Bajaj Auto Limited

CIN : L65993PN2007PLC130076
Registered Office : Mumbai - Pune Road, Akurdi, Pune 411 035
Website : www.bajajauto.com ; E-mail : investors@bajajauto.co.in ; Telephone : +91 20 27472851 ; Fax : +91 20 27407380
Statement of standalone audited financial results for the quarter and year ended 31 March 2023

(` In Crore)
Particulars Quarter ended Year ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)

Sales in numbers 855,050 983,276 976,651 3,922,984 4,308,433

1 Revenue from operations
(a) Revenue from contracts with customers 8,631.55 9,047.65 7,728.13 35,359.15 32,135.98
(b) Other operating revenue (see note 3 & 4a) 273.17 267.49 246.71 1,068.45 1,008.73
Total revenue from operations 8,904.72 9,315.14 7,974.84 36,427.60 33,144.71
2 Other income 259.83 269.12 288.86 1,181.42 1,209.24
3 Total income (1+2) 9,164.55 9,584.26 8,263.70 37,609.02 34,353.95
4 Expenses
(a) Cost of raw materials and components consumed 5,868.17 5,764.96 5,326.66 24,009.01 22,169.88
(b) Purchase of traded goods 618.27 567.64 558.33 2,143.85 1,971.98
(c) Changes in inventories of finished goods, work-in-progress and traded goods (272.95) 244.94 (149.26) (98.11) 187.96
(d) Employee benefits expense 362.02 351.12 305.85 1,444.90 1,358.80
(e) Finance costs 15.74 8.48 2.88 39.48 8.66
(f) Depreciation and amortisation expense 74.16 73.95 69.67 282.44 269.17
(g) Other expenses 625.09 616.26 569.98 2,406.63 2,210.76
(h) Expenses capitalised (12.45) (6.59) (2.32) (27.82) (13.31)
Total expenses 7,278.05 7,620.76 6,681.79 30,200.38 28,163.90
5 Profit before exceptional items and tax (3-4) 1,886.50 1,963.50 1,581.91 7,408.64 6,190.05
6 Exceptional items (profit) (see note 4b) - - (315.28) - (315.28)
7 Profit before tax (5-6) 1,886.50 1,963.50 1,897.19 7,408.64 6,505.33
8 Tax expense
(a) Current tax 441.16 454.15 441.24 1,854.82 1,667.11
(b) Deferred tax 12.46 17.93 (13.00) (73.78) (180.65)
Total tax expense 453.62 472.08 428.24 1,781.04 1,486.46
9 Profit for the period (7-8) 1,432.88 1,491.42 1,468.95 5,627.60 5,018.87
10 Other comprehensive income, net of tax
(a) Items that will not be reclassified to profit or loss 71.72 (202.32) (109.07) 299.14 551.40
(b) Items that will be reclassified to profit or loss 28.42 20.28 (40.36) (60.26) (30.58)
Total other comprehensive income, net of tax 100.14 (182.04) (149.43) 238.88 520.82
11 Total comprehensive income (9+10) 1,533.02 1,309.38 1,319.52 5,866.48 5,539.69
12 Paid-up equity share capital (Face value of ` 10) 282.96 282.96 289.37 282.96 289.37
13 Other equity 25,142.90 26,379.43
14 Basic and diluted earnings per share (`) (not annualised) 50.7 52.7 50.8 197.3 173.6
Page 1 of 11
Notes :

