{"id":2037,"date":"2021-06-14T14:16:22","date_gmt":"2021-06-14T14:16:22","guid":{"rendered":"https:\/\/investors.bajajauto.com\/ar21\/?page_id=2037"},"modified":"2021-06-25T16:56:22","modified_gmt":"2021-06-25T16:56:22","slug":"management-discussion-analysis","status":"publish","type":"page","link":"https:\/\/investors.bajajauto.com\/ar21\/management-discussion-analysis\/","title":{"rendered":"Management Discussion &#038; Analysis"},"content":{"rendered":"<div class=\"nolwrap\">\n<div class=\"row\"  id=\"row-1626797116\">\n\n\n\t<div id=\"col-203211460\" class=\"col hide-for-medium medium-3 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div class=\"ux-menu stack stack-col justify-start ux-menu--divider-solid\">\n\t\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar21\/board-of-directors\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tBoard of Directors\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar21\/chairmans-letter\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tChairman&#039;s Letter\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar21\/management-discussion-analysis\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tManagement Discussion &amp; Analysis\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar21\/corporate-governance\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tCorporate Govemance\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar21\/general-shareholder-information\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tGeneral Shareholder Information\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar21\/directors-report\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tDirectors\u2019 Report\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-690189649\" class=\"col hide-for-medium medium-9 small-12 large-9\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n  <div id=\"page-header-1980230880\" class=\"page-header-wrapper\">\n  <div class=\"page-title dark featured-title\">\n\n    \n    <div class=\"page-title-inner container align-center flex-row medium-flex-wrap\" >\n              <div class=\"title-wrapper is-larger flex-col text-left medium-text-center\">\n          <h1 class=\"entry-title mb-0\">\n            &nbsp;\tManagement Discussion &amp; Analysis          <\/h1>\n        <\/div>\n                    <div class=\"title-content flex-col flex-right text-right medium-text-center\">\n        <ul class=\"nav sm-touch-scroll nav-line nav-uppercase text-left nav-left\"><li class=\"nav-single-page hidden\"><\/li><\/ul>      <\/div>\n    <\/div>\n\n     \n<style>\n#page-header-1980230880 {\n  margin-bottom: 30px;\n}\n<\/style>\n  <\/div>\n    <\/div>\n  \n\n<div class=\"row\"  id=\"row-1121292348\">\n\n\n\t<div id=\"col-1463369955\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t<section class=\"section dark hide-for-medium\" id=\"section_891438352\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row\"  id=\"row-147068658\">\n\n\n\t<div id=\"col-1580692169\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3088306552\" class=\"text\">\n\t\t\n\n<p>As we stare at the dreadful new Covid spike that has engulfed many states of India, it is natural to be downcast and fearful. Yet, it is important to say the truth.<\/p>\n<p>Yes, this spike is by the worst that we have seen. Equally, India has two vaccines in the market, with one more having been approved and some more in the pipeline.<\/p>\n<p>Yes, it is a major task to vaccinate those who are 18 years and above. But it is not insurmountable. During acute adversities, India has worked together to overcome the\nchallenges.<\/p>\n<p>No, the solution is not another nationwide lockdown; not even localised state-wide lockdowns. Today, there is enough evidence to<\/p>\n\t\t\n<style>\n#text-3088306552 {\n  color: rgb(0,0,0);\n}\n#text-3088306552 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1580692169 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-2111532827\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1252321200\" class=\"text\">\n\t\t\n\n<p>show that these have not worked to limit the spread of the virus. Instead, such lockdowns create massive economic uncertainty; threaten the livelihood of daily workers and the poor; prompt needless urban-to-rural migration; and sharply accentuate fear in an already fearful milieu.<\/p>\n<p>That will be an unmitigated disaster. Let us not make that mistake yet again.<\/p>\n<p>The solution is a combination of strictly enforced safety \u2014 involving masks and basic social distancing \u2014 coupled with a rapidly accelerated vaccination programme. And, subject to basic safety and inoculation, work must continue. For that is what brings in the daily bread, feeds home and hearth and makes a nation grow.<\/p>\n\t\t\n<style>\n#text-1252321200 {\n  color: rgb(0,0,0);\n}\n#text-1252321200 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-2111532827 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_891438352 {\n  padding-top: 10px;\n  padding-bottom: 10px;\n  margin-bottom: 10px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section dark show-for-small\" id=\"section_2072938093\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row\"  id=\"row-168872099\">\n\n\n\t<div id=\"col-490652336\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3480862188\" class=\"text\">\n\t\t\n\n<p>As we stare at the dreadful new Covid spike that has engulfed many states of India, it is natural to be downcast and fearful. Yet, it is important to say the truth.<\/p>\n<p>Yes, this spike is by the worst that we have seen. Equally, India has two vaccines in the market, with one more having been approved and some more in the pipeline.<\/p>\n<p>Yes, it is a major task to vaccinate those who are 18 years and above. But it is not insurmountable. During acute adversities, India has worked together to overcome the\nchallenges.<\/p>\n<p>No, the solution is not another nationwide lockdown; not even localised state-wide lockdowns. Today, there is enough evidence to show that these have not worked to limit the spread of the virus. Instead, such lockdowns create massive economic uncertainty; threaten the livelihood of daily workers and the poor; prompt needless urban-to-rural migration; and sharply accentuate fear in an already fearful milieu.<\/p>\n<p>That will be an unmitigated disaster. Let us not make that mistake yet again.<\/p>\n<p>The solution is a combination of strictly enforced safety \u2014 involving masks and basic social distancing \u2014 coupled with a rapidly accelerated vaccination programme. And, subject to basic safety and inoculation, work must continue. For that is what brings in the daily bread, feeds home and hearth and makes a nation grow.<\/p>\n\t\t\n<style>\n#text-3480862188 {\n  color: rgb(0,0,0);\n}\n#text-3480862188 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-490652336 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-10522945\" class=\"col hide-for-small medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-10522945 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_2072938093 {\n  padding-top: 10px;\n  padding-bottom: 10px;\n  margin-bottom: 10px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-406331007\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-406331007 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_403054455\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/GDP-Growth-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_403054455 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Given the massive second spike that started from early March, it will be a very creditable achievement if India\u2019s growth rate for FY2021 contracts by no more than 8%.<\/p>\n<h3>How did motorcycles and three-wheelers fare within India?<\/h3>\n<p>How was India\u2019s domestic sale of motorcycles and three wheelers in this Covid year of FY2021? Let us start with motorcycles. While FY2018 and FY2019 were years of impressive growth, in FY2020, the number of motorcycles reportedly sold in India declined by 17.5% to 11.2 million units. Spurred by Covid-19, the falling trend continued in FY2021, domestic motorcycle sales fell by a further 10.7% to just a tad above 10 million.<\/p>\n<p>Industry-wide domestic sale of three-wheelers fared worse, thanks to Covid-19. In FY2021 intra- and inter-city movements were significantly curtailed and buyers kept three-wheeler purchases in abeyance. Consequently, industry-wide domestic sale of three-wheelers crashed by 66.0% to under 216,200 units.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_438419259\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Industry-sales.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_438419259 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-432335780\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-432335780 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<h3>How did Bajaj Auto fare?<\/h3>\n<p>Given below is the Company\u2019s financial performance for FY2021, compared to the previous year.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_310037460\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_A.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_310037460 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2146515991\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_B.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2146515991 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1505159030\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1505159030 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1529051984\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_C.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1529051984 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-494233327\" class=\"text\">\n\t\t\n\n<h2>Bajaj Auto\u2019s Financial\nPerformance for FY2021<\/h2>\n\t\t\n<style>\n#text-494233327 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-494233327 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<section class=\"section dark\" id=\"section_898263589\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse\"  id=\"row-361730092\">\n\n\n\t<div id=\"col-1441773233\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Net sales declined by 6.8% to \u20b9 27,133 crore. Despite this reduction, it represnts the third highest sales in Bajaj Auto\u2019s history.<\/li>\n<\/ul>\n<ul>\n<li>Total operating income (net sales plus other operating income) declined by 7.3% to \u20b9 27,741 crore &#8211; which is also Bajaj Auto\u2019s third highest ever.<\/li>\n<\/ul>\n<ul>\n<li>Total operating income (net sales plus other operating income) declined by 7.3% to \u20b9 27,741 crore &#8211; which is also Bajaj Auto\u2019s third highest ever.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1441773233 > .col-inner {\n  padding: 0px 20px 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-2074596154\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>The operating EBITDA margin is 18.3% of net sales and other operating income, versus 17.6% in the previous year, representing an increase of 70 basis points (bps) in this Covid year.<\/li>\n<\/ul>\n<ul>\n<li>Operating profit declined by 4.1% to \u20b9 4,797 crore.<\/li>\n<\/ul>\n<ul>\n<li>The operating profit margin is 17.3% of net sales and other operating income &#8211; which is 60 bps higher than the previous year.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-2074596154 > .col-inner {\n  padding: 0px 20px 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-116781490\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Profit before tax (PBT) declined by 9.7% to \u20b9 5,939 crore, which was the Company\u2019s third highest.<\/li>\n<\/ul>\n<ul>\n<li>Profit after tax (PAT) decreased by 10.7% to \u20b9 4,555 crore. This was the third highest PAT.<\/li>\n<\/ul>\n<ul>\n<li>Surplus cash and cash equivalent as on 31 March 2021 increased by 23.5% to \u20b9 17,689 crore. <\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-116781490 > .col-inner {\n  padding: 0px 20pxp 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n<p>Therefore, despite a 10.7% drop in the total number of motorcycles sold by the industry in India and a huge 66.0% decline in the number of three-wheelers sold, Bajaj Auto has done well for itself.<\/p>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_898263589 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  background-color: #005dac;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-939468017\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-939468017 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1055902276\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Bajaj-Auto-Glance-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1055902276 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-455495435\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-455495435 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2769024273\" class=\"text\">\n\t\t\n\n<h2>Motorcycles<\/h2>\n\t\t\n<style>\n#text-2769024273 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2769024273 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>After excellent growth in FY2019, Indian industry\u2019s domestic sale and exports of motorcycles declined by 12.8% in FY2020 to 14.35 million units. In FY2021, it fell by another 9.0% to marginally above 13.06 million units.<\/p>\n<p>How did Bajaj Auto perform in this scenario? Table 1 gives the data.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 398.9 135.34\"><line x1=\"0.04\" y1=\"72.16\" x2=\"70.91\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"72.16\" x2=\"136.1\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"72.16\" x2=\"201.3\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"72.16\" x2=\"266.5\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"72.16\" x2=\"331.69\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"72.16\" x2=\"396.89\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.04\" y1=\"84.77\" x2=\"70.91\" y2=\"84.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"84.77\" x2=\"136.1\" y2=\"84.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"84.77\" x2=\"201.3\" y2=\"84.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"84.77\" x2=\"266.5\" y2=\"84.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"84.77\" x2=\"331.69\" y2=\"84.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"84.77\" x2=\"396.89\" y2=\"84.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.04\" y1=\"97.39\" x2=\"70.91\" y2=\"97.39\" fill=\"none\" stroke=\"#808285\" 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stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"59.55\" x2=\"396.89\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"135.22\" x2=\"396.89\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.04 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 1: <\/text><text transform=\"translate(41.45 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Sale of Motorcycles, Domestic and Exports<\/text><line x1=\"0.04\" y1=\"45.11\" x2=\"70.91\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.04 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Year ended <\/text><text transform=\"translate(44.49 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(0.04 40.42)\" font-size=\"9\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">31 March<\/text><line x1=\"76.57\" y1=\"45.11\" x2=\"136.1\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(82.52 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Industry sales <\/text><text transform=\"translate(136.1 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(115.12 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">(nos.)<\/text><line x1=\"141.77\" y1=\"45.11\" x2=\"201.3\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(169.86 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Industry <\/text><text transform=\"translate(201.3 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(174.56 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">growth<\/text><line x1=\"206.97\" y1=\"45.11\" x2=\"266.5\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(222.76 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL\u2019s sales<\/text><text transform=\"translate(266.5 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(243.5 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> (nos.)<\/tspan><\/text><line x1=\"272.17\" y1=\"45.11\" x2=\"331.69\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(310.24 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL&#8217;s<\/text><text transform=\"translate(331.69 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(302.95 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> growth<\/tspan><\/text><line x1=\"337.36\" y1=\"45.11\" x2=\"396.89\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(346.34 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL&#8217;s market <\/text><text transform=\"translate(375.31 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">share<\/text><text transform=\"translate(0.04 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2016<\/text><text transform=\"translate(96.31 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">12,909,398<\/text><text transform=\"translate(179.15 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(0.7%)<\/text><text transform=\"translate(231.22 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,358,252<\/text><text transform=\"translate(314.24 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.0%<\/text><text transform=\"translate(374.91 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">26.0%<\/text><text transform=\"translate(0.03 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2017<\/text><text transform=\"translate(96.3 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13,120,072<\/text><text transform=\"translate(183.84 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1.6%<\/text><text transform=\"translate(231.21 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,219,932<\/text><text transform=\"translate(309.54 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(4.1%)<\/text><text transform=\"translate(374.9 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">24.5%<\/text><text transform=\"translate(0.03 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2018<\/text><text transform=\"translate(96.29 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15,096,538<\/text><text transform=\"translate(179.31 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15.1%<\/text><text transform=\"translate(231.2 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,369,334<\/text><text transform=\"translate(314.22 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(374.89 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">22.3%<\/text><text transform=\"translate(0.02 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2019<\/text><text transform=\"translate(96.28 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16,465,529<\/text><text transform=\"translate(183.82 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">9.1%<\/text><text transform=\"translate(231.19 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4,236,873<\/text><text transform=\"translate(309.69 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.7%<\/text><text transform=\"translate(374.88 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.7%<\/text><text transform=\"translate(0.01 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2020<\/text><text transform=\"translate(96.27 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">14,351,159<\/text><text transform=\"translate(174.6 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(12.8%)<\/text><text transform=\"translate(231.18 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,947,356<\/text><text transform=\"translate(309.51 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(6.8%)<\/text><text transform=\"translate(374.88 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.5%<\/text><text transform=\"translate(0 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2021<\/text><text transform=\"translate(96.26 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13,057,275<\/text><text transform=\"translate(179.11 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(9.0%)<\/text><text transform=\"translate(231.17 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,604,498<\/text><text transform=\"translate(309.5 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(8.7%)<\/text><text transform=\"translate(374.87 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.6%<\/text><\/svg><\/p>\n<ul>\n<li>Domestic sales of all motorcycles across the industry in FY2021 declined by 10.7% to a bit over 10 million units while exports declined by 3.2% to just over 3 million units.<\/li>\n<li>Bajaj Auto\u2019s domestic sales decreased by 13.0% to 1.8 million units and exports dropped by 3.9% to just under 1.8 million units.<\/li>\n<li>The Company\u2019s share in the domestic motorcycles market decreased by 50 bps to 18.0% and exports share dropped by 50 bps to 59.1% However, Bajaj Auto was able to hold on to its consoloidated share in domestic + exports.<\/li>\n<\/ul>\n\t<div id=\"text-1006427650\" class=\"text\">\n\t\t\n\n<h2>Domestic<\/h2>\n\t\t\n<style>\n#text-1006427650 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1006427650 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Let us start with what we call the \u2018mileage\u2019 or \u2018M\u2019 segment, where Bajaj Auto is represented by various models of the CT, the Platina and the Pulsar 125. It is the largest segment and is an extremely price and fuel cost conscious segment and generates, marginal profits per unit sold.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1186984895\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"3071\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7.png 3071w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-800x261.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-1400x456.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-768x250.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-1536x500.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-2048x667.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-600x195.png 600w\" sizes=\"auto, (max-width: 3071px) 100vw, 3071px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1186984895 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<ul>\n<li>In FY2021, thanks to the lockdown that virtually wiped out April-June 2020, plus cost increases imposed by the transition to BS-VI, the industry\u2019s total billings in this segment fell by a further 10.7% to an average of 6.49 lakh units per month. We did better. Our billings fell by 4.9% to an average of 98,845 units per month. Consequently, BAL\u2019s market share in the segment increased by 90 bps to 15.2%.<\/li>\n<li>That we actually increased our market share in this segment in an extremely difficult Covid &#8211; 19 plagued year is testimony to the sales performance of our upgraded Platina and the more powerful and sleekly designed Pulsar 125. Successfully introducing the Pulsar 125 in this \u2018mileage\u2019 segment has created a new buzz and attracted a new set of first-time customers. <\/li>\n<\/ul>\n\t<div id=\"text-4168567228\" class=\"text\">\n\t\t\n\n<h5><em>FY2021 was the second consecutive year of a sales downturn in the mileage segment of India\u2019s motorcycle market. Though Bajaj Auto also faced a decline, it did better than others and actually increased its market share by 90 bps. This was largely because of the excitement caused by the introduction of exciting new models \u2014 especially the Pulsar 125 which made the otherwise plain segment look more exhilarating than before.<\/em><\/h5>\n\t\t\n<style>\n#text-4168567228 {\n  color: #005dac;\n}\n#text-4168567228 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_4230695\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1768\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8.png 1768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-707x400.png 707w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-1400x792.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-768x434.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-1536x869.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-600x339.png 600w\" sizes=\"auto, (max-width: 1768px) 100vw, 1768px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_4230695 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The next market slice that we operate in India is the \u2018sports\u2019 or \u2018S\u2019 segment, where we have five models of our Pulsar ranging from 150cc to 220cc and two variants of the Avenger.<\/p>\n<ul>\n<li>Here, too, for all players put together, the segment saw sales drop by 15% in FY2021 to an average of 118,476 units per month.<\/li>\n<li>Largely on account of a sharp decline in sales during April-June 2020, our average monthly sales by volume for the year fell by 29.1%. Consequently, despite a smart pickup in the next three quarters, our market share in this segment was 37.3% in FY2021 and we continue to be market leader with the next player\u2019s share being 22.7%<\/li>\n<\/ul>\n\t<div id=\"text-3012088365\" class=\"text\">\n\t\t\n\n<h5><em>Despite a drop in sales in FY2021, Bajaj Auto still remained the clear leader in the sports segment with a healthy market share that exceeded 37%.<\/em><\/h5>\n\t\t\n<style>\n#text-3012088365 {\n  color: #005dac;\n}\n#text-3012088365 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1913377779\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2489\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10.png 2489w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-800x321.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-1400x562.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-768x309.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-1536x617.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-2048x823.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-600x241.png 600w\" sizes=\"auto, (max-width: 2489px) 100vw, 2489px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1913377779 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>At the top end of the value chain is the \u2018super-sports\u2019 segment, where we offer the entire range of KTMs, Husqvarnas, Pulsar RS200 and Dominars.<\/p>\n<ul>\n<li>In FY2021, this super sports segment saw a far more modest decline in domestic sales compared to others. For the industry as a whole, average sales reduced by 4.4% to 67,077 units per month. Bajaj Auto bucked the trend and sold an average of 7,684 units per month, a growth of 10.8% and accounted for 11.6% of this market.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row\"  id=\"row-987852035\">\n\n\n\t<div id=\"col-542626835\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"row\"  id=\"row-185947031\">\n\n\n\t<div id=\"col-1968606130\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p>The writing on the wall is clear. In a pandemic wracked year, when virtually all segments showed serious de-growth in sales, the \u2018super-sports\u2019 segment was the least affected.<\/p>\n<p>There is a fundamental change in urban India\u2019s approach to motorcycle purchases.<\/p>\n<p>Younger customers \u2014 even in the entry-level segment \u2014 desire bikes that have classy looks, appeal and power. Hence the success of our Pulsar 125.<\/p>\n<p>In the \u2018sports\u2019 and the \u2018super-sports\u2019 segments, there are enough in the under-40 generation who have the wallet size and sufficient access to bank credit to own bikes that possess best-in-class looks, power, speed and manoeuvrability.<\/p>\n<p>With our upper-end Pulsars, KTMs, Dominars, Husqvarnas and the soon to be launched Triumphs, we expect to have an even more solid presence in these segments.<\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-185947031 > .col > .col-inner {\n  padding: 15px 15px 5px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n\t<div id=\"text-904212737\" class=\"text\">\n\t\t\n\n<h2>KTM and Probiking\n<\/h2>\n\t\t\n<style>\n#text-904212737 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-904212737 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>The Probiking business now comprises two brands \u2014 KTM and Husqvarna \u2014 and four forms of motorbikes: Naked Sport, Street, Racing and Adventure. The business displayed remarkable resilience in these challenging times by recovering 99% of FY2020 sales. The year marked some special highlights which helped business recovery.<\/p>\n<ul>\n<li>Over 80% of the KTM showrooms completed their revamp and upgradation to house both the KTMs and the Husqvarnas and added over 100,000 square feet of retail space to the network.<\/li>\n<li>New models like Husqvarna and KTM Adventure established themselves and found a stable footing in the market. Adventure 250 was launched to join its 390cc sibling.<\/li>\n<li>The KTM brand is being built around unprecedented probiking experiences for its customers. The business formed a Ride and Community Management capability and launched multiple first-in-market experiences across Adventure, Street and Track. Each such experience is on specially curated routes and led by master trainers. These have helped KTM owners to bond into a community and made them better and safer bikers.<\/li>\n<li>The KTM Duke200 was relaunched in its second generation form while Duke250 was upgraded with premium features.<\/li>\n<\/ul>\n\t<div id=\"text-3122359789\" class=\"text\">\n\t\t\n\n<h5><em>KTM crossed the 64,000 unit mark in FY2020. It succeeded in selling 63,187 units during a year when so many other major brands were in a state of decline.<\/em><\/h5>\n\t\t\n<style>\n#text-3122359789 {\n  color: #005dac;\n}\n#text-3122359789 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1150201917\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1150201917 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Chart D plots the growth of KTM sales in India.<\/p>\n\t<div id=\"gap-798283253\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-798283253 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1705248997\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart-D.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1705248997 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-241484520\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-241484520 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1542985530\" class=\"text\">\n\t\t\n\n<h2>Scooters: Reincarnation of the Chetak\n<\/h2>\n\t\t\n<style>\n#text-1542985530 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1542985530 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>For many decades, Bajaj Auto was synonymous with its Chetak. We have re-introduced the legendary brand as a best in-class electric scooter with an iconic design and have created an object of beauty and aesthetics.<\/p>\n\t<div id=\"text-589177279\" class=\"text\">\n\t\t\n\n<h5><em>The classic style of the new Chetak is designed to delight. It is made of steel and built to last. It can offer a ride of up to 95 km in the Eco mode per single full charge of its battery. It represents the future of mobility.<\/em><\/h5>\n\t\t\n<style>\n#text-589177279 {\n  color: #005dac;\n}\n#text-589177279 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1996726025\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2523\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9.png 2523w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-800x317.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-1400x555.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-768x304.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-1536x609.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-2048x812.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-600x238.png 600w\" sizes=\"auto, (max-width: 2523px) 100vw, 2523px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1996726025 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Simple lines and smooth surfaces are seamlessly woven together with perfect detailing and are available in six colours. With features likes horseshoe shaped LED headlight, daytime running lamps, feather touch activated electronic switches, sequential scrolling rear LED blinkers and a digital console that intuitively displays key vehicle information, the Chetak is a thing of beauty. <\/p>\n<p>At its heart is a IP67 rated high-tech Lithium Ion battery that can be easily charged using a standard 5 amp electrical outlet. The on-board Intelligent Battery Management System seamlessly controls the charging and discharging.<\/p>\n<p>Besides, the Chetak offers a fully-connected riding experience \u2014 being embedded with mobility solutions like data communication, security and user authentication. The Chetak mobile app gives riders a comprehensive overview of all aspects of the vehicle and its ride history. The new Chetak is being made at a state of-the-art, temperature controlled facility at Chakan, Pune to exacting standards using the best materials and cutting edge robotic technology.<\/p>\n<p> The excitement to purchase a Chetak is palpable. When booking for the Chetak was first rolled out in early 2020, it had to be stopped on account of Covid-19 related disruptions. Thereafter, the Company re-opened online bookings at 9 AM on 13 April 2021 but had to stop taking bookings just 48 hours later, owing to overwhelming demand. Bajaj Auto expects to start delivering this iconic model in the course of the second quarter of FY2022. <\/p>\n\t<div id=\"text-3455712005\" class=\"text\">\n\t\t\n\n<h2>Three-Wheelers\n<\/h2>\n\t\t\n<style>\n#text-3455712005 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3455712005 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Bajaj Auto is the world\u2019s largest manufacturer and seller of three wheelers. Our performance in this segment is given in Table 2. <\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.47 253.01\"><line x1=\"0.19\" y1=\"252.88\" x2=\"107.34\" y2=\"252.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"74.33\" x2=\"107.34\" y2=\"74.33\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"89.21\" x2=\"107.34\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"133.85\" x2=\"107.34\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"148.73\" x2=\"107.34\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"74.33\" x2=\"155.53\" y2=\"74.33\" fill=\"none\" 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x2=\"396.47\" y2=\"74.33\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"89.21\" x2=\"396.47\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"252.88\" x2=\"396.47\" y2=\"252.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"74.33\" x2=\"251.91\" y2=\"74.33\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"252.88\" x2=\"251.91\" y2=\"252.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"89.21\" x2=\"300.1\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"252.88\" x2=\"300.1\" y2=\"252.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" 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stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"238\" x2=\"107.34\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"89.21\" x2=\"155.53\" y2=\"89.21\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"104.09\" x2=\"155.53\" y2=\"104.09\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"118.97\" x2=\"155.53\" y2=\"118.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"133.85\" x2=\"155.53\" y2=\"133.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"148.73\" x2=\"155.53\" y2=\"148.73\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"163.61\" x2=\"155.53\" y2=\"163.61\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"178.49\" x2=\"155.53\" y2=\"178.49\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"193.37\" x2=\"155.53\" y2=\"193.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"208.24\" x2=\"155.53\" y2=\"208.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"223.12\" x2=\"155.53\" y2=\"223.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"238\" x2=\"155.53\" y2=\"238\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"89.21\" x2=\"203.72\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"104.09\" x2=\"203.72\" y2=\"104.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"118.97\" x2=\"203.72\" y2=\"118.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"133.85\" x2=\"203.72\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"148.73\" x2=\"203.72\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"163.61\" x2=\"203.72\" y2=\"163.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"178.49\" x2=\"203.72\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"193.37\" x2=\"203.72\" y2=\"193.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"208.24\" x2=\"203.72\" y2=\"208.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"223.12\" x2=\"203.72\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"238\" x2=\"203.72\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"89.21\" x2=\"251.91\" y2=\"89.21\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"104.09\" x2=\"251.91\" y2=\"104.09\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"118.97\" x2=\"251.91\" y2=\"118.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"133.85\" x2=\"251.91\" y2=\"133.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"148.73\" x2=\"251.91\" y2=\"148.73\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"163.61\" x2=\"251.91\" y2=\"163.61\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"178.49\" x2=\"251.91\" y2=\"178.49\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"193.37\" x2=\"251.91\" y2=\"193.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"208.24\" x2=\"251.91\" y2=\"208.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"223.12\" x2=\"251.91\" y2=\"223.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"238\" x2=\"251.91\" y2=\"238\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"104.09\" x2=\"300.1\" y2=\"104.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"118.97\" x2=\"300.1\" y2=\"118.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"133.85\" x2=\"300.1\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"148.73\" x2=\"300.1\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"163.61\" x2=\"300.1\" y2=\"163.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"178.49\" x2=\"300.1\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"193.37\" x2=\"300.1\" y2=\"193.