Bajaj Auto

FINC/141
IBS Center for Management Research

EIC Framework: Company Analysis of Bajaj Auto Limited

This case was written by Manish Agarwal and D Satish, IBS Hyderabad. It was compiled from published sources, and is
intended to be used as a basis for class discussion rather than to illustrate either effective or ineffective handling of a management
situation.
© 2018, IBS Center for Management Research. All rights reserved.

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License to use for IBS Campuses only. Sem III, Class of 2020-2022.
FINC/141
EIC Framework: Company Analysis of Bajaj Auto

Limited
“I do not want to be a just Make for India. I want to be Make in India for the
world. In that case, all history of successful global companies tells me to become a
successful global champion only if you do one thing right... I want to be one of the
top players in my field.”1
– Rajiv Bajaj, Managing Director, Bajaj Auto Ltd., in April 2015
On February 2, 2018, Bajaj Auto Limited (Bajaj Auto) announced the results of its third quarter of
FY18 (Q3FY18). The company’s total income had fallen by about 4% from Rs. 68.64 billion in
Q2FY18 to Rs. 65.95 billion in Q3FY18. The net profit also dropped by more than 15.1%, falling
from Rs. 11.94 billion in Q2FY18 to Rs. 10.13 billion in Q3FY18.2
Although the third quarter numbers were lower than the second quarter numbers, they were better
than the previous year’s third quarter results. The consolidated total income from operations had
increased by 16.3% in Q3FY18 over Q3FY17. In the same comparable period, consolidated net
profit grew by 3.7% on a yoy basis.3 According to experts, the company had showed an
improvement over the previous year’s quarterly results because the Q3FY17 result was affected by
external economic factors such as the demonetization announced by the Indian government in
November 2016.
Industry observers pointed out that Bajaj Auto’s two-wheeler business was continuing to lose market
share. In the first nine months of FY18, Bajaj Auto’s market share dropped from 18.6% to 15.8%. In
the same period, Bajaj Auto’s sales volume also fell to 7.6% compared to a 9.8% growth in industry
volume.4 However, two-wheeler export volumes grew by 20% on a yoy basis. According to industry
experts, the continuous fall in domestic market share was a major concern for its investors. Experts,
on the other hand, felt that collaboration with global majors like Triumph Motorcycles Ltd. would
definitely improve Bajaj Auto’s market share, especially in the premium bike segment.
Between April 1, 2012 and March 31, 2017, Bajaj Auto’s share had provided a return of 55% and
stock beta was 0.775. In the same period, Hero Moto Corp Ltd., leader in the two-wheeler industry,
and TVS Motor Company, India’s third largest player in the two-wheeler industry, had provided

1
“Why Bajaj Auto wants to Follow Harley Davidson’s Business Model,” http://profit.ndtv.com/news/
corporates/article-why-bajaj-auto-wants-to-follow-harley-davidsons-business-model-754976, April 14, 2015.
2
“Bajaj Auto Limited – Unaudited Quarterly Results,” www.bajajauto.com/report/q3_results_bal_2017-
18.pdf, February 2, 2018.
3
“Bajaj Auto Limited – Unaudited Quarterly Results,” www.bajajauto.com/report/q3_results_bal_2017-
18.pdf, February 2, 2018.
4
“Bajaj Auto,” http://karvyonline.com/viewdocument.aspx?DocumentID=20476, February 6, 2018.
5
This beta was based on daily stock price and market return between April 1, 2012, and March 31, 2017.
NSE 500 was used as a proxy of market.
1
36% and 235% return. In the same period, Nifty 5006 and Nifty Auto7 had provided returns of 65%
and 80% respectively (Refer to Exhibit I). In such a situation, is it good to invest in Bajaj Auto?
BAJAJ ATUO LIMITED
As of 2017, Bajaj Auto was a part of the Bajaj Group founded by Jamnalal Bajaj (Jamnalal) in
1926. Later, in 1942, Jamnalal’s elder son, Kamalnayan Bajaj (Kamalnayan), took over the
business. Kamalnayan consolidated the business and founded Bachraj Trading Corporation Private
Limited (BTCPL) on November 29, 1945, to import and sell two- and three-wheelers in India. The
company started its sales in 1948 when it started importing two-wheelers and three-wheelers from
Italy. In 1959, it got a license from the Government of India to manufacture scooters and three-
wheelers in India.
In 1960, the company became a public listed company and renamed itself as Bajaj Auto. The same
year, Bajaj Auto collaborated with Piaggio8 to manufacture and market the Vespa brand of
scooters in India. In the 1960s, it started its first factory at Akurdi in the western Indian state of
Maharashtra to produce scooters and three-wheelers. In 1968, Kamalnayan’s elder son, Rahul
Bajaj (Rahul), became a key person in the company. He was elevated to the post of Managing
Director of the company in 1970.
Rahul focused on standardization, quality, cost control, and margin growth. Under his leadership,
the company became the largest scooter producer in India. By 1970, it was producing 100,000
vehicles.9 In 1971, with its agreement with Piaggio coming to an end, the company started
production and marketing of scooters under the Bajaj brand name. The same year, it also launched
a three-wheeler goods carrier.
In 1972, Bajaj Auto launched the Bajaj Chetak, a geared scooter which soon became extremely
popular due to its affordable price and inexpensive maintenance. There was a time when there was
a long waiting list to buy the Chetak due to the ‘License Raj’10 (rule of license or permit or quota)
system prevailing in India at that time. Bajaj Auto was, therefore, not able to increase its
production capacity. In 1976, company launched its second geared scooter – the Bajaj Super.
In 1981, the two-wheeler industry witnessed some reform and the entry of foreign players into
India with more emphasis on motorcycles. The same year, Bajaj Auto launched a 50cc motorcycle
– the Bajaj M-50. This motorcycle got a good response from customers as it was fuel efficient. In
1985, Bajaj Auto’s new plant at Waluj, Aurangabad, in Maharashtra, started production, helping
the company to expand its capacity. In 1985, Bajaj Auto entered into a technical collaboration with
Kawasaki Heavy Industries Ltd.11 to launch the Kawasaki Bajaj KB100 motorcycle in 1986. The
same year, Baja Auto launched another bike, the Bajaj M-80, which was developed by the
company itself. By this time, it was able to produce and sell 500,000 vehicles in a single financial
year. In 1990, it launched the Bajaj Sunny, a 50cc scooterette and the next year, it introduced the
Bajaj 4S Champion. In 1994, the Bajaj Classic, another geared scooter model, was launched. In
1995, the company produced and sold one million vehicles in a financial year.