1. Disclosure of standalone assets and liabilities (Balance Sheet) as per Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for the year ended 31 March 2023 -
(` In Crore)
As at As at
Particulars
31.03.2023 31.03.2022
(Audited) (Audited)
A Assets
1 Non-current assets
(a) Property, plant and equipment 2,635.29 1,757.57
(b) Capital work-in-progress 81.92 76.82
(c) Investment property 50.01 51.13
(d) Intangible assets 30.70 25.32
(e) Intangible assets under development - -
(f) Investment in subsidiaries 1,786.43 1,248.43
(g) Financial assets
Investments 16,717.53 17,601.20
Loans 2.28 4.57
Other financial assets 33.58 61.39
(h) Income tax assets (net) 812.42 749.24
(i) Other non-current assets 107.12 351.80
Sub-total - Non-current assets 22,257.28 21,927.47
2 Current assets
(a) Inventories 1,397.90 1,230.51
(b) Financial assets
Investments 4,419.37 4,969.13
Trade receivables 1,776.12 1,516.38
Cash and cash equivalents 219.42 563.97
Other bank balances 66.33 24.37
Loans 3.62 4.17
Other financial assets 470.81 596.26
(c) Other current assets 516.84 1,089.68
Sub-total - Current assets 8,870.41 9,994.47
Total - Assets 31,127.69 31,921.94
B Equity and liabilities
1 Equity
(a) Equity share capital 282.96 289.37
(b) Other equity 25,142.90 26,379.43
Sub-total - Equity 25,425.86 26,668.80
2 Non-current liabilities
(a) Financial liabilities
Sales tax deferral 124.23 122.77
(b) Provisions 0.87 1.30
(c) Deferred tax liabilities (net) 345.15 403.33
(d) Government grant 33.35 36.00
(e) Other non-current liabilities 0.19 0.30
Sub-total - Non-current liabilities 503.79 563.70
3 Current liabilities
(a) Financial liabilities
Trade payables
Total outstanding dues of micro enterprises and small enterprises 269.41 150.64
Total outstanding dues of creditors other than micro enterprises and small ente 3,804.47 3,482.54
Other financial liabilities 446.92 397.00
(b) Other current liabilities 484.90 478.71
(c) Provisions 165.95 153.75
(d) Government grant 2.65 2.65
(e) Current tax liabilities (net) 23.74 24.15
Sub-total - Current liabilities 5,198.04 4,689.44
Total - Equity and liabilities 31,127.69 31,921.94

Page 2 of 11
Notes (contd.) :

2. Disclosure of standalone Statement of Cash Flows as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 for the year ended 31 March 2023 -

(` In Crore)
Particulars Year ended Year ended
31.03.2023 31.03.2022
(Audited) (Audited)

I. Operating activities
Profit before tax 7,408.64 6,505.33
Adjustments to reconcile profit before tax to net cash flows:
Add:
i) Depreciation and amortisation 282.44 269.17
ii) Loss on property, plant and equipment sold,
demolished, discarded and scrapped 14.11 8.88
iii) Provision for doubtful debts and advances 4.79 (4.44)
iv) Share based payment to employees 29.82 15.36
v) Exchange loss/(gain) on cash and cash equivalents 11.39 (3.55)
vi) Exchange loss/(gain) on trade receivables 2.50 2.39
vii) Exchange loss/(gain) on import payables 0.24 3.64
viii) Interest adjustment on Government grant 1.46 1.31
ix) Interest expense 38.02 7.35
384.77 300.11
Less:
i) Investment income included in above:
Interest income on fixed income securities 306.99 275.05
Interest income on fixed deposits 61.05 36.42
Interest income on exchange traded funds 344.56 204.68
Interest income on fixed maturity plans 39.55 388.93
Profit on sale of other investments, net - -
Gain on valuation and gain on realisation of mutual funds measured at fair 174.53 224.47
value through profit or loss
Dividend income on other strategic investments 47.25 45.50
Amortisation of premium/discount on acquisition of fixed income (2.00) (17.67)
securities
971.93 1,157.38
ii) Government grants 2.65 2.65
iii) Exceptional item - PSI Scheme - 315.28
iv) Surplus on sale of property, plant and equipment 111.56 21.59
(1,086.14) (1,496.90)
6,707.27 5,308.54

Change in assets and liabilities

i) (Increase)/decrease in inventories (167.39) 263.38
ii) (Increase)/decrease in trade receivables (267.03) 1,202.52
iii) (Increase)/decrease in loans and other assets 655.53 77.19
iv) Increase/(decrease) in liabilities and provisions 502.24 (942.20)
723.35 600.89
Annuity payments (net) to VRS/Welfare scheme optees (0.32) (0.32)
Net cash from operating activities before income-tax 7,430.30 5,909.11

Page 3 of 11
 (` In Crore)
Particulars Year ended Year ended
31.03.2023 31.03.2022
(Audited) (Audited)

Income-tax paid (1,918.41) (1,701.54)

