Financials
Q2-2015: Bajaj Corp marketing exp up 20 per cent, ad exp down 2 per cent
BENGALURU: Note: (1) Bajaj Corp’s Limited (Bajaj Corp) Advertisement and Sales Promotion (ASP) expense comprises two parts – Advertisement (Ad) and Sales Promotion (SP). The ASP figures have been obtained from the Company’s investors’ presentations over various quarters and the Ad Exp from its financial results. SP results have been obtained by deducting the Ad Expenses from the ASP. The figures in the investors’ presentations have been rounded off by the company and hence are assumed as approximate. Consequently the SP figures are assumed to be approximate.
(2) Bajaj Corp Limited is a subsidiary of Bajaj Resources Limited (BRL) and is an exclusive licensee of the brands owned by BRL for a period of 99 years starting 2008.
(3) Rs 100 lakh = Rs100,00,000 = Rs 1 Crore = Rs10 million.
Bajaj Corp’s mother brand is Bajaj with sub brands/products such as Bajaj Almond Drops Hair Oil, Bajaj Kailash Parbhat Cooling Oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Shikakai, Bajaj Jasmine Hair Oil, Bajaj Kala Dant Manjan, and creams, soaps, face washes and face scrubs under the brand name Nomarks.
Bajaj Corp spent Rs 33.45 crore (17.8 per cent of Total Income from operations or TIO) in Q2-2015 towards advertisement and sales promotion (ASP), which was 19.8 per cent more than the Rs 27.92 crore (17.6 per cent of TIO) in the year ago quarter and 9.6 per cent more than the Rs 30.53 crore (16 per cent of TIO) in the immediate trailing quarter. In HY-2015, the company’s ASP at Rs 63.97 crore (17.9 per cent of TIO) was 11.8 per cent more than the Rs 56.45 crore (17.2 per cent of TIO) in HY-2014. The company’s ASP shows an upward trend in terms of percentage of TIO as well as in absolute rupee terms across 11 quarters starting Q2-2012 until Q2-2014.
The company’s advertisement expense (ad expense) in Q2-2014 at Rs 12.38 crore (6.6 per cent of TIO) was 1.7 per cent lower than the Rs 12.60 crore (8 per cent of TIO) in Q2-2014 and 6 per cent less than the Rs 13.17 crore (6.6 per cent of TIO) in Q1-2015. For HY-2015 the company’s ad expense of Rs 25.55 crore (6.7 per cent of TIO) was 7.9 per cent lower than the Rs 27.58 crore (8.4 per cent of TIO) in HY-2014. Overall across the 11 quarters under consideration, Bajaj Corp’s ad expense shows a downward trend in terms of percentage of TIO
At the same time, the company’s SP shows a linear upward trend, indicating that it is depending more on sales promotion activities. Its SP expense at Rs 21.07 crore (11.2 per cent of TIO) was the highest during the 11 quarters under consideration in terms of absolute rupees. Please refer to fig A below.
Bajaj Corp’s TIO shows an upward linear trend during the 11 quarter period under consideration. However, its PAT has shown a downward trend both in terms of absolute rupees as well as in terms percentage of TIO. Please refer to fig B.
The company had earlier announced that it was focussing on rural penetration to tap the increase in disposable income of rural India and to convert rural consumers from unbranded to branded products by providing them with an appropriate value proposition. The initiative seems to be working. In its investor presentation for Q2-2015, Bajaj Corp says that in Q2 FY 15 its Bajaj Almond Drops Hair Oil got 39.8 per cent of its sales from Rural India. The company reports volume growth in rural India by 5 per cent (Urban + Rural) = {-1.2} per cent, hence showing a decline in the urban market) and claims a market share in rural India of 63.1 per cent (urban + rural = 58.5 per cent).
Click here to read the investor presentation
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