6
Nifty 500 is the index at the National stock Exchange (NSE) in India. As on March 31, 2017, this index
represented more than 95% of the free float market capitalization of the stocks listed on NSE.
7
The Nifty Auto index represents 15 automobiles sector stocks listed at NSE. This index shows the
performance of the automobile segment in the financial market.
8
Piaggio, the Italian two-wheeler manufacturer, was founded by Rinaldo Piaggio in 1884.
9
“About Bajaj,” www.bajajauto.com, 2010.
10
Under the ‘License Raj’, government control was very high. The government decided which company
would produce what. Not only that, the government also decided the quantity of production.
11
Japan-based Kawasaki Heavy Industries was established in 1896.
2
But over a period of time, Bajaj Auto began lagging behind its foreign competitors. Although the
company was launching products and expanding capacity, it fell behind in areas like R&D and
technology compared to foreign players. Additionally, the change in consumer preferences from
scooters to motorcycles and the rise in the sale of motorcycles hit the financial as well as market
share of Bajaj Auto. The company’s market share dropped from 44.5% in 1997 to 38.9% in 1999.
The company lost its title of the ‘largest two-wheeler producer in India’ to Hero Honda Ltd.12, a
motorcycle producer.
To improve technology and quality, Bajaj Auto entered into technological alliances with various
foreign players such as AVL13, Tokyo R&D14, Kawasaki, etc. The company upgraded its various
existing models also. It introduced the Kawasaki Bajaj Caliber, the Bajaj Legend, India’s first
four-stroke scooter; and the Bajaj Spirit.
But these efforts did not help much, as the demand in the motorcycle segment was growing faster
than the demand in the scooter segment – the main strength of Bajaj. The company’s share in
motorcycles was just 10% in 1996.15 According to experts, the company started focusing on the
motorcycle segment quite late. Although it had a tie-up with Kawasaki, it did not help it much. Then
Bajaj started developing its own R&D team by pooling talent from all over India to develop a
motorcycle for the company. Bajaj Auto reduced its components suppliers from 1,000 to 200 as they
used to supply components for scooters and did not have knowledge about motorcycle components.16
It came up with a Voluntary Retirement Scheme to reduce its workforce. The company decided to
use Japanese production and management practices. It made a huge investment in R&D and started a
new plant for motorcycles at Chakan, Pune, in 1998. In 2001, company launched the Bajaj Pulsar
and marketed it as a premium segment bike. This was an instant hit in the market due to its sporty,
expensive, and sturdy looks and its efficient fuel consumption.
In 2004, the company adopted a new identity and logo to reflect the various changes in the
organization, such as improved infrastructure, R&D, new target audience, and new target market
outside India to increase its exports. The same year, it launched the Bajaj Chetak 4 stroke scooter,
motorcycles (Bajaj CT100 and Discover DTS-i) (Refer to Exhibit II for other vehicles launched by the
company). In 2005, Rajiv Bajaj, elder son of Rahul, became the Managing Director of the company.
In 2006, Bajaj Auto made the major decision of stopping production of the Bajaj Chetak. After
discontinuing the Chetak, it was left with only one scooter – the Bajaj Wave. However, it launched
various motorcycles, such as Discover, CT, Avenger, Platina, XCD, and Kristal. Experts stated that
this strategy had paid off as it made the company a dominant player in the premium bike segment
while Hero Honda held its position in the entry segment. In 2007, Bajaj Auto started its new
marketing strategy with the tag line ‘Distinctly Ahead’.17 Meanwhile, the company focused on export
and entered new markets. Between 2004 and 2008, its exports grew at a CAGR of 50%18. Bajaj Auto
became the leader in Sri Lanka, Bangladesh, and the Philippine motorcycle markets.19

12
A joint venture company of between Indian Hero group and Honda from Japan.
13
AVL, which was started in 1948, is a privately-owned company primarily involved in the development of
powertrain systems with internal combustion engines and instrumentation and test systems
14
Tokyo R&D, Japan, was founded in 1981. The company is involved in R&D, engineering, styling, and
prototyping of four and two-wheeler production vehicles, racing cars, auto parts, and show cars.
15
Surajeet Das Gupta, “Howthe Sons Transformed Bajaj Auto,” www.rediff.com, February 14, 2005.
16
Dubey Rajeev, “People Weren’t Convinced We Needed to Do Things Differently,” www.business
worldindia.com, August 9, 2004.
17
“Bajaj Announces “Distinctly Ahead”,” www.indiaprwire.com, June 25, 2007.
18
Choudhary Punam, “BajajAuto: On a High Gear,” www.valuenotes.com, May 11, 2009.
19
Seth Shally, “Rajiv Bajaj | The Numbers Game is not Important, But Profitability is,” www.livemint.com,
May 13, 2010.
3
In FY08, the company purchased a 14.51% equity stake in Austria-based KTM, one of the leading
sport bike manufacturers in Europe.20 By the end of FY17, Bajaj Auto gradually increased its stake
in KTM to about 48%. In 2009, Bajaj Auto decided to discontinue some of its motorcycle models
such as Platina 125, XCD 135, XCD 125, and Pulsar 200. After this, its had eight motorcycle
models and one scooter model whereas its competitor Hero Honda had 15 models including
Pleasure, an automatic scooter.
In 2009, the company decided to exit the scooter segment by the end of FY10 to completely focus on
the motorcycle segment. Rajiv said, “We will exit the scooter market because we don’t see much
sense in it...If we are to be a motorcycle specialist, we cannot make scooters. The scooters did not
sell according to our expectations. We are making hardly 1,000 scooters a month now and mostly for
exports. Now our focus is on motorcycles.”21On the company’s future plans, Rajiv said, “One day,
God willing, we will be the largest motorcycle company in the world. If we have to be a motorcycle
specialist, we have to make sacrifice (in scooter segment).”22 This strategy helped the company to
increase its market share in the motorcycle segment to 35% in January 2010 from 17% the previous
year.23 Bajaj Auto was the second largest two-wheeler player (27% market share) in India when the
company decided to exit from the scooter segment. At that time, Hero Honda was the largest player
in the segment with a 41% market share and TVS was third largest with an 18% market share.
However, by 2011, market conditions had changed and motorcycle sales growth fell to 6% in the
fourth quarter of 2011, whereas scooter sales growth jumped to 29%, thanks to the growing
acceptability of gearless scooters in the Indian market. The share of the scooter segment in the
overall two-wheeler market increased significantly but motorcycles were still the largest segment
in the two-wheeler industry in 2012.
In FY14, Bajaj Auto was able to achieve a sale of 1.5 million two-wheelers and three-wheelers,
including one million motorcycles.24 By October 2015, it had about a 40% share in the Indian
motorcycle segment and exports contributed to about half of its revenue.25In February 2017, Bajaj
Auto became the first Indian company to upgrade its complete production line to BSIV.26
COMPANY’S MANAGEMENT
Bajaj Auto had come a long way since its inception and it grew significantly over time. However,
the majority of the shares were still held by the Bajaj family, the promoter group of Bajaj Auto. By
the end of FY17, the promoter group held a 49% stake in the company, followed by FII with a
17.15% stake (Refer to Exhibit III for shareholding pattern of the company). Experts stated that
Bajaj Auto had maintained consistency and stability in leadership but it would be better if more
professional faces found a place on the board of the company (Refer Exhibit IV for details list of
board of directors).