Net cash flow from / (used in) operating activities 5,511.89 4,207.57

II. Investing activities

i) Investment in subsidiary (538.00) (15.17)

ii) Sale of investments 10,792.76 11,526.59
iii) Purchase of investments (9,339.40) (11,083.79)
iv) Sale/(purchase) of liquid mutual funds, etc., net 873.85 (209.44)
v) Investment in treasury shares by ESOP trust 5.78 (37.37)
vi) (Increase) / decrease in other bank balances (41.96) (2.14)
vii) Purchase of property, plant and equipment (including advances) (943.31) (550.67)
viii) Sale proceeds of property plant and equipment 136.90 33.07
ix) Capital expenditure on development of technical know-how (35.73) -
910.89 (338.92)
x) Investment income
Interest income on fixed income securities 306.99 275.05
Interest income on fixed deposits 61.05 36.42
Dividend income on other strategic investments 47.25 45.50
415.29 356.97

(Increase) / decrease in interest receivable 7.63 (114.00)

422.92 242.97

Net cash flow from / (used in) investing activities 1,333.81 (95.95)

III. Financing activities

i) Interest expense (38.02) (7.35)
ii) Equity share buy-back (incl. tax thereon) (3,093.88) -
iii) Dividend paid (4,046.96) (4,048.98)

Net cash flow from / (used in) financing activities (7,178.86) (4,056.33)

Net change in cash and cash equivalents (333.16) 55.29

Cash and cash equivalents at the beginning of the year 563.97 505.13
Add/(Less) : Effects of exchange (loss)/gain on cash and cash equivalents (11.39) 3.55
Cash and cash equivalents at the end of the year 219.42 563.97
- -

Page 4 of 11
Notes (contd.) :

3 During the year ended 31 March 2022, the Company recognised as "Other operating revenue"
a. ` 59.64 crore towards incentive from exports under Merchandise Exports from India Scheme (MEIS) for the period April 2020 to December 2020.
b. ` 43.62 crore towards incentive receivable from exports under Remissions of Duties and Taxes on Exported Products (RoDTEP) for the period
January 2021 to March 2021.
4 During the quarter ended and year ended 31 March 2022, the Company recognised
a. as "Other operating revenue", ` 30.50 crore towards incentive receivable from State Government of Maharashtra under
Package Scheme of Incentive 2007 (PSI), for the period April 2021 to March 2022.
b. as "Exceptional items", ` 315.28 crore towards incentive receivable from State Government of Maharashtra under
Package Scheme of Incentive 2007 (PSI), for the period April 2015 to March 2021.
5 The Board of Directors at its meeting held on 27 June 2022 approved a proposal to buyback fully paid up equity shares of the Company having a face value of `
10 each from the existing shareholders (except promoters, promoter group and persons in control of the Company) from open market through stock market
mechanism (i.e. through National Stock Exchange of India Limited and BSE Limited) at a maximum buyback price not exceeding ` 4,600 per equity share and
maximum buyback size up to ` 2,500 crore.
In this regard, the Company bought back 6,409,662 number of equity shares from the stock exchange at a volume weighted average buyback price of ` 3,900.31
per share comprising 2.22% of the pre-buyback number of shares of the Company. The buyback resulted in a cash outflow of ` 2,499.97 crore (excluding
transaction cost and tax on buyback). An amount of ` 582.39 crore was paid towards tax on buyback. In accordance with relevant statutory provisions, the
Company has created a capital redemption reserve of ` 6.41 crore, equal to the nominal value of shares bought back, as an appropriation from retained
earnings.
The Buyback Committee of the Company, at its meeting held on 10 October 2022, approved the completion and closure of the buyback.

6 The Board of Directors recommend a dividend of ` 140 per equity share (1400%) subject to approval of shareholders
7 Figures for previous year / period have been regrouped wherever necessary.
8 The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto
the third quarter of the current financial year, which were subjected to a limited review.
9 The above results have been reviewed by the Audit Committee and approved by the Board of Directors in the meeting held on 25 April 2023.

By order of the Board of Directors

For Bajaj Auto Limited

Pune Niraj Bajaj

Date: 25 April 2023 Chairman
Page 5 of 11
 Bajaj Auto Limited
CIN : L65993PN2007PLC130076
Registered Office : Mumbai - Pune Road, Akurdi, Pune 411 035
Website : www.bajajauto.com ; E-mail : investors@bajajauto.co.in ; Telephone : +91 20 27472851 ; Fax : +91 20 27407380
Statement of consolidated audited financial results for the quarter and year ended 31 March 2023

(` In Crore)
Particulars Quarter ended Year ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)