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"208.24\" x2=\"300.1\" y2=\"208.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"223.12\" x2=\"300.1\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"238\" x2=\"300.1\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"89.21\" x2=\"348.29\" y2=\"89.21\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"104.09\" x2=\"348.29\" y2=\"104.09\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"118.97\" x2=\"348.29\" y2=\"118.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"133.85\" x2=\"348.29\" y2=\"133.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"148.73\" x2=\"348.29\" y2=\"148.73\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"163.61\" x2=\"348.29\" y2=\"163.61\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"178.49\" x2=\"348.29\" y2=\"178.49\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"193.37\" x2=\"348.29\" y2=\"193.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"208.24\" x2=\"348.29\" y2=\"208.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"223.12\" x2=\"348.29\" y2=\"223.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"238\" x2=\"348.29\" y2=\"238\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"104.09\" x2=\"396.47\" y2=\"104.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"118.97\" x2=\"396.47\" y2=\"118.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"133.85\" x2=\"396.47\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"148.73\" x2=\"396.47\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"163.61\" x2=\"396.47\" y2=\"163.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"178.49\" x2=\"396.47\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"193.37\" x2=\"396.47\" y2=\"193.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"208.24\" x2=\"396.47\" y2=\"208.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"223.12\" x2=\"396.47\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"238\" x2=\"396.47\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.19 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 2: <\/text><text transform=\"translate(41.61 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Three-Wheeler Sale, Industry and Bajaj Auto (in numbers) <\/text><line x1=\"113.01\" y1=\"38.26\" x2=\"203.72\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(137.73 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total sales<\/text><line x1=\"209.39\" y1=\"38.26\" x2=\"300.1\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(226.19 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Domestic sales<\/text><line x1=\"305.77\" y1=\"38.26\" x2=\"396.47\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(327.65 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Export sales<\/text><line x1=\"0.19\" y1=\"54.92\" x2=\"107.34\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.19 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"113.01\" y1=\"54.92\" x2=\"155.53\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(127.06 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"161.2\" y1=\"54.92\" x2=\"203.72\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(175.25 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"209.39\" y1=\"54.92\" x2=\"251.91\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(223.44 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"257.58\" y1=\"54.92\" x2=\"300.1\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(271.63 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"305.77\" y1=\"54.92\" x2=\"348.29\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(319.82 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"353.95\" y1=\"54.92\" x2=\"396.47\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.01 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0.19 84.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Passenger carriers<\/text><text transform=\"translate(151.34 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.53 84.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.72 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.9 85.67)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(344.09 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.28 85.67)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.17 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(126.56 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">521,424<\/text><text transform=\"translate(168.42 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,020,865<\/text><text transform=\"translate(222.94 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">134,087<\/text><text transform=\"translate(271.12 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">525,015<\/text><text transform=\"translate(319.31 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">387,337<\/text><text transform=\"translate(367.5 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">495,850<\/text><text transform=\"translate(0.15 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(126.55 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">332,572<\/text><text transform=\"translate(174.73 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">629,326<\/text><text transform=\"translate(227.44 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">81,618<\/text><text transform=\"translate(271.11 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">334,714<\/text><text transform=\"translate(319.29 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">250,954<\/text><text transform=\"translate(367.48 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">294,612<\/text><text transform=\"translate(0.14 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.5 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">63.8%<\/text><text transform=\"translate(181.69 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">61.6%<\/text><text transform=\"translate(229.87 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">60.9%<\/text><text transform=\"translate(278.06 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">63.8%<\/text><text transform=\"translate(326.25 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">64.8%<\/text><text transform=\"translate(374.43 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.4%<\/text><text transform=\"translate(0.12 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Goods carriers<\/text><text transform=\"translate(151.27 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.46 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.65 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.83 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(344.02 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.21 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.1 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(131.02 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">87,714<\/text><text transform=\"translate(174.68 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">117,873<\/text><text transform=\"translate(227.39 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">82,110<\/text><text transform=\"translate(271.06 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">111,554<\/text><text transform=\"translate(328.29 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">5,604<\/text><text transform=\"translate(376.47 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">6,319<\/text><text transform=\"translate(0.08 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(131 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">30,932<\/text><text transform=\"translate(179.19 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">32,191<\/text><text transform=\"translate(227.37 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27,686<\/text><text transform=\"translate(275.56 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">30,103<\/text><text transform=\"translate(328.27 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,246<\/text><text transform=\"translate(376.46 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,088<\/text><text transform=\"translate(0.07 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.43 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">35.3%<\/text><text transform=\"translate(181.62 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.3%<\/text><text transform=\"translate(229.81 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">33.7%<\/text><text transform=\"translate(277.99 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.0%<\/text><text transform=\"translate(326.18 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">57.9%<\/text><text transform=\"translate(374.37 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">33.0%<\/text><text transform=\"translate(0.05 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total three-wheelers<\/text><text transform=\"translate(151.21 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.39 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.58 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.77 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(343.95 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.14 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.03 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(126.43 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">609,138<\/text><text transform=\"translate(168.28 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,138,738<\/text><text transform=\"translate(222.8 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">216,197<\/text><text transform=\"translate(270.99 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">636,569<\/text><text transform=\"translate(319.17 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">392,941<\/text><text transform=\"translate(367.36 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">502,169<\/text><text transform=\"translate(0.02 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(126.41 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">363,504<\/text><text transform=\"translate(174.6 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">661,517<\/text><text transform=\"translate(222.79 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">109,304<\/text><text transform=\"translate(270.97 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">364,817<\/text><text transform=\"translate(319.16 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">254,200<\/text><text transform=\"translate(367.34 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">296,700<\/text><text transform=\"translate(0 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.36 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.7%<\/text><text transform=\"translate(181.55 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">58.1%<\/text><text transform=\"translate(229.74 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">50.6%<\/text><text transform=\"translate(277.92 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">57.3%<\/text><text transform=\"translate(326.11 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">64.7%<\/text><text transform=\"translate(374.3 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.1%<\/text><\/svg><\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row\"  id=\"row-1422400941\">\n\n\n\t<div id=\"col-354883804\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"row\"  id=\"row-226533528\">\n\n\n\t<div id=\"col-795163774\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Our domestic sale of three-wheelers fell to 109,304 units primarily due to a reduction in passenger three-wheeler sales across the industry on account of Covid-19. However, we continued to be the market leader, accounting for 50.6% of all three-wheeler sales and 60.9% of passenger vehicle sales.<\/li>\n<li>A sequential recovery was witnessed &#8211; in Q1 FY2021, Bajaj Auto sold 5,309 units. In Q2, this had increased to 23,392, in Q3, 34,230 and in Q4, we sold 46,373 units.<\/li>\n<li>In the goods carriers segment, we now account for 33.7% of the domestic market \u2014 up from 27.0% a year earlier.<\/li>\n<li>We continue to be the dominant exporter among Indian sellers accounting for a market share of 64.7% in FY2021 up from 59.1% in FY2020<\/li>\n<li>In FY2021, we wrested leadership in the Big Diesel Passenger Segment and are now leader with a 41.7% market share. With this, we are now leaders across all passenger three-wheeler segments.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-226533528 > .col > .col-inner {\n  padding: 15px 15px 15px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1097615858\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2532\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2.png 2532w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-800x316.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-1400x553.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-768x303.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-1536x607.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-2048x809.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-600x237.png 600w\" sizes=\"auto, (max-width: 2532px) 100vw, 2532px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1097615858 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-907443377\" class=\"text\">\n\t\t\n\n<h2>International Business<\/h2>\n\t\t\n<style>\n#text-907443377 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-907443377 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>We are The World\u2019s Favourite Indian thanks to the reach of our international business. <\/p>\n<div class=\"row\"  id=\"row-1104037378\">\n\n\n\t<div id=\"col-1340565848\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p><b>In FY2021<\/b><\/p>\n<ul>\n<li>We exported 2.05 million vehicles. This is the third year in succession that we have exported over 2 million vehicles.<\/li>\n<li>In a difficult global market scenario, we exported almost 1.8 million motorcycles.<\/li>\n<li>There was a sharply contrasting growth performance between the first and second half of the year. Motorcycles and commercial vehicles witnessed a decline of 33% and 35% respectively in the first half. This turned to growth of 25% for motorcycle and 9% for commercial vehicles in the second half.<\/li>\n<li>Except ASEAN, all regions have shown strong recovery in the second half of FY2021.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-1104037378 > .col > .col-inner {\n  padding: 15px 15px 15px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n<p>Table 3 gives the export data.<\/p>\n<div class=\"row\"  id=\"row-1669493783\">\n\n\n\t<div id=\"col-1292610681\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.87 155.8\"><line y1=\"57.85\" x2=\"226.77\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"74.16\" x2=\"226.77\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"106.76\" x2=\"226.77\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"90.46\" x2=\"226.77\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"139.37\" x2=\"226.77\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"106.76\" x2=\"283.46\" y2=\"106.76\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"106.76\" x2=\"340.16\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"106.76\" x2=\"396.85\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"123.07\" x2=\"226.77\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"155.68\" x2=\"226.77\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"123.07\" x2=\"283.46\" y2=\"123.07\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"155.68\" x2=\"283.46\" y2=\"155.68\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"123.07\" x2=\"340.16\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"155.68\" x2=\"340.16\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"123.07\" x2=\"396.85\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"155.68\" x2=\"396.85\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"57.85\" x2=\"283.46\" y2=\"57.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"57.85\" x2=\"340.16\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"57.85\" x2=\"396.85\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"74.16\" x2=\"283.46\" y2=\"74.16\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"90.46\" x2=\"283.46\" y2=\"90.46\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"139.37\" x2=\"283.46\" y2=\"139.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"74.16\" x2=\"340.16\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"90.46\" x2=\"340.16\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"139.37\" x2=\"340.16\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"74.16\" x2=\"396.85\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"90.46\" x2=\"396.85\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"139.37\" x2=\"396.85\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 3: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports, in Units and Revenue for, Bajaj Auto<\/text><line y1=\"38.44\" x2=\"226.77\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"232.44\" y1=\"38.44\" x2=\"283.46\" y2=\"38.44\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(255 33.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"289.13\" y1=\"38.44\" x2=\"340.16\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"345.83\" y1=\"38.44\" x2=\"396.85\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.98 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Change<\/text><text transform=\"translate(0 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Units<\/text><text transform=\"translate(279.29 69.91)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(335.98 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.68 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.01 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(248.2 86.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,796,518<\/text><text transform=\"translate(304.9 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,869,220<\/text><text transform=\"translate(376.24 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">-3.9%<\/text><text transform=\"translate(0.02 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Commercial Vehicles<\/text><text transform=\"translate(254.54 102.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">257,729<\/text><text transform=\"translate(311.24 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">301,885<\/text><text transform=\"translate(371.72 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">-14.6%<\/text><text transform=\"translate(0.03 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total numbers<\/text><text transform=\"translate(246.11 118.82)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">2,054,247 <\/text><text transform=\"translate(300.8 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 2,171,105 <\/tspan><\/text><text transform=\"translate(374.98 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">-5.4%<\/text><text transform=\"translate(0.04 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports in <\/text><text transform=\"translate(40.11 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">K<\/text><text transform=\"translate(44.55 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> (crore)<\/tspan><\/text><text transform=\"translate(257.72 135.12)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">12,687 <\/text><text transform=\"translate(312.41 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 12,216 <\/tspan><\/text><text transform=\"translate(378.32 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">3.9%<\/text><text transform=\"translate(0.05 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports in USD (million)<\/text><text transform=\"translate(260.45 151.42)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,651 <\/tspan><\/text><text transform=\"translate(317.15 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,642 <\/tspan><\/text><text transform=\"translate(378.33 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">0.5%<\/text><\/svg><\/p>\n<h3>Regarding motorcycles:<\/h3>\n<ul>\n<li>Our 150cc+ motorcycles grew at 21% versus the previous year. The Dominar brands (both 250cc and 400cc) grew at 91%, though over a smaller base.<\/li>\n<li>In Latin America, we recorded highest ever volumes in many key countries, such as Mexico, Guatemala, Nicaragua, Honduras, Peru and Bolivia.<\/li>\n<li>We continued our dominance in Africa, where we exported over 1 million motorcycles for the second consecutive year.<\/li>\n<\/ul>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_399394673\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/International-Business-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_399394673 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<h3>Regarding commercial vehicles:<\/h3>\n<ul>\n<li>Due to Covid-19 related restrictions in most countries, recovery in commercial vehicle business has been slow.<\/li>\n<li>However, an increased focus on new segments like cargo plus the launch of new and refreshed RE variants led to recovery in the second half of the year. Egypt, where exports were impacted by regulatory issues last year, has grown by 255% over the previous year.<\/li>\n<\/ul>\n<p>Chart E plots our export performance over the years, both in value and as a percentage of the Company\u2019s total net sales.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1304290446\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/MDNA_Chart_E.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1304290446 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1282773966\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1282773966 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>As Chart E shows, we have not only increased the value of our exports in FY2021, but have also increased the share as a percentage of net sales, which now stands at 46.8%.<\/p>\n\t<div id=\"text-2456391721\" class=\"text\">\n\t\t\n\n<h2>R&amp;D<\/h2>\n\t\t\n<style>\n#text-2456391721 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2456391721 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>In FY2021 despite Covid-19, Bajaj Auto\u2019s R&amp;D achieved all the product launches that were planned for the year. <\/p>\n\t<div id=\"text-119476337\" class=\"text\">\n\t\t\n\n<h3>R&amp;D Projects\n<\/h3>\n\t\t\n<style>\n#text-119476337 {\n  color: #005dac;\n}\n#text-119476337 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>R&amp;D successfully delivered fourty-one projects in various product segments to meet the Company\u2019s domestic and export requirements. These were:<\/p>\n<ul>\n<li>Commuter segment: Nine launches.<\/li>\n<li>Sports segment: Six launches.<\/li>\n<li>Super-sport or Premium segment: Three launches.<\/li>\n<li>Commercial segment: Twenty three launches.<\/li>\n<\/ul>\n<p>Some of the strategic products that were launched are given below.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_426422970\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_426422970 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>To take commuting bikes to the next level of safety, R&amp;D has introduced the ABS technology on the Platina 110. This innovative product brings unprecedented levels of safety during braking under difficult conditions like wet, oily or gravelly roads. <\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_701820908\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_701820908 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The popular Pulsar 125 Neon range was strengthened with the addition of sportier split seat variant. This has been met with excellent response in the market.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1376173403\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1376173403 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The best-in-class KTM Adventure 390 was joined by a more affordable 250cc variant, thus expanding the popularity of this evolving segment and building on KTM\u2019s off-road heritage.<\/p>\n\t<div id=\"text-1440598161\" class=\"text\">\n\t\t\n\n<h3>Gaseous Fuel Three-Wheeler<br>\nwith instant Switchover<\/h3>\n\t\t\n<style>\n#text-1440598161 {\n  color: #005dac;\n}\n#text-1440598161 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>R&amp;D has introduced gaseous fuel three-wheeler with an innovative capability to instantly switch from gas to petrol or vice versa. This can be done on the fly as the vehicle is moving, unlike the competitions\u2019 models that need to stop and wait for minutes to burn off the fuel in the carburettor before switching fuels. This was implemented across the entire range of Bajaj Auto\u2019s gaseous three-wheeler portfolio. <\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1263421834\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1263421834 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>This strategic model was created for Nigeria with a 10\u201d wheel and a bigger engine for greater strength and durability. It has been met with excellent response in the market. <\/p>\n<h3>BS-VI Transition<\/h3>\n<p>All the BS-VI launches were supported to ensure smooth transition.<\/p>\n\t<div id=\"text-2593646195\" class=\"text\">\n\t\t\n\n<h3>R&amp;D Facilities<\/h3>\n\t\t\n<style>\n#text-2593646195 {\n  color: #005dac;\n}\n#text-2593646195 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>The EV Laboratory<\/h3>\n<p>In October 2020, BAL\u2019s R&amp;D went live with a 25,000 square feet EV Laboratory to design and develop EV technologies. The laboratory is equipped with critical capabilities for manufacturing and testing EV components and vehicles.<\/p>\n<p>The EV lab is being continuously augmented in both capacity and capability to meet all the emerging needs of creating EV products.<\/p>\n<h3>Electro-Magnetic Compatibity (EMC) Chamber<\/h3>\n<p>Increasing electronics on vehicles and stringent norms on components regarding EMC and electro-magnetic interference have made the design and validation of EMI\/EMC performance of both components and vehicles a necessity. BAL has created a new EMI\/EMC facility in R&amp;D to meet this need. This will also enable Bajaj Auto to reduce its dependence on external agencies for conducting such test \u2014 resulting in saving both time and cost.<\/p>\n\t<div id=\"text-3832850069\" class=\"text\">\n\t\t\n\n<h2>Operations, Productivity and Quality<\/h2>\n\t\t\n<style>\n#text-3832850069 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3832850069 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>TPM<\/h3>\n<p>Bajaj Auto\u2019s \u2018back end\u2019 consists of its manufacturing, engineering, development and materials functions. Principles and philosophy of TPM guides these in achieving excellence both individually and collectively. \u2018The TPM way\u2019 has been successfully extended to include Bajaj Auto\u2019s vendors, dealers and distributors with an aim to create a culture of excellence across the entire supply chain.<\/p>\n<h3>Bajaj Auto\u2019s TPM at operations<\/h3>\n<p>Bajaj Auto is \u2018first-in-the-industry\u2019 in having all its manufacturing plants certified for \u2018Special Award for TPM Achievement\u2019 by Japan Institute for Plant Maintenance (JIPM). In FY2020, BAL Chakan plant was also conferred with \u201cAdvance Special Award for TPM Achievement\u201d.<\/p>\n<h3>Vendor TPM activities<\/h3>\n<p>Bajaj Auto supports its vendors to become globally competitive in terms of safety, quality, production, delivery, cost and human development.<\/p>\n<p>Currently 174 Tier I vendors are practicing TPM and 128 of them have earned the \u2018BAL TPM Award\u2019. Moreover there are now 295 Tier II vendors who are practicing TPM. In addition, we have actively encouraged our vendors to adopt best practices in energy and water conservation.<\/p>\n<p>We have also taken up a drive to maximise supplies to all our plants from vendors within the plant cluster. This has substantially reduced our supply chain length and the carbon footprint with almost 85% of supplies for all plants being made by vendors within their own clusters.<\/p>\n<h3>TPM in after-sales service<\/h3>\n<p>TPM methodologies are being continuously spread across our domestic dealership and international distributor networks.<\/p>\n<p>As on 31 March 2021, we had 550 dealerships practicing TPM; and we have extended the TPM initiative to our sub-dealers.<\/p>\n<h3>TPM at overseas distributor plants<\/h3>\n<p>We started implementation of TPM at our international distributor plants. As of FY2021, 12 distributor plants have been practicing TPM for over a year. Consequently, these are now experiencing somewhere between 15% and 20% growth in manpower productivity, production rate and first-time right quality.<\/p>\n<h3>Women Employment<\/h3>\n<p>Our women employee strength has grown more than four times from 148 in FY2014 to 654 in FY2021.Of them, almost 70% women are working in manufacturing plants and in engineering.<\/p>\n<p>Some of our female employees are doing complex jobs like dynamic testing of bikes.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 397.19 147.53\"><line y1=\"58.13\" x2=\"73.7\" y2=\"58.13\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"87.89\" x2=\"73.7\" y2=\"87.89\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"102.77\" x2=\"73.7\" y2=\"102.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"132.53\" x2=\"73.7\" y2=\"132.53\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"147.41\" x2=\"73.7\" y2=\"147.41\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"132.53\" x2=\"206.93\" y2=\"132.53\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"147.41\" x2=\"206.93\" y2=\"147.41\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"58.13\" x2=\"164.34\" y2=\"58.13\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"87.89\" x2=\"206.93\" y2=\"87.89\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"102.77\" x2=\"206.93\" y2=\"102.77\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line 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stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"102.77\" x2=\"164.34\" y2=\"102.77\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"117.65\" x2=\"164.34\" y2=\"117.65\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"117.65\" x2=\"206.93\" y2=\"117.65\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"132.53\" x2=\"164.34\" y2=\"132.53\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"58.13\" x2=\"397.13\" y2=\"58.13\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"73.01\" x2=\"397.13\" y2=\"73.01\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"87.89\" x2=\"397.13\" y2=\"87.89\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"102.77\" x2=\"397.13\" y2=\"102.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"117.65\" x2=\"397.13\" y2=\"117.65\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"132.53\" x2=\"397.13\" y2=\"132.53\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"147.41\" x2=\"397.13\" y2=\"147.41\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 4: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Plant-wise Capacities (in units per annum)<\/text><line y1=\"38.72\" x2=\"73.7\" y2=\"38.72\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Plant<\/text><line x1=\"79.37\" y1=\"38.72\" x2=\"206.93\" y2=\"38.72\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(128.19 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">As on 31 Marc<\/text><text transform=\"translate(181.32 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">h 20<\/text><text transform=\"translate(197.48 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">21 <\/text><line x1=\"212.88\" y1=\"38.72\" x2=\"397.13\" y2=\"38.72\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(212.88 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> Product Range<\/tspan><\/text><text transform=\"translate(0 68.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Waluj<\/text><text transform=\"translate(79.37 68.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 68.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,400,000<\/text><text transform=\"translate(212.88 68.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Boxer, CT, Platina, Discover, Pulsar<\/text><text transform=\"translate(79.37 83.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Commercial Vehicles<\/text><text transform=\"translate(175.9 83.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 930,000<\/tspan><\/text><text transform=\"translate(212.88 83.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Passenger Carriers, Good Carriers, Quadricycle <\/text><text transform=\"translate(169.55 98.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">3,330,000<\/text><text transform=\"translate(0 113.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Chakan<\/text><text transform=\"translate(79.37 113.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 113.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,200,000<\/text><text transform=\"translate(212.88 113.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Pulsar, Avenger, KTM, Dominar, Husqvarna, Chetak<\/text><text transform=\"translate(0 128.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Pantnagar<\/text><text transform=\"translate(79.37 128.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 128.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,800,000<\/text><text transform=\"translate(212.88 128.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">CT, Platina and Pulsar<\/text><text transform=\"translate(169.55 143.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">6,330,000<\/text><\/svg><\/p>\n<p>As on 31 March 2021, BAL\u2019s employee strength stood at 10,052.<\/p>\n\t<div id=\"gap-793918256\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-793918256 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_163500733\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Map_Pantnagar.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_163500733 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-39772180\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-39772180 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3426719319\" class=\"text\">\n\t\t\n\n<h2>Financials<\/h2>\n\t\t\n<style>\n#text-3426719319 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3426719319 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Table 5 gives the summarised standalone profit and loss statement of Bajaj Auto.\n<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 399.07 568.76\"><line x1=\"289.13\" y1=\"62.75\" x2=\"340.16\" y2=\"62.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"77.63\" x2=\"340.16\" y2=\"77.63\" fill=\"none\" stroke=\"#6d8bc6\" 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y1=\"404.97\" x2=\"340.16\" y2=\"404.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"419.85\" x2=\"340.16\" y2=\"419.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"404.97\" x2=\"396.85\" y2=\"404.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"419.85\" x2=\"396.85\" y2=\"419.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"449.6\" x2=\"283.46\" y2=\"449.6\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"479.36\" x2=\"283.46\" y2=\"479.36\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"449.6\" x2=\"340.16\" y2=\"449.6\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"479.36\" x2=\"340.16\" y2=\"479.36\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"449.6\" x2=\"396.85\" y2=\"449.6\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"479.36\" x2=\"396.85\" y2=\"479.36\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"524\" x2=\"283.46\" y2=\"524\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"524\" x2=\"340.16\" y2=\"524\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"524\" x2=\"396.85\" y2=\"524\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"538.88\" x2=\"283.46\" y2=\"538.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"553.76\" x2=\"283.46\" y2=\"553.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"568.64\" x2=\"283.46\" y2=\"568.64\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"538.88\" x2=\"340.16\" y2=\"538.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"538.88\" x2=\"396.85\" y2=\"538.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"553.76\" x2=\"340.16\" y2=\"553.76\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"568.64\" x2=\"340.16\" y2=\"568.64\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"494.24\" x2=\"283.46\" y2=\"494.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"509.12\" x2=\"283.46\" y2=\"509.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"494.24\" x2=\"340.16\" y2=\"494.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"509.12\" x2=\"340.16\" y2=\"509.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"494.24\" x2=\"396.85\" y2=\"494.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"509.12\" x2=\"396.85\" y2=\"509.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"553.76\" x2=\"396.85\" y2=\"553.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"568.64\" x2=\"396.85\" y2=\"568.64\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 5: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Summarised Standalone Proft and Loss Statement<\/text><text transform=\"translate(360.76 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> (<\/tspan><\/text><text transform=\"translate(364.68 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">\u20b9 <\/text><text transform=\"translate(369.62 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">In Crore)<\/text><line y1=\"43.34\" x2=\"283.46\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"289.13\" y1=\"43.34\" x2=\"340.16\" y2=\"43.34\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 38.66)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"345.83\" y1=\"43.34\" x2=\"396.85\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.38 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operations<\/text><text transform=\"translate(0 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Sales<\/text><text transform=\"translate(313.65 88.