20
“Bajaj Auto – Annual Report 2007-08,” www.bajajauto.com/report/bal-ar-2007-08.pdf, May 22, 2008.
21
“Bajaj Auto Plans to Exit the Scooters Segment,” www.livemint.com/Companies/BRZqygHQZ4j
UtiAOKeiLqM/Bajaj-Auto-plans-to-exit-the-scooters-segment.html, December 9, 2009.
22
“Bajaj Auto Plans to Exit the Scooters Segment,” www.livemint.com/Companies/BRZqygHQZ4j
UtiAOKeiLqM/Bajaj-Auto-plans-to-exit-the-scooters-segment.html, December 9, 2009.
23
“Bajaj Auto Cruises on New Brand Strategy,” www.thehindubusinessline.com/todays-paper/bajaj-auto-
cruises-on-new-brand-strategy/article975255.ece, January 11, 2010.
24
Choudhury Santanu, “Rajiv to Take Over as Bajaj Auto MD Next Year,” www.business-standard.com,
May 3, 2004.
25
VatsalaKamat, “Why Bajaj Auto’s Performance may Overtake Hero MotoCorp’s in the Near Term,”
www.livemint.com/Money/7osb1kcbFRRCiSJPHPKhXM/Why-Bajaj-Autos-performance-may-overtake-
Hero-MotoCorps-in.html, October 21, 2015.
26
Sukhpreet Singh, “From BSIII to BSIV: All You Need to Know in 10 Points,” www.financialexpress.
com/auto/car-news/from-bsiii-to-bsiv-all-you-need-to-know/609956/, March 31, 2017.
4
PRODUCT LINE AND PRODUCTION CAPABILITY
Bajaj Auto offered various types of vehicles to satisfy the demand coming from various customers.
By the end of FY17, it had three types of products – motorcycles, three-wheelers, and
quadricycles. These products were available in a variety of models – from low cost entry level to
premium models. (Refer to Exhibit V for detail Product Line of Bajaj Auto).The company had
three manufacturing facilities to produce these vehicles. The total production capacity of these
three plants was 6.06 million vehicles per annum (Refer to Exhibit VI).
DOMESTIC AND EXPORT MARKET SHARE
By the end of FY17, Bajaj Auto was the fourth largest two-wheeler player in India with an 11.4%
share in the domestic market. Its market share in executive segment two wheelers had dropped
from 22% in FY13 to 7% in FY17.27 However, the company was able to maintain its leading
position in the three-wheeler passenger carrier segment with a 59.7% share in domestic sale.28
On the export front, Bajaj Auto was a leader in the two-wheeler as well as the three-wheeler
segment. The company exported its vehicles to 78 countries in South Asia, Africa, the Middle
East, Latin America, and Southeast Asian regions. Nigeria was the company’s largest export
market. As per the FY17 annual report, about 85% export sale came from 21 countries where Bajaj
Auto held the number one or number two position. In FY17, the company had a 52.1% share in
two-wheeler exports and a 70.3% share in three-wheeler exports, including the passenger and good
carrier segment (Refer to Exhibit VII (a) and (b)).29,30Rajiv said, “Our effort is to gain 6% market
share – we have grown from 14-20%, we will move from 20-26% and we will do this by
maintaining EBITDA.”31
MARKETING & DISTRIBUTION NETWORK
Bajaj Auto had a wide network of distributors and vehicle service centers across India. In January
2018, the company had more than 600 dealers, mostly in urban areas. It also had more than 2,665
authorized services centers all over the country. Additionally, it had 171 exclusive dealers for the
three-wheeler segment. The company also had a distribution network in 50 countries around the
world.32,33,34

27
“Rating Rationale – Bajaj Auto Limited,” www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/
Bajaj_Auto_Limited_December_26_2017_RR.html, December 26, 2017.
28
“Bajaj Auto Limited - 10th Annual Report 2016-17,” www.bajajauto.com/report/bajaj_auto_ltd_ar_2017_
weba_indi_copy.pdf, May, 2017.
29
“Rating Rationale – Bajaj Auto Limited,” www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/
Bajaj_Auto_Limited_December_26_2017_RR.html, December 26, 2017.
30
“Bajaj Auto Limited,” www.unclestock.com/#!s=BAJAJ-AUTO.NS.
31
“Bajaj V, Avenger, Pulsar, Dominar 400 and Others Lined Up for Updates before December,”
www.ucnews.in/news/Bajaj-V-Avenger-Pulsar-Dominar-400-and-others-lined-up-for-updates-before-
December/780357460829024.html, July 24, 2017.
32
Arushi Kotecha, “Bajaj Auto Launches 2 New Bikes under Discover Range, to Focus on Executive
Segment,” www.livemint.com/Industry/e1KD6POwjaDLQbcgqTHEtK/Bajaj-Auto-launches-2-new-bikes-
under-Discover-range-to-foc.html, January 11, 2018.
33
“Bajaj Service Centers in India,” www.bikewale.com/service-centers/bajaj/.
34
http://profit.ndtv.com/stock/bajaj-auto-ltd_bajaj-auto/reports.
5
FINANCIAL
By the end of FY13, Bajaj Auto had total reserves worth Rs. 77.59 billion, which grew at a CAGR
of 22.60% to Rs. 175.67 billion in FY17. Between FY13 and FY17, its total liabilities increased
from Rs. 84.39 billion to Rs. 181.47 billion. Bajaj Auto’s net block (fixed assets) fell by 4.07% in
FY17 to Rs. 20.25 billion from Rs. 24.48 billion in FY16. However, investments jumped by
40.37% from Rs. 110.67 billion in FY16 to Rs. 155.35 billion in FY17 as the company had
increased its investments in Bonds and Debentures and Commercial Paper. Between FY13 and
FY17, Bajaj Auto’s current assets and current liabilities had decreased at a CAGR of 0.38% and
6.04% respectively. The company’s cash and bank balance went down from Rs. 8.67 billion in
FY16 to Rs. 3.01 billion by the end of FY17(Refer to Exhibit VIII for detailed Balance Sheet
account).35
Bajaj Auto’s total income fell from Rs. 237.29 billion in FY16 to Rs. 232.87 billion in FY17
although it had grown at a CAGR of 2.86% between FY13 and FY17.Other incomes which
increased by 106.53% in FY16 grew by only 22.46% in FY17 on a year on year (yoy) basis. The
operating profit which increased by 37.42% in FY16 over the previous year fell by 1.52% in FY17
on a yoy basis. However, it had grown at a CAGR of 7.32% between FY13 and FY17. Profit
before tax reduced by 1.60% in FY17 on a yoy basis. Bajaj Auto paid Rs. 14.57 billion tax in
FY17, which was 11.2% less than in FY16. Profit after tax increased marginally from Rs. 40.61
billion in FY16 to Rs. 40.79 billion in FY17.36 Earnings per Share (EPS) increased from Rs.
120.23 per share to Rs. 139.96 per Share. Bajaj Auto issued Rs. 55 per share dividend in FY17
(Refer to Exhibit IX for detailed P&L account).
In FY17, Bajaj Auto generated 13.42% less cash from its operations than the previous year.
However, between FY13 and FY17, the company was able to increase its cash from operations at a
CAGR of 8.38%. In FY17, it used Rs. 3.60 billion for investing activities, which was significantly
higher than the Rs. 849.78 million that it had spent for the same purpose in FY13. In FY17, Bajaj
Auto used Rs. 190.09 million in financing activities, which was significantly lower than the Rs.
3.38 billion used for the same activities in FY16. There was a net decline in cash and cash
equivalent in FY17 by Rs. 532.41 million compared to a net addition of Rs. 238.25 million in
FY16 (Refer to Exhibit X for detailed Cash Flow Statement).37
CHALLENGES FACED BY BAJAJ AUTO
Bajaj Auto faced major competition from the top three leading players in the industry – Hero,
Honda, and TVS. The company’s market share fell from 18.6% in the first quarter of FY17 to
16.1% in the same quarter in FY18. The management stated that this had happened due to BSIV
implementation and the Goods and Services Tax38 (GST) roll-out in July 2017. In the quarter
which ended in December 2017, domestic sales volume grew only by 2% over the same quarter of
the previous year, whereas its peer TVS registered a 27% growth in volumes during the same
period. Experts stated that Bajaj’s low growth in sales volume was due to the failure of its
motorcycle models such as ‘Avenger’, ‘V12’, and ‘V15’.39

