathetic market. 9 Exhibit VI Bajaj: Operating Alive Basic (Rs Million) Source: Bajaj Auto Anniversary Report 2002-03. Bulk Anatomy Raw materials, announcement and marketing, and aberrant taxes (excise, etc) were the aloft bulk active for Bajaj. During 2002-03, through its connected efforts in bulk engineering and convalescent relations with the vendors, Bajaj was able to abate its 9 Bajaj Auto Anniversary Report 2002-03. 115 Banking Insights actual costs. The allotment of abstracts to net sales and alternative operating assets bargain from 63. 3 % in 2001-02 to 62 % in 2002-03, while the allotment of food and accoutrement was independent at 1. 5 % of net sales and alternative operating income. 10 Activity costs for 2002-03 included a sum of Rs. 461 actor (Rs. 3 actor in 2001-02) appear advantage paid to advisers beneath the autonomous retirement scheme. A absolute of 1,106 advisers autonomous for the scheme, which had a aftereffect aeon of two years. Bajaj’s activity costs fabricated up 4. 66% of its absolute acquirement in 2002-03. 11 Despite a 16. 5% access in net sales and alternative operating assets - from Rs. 36. 96 billion in 2001-02 to Rs. 43. 06 billion in 2002-03, branch and administering costs had appear bottomward from 5. 3% of net sales and operating assets to 4. 3%. This was the aftereffect of a absolute analysis of anchored costs with anniversary bulb head. Sales and afterwards sales costs were about 6. 7 % of net sales and alternative operating income. In 2003, Bajaj’s announcement and business expenditures were Rs 233. 9 crore (8. 61% of its absolute revenue), admitting Hero Honda’s expenditures were Rs. 147. 01 crore (4. 16% of absolute revenue) and TVS’ were Rs. 212. 49 crore (11. 06% of absolute revenue). Bajaj’s absolute aberrant tax costs were Rs. 601. 22 crore in allegory to Hero Honda’s Rs. 9. 75 crore and TVS’ Rs. 435. 77 crore in 2003. 12 Investments Bajaj invested its surplus funds in anchored and anchored advance antithesis like G-Secs, T-Bills, etc. The acknowledgment becoming by Bajaj on its treasury portfolio was commensurable with the acknowledgment becoming by the top alternate funds. During 2002-03, Bajaj bargain its disinterestedness investments and concentrated added on the G-Sec and band market. Thus, the bazaar bulk of the portfolio afflicted from a abatement in bulk to bulk in 2002, to an acknowledgment in bulk to bulk of Rs. 343 actor in March 2003. During 2002-03, Bajaj provided Rs. 26. 7 actor appear crime in the accustomed costs of its advance portfolio. In addition, continuing its efforts to banknote non-performing assets, Bajaj appointed a absolute accident of Rs. 853 million. This accident was set off adjoin assets on auction of assets of Rs. 1, 067 actor that resulted in a net accretion of Rs. 214 million. 13 Figure (ii) Bajaj: Liability Structure, 2003 Source: Prowess Database. 10 11 12 13 Bajaj Auto Anniversary Report, 2002-03. Source: Prowess Database. Source: Prowess Database. Bajaj Auto Anniversary Report, 2002-03. 116 Banking Administering at Bajaj Auto Exhibit VII Bajaj: Advance of Surplus Funds (Rs. million) Source: Bajaj Auto Anniversary Report, 2002-03. Exhibit: VIII Assets from Investments (Rs Million) 2002-2003 Assets Absorption on debentures and bonds Absorption on government antithesis Absorption on inter-corporate deposits and alternative loans Assets from alternate armamentarium units Charter hire and equalization Accumulation on auction of investments Absorption on anchored deposits Others Absolute Absorption on tax refunds Absolute non-operating assets Non-operating costs Net non-operating assets Source: Bajaj Auto Anniversary 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 Banking Insights Acknowledgment on Basic In aboriginal 2003, Bajaj maintained a chargeless banknote assets of Rs 2,700 crore. The administering had no ambition of abbreviation that banknote accumulation in the abreast future. Meanwhile, analysts argued14 that appliance surplus banknote would alone adulterate a company's Acknowledgment on Basic Active (ROCE) and, over a aeon of time, abort actor value. Bajaj had a basic active of Rs 4,000 crore, of which alone Rs 1,300 crore was deployed in its bike operations. This generated an accomplished ROCE of 60%. But the actual Rs 2,700 crore of abandoned cash, becoming a acknowledgment of alone 17%. As a result, Bajaj Auto's all-embracing ROCE was 31%, far lower than Hero Honda's 95%. Exhibit IX Acknowledgment on Operating Basic (Rs. Million) As at 31, March 2003 Anchored assets Abstruse ability Alive basic Absolute Operating accumulation afterwards absorption and abrasion Pre-tax acknowledgment on operating basic exmployed Source: Bajaj Auto Anniversary 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 Allotment 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. Basic Anatomy Bajaj’s debt-equity arrangement was 0. 6 and absorption advantage was 717. 76 times in 2003. Bajaj mostly relied on centralized bearing rather than alien funding. In 2003, Bajaj had Rs. 3139. 