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 27,133 <\/tspan><\/text><text transform=\"translate(370.35 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 29,112 <\/tspan><\/text><text transform=\"translate(0.01 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Other operating income<\/text><text transform=\"translate(324.52 103.13)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 608 <\/tspan><\/text><text transform=\"translate(381.21 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 807 <\/tspan><\/text><text transform=\"translate(0.02 118)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total operating income<\/text><text transform=\"translate(312.39 118)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 27,741 <\/tspan><\/text><text transform=\"translate(369.09 118)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 29,919 <\/tspan><\/text><text transform=\"translate(0.03 147.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Cost of materials consumed, net of expenditures capitalised<\/text><text transform=\"translate(313.68 147.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 19,597 <\/tspan><\/text><text transform=\"translate(370.37 147.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 20,978 <\/tspan><\/text><text transform=\"translate(318.22 162.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">70.6%<\/text><text transform=\"translate(374.91 162.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">70.1%<\/text><text transform=\"translate(0.04 177.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Stores and tools<\/text><text transform=\"translate(324.54 177.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 116 <\/tspan><\/text><text transform=\"translate(381.24 177.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 130 <\/tspan><\/text><text transform=\"translate(322.75 192.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">0.4%<\/text><text transform=\"translate(379.44 192.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">0.4%<\/text><text transform=\"translate(0.04 207.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Employee cost<\/text><text transform=\"translate(318.22 207.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,283 <\/tspan><\/text><text transform=\"translate(374.91 207.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,386 <\/tspan><\/text><text transform=\"translate(322.76 222.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(379.45 222.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(0.05 237.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Factory, administrative and other expenses<\/text><text transform=\"translate(324.56 237.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 717 <\/tspan><\/text><text transform=\"translate(381.25 237.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 866 <\/tspan><\/text><text transform=\"translate(322.76 251.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.6%<\/text><text transform=\"translate(379.46 251.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.9%<\/text><text transform=\"translate(0.06 266.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Sales and after sales expenses<\/text><text transform=\"translate(324.57 266.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 965 <\/tspan><\/text><text transform=\"translate(374.93 266.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,306 <\/tspan><\/text><text transform=\"translate(322.77 281.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3.5%<\/text><text transform=\"translate(379.47 281.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.4%<\/text><text transform=\"translate(0.07 296.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total expenditure<\/text><text transform=\"translate(312.45 296.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 22,678 <\/tspan><\/text><text transform=\"translate(369.14 296.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 24,666 <\/tspan><\/text><text transform=\"translate(0.08 311.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Earnings before interest, tax, depreciation and amortisation (EBITDA)<\/text><text transform=\"translate(317.18 311.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,063 <\/tspan><\/text><text transform=\"translate(373.87 311.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,253 <\/tspan><\/text><text transform=\"translate(0.09 326.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">EBITDA%<\/text><text transform=\"translate(316.95 326.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">18.3%<\/text><text transform=\"translate(373.65 326.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">17.6%<\/text><text transform=\"translate(0.1 341.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Interest<\/text><text transform=\"translate(333.64 341.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 7 <\/tspan><\/text><text transform=\"translate(390.34 341.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.1 356.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Depreciation and amortisation<\/text><text transform=\"translate(324.61 356.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 259 <\/tspan><\/text><text transform=\"translate(381.3 356.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 246 <\/tspan><\/text><text transform=\"translate(0.11 370.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operating proft<\/text><text transform=\"translate(317.21 370.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,797 <\/tspan><\/text><text transform=\"translate(373.91 370.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,004 <\/tspan><\/text><text transform=\"translate(318.3 385.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">17.3%<\/text><text transform=\"translate(375 385.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.7%<\/text><text transform=\"translate(0.12 400.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">CSR spends and donations<\/text><text transform=\"translate(324.63 400.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 131 <\/tspan><\/text><text transform=\"translate(381.32 400.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 154 <\/tspan><\/text><text transform=\"translate(0.13 415.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operating proft less CSR spends and donations<\/text><text transform=\"translate(317.23 415.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,666 <\/tspan><\/text><text transform=\"translate(373.93 415.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,850 <\/tspan><\/text><text transform=\"translate(0.14 430.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Non-operating income<\/text><text transform=\"translate(318.31 430.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,276 <\/tspan><\/text><text transform=\"translate(375.01 430.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,733 <\/tspan><\/text><text transform=\"translate(0.15 445.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Less : Non-operating expense<\/text><text transform=\"translate(333.7 445.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(390.39 445.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.16 460.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Non-operating income, net<\/text><text transform=\"translate(317.26 460.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,273 <\/tspan><\/text><text transform=\"translate(373.95 460.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,730 <\/tspan><\/text><text transform=\"translate(0.16 475.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft before tax<\/text><text transform=\"translate(317.27 475.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,939 <\/tspan><\/text><text transform=\"translate(373.96 475.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,580 <\/tspan><\/text><text transform=\"translate(0.17 489.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Tax expense<\/text><text transform=\"translate(318.34 489.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,384 <\/tspan><\/text><text transform=\"translate(375.04 489.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,480 <\/tspan><\/text><text transform=\"translate(0.18 504.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft after tax<\/text><text transform=\"translate(317.28 504.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,555 <\/tspan><\/text><text transform=\"translate(373.98 504.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,100 <\/tspan><\/text><text transform=\"translate(0.19 534.52)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Surplus cash and cash equivalents as on 31 March<\/text><text transform=\"translate(314.57 534.52)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">17,689<\/text><text transform=\"translate(371.27 534.52)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">14,322<\/text><text transform=\"translate(0.2 564.28)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Return on Operating Capital Employed (ROCE)<\/text><text transform=\"translate(319.26 564.28)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">189%<\/text><text transform=\"translate(375.96 564.28)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">336%<\/text><\/svg><\/p>\n<ul>\n<li>Our surplus funds are invested in (i) fixed income securities rated P1+ and equivalent for short term investments, (ii) AA+ and above rated securities for long term investments and (iii) fixed deposits with banks and finance companies.<\/li>\n<\/ul>\n<p>As required for listed companies by the Securities and Exchange Board of India (SEBI), Table 6 gives the key ratios.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.9 203.27\"><line x1=\"104.93\" y1=\"95.75\" x2=\"141.78\" y2=\"95.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"121.63\" x2=\"141.78\" y2=\"121.63\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"158.51\" x2=\"141.78\" y2=\"158.51\" 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x1=\"147.45\" y1=\"158.51\" x2=\"184.3\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"158.51\" x2=\"396.9\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"173.39\" x2=\"184.3\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"173.39\" x2=\"396.9\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"188.27\" x2=\"184.3\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"188.27\" x2=\"396.9\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"203.15\" x2=\"184.3\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"58.87\" x2=\"99.26\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"95.75\" x2=\"99.26\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"121.63\" x2=\"99.26\" y2=\"121.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"158.51\" x2=\"99.26\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"173.39\" x2=\"99.26\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"188.27\" x2=\"99.26\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"203.15\" x2=\"99.26\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"95.75\" x2=\"396.9\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"58.87\" x2=\"396.9\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"203.15\" x2=\"396.9\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"58.87\" x2=\"141.78\" y2=\"58.87\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"58.87\" x2=\"184.3\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.05 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 6: <\/text><text transform=\"translate(41.46 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Bajaj Auto\u2019s Key Financial Ratios, Standalone<\/text><line x1=\"0.05\" y1=\"39.46\" x2=\"99.26\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.05 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"104.93\" y1=\"39.46\" x2=\"141.78\" y2=\"39.46\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(113.31 34.78)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"147.45\" y1=\"39.46\" x2=\"184.3\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(155.83 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"189.97\" y1=\"39.46\" x2=\"396.9\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(189.97 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Remarks<\/text><text transform=\"translate(0.04 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Debtors Turnover Ratio<\/text><text transform=\"translate(126.34 69.5)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">9.99 <\/text><text transform=\"translate(164.34 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.88 <\/text><text transform=\"translate(189.96 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower turnover due to COVID related lockdown\/<\/text><text transform=\"translate(189.96 80.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">disruptions and increase in outstandings due to <\/text><text transform=\"translate(189.96 91.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">challenging business environment<\/text><text transform=\"translate(0.03 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Inventory Turnover Ratio<\/text><text transform=\"translate(121.81 106.37)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13.13 <\/text><text transform=\"translate(164.33 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">19.75 <\/text><text transform=\"translate(189.95 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower turnover due to COVID related lockdown\/<\/text><text transform=\"translate(189.95 117.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">disruptions and increase in overall value of inventory<\/text><text transform=\"translate(0.03 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Current Ratio<\/text><text transform=\"translate(126.33 132.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.51 <\/text><text transform=\"translate(168.84 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1.55 <\/text><text transform=\"translate(189.94 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Value of investments maturing within 1 year have <\/text><text transform=\"translate(371.23 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(189.94 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">gone up from <\/text><path d=\"M265.65,157.5h-.74a1.63,1.63,0,0,1-1.84,1.52v0c.23.22.45.5.67.74l1.36,1.72v.06h-.62L263,159.64c-.22-.28-.59-.69-.59-.69l.17-.42c.92.2,1.78-.14,1.83-1h-1.95V157h1.89a1,1,0,0,0-.95-.66h-.94v-.46h3.47l-.24.46h-1.24v0a1,1,0,0,1,.45.62h1Z\" transform=\"translate(-21.63 -18.31)\" fill=\"#231f20\"><\/path><text transform=\"translate(246.04 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,779.75 crore in FY2020 to <\/text><text transform=\"translate(347.36 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><path d=\"M215.15,168.5h-.74a1.63,1.63,0,0,1-1.84,1.52v0c.23.22.45.5.67.74l1.37,1.72v.06H214l-1.52-1.92c-.22-.28-.59-.69-.59-.69l.17-.42c.92.2,1.78-.14,1.83-1h-2V168h1.89a1,1,0,0,0-.95-.66h-.94v-.46h3.47l-.24.46h-1.24v0a1,1,0,0,1,.45.62h1Z\" transform=\"translate(-21.63 -18.31)\" fill=\"#231f20\"><\/path><text transform=\"translate(195.54 154.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">8,028.11 crore in FY2021<\/text><text transform=\"translate(0.02 169.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Operating Proft Margin<\/text><text transform=\"translate(119.77 169.12)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">17.3%<\/text><text transform=\"translate(162.29 169.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.7%<\/text><text transform=\"translate(0.01 183.99)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Net Proft Margin<\/text><text transform=\"translate(119.77 183.99)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15.7%<\/text><text transform=\"translate(162.28 183.99)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.1%<\/text><text transform=\"translate(0 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Return on Net Worth<\/text><text transform=\"translate(119.76 198.87)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">18.1%<\/text><text transform=\"translate(162.27 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.6%<\/text><text transform=\"translate(189.92 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower profts due to COVID related lockdown\/disruptions<\/text><\/svg><\/p>\n\t<div id=\"text-3378808213\" class=\"text\">\n\t\t\n\n<h2>Subsidiaries<\/h2>\n\t\t\n<style>\n#text-3378808213 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3378808213 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>Bajaj Auto International Holdings BV (BAIH BV)<\/h3>\n<p>Bajaj Auto International Holdings BV (BAIH BV) is a 100% Netherlands based subsidiary of Bajaj Auto Ltd. Over the years, through this subsidiary, Bajaj Auto has invested a total of \u20ac198.1 million (\u20b9 1,219 crore) and holds approximately 48% stake in KTM AG of Austria (KTM), the fastest growing motorcycle brand in the world.<\/p>\n<p>Calendar year 2020 was impacted due to Covid-19.<\/p>\n<ul>\n<li>KTM sold 208,852 motorcycles versus 213,949 in the previous year.<\/li>\n<li>KTM achieved a turnover of \u20ac1.41 billion compared to \u20ac1.51 billion in the previous year.<\/li>\n<li>Profit after tax was at \u20ac71.2 million (\u20b9 638 crore) versus \u20ac84.6 million (\u20b9 670 crore).<\/li>\n<li>The proportionate profit to Bajaj Auto Ltd. \u20ac34.1 million (\u20b9 306 crore) as against \u20ac40.6 million (\u20b9 322 crore) in the previous year, which shows up in the consolidated results.<\/li>\n<\/ul>\n<p>During the year, Bajaj Auto manufactured 148,183 units of KTM and Husqvarna at its Chakan plant. Of these, 63,187 units were sold through the Pro-biking network and 79,832 were exported.<\/p>\n<h3>Bajaj Auto (Thailand) Ltd.<\/h3>\n<p>Bajaj Auto (Thailand) Ltd. was incorporated as a wholly owned subsidiary in Thailand with an issued and subscribed share capital of Thai Baht (THB) 45 million (\u20b9 11 crore). It has obtained all necessary approvals from local authorities to set up an International Business Centre (IBC) and an Engineering Design Centre (EDC) under this subsidiary.<\/p>\n<p>While the start of the activity was delayed by the pandemic, the EDC is now operational and international designers are operating from this new facility in Bangkok. It marks a new beginning for Bajaj Auto\u2019s R&amp;D expanding its design centre to trend-defining markets around the globe. Full scale operations including IBC is likely to commence in the coming year.<\/p>\n<h3>New Offices<\/h3>\n<p>Bajaj Auto is also going to set up an Engineering Design Centre in Barcelona Spain. 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stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"163.03\" x2=\"396.85\" y2=\"163.03\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"222.54\" x2=\"396.85\" y2=\"222.54\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"62.75\" x2=\"283.46\" y2=\"62.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"77.63\" x2=\"283.46\" y2=\"77.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"92.51\" x2=\"396.85\" y2=\"92.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"107.39\" x2=\"396.85\" y2=\"107.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"163.03\" x2=\"283.46\" y2=\"163.03\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"92.51\" x2=\"283.46\" y2=\"92.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"107.39\" x2=\"283.46\" y2=\"107.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"222.54\" x2=\"283.46\" y2=\"222.54\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"92.51\" x2=\"340.16\" y2=\"92.51\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"107.39\" x2=\"340.16\" y2=\"107.39\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"122.27\" x2=\"283.46\" y2=\"122.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"148.15\" x2=\"283.46\" y2=\"148.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"177.9\" x2=\"283.46\" y2=\"177.9\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"192.78\" x2=\"283.46\" y2=\"192.78\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"177.9\" x2=\"340.16\" y2=\"177.9\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"192.78\" x2=\"340.16\" y2=\"192.78\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"177.9\" x2=\"396.85\" y2=\"177.9\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"192.78\" x2=\"396.85\" y2=\"192.78\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"207.66\" x2=\"283.46\" y2=\"207.66\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"237.42\" x2=\"283.46\" y2=\"237.42\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"207.66\" x2=\"340.16\" y2=\"207.66\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"237.42\" x2=\"340.16\" y2=\"237.42\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"207.66\" x2=\"396.85\" y2=\"207.66\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"237.42\" x2=\"396.85\" y2=\"237.42\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 7: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Revenue and Segment Results<\/text><text transform=\"translate(360.76 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> (<\/tspan><\/text><text transform=\"translate(364.68 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">H <\/text><text transform=\"translate(369.62 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">In Crore)<\/text><line y1=\"43.34\" x2=\"283.46\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Revenue<\/text><line x1=\"289.13\" y1=\"43.34\" x2=\"340.16\" y2=\"43.34\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 38.66)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"345.83\" y1=\"43.34\" x2=\"396.85\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.38 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Automotive<\/text><text transform=\"translate(315.74 73.38)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27,750 <\/text><text transform=\"translate(372.44 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">29,968 <\/text><text transform=\"translate(0.01 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Investment and others<\/text><text transform=\"translate(320.27 88.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,268 <\/text><text transform=\"translate(376.97 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,475 <\/text><text transform=\"translate(314.39 103.13)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">29,018 <\/text><text transform=\"translate(371.09 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">31,443 <\/text><text transform=\"translate(0.02 132.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Results<\/text><text transform=\"translate(0.02 143.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft\/(Loss) from each segment before tax<\/text><text transform=\"translate(0.02 158.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Automotive<\/text><text transform=\"translate(320.28 158.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4,984 <\/text><text transform=\"translate(374.89 158.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 5,223 <\/tspan><\/text><text transform=\"translate(0.03 173.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Investment and others<\/text><text transform=\"translate(318.2 173.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,264 <\/tspan><\/text><text transform=\"translate(374.89 173.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,472 <\/tspan><\/text><text transform=\"translate(319.13 188.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">6,248 <\/text><text transform=\"translate(373.82 188.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,695 <\/tspan><\/text><text transform=\"translate(0.04 203.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Less : Interest<\/text><text transform=\"translate(333.58 203.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 7 <\/tspan><\/text><text transform=\"translate(390.28 203.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.04 218.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft before tax<\/text><text transform=\"translate(317.15 218.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,241 <\/tspan><\/text><text transform=\"translate(373.84 218.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,692 <\/tspan><\/text><text transform=\"translate(0.05 233.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft after tax<\/text><text transform=\"translate(317.15 233.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,857 <\/tspan><\/text><text transform=\"translate(373.85 233.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,212 <\/tspan><\/text><\/svg><\/p>\n\t<div id=\"text-4109605025\" class=\"text\">\n\t\t\n\n<h2>Outlook<\/h2>\n\t\t\n<style>\n#text-4109605025 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-4109605025 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Thanks to Covid-19, FY2021 was an extremely difficult year. It speaks volumes for Bajaj Auto that it survived the complete break in the supply chain during the lockdown and then turned around operations to almost the pre-Covid levels by the third quarter of the year. As we were looking forward to higher growth, the virus struck even more virulently from March 2021 \u2014with many states and local governments announcing local lockdowns.<\/p>\n<p>At this stage, it is challenging to predict how long the second spike will last and how bad will it be. Therefore, it is difficult to share how Bajaj Auto will do in FY2022.<\/p>\n<p>However, we can say two things with certainty.<\/p>\n<ol>\n<li>First, we as a responsible enterprise, will do all that is needed to ensure that our employees and their families remain safe in this pandemic.<\/li>\n<li>Second, we will be persistent with our efforts to offer best-in-class motorcycles across the entire spectrum in which we operate. You will see new models and variants being introduced without fail to enthuse our customers in more ways than one.<\/li>\n<\/ol>\n<p>We are a financially strong enterprise that enjoys great brand value. If we can\u2019t overcome this crisis by moving ahead, who can?<\/p>\n<h3>Cautionary Statement<\/h3>\n<p><em>Statements in this Management Discussion and Analysis describing the Company\u2019s objectives, projections, estimates and expectations may be \u2018forward looking\u2019 within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Important factors that could make a difference to the Company\u2019s operations include global economy, political stability, stock performance on stock markets, changes in government regulations, tax regimes, economic developments and other incidental factors. Except as required by law, the Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Investors are advised to exercise due care and caution while interpreting these statements.<\/em><\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-997644940\" class=\"col show-for-small small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n  <div id=\"page-header-117463995\" class=\"page-header-wrapper\">\n  <div class=\"page-title dark featured-title\">\n\n    \n    <div class=\"page-title-inner container align-center flex-row medium-flex-wrap\" >\n              <div class=\"title-wrapper is-larger flex-col text-left medium-text-center\">\n          <h1 class=\"entry-title mb-0\">\n            &nbsp;\tManagement Discussion &amp; Analysis          <\/h1>\n        <\/div>\n                    <div class=\"title-content flex-col flex-right text-right medium-text-center\">\n        <ul class=\"nav sm-touch-scroll nav-line nav-uppercase text-left nav-left\"><li class=\"nav-single-page hidden\"><\/li><\/ul>      <\/div>\n    <\/div>\n\n     \n<style>\n#page-header-117463995 {\n  margin-bottom: 30px;\n}\n<\/style>\n  <\/div>\n    <\/div>\n  \n\n<div class=\"row\"  id=\"row-2111299070\">\n\n\n\t<div id=\"col-375650347\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t<section class=\"section dark hide-for-medium\" id=\"section_1064982389\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row\"  id=\"row-1385165137\">\n\n\n\t<div id=\"col-333243130\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3110581107\" class=\"text\">\n\t\t\n\n<p>As we stare at the dreadful new Covid spike that has engulfed many states of India, it is natural to be downcast and fearful. Yet, it is important to say the truth.<\/p>\n<p>Yes, this spike is by the worst that we have seen. Equally, India has two vaccines in the market, with one more having been approved and some more in the pipeline.<\/p>\n<p>Yes, it is a major task to vaccinate those who are 18 years and above. But it is not insurmountable. During acute adversities, India has worked together to overcome the\nchallenges.<\/p>\n<p>No, the solution is not another nationwide lockdown; not even localised state-wide lockdowns. Today, there is enough evidence to<\/p>\n\t\t\n<style>\n#text-3110581107 {\n  color: rgb(0,0,0);\n}\n#text-3110581107 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-333243130 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-1687692523\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2594773533\" class=\"text\">\n\t\t\n\n<p>show that these have not worked to limit the spread of the virus. Instead, such lockdowns create massive economic uncertainty; threaten the livelihood of daily workers and the poor; prompt needless urban-to-rural migration; and sharply accentuate fear in an already fearful milieu.<\/p>\n<p>That will be an unmitigated disaster. Let us not make that mistake yet again.<\/p>\n<p>The solution is a combination of strictly enforced safety \u2014 involving masks and basic social distancing \u2014 coupled with a rapidly accelerated vaccination programme. And, subject to basic safety and inoculation, work must continue. For that is what brings in the daily bread, feeds home and hearth and makes a nation grow.<\/p>\n\t\t\n<style>\n#text-2594773533 {\n  color: rgb(0,0,0);\n}\n#text-2594773533 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1687692523 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1064982389 {\n  padding-top: 10px;\n  padding-bottom: 10px;\n  margin-bottom: 10px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section dark show-for-small\" id=\"section_1555364668\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row\"  id=\"row-1049073379\">\n\n\n\t<div id=\"col-1048079587\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2386913743\" class=\"text\">\n\t\t\n\n<p>As we stare at the dreadful new Covid spike that has engulfed many states of India, it is natural to be downcast and fearful. Yet, it is important to say the truth.<\/p>\n<p>Yes, this spike is by the worst that we have seen. Equally, India has two vaccines in the market, with one more having been approved and some more in the pipeline.<\/p>\n<p>Yes, it is a major task to vaccinate those who are 18 years and above. But it is not insurmountable. During acute adversities, India has worked together to overcome the\nchallenges.<\/p>\n<p>No, the solution is not another nationwide lockdown; not even localised state-wide lockdowns. Today, there is enough evidence to show that these have not worked to limit the spread of the virus. Instead, such lockdowns create massive economic uncertainty; threaten the livelihood of daily workers and the poor; prompt needless urban-to-rural migration; and sharply accentuate fear in an already fearful milieu.<\/p>\n<p>That will be an unmitigated disaster. Let us not make that mistake yet again.<\/p>\n<p>The solution is a combination of strictly enforced safety \u2014 involving masks and basic social distancing \u2014 coupled with a rapidly accelerated vaccination programme. And, subject to basic safety and inoculation, work must continue. For that is what brings in the daily bread, feeds home and hearth and makes a nation grow.<\/p>\n\t\t\n<style>\n#text-2386913743 {\n  color: rgb(0,0,0);\n}\n#text-2386913743 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1048079587 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-1861000922\" class=\"col hide-for-small medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1861000922 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1555364668 {\n  padding-top: 10px;\n  padding-bottom: 10px;\n  margin-bottom: 10px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-1426171266\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1426171266 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1426990579\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/GDP-Growth-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1426990579 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Given the massive second spike that started from early March, it will be a very creditable achievement if India\u2019s growth rate for FY2021 contracts by no more than 8%.<\/p>\n<h3>How did motorcycles and three-wheelers fare within India?<\/h3>\n<p>How was India\u2019s domestic sale of motorcycles and three wheelers in this Covid year of FY2021? Let us start with motorcycles. While FY2018 and FY2019 were years of impressive growth, in FY2020, the number of motorcycles reportedly sold in India declined by 17.5% to 11.2 million units. Spurred by Covid-19, the falling trend continued in FY2021, domestic motorcycle sales fell by a further 10.7% to just a tad above 10 million.<\/p>\n<p>Industry-wide domestic sale of three-wheelers fared worse, thanks to Covid-19. In FY2021 intra- and inter-city movements were significantly curtailed and buyers kept three-wheeler purchases in abeyance. Consequently, industry-wide domestic sale of three-wheelers crashed by 66.0% to under 216,200 units.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1450585907\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Industry-sales.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1450585907 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1132567498\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1132567498 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<h3>How did Bajaj Auto fare?<\/h3>\n<p>Given below is the Company\u2019s financial performance for FY2021, compared to the previous year.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1200988252\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_A.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1200988252 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2120547907\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_B.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2120547907 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-609579704\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-609579704 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1820014338\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_C.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1820014338 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3770133050\" class=\"text\">\n\t\t\n\n<h2>Bajaj Auto\u2019s Financial\nPerformance for FY2021<\/h2>\n\t\t\n<style>\n#text-3770133050 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3770133050 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<section class=\"section dark\" id=\"section_884805591\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse\"  id=\"row-2134142708\">\n\n\n\t<div id=\"col-1432726226\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Net sales declined by 6.8% to \u20b9 27,133 crore. Despite this reduction, it represnts the third highest sales in Bajaj Auto\u2019s history.<\/li>\n<\/ul>\n<ul>\n<li>Total operating income (net sales plus other operating income) declined by 7.3% to \u20b9 27,741 crore &#8211; which is also Bajaj Auto\u2019s third highest ever.<\/li>\n<\/ul>\n<ul>\n<li>Total operating income (net sales plus other operating income) declined by 7.3% to \u20b9 27,741 crore &#8211; which is also Bajaj Auto\u2019s third highest ever.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1432726226 > .col-inner {\n  padding: 0px 20px 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-188555683\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>The operating EBITDA margin is 18.3% of net sales and other operating income, versus 17.6% in the previous year, representing an increase of 70 basis points (bps) in this Covid year.<\/li>\n<\/ul>\n<ul>\n<li>Operating profit declined by 4.1% to \u20b9 4,797 crore.<\/li>\n<\/ul>\n<ul>\n<li>The operating profit margin is 17.3% of net sales and other operating income &#8211; which is 60 bps higher than the previous year.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-188555683 > .col-inner {\n  padding: 0px 20px 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-364058056\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Profit before tax (PBT) declined by 9.7% to \u20b9 5,939 crore, which was the Company\u2019s third highest.<\/li>\n<\/ul>\n<ul>\n<li>Profit after tax (PAT) decreased by 10.7% to \u20b9 4,555 crore. This was the third highest PAT.<\/li>\n<\/ul>\n<ul>\n<li>Surplus cash and cash equivalent as on 31 March 2021 increased by 23.5% to \u20b9 17,689 crore. <\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-364058056 > .col-inner {\n  padding: 0px 20pxp 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n<p>Therefore, despite a 10.7% drop in the total number of motorcycles sold by the industry in India and a huge 66.0% decline in the number of three-wheelers sold, Bajaj Auto has done well for itself.<\/p>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_884805591 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  background-color: #005dac;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-413148277\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-413148277 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1803413201\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Bajaj-Auto-Glance-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1803413201 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1732617910\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1732617910 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3894045371\" class=\"text\">\n\t\t\n\n<h2>Motorcycles<\/h2>\n\t\t\n<style>\n#text-3894045371 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3894045371 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>After excellent growth in FY2019, Indian industry\u2019s domestic sale and exports of motorcycles declined by 12.8% in FY2020 to 14.35 million units. In FY2021, it fell by another 9.0% to marginally above 13.06 million units.<\/p>\n<p>How did Bajaj Auto perform in this scenario? Table 1 gives the data.