35
www.capitaline.com.
36
www.capitaline.com.
37
www.capitaline.com.
38
Goods and Services Tax (GST) is an indirect tax which was implementation in July 2017.
39
Ram Prasad Sahu, “Strong CV Business, Robust Exports Offset Domestic Weakness for Bajaj Auto,”
www.business-standard.com/article/companies/strong-cv-business-robust-exports-offset-domestic-
weakness-for-bajaj-auto-118020500106_1.html, February 5, 2018.
6
Industry observers stated that a paradigm shift in consumer preference from motorcycles to
gearless scooters was a major concern for Bajaj Auto. The company was not present in the scooter
segment, which was a major limitation for it. Also, it did not have any product for middle-aged
people and women who wanted gearless scooters.
Bajaj Auto planned to launch electric three-wheeler vehicles in 2018. In an interview, Rajiv stated
that the company also planned to came up with a premium electric two-wheeler vehicle by
2020.40Although Bajaj Auto had started working on a two-wheeler electric vehicle, the company
was lagging behind other industry players. Hero Electric and Lohia Auto had ready launched their
electric two-wheelers in the Indian market. Another company, Ather Energy, had also started pre-
order booking of its smart electric scooter ‘Ather S340’ in select cities (Bengaluru, Chennai, and
Pune). TVS planned to launch its electric vehicle in the first half of 2018. Lohia Auto launched its
battery-operated three-wheeler in February 2018.
CREDIT RATING
Bajaj Auto enjoyed a high credit rating as it had a strong presence in the domestic market and it
was a leading exporter in the two-wheeler and three-wheeler segment. Additionally, Bajaj Auto
enjoyed a low debt to equity ratio and had a huge amount of cash and a big bank balance, which
helped the company to maintain a high credit rating. Additionally, an extensive amount of
investments and cash surplus helped the company to fulfill its capital expenditure requirement and
R&D expenses though internal accrual. The 10-year Indian government Securities Yield was
7.00% on March 31, 2017.41
STRATEGIC PARTNERSHIP
In August 2017, Bajaj Auto announced a strategic partnership with UK-based Triumph
Motorcycles Ltd. (Triumph) to develop middleweight motorcycles (250cc and 600cc), a segment
dominated by Royal Enfield in India. Experts opined that the partnership would help both to
leverage the strength of each other. Bajaj Auto was strong in low cost manufacturing whereas
Triumph was a premium luxury brand with a global presence. The partnership would help Bajaj
Auto to compete with Royal Enfield in the Indian market42 and to capture foreign markets where
Triumph had a presence. Triumph had a chance to develop and offer bikes in the segment where it
also had no presence and to expand its market in India, the largest two-wheeler market in the
world. S. Ravikumar, then President of Business Development and Assurance at Bajaj Auto, said,
“The strategic thinking/intent within the partnership is to provide both organizations the
opportunity to reach new market segments within the global motorcycle market”.43
LOOKING FORWARD
Rajiv was positive about the future of Bajaj Auto. He believed that sooner or later, the Indian
government would allow the company to sell its quadricycles in India also. Additionally, the
company’s management was geared up to increase its market share in the coming years and was

40
Swaraj Baggonkar, “Bajaj Plans Launch of Electric 3-Wheeler Next Yr, 2 Years Ahead of its Original
Date,” www.moneycontrol.com/news/business/bajaj-plans-launch-of-electric-3-wheeler-next-year-2-years-
well-ahead-of-its-original-date-2332097.html, July 21, 2017.
41
“Cash Reserve Ratio and Interest Rates,” www.rbi.org.in/Scripts/BS_NSDPDisplay.aspx?param=4,
March 9, 2018.
42
By the end of 2017, Bajaj Auto had only one bike in this segment – the 375cc Dominar.
43
Shally Seth Mohile, “Bajaj Auto Partners with Triumph to take on Royal Enfield,” www.livemint.com/
Companies/JTNXxj3SsXqIzVAFHS5aYL/Bajaj-Auto-Triumph-Motorcycle-UK-announce-partnership.html,
August 9, 2017.
7
planning to launch new two-wheeler and three-wheeler vehicles and a range of electric vehicles,
also. Experts stated that Bajaj Auto was known for its high margin and low cost business model
but a continuous fall in domestic market share was a concern for investors. It was time for the
investors to take a decision on whether to hold back on their investments or sell their investments
in Bajaj Auto.
8
Exhibit I:
Monthly Share Price Movement of Various Industry Players and Indexes
Source: Papered by author. Data source:CMIE Database.
Exhibit II:
List of Various Vehicles Launched by Bajaj Auto
Year Vehicle Launched
1971 Three-wheeler goods carrier launched
1972 Bajaj Chetak
1976 Bajaj Super
1977 Rear Engine Autorickshaw introduced
1981 Bajaj M-50
1986 Bajaj M-80 and the Kawasaki Bajaj KB100 motorcycles
1990 Bajaj Sunny
1991 Kawasaki Bajaj 4S Champion
1994 Bajaj Classic
1997 Kawasaki Bajaj Boxer, RE diesel autorickshaw
1998 Kawasaki Bajaj Caliber, Legend (four-stroke scooter), Spirit
2000 Bajaj Saffire
2001 Pulsar, Eliminator
9
Year Vehicle Launched