1 Revenue from operations

(a) Revenue from contracts with customers 8,660.99 9,050.58 7,728.13 35,391.52 32,135.98
(b) Other operating revenue (see note 5 & 6a) 268.24 267.96 246.71 1,063.86 1,008.73
Total revenue from operations 8,929.23 9,318.54 7,974.84 36,455.38 33,144.71
2 Other income (see note 7) 263.50 270.53 288.86 1,187.52 1,284.14
3 Total income (1+2) 9,192.73 9,589.07 8,263.70 37,642.90 34,428.85
4 Expenses
(a) Cost of raw materials and components consumed 5,867.61 5,829.50 5,326.66 24,073.13 22,169.88
(b) Purchase of traded goods 622.87 567.64 558.33 2,148.45 1,971.98
(c) Changes in inventories of finished goods, work-in-progress and traded goods (223.35) 193.12 (149.26) (100.33) 187.96
(d) Employee benefits expense 379.51 361.55 306.82 1,484.47 1,362.79
(e) Finance costs 15.77 8.48 2.88 39.51 8.66
(f) Depreciation and amortisation expense 75.99 74.82 69.83 285.85 269.76
(g) Other expenses 637.83 616.03 573.93 2,426.95 2,215.49
(h) Expenses capitalised (12.45) (6.59) (2.32) (27.82) (13.31)
Total expenses 7,363.78 7,644.55 6,686.87 30,330.21 28,173.21
5 Share of profits of associate (see note 10) 331.16 - 62.05 529.29 579.53
6 Profit before exceptional items and tax (3-4+5) 2,160.11 1,944.52 1,638.88 7,841.98 6,835.17
7 Exceptional items (profit) (see note 6b & 8) - - (315.28) - (816.51)
8 Profit before tax (6-7) 2,160.11 1,944.52 1,954.16 7,841.98 7,651.68
9 Tax expense
(a) Current tax 441.08 454.30 441.65 1,854.89 1,667.11
(b) Deferred tax 14.29 17.52 (13.65) (73.12) (181.30)
Total tax expense 455.37 471.82 428.00 1,781.77 1,485.81
10 Profit after tax (8-9) 1,704.74 1,472.70 1,526.16 6,060.21 6,165.87
11 Profit attributable to non-controlling interest - - - - -
12 Profit for the period (10-11) 1,704.74 1,472.70 1,526.16 6,060.21 6,165.87
13 Other comprehensive income, net of tax
(a) Items that will not be reclassified to profit or loss 71.72 (204.58) (109.90) 299.14 553.79
(b) Items that will be reclassified to profit or loss 78.83 491.87 (32.12) 253.77 (123.43)
Total other comprehensive income, net of tax 150.55 287.29 (142.02) 552.91 430.36
14 Total comprehensive income (12+13) 1,855.29 1,759.99 1,384.14 6,613.12 6,596.23

15 Profit attributable to:

Owners of the company 1,704.74 1,472.70 1,526.16 6,060.21 6,165.87
Non-controlling interests - - - - -
16 Total comprehensive income attributable to:
Owners of the company 1,855.29 1,759.99 1,384.14 6,613.12 6,596.23
Non-controlling interests - - - - -

17 Paid-up equity share capital (Face value of ` 10) 282.96 282.96 289.37 282.96 289.37
18 Other equity 29,078.58 29,570.28
19 Basic and diluted earnings per share (`) (not annualised) 60.3 52.1 52.8 212.5 213.2

Page 6 of 11
Segment-wise revenue, results and capital employed (consolidated)
(` In Crore)
Particulars Quarter ended Year ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)

1 Segment revenue
Automotive 8,927.65 9,341.71 7,990.99 36,665.03 33,271.47
Investments 265.08 247.36 272.71 977.87 1,157.38
Total 9,192.73 9,589.07 8,263.70 37,642.90 34,428.85
2 Segment profit before tax and finance costs
Automotive 1,911.97 1,705.79 1,684.54 6,905.24 6,505.57
Investments 263.91 247.21 272.50 976.25 1,154.77
Total 2,175.88 1,953.00 1,957.04 7,881.49 7,660.34
Less: Finance costs 15.77 8.48 2.88 39.51 8.66
Total profit before tax 2,160.11 1,944.52 1,954.16 7,841.98 7,651.68
3 Capital employed
Segment assets
Automotive 12,436.17 12,940.33 11,576.45 12,436.17 11,576.45
Investments 21,887.86 18,817.98 22,785.52 21,887.86 22,785.52
Unallocable 812.42 871.59 749.24 812.42 749.24
Sub-total 35,136.45 32,629.90 35,111.21 35,136.45 35,111.21
Segment liabilities
Automotive 5,245.78 4,636.81 4,663.30 5,245.78 4,663.30
Investments - - - - -
Unallocable 23.74 24.15 24.15 23.74 24.15
Sub-total 5,269.52 4,660.96 4,687.45 5,269.52 4,687.45
Capital employed
Automotive 7,190.39 8,303.52 6,913.15 7,190.39 6,913.15
Investments 21,887.86 18,817.98 22,785.52 21,887.86 22,785.52
Unallocable 788.68 847.44 725.09 788.68 725.09
Total 29,866.93 27,968.94 30,423.76 29,866.93 30,423.76