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 398.9 135.34\"><line x1=\"0.04\" y1=\"72.16\" x2=\"70.91\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"72.16\" x2=\"136.1\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"72.16\" x2=\"201.3\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"72.16\" x2=\"266.5\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"72.16\" x2=\"331.69\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"72.16\" x2=\"396.89\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" 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stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"110\" x2=\"201.3\" y2=\"110\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"110\" x2=\"266.5\" y2=\"110\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"110\" x2=\"331.69\" y2=\"110\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"110\" x2=\"396.89\" y2=\"110\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.04\" y1=\"122.61\" x2=\"70.91\" y2=\"122.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"122.61\" x2=\"136.1\" y2=\"122.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"122.61\" x2=\"201.3\" y2=\"122.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"122.61\" x2=\"266.5\" y2=\"122.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"122.61\" x2=\"331.69\" y2=\"122.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"122.61\" x2=\"396.89\" y2=\"122.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.04\" y1=\"59.55\" x2=\"70.91\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.04\" y1=\"135.22\" x2=\"70.91\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"59.55\" x2=\"266.5\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"135.22\" x2=\"266.5\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"59.55\" x2=\"201.3\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"135.22\" x2=\"201.3\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"59.55\" x2=\"136.1\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"135.22\" x2=\"136.1\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"59.55\" x2=\"331.69\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"135.22\" x2=\"331.69\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"59.55\" x2=\"396.89\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"135.22\" x2=\"396.89\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.04 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 1: <\/text><text transform=\"translate(41.45 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Sale of Motorcycles, Domestic and Exports<\/text><line x1=\"0.04\" y1=\"45.11\" x2=\"70.91\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.04 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Year ended <\/text><text transform=\"translate(44.49 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(0.04 40.42)\" font-size=\"9\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">31 March<\/text><line x1=\"76.57\" y1=\"45.11\" x2=\"136.1\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(82.52 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Industry sales <\/text><text transform=\"translate(136.1 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(115.12 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">(nos.)<\/text><line x1=\"141.77\" y1=\"45.11\" x2=\"201.3\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(169.86 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Industry <\/text><text transform=\"translate(201.3 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(174.56 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">growth<\/text><line x1=\"206.97\" y1=\"45.11\" x2=\"266.5\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(222.76 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL\u2019s sales<\/text><text transform=\"translate(266.5 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(243.5 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> (nos.)<\/tspan><\/text><line x1=\"272.17\" y1=\"45.11\" x2=\"331.69\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(310.24 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL&#8217;s<\/text><text transform=\"translate(331.69 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(302.95 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> growth<\/tspan><\/text><line x1=\"337.36\" y1=\"45.11\" x2=\"396.89\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(346.34 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL&#8217;s market <\/text><text transform=\"translate(375.31 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">share<\/text><text transform=\"translate(0.04 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2016<\/text><text transform=\"translate(96.31 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">12,909,398<\/text><text transform=\"translate(179.15 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(0.7%)<\/text><text transform=\"translate(231.22 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,358,252<\/text><text transform=\"translate(314.24 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.0%<\/text><text transform=\"translate(374.91 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">26.0%<\/text><text transform=\"translate(0.03 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2017<\/text><text transform=\"translate(96.3 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13,120,072<\/text><text transform=\"translate(183.84 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1.6%<\/text><text transform=\"translate(231.21 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,219,932<\/text><text transform=\"translate(309.54 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(4.1%)<\/text><text transform=\"translate(374.9 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">24.5%<\/text><text transform=\"translate(0.03 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2018<\/text><text transform=\"translate(96.29 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15,096,538<\/text><text transform=\"translate(179.31 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15.1%<\/text><text transform=\"translate(231.2 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,369,334<\/text><text transform=\"translate(314.22 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(374.89 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">22.3%<\/text><text transform=\"translate(0.02 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2019<\/text><text transform=\"translate(96.28 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16,465,529<\/text><text transform=\"translate(183.82 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">9.1%<\/text><text transform=\"translate(231.19 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4,236,873<\/text><text transform=\"translate(309.69 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.7%<\/text><text transform=\"translate(374.88 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.7%<\/text><text transform=\"translate(0.01 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2020<\/text><text transform=\"translate(96.27 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">14,351,159<\/text><text transform=\"translate(174.6 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(12.8%)<\/text><text transform=\"translate(231.18 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,947,356<\/text><text transform=\"translate(309.51 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(6.8%)<\/text><text transform=\"translate(374.88 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.5%<\/text><text transform=\"translate(0 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2021<\/text><text transform=\"translate(96.26 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13,057,275<\/text><text transform=\"translate(179.11 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(9.0%)<\/text><text transform=\"translate(231.17 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,604,498<\/text><text transform=\"translate(309.5 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(8.7%)<\/text><text transform=\"translate(374.87 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.6%<\/text><\/svg><\/p>\n<ul>\n<li>Domestic sales of all motorcycles across the industry in FY2021 declined by 10.7% to a bit over 10 million units while exports declined by 3.2% to just over 3 million units.<\/li>\n<li>Bajaj Auto\u2019s domestic sales decreased by 13.0% to 1.8 million units and exports dropped by 3.9% to just under 1.8 million units.<\/li>\n<li>The Company\u2019s share in the domestic motorcycles market decreased by 50 bps to 18.0% and exports share dropped by 50 bps to 59.1% However, Bajaj Auto was able to hold on to its consoloidated share in domestic + exports.<\/li>\n<\/ul>\n\t<div id=\"text-2520115278\" class=\"text\">\n\t\t\n\n<h2>Domestic<\/h2>\n\t\t\n<style>\n#text-2520115278 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2520115278 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Let us start with what we call the \u2018mileage\u2019 or \u2018M\u2019 segment, where Bajaj Auto is represented by various models of the CT, the Platina and the Pulsar 125. It is the largest segment and is an extremely price and fuel cost conscious segment and generates, marginal profits per unit sold.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_811275852\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"3071\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7.png 3071w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-800x261.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-1400x456.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-768x250.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-1536x500.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-2048x667.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-600x195.png 600w\" sizes=\"auto, (max-width: 3071px) 100vw, 3071px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_811275852 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<ul>\n<li>In FY2021, thanks to the lockdown that virtually wiped out April-June 2020, plus cost increases imposed by the transition to BS-VI, the industry\u2019s total billings in this segment fell by a further 10.7% to an average of 6.49 lakh units per month. We did better. Our billings fell by 4.9% to an average of 98,845 units per month. Consequently, BAL\u2019s market share in the segment increased by 90 bps to 15.2%.<\/li>\n<li>That we actually increased our market share in this segment in an extremely difficult Covid &#8211; 19 plagued year is testimony to the sales performance of our upgraded Platina and the more powerful and sleekly designed Pulsar 125. Successfully introducing the Pulsar 125 in this \u2018mileage\u2019 segment has created a new buzz and attracted a new set of first-time customers. <\/li>\n<\/ul>\n\t<div id=\"text-217814458\" class=\"text\">\n\t\t\n\n<h5><em>FY2021 was the second consecutive year of a sales downturn in the mileage segment of India\u2019s motorcycle market. Though Bajaj Auto also faced a decline, it did better than others and actually increased its market share by 90 bps. This was largely because of the excitement caused by the introduction of exciting new models \u2014 especially the Pulsar 125 which made the otherwise plain segment look more exhilarating than before.<\/em><\/h5>\n\t\t\n<style>\n#text-217814458 {\n  color: #005dac;\n}\n#text-217814458 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1816665344\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1768\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8.png 1768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-707x400.png 707w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-1400x792.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-768x434.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-1536x869.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-600x339.png 600w\" sizes=\"auto, (max-width: 1768px) 100vw, 1768px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1816665344 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The next market slice that we operate in India is the \u2018sports\u2019 or \u2018S\u2019 segment, where we have five models of our Pulsar ranging from 150cc to 220cc and two variants of the Avenger.<\/p>\n<ul>\n<li>Here, too, for all players put together, the segment saw sales drop by 15% in FY2021 to an average of 118,476 units per month.<\/li>\n<li>Largely on account of a sharp decline in sales during April-June 2020, our average monthly sales by volume for the year fell by 29.1%. Consequently, despite a smart pickup in the next three quarters, our market share in this segment was 37.3% in FY2021 and we continue to be market leader with the next player\u2019s share being 22.7%<\/li>\n<\/ul>\n\t<div id=\"text-3342866028\" class=\"text\">\n\t\t\n\n<h5><em>Despite a drop in sales in FY2021, Bajaj Auto still remained the clear leader in the sports segment with a healthy market share that exceeded 37%.<\/em><\/h5>\n\t\t\n<style>\n#text-3342866028 {\n  color: #005dac;\n}\n#text-3342866028 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1228657569\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2489\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10.png 2489w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-800x321.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-1400x562.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-768x309.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-1536x617.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-2048x823.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-600x241.png 600w\" sizes=\"auto, (max-width: 2489px) 100vw, 2489px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1228657569 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>At the top end of the value chain is the \u2018super-sports\u2019 segment, where we offer the entire range of KTMs, Husqvarnas, Pulsar RS200 and Dominars.<\/p>\n<ul>\n<li>In FY2021, this super sports segment saw a far more modest decline in domestic sales compared to others. For the industry as a whole, average sales reduced by 4.4% to 67,077 units per month. Bajaj Auto bucked the trend and sold an average of 7,684 units per month, a growth of 10.8% and accounted for 11.6% of this market.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row\"  id=\"row-2138506288\">\n\n\n\t<div id=\"col-1581031183\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"row\"  id=\"row-1389490777\">\n\n\n\t<div id=\"col-397168548\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p>The writing on the wall is clear. In a pandemic wracked year, when virtually all segments showed serious de-growth in sales, the \u2018super-sports\u2019 segment was the least affected.<\/p>\n<p>There is a fundamental change in urban India\u2019s approach to motorcycle purchases.<\/p>\n<p>Younger customers \u2014 even in the entry-level segment \u2014 desire bikes that have classy looks, appeal and power. Hence the success of our Pulsar 125.<\/p>\n<p>In the \u2018sports\u2019 and the \u2018super-sports\u2019 segments, there are enough in the under-40 generation who have the wallet size and sufficient access to bank credit to own bikes that possess best-in-class looks, power, speed and manoeuvrability.<\/p>\n<p>With our upper-end Pulsars, KTMs, Dominars, Husqvarnas and the soon to be launched Triumphs, we expect to have an even more solid presence in these segments.<\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-1389490777 > .col > .col-inner {\n  padding: 15px 15px 5px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n\t<div id=\"text-3636881359\" class=\"text\">\n\t\t\n\n<h2>KTM and Probiking\n<\/h2>\n\t\t\n<style>\n#text-3636881359 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3636881359 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>The Probiking business now comprises two brands \u2014 KTM and Husqvarna \u2014 and four forms of motorbikes: Naked Sport, Street, Racing and Adventure. The business displayed remarkable resilience in these challenging times by recovering 99% of FY2020 sales. The year marked some special highlights which helped business recovery.<\/p>\n<ul>\n<li>Over 80% of the KTM showrooms completed their revamp and upgradation to house both the KTMs and the Husqvarnas and added over 100,000 square feet of retail space to the network.<\/li>\n<li>New models like Husqvarna and KTM Adventure established themselves and found a stable footing in the market. Adventure 250 was launched to join its 390cc sibling.<\/li>\n<li>The KTM brand is being built around unprecedented probiking experiences for its customers. The business formed a Ride and Community Management capability and launched multiple first-in-market experiences across Adventure, Street and Track. Each such experience is on specially curated routes and led by master trainers. These have helped KTM owners to bond into a community and made them better and safer bikers.<\/li>\n<li>The KTM Duke200 was relaunched in its second generation form while Duke250 was upgraded with premium features.<\/li>\n<\/ul>\n\t<div id=\"text-2752680609\" class=\"text\">\n\t\t\n\n<h5><em>KTM crossed the 64,000 unit mark in FY2020. It succeeded in selling 63,187 units during a year when so many other major brands were in a state of decline.<\/em><\/h5>\n\t\t\n<style>\n#text-2752680609 {\n  color: #005dac;\n}\n#text-2752680609 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-949587827\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-949587827 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Chart D plots the growth of KTM sales in India.<\/p>\n\t<div id=\"gap-932391492\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-932391492 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_934695568\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart-D.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_934695568 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1462104454\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1462104454 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2336470101\" class=\"text\">\n\t\t\n\n<h2>Scooters: Reincarnation of the Chetak\n<\/h2>\n\t\t\n<style>\n#text-2336470101 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2336470101 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>For many decades, Bajaj Auto was synonymous with its Chetak. We have re-introduced the legendary brand as a best in-class electric scooter with an iconic design and have created an object of beauty and aesthetics.<\/p>\n\t<div id=\"text-4007065499\" class=\"text\">\n\t\t\n\n<h5><em>The classic style of the new Chetak is designed to delight. It is made of steel and built to last. It can offer a ride of up to 95 km in the Eco mode per single full charge of its battery. It represents the future of mobility.<\/em><\/h5>\n\t\t\n<style>\n#text-4007065499 {\n  color: #005dac;\n}\n#text-4007065499 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_814537066\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2523\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9.png 2523w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-800x317.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-1400x555.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-768x304.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-1536x609.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-2048x812.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-600x238.png 600w\" sizes=\"auto, (max-width: 2523px) 100vw, 2523px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_814537066 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Simple lines and smooth surfaces are seamlessly woven together with perfect detailing and are available in six colours. With features likes horseshoe shaped LED headlight, daytime running lamps, feather touch activated electronic switches, sequential scrolling rear LED blinkers and a digital console that intuitively displays key vehicle information, the Chetak is a thing of beauty. <\/p>\n<p>At its heart is a IP67 rated high-tech Lithium Ion battery that can be easily charged using a standard 5 amp electrical outlet. The on-board Intelligent Battery Management System seamlessly controls the charging and discharging.<\/p>\n<p>Besides, the Chetak offers a fully-connected riding experience \u2014 being embedded with mobility solutions like data communication, security and user authentication. The Chetak mobile app gives riders a comprehensive overview of all aspects of the vehicle and its ride history. The new Chetak is being made at a state of-the-art, temperature controlled facility at Chakan, Pune to exacting standards using the best materials and cutting edge robotic technology.<\/p>\n<p> The excitement to purchase a Chetak is palpable. When booking for the Chetak was first rolled out in early 2020, it had to be stopped on account of Covid-19 related disruptions. Thereafter, the Company re-opened online bookings at 9 AM on 13 April 2021 but had to stop taking bookings just 48 hours later, owing to overwhelming demand. Bajaj Auto expects to start delivering this iconic model in the course of the second quarter of FY2022. <\/p>\n\t<div id=\"text-1701629989\" class=\"text\">\n\t\t\n\n<h2>Three-Wheelers\n<\/h2>\n\t\t\n<style>\n#text-1701629989 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1701629989 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Bajaj Auto is the world\u2019s largest manufacturer and seller of three wheelers. 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stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"178.49\" x2=\"396.47\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"193.37\" x2=\"396.47\" y2=\"193.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"208.24\" x2=\"396.47\" y2=\"208.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"223.12\" x2=\"396.47\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"238\" x2=\"396.47\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.19 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 2: <\/text><text transform=\"translate(41.61 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Three-Wheeler Sale, Industry and Bajaj Auto (in numbers) <\/text><line x1=\"113.01\" y1=\"38.26\" x2=\"203.72\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(137.73 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total sales<\/text><line x1=\"209.39\" y1=\"38.26\" x2=\"300.1\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(226.19 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Domestic sales<\/text><line x1=\"305.77\" y1=\"38.26\" x2=\"396.47\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(327.65 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Export sales<\/text><line x1=\"0.19\" y1=\"54.92\" x2=\"107.34\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.19 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"113.01\" y1=\"54.92\" x2=\"155.53\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(127.06 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"161.2\" y1=\"54.92\" x2=\"203.72\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(175.25 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"209.39\" y1=\"54.92\" x2=\"251.91\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(223.44 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"257.58\" y1=\"54.92\" x2=\"300.1\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(271.63 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"305.77\" y1=\"54.92\" x2=\"348.29\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(319.82 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"353.95\" y1=\"54.92\" x2=\"396.47\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.01 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0.19 84.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Passenger carriers<\/text><text transform=\"translate(151.34 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.53 84.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.72 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.9 85.67)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(344.09 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.28 85.67)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.17 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(126.56 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">521,424<\/text><text transform=\"translate(168.42 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,020,865<\/text><text transform=\"translate(222.94 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">134,087<\/text><text transform=\"translate(271.12 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">525,015<\/text><text transform=\"translate(319.31 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">387,337<\/text><text transform=\"translate(367.5 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">495,850<\/text><text transform=\"translate(0.15 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(126.55 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">332,572<\/text><text transform=\"translate(174.73 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">629,326<\/text><text transform=\"translate(227.44 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">81,618<\/text><text transform=\"translate(271.11 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">334,714<\/text><text transform=\"translate(319.29 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">250,954<\/text><text transform=\"translate(367.48 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">294,612<\/text><text transform=\"translate(0.14 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.5 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">63.8%<\/text><text transform=\"translate(181.69 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">61.6%<\/text><text transform=\"translate(229.87 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">60.9%<\/text><text transform=\"translate(278.06 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">63.8%<\/text><text transform=\"translate(326.25 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">64.8%<\/text><text transform=\"translate(374.43 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.4%<\/text><text transform=\"translate(0.12 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Goods carriers<\/text><text transform=\"translate(151.27 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.46 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.65 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.83 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(344.02 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.21 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.1 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(131.02 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">87,714<\/text><text transform=\"translate(174.68 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">117,873<\/text><text transform=\"translate(227.39 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">82,110<\/text><text transform=\"translate(271.06 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">111,554<\/text><text transform=\"translate(328.29 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">5,604<\/text><text transform=\"translate(376.47 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">6,319<\/text><text transform=\"translate(0.08 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(131 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">30,932<\/text><text transform=\"translate(179.19 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">32,191<\/text><text transform=\"translate(227.37 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27,686<\/text><text transform=\"translate(275.56 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">30,103<\/text><text transform=\"translate(328.27 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,246<\/text><text transform=\"translate(376.46 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,088<\/text><text transform=\"translate(0.07 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.43 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">35.3%<\/text><text transform=\"translate(181.62 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.3%<\/text><text transform=\"translate(229.81 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">33.7%<\/text><text transform=\"translate(277.99 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.0%<\/text><text transform=\"translate(326.18 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">57.9%<\/text><text transform=\"translate(374.37 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">33.0%<\/text><text transform=\"translate(0.05 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total three-wheelers<\/text><text transform=\"translate(151.21 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.39 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.58 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.77 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(343.95 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.14 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.03 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(126.43 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">609,138<\/text><text transform=\"translate(168.28 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,138,738<\/text><text transform=\"translate(222.8 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">216,197<\/text><text transform=\"translate(270.99 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">636,569<\/text><text transform=\"translate(319.17 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">392,941<\/text><text transform=\"translate(367.36 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">502,169<\/text><text transform=\"translate(0.02 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(126.41 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">363,504<\/text><text transform=\"translate(174.6 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">661,517<\/text><text transform=\"translate(222.79 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">109,304<\/text><text transform=\"translate(270.97 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">364,817<\/text><text transform=\"translate(319.16 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">254,200<\/text><text transform=\"translate(367.34 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">296,700<\/text><text transform=\"translate(0 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.36 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.7%<\/text><text transform=\"translate(181.55 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">58.1%<\/text><text transform=\"translate(229.74 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">50.6%<\/text><text transform=\"translate(277.92 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">57.3%<\/text><text transform=\"translate(326.11 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">64.7%<\/text><text transform=\"translate(374.3 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.1%<\/text><\/svg><\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row\"  id=\"row-791956772\">\n\n\n\t<div id=\"col-1496720479\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"row\"  id=\"row-492293894\">\n\n\n\t<div id=\"col-982436588\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Our domestic sale of three-wheelers fell to 109,304 units primarily due to a reduction in passenger three-wheeler sales across the industry on account of Covid-19. However, we continued to be the market leader, accounting for 50.6% of all three-wheeler sales and 60.9% of passenger vehicle sales.<\/li>\n<li>A sequential recovery was witnessed &#8211; in Q1 FY2021, Bajaj Auto sold 5,309 units. In Q2, this had increased to 23,392, in Q3, 34,230 and in Q4, we sold 46,373 units.<\/li>\n<li>In the goods carriers segment, we now account for 33.7% of the domestic market \u2014 up from 27.0% a year earlier.<\/li>\n<li>We continue to be the dominant exporter among Indian sellers accounting for a market share of 64.7% in FY2021 up from 59.1% in FY2020<\/li>\n<li>In FY2021, we wrested leadership in the Big Diesel Passenger Segment and are now leader with a 41.7% market share. With this, we are now leaders across all passenger three-wheeler segments.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-492293894 > .col > .col-inner {\n  padding: 15px 15px 15px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1904317614\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2532\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2.png 2532w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-800x316.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-1400x553.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-768x303.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-1536x607.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-2048x809.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-600x237.png 600w\" sizes=\"auto, (max-width: 2532px) 100vw, 2532px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1904317614 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4186387950\" class=\"text\">\n\t\t\n\n<h2>International Business<\/h2>\n\t\t\n<style>\n#text-4186387950 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-4186387950 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>We are The World\u2019s Favourite Indian thanks to the reach of our international business. <\/p>\n<div class=\"row\"  id=\"row-270607739\">\n\n\n\t<div id=\"col-139020135\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p><b>In FY2021<\/b><\/p>\n<ul>\n<li>We exported 2.05 million vehicles. This is the third year in succession that we have exported over 2 million vehicles.<\/li>\n<li>In a difficult global market scenario, we exported almost 1.8 million motorcycles.<\/li>\n<li>There was a sharply contrasting growth performance between the first and second half of the year. Motorcycles and commercial vehicles witnessed a decline of 33% and 35% respectively in the first half. This turned to growth of 25% for motorcycle and 9% for commercial vehicles in the second half.<\/li>\n<li>Except ASEAN, all regions have shown strong recovery in the second half of FY2021.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-270607739 > .col > .col-inner {\n  padding: 15px 15px 15px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n<p>Table 3 gives the export data.<\/p>\n<div class=\"row\"  id=\"row-324659824\">\n\n\n\t<div id=\"col-983553077\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.87 155.8\"><line y1=\"57.85\" x2=\"226.77\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"74.16\" x2=\"226.77\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"106.76\" x2=\"226.77\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"90.46\" x2=\"226.77\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"139.37\" x2=\"226.77\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"106.76\" x2=\"283.46\" y2=\"106.76\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"106.76\" x2=\"340.16\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"106.76\" x2=\"396.85\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"123.07\" x2=\"226.77\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"155.68\" x2=\"226.77\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"123.07\" x2=\"283.46\" y2=\"123.07\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"155.68\" x2=\"283.46\" y2=\"155.68\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"123.07\" x2=\"340.16\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"155.68\" x2=\"340.16\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"123.07\" x2=\"396.85\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"155.68\" x2=\"396.85\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"57.85\" x2=\"283.46\" y2=\"57.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"57.85\" x2=\"340.16\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"57.85\" x2=\"396.85\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"74.16\" x2=\"283.46\" y2=\"74.16\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"90.46\" x2=\"283.46\" y2=\"90.46\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"139.37\" x2=\"283.46\" y2=\"139.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"74.16\" x2=\"340.16\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"90.46\" x2=\"340.16\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"139.37\" x2=\"340.16\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"74.16\" x2=\"396.85\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"90.46\" x2=\"396.85\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"139.37\" x2=\"396.85\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 3: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports, in Units and Revenue for, Bajaj Auto<\/text><line y1=\"38.44\" x2=\"226.77\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"232.44\" y1=\"38.44\" x2=\"283.46\" y2=\"38.44\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(255 33.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"289.13\" y1=\"38.44\" x2=\"340.16\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"345.83\" y1=\"38.44\" x2=\"396.85\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.98 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Change<\/text><text transform=\"translate(0 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Units<\/text><text transform=\"translate(279.29 69.91)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(335.98 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.68 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.01 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(248.2 86.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,796,518<\/text><text transform=\"translate(304.9 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,869,220<\/text><text transform=\"translate(376.24 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">-3.9%<\/text><text transform=\"translate(0.02 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Commercial Vehicles<\/text><text transform=\"translate(254.54 102.