2003 Bajaj Pulsar DTS-i, Bajaj Wind 125, Caliber115 “Hoodibabaa!”
2004 Bajaj Discover DTS-i, Bajaj Chetak 4 stroke, Bajaj CT100
2005 Bajaj Wave DTS-i, Bajaj Avenger DTS-i, Bajaj Discover
2006 Bajaj Platina
Bajaj Kristal DTS-i, 200 cc Pulsar DTS-i, Bajaj Pulsar 220 DTS-Fi, DTS-Si engine,
2007
Bajaj XCD 125 DTS-Si, RE GDi autorickshaw launched
2008 Bajaj Discover 135 DTS-i Upgraded, Bajaj Platina 125 DTS-Si
2009 Discover DTS-si, Pulsar 135 LS, , XCD 135 cc DTS-si
2010 Avenger 220 DTS-i, Discover 150, Pulsar 220 S, Pulsar 220 F,
2011 BM 150, Discover 125
2012 Pulsar 200 NS, Discover 125 ST, KTM 200
2013 Discover 100 M, Discover 100 T, KTM Duke 390 with ABS
2014 Discover 150F, Discover 150S, Discover 125 M,
2015 Pulsar AS 150, Pulsar AS 200, Pulsar RS 200, Platina 100, Platina 100 ES, CT 100
V15, CT 100B, Dominar 400, New Pulsar CS400, 2017 Bajaj Pulsar 180, 150, 135 LS
2016 launched with BS-IV engines, Avenger 220 Cruise, Avenger 220 Street, Avenger 150
Street
2017 V12, Pulsar NS 160, New 2017 model Bajaj Discover 125, PlatinaComforTec,
2018 Planned to launch new Bajaj V (low cost bike), and Avenger
Compiled from various sources.
Exhibit III:
Shareholding Pattern of Bajaj Auto Limited (in Percentage)
Type of Shareholders Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017
Promoter 49.31 49.30 49.30 49.30 49.30
MF 2.03 1.83 2.33 2.00 1.96
FII 17.63 17.44 17.48 16.95 17.15
Other Institutions 6.37 5.84 6.00 7.09 6.85
Individual 24.66 25.59 24.89 24.66 24.74
Source: “Bajaj Auto Ltd.,” https://trendlyne.com/equity/share-holding/144/BAJAJ-AUTO/Q4-2017/bajaj-
auto-limited/.
10
Exhibit IV:
Board of Directors of Bajaj Auto as on March, 2018
Name Post
Rahul Bajaj Chairman
Madhur Bajaj Vice Chairman
Rajiv Bajaj Managing Director
Pradeep Shrivastava Executive Director
Sanjiv Bajaj Director
Shekhar Bajaj Director
Manish Kejriwal Director
Niraj R. Bajaj Director
D J Balaji Rao Independent Director
D S Mehta Independent Director
Dr. OmkarGoswami Independent Director
Nanoo Pamnani Independent Director
P Murari Independent Director
Dr. Gita Piramal Independent Director
Dr. Naushad Forbes Independent Director
Anami Roy Independent Director
Source: “Bajaj Team,” www.bajajauto.com/about-us/our-team.
11
Exhibit V:
Product Line of Bajaj Auto
Source: Compiled by the author from various sources.
Exhibit VI:
Plant-wise Production Capacity and Product Range
Plant As on March 31, 2017 Product Range
Waluj Motorcycles 2,400,000 Boxer, CT100, Discover, Pulsar, V12,
V15, three-wheelers and quadricycles
Commercial Vehicle 660,000
Waluj 3,060,000
Subtotal
Chakan Motorcycles 1,200,000 Pulsar, Avenger, Dominar and KTM
Pantnagar Motorcycles 1,800,000 CT100, Platina, Discover, V12, V15
and Pulsar
Grand Total 6,060,000
Source: “Bajaj Auto Limited - 10th Annual Report 2016-17,”
www.bajajauto.com/report/bajaj_auto_ltd_ar_2017_weba_indi_copy.pdf, May, 2017.
12
Exhibit VII (a):

Motorcycles Sales: Domestic and Export
Year ended Domestic Sales Exports
31st March
BAL (nos.) BAL’s Growth BAL (nos.) BAL’s Growth
2013 2,463,874 (4.0%) 1,293,231 2.0%
2014 2,099,230 (14.8%) 1,323,173 2.3%
2015 1,770,778 (15.6%) 1,521,306 15.0%
2016 1,898,957 7.2% 1,459,295 (4.1%)
2017 2,001,391 5.4% 1,218,541 (16.5%)
Exhibit VII (b):