Page 7 of 11
Notes :

1 Disclosure of consolidated assets and liabilities (Balance Sheet) as per Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for the year ended 31 March 2023 -
(` In Crore)
As at As at
Particulars
31.03.2023 31.03.2022
(Audited) (Audited)
A Assets
1 Non-current assets
(a) Property, plant and equipment 2,761.52 1,759.60
(b) Capital work-in-progress 85.27 77.21
(c) Investment property 50.01 51.13
(d) Intangible assets 30.70 25.32
(e) Intangible assets under development - -
(f) Investment in associate of subsidiary 4,884.03 4,063.79
(g) Financial assets
Investments 16,717.53 17,601.20
Loans 2.28 4.57
Other financial assets 33.72 61.39
(h) Income tax assets (net) 812.46 749.24
(i) Other non-current assets 108.53 352.15
Sub-total - Non-current assets 25,486.05 24,745.60
2 Current assets
(a) Inventories 1,563.55 1,230.51
(b) Financial assets
Investments 4,581.35 4,969.13
Trade receivables 1,752.43 1,516.38
Cash and cash equivalents 241.62 933.69
Other bank balances 448.86 24.37
Loans 3.62 4.17
Other financial assets 473.37 596.26
(c) Other current assets 585.60 1,091.10
Sub-total - Current assets 9,650.40 10,365.61
Total - Assets 35,136.45 35,111.21
B Equity and liabilities
1 Equity
(a) Equity share capital 282.96 289.37
(b) Other equity 29,078.58 29,570.28
Equity attributable to owners of the Company 29,361.54 29,859.65
(c) Non-controlling interest 0.01 0.01
Subtotal - Total equity 29,361.55 29,859.66
2 Non-current liabilities
(a) Financial liabilities
Sales tax deferral 124.23 122.77
(b) Provisions 1.24 1.30
(c) Deferred tax liabilities (net) 345.15 402.68
(d) Government grant 33.35 36.00
(e) Other non-current liabilities 0.19 0.30
Sub-total - Non-current liabilities 504.16 563.05
3 Current liabilities
(a) Financial liabilities
Trade payables
Total outstanding dues of micro enterprises and small enterprises 278.26 150.64
Total outstanding dues of creditors other than micro enterprises and small enterprise 3,842.92 3,481.51
Other financial liabilities 464.09 397.00
(b) Other current liabilities 492.61 478.80
(c) Provisions 166.47 153.75
(d) Government grant 2.65 2.65
(e) Current tax liabilities (net) 23.74 24.15
Sub-total - Current liabilities 5,270.74 4,688.50
Total - Equity and liabilities 35,136.45 35,111.21

Page 8 of 11
Notes (contd.) :

2. Disclosure of consolidated Statement of Cash Flows as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 for the year ended 31 March 2023 -

(` In Crore)
Particulars Year ended Year ended
31.03.2023 31.03.2022
(Audited) (Audited)