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">257,729<\/text><text transform=\"translate(311.24 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">301,885<\/text><text transform=\"translate(371.72 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">-14.6%<\/text><text transform=\"translate(0.03 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total numbers<\/text><text transform=\"translate(246.11 118.82)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">2,054,247 <\/text><text transform=\"translate(300.8 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 2,171,105 <\/tspan><\/text><text transform=\"translate(374.98 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">-5.4%<\/text><text transform=\"translate(0.04 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports in <\/text><text transform=\"translate(40.11 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">K<\/text><text transform=\"translate(44.55 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> (crore)<\/tspan><\/text><text transform=\"translate(257.72 135.12)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">12,687 <\/text><text transform=\"translate(312.41 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 12,216 <\/tspan><\/text><text transform=\"translate(378.32 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">3.9%<\/text><text transform=\"translate(0.05 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports in USD (million)<\/text><text transform=\"translate(260.45 151.42)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,651 <\/tspan><\/text><text transform=\"translate(317.15 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,642 <\/tspan><\/text><text transform=\"translate(378.33 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">0.5%<\/text><\/svg><\/p>\n<h3>Regarding motorcycles:<\/h3>\n<ul>\n<li>Our 150cc+ motorcycles grew at 21% versus the previous year. The Dominar brands (both 250cc and 400cc) grew at 91%, though over a smaller base.<\/li>\n<li>In Latin America, we recorded highest ever volumes in many key countries, such as Mexico, Guatemala, Nicaragua, Honduras, Peru and Bolivia.<\/li>\n<li>We continued our dominance in Africa, where we exported over 1 million motorcycles for the second consecutive year.<\/li>\n<\/ul>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_773000009\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/International-Business-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_773000009 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<h3>Regarding commercial vehicles:<\/h3>\n<ul>\n<li>Due to Covid-19 related restrictions in most countries, recovery in commercial vehicle business has been slow.<\/li>\n<li>However, an increased focus on new segments like cargo plus the launch of new and refreshed RE variants led to recovery in the second half of the year. Egypt, where exports were impacted by regulatory issues last year, has grown by 255% over the previous year.<\/li>\n<\/ul>\n<p>Chart E plots our export performance over the years, both in value and as a percentage of the Company\u2019s total net sales.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_841584208\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/MDNA_Chart_E.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_841584208 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1859086278\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1859086278 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>As Chart E shows, we have not only increased the value of our exports in FY2021, but have also increased the share as a percentage of net sales, which now stands at 46.8%.<\/p>\n\t<div id=\"text-1940000578\" class=\"text\">\n\t\t\n\n<h2>R&amp;D<\/h2>\n\t\t\n<style>\n#text-1940000578 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1940000578 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>In FY2021 despite Covid-19, Bajaj Auto\u2019s R&amp;D achieved all the product launches that were planned for the year. <\/p>\n\t<div id=\"text-2113917113\" class=\"text\">\n\t\t\n\n<h3>R&amp;D Projects\n<\/h3>\n\t\t\n<style>\n#text-2113917113 {\n  color: #005dac;\n}\n#text-2113917113 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>R&amp;D successfully delivered fourty-one projects in various product segments to meet the Company\u2019s domestic and export requirements. These were:<\/p>\n<ul>\n<li>Commuter segment: Nine launches.<\/li>\n<li>Sports segment: Six launches.<\/li>\n<li>Super-sport or Premium segment: Three launches.<\/li>\n<li>Commercial segment: Twenty three launches.<\/li>\n<\/ul>\n<p>Some of the strategic products that were launched are given below.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1851768106\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1851768106 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>To take commuting bikes to the next level of safety, R&amp;D has introduced the ABS technology on the Platina 110. This innovative product brings unprecedented levels of safety during braking under difficult conditions like wet, oily or gravelly roads. <\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_649559659\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_649559659 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The popular Pulsar 125 Neon range was strengthened with the addition of sportier split seat variant. This has been met with excellent response in the market.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1899152028\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1899152028 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The best-in-class KTM Adventure 390 was joined by a more affordable 250cc variant, thus expanding the popularity of this evolving segment and building on KTM\u2019s off-road heritage.<\/p>\n\t<div id=\"text-2156738211\" class=\"text\">\n\t\t\n\n<h3>Gaseous Fuel Three-Wheeler<br>\nwith instant Switchover<\/h3>\n\t\t\n<style>\n#text-2156738211 {\n  color: #005dac;\n}\n#text-2156738211 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>R&amp;D has introduced gaseous fuel three-wheeler with an innovative capability to instantly switch from gas to petrol or vice versa. This can be done on the fly as the vehicle is moving, unlike the competitions\u2019 models that need to stop and wait for minutes to burn off the fuel in the carburettor before switching fuels. This was implemented across the entire range of Bajaj Auto\u2019s gaseous three-wheeler portfolio. <\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_316634541\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_316634541 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>This strategic model was created for Nigeria with a 10\u201d wheel and a bigger engine for greater strength and durability. It has been met with excellent response in the market. <\/p>\n<h3>BS-VI Transition<\/h3>\n<p>All the BS-VI launches were supported to ensure smooth transition.<\/p>\n\t<div id=\"text-645153635\" class=\"text\">\n\t\t\n\n<h3>R&amp;D Facilities<\/h3>\n\t\t\n<style>\n#text-645153635 {\n  color: #005dac;\n}\n#text-645153635 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>The EV Laboratory<\/h3>\n<p>In October 2020, BAL\u2019s R&amp;D went live with a 25,000 square feet EV Laboratory to design and develop EV technologies. The laboratory is equipped with critical capabilities for manufacturing and testing EV components and vehicles.<\/p>\n<p>The EV lab is being continuously augmented in both capacity and capability to meet all the emerging needs of creating EV products.<\/p>\n<h3>Electro-Magnetic Compatibity (EMC) Chamber<\/h3>\n<p>Increasing electronics on vehicles and stringent norms on components regarding EMC and electro-magnetic interference have made the design and validation of EMI\/EMC performance of both components and vehicles a necessity. BAL has created a new EMI\/EMC facility in R&amp;D to meet this need. This will also enable Bajaj Auto to reduce its dependence on external agencies for conducting such test \u2014 resulting in saving both time and cost.<\/p>\n\t<div id=\"text-1555270414\" class=\"text\">\n\t\t\n\n<h2>Operations, Productivity and Quality<\/h2>\n\t\t\n<style>\n#text-1555270414 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1555270414 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>TPM<\/h3>\n<p>Bajaj Auto\u2019s \u2018back end\u2019 consists of its manufacturing, engineering, development and materials functions. Principles and philosophy of TPM guides these in achieving excellence both individually and collectively. \u2018The TPM way\u2019 has been successfully extended to include Bajaj Auto\u2019s vendors, dealers and distributors with an aim to create a culture of excellence across the entire supply chain.<\/p>\n<h3>Bajaj Auto\u2019s TPM at operations<\/h3>\n<p>Bajaj Auto is \u2018first-in-the-industry\u2019 in having all its manufacturing plants certified for \u2018Special Award for TPM Achievement\u2019 by Japan Institute for Plant Maintenance (JIPM). In FY2020, BAL Chakan plant was also conferred with \u201cAdvance Special Award for TPM Achievement\u201d.<\/p>\n<h3>Vendor TPM activities<\/h3>\n<p>Bajaj Auto supports its vendors to become globally competitive in terms of safety, quality, production, delivery, cost and human development.<\/p>\n<p>Currently 174 Tier I vendors are practicing TPM and 128 of them have earned the \u2018BAL TPM Award\u2019. Moreover there are now 295 Tier II vendors who are practicing TPM. In addition, we have actively encouraged our vendors to adopt best practices in energy and water conservation.<\/p>\n<p>We have also taken up a drive to maximise supplies to all our plants from vendors within the plant cluster. This has substantially reduced our supply chain length and the carbon footprint with almost 85% of supplies for all plants being made by vendors within their own clusters.<\/p>\n<h3>TPM in after-sales service<\/h3>\n<p>TPM methodologies are being continuously spread across our domestic dealership and international distributor networks.<\/p>\n<p>As on 31 March 2021, we had 550 dealerships practicing TPM; and we have extended the TPM initiative to our sub-dealers.<\/p>\n<h3>TPM at overseas distributor plants<\/h3>\n<p>We started implementation of TPM at our international distributor plants. As of FY2021, 12 distributor plants have been practicing TPM for over a year. Consequently, these are now experiencing somewhere between 15% and 20% growth in manpower productivity, production rate and first-time right quality.<\/p>\n<h3>Women Employment<\/h3>\n<p>Our women employee strength has grown more than four times from 148 in FY2014 to 654 in FY2021.Of them, almost 70% women are working in manufacturing plants and in engineering.<\/p>\n<p>Some of our female employees are doing complex jobs like dynamic testing of bikes.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 397.19 147.53\"><line y1=\"58.13\" x2=\"73.7\" y2=\"58.13\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"87.89\" x2=\"73.7\" y2=\"87.89\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"102.77\" x2=\"73.7\" y2=\"102.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"132.53\" x2=\"73.7\" y2=\"132.53\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"147.41\" x2=\"73.7\" y2=\"147.41\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"132.53\" x2=\"206.93\" y2=\"132.53\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"147.41\" x2=\"206.93\" y2=\"147.41\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"58.13\" x2=\"164.34\" y2=\"58.13\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"87.89\" x2=\"206.93\" y2=\"87.89\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"102.77\" x2=\"206.93\" y2=\"102.77\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"147.41\" x2=\"164.34\" y2=\"147.41\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"73.01\" x2=\"73.7\" y2=\"73.01\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"117.65\" x2=\"73.7\" y2=\"117.65\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"58.13\" x2=\"206.93\" y2=\"58.13\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"73.01\" x2=\"164.34\" y2=\"73.01\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"73.01\" x2=\"206.93\" y2=\"73.01\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"87.89\" x2=\"164.34\" y2=\"87.89\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"102.77\" x2=\"164.34\" y2=\"102.77\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"117.65\" x2=\"164.34\" y2=\"117.65\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"164.34\" y1=\"117.65\" x2=\"206.93\" y2=\"117.65\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"79.37\" y1=\"132.53\" x2=\"164.34\" y2=\"132.53\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"58.13\" x2=\"397.13\" y2=\"58.13\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"73.01\" x2=\"397.13\" y2=\"73.01\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"87.89\" x2=\"397.13\" y2=\"87.89\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"102.77\" x2=\"397.13\" y2=\"102.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"117.65\" x2=\"397.13\" y2=\"117.65\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"132.53\" x2=\"397.13\" y2=\"132.53\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"147.41\" x2=\"397.13\" y2=\"147.41\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 4: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Plant-wise Capacities (in units per annum)<\/text><line y1=\"38.72\" x2=\"73.7\" y2=\"38.72\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Plant<\/text><line x1=\"79.37\" y1=\"38.72\" x2=\"206.93\" y2=\"38.72\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(128.19 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">As on 31 Marc<\/text><text transform=\"translate(181.32 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">h 20<\/text><text transform=\"translate(197.48 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">21 <\/text><line x1=\"212.88\" y1=\"38.72\" x2=\"397.13\" y2=\"38.72\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(212.88 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> Product Range<\/tspan><\/text><text transform=\"translate(0 68.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Waluj<\/text><text transform=\"translate(79.37 68.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 68.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,400,000<\/text><text transform=\"translate(212.88 68.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Boxer, CT, Platina, Discover, Pulsar<\/text><text transform=\"translate(79.37 83.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Commercial Vehicles<\/text><text transform=\"translate(175.9 83.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 930,000<\/tspan><\/text><text transform=\"translate(212.88 83.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Passenger Carriers, Good Carriers, Quadricycle <\/text><text transform=\"translate(169.55 98.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">3,330,000<\/text><text transform=\"translate(0 113.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Chakan<\/text><text transform=\"translate(79.37 113.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 113.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,200,000<\/text><text transform=\"translate(212.88 113.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Pulsar, Avenger, KTM, Dominar, Husqvarna, Chetak<\/text><text transform=\"translate(0 128.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Pantnagar<\/text><text transform=\"translate(79.37 128.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 128.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,800,000<\/text><text transform=\"translate(212.88 128.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">CT, Platina and Pulsar<\/text><text transform=\"translate(169.55 143.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">6,330,000<\/text><\/svg><\/p>\n<p>As on 31 March 2021, BAL\u2019s employee strength stood at 10,052.<\/p>\n\t<div id=\"gap-2078062218\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2078062218 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_776370002\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Map_Pantnagar.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_776370002 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1767343870\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1767343870 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3610861043\" class=\"text\">\n\t\t\n\n<h2>Financials<\/h2>\n\t\t\n<style>\n#text-3610861043 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3610861043 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Table 5 gives the summarised standalone profit and loss statement of Bajaj Auto.\n<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 399.07 568.76\"><line x1=\"289.13\" y1=\"62.75\" x2=\"340.16\" y2=\"62.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"77.63\" x2=\"340.16\" y2=\"77.63\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"92.51\" x2=\"340.16\" y2=\"92.51\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"152.03\" x2=\"340.16\" y2=\"152.03\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"166.9\" x2=\"340.16\" y2=\"166.9\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"181.78\" x2=\"340.16\" y2=\"181.78\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"196.66\" x2=\"340.16\" y2=\"196.66\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"211.54\" x2=\"340.16\" y2=\"211.54\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"226.42\" x2=\"340.16\" 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y1=\"226.42\" x2=\"283.46\" y2=\"226.42\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"241.3\" x2=\"283.46\" y2=\"241.3\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"256.18\" x2=\"283.46\" y2=\"256.18\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"271.06\" x2=\"283.46\" y2=\"271.06\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"345.45\" x2=\"283.46\" y2=\"345.45\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"390.09\" x2=\"283.46\" y2=\"390.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"434.73\" x2=\"283.46\" y2=\"434.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"300.81\" x2=\"283.46\" y2=\"300.81\" 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y2=\"375.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"360.33\" x2=\"340.16\" y2=\"360.33\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"375.21\" x2=\"340.16\" y2=\"375.21\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"360.33\" x2=\"396.85\" y2=\"360.33\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"375.21\" x2=\"396.85\" y2=\"375.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"404.97\" x2=\"283.46\" y2=\"404.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"419.85\" x2=\"283.46\" y2=\"419.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"404.97\" x2=\"340.16\" y2=\"404.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"419.85\" x2=\"340.16\" y2=\"419.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"404.97\" x2=\"396.85\" y2=\"404.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"419.85\" x2=\"396.85\" y2=\"419.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"449.6\" x2=\"283.46\" y2=\"449.6\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"479.36\" x2=\"283.46\" y2=\"479.36\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"449.6\" x2=\"340.16\" y2=\"449.6\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"479.36\" x2=\"340.16\" y2=\"479.36\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"449.6\" x2=\"396.85\" y2=\"449.6\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"479.36\" x2=\"396.85\" y2=\"479.36\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"524\" x2=\"283.46\" y2=\"524\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"524\" x2=\"340.16\" y2=\"524\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"524\" x2=\"396.85\" y2=\"524\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"538.88\" x2=\"283.46\" y2=\"538.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"553.76\" x2=\"283.46\" y2=\"553.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"568.64\" x2=\"283.46\" y2=\"568.64\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"538.88\" x2=\"340.16\" y2=\"538.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"538.88\" x2=\"396.85\" y2=\"538.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"553.76\" x2=\"340.16\" y2=\"553.76\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"568.64\" x2=\"340.16\" y2=\"568.64\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"494.24\" x2=\"283.46\" y2=\"494.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"509.12\" x2=\"283.46\" y2=\"509.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"494.24\" x2=\"340.16\" y2=\"494.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"509.12\" x2=\"340.16\" y2=\"509.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"494.24\" x2=\"396.85\" y2=\"494.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"509.12\" x2=\"396.85\" y2=\"509.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"553.76\" x2=\"396.85\" y2=\"553.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"568.64\" x2=\"396.85\" y2=\"568.64\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 5: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Summarised Standalone Proft and Loss Statement<\/text><text transform=\"translate(360.76 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> (<\/tspan><\/text><text transform=\"translate(364.68 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">\u20b9 <\/text><text transform=\"translate(369.62 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">In Crore)<\/text><line y1=\"43.34\" x2=\"283.46\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"289.13\" y1=\"43.34\" x2=\"340.16\" y2=\"43.34\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 38.66)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"345.83\" y1=\"43.34\" x2=\"396.85\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.38 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operations<\/text><text transform=\"translate(0 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Sales<\/text><text transform=\"translate(313.65 88.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 27,133 <\/tspan><\/text><text transform=\"translate(370.35 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 29,112 <\/tspan><\/text><text transform=\"translate(0.01 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Other operating income<\/text><text transform=\"translate(324.52 103.13)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 608 <\/tspan><\/text><text transform=\"translate(381.21 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 807 <\/tspan><\/text><text transform=\"translate(0.02 118)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total operating income<\/text><text transform=\"translate(312.39 118)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 27,741 <\/tspan><\/text><text transform=\"translate(369.09 118)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 29,919 <\/tspan><\/text><text transform=\"translate(0.03 147.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Cost of materials consumed, net of expenditures capitalised<\/text><text transform=\"translate(313.68 147.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 19,597 <\/tspan><\/text><text transform=\"translate(370.37 147.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 20,978 <\/tspan><\/text><text transform=\"translate(318.22 162.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">70.6%<\/text><text transform=\"translate(374.91 162.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">70.1%<\/text><text transform=\"translate(0.04 177.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Stores and tools<\/text><text transform=\"translate(324.54 177.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 116 <\/tspan><\/text><text transform=\"translate(381.24 177.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 130 <\/tspan><\/text><text transform=\"translate(322.75 192.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">0.4%<\/text><text transform=\"translate(379.44 192.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">0.4%<\/text><text transform=\"translate(0.04 207.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Employee cost<\/text><text transform=\"translate(318.22 207.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,283 <\/tspan><\/text><text transform=\"translate(374.91 207.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,386 <\/tspan><\/text><text transform=\"translate(322.76 222.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(379.45 222.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(0.05 237.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Factory, administrative and other expenses<\/text><text transform=\"translate(324.56 237.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 717 <\/tspan><\/text><text transform=\"translate(381.25 237.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 866 <\/tspan><\/text><text transform=\"translate(322.76 251.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.6%<\/text><text transform=\"translate(379.46 251.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.9%<\/text><text transform=\"translate(0.06 266.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Sales and after sales expenses<\/text><text transform=\"translate(324.57 266.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 965 <\/tspan><\/text><text transform=\"translate(374.93 266.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,306 <\/tspan><\/text><text transform=\"translate(322.77 281.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3.5%<\/text><text transform=\"translate(379.47 281.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.4%<\/text><text transform=\"translate(0.07 296.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total expenditure<\/text><text transform=\"translate(312.45 296.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 22,678 <\/tspan><\/text><text transform=\"translate(369.14 296.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 24,666 <\/tspan><\/text><text transform=\"translate(0.08 311.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Earnings before interest, tax, depreciation and amortisation (EBITDA)<\/text><text transform=\"translate(317.18 311.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,063 <\/tspan><\/text><text transform=\"translate(373.87 311.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,253 <\/tspan><\/text><text transform=\"translate(0.09 326.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">EBITDA%<\/text><text transform=\"translate(316.95 326.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">18.3%<\/text><text transform=\"translate(373.65 326.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">17.6%<\/text><text transform=\"translate(0.1 341.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Interest<\/text><text transform=\"translate(333.64 341.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 7 <\/tspan><\/text><text transform=\"translate(390.34 341.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.1 356.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Depreciation and amortisation<\/text><text transform=\"translate(324.61 356.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 259 <\/tspan><\/text><text transform=\"translate(381.3 356.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 246 <\/tspan><\/text><text transform=\"translate(0.11 370.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operating proft<\/text><text transform=\"translate(317.21 370.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,797 <\/tspan><\/text><text transform=\"translate(373.91 370.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,004 <\/tspan><\/text><text transform=\"translate(318.3 385.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">17.3%<\/text><text transform=\"translate(375 385.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.7%<\/text><text transform=\"translate(0.12 400.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">CSR spends and donations<\/text><text transform=\"translate(324.63 400.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 131 <\/tspan><\/text><text transform=\"translate(381.32 400.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 154 <\/tspan><\/text><text transform=\"translate(0.13 415.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operating proft less CSR spends and donations<\/text><text transform=\"translate(317.23 415.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,666 <\/tspan><\/text><text transform=\"translate(373.93 415.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,850 <\/tspan><\/text><text transform=\"translate(0.14 430.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Non-operating income<\/text><text transform=\"translate(318.31 430.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,276 <\/tspan><\/text><text transform=\"translate(375.01 430.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,733 <\/tspan><\/text><text transform=\"translate(0.15 445.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Less : Non-operating expense<\/text><text transform=\"translate(333.7 445.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(390.39 445.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.16 460.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Non-operating income, net<\/text><text transform=\"translate(317.26 460.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,273 <\/tspan><\/text><text transform=\"translate(373.95 460.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,730 <\/tspan><\/text><text transform=\"translate(0.16 475.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft before tax<\/text><text transform=\"translate(317.27 475.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,939 <\/tspan><\/text><text transform=\"translate(373.96 475.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,580 <\/tspan><\/text><text transform=\"translate(0.17 489.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Tax expense<\/text><text transform=\"translate(318.34 489.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,384 <\/tspan><\/text><text transform=\"translate(375.04 489.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,480 <\/tspan><\/text><text transform=\"translate(0.18 504.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft after tax<\/text><text transform=\"translate(317.28 504.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,555 <\/tspan><\/text><text transform=\"translate(373.98 504.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,100 <\/tspan><\/text><text transform=\"translate(0.19 534.52)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Surplus cash and cash equivalents as on 31 March<\/text><text transform=\"translate(314.57 534.52)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">17,689<\/text><text transform=\"translate(371.27 534.52)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">14,322<\/text><text transform=\"translate(0.2 564.28)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Return on Operating Capital Employed (ROCE)<\/text><text transform=\"translate(319.26 564.28)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">189%<\/text><text transform=\"translate(375.96 564.28)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">336%<\/text><\/svg><\/p>\n<ul>\n<li>Our surplus funds are invested in (i) fixed income securities rated P1+ and equivalent for short term investments, (ii) AA+ and above rated securities for long term investments and (iii) fixed deposits with banks and finance companies.<\/li>\n<\/ul>\n<p>As required for listed companies by the Securities and Exchange Board of India (SEBI), Table 6 gives the key ratios.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.9 203.27\"><line x1=\"104.93\" y1=\"95.75\" x2=\"141.78\" y2=\"95.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"121.63\" x2=\"141.78\" y2=\"121.63\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"158.51\" x2=\"141.78\" y2=\"158.51\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"173.39\" x2=\"141.78\" y2=\"173.39\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"188.27\" x2=\"141.78\" y2=\"188.27\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"203.15\" x2=\"141.78\" y2=\"203.15\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"95.75\" x2=\"184.3\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"121.63\" x2=\"184.3\" y2=\"121.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"121.63\" x2=\"396.9\" y2=\"121.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"158.51\" x2=\"184.3\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"158.51\" x2=\"396.9\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"173.39\" x2=\"184.3\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"173.39\" x2=\"396.9\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"188.27\" x2=\"184.3\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"188.27\" x2=\"396.9\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"203.15\" x2=\"184.3\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"58.87\" x2=\"99.26\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"95.75\" x2=\"99.26\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"121.63\" x2=\"99.26\" y2=\"121.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"158.51\" x2=\"99.26\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"173.39\" x2=\"99.26\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"188.27\" x2=\"99.26\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"203.15\" x2=\"99.26\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"95.75\" x2=\"396.9\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"58.87\" x2=\"396.9\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"203.15\" x2=\"396.9\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"58.87\" x2=\"141.78\" y2=\"58.87\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"58.87\" x2=\"184.3\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.05 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 6: <\/text><text transform=\"translate(41.46 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Bajaj Auto\u2019s Key Financial Ratios, Standalone<\/text><line x1=\"0.05\" y1=\"39.46\" x2=\"99.26\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.05 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"104.93\" y1=\"39.46\" x2=\"141.78\" y2=\"39.46\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(113.31 34.78)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"147.45\" y1=\"39.46\" x2=\"184.3\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(155.83 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"189.97\" y1=\"39.46\" x2=\"396.9\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(189.97 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Remarks<\/text><text transform=\"translate(0.04 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Debtors Turnover Ratio<\/text><text transform=\"translate(126.34 69.5)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">9.99 <\/text><text transform=\"translate(164.34 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.88 <\/text><text transform=\"translate(189.96 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower turnover due to COVID related lockdown\/<\/text><text transform=\"translate(189.96 80.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">disruptions and increase in outstandings due to <\/text><text transform=\"translate(189.96 91.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">challenging business environment<\/text><text transform=\"translate(0.03 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Inventory Turnover Ratio<\/text><text transform=\"translate(121.81 106.37)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13.13 <\/text><text transform=\"translate(164.33 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">19.75 <\/text><text transform=\"translate(189.95 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower turnover due to COVID related lockdown\/<\/text><text transform=\"translate(189.95 117.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">disruptions and increase in overall value of inventory<\/text><text transform=\"translate(0.03 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Current Ratio<\/text><text transform=\"translate(126.33 132.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.51 <\/text><text transform=\"translate(168.84 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1.55 <\/text><text transform=\"translate(189.94 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Value of investments maturing within 1 year have <\/text><text transform=\"translate(371.23 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(189.94 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">gone up from <\/text><path d=\"M265.65,157.5h-.74a1.63,1.63,0,0,1-1.84,1.52v0c.23.22.45.5.67.74l1.36,1.72v.06h-.62L263,159.64c-.22-.28-.59-.69-.59-.69l.17-.42c.92.2,1.78-.14,1.83-1h-1.95V157h1.89a1,1,0,0,0-.95-.66h-.94v-.46h3.47l-.24.46h-1.24v0a1,1,0,0,1,.45.62h1Z\" transform=\"translate(-21.63 -18.31)\" fill=\"#231f20\"><\/path><text transform=\"translate(246.04 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,779.75 crore in FY2020 to <\/text><text transform=\"translate(347.36 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><path d=\"M215.15,168.5h-.74a1.63,1.63,0,0,1-1.84,1.52v0c.23.22.45.5.67.74l1.37,1.72v.06H214l-1.52-1.92c-.22-.28-.59-.69-.59-.69l.17-.42c.92.2,1.78-.14,1.83-1h-2V168h1.89a1,1,0,0,0-.95-.66h-.94v-.46h3.47l-.24.46h-1.24v0a1,1,0,0,1,.45.62h1Z\" transform=\"translate(-21.63 -18.31)\" fill=\"#231f20\"><\/path><text transform=\"translate(195.54 154.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">8,028.11 crore in FY2021<\/text><text transform=\"translate(0.02 169.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Operating Proft Margin<\/text><text transform=\"translate(119.77 169.12)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">17.3%<\/text><text transform=\"translate(162.29 169.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.7%<\/text><text transform=\"translate(0.01 183.99)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Net Proft Margin<\/text><text transform=\"translate(119.77 183.99)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15.7%<\/text><text transform=\"translate(162.28 183.99)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.1%<\/text><text transform=\"translate(0 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Return on Net Worth<\/text><text transform=\"translate(119.76 198.87)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">18.1%<\/text><text transform=\"translate(162.27 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.6%<\/text><text transform=\"translate(189.92 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower profts due to COVID related lockdown\/disruptions<\/text><\/svg><\/p>\n\t<div id=\"text-2752201395\" class=\"text\">\n\t\t\n\n<h2>Subsidiaries<\/h2>\n\t\t\n<style>\n#text-2752201395 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2752201395 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>Bajaj Auto International Holdings BV (BAIH BV)<\/h3>\n<p>Bajaj Auto International Holdings BV (BAIH BV) is a 100% Netherlands based subsidiary of Bajaj Auto Ltd. Over the years, through this subsidiary, Bajaj Auto has invested a total of \u20ac198.1 million (\u20b9 1,219 crore) and holds approximately 48% stake in KTM AG of Austria (KTM), the fastest growing motorcycle brand in the world.