Three-Wheeler Sales: Industry and Bajaj Auto
Total Sales Domestic Sales Exports
Particulars
FY2017 FY2016 FY2017 FY2016 FY2017 FY2016
Passenger Sales
Industry Sales 671,034 842,588 402,034 441,091 269,000 401,497
Bajaj Auto Sales 431,022 533,670 240,064 253,670 190,958 280,000
Bajaj Auto Market Share 64.2% 63.3% 59.7% 57.5% 71.0% 69.7%
Goods Carriers
Industry Sales 112,518 99,945 109,624 97,001 2,894 2,944
Bajaj Auto Sales 13,440 1,325 13,162 1,325 278 -
Bajaj Auto Market Share 11.9% 1.3% 12.0% 1.4% 9.6% -
Total Three-Wheelers
Industry Sales 783,552 942,533 511,658 538,092 271,894 404,441
Bajaj Auto Sales 444,462 534,995 253,226 254,995 191,236 280,000
Bajaj Auto Market Share 56.7% 56.8% 49.5% 47.4% 70.3% 69.2%
13
Exhibit VIII:
Consolidated Balance Sheet of Bajaj Auto Limited (Rs. in Million)
March March March March March
Year
2013 2014 2015 2016 2017
SOURCES OF FUNDS :
Share Capital44 2,893.7 2,893.7 2,893.7 2,893.7 2,893.7
Reserves Total 77,759.3 98,778.9 108,059.5 137,309.4 175,672.0
Equity Share Warrants - - - - -
Equity Application Money - - - - -
Total Shareholders’ Funds 80,653.0 101,672.6 110,953.2 140,203.1 178,565.7
Minority Interest - 0.6 0.4 0.4 0.3
Secured Loans - - - 1,178.6 1,199.0
Unsecured Loans 1,155.8 591.9 1,123.5 - -
Total Debt 1,155.8 591.9 1,123.5 1,178.6 1,199.0
Policy Holders Fund - - - - -
Other Liabilities 2,582.2 2,086.6 1,400.3 1,183.0 1,346.6
Total Liabilities 84,391.0 104,351.7 113,477.4 142,565.1 181,111.6
APPLICATION OF FUNDS :
Gross Block 43,857.0 47,364.0 46,317.0 44,348.9 45,332.1
Less: Accumulated Depreciation 20,302.9 20,767.8 21,836.7 24,092.2 25,899.5
Less: Impairment of Assets - - - - -
Net Block 23,554.1 26,596.2 24,480.3 20,256.7 19,432.6
Lease Adjustment - - - - -
Capital Work in Progress 2,935.5 1,440.6 2,549.4 522.4 421.7
Producing Properties - - - - -
Investments 60,589.2 84,477.7 89,852.5 110,672.3 155,355.7
Current Assets, Loans & Advances - - - - -
Inventories 6,439.6 6,412.1 8,141.5 7,190.7 7,283.8
Sundry Debtors 7,343.3 7,962.1 7,169.6 7,179.3 9,532.9
Cash and Bank 5,665.1 5,009.0 5,927.4 8,670.3 3,013.6
Loans and Advances 15,254.6 13,964.2 16,424.2 11,089.4 14,354.2
Total Current Assets 34,702.6 33,347.4 37,662.7 34,129.7 34,184.5
Less : Current Liabilities and Provisions - - - - -
Current Liabilities 25,136.7 28,767.1 25,667.1 26,337.4 30,761.7
Provisions 16,078.6 18,527.0 19,095.7 1,473.2 1,366.7

44
As at March 31, 2017, total authorized capital of Bajaj Auto was Rs. 3,000 million divided in to
300,000,000 equity shares of Rs. 10 each. The issued, subscribed and fully paid-up was Rs. 2,893.7
million divided in to 289,367,020 equity shares.
14

Year
2013 2014 2015 2016 2017
Total Current Liabilities 41,215.3 47,294.1 44,762.8 27,810.6 32,128.4
Net Current Assets (6,512.7) (13,946.7) (7,100.1) 6,319.1 2,056.1
Miscellaneous Expenses not written off - - - - -
Deferred Tax Assets 334.1 1,463.9 1,371.9 1,273.2 1,685.7
Deferred Tax Liability 1,151.0 2,895.7 2,787.7 3,301.2 4,821.9
Net Deferred Tax (816.9) (1,431.8) (1,415.8) (2,028.0) (3,136.2)
Other Assets 4,641.8 7,215.7 5,111.1 6,822.6 6,981.7
Total Assets 84,391.0 104,351.7 113,477.4 142,565.1 181,111.6
Contingent Liabilities 11,709.8 10,531.8 - - -
Source: www.capitaline.com.
Exhibit IX:
Consolidated Profit & Loss Account of Bajaj Auto Limited (in Rs. Million)
Year
2013 2014 2015 2016 2017
INCOME:
Sales Turnover 211,709.0 211,676.9 225,235.5 238,832.0 230,880.3
Excise Duty 11,289.1 10,094.0 9,092.8 12,966.8 13,213.5
Net Sales 200,419.9 201,582.9 216,142.7 225,865.2 217,666.8
Other Income 7,971.3 6,818.1 5,839.5 12,060.2 14,768.5
Stock Adjustments (323.5) 125.7 564.6 (634.5) 436.8
Total Income 208,067.7 208,526.7 222,546.8 237,290.9 232,872.1
EXPENDITURE:
Raw Materials 144,011.9 138,958.0 149,078.9 149,934.1 146,678.3
Power & Fuel Cost 1,215.7 1,063.7 1,148.0 1,206.6 964.6
Employee Cost 6,222.1 7,016.6 8,664.2 8,834.2 9,608.4
Other Manufacturing Expenses 2,612.6 5,304.2 6,557.8 6,441.9 5,475.4
Selling and Administration Expenses 7,715.5 5,664.7 7,424.6 8,322.5 8,337.0
Miscellaneous Expenses 2,462.3 2,798.4 6,704.8 2,850.8 3,068.7
Less: Pre-operative Expenses
628.5 649.0 600.5 170.2 222.7
Capitalized
Total Expenditure 163,611.6 160,156.6 178,977.8 177,419.9 173,909.7
Operating Profit 44,456.1 48,370.1 43,569.0 59,871.0 58,962.4
Interest 11.9 8.2 64.9 10.5 14.0
Gross Profit 44,444.2 48,361.9 43,504.1 59,860.5 58,948.4
Depreciation 1,678.1 1,813.2 2,674.6 3,071.6 3,072.9
Minority Interest (before tax) - - - - -
15