I. Operating activities
Profit before tax 7,841.98 7,651.68
Adjustments to reconcile profit before tax to net cash flows:
Add:
i) Depreciation and amortisation 285.85 269.76
ii) Loss on property, plant and equipment sold,
demolished, discarded and scrapped 14.11 8.88
iii) Provision for doubtful debts and advances 4.79 (4.44)
iv) Share based payment to employees 29.82 15.36
v) Exchange rate differences on cash and cash equivalents 11.39 (3.55)
vi) Exchange loss/(gain) on trade receivables 2.50 2.39
vii) Exchange loss/(gain) on import payables 0.24 3.64
viii) Interest adjustment on Government grant 1.46 1.31
ix) Interest expense 38.05 7.35
388.21 300.70
Less:
i) Investment income included in above:
Interest income on fixed income securities 306.99 275.05
Interest income on fixed deposits 63.85 36.42
Interest income on exchange traded funds 344.56 204.68
Interest income on fixed maturity plans 39.55 388.93
Profit on sale of other investments, net - 74.90
Gain on valuation and gain on realisation of mutual funds measured at fair 177.67 224.47
value through profit or loss
Dividend income on other strategic investments 47.25 45.50
Amortisation of premium/discount on acquisition of fixed income (2.00) (17.67)
securities
977.87 1,232.28
ii) Share of profits of associate 529.29 579.53
iii) Government grants 2.65 2.65
iv) Exceptional item - 816.51
v) Surplus on sale of property, plant and equipment 111.56 21.59
(1,621.37) (2,652.56)
6,608.82 5,299.82

Change in assets and liabilities

i) (Increase)/decrease in inventories (333.04) 263.38
ii) (Increase)/decrease in trade receivables (243.34) 1,202.52
iii) (Increase)/decrease in loans and other assets 587.58 76.82
iv) Increase/(decrease) in liabilities and provisions 576.24 (943.47)
587.44 599.25
Annuity payments (net) to VRS/Welfare scheme optees (0.32) (0.32)
Net cash from operating activities before income-tax 7,195.94 5,898.75

Page 9 of 11
 (` In Crore)
Particulars Year ended Year ended
31.03.2023 31.03.2022
(Audited) (Audited)

Income-tax paid (1,918.52) (1,701.54)

Net cash flow from / (used in) operating activities 5,277.42 4,197.21

II. Investing activities

i) Sale of investments 10,792.76 11,526.59
ii) Purchase of investments (9,384.23) (11,083.79)
iii) Sale/(purchase) of liquid mutual funds, etc., net 759.84 (209.44)
iv) Investment in treasury shares by ESOP trust 5.78 (37.37)
v) (Increase) / decrease in other bank balances (424.49) (2.14)
vi) Purchase of property, plant and equipment (including advances) (1,074.47) (550.75)
vii) Sale proceeds of property plant and equipment 136.90 33.07
viii) Capital expenditure on development of technical know-how (35.73) -
776.36 (323.83)
ix) Investment income
Interest income on fixed income securities 306.99 275.05
Interest income on fixed deposits 63.85 36.42
Dividend income on other strategic investments 47.25 45.50
418.09 356.97

(Increase) / decrease in interest receivable 5.07 (114.00)

423.16 242.97

Net cash flow from / (used in) investing activities 1,199.52 (80.86)

III. Financing activities

i) Interest expense (38.05) (7.35)
ii) Equity share buy-back (incl. tax thereon) (3,093.88) -
iii) Transaction costs on issue of shares (1.81) -
iv) Dividend paid (4,046.96) (4,048.98)

Net cash flow from / (used in) financing activities (7,180.70) (4,056.33)

IV. Change in foreign currency translation arising on consolidation 23.08 353.51

Net change in cash and cash equivalents (680.68) 413.53

Cash and cash equivalents at the beginning of the year 933.69 516.61
Add/(Less) : Effects of exchange (loss)/gain on cash and cash equivalents (11.39) 3.55
Cash and cash equivalents at the end of the year 241.62 933.69
- -

Page 10 of 11
Notes (contd.) :

3 The consolidated financial results include results of the following companies:

Name of the company % shareholding and voting power of Segment Consolidated as
Bajaj Auto Limited
a. PT. Bajaj Auto Indonesia 99.25% Automotive Subsidiary
b. Bajaj Auto International Holdings BV 100% Automotive Subsidiary
c. Bajaj Auto (Thailand) Ltd. 100% Automotive Subsidiary
d. Chetak Technology Ltd. 100% Automotive Subsidiary
e. Bajaj Auto Consumer Finance Ltd. 100% Automotive Subsidiary
f. Bajaj Auto Spain S.L.U. 100% Automotive Subsidiary
g. Bajaj Do Brasil Comercio De Motocicletas LTDA 100% Automotive Subsidiary

4 Key standalone financial information is given below:

(` In Crore)
Particulars Quarter ended Year ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Revenue from operations 8,904.72 9,315.14 7,974.84 36,427.60 33,144.71
Revenue from operations and other income 9,164.55 9,584.26 8,263.70 37,609.02 34,353.95
Profit before tax 1,886.50 1,963.50 1,897.19 7,408.64 6,505.33
Profit after tax 1,432.88 1,491.42 1,468.95 5,627.60 5,018.87