<\/p>\n<p>Calendar year 2020 was impacted due to Covid-19.<\/p>\n<ul>\n<li>KTM sold 208,852 motorcycles versus 213,949 in the previous year.<\/li>\n<li>KTM achieved a turnover of \u20ac1.41 billion compared to \u20ac1.51 billion in the previous year.<\/li>\n<li>Profit after tax was at \u20ac71.2 million (\u20b9 638 crore) versus \u20ac84.6 million (\u20b9 670 crore).<\/li>\n<li>The proportionate profit to Bajaj Auto Ltd. \u20ac34.1 million (\u20b9 306 crore) as against \u20ac40.6 million (\u20b9 322 crore) in the previous year, which shows up in the consolidated results.<\/li>\n<\/ul>\n<p>During the year, Bajaj Auto manufactured 148,183 units of KTM and Husqvarna at its Chakan plant. Of these, 63,187 units were sold through the Pro-biking network and 79,832 were exported.<\/p>\n<h3>Bajaj Auto (Thailand) Ltd.<\/h3>\n<p>Bajaj Auto (Thailand) Ltd. was incorporated as a wholly owned subsidiary in Thailand with an issued and subscribed share capital of Thai Baht (THB) 45 million (\u20b9 11 crore). It has obtained all necessary approvals from local authorities to set up an International Business Centre (IBC) and an Engineering Design Centre (EDC) under this subsidiary.<\/p>\n<p>While the start of the activity was delayed by the pandemic, the EDC is now operational and international designers are operating from this new facility in Bangkok. It marks a new beginning for Bajaj Auto\u2019s R&amp;D expanding its design centre to trend-defining markets around the globe. Full scale operations including IBC is likely to commence in the coming year.<\/p>\n<h3>New Offices<\/h3>\n<p>Bajaj Auto is also going to set up an Engineering Design Centre in Barcelona Spain. It is also in the process of setting up operations to address the motocycle market in Brazil thru a wholly owned subsidiary.<\/p>\n\t<div id=\"text-3247130466\" class=\"text\">\n\t\t\n\n<h2>Consolidation of accounts and segment reporting<\/h2>\n\t\t\n<style>\n#text-3247130466 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3247130466 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 398.96 237.54\"><line x1=\"289.13\" y1=\"62.75\" x2=\"340.16\" y2=\"62.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"77.63\" x2=\"340.16\" y2=\"77.63\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"122.27\" x2=\"340.16\" y2=\"122.27\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"148.15\" 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font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Revenue and Segment Results<\/text><text transform=\"translate(360.76 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> (<\/tspan><\/text><text transform=\"translate(364.68 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">H <\/text><text transform=\"translate(369.62 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">In Crore)<\/text><line y1=\"43.34\" x2=\"283.46\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Revenue<\/text><line x1=\"289.13\" y1=\"43.34\" x2=\"340.16\" y2=\"43.34\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 38.66)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"345.83\" y1=\"43.34\" x2=\"396.85\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.38 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Automotive<\/text><text transform=\"translate(315.74 73.38)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27,750 <\/text><text transform=\"translate(372.44 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">29,968 <\/text><text transform=\"translate(0.01 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Investment and others<\/text><text transform=\"translate(320.27 88.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,268 <\/text><text transform=\"translate(376.97 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,475 <\/text><text transform=\"translate(314.39 103.13)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">29,018 <\/text><text transform=\"translate(371.09 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">31,443 <\/text><text transform=\"translate(0.02 132.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Results<\/text><text transform=\"translate(0.02 143.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft\/(Loss) from each segment before tax<\/text><text transform=\"translate(0.02 158.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Automotive<\/text><text transform=\"translate(320.28 158.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4,984 <\/text><text transform=\"translate(374.89 158.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 5,223 <\/tspan><\/text><text transform=\"translate(0.03 173.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Investment and others<\/text><text transform=\"translate(318.2 173.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,264 <\/tspan><\/text><text transform=\"translate(374.89 173.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,472 <\/tspan><\/text><text transform=\"translate(319.13 188.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">6,248 <\/text><text transform=\"translate(373.82 188.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,695 <\/tspan><\/text><text transform=\"translate(0.04 203.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Less : Interest<\/text><text transform=\"translate(333.58 203.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 7 <\/tspan><\/text><text transform=\"translate(390.28 203.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.04 218.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft before tax<\/text><text transform=\"translate(317.15 218.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,241 <\/tspan><\/text><text transform=\"translate(373.84 218.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,692 <\/tspan><\/text><text transform=\"translate(0.05 233.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft after tax<\/text><text transform=\"translate(317.15 233.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,857 <\/tspan><\/text><text transform=\"translate(373.85 233.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,212 <\/tspan><\/text><\/svg><\/p>\n\t<div id=\"text-1778604439\" class=\"text\">\n\t\t\n\n<h2>Outlook<\/h2>\n\t\t\n<style>\n#text-1778604439 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1778604439 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Thanks to Covid-19, FY2021 was an extremely difficult year. It speaks volumes for Bajaj Auto that it survived the complete break in the supply chain during the lockdown and then turned around operations to almost the pre-Covid levels by the third quarter of the year. As we were looking forward to higher growth, the virus struck even more virulently from March 2021 \u2014with many states and local governments announcing local lockdowns.<\/p>\n<p>At this stage, it is challenging to predict how long the second spike will last and how bad will it be. Therefore, it is difficult to share how Bajaj Auto will do in FY2022.<\/p>\n<p>However, we can say two things with certainty.<\/p>\n<ol>\n<li>First, we as a responsible enterprise, will do all that is needed to ensure that our employees and their families remain safe in this pandemic.<\/li>\n<li>Second, we will be persistent with our efforts to offer best-in-class motorcycles across the entire spectrum in which we operate. You will see new models and variants being introduced without fail to enthuse our customers in more ways than one.<\/li>\n<\/ol>\n<p>We are a financially strong enterprise that enjoys great brand value. If we can\u2019t overcome this crisis by moving ahead, who can?<\/p>\n<h3>Cautionary Statement<\/h3>\n<p><em>Statements in this Management Discussion and Analysis describing the Company\u2019s objectives, projections, estimates and expectations may be \u2018forward looking\u2019 within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Important factors that could make a difference to the Company\u2019s operations include global economy, political stability, stock performance on stock markets, changes in government regulations, tax regimes, economic developments and other incidental factors. Except as required by law, the Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Investors are advised to exercise due care and caution while interpreting these statements.<\/em><\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-1425297720\" class=\"col show-for-medium hide-for-small small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n  <div id=\"page-header-2064264138\" class=\"page-header-wrapper\">\n  <div class=\"page-title dark featured-title\">\n\n    \n    <div class=\"page-title-inner container align-center flex-row medium-flex-wrap\" >\n              <div class=\"title-wrapper is-larger flex-col text-left medium-text-center\">\n          <h1 class=\"entry-title mb-0\">\n            &nbsp;\tManagement Discussion &amp; Analysis          <\/h1>\n        <\/div>\n                    <div class=\"title-content flex-col flex-right text-right medium-text-center\">\n        <ul class=\"nav sm-touch-scroll nav-line nav-uppercase text-left nav-left\"><li class=\"nav-single-page hidden\"><\/li><\/ul>      <\/div>\n    <\/div>\n\n     \n<style>\n#page-header-2064264138 {\n  margin-bottom: 30px;\n}\n<\/style>\n  <\/div>\n    <\/div>\n  \n\n<div class=\"row\"  id=\"row-1292232045\">\n\n\n\t<div id=\"col-1225478297\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t<section class=\"section dark show-for-medium hide-for-small\" id=\"section_1902041088\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row\"  id=\"row-1439616114\">\n\n\n\t<div id=\"col-1681706604\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-4202924815\" class=\"text\">\n\t\t\n\n<p>As we stare at the dreadful new Covid spike that has engulfed many states of India, it is natural to be downcast and fearful. Yet, it is important to say the truth.<\/p>\n<p>Yes, this spike is by the worst that we have seen. Equally, India has two vaccines in the market, with one more having been approved and some more in the pipeline.<\/p>\n<p>Yes, it is a major task to vaccinate those who are 18 years and above. But it is not insurmountable. During acute adversities, India has worked together to overcome the\nchallenges.<\/p>\n<p>No, the solution is not another nationwide lockdown; not even localised state-wide lockdowns. Today, there is enough evidence to<\/p>\n\t\t\n<style>\n#text-4202924815 {\n  color: rgb(0,0,0);\n}\n#text-4202924815 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1681706604 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-2124924923\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2291714705\" class=\"text\">\n\t\t\n\n<p>show that these have not worked to limit the spread of the virus. Instead, such lockdowns create massive economic uncertainty; threaten the livelihood of daily workers and the poor; prompt needless urban-to-rural migration; and sharply accentuate fear in an already fearful milieu.<\/p>\n<p>That will be an unmitigated disaster. Let us not make that mistake yet again.<\/p>\n<p>The solution is a combination of strictly enforced safety \u2014 involving masks and basic social distancing \u2014 coupled with a rapidly accelerated vaccination programme. And, subject to basic safety and inoculation, work must continue. For that is what brings in the daily bread, feeds home and hearth and makes a nation grow.<\/p>\n\t\t\n<style>\n#text-2291714705 {\n  color: rgb(0,0,0);\n}\n#text-2291714705 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-2124924923 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1902041088 {\n  padding-top: 10px;\n  padding-bottom: 10px;\n  margin-bottom: 10px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section dark show-for-small\" id=\"section_905149631\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row\"  id=\"row-1031111915\">\n\n\n\t<div id=\"col-963037745\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-411153236\" class=\"text\">\n\t\t\n\n<p>As we stare at the dreadful new Covid spike that has engulfed many states of India, it is natural to be downcast and fearful. Yet, it is important to say the truth.<\/p>\n<p>Yes, this spike is by the worst that we have seen. Equally, India has two vaccines in the market, with one more having been approved and some more in the pipeline.<\/p>\n<p>Yes, it is a major task to vaccinate those who are 18 years and above. But it is not insurmountable. During acute adversities, India has worked together to overcome the\nchallenges.<\/p>\n<p>No, the solution is not another nationwide lockdown; not even localised state-wide lockdowns. Today, there is enough evidence to show that these have not worked to limit the spread of the virus. Instead, such lockdowns create massive economic uncertainty; threaten the livelihood of daily workers and the poor; prompt needless urban-to-rural migration; and sharply accentuate fear in an already fearful milieu.<\/p>\n<p>That will be an unmitigated disaster. Let us not make that mistake yet again.<\/p>\n<p>The solution is a combination of strictly enforced safety \u2014 involving masks and basic social distancing \u2014 coupled with a rapidly accelerated vaccination programme. And, subject to basic safety and inoculation, work must continue. For that is what brings in the daily bread, feeds home and hearth and makes a nation grow.<\/p>\n\t\t\n<style>\n#text-411153236 {\n  color: rgb(0,0,0);\n}\n#text-411153236 > * {\n  color: rgb(0,0,0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-963037745 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-1596081223\" class=\"col hide-for-small medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1596081223 > .col-inner {\n  margin: 0px 0px -15px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_905149631 {\n  padding-top: 10px;\n  padding-bottom: 10px;\n  margin-bottom: 10px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-1912536028\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1912536028 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_585704815\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/GDP-Growth-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_585704815 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Given the massive second spike that started from early March, it will be a very creditable achievement if India\u2019s growth rate for FY2021 contracts by no more than 8%.<\/p>\n<h3>How did motorcycles and three-wheelers fare within India?<\/h3>\n<p>How was India\u2019s domestic sale of motorcycles and three wheelers in this Covid year of FY2021? Let us start with motorcycles. While FY2018 and FY2019 were years of impressive growth, in FY2020, the number of motorcycles reportedly sold in India declined by 17.5% to 11.2 million units. Spurred by Covid-19, the falling trend continued in FY2021, domestic motorcycle sales fell by a further 10.7% to just a tad above 10 million.<\/p>\n<p>Industry-wide domestic sale of three-wheelers fared worse, thanks to Covid-19. In FY2021 intra- and inter-city movements were significantly curtailed and buyers kept three-wheeler purchases in abeyance. Consequently, industry-wide domestic sale of three-wheelers crashed by 66.0% to under 216,200 units.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2067738885\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Industry-sales.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2067738885 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-2084171632\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2084171632 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<h3>How did Bajaj Auto fare?<\/h3>\n<p>Given below is the Company\u2019s financial performance for FY2021, compared to the previous year.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_917936639\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_A.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_917936639 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1148347302\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_B.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1148347302 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-187015993\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-187015993 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2027798635\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart_C.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2027798635 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2892327635\" class=\"text\">\n\t\t\n\n<h2>Bajaj Auto\u2019s Financial\nPerformance for FY2021<\/h2>\n\t\t\n<style>\n#text-2892327635 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2892327635 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<section class=\"section dark\" id=\"section_697903952\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse\"  id=\"row-1567723178\">\n\n\n\t<div id=\"col-475488146\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Net sales declined by 6.8% to \u20b9 27,133 crore. Despite this reduction, it represnts the third highest sales in Bajaj Auto\u2019s history.<\/li>\n<\/ul>\n<ul>\n<li>Total operating income (net sales plus other operating income) declined by 7.3% to \u20b9 27,741 crore &#8211; which is also Bajaj Auto\u2019s third highest ever.<\/li>\n<\/ul>\n<ul>\n<li>Total operating income (net sales plus other operating income) declined by 7.3% to \u20b9 27,741 crore &#8211; which is also Bajaj Auto\u2019s third highest ever.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-475488146 > .col-inner {\n  padding: 0px 20px 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-2049436483\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>The operating EBITDA margin is 18.3% of net sales and other operating income, versus 17.6% in the previous year, representing an increase of 70 basis points (bps) in this Covid year.<\/li>\n<\/ul>\n<ul>\n<li>Operating profit declined by 4.1% to \u20b9 4,797 crore.<\/li>\n<\/ul>\n<ul>\n<li>The operating profit margin is 17.3% of net sales and other operating income &#8211; which is 60 bps higher than the previous year.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-2049436483 > .col-inner {\n  padding: 0px 20px 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-561134430\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Profit before tax (PBT) declined by 9.7% to \u20b9 5,939 crore, which was the Company\u2019s third highest.<\/li>\n<\/ul>\n<ul>\n<li>Profit after tax (PAT) decreased by 10.7% to \u20b9 4,555 crore. This was the third highest PAT.<\/li>\n<\/ul>\n<ul>\n<li>Surplus cash and cash equivalent as on 31 March 2021 increased by 23.5% to \u20b9 17,689 crore. <\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-561134430 > .col-inner {\n  padding: 0px 20pxp 0px 0px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n<\/div>\n<p>Therefore, despite a 10.7% drop in the total number of motorcycles sold by the industry in India and a huge 66.0% decline in the number of three-wheelers sold, Bajaj Auto has done well for itself.<\/p>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_697903952 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  background-color: #005dac;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-72288536\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-72288536 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1319894900\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Bajaj-Auto-Glance-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1319894900 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-995967326\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-995967326 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2742526269\" class=\"text\">\n\t\t\n\n<h2>Motorcycles<\/h2>\n\t\t\n<style>\n#text-2742526269 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2742526269 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>After excellent growth in FY2019, Indian industry\u2019s domestic sale and exports of motorcycles declined by 12.8% in FY2020 to 14.35 million units. In FY2021, it fell by another 9.0% to marginally above 13.06 million units.<\/p>\n<p>How did Bajaj Auto perform in this scenario? Table 1 gives the data.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 398.9 135.34\"><line x1=\"0.04\" y1=\"72.16\" x2=\"70.91\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"72.16\" x2=\"136.1\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"72.16\" x2=\"201.3\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"206.97\" y1=\"72.16\" x2=\"266.5\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"72.16\" x2=\"331.69\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"72.16\" x2=\"396.89\" y2=\"72.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" 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x1=\"206.97\" y1=\"135.22\" x2=\"266.5\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"59.55\" x2=\"201.3\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"141.77\" y1=\"135.22\" x2=\"201.3\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"59.55\" x2=\"136.1\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"76.57\" y1=\"135.22\" x2=\"136.1\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"59.55\" x2=\"331.69\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"272.17\" y1=\"135.22\" x2=\"331.69\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"59.55\" x2=\"396.89\" y2=\"59.55\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"337.36\" y1=\"135.22\" x2=\"396.89\" y2=\"135.22\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.04 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 1: <\/text><text transform=\"translate(41.45 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Sale of Motorcycles, Domestic and Exports<\/text><line x1=\"0.04\" y1=\"45.11\" x2=\"70.91\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.04 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Year ended <\/text><text transform=\"translate(44.49 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(0.04 40.42)\" font-size=\"9\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">31 March<\/text><line x1=\"76.57\" y1=\"45.11\" x2=\"136.1\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(82.52 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Industry sales <\/text><text transform=\"translate(136.1 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(115.12 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">(nos.)<\/text><line x1=\"141.77\" y1=\"45.11\" x2=\"201.3\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(169.86 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Industry <\/text><text transform=\"translate(201.3 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(174.56 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">growth<\/text><line x1=\"206.97\" y1=\"45.11\" x2=\"266.5\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(222.76 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL\u2019s sales<\/text><text transform=\"translate(266.5 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(243.5 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> (nos.)<\/tspan><\/text><line x1=\"272.17\" y1=\"45.11\" x2=\"331.69\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(310.24 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL&#8217;s<\/text><text transform=\"translate(331.69 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"> <\/text><text transform=\"translate(302.95 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> growth<\/tspan><\/text><line x1=\"337.36\" y1=\"45.11\" x2=\"396.89\" y2=\"45.11\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(346.34 29.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">BAL&#8217;s market <\/text><text transform=\"translate(375.31 40.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">share<\/text><text transform=\"translate(0.04 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2016<\/text><text transform=\"translate(96.31 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">12,909,398<\/text><text transform=\"translate(179.15 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(0.7%)<\/text><text transform=\"translate(231.22 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,358,252<\/text><text transform=\"translate(314.24 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.0%<\/text><text transform=\"translate(374.91 69.33)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">26.0%<\/text><text transform=\"translate(0.03 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2017<\/text><text transform=\"translate(96.3 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13,120,072<\/text><text transform=\"translate(183.84 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1.6%<\/text><text transform=\"translate(231.21 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,219,932<\/text><text transform=\"translate(309.54 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(4.1%)<\/text><text transform=\"translate(374.9 81.94)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">24.5%<\/text><text transform=\"translate(0.03 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2018<\/text><text transform=\"translate(96.29 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15,096,538<\/text><text transform=\"translate(179.31 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15.1%<\/text><text transform=\"translate(231.2 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,369,334<\/text><text transform=\"translate(314.22 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(374.89 94.56)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">22.3%<\/text><text transform=\"translate(0.02 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2019<\/text><text transform=\"translate(96.28 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16,465,529<\/text><text transform=\"translate(183.82 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">9.1%<\/text><text transform=\"translate(231.19 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4,236,873<\/text><text transform=\"translate(309.69 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.7%<\/text><text transform=\"translate(374.88 107.17)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.7%<\/text><text transform=\"translate(0.01 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2020<\/text><text transform=\"translate(96.27 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">14,351,159<\/text><text transform=\"translate(174.6 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(12.8%)<\/text><text transform=\"translate(231.18 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,947,356<\/text><text transform=\"translate(309.51 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(6.8%)<\/text><text transform=\"translate(374.88 119.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.5%<\/text><text transform=\"translate(0 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2021<\/text><text transform=\"translate(96.26 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13,057,275<\/text><text transform=\"translate(179.11 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(9.0%)<\/text><text transform=\"translate(231.17 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,604,498<\/text><text transform=\"translate(309.5 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">(8.7%)<\/text><text transform=\"translate(374.87 132.4)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.6%<\/text><\/svg><\/p>\n<ul>\n<li>Domestic sales of all motorcycles across the industry in FY2021 declined by 10.7% to a bit over 10 million units while exports declined by 3.2% to just over 3 million units.<\/li>\n<li>Bajaj Auto\u2019s domestic sales decreased by 13.0% to 1.8 million units and exports dropped by 3.9% to just under 1.8 million units.<\/li>\n<li>The Company\u2019s share in the domestic motorcycles market decreased by 50 bps to 18.0% and exports share dropped by 50 bps to 59.1% However, Bajaj Auto was able to hold on to its consoloidated share in domestic + exports.<\/li>\n<\/ul>\n\t<div id=\"text-1036697673\" class=\"text\">\n\t\t\n\n<h2>Domestic<\/h2>\n\t\t\n<style>\n#text-1036697673 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1036697673 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Let us start with what we call the \u2018mileage\u2019 or \u2018M\u2019 segment, where Bajaj Auto is represented by various models of the CT, the Platina and the Pulsar 125. It is the largest segment and is an extremely price and fuel cost conscious segment and generates, marginal profits per unit sold.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_282224700\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"3071\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7.png 3071w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-800x261.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-1400x456.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-768x250.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-1536x500.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-2048x667.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-7-600x195.png 600w\" sizes=\"auto, (max-width: 3071px) 100vw, 3071px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_282224700 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<ul>\n<li>In FY2021, thanks to the lockdown that virtually wiped out April-June 2020, plus cost increases imposed by the transition to BS-VI, the industry\u2019s total billings in this segment fell by a further 10.7% to an average of 6.49 lakh units per month. We did better. Our billings fell by 4.9% to an average of 98,845 units per month. Consequently, BAL\u2019s market share in the segment increased by 90 bps to 15.2%.<\/li>\n<li>That we actually increased our market share in this segment in an extremely difficult Covid &#8211; 19 plagued year is testimony to the sales performance of our upgraded Platina and the more powerful and sleekly designed Pulsar 125. Successfully introducing the Pulsar 125 in this \u2018mileage\u2019 segment has created a new buzz and attracted a new set of first-time customers. <\/li>\n<\/ul>\n\t<div id=\"text-759841384\" class=\"text\">\n\t\t\n\n<h5><em>FY2021 was the second consecutive year of a sales downturn in the mileage segment of India\u2019s motorcycle market. Though Bajaj Auto also faced a decline, it did better than others and actually increased its market share by 90 bps. This was largely because of the excitement caused by the introduction of exciting new models \u2014 especially the Pulsar 125 which made the otherwise plain segment look more exhilarating than before.<\/em><\/h5>\n\t\t\n<style>\n#text-759841384 {\n  color: #005dac;\n}\n#text-759841384 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1827963305\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1768\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8.png 1768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-707x400.png 707w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-1400x792.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-768x434.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-1536x869.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-8-600x339.png 600w\" sizes=\"auto, (max-width: 1768px) 100vw, 1768px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1827963305 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The next market slice that we operate in India is the \u2018sports\u2019 or \u2018S\u2019 segment, where we have five models of our Pulsar ranging from 150cc to 220cc and two variants of the Avenger.<\/p>\n<ul>\n<li>Here, too, for all players put together, the segment saw sales drop by 15% in FY2021 to an average of 118,476 units per month.<\/li>\n<li>Largely on account of a sharp decline in sales during April-June 2020, our average monthly sales by volume for the year fell by 29.1%. Consequently, despite a smart pickup in the next three quarters, our market share in this segment was 37.3% in FY2021 and we continue to be market leader with the next player\u2019s share being 22.7%<\/li>\n<\/ul>\n\t<div id=\"text-2956139826\" class=\"text\">\n\t\t\n\n<h5><em>Despite a drop in sales in FY2021, Bajaj Auto still remained the clear leader in the sports segment with a healthy market share that exceeded 37%.<\/em><\/h5>\n\t\t\n<style>\n#text-2956139826 {\n  color: #005dac;\n}\n#text-2956139826 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_259937265\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2489\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10.png 2489w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-800x321.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-1400x562.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-768x309.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-1536x617.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-2048x823.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-10-600x241.png 600w\" sizes=\"auto, (max-width: 2489px) 100vw, 2489px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_259937265 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>At the top end of the value chain is the \u2018super-sports\u2019 segment, where we offer the entire range of KTMs, Husqvarnas, Pulsar RS200 and Dominars.<\/p>\n<ul>\n<li>In FY2021, this super sports segment saw a far more modest decline in domestic sales compared to others. For the industry as a whole, average sales reduced by 4.4% to 67,077 units per month. Bajaj Auto bucked the trend and sold an average of 7,684 units per month, a growth of 10.8% and accounted for 11.6% of this market.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row\"  id=\"row-1306812932\">\n\n\n\t<div id=\"col-172151080\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"row\"  id=\"row-680623476\">\n\n\n\t<div id=\"col-909118722\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p>The writing on the wall is clear. In a pandemic wracked year, when virtually all segments showed serious de-growth in sales, the \u2018super-sports\u2019 segment was the least affected.<\/p>\n<p>There is a fundamental change in urban India\u2019s approach to motorcycle purchases.<\/p>\n<p>Younger customers \u2014 even in the entry-level segment \u2014 desire bikes that have classy looks, appeal and power. Hence the success of our Pulsar 125.<\/p>\n<p>In the \u2018sports\u2019 and the \u2018super-sports\u2019 segments, there are enough in the under-40 generation who have the wallet size and sufficient access to bank credit to own bikes that possess best-in-class looks, power, speed and manoeuvrability.<\/p>\n<p>With our upper-end Pulsars, KTMs, Dominars, Husqvarnas and the soon to be launched Triumphs, we expect to have an even more solid presence in these segments.<\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-680623476 > .col > .col-inner {\n  padding: 15px 15px 5px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n\t<div id=\"text-879343181\" class=\"text\">\n\t\t\n\n<h2>KTM and Probiking\n<\/h2>\n\t\t\n<style>\n#text-879343181 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-879343181 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>The Probiking business now comprises two brands \u2014 KTM and Husqvarna \u2014 and four forms of motorbikes: Naked Sport, Street, Racing and Adventure. The business displayed remarkable resilience in these challenging times by recovering 99% of FY2020 sales. The year marked some special highlights which helped business recovery.<\/p>\n<ul>\n<li>Over 80% of the KTM showrooms completed their revamp and upgradation to house both the KTMs and the Husqvarnas and added over 100,000 square feet of retail space to the network.<\/li>\n<li>New models like Husqvarna and KTM Adventure established themselves and found a stable footing in the market. Adventure 250 was launched to join its 390cc sibling.<\/li>\n<li>The KTM brand is being built around unprecedented probiking experiences for its customers. The business formed a Ride and Community Management capability and launched multiple first-in-market experiences across Adventure, Street and Track. Each such experience is on specially curated routes and led by master trainers. These have helped KTM owners to bond into a community and made them better and safer bikers.<\/li>\n<li>The KTM Duke200 was relaunched in its second generation form while Duke250 was upgraded with premium features.<\/li>\n<\/ul>\n\t<div id=\"text-312104159\" class=\"text\">\n\t\t\n\n<h5><em>KTM crossed the 64,000 unit mark in FY2020. It succeeded in selling 63,187 units during a year when so many other major brands were in a state of decline.<\/em><\/h5>\n\t\t\n<style>\n#text-312104159 {\n  color: #005dac;\n}\n#text-312104159 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1058756157\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1058756157 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Chart D plots the growth of KTM sales in India.<\/p>\n\t<div id=\"gap-915144214\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-915144214 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_441819368\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Chart-D.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_441819368 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1172758463\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1172758463 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-650666670\" class=\"text\">\n\t\t\n\n<h2>Scooters: Reincarnation of the Chetak\n<\/h2>\n\t\t\n<style>\n#text-650666670 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-650666670 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>For many decades, Bajaj Auto was synonymous with its Chetak. We have re-introduced the legendary brand as a best in-class electric scooter with an iconic design and have created an object of beauty and aesthetics.