Year
2013 2014 2015 2016 2017
Profit Before Tax 42,766.1 46,548.7 40,829.5 56,788.9 55,875.5
Tax 11,560.0 13,606.5 12,580.0 16,414.2 14,576.6
Fringe Benefit Tax - - - - -
Deferred Tax 725.2 598.2 130.5 (237.7) 504.1
Net Profit 30,480.9 32,344.0 28,119.0 40,612.4 40,794.8
Minority Interest (after tax) (1.7) (3.6) (0.1) - (0.1)
Profit/Loss of Associate Company 844.3 1,455.2 2,137.2 - -
Net Profit after Minority Interest & P/L
31,326.9 33,802.8 30,256.3 40,612.4 40,794.9
Asso.Co.
Extraordinary Items 346.0 347.4 (1,096.5) (48.6) (30.3)
Adjusted Net Profit 30,980.9 33,455.4 31,352.8 40,661.0 40,825.2
Adjst. Below Net Profit - 46.0 (276.8) 104.9 (130.4)
P & L Balance brought forward 37,051.4 49,202.6 61,504.5 92,069.6 93,051.7
Statutory Appropriations - - - - -
Appropriations 19,175.7 21,546.9 22,284.6 39,735.2 8,090.6
P & L Balance carried down 49,202.6 61,504.5 69,199.4 93,051.7 125,625.6
Dividend 13,021.5 14,468.4 14,468.4 28,936.8 1,446.8
Preference Dividend - - - - -
Equity Dividend (%) 450 500 500 550 550
Dividend Per Share (Rs.) 45 50 50 55 55
EPS before Minority Interest (Unit
97.69 103.28 87.23 120.23 139.96
Curr.)
EPS before Minority Interest (Adj)
97.69 103.28 87.23 120.23 139.96
(Unit Curr.)
EPS after Minority Interest (Unit Curr.) 100.61 108.32 94.62 120.23 139.96
EPS after Minority Interest (Adj) (Unit
100.61 108.32 94.62 120.23 139.96
Curr.)
Book Value (Unit Curr.) 278.72 351.36 383.43 484.51 617.08
Book Value (Adj) (Unit Curr.) 278.72 351.36 383.43 484.51 617.08
16
Exhibit X:
Cash Flow Statement of Bajaj Auto Limited (in Rs. Million)
Year March 2013 March 2014 March 2015 March 2016 March 2017
Cash Flow Summary
Cash and Cash Equivalents at Beginning
11,787.6 5,579.4 4,917.0 5,816.6 8,199.1
of the year
Net Cash from Operating Activities 22,183.0 35,017.1 21,138.0 36,898.5 32,673.6
Cash Flow From Operating Activities - - - - - - - - - -
Net Profit before Tax & Extraordinary
43,610.4 46,548.7 40,829.5 56,788.9 55,875.5
Items
Adjustment For - - - - - - - - -
Depreciation 1,678.1 1,813.2 2,674.6 3,071.6 3,072.9
Interest (Net) (2,996.0) (2,141.0) (1,187.9) (831.4) (736.2)
Dividend Received (1.5) - - - -
P/L on Sales of Assets (1.3) 53.1 116.2 (12.6) (20.0)
P/L on Sales of Invest (482.3) (548.4) (1,926.9) (37.8) (30.9)
Prov. & W/O (Net) (238.2) (1,257.0) (560.5) 7.0 33.3
P/L in Forex - - - 140.2 28.6
Fin. Lease & Rental Chrgs - - - - -
Others (2,008.7) (29.3) 502.2 (9,825.2) (12,090.0)
Total Adjustments (PBT & Extraordinary
(4,049.9) (2,109.4) (382.3) (7,488.2) (9,742.3)
Items)
Op. Profit before Working Capital
39,560.5 44,439.3 40,447.2 49,300.7 46,133.2
Changes
Adjustment For - - - - - - - - - -
Trade & 0th receivables (3,309.4) (615.6) 763.7 (46.6) (2,409.8)
Inventories 596.5 27.5 (1,729.4) 950.8 (93.1)
Trade Payables (89.2) - - - -
17
Loans & Advances (1,986.9) 1,063.1 (1,834.6) - -
Investments - - - - -
Others (201.7) 3,241.1 (3,656.3) 4,888.1 4,069.1
Total (OP before Working Capital
(4,990.7) 3,716.1 (6,456.6) 5,792.3 1,566.2
Changes)
Cash Generated from/(used in)
34,569.8 48,155.4 33,990.6 55,093.0 47,699.4
Operations
Interest Paid(Net) - - - - -
Direct Taxes Paid (12,386.8) (13,138.3) (12,852.6) (18,194.5) (15,025.8)
Advance Tax Paid - - - - -
Others - - - - -
Total-others (12,386.8) (13,138.3) (12,852.6) (18,194.5) (15,025.8)
Cash Flow before Extraordinary Items 22,183.0 35,017.1 21,138.0 36,898.5 32,673.6
Extraordinary Items - - - - - - - - - -
Others - - - - -
Net Cash Used in Investing Activities (13,944.3) (20,722.6) (3,796.6) (675.2) (36,096.8)
Cash Flow from Investing Activities - - - - - - - - - -
Investment in Assets : - - - - - - - - - -
Purchased of Fixed Assets - - - - - - - - - -
Sale of Fixed Assets 201.2 72.7 164.8 57.4 86.5
Capital WIP - - - - -
Capital Subsidy Recd - - - - -
Financial/Capital Investment : - - - - - -
Purchase of Investments (17,111.4) (74,258.7) (49,191.1) (62,630.9) (57,826.9)
Sale of Investments 482.3 54,904.3 45,645.3 63,599.2 21,999.8
Investment Income - (1,250.0) 1,120.3 - -
18
Interest Received 3,007.9 2,149.2 1,252.8 916.0 632.6
Dividend Received 1.5 - - - -
Others (525.8) (2,340.1) (2,788.7) (2,616.9) (988.8)
Net Cash Used in Financing Activities (14,446.9) (14,956.9) (16,441.8) (33,840.8) (1,900.9)
Cash Flow From Financing Activities - - - - - - - - - -
Proceeds: - - - - - - - - - -
Proceeds from Issue of shares (incl share
- - - - -
premium)
Proceed from 0ther Long-Term
- - - - -
Borrowings
Proceed from Bank Borrowings - - - - -
Proceed from Short-Term Borrowings - - - - -
Payments: - - - - - - - - - -
Share Application Money Refund - - - - -
Of the Long-Term Borrowings - - - - -
Of the Short-Term Borrowings - - - - -
Dividend Paid (12,996.6) (13,015.2) (14,449.6) (28,628.1) (1,727.7)
Shelter Assistance Reserve - - - - -
Interest Paid (11.9) (8.2) (64.9) (4.8) (6.2)
Others (1,438.4) (1,933.5) (1,927.3) (5,207.9) (167.0)
Net Cash Used in Financing Activities (14,446.9) (14,956.9) (16,441.8) (33,840.8) (1,900.9)
Net Inc/(Dec) in Cash and Cash
(6,208.2) (662.4) 899.6 2,382.5 (5,324.1)
Equivalent
Cash and Cash Equivalents at End of
5,579.4 4,917.0 5,816.6 8,199.1 2,875.0
the year
19
Suggested Readings and References:
1. “Cash Reserve Ratio and Interest Rates,” www.rbi.org.in/Scripts/BS_NSDPDisplay.