5 During the year ended 31 March 2022, the Company recognised as "Other operating revenue"
a. ` 59.64 crore towards incentive from exports under Merchandise Exports from India Scheme (MEIS) for the period April 2020 to December 2020.
b. ` 43.62 crore towards incentive receivable from exports under Remissions of Duties and Taxes on Exported Products (RoDTEP) for the period January 2021 to March 2021.
6 During the quarter ended and year ended 31 March 2022, the Company recognised
a. as "Other operating revenue", ` 30.50 crore towards incentive receivable from State Government of Maharashtra under Package Scheme of Incentive 2007 (PSI), for the period April 2021 to March 2022.
b. as "Exceptional items", ` 315.28 crore towards incentive receivable from State Government of Maharashtra under Package Scheme of Incentive 2007 (PSI), for the period April 2015 to March 2021.
7 As per the public offer dated 05 November 2021 by KTM AG to buy back shares, BAIHBV tendered 161,939 shares (1.49% stake) held in KTM AG. The resultant gain of ` 74.90 crore is shown as "Other income" during
the year ended 31 March 2022.
8 Bajaj Auto International Holdings BV (BAIHBV), a 100% subsidiary of the Company, held 47.99% stake in KTM AG. As on 29 September 2021, BAIHBV swapped 46.50% stake in KTM AG for
49.90% stake in Pierer Bajaj AG. The resultant gain in fair value of ` 501.23 crore is shown as an exceptional item during the year ended 31 March 2022.
9 The Company, through its wholly owned subsidiary, BAIHBV, holds 49.9% stake in one associate, i.e., Pierer Bajaj AG (PBAG). PBAG has a subsidiary, Pierer Mobility AG (PMAG) which is listed on the SIX Swiss
Exchange, the regulated market (General Standard) of the Frankfurt Stock Exchange and on the Vienna Stock Exchange (Official Market). The carrying value of investment by BAIHBV in PBAG is € 546.1 million.
In the current quarter ended 31 March 2023, the Company has accounted its share of six months consolidated profit of PBAG of € 37.53 million (` 331.16 crore) as the Company was unable to receive the quarterly
financial results of PBAG. This is due to the differences in the regulations between India and Europe on the frequency for publishing financial results by listed companies. In view of this, the Company has been informed by
PBAG, that the results of PMAG (included in PBAG) are required to be published on a six-monthly basis as per the stock exchange regulations applicable to PMAG, and hence are permitted to be shared with the Company
only as per that publishing calendar. The Company has now accounted for its share of consolidated profit for six months in the results for the current quarter ended 31 March 2023 as received from PBAG. The auditors of
the Company have modified their report in regard to this matter.

10 The Board of Directors at its meeting held on 27 June 2022 approved a proposal to buyback fully paid up equity shares of the Company having a face value of ` 10 each from the existing shareholders (except promoters,
promoter group and persons in control of the Company) from open market through stock market mechanism (i.e. through National Stock Exchange of India Limited and BSE Limited) at a maximum buyback price not
exceeding ` 4,600 per equity share and maximum buyback size up to ` 2,500 crore.
In this regard, the Company bought back 6,409,662 number of equity shares from the stock exchange at a volume weighted average buyback price of ` 3,900.31 per share comprising 2.22% of the pre-buyback number of
shares of the Company. The buyback resulted in a cash outflow of ` 2,499.97 crore (excluding transaction cost and tax on buyback). An amount of ` 582.39 crore was paid towards tax on buyback. In accordance with
relevant statutory provisions, the Company has created a capital redemption reserve of ` 6.41 crore, equal to the nominal value of shares bought back, as an appropriation from retained earnings.
The Buyback Committee of the Company, at its meeting held on 10 October 2022, approved the completion and closure of the buyback.
11 The Board of Directors recommend a dividend of ` 140 per equity share (1400%) subject to approval of shareholders
12 Figures for previous year / period have been regrouped wherever necessary.
13 The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year, which were
subjected to a limited review.
14 The above results have been reviewed by the Audit Committee and approved by the Board of Directors in the meeting held on 25 April 2023.

By order of the Board of Directors

For Bajaj Auto Limited

Pune Niraj Bajaj

Date: 25 April 2023 Chairman
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