<\/p>\n\t<div id=\"text-1602284006\" class=\"text\">\n\t\t\n\n<h5><em>The classic style of the new Chetak is designed to delight. It is made of steel and built to last. It can offer a ride of up to 95 km in the Eco mode per single full charge of its battery. It represents the future of mobility.<\/em><\/h5>\n\t\t\n<style>\n#text-1602284006 {\n  color: #005dac;\n}\n#text-1602284006 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_2069626830\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2523\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9.png 2523w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-800x317.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-1400x555.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-768x304.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-1536x609.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-2048x812.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-9-600x238.png 600w\" sizes=\"auto, (max-width: 2523px) 100vw, 2523px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_2069626830 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>Simple lines and smooth surfaces are seamlessly woven together with perfect detailing and are available in six colours. With features likes horseshoe shaped LED headlight, daytime running lamps, feather touch activated electronic switches, sequential scrolling rear LED blinkers and a digital console that intuitively displays key vehicle information, the Chetak is a thing of beauty. <\/p>\n<p>At its heart is a IP67 rated high-tech Lithium Ion battery that can be easily charged using a standard 5 amp electrical outlet. The on-board Intelligent Battery Management System seamlessly controls the charging and discharging.<\/p>\n<p>Besides, the Chetak offers a fully-connected riding experience \u2014 being embedded with mobility solutions like data communication, security and user authentication. The Chetak mobile app gives riders a comprehensive overview of all aspects of the vehicle and its ride history. The new Chetak is being made at a state of-the-art, temperature controlled facility at Chakan, Pune to exacting standards using the best materials and cutting edge robotic technology.<\/p>\n<p> The excitement to purchase a Chetak is palpable. When booking for the Chetak was first rolled out in early 2020, it had to be stopped on account of Covid-19 related disruptions. Thereafter, the Company re-opened online bookings at 9 AM on 13 April 2021 but had to stop taking bookings just 48 hours later, owing to overwhelming demand. Bajaj Auto expects to start delivering this iconic model in the course of the second quarter of FY2022. <\/p>\n\t<div id=\"text-2277472702\" class=\"text\">\n\t\t\n\n<h2>Three-Wheelers\n<\/h2>\n\t\t\n<style>\n#text-2277472702 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2277472702 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Bajaj Auto is the world\u2019s largest manufacturer and seller of three wheelers. Our performance in this segment is given in Table 2. <\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.47 253.01\"><line x1=\"0.19\" y1=\"252.88\" x2=\"107.34\" y2=\"252.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"74.33\" x2=\"107.34\" y2=\"74.33\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"89.21\" x2=\"107.34\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"133.85\" x2=\"107.34\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"148.73\" x2=\"107.34\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"74.33\" x2=\"155.53\" y2=\"74.33\" fill=\"none\" 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x2=\"396.47\" y2=\"74.33\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"89.21\" x2=\"396.47\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"252.88\" x2=\"396.47\" y2=\"252.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"74.33\" x2=\"251.91\" y2=\"74.33\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"252.88\" x2=\"251.91\" y2=\"252.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"89.21\" x2=\"300.1\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"252.88\" x2=\"300.1\" y2=\"252.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"74.33\" x2=\"203.72\" y2=\"74.33\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"252.88\" x2=\"203.72\" y2=\"252.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"104.09\" x2=\"107.34\" y2=\"104.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"118.97\" x2=\"107.34\" y2=\"118.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"163.61\" x2=\"107.34\" y2=\"163.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"178.49\" x2=\"107.34\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"223.12\" x2=\"107.34\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.19\" y1=\"238\" x2=\"107.34\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"89.21\" x2=\"155.53\" y2=\"89.21\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"104.09\" x2=\"155.53\" y2=\"104.09\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"118.97\" x2=\"155.53\" y2=\"118.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"133.85\" x2=\"155.53\" y2=\"133.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"148.73\" x2=\"155.53\" y2=\"148.73\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"163.61\" x2=\"155.53\" y2=\"163.61\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"178.49\" x2=\"155.53\" y2=\"178.49\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"193.37\" x2=\"155.53\" y2=\"193.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"208.24\" x2=\"155.53\" y2=\"208.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"223.12\" x2=\"155.53\" y2=\"223.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"113.01\" y1=\"238\" x2=\"155.53\" y2=\"238\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"89.21\" x2=\"203.72\" y2=\"89.21\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"104.09\" x2=\"203.72\" y2=\"104.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"118.97\" x2=\"203.72\" y2=\"118.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"133.85\" x2=\"203.72\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"148.73\" x2=\"203.72\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"163.61\" x2=\"203.72\" y2=\"163.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"178.49\" x2=\"203.72\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"193.37\" x2=\"203.72\" y2=\"193.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"208.24\" x2=\"203.72\" y2=\"208.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"223.12\" x2=\"203.72\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"161.2\" y1=\"238\" x2=\"203.72\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"89.21\" x2=\"251.91\" y2=\"89.21\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"104.09\" x2=\"251.91\" y2=\"104.09\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"118.97\" x2=\"251.91\" y2=\"118.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"133.85\" x2=\"251.91\" y2=\"133.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"148.73\" x2=\"251.91\" y2=\"148.73\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"163.61\" x2=\"251.91\" y2=\"163.61\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"178.49\" x2=\"251.91\" y2=\"178.49\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"193.37\" x2=\"251.91\" y2=\"193.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"208.24\" x2=\"251.91\" y2=\"208.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"223.12\" x2=\"251.91\" y2=\"223.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"209.39\" y1=\"238\" x2=\"251.91\" y2=\"238\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"104.09\" x2=\"300.1\" y2=\"104.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"118.97\" x2=\"300.1\" y2=\"118.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"133.85\" x2=\"300.1\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"148.73\" x2=\"300.1\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"163.61\" x2=\"300.1\" y2=\"163.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"178.49\" x2=\"300.1\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"193.37\" x2=\"300.1\" y2=\"193.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"208.24\" x2=\"300.1\" y2=\"208.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"223.12\" x2=\"300.1\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"257.58\" y1=\"238\" x2=\"300.1\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"89.21\" x2=\"348.29\" y2=\"89.21\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"104.09\" x2=\"348.29\" y2=\"104.09\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"118.97\" x2=\"348.29\" y2=\"118.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"133.85\" x2=\"348.29\" y2=\"133.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"148.73\" x2=\"348.29\" y2=\"148.73\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"163.61\" x2=\"348.29\" y2=\"163.61\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"178.49\" x2=\"348.29\" y2=\"178.49\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"193.37\" x2=\"348.29\" y2=\"193.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"208.24\" x2=\"348.29\" y2=\"208.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"223.12\" x2=\"348.29\" y2=\"223.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"305.77\" y1=\"238\" x2=\"348.29\" y2=\"238\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"104.09\" x2=\"396.47\" y2=\"104.09\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"118.97\" x2=\"396.47\" y2=\"118.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"133.85\" x2=\"396.47\" y2=\"133.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"148.73\" x2=\"396.47\" y2=\"148.73\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"163.61\" x2=\"396.47\" y2=\"163.61\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"178.49\" x2=\"396.47\" y2=\"178.49\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"193.37\" x2=\"396.47\" y2=\"193.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"208.24\" x2=\"396.47\" y2=\"208.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"223.12\" x2=\"396.47\" y2=\"223.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"353.95\" y1=\"238\" x2=\"396.47\" y2=\"238\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.19 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 2: <\/text><text transform=\"translate(41.61 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Three-Wheeler Sale, Industry and Bajaj Auto (in numbers) <\/text><line x1=\"113.01\" y1=\"38.26\" x2=\"203.72\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(137.73 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total sales<\/text><line x1=\"209.39\" y1=\"38.26\" x2=\"300.1\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(226.19 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Domestic sales<\/text><line x1=\"305.77\" y1=\"38.26\" x2=\"396.47\" y2=\"38.26\" fill=\"none\" stroke=\"#231f20\" stroke-miterlimit=\"10\" stroke-width=\"0.5\"><\/line><text transform=\"translate(327.65 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Export sales<\/text><line x1=\"0.19\" y1=\"54.92\" x2=\"107.34\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.19 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"113.01\" y1=\"54.92\" x2=\"155.53\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(127.06 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"161.2\" y1=\"54.92\" x2=\"203.72\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(175.25 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"209.39\" y1=\"54.92\" x2=\"251.91\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(223.44 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"257.58\" y1=\"54.92\" x2=\"300.1\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(271.63 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"305.77\" y1=\"54.92\" x2=\"348.29\" y2=\"54.92\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(319.82 50.24)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"353.95\" y1=\"54.92\" x2=\"396.47\" y2=\"54.92\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.01 50.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0.19 84.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Passenger carriers<\/text><text transform=\"translate(151.34 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.53 84.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.72 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.9 85.67)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(344.09 84.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.28 85.67)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.17 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(126.56 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">521,424<\/text><text transform=\"translate(168.42 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,020,865<\/text><text transform=\"translate(222.94 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">134,087<\/text><text transform=\"translate(271.12 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">525,015<\/text><text transform=\"translate(319.31 99.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">387,337<\/text><text transform=\"translate(367.5 99.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">495,850<\/text><text transform=\"translate(0.15 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(126.55 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">332,572<\/text><text transform=\"translate(174.73 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">629,326<\/text><text transform=\"translate(227.44 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">81,618<\/text><text transform=\"translate(271.11 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">334,714<\/text><text transform=\"translate(319.29 114.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">250,954<\/text><text transform=\"translate(367.48 114.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">294,612<\/text><text transform=\"translate(0.14 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.5 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">63.8%<\/text><text transform=\"translate(181.69 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">61.6%<\/text><text transform=\"translate(229.87 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">60.9%<\/text><text transform=\"translate(278.06 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">63.8%<\/text><text transform=\"translate(326.25 129.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">64.8%<\/text><text transform=\"translate(374.43 129.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.4%<\/text><text transform=\"translate(0.12 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Goods carriers<\/text><text transform=\"translate(151.27 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.46 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.65 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.83 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(344.02 144.46)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.21 144.46)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.1 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(131.02 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">87,714<\/text><text transform=\"translate(174.68 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">117,873<\/text><text transform=\"translate(227.39 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">82,110<\/text><text transform=\"translate(271.06 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">111,554<\/text><text transform=\"translate(328.29 159.34)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">5,604<\/text><text transform=\"translate(376.47 159.34)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">6,319<\/text><text transform=\"translate(0.08 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(131 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">30,932<\/text><text transform=\"translate(179.19 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">32,191<\/text><text transform=\"translate(227.37 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27,686<\/text><text transform=\"translate(275.56 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">30,103<\/text><text transform=\"translate(328.27 174.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3,246<\/text><text transform=\"translate(376.46 174.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,088<\/text><text transform=\"translate(0.07 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.43 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">35.3%<\/text><text transform=\"translate(181.62 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.3%<\/text><text transform=\"translate(229.81 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">33.7%<\/text><text transform=\"translate(277.99 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27.0%<\/text><text transform=\"translate(326.18 189.09)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">57.9%<\/text><text transform=\"translate(374.37 189.09)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">33.0%<\/text><text transform=\"translate(0.05 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total three-wheelers<\/text><text transform=\"translate(151.21 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(199.39 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(247.58 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(295.77 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(343.95 203.96)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.14 203.96)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.03 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Industry sales<\/text><text transform=\"translate(126.43 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">609,138<\/text><text transform=\"translate(168.28 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,138,738<\/text><text transform=\"translate(222.8 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">216,197<\/text><text transform=\"translate(270.99 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">636,569<\/text><text transform=\"translate(319.17 218.84)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">392,941<\/text><text transform=\"translate(367.36 218.84)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">502,169<\/text><text transform=\"translate(0.02 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto sales<\/text><text transform=\"translate(126.41 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">363,504<\/text><text transform=\"translate(174.6 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">661,517<\/text><text transform=\"translate(222.79 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">109,304<\/text><text transform=\"translate(270.97 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">364,817<\/text><text transform=\"translate(319.16 233.71)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">254,200<\/text><text transform=\"translate(367.34 233.71)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">296,700<\/text><text transform=\"translate(0 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Bajaj Auto market share<\/text><text transform=\"translate(133.36 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.7%<\/text><text transform=\"translate(181.55 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">58.1%<\/text><text transform=\"translate(229.74 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">50.6%<\/text><text transform=\"translate(277.92 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">57.3%<\/text><text transform=\"translate(326.11 248.59)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">64.7%<\/text><text transform=\"translate(374.3 248.59)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">59.1%<\/text><\/svg><\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row\"  id=\"row-573225559\">\n\n\n\t<div id=\"col-1932215461\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"row\"  id=\"row-1155909140\">\n\n\n\t<div id=\"col-694503183\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<ul>\n<li>Our domestic sale of three-wheelers fell to 109,304 units primarily due to a reduction in passenger three-wheeler sales across the industry on account of Covid-19. However, we continued to be the market leader, accounting for 50.6% of all three-wheeler sales and 60.9% of passenger vehicle sales.<\/li>\n<li>A sequential recovery was witnessed &#8211; in Q1 FY2021, Bajaj Auto sold 5,309 units. In Q2, this had increased to 23,392, in Q3, 34,230 and in Q4, we sold 46,373 units.<\/li>\n<li>In the goods carriers segment, we now account for 33.7% of the domestic market \u2014 up from 27.0% a year earlier.<\/li>\n<li>We continue to be the dominant exporter among Indian sellers accounting for a market share of 64.7% in FY2021 up from 59.1% in FY2020<\/li>\n<li>In FY2021, we wrested leadership in the Big Diesel Passenger Segment and are now leader with a 41.7% market share. With this, we are now leaders across all passenger three-wheeler segments.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-1155909140 > .col > .col-inner {\n  padding: 15px 15px 15px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_544670838\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2532\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2.png 2532w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-800x316.png 800w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-1400x553.png 1400w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-768x303.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-1536x607.png 1536w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-2048x809.png 2048w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Artboard-1-copy-2-600x237.png 600w\" sizes=\"auto, (max-width: 2532px) 100vw, 2532px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_544670838 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1403731138\" class=\"text\">\n\t\t\n\n<h2>International Business<\/h2>\n\t\t\n<style>\n#text-1403731138 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1403731138 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>We are The World\u2019s Favourite Indian thanks to the reach of our international business. <\/p>\n<div class=\"row\"  id=\"row-470922403\">\n\n\n\t<div id=\"col-1973587888\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p><b>In FY2021<\/b><\/p>\n<ul>\n<li>We exported 2.05 million vehicles. This is the third year in succession that we have exported over 2 million vehicles.<\/li>\n<li>In a difficult global market scenario, we exported almost 1.8 million motorcycles.<\/li>\n<li>There was a sharply contrasting growth performance between the first and second half of the year. Motorcycles and commercial vehicles witnessed a decline of 33% and 35% respectively in the first half. This turned to growth of 25% for motorcycle and 9% for commercial vehicles in the second half.<\/li>\n<li>Except ASEAN, all regions have shown strong recovery in the second half of FY2021.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\n<style>\n#row-470922403 > .col > .col-inner {\n  padding: 15px 15px 15px 15px;\n  background-color: rgb(212, 218, 239);\n}\n<\/style>\n<\/div>\n<p>Table 3 gives the export data.<\/p>\n<div class=\"row\"  id=\"row-1711883091\">\n\n\n\t<div id=\"col-1753953483\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.87 155.8\"><line y1=\"57.85\" x2=\"226.77\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"74.16\" x2=\"226.77\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"106.76\" x2=\"226.77\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"90.46\" x2=\"226.77\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"139.37\" x2=\"226.77\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"106.76\" x2=\"283.46\" y2=\"106.76\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"106.76\" x2=\"340.16\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"106.76\" x2=\"396.85\" y2=\"106.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"123.07\" x2=\"226.77\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"155.68\" x2=\"226.77\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"123.07\" x2=\"283.46\" y2=\"123.07\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"155.68\" x2=\"283.46\" y2=\"155.68\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"123.07\" x2=\"340.16\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"155.68\" x2=\"340.16\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"123.07\" x2=\"396.85\" y2=\"123.07\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"155.68\" x2=\"396.85\" y2=\"155.68\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"57.85\" x2=\"283.46\" y2=\"57.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"57.85\" x2=\"340.16\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"57.85\" x2=\"396.85\" y2=\"57.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"74.16\" x2=\"283.46\" y2=\"74.16\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"90.46\" x2=\"283.46\" y2=\"90.46\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"232.44\" y1=\"139.37\" x2=\"283.46\" y2=\"139.37\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"74.16\" x2=\"340.16\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"90.46\" x2=\"340.16\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"139.37\" x2=\"340.16\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"74.16\" x2=\"396.85\" y2=\"74.16\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"90.46\" x2=\"396.85\" y2=\"90.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"139.37\" x2=\"396.85\" y2=\"139.37\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 3: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports, in Units and Revenue for, Bajaj Auto<\/text><line y1=\"38.44\" x2=\"226.77\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"232.44\" y1=\"38.44\" x2=\"283.46\" y2=\"38.44\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(255 33.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"289.13\" y1=\"38.44\" x2=\"340.16\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"345.83\" y1=\"38.44\" x2=\"396.85\" y2=\"38.44\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.98 33.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Change<\/text><text transform=\"translate(0 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Units<\/text><text transform=\"translate(279.29 69.91)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(335.98 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(392.68 69.91)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(0.01 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(248.2 86.21)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,796,518<\/text><text transform=\"translate(304.9 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,869,220<\/text><text transform=\"translate(376.24 86.21)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">-3.9%<\/text><text transform=\"translate(0.02 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Commercial Vehicles<\/text><text transform=\"translate(254.54 102.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">257,729<\/text><text transform=\"translate(311.24 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">301,885<\/text><text transform=\"translate(371.72 102.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">-14.6%<\/text><text transform=\"translate(0.03 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total numbers<\/text><text transform=\"translate(246.11 118.82)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">2,054,247 <\/text><text transform=\"translate(300.8 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 2,171,105 <\/tspan><\/text><text transform=\"translate(374.98 118.82)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">-5.4%<\/text><text transform=\"translate(0.04 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports in <\/text><text transform=\"translate(40.11 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">K<\/text><text transform=\"translate(44.55 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> (crore)<\/tspan><\/text><text transform=\"translate(257.72 135.12)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">12,687 <\/text><text transform=\"translate(312.41 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 12,216 <\/tspan><\/text><text transform=\"translate(378.32 135.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">3.9%<\/text><text transform=\"translate(0.05 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Exports in USD (million)<\/text><text transform=\"translate(260.45 151.42)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,651 <\/tspan><\/text><text transform=\"translate(317.15 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,642 <\/tspan><\/text><text transform=\"translate(378.33 151.42)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">0.5%<\/text><\/svg><\/p>\n<h3>Regarding motorcycles:<\/h3>\n<ul>\n<li>Our 150cc+ motorcycles grew at 21% versus the previous year. The Dominar brands (both 250cc and 400cc) grew at 91%, though over a smaller base.<\/li>\n<li>In Latin America, we recorded highest ever volumes in many key countries, such as Mexico, Guatemala, Nicaragua, Honduras, Peru and Bolivia.<\/li>\n<li>We continued our dominance in Africa, where we exported over 1 million motorcycles for the second consecutive year.<\/li>\n<\/ul>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_319636803\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/International-Business-1.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_319636803 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<h3>Regarding commercial vehicles:<\/h3>\n<ul>\n<li>Due to Covid-19 related restrictions in most countries, recovery in commercial vehicle business has been slow.<\/li>\n<li>However, an increased focus on new segments like cargo plus the launch of new and refreshed RE variants led to recovery in the second half of the year. Egypt, where exports were impacted by regulatory issues last year, has grown by 255% over the previous year.<\/li>\n<\/ul>\n<p>Chart E plots our export performance over the years, both in value and as a percentage of the Company\u2019s total net sales.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1624541277\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/MDNA_Chart_E.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1624541277 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-27671812\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-27671812 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>As Chart E shows, we have not only increased the value of our exports in FY2021, but have also increased the share as a percentage of net sales, which now stands at 46.8%.<\/p>\n\t<div id=\"text-1969263754\" class=\"text\">\n\t\t\n\n<h2>R&amp;D<\/h2>\n\t\t\n<style>\n#text-1969263754 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1969263754 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>In FY2021 despite Covid-19, Bajaj Auto\u2019s R&amp;D achieved all the product launches that were planned for the year. <\/p>\n\t<div id=\"text-505664528\" class=\"text\">\n\t\t\n\n<h3>R&amp;D Projects\n<\/h3>\n\t\t\n<style>\n#text-505664528 {\n  color: #005dac;\n}\n#text-505664528 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>R&amp;D successfully delivered fourty-one projects in various product segments to meet the Company\u2019s domestic and export requirements. These were:<\/p>\n<ul>\n<li>Commuter segment: Nine launches.<\/li>\n<li>Sports segment: Six launches.<\/li>\n<li>Super-sport or Premium segment: Three launches.<\/li>\n<li>Commercial segment: Twenty three launches.<\/li>\n<\/ul>\n<p>Some of the strategic products that were launched are given below.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1276764651\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Platina_110-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1276764651 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>To take commuting bikes to the next level of safety, R&amp;D has introduced the ABS technology on the Platina 110. This innovative product brings unprecedented levels of safety during braking under difficult conditions like wet, oily or gravelly roads. <\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_786499406\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Pulsar_125-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_786499406 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The popular Pulsar 125 Neon range was strengthened with the addition of sportier split seat variant. This has been met with excellent response in the market.<\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1777423164\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/KTM_250-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1777423164 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>The best-in-class KTM Adventure 390 was joined by a more affordable 250cc variant, thus expanding the popularity of this evolving segment and building on KTM\u2019s off-road heritage.<\/p>\n\t<div id=\"text-1000686017\" class=\"text\">\n\t\t\n\n<h3>Gaseous Fuel Three-Wheeler<br>\nwith instant Switchover<\/h3>\n\t\t\n<style>\n#text-1000686017 {\n  color: #005dac;\n}\n#text-1000686017 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>R&amp;D has introduced gaseous fuel three-wheeler with an innovative capability to instantly switch from gas to petrol or vice versa. This can be done on the fly as the vehicle is moving, unlike the competitions\u2019 models that need to stop and wait for minutes to burn off the fuel in the carburettor before switching fuels. This was implemented across the entire range of Bajaj Auto\u2019s gaseous three-wheeler portfolio. <\/p>\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1492435214\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1211\" height=\"1000\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250.png 1211w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-484x400.png 484w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-969x800.png 969w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-768x634.png 768w, https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/RE_250-600x495.png 600w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1492435214 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n<p>This strategic model was created for Nigeria with a 10\u201d wheel and a bigger engine for greater strength and durability. It has been met with excellent response in the market. <\/p>\n<h3>BS-VI Transition<\/h3>\n<p>All the BS-VI launches were supported to ensure smooth transition.<\/p>\n\t<div id=\"text-1860731079\" class=\"text\">\n\t\t\n\n<h3>R&amp;D Facilities<\/h3>\n\t\t\n<style>\n#text-1860731079 {\n  color: #005dac;\n}\n#text-1860731079 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>The EV Laboratory<\/h3>\n<p>In October 2020, BAL\u2019s R&amp;D went live with a 25,000 square feet EV Laboratory to design and develop EV technologies. The laboratory is equipped with critical capabilities for manufacturing and testing EV components and vehicles.<\/p>\n<p>The EV lab is being continuously augmented in both capacity and capability to meet all the emerging needs of creating EV products.<\/p>\n<h3>Electro-Magnetic Compatibity (EMC) Chamber<\/h3>\n<p>Increasing electronics on vehicles and stringent norms on components regarding EMC and electro-magnetic interference have made the design and validation of EMI\/EMC performance of both components and vehicles a necessity. BAL has created a new EMI\/EMC facility in R&amp;D to meet this need. This will also enable Bajaj Auto to reduce its dependence on external agencies for conducting such test \u2014 resulting in saving both time and cost.<\/p>\n\t<div id=\"text-3285124147\" class=\"text\">\n\t\t\n\n<h2>Operations, Productivity and Quality<\/h2>\n\t\t\n<style>\n#text-3285124147 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3285124147 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>TPM<\/h3>\n<p>Bajaj Auto\u2019s \u2018back end\u2019 consists of its manufacturing, engineering, development and materials functions. Principles and philosophy of TPM guides these in achieving excellence both individually and collectively. \u2018The TPM way\u2019 has been successfully extended to include Bajaj Auto\u2019s vendors, dealers and distributors with an aim to create a culture of excellence across the entire supply chain.<\/p>\n<h3>Bajaj Auto\u2019s TPM at operations<\/h3>\n<p>Bajaj Auto is \u2018first-in-the-industry\u2019 in having all its manufacturing plants certified for \u2018Special Award for TPM Achievement\u2019 by Japan Institute for Plant Maintenance (JIPM). In FY2020, BAL Chakan plant was also conferred with \u201cAdvance Special Award for TPM Achievement\u201d.<\/p>\n<h3>Vendor TPM activities<\/h3>\n<p>Bajaj Auto supports its vendors to become globally competitive in terms of safety, quality, production, delivery, cost and human development.<\/p>\n<p>Currently 174 Tier I vendors are practicing TPM and 128 of them have earned the \u2018BAL TPM Award\u2019. Moreover there are now 295 Tier II vendors who are practicing TPM. In addition, we have actively encouraged our vendors to adopt best practices in energy and water conservation.<\/p>\n<p>We have also taken up a drive to maximise supplies to all our plants from vendors within the plant cluster. This has substantially reduced our supply chain length and the carbon footprint with almost 85% of supplies for all plants being made by vendors within their own clusters.<\/p>\n<h3>TPM in after-sales service<\/h3>\n<p>TPM methodologies are being continuously spread across our domestic dealership and international distributor networks.<\/p>\n<p>As on 31 March 2021, we had 550 dealerships practicing TPM; and we have extended the TPM initiative to our sub-dealers.<\/p>\n<h3>TPM at overseas distributor plants<\/h3>\n<p>We started implementation of TPM at our international distributor plants. As of FY2021, 12 distributor plants have been practicing TPM for over a year. Consequently, these are now experiencing somewhere between 15% and 20% growth in manpower productivity, production rate and first-time right quality.<\/p>\n<h3>Women Employment<\/h3>\n<p>Our women employee strength has grown more than four times from 148 in FY2014 to 654 in FY2021.Of them, almost 70% women are working in manufacturing plants and in engineering.<\/p>\n<p>Some of our female employees are doing complex jobs like dynamic testing of bikes.