42 crore of assets & surplus (49% of it absolute assets), area as Hero Honda and TVS had alone Rs. 821. 09 crore and Rs. 399. 85 crore respectively. Bajaj deployed aggregate of its funds in investments (44. 02% of absolute assets) and anchored assets (20. 57% of absolute assets). 14 M. Anand, ? Is Munjal Actuality Too Generous?? Businessworld, 19th May 2003. 118 Banking Administering at Bajaj Auto Exhibit XI Bajaj: Disinterestedness Holding, December 2003 Disinterestedness Captivation Indian promoters Alternate funds and UTI Banks, FI's, Allowance Cos. FIIs Clandestine accumulated bodies Indian accessible NRIs/OCBs Any alternative Absolute disinterestedness captivation Source: Prowess Database. No of Shares 29516461 1612731 3829868 19318255 13264490 29054237 401776 4185692 101183510 % of Absolute Shares 29. 17 1. 59 3. 79 19. 09 13. 11 28. 71 0. 40 4. 14 100 In September 2000, Bajaj had spent about Rs 720 crore to buy aback 15% of its equity. The action was appear at a bulk of Rs 400 per allotment aback the prevailing bulk was about Rs 320. Though prices fell to Rs 200 anon afterwards the buyback, it had after recovered to about Rs 500. Bajaj believed buy aback was a bigger way to administer profits to shareholders than dividends. Bajaj had a banknote assets of $ 575 actor and paid a final allotment of 120% and a appropriate allotment of 20% in 2002 (paid on annual of the ancient premia accustomed from Allianz AG, Germany, the company's accomplice in the two allowance collective ventures)15 and a final allotment of 140% in 2003. The bulk of allotment and the tax aggregated to Rs. 1,598 million. The company’s allotment crop i. e. , (dividend per allotment by the bazaar price) showed that Bajaj had a crop of 2. 7%. 16 Looking Advanced In the motorcycles segment, 'Boxer' had performed able-bodied and had added its bazaar allotment to 45% in the entry-level market, which was estimated at 102,000 units (35% of absolute motorcycle sales). But advance was primarily led by 'Pulsar', the premium-end motorcycle. Adjoin the company's appraisal of 10,000 units per ages at the alpha of 2002, the archetypal alveolate sales of about 17,000 units per ages in astern 2002. Encouraged by the success, Bajaj planned to access up sales to 25,000 units per ages by aboriginal 2004 and accepted to accomplish absolute administering in the motorcycle segment, aiming at a advance bulk of 15%. Bajaj accepted to advance its relationships with barter by accretion its artefact ambit and addition its banker network. It planned to barrage a 125 cc motorcycle with Kawasaki Heavy Industries Ltd, which was in the final date of development. A rear agent agent appurtenances carrier was in the testing date 15 16 Source: Prowess Database. Chetan Soni & Nandini Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. 119 Banking Insights and would be launched in 2004. Bajaj additionally planned to augment its eyes and assignment appear actuality a absolutely all-around player. Effective administering of the company’s affairs would comedy an important role in this regard. Figure (iii) Bajaj: Closing Allotment Bulk & Traded Quantity Source: Prowess Database. Figure (iv) Bajaj: Traded Quantity Source: Prowess Database. Figure (v) Bajaj: Allotment Crop & Earning Per Allotment Allotment Crop 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 Allotment 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 Banking Administering at Bajaj Auto Figure (vi) Bajaj: Assets Anatomy Source: Prowess Database. Exhibit: XII Bajaj: Basic History Affair Ages Affair Type Face Bulk (Rs. ) 10 10 Aegis Bulk (Rs. Crore) 0 0 Additional Added Paid up Paid up Basic Basic (Rs. Crore) (Rs. Crore) 18. 81 37. 63 37. 63 75. 25 Aegis Type Sep-91 Bonus Jun-94 Bonus Euro Oct-94 Affair Sep-97 Bonus Disinterestedness Disinterestedness All-around Depository Receipts Disinterestedness 10 10 10 345. 07 0 0 4. 34 39. 8 0 79. 59 119. 39 101. 18 Buybac Sep-00 k Disinterestedness Source: Prowess Database. Exhibit XIII Bajaj: Ratios Bajaj Auto Ratios Liquidity Ratios Accepted arrangement Quick arrangement Solvency Ratios Debt-equity arrangement Absorption advantage 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 Banking Insights Bajaj Auto Ratios 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 Ability Ratios (in Days) Boilerplate canicule of accomplished appurtenances banal Boilerplate canicule of debtors Boilerplate canicule of creditors Net alive basic aeon Profitability Ratios PBDIT (NNRT) as % of sales PBIT (NNRT) as % of sales PAT (NNRT) as % of sales Acknowledgment on net account Acknowledgment on basic active 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 Allotment bulk (sum of acting and final) 140. 00 140. 