aspx?param=4, March 9, 2018.
2. “Bajaj Auto,” http://karvyonline.com/viewdocument.aspx?DocumentID=20476, February
6, 2018.
3. Ram Prasad Sahu, “Strong CV Business, Robust Exports Offset Domestic Weakness for
Bajaj Auto,” www.business-standard.com/article/companies/strong-cv-business-robust-
exports-offset-domestic-weakness-for-bajaj-auto-118020500106_1.html, February 5, 2018.
4. “Bajaj Auto Limited – Unaudited Quarterly Results,” www.bajajauto.com/report/q3_
results_bal_2017-18.pdf, February 2, 2018.
5. Arushi Kotecha, “Bajaj Auto Launches 2 New Bikes under Discover Range, to Focus
on Executive Segment,” www.livemint.com/Industry/e1KD6POwjaDLQbcgqTHEtK/
Bajaj-Auto-launches-2-new-bikes-under-Discover-range-to-foc.html, January 11, 2018.
6. “Rating Rationale – Bajaj Auto Limited,” www.crisil.com/mnt/winshare/Ratings/
RatingList/RatingDocs/Bajaj_Auto_Limited_December_26_2017_RR.html, December 26,
2017.
7. Preetam Bora, “Bajaj to Launch Electric Vehicle Range By 2020,” https://auto.ndtv.
com/news/bajaj-to-launch-electric-vehicle-range-by-2020-1750392, September 14, 2017.
8. Shally Seth Mohile, “Bajaj Auto Partners with Triumph to take on Royal Enfield,”
www.livemint.com/Companies/JTNXxj3SsXqIzVAFHS5aYL/Bajaj-Auto-Triumph-
Motorcycle-UK-announce-partnership.html, August 9, 2017.
9. “Bajaj V, Avenger, Pulsar, Dominar 400 and Others Lined Up for Updates before
December,” www.ucnews.in/news/Bajaj-V-Avenger-Pulsar-Dominar-400-and-others-lined-
up-for-updates-before-December/780357460829024.html, July 24, 2017.
10. KetanThakkar, “Auto major eyes 26% market share in fy19: Bajaj Auto Planning a
Portfolio Revamp Soon,” https://economictimes.indiatimes.com/industry/auto/news/two-
wheelers/motorcycles/auto-major-eyes-26-market-share-in-fy19-bajaj-auto-planning-a-
portfolio-revamp-soon/articleshow/59709937.cms, July 22, 2017.
11. Swaraj Baggonkar, “Bajaj Plans Launch of Electric 3-Wheeler Next Yr, 2 Years Ahead
of its Original Date,” www.moneycontrol.com/news/business/bajaj-plans-launch-of-
electric-3-wheeler-next-year-2-years-well-ahead-of-its-original-date-2332097.html, July
21, 2017.
12. Amit Panday, “Bajaj Auto posts Rs 3,828 crore profit in FY2017, operating EBIDTA
margin strong at 21.7%,” www.autocarpro.in/news-national/bajaj-auto-posts-rs-828-
crore-fy2017-operating-ebidta-margin-strong-217-24699, May 18, 2017.
13. “Bajaj Auto Limited - 10th Annual Report 2016-17,” www.bajajauto.com/report/bajaj_
auto_ltd_ar_2017_weba_indi_copy.pdf, May, 2017.
14. Sukhpreet Singh, “From BSIII to BSIV: All You Need to Know in 10 Points,” www.
financialexpress.com/auto/car-news/from-bsiii-to-bsiv-all-you-need-to-know/609956/,
March 31, 2017.
15. Rahul Oberoi, “2-wheeler industry may rebound, should you invest?,” www.
financialexpress.com/market/tvs-bajaj-or-hero-motocorp-which-stocks-will-give-joyous-
ride-to-investors/203938/, January 29, 2016.
20
16. Vatsala Kamat, “Why Bajaj Auto’s Performance may Overtake Hero MotoCorp’s in
the Near Term,” www.livemint.com/Money/7osb1kcbFRRCiSJPHPKhXM/Why-Bajaj-
Autos-performance-may-overtake-Hero-MotoCorps-in.html, October 21, 2015.
17. “Why Bajaj Auto wants to Follow Harley Davidson's Business Model,” http://
profit.ndtv.com/news/corporates/article-why-bajaj-auto-wants-to-follow-harley-davidsons-
business-model-754976, April 14, 2015.
18. Seth Shally, “Rajiv Bajaj | The Numbers Game is not Important, But Profitability is,”
www.livemint.com, May 13, 2010.
19. “Bajaj Auto Cruises on New Brand Strategy,” www.thehindubusinessline.com/todays-
paper/bajaj-auto-cruises-on-new-brand-strategy/article975255.ece, January 11, 2010.
20. “About Bajaj,” www.bajajauto.com, 2010.
21. “Bajaj Auto Plans to Exit the Scooters Segment,” www.livemint.com/Companies/
BRZqygHQZ4jUtiAOKeiLqM/Bajaj-Auto-plans-to-exit-the-scooters-segment.html,
December 9, 2009.
22. Choudhary Punam, “Bajaj Auto: On a High Gear,” www.valuenotes.com, May 11, 2009.
23. “Bajaj Auto – Annual Report 2007-08,” www.bajajauto.com/report/bal-ar-2007-08.pdf,
May 22, 2008.
24. “Bajaj Announces “Distinctly Ahead”,” www.indiaprwire.com, June 25, 2007.
25. Surajeet Das Gupta, “How the Sons Transformed Bajaj Auto,”www.rediff.com,
February 14, 2005.
26. Dubey Rajeev, “People Weren’t Convinced We Needed to Do Things Differently,”
www.businessworldindia.com, August 9, 2004.
27. Choudhury Santanu, “Rajiv to Take Over as Bajaj Auto MD Next Year,”
www.business-standard.com, May 3, 2004.
28. “Bajaj Auto Limited,” www.unclestock.com/#!s=BAJAJ-AUTO.NS.
29. “Bajaj Auto Ltd.,” https://trendlyne.com/equity/share-holding/144/BAJAJ-AUTO/Q4-
2017/bajaj-auto-limited/.
30. “Bajaj Service Centers in India,” www.bikewale.com/service-centers/bajaj/.
31. “Bajaj Team,” www.bajajauto.com/about-us/our-team.
32. http://profit.ndtv.com/stock/bajaj-auto-ltd_bajaj-auto/reports.
33. www.capitaline.com.
21

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IBS Center for Management Research

EIC Framework: Company Analysis of Bajaj Auto Limited

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EIC Framework: Company Analysis of Bajaj Auto

BAJAJ ATUO LIMITED

PRODUCT LINE AND PRODUCTION CAPABILITY

DOMESTIC AND EXPORT MARKET SHARE

MARKETING & DISTRIBUTION NETWORK

CHALLENGES FACED BY BAJAJ AUTO

Source: Papered by author. Data source:CMIE Database.

Year Vehicle Launched

Source: Compiled by the author from various sources.

Exhibit VII (a):

Exhibit VII (b):

March March March March March

March March March March March

Suggested Readings and References:

1. “Cash Reserve Ratio and Interest Rates,” www.rbi.org.in/Scripts/BS_NSDPDisplay.

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