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 397.19 147.53\"><line y1=\"58.13\" x2=\"73.7\" y2=\"58.13\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"87.89\" x2=\"73.7\" y2=\"87.89\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"102.77\" x2=\"73.7\" y2=\"102.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"132.53\" 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stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"102.77\" x2=\"397.13\" y2=\"102.77\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"117.65\" x2=\"397.13\" y2=\"117.65\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"132.53\" x2=\"397.13\" y2=\"132.53\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"212.88\" y1=\"147.41\" x2=\"397.13\" y2=\"147.41\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 4: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Plant-wise Capacities (in units per annum)<\/text><line y1=\"38.72\" x2=\"73.7\" y2=\"38.72\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Plant<\/text><line x1=\"79.37\" y1=\"38.72\" x2=\"206.93\" y2=\"38.72\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(128.19 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">As on 31 Marc<\/text><text transform=\"translate(181.32 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">h 20<\/text><text transform=\"translate(197.48 34.04)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">21 <\/text><line x1=\"212.88\" y1=\"38.72\" x2=\"397.13\" y2=\"38.72\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(212.88 34.04)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> Product Range<\/tspan><\/text><text transform=\"translate(0 68.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Waluj<\/text><text transform=\"translate(79.37 68.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 68.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,400,000<\/text><text transform=\"translate(212.88 68.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Boxer, CT, Platina, Discover, Pulsar<\/text><text transform=\"translate(79.37 83.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Commercial Vehicles<\/text><text transform=\"translate(175.9 83.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 930,000<\/tspan><\/text><text transform=\"translate(212.88 83.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Passenger Carriers, Good Carriers, Quadricycle <\/text><text transform=\"translate(169.55 98.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">3,330,000<\/text><text transform=\"translate(0 113.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Chakan<\/text><text transform=\"translate(79.37 113.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 113.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,200,000<\/text><text transform=\"translate(212.88 113.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Pulsar, Avenger, KTM, Dominar, Husqvarna, Chetak<\/text><text transform=\"translate(0 128.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Pantnagar<\/text><text transform=\"translate(79.37 128.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Motorcycles<\/text><text transform=\"translate(171.66 128.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,800,000<\/text><text transform=\"translate(212.88 128.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">CT, Platina and Pulsar<\/text><text transform=\"translate(169.55 143.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">6,330,000<\/text><\/svg><\/p>\n<p>As on 31 March 2021, BAL\u2019s employee strength stood at 10,052.<\/p>\n\t<div id=\"gap-237568317\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-237568317 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_698781090\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar21\/wp-content\/uploads\/2021\/06\/Map_Pantnagar.svg\" class=\"attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_698781090 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1274178746\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1274178746 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3951412159\" class=\"text\">\n\t\t\n\n<h2>Financials<\/h2>\n\t\t\n<style>\n#text-3951412159 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3951412159 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Table 5 gives the summarised standalone profit and loss statement of Bajaj Auto.\n<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 399.07 568.76\"><line x1=\"289.13\" y1=\"62.75\" x2=\"340.16\" y2=\"62.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"77.63\" x2=\"340.16\" y2=\"77.63\" fill=\"none\" stroke=\"#6d8bc6\" 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y1=\"404.97\" x2=\"340.16\" y2=\"404.97\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"419.85\" x2=\"340.16\" y2=\"419.85\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"404.97\" x2=\"396.85\" y2=\"404.97\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"419.85\" x2=\"396.85\" y2=\"419.85\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"449.6\" x2=\"283.46\" y2=\"449.6\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"479.36\" x2=\"283.46\" y2=\"479.36\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"449.6\" x2=\"340.16\" y2=\"449.6\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"479.36\" x2=\"340.16\" y2=\"479.36\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"449.6\" x2=\"396.85\" y2=\"449.6\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"479.36\" x2=\"396.85\" y2=\"479.36\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"524\" x2=\"283.46\" y2=\"524\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"524\" x2=\"340.16\" y2=\"524\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"524\" x2=\"396.85\" y2=\"524\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"538.88\" x2=\"283.46\" y2=\"538.88\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"553.76\" x2=\"283.46\" y2=\"553.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"568.64\" x2=\"283.46\" y2=\"568.64\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"538.88\" x2=\"340.16\" y2=\"538.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"538.88\" x2=\"396.85\" y2=\"538.88\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"553.76\" x2=\"340.16\" y2=\"553.76\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"568.64\" x2=\"340.16\" y2=\"568.64\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"494.24\" x2=\"283.46\" y2=\"494.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"509.12\" x2=\"283.46\" y2=\"509.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"494.24\" x2=\"340.16\" y2=\"494.24\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"509.12\" x2=\"340.16\" y2=\"509.12\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"494.24\" x2=\"396.85\" y2=\"494.24\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"509.12\" x2=\"396.85\" y2=\"509.12\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"553.76\" x2=\"396.85\" y2=\"553.76\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"568.64\" x2=\"396.85\" y2=\"568.64\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 5: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Summarised Standalone Proft and Loss Statement<\/text><text transform=\"translate(360.76 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> (<\/tspan><\/text><text transform=\"translate(364.68 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">\u20b9 <\/text><text transform=\"translate(369.62 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">In Crore)<\/text><line y1=\"43.34\" x2=\"283.46\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"289.13\" y1=\"43.34\" x2=\"340.16\" y2=\"43.34\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 38.66)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"345.83\" y1=\"43.34\" x2=\"396.85\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.38 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operations<\/text><text transform=\"translate(0 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Sales<\/text><text transform=\"translate(313.65 88.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 27,133 <\/tspan><\/text><text transform=\"translate(370.35 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 29,112 <\/tspan><\/text><text transform=\"translate(0.01 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Other operating income<\/text><text transform=\"translate(324.52 103.13)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 608 <\/tspan><\/text><text transform=\"translate(381.21 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 807 <\/tspan><\/text><text transform=\"translate(0.02 118)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total operating income<\/text><text transform=\"translate(312.39 118)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 27,741 <\/tspan><\/text><text transform=\"translate(369.09 118)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 29,919 <\/tspan><\/text><text transform=\"translate(0.03 147.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Cost of materials consumed, net of expenditures capitalised<\/text><text transform=\"translate(313.68 147.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 19,597 <\/tspan><\/text><text transform=\"translate(370.37 147.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 20,978 <\/tspan><\/text><text transform=\"translate(318.22 162.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">70.6%<\/text><text transform=\"translate(374.91 162.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">70.1%<\/text><text transform=\"translate(0.04 177.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Stores and tools<\/text><text transform=\"translate(324.54 177.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 116 <\/tspan><\/text><text transform=\"translate(381.24 177.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 130 <\/tspan><\/text><text transform=\"translate(322.75 192.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">0.4%<\/text><text transform=\"translate(379.44 192.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">0.4%<\/text><text transform=\"translate(0.04 207.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Employee cost<\/text><text transform=\"translate(318.22 207.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,283 <\/tspan><\/text><text transform=\"translate(374.91 207.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,386 <\/tspan><\/text><text transform=\"translate(322.76 222.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(379.45 222.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.6%<\/text><text transform=\"translate(0.05 237.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Factory, administrative and other expenses<\/text><text transform=\"translate(324.56 237.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 717 <\/tspan><\/text><text transform=\"translate(381.25 237.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 866 <\/tspan><\/text><text transform=\"translate(322.76 251.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.6%<\/text><text transform=\"translate(379.46 251.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.9%<\/text><text transform=\"translate(0.06 266.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Sales and after sales expenses<\/text><text transform=\"translate(324.57 266.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 965 <\/tspan><\/text><text transform=\"translate(374.93 266.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,306 <\/tspan><\/text><text transform=\"translate(322.77 281.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">3.5%<\/text><text transform=\"translate(379.47 281.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4.4%<\/text><text transform=\"translate(0.07 296.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Total expenditure<\/text><text transform=\"translate(312.45 296.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 22,678 <\/tspan><\/text><text transform=\"translate(369.14 296.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 24,666 <\/tspan><\/text><text transform=\"translate(0.08 311.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Earnings before interest, tax, depreciation and amortisation (EBITDA)<\/text><text transform=\"translate(317.18 311.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,063 <\/tspan><\/text><text transform=\"translate(373.87 311.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,253 <\/tspan><\/text><text transform=\"translate(0.09 326.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">EBITDA%<\/text><text transform=\"translate(316.95 326.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">18.3%<\/text><text transform=\"translate(373.65 326.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">17.6%<\/text><text transform=\"translate(0.1 341.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Interest<\/text><text transform=\"translate(333.64 341.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 7 <\/tspan><\/text><text transform=\"translate(390.34 341.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.1 356.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Depreciation and amortisation<\/text><text transform=\"translate(324.61 356.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 259 <\/tspan><\/text><text transform=\"translate(381.3 356.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 246 <\/tspan><\/text><text transform=\"translate(0.11 370.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operating proft<\/text><text transform=\"translate(317.21 370.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,797 <\/tspan><\/text><text transform=\"translate(373.91 370.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,004 <\/tspan><\/text><text transform=\"translate(318.3 385.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">17.3%<\/text><text transform=\"translate(375 385.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.7%<\/text><text transform=\"translate(0.12 400.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">CSR spends and donations<\/text><text transform=\"translate(324.63 400.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 131 <\/tspan><\/text><text transform=\"translate(381.32 400.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 154 <\/tspan><\/text><text transform=\"translate(0.13 415.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Operating proft less CSR spends and donations<\/text><text transform=\"translate(317.23 415.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,666 <\/tspan><\/text><text transform=\"translate(373.93 415.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,850 <\/tspan><\/text><text transform=\"translate(0.14 430.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Non-operating income<\/text><text transform=\"translate(318.31 430.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,276 <\/tspan><\/text><text transform=\"translate(375.01 430.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,733 <\/tspan><\/text><text transform=\"translate(0.15 445.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Less : Non-operating expense<\/text><text transform=\"translate(333.7 445.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(390.39 445.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.16 460.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Non-operating income, net<\/text><text transform=\"translate(317.26 460.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,273 <\/tspan><\/text><text transform=\"translate(373.95 460.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 1,730 <\/tspan><\/text><text transform=\"translate(0.16 475.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft before tax<\/text><text transform=\"translate(317.27 475.01)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,939 <\/tspan><\/text><text transform=\"translate(373.96 475.01)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,580 <\/tspan><\/text><text transform=\"translate(0.17 489.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Tax expense<\/text><text transform=\"translate(318.34 489.89)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,384 <\/tspan><\/text><text transform=\"translate(375.04 489.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,480 <\/tspan><\/text><text transform=\"translate(0.18 504.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft after tax<\/text><text transform=\"translate(317.28 504.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,555 <\/tspan><\/text><text transform=\"translate(373.98 504.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,100 <\/tspan><\/text><text transform=\"translate(0.19 534.52)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Surplus cash and cash equivalents as on 31 March<\/text><text transform=\"translate(314.57 534.52)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">17,689<\/text><text transform=\"translate(371.27 534.52)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">14,322<\/text><text transform=\"translate(0.2 564.28)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Return on Operating Capital Employed (ROCE)<\/text><text transform=\"translate(319.26 564.28)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">189%<\/text><text transform=\"translate(375.96 564.28)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">336%<\/text><\/svg><\/p>\n<ul>\n<li>Our surplus funds are invested in (i) fixed income securities rated P1+ and equivalent for short term investments, (ii) AA+ and above rated securities for long term investments and (iii) fixed deposits with banks and finance companies.<\/li>\n<\/ul>\n<p>As required for listed companies by the Securities and Exchange Board of India (SEBI), Table 6 gives the key ratios.<\/p>\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 396.9 203.27\"><line x1=\"104.93\" y1=\"95.75\" x2=\"141.78\" y2=\"95.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"121.63\" x2=\"141.78\" y2=\"121.63\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"158.51\" x2=\"141.78\" y2=\"158.51\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"173.39\" x2=\"141.78\" y2=\"173.39\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"188.27\" x2=\"141.78\" y2=\"188.27\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"203.15\" x2=\"141.78\" y2=\"203.15\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"95.75\" x2=\"184.3\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"121.63\" x2=\"184.3\" y2=\"121.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"121.63\" x2=\"396.9\" y2=\"121.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"158.51\" x2=\"184.3\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"158.51\" x2=\"396.9\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"173.39\" x2=\"184.3\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"173.39\" x2=\"396.9\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"188.27\" x2=\"184.3\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"188.27\" x2=\"396.9\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"203.15\" x2=\"184.3\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"58.87\" x2=\"99.26\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"95.75\" x2=\"99.26\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"121.63\" x2=\"99.26\" y2=\"121.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"158.51\" x2=\"99.26\" y2=\"158.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"173.39\" x2=\"99.26\" y2=\"173.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"188.27\" x2=\"99.26\" y2=\"188.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"0.05\" y1=\"203.15\" x2=\"99.26\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"95.75\" x2=\"396.9\" y2=\"95.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"58.87\" x2=\"396.9\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"189.97\" y1=\"203.15\" x2=\"396.9\" y2=\"203.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"104.93\" y1=\"58.87\" x2=\"141.78\" y2=\"58.87\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"147.45\" y1=\"58.87\" x2=\"184.3\" y2=\"58.87\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0.05 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 6: <\/text><text transform=\"translate(41.46 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Bajaj Auto\u2019s Key Financial Ratios, Standalone<\/text><line x1=\"0.05\" y1=\"39.46\" x2=\"99.26\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0.05 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Particulars<\/text><line x1=\"104.93\" y1=\"39.46\" x2=\"141.78\" y2=\"39.46\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(113.31 34.78)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"147.45\" y1=\"39.46\" x2=\"184.3\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(155.83 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><line x1=\"189.97\" y1=\"39.46\" x2=\"396.9\" y2=\"39.46\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(189.97 34.78)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Remarks<\/text><text transform=\"translate(0.04 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Debtors Turnover Ratio<\/text><text transform=\"translate(126.34 69.5)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">9.99 <\/text><text transform=\"translate(164.34 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.88 <\/text><text transform=\"translate(189.96 69.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower turnover due to COVID related lockdown\/<\/text><text transform=\"translate(189.96 80.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">disruptions and increase in outstandings due to <\/text><text transform=\"translate(189.96 91.5)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">challenging business environment<\/text><text transform=\"translate(0.03 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Inventory Turnover Ratio<\/text><text transform=\"translate(121.81 106.37)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">13.13 <\/text><text transform=\"translate(164.33 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">19.75 <\/text><text transform=\"translate(189.95 106.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower turnover due to COVID related lockdown\/<\/text><text transform=\"translate(189.95 117.37)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">disruptions and increase in overall value of inventory<\/text><text transform=\"translate(0.03 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Current Ratio<\/text><text transform=\"translate(126.33 132.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2.51 <\/text><text transform=\"translate(168.84 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1.55 <\/text><text transform=\"translate(189.94 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Value of investments maturing within 1 year have <\/text><text transform=\"translate(371.23 132.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><text transform=\"translate(189.94 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">gone up from <\/text><path d=\"M265.65,157.5h-.74a1.63,1.63,0,0,1-1.84,1.52v0c.23.22.45.5.67.74l1.36,1.72v.06h-.62L263,159.64c-.22-.28-.59-.69-.59-.69l.17-.42c.92.2,1.78-.14,1.83-1h-1.95V157h1.89a1,1,0,0,0-.95-.66h-.94v-.46h3.47l-.24.46h-1.24v0a1,1,0,0,1,.45.62h1Z\" transform=\"translate(-21.63 -18.31)\" fill=\"#231f20\"><\/path><text transform=\"translate(246.04 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">2,779.75 crore in FY2020 to <\/text><text transform=\"translate(347.36 143.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"> <\/text><path d=\"M215.15,168.5h-.74a1.63,1.63,0,0,1-1.84,1.52v0c.23.22.45.5.67.74l1.37,1.72v.06H214l-1.52-1.92c-.22-.28-.59-.69-.59-.69l.17-.42c.92.2,1.78-.14,1.83-1h-2V168h1.89a1,1,0,0,0-.95-.66h-.94v-.46h3.47l-.24.46h-1.24v0a1,1,0,0,1,.45.62h1Z\" transform=\"translate(-21.63 -18.31)\" fill=\"#231f20\"><\/path><text transform=\"translate(195.54 154.24)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">8,028.11 crore in FY2021<\/text><text transform=\"translate(0.02 169.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Operating Proft Margin<\/text><text transform=\"translate(119.77 169.12)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">17.3%<\/text><text transform=\"translate(162.29 169.12)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.7%<\/text><text transform=\"translate(0.01 183.99)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Net Proft Margin<\/text><text transform=\"translate(119.77 183.99)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">15.7%<\/text><text transform=\"translate(162.28 183.99)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">16.1%<\/text><text transform=\"translate(0 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Return on Net Worth<\/text><text transform=\"translate(119.76 198.87)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">18.1%<\/text><text transform=\"translate(162.27 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">25.6%<\/text><text transform=\"translate(189.92 198.87)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Lower profts due to COVID related lockdown\/disruptions<\/text><\/svg><\/p>\n\t<div id=\"text-1063238540\" class=\"text\">\n\t\t\n\n<h2>Subsidiaries<\/h2>\n\t\t\n<style>\n#text-1063238540 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-1063238540 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<h3>Bajaj Auto International Holdings BV (BAIH BV)<\/h3>\n<p>Bajaj Auto International Holdings BV (BAIH BV) is a 100% Netherlands based subsidiary of Bajaj Auto Ltd. Over the years, through this subsidiary, Bajaj Auto has invested a total of \u20ac198.1 million (\u20b9 1,219 crore) and holds approximately 48% stake in KTM AG of Austria (KTM), the fastest growing motorcycle brand in the world.<\/p>\n<p>Calendar year 2020 was impacted due to Covid-19.<\/p>\n<ul>\n<li>KTM sold 208,852 motorcycles versus 213,949 in the previous year.<\/li>\n<li>KTM achieved a turnover of \u20ac1.41 billion compared to \u20ac1.51 billion in the previous year.<\/li>\n<li>Profit after tax was at \u20ac71.2 million (\u20b9 638 crore) versus \u20ac84.6 million (\u20b9 670 crore).<\/li>\n<li>The proportionate profit to Bajaj Auto Ltd. \u20ac34.1 million (\u20b9 306 crore) as against \u20ac40.6 million (\u20b9 322 crore) in the previous year, which shows up in the consolidated results.<\/li>\n<\/ul>\n<p>During the year, Bajaj Auto manufactured 148,183 units of KTM and Husqvarna at its Chakan plant. Of these, 63,187 units were sold through the Pro-biking network and 79,832 were exported.<\/p>\n<h3>Bajaj Auto (Thailand) Ltd.<\/h3>\n<p>Bajaj Auto (Thailand) Ltd. was incorporated as a wholly owned subsidiary in Thailand with an issued and subscribed share capital of Thai Baht (THB) 45 million (\u20b9 11 crore). It has obtained all necessary approvals from local authorities to set up an International Business Centre (IBC) and an Engineering Design Centre (EDC) under this subsidiary.<\/p>\n<p>While the start of the activity was delayed by the pandemic, the EDC is now operational and international designers are operating from this new facility in Bangkok. It marks a new beginning for Bajaj Auto\u2019s R&amp;D expanding its design centre to trend-defining markets around the globe. Full scale operations including IBC is likely to commence in the coming year.<\/p>\n<h3>New Offices<\/h3>\n<p>Bajaj Auto is also going to set up an Engineering Design Centre in Barcelona Spain. It is also in the process of setting up operations to address the motocycle market in Brazil thru a wholly owned subsidiary.<\/p>\n\t<div id=\"text-2824595020\" class=\"text\">\n\t\t\n\n<h2>Consolidation of accounts and segment reporting<\/h2>\n\t\t\n<style>\n#text-2824595020 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-2824595020 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p><svg id=\"Layer_1\" data-name=\"Layer 1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 398.96 237.54\"><line x1=\"289.13\" y1=\"62.75\" x2=\"340.16\" y2=\"62.75\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"77.63\" x2=\"340.16\" y2=\"77.63\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"122.27\" x2=\"340.16\" y2=\"122.27\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"148.15\" x2=\"340.16\" y2=\"148.15\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"163.03\" x2=\"340.16\" y2=\"163.03\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"222.54\" x2=\"340.16\" y2=\"222.54\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"62.75\" x2=\"396.85\" y2=\"62.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"77.63\" x2=\"396.85\" y2=\"77.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"122.27\" x2=\"396.85\" y2=\"122.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"148.15\" x2=\"396.85\" y2=\"148.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"163.03\" x2=\"396.85\" y2=\"163.03\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"222.54\" x2=\"396.85\" y2=\"222.54\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"62.75\" x2=\"283.46\" y2=\"62.75\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"77.63\" x2=\"283.46\" y2=\"77.63\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"92.51\" x2=\"396.85\" y2=\"92.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"107.39\" x2=\"396.85\" y2=\"107.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"163.03\" x2=\"283.46\" y2=\"163.03\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"92.51\" x2=\"283.46\" y2=\"92.51\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"107.39\" x2=\"283.46\" y2=\"107.39\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"222.54\" x2=\"283.46\" y2=\"222.54\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"92.51\" x2=\"340.16\" y2=\"92.51\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"107.39\" x2=\"340.16\" y2=\"107.39\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"122.27\" x2=\"283.46\" y2=\"122.27\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"148.15\" x2=\"283.46\" y2=\"148.15\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"177.9\" x2=\"283.46\" y2=\"177.9\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"192.78\" x2=\"283.46\" y2=\"192.78\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"177.9\" x2=\"340.16\" y2=\"177.9\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"192.78\" x2=\"340.16\" y2=\"192.78\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"177.9\" x2=\"396.85\" y2=\"177.9\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"192.78\" x2=\"396.85\" y2=\"192.78\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"207.66\" x2=\"283.46\" y2=\"207.66\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line y1=\"237.42\" x2=\"283.46\" y2=\"237.42\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"207.66\" x2=\"340.16\" y2=\"207.66\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"289.13\" y1=\"237.42\" x2=\"340.16\" y2=\"237.42\" fill=\"none\" stroke=\"#6d8bc6\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"207.66\" x2=\"396.85\" y2=\"207.66\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><line x1=\"345.83\" y1=\"237.42\" x2=\"396.85\" y2=\"237.42\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"0.25\"><\/line><text transform=\"translate(0 9.24)\" font-size=\"11\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Table 7: <\/text><text transform=\"translate(41.42 9.24)\" font-size=\"11\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Revenue and Segment Results<\/text><text transform=\"translate(360.76 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> (<\/tspan><\/text><text transform=\"translate(364.68 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"ITFRupee, ITF Rupee\">H <\/text><text transform=\"translate(369.62 23.41)\" font-size=\"7.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">In Crore)<\/text><line y1=\"43.34\" x2=\"283.46\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(0 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Revenue<\/text><line x1=\"289.13\" y1=\"43.34\" x2=\"340.16\" y2=\"43.34\" fill=\"none\" stroke=\"#005dac\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(311.69 38.66)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2021<\/text><line x1=\"345.83\" y1=\"43.34\" x2=\"396.85\" y2=\"43.34\" fill=\"none\" stroke=\"#808285\" stroke-miterlimit=\"10\" stroke-width=\"2\"><\/line><text transform=\"translate(368.38 38.66)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">FY2020<\/text><text transform=\"translate(0 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Automotive<\/text><text transform=\"translate(315.74 73.38)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">27,750 <\/text><text transform=\"translate(372.44 73.38)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">29,968 <\/text><text transform=\"translate(0.01 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Investment and others<\/text><text transform=\"translate(320.27 88.25)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,268 <\/text><text transform=\"translate(376.97 88.25)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">1,475 <\/text><text transform=\"translate(314.39 103.13)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">29,018 <\/text><text transform=\"translate(371.09 103.13)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">31,443 <\/text><text transform=\"translate(0.02 132.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Segment Results<\/text><text transform=\"translate(0.02 143.89)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft\/(Loss) from each segment before tax<\/text><text transform=\"translate(0.02 158.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Automotive<\/text><text transform=\"translate(320.28 158.76)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">4,984 <\/text><text transform=\"translate(374.89 158.76)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 5,223 <\/tspan><\/text><text transform=\"translate(0.03 173.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Investment and others<\/text><text transform=\"translate(318.2 173.64)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,264 <\/tspan><\/text><text transform=\"translate(374.89 173.64)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 1,472 <\/tspan><\/text><text transform=\"translate(319.13 188.51)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">6,248 <\/text><text transform=\"translate(373.82 188.51)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,695 <\/tspan><\/text><text transform=\"translate(0.04 203.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\">Less : Interest<\/text><text transform=\"translate(333.58 203.39)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 7 <\/tspan><\/text><text transform=\"translate(390.28 203.39)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Light, DIN Next LT Pro\" font-weight=\"300\"><tspan xml:space=\"preserve\"> 3 <\/tspan><\/text><text transform=\"translate(0.04 218.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft before tax<\/text><text transform=\"translate(317.15 218.26)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,241 <\/tspan><\/text><text transform=\"translate(373.84 218.26)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 6,692 <\/tspan><\/text><text transform=\"translate(0.05 233.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\">Proft after tax<\/text><text transform=\"translate(317.15 233.14)\" font-size=\"8.5\" fill=\"#005dac\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 4,857 <\/tspan><\/text><text transform=\"translate(373.85 233.14)\" font-size=\"8.5\" fill=\"#231f20\" font-family=\"DINNextLTPro-Bold, DIN Next LT Pro\" font-weight=\"700\"><tspan xml:space=\"preserve\"> 5,212 <\/tspan><\/text><\/svg><\/p>\n\t<div id=\"text-3345570260\" class=\"text\">\n\t\t\n\n<h2>Outlook<\/h2>\n\t\t\n<style>\n#text-3345570260 {\n  font-size: 1.2rem;\n  color: #005dac;\n}\n#text-3345570260 > * {\n  color: #005dac;\n}\n<\/style>\n\t<\/div>\n\t\n<p>Thanks to Covid-19, FY2021 was an extremely difficult year. It speaks volumes for Bajaj Auto that it survived the complete break in the supply chain during the lockdown and then turned around operations to almost the pre-Covid levels by the third quarter of the year. As we were looking forward to higher growth, the virus struck even more virulently from March 2021 \u2014with many states and local governments announcing local lockdowns.<\/p>\n<p>At this stage, it is challenging to predict how long the second spike will last and how bad will it be. Therefore, it is difficult to share how Bajaj Auto will do in FY2022.<\/p>\n<p>However, we can say two things with certainty.<\/p>\n<ol>\n<li>First, we as a responsible enterprise, will do all that is needed to ensure that our employees and their families remain safe in this pandemic.<\/li>\n<li>Second, we will be persistent with our efforts to offer best-in-class motorcycles across the entire spectrum in which we operate. You will see new models and variants being introduced without fail to enthuse our customers in more ways than one.<\/li>\n<\/ol>\n<p>We are a financially strong enterprise that enjoys great brand value. If we can\u2019t overcome this crisis by moving ahead, who can?<\/p>\n<h3>Cautionary Statement<\/h3>\n<p><em>Statements in this Management Discussion and Analysis describing the Company\u2019s objectives, projections, estimates and expectations may be \u2018forward looking\u2019 within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Important factors that could make a difference to the Company\u2019s operations include global economy, political stability, stock performance on stock markets, changes in government regulations, tax regimes, economic developments and other incidental factors. Except as required by law, the Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Investors are advised to exercise due care and caution while interpreting these statements.<\/em><\/p>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2037","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/pages\/2037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/comments?post=2037"}],"version-history":[{"count":10,"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/pages\/2037\/revisions"}],"predecessor-version":[{"id":3491,"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/pages\/2037\/revisions\/3491"}],"wp:attachment":[{"href":"https:\/\/investors.bajajauto.com\/ar21\/wp-json\/wp\/v2\/media?parent=2037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}