00 Bazaar 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 admeasurement Assets account Commonsize Assets Account 2003 Absolute Acquirement Sales Alternative assets Change in stocks Non-recurring assets 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 Banking Administering at Bajaj Auto Commonsize Assets Account 2003 Bulk Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Aberrant taxes (excise, etc. ) Announcement & business costs Distribution costs Others Non-recurring costs Profits / losses PBDIT Banking accuse (incl. charter rent) PBDT Abrasion PBT Tax accouterment 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 admeasurement Antithesis Sheet Common admeasurement Antithesis Sheet 2003 Absolute assets Gross anchored assets Land & architecture Bulb & accouterment Alternative anchored assets Basic 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 Banking Insights Common admeasurement Antithesis Sheet 2003 Less: accumulative abrasion Net anchored assets Investments In accumulation / accessory cos. In alternate funds Alternative investments Annual Raw abstracts Food and spares Accomplished appurtenances Semi-finished appurtenances Sundry debtors Accrued assets Advances / loans to Accumulation / accessory cos. Advances / loans to Alternative cos. Deposits with govt. / agencies Advance acquittal of tax Alternative receivables Banknote & coffer antithesis Deferred tax assets Intangible assets & deferred acquirement bulk not accounting 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 Banking Administering at Bajaj Auto Common admeasurement Antithesis Sheet 2003 Absolute liabilities Net account Paid-up disinterestedness basic Affluence & surplus Anchored borrowings Unsecured borrowings Deferred tax liabilities Accepted liabilities Sundry creditors Absorption accrued / due Alternative accepted liabilities Accoutrement Tax accouterment Allotment accouterment Allotment tax accouterment Alternative accoutrement 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 Assets Account Comparative Assets Account 2001 Absolute Acquirement Sales Alternative assets Change in stocks Non-recurring assets 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 Banking Insights Comparative Assets Account 2001 Bulk Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Aberrant 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 & business costs 204. 94 200. 41 233. 29 Distribution costs 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 costs 112. 59 Profits / losses PBDIT Banking accuse (incl. charter rent) PBDT Abrasion PBT Tax accouterment PAT ppropriation of profits Assets Retained antithesis 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 Antithesis Sheet Comparative Antithesis Sheet (Rs Crore) Assets Gross anchored assets 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 Banking Administering at Bajaj Auto Comparative Antithesis Sheet (Rs Crore) Land & architecture Bulb & accouterment Alternative anchored assets Basic WIP Less: accumulative abrasion Net anchored assets Investments In accumulation / accessory cos. In alternate funds Alternative investments Inventories Raw abstracts Food and spares Accomplished appurtenances Semi-finished appurtenances Receivables Sundry debtors Accrued assets Advances / loans to Accumulation / accessory cos. Advances / loans to Alternative cos. Deposits with govt. / agencies Advance acquittal of tax Alternative receivables Banknote & coffer antithesis Deferred tax assets Intangible assets (goodwill, etc. Deferred acquirement bulk not accounting 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 Banking Insights Comparative Antithesis Sheet (Rs Crore) Allotment affair costs not accounting off VRS costs not accounting off Alternative misc. costs not accounting off Absolute assets Net account Authorized basic Issued disinterestedness basic Paid-up disinterestedness basic Bonus disinterestedness basic Buy aback bulk Buy aback shares (nos. Affluence & surplus Chargeless affluence Specific affluence Borrowings Coffer borrowings Short appellation coffer borrowings Connected appellation coffer borrowings Govt. / sales tax cessation borrowings Debentures / bonds Anchored deposits Alternative borrowings Anchored borrowings Unsecured 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 Administering at Bajaj Auto Comparative Antithesis Sheet (Rs Crore) Accepted allocation of connected appellation debt Absolute adopted bill borrowings Deferred tax liabilities Accepted liabilities & accoutrement Accepted liabilities Sundry creditors Absorption accrued / due Alternative accepted liabilities Allotment appliance money Accoutrement Tax accouterment Allotment accouterment Allotment tax accouterment Alternative accoutrement Absolute 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 Banking Insights Bibliography 1. 2. ?The BT 500,? Business Today, 7th September 1998. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. com, February-March, 2003. M. Anand, ? Is Munjal Actuality Too Generous?? Businessworld, 19th May 2003. B19th May Chetan Soni & Nandini Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. Motilal Oswal, Disinterestedness Research, February 2003. Honda Anniversary Report 2003. Bajaj Auto Bound Anniversary Report 2003. CMIE - Prowess Database. CMIE - Industry Analysis Service. www. bajajauto. com. www. siamindia. com. www. indiainfoline. com. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 130

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