{"id":3635,"date":"2022-06-08T14:48:37","date_gmt":"2022-06-08T14:48:37","guid":{"rendered":"https:\/\/investors.bajajauto.com\/ar22\/?page_id=3635"},"modified":"2022-07-01T18:12:42","modified_gmt":"2022-07-01T18:12:42","slug":"management-discussion-analysis-22","status":"publish","type":"page","link":"https:\/\/investors.bajajauto.com\/ar22\/management-discussion-analysis-22\/","title":{"rendered":"Management Discussion & Analysis 22"},"content":{"rendered":"
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\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tBoard of Directors\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t
\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tManagement Team\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t
\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tChairman's Letter\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t
\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tManagement Discussion & Analysis\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t
\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tCorporate Govemance\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t
\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tGeneral Shareholder Information\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t
\n\t\t\n\t\t\t\t\t\t\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
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\n\t\t\n\n\n\n\t\n\t\t\n\t\tMANAGEMENT_DISCUSSION_AND_ANALYSIS<\/title>\n\t\t<style>\n\nbody, div, dl, dt, dd, h1, h2, h3, h4, h5, h6, p, pre, code, blockquote {\n\tmargin:0;\n\tpadding:0;\n\tborder-width:0;\n\tpadding-left:0px;\n\tpadding-right:0px;\n}\nbody {\n\t-epub-hyphens:auto;\n}\ndiv.Basic-Text-Frame {\n\tborder-style:solid;\n\tpadding-left:0px;\n\tpadding-right:0px;\n}\ntable.Annual-Report-Main-Table {\n\tborder-collapse:collapse;\n\tborder-color:#000000;\n\tborder-style:none;\n\tborder-width:0px;\n\tmargin-bottom:0px;\n\tmargin-top:0px;\n}\ntd.Annual-Report-Main-Table {\n\tborder-left-width:0px;\n\tborder-left-style:solid;\n\tborder-left-color:#000000;\n\tborder-top-width:0px;\n\tborder-top-style:solid;\n\tborder-top-color:#000000;\n\tborder-right-width:0px;\n\tborder-right-style:solid;\n\tborder-right-color:#000000;\n\tborder-bottom-width:0px;\n\tborder-bottom-style:solid;\n\tborder-bottom-color:#000000;\n\tpadding-top:4px;\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tvertical-align:top;\n}\ntable.No-Table-Style {\n\tborder-collapse:collapse;\n\tborder-color:#000000;\n\tborder-style:solid;\n\tborder-width:0px;\n\tmargin-bottom:-4px;\n\tmargin-top:4px;\n}\ntd.No-Table-Style {\n\tborder-left-width:0px;\n\tborder-left-style:solid;\n\tborder-left-color:#000000;\n\tborder-top-width:1px;\n\tborder-top-style:solid;\n\tborder-top-color:#000000;\n\tborder-right-width:0px;\n\tborder-right-style:solid;\n\tborder-right-color:#000000;\n\tborder-bottom-width:1px;\n\tborder-bottom-style:solid;\n\tborder-bottom-color:#000000;\n\tpadding-top:4px;\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tvertical-align:top;\n}\ntd._1_Table_01_Table_Head {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-left:0px;\n}\ntd._1_Table_02_Table_Rupees_In_Crore {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:6px;\n\tpadding-right:0px;\n\tpadding-top:6px;\n\tvertical-align:bottom;\n}\ntd._1_Table_03_Table_Blank-Cell 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sans-serif;\n\tfont-size:18px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.222;\n\tmargin-bottom:15px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_16_Rupees_In_Crore {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:12px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:0.833;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_17_Table_Particulars {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, 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sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_23_Table_Text_Plain {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_24_Table_Text_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, 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{\n\tpadding-bottom:5px;\n\tpadding-right:4px;\n\tpadding-top:3px;\n}\ntd.CellOverride-13 {\n\tvertical-align:top;\n}\np.ParaOverride-1 {\n\tmargin-top:15px;\n}\np.ParaOverride-2 {\n\tmargin-top:10px;\n}\nli.ParaOverride-3 {\n\tlist-style-position:outside;\n\tmargin-left:14px;\n\ttext-indent:0px;\n}\nli.ParaOverride-4 {\n\tlist-style-position:outside;\n\tmargin-left:14px;\n\tmargin-top:15px;\n\ttext-indent:0px;\n}\np.ParaOverride-5 {\n\tmargin-top:20px;\n}\np.ParaOverride-6 {\n\ttext-align:center;\n}\nli.ParaOverride-7 {\n\tlist-style-position:outside;\n\tlist-style-type:lower-alpha;\n\tmargin-left:18px;\n\ttext-indent:0px;\n}\np.ParaOverride-8 {\n\tmargin-bottom:30px;\n}\nspan.CharOverride-1 {\n\tcolor:#000000;\n}\nspan.CharOverride-2 {\n\tcolor:#005dac;\n}\nspan.CharOverride-3 {\n\tfont-size:18px;\n}\ntd._idGenCellOverride-1 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{\n\tborder-bottom-color:#efeff0;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#efeff0;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-7 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-8 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n}\ntd._idGenCellOverride-9 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#efeff0;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-10 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-11 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-12 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-13 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-14 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#6d8bc6;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-15 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-16 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-17 {\n\tborder-bottom-color:#e6e6e6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n}\ntd._idGenCellOverride-18 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-19 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-20 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-21 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-22 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-23 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#6d8bc6;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-24 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#6d8bc6;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-25 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-26 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-27 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-28 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-29 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-bottom:6px;\n\tpadding-top:6px;\n}\ntd._idGenCellOverride-30 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-31 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-32 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-33 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-34 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-35 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-36 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-37 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-38 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-39 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-40 {\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-41 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-42 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-43 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:200px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:6px;\n}\ncol._idGenTableRowColumn-3 {\n\twidth:150px;\n}\ntr._idGenTableRowColumn-4 {\n\tmin-height:39px;\n}\ntr._idGenTableRowColumn-5 {\n\theight:71px;\n}\ntr._idGenTableRowColumn-6 {\n\theight:35px;\n}\ntr._idGenTableRowColumn-7 {\n\tmin-height:36px;\n}\ntr._idGenTableRowColumn-8 {\n\theight:36px;\n}\ncol._idGenTableRowColumn-9 {\n\twidth:811px;\n}\ncol._idGenTableRowColumn-10 {\n\twidth:100px;\n}\ncol._idGenTableRowColumn-11 {\n\twidth:771px;\n}\ntr._idGenTableRowColumn-12 {\n\tmin-height:27px;\n}\ncol._idGenTableRowColumn-13 {\n\twidth:144px;\n}\ncol._idGenTableRowColumn-14 {\n\twidth:212px;\n}\ncol._idGenTableRowColumn-15 {\n\twidth:116px;\n}\ncol._idGenTableRowColumn-16 {\n\twidth:644px;\n}\ntr._idGenTableRowColumn-17 {\n\tmin-height:62px;\n}\ntr._idGenTableRowColumn-18 {\n\tmin-height:30px;\n}\ncol._idGenTableRowColumn-19 {\n\twidth:453px;\n}\ncol._idGenTableRowColumn-20 {\n\twidth:458px;\n}\ntr._idGenTableRowColumn-21 {\n\tmin-height:40px;\n}\ncol._idGenTableRowColumn-22 {\n\twidth:916px;\n}\ntr._idGenTableRowColumn-23 {\n\tmin-height:24px;\n}\nimg._idGenObjectAttribute-1 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-2 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-3 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-4 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-5 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 1px;\n}\nimg._idGenObjectAttribute-6 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-7 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 15px;\n\tpadding-bottom: 5px;\n}\n\n<\/style>\n\t<\/head>\n\t<body id=\"MANAGEMENT_DISCUSSION_AND_ANALYSIS\" lang=\"en-US\">\n\t\t<div id=\"_idContainer007\" class=\"Basic-Text-Frame\">\n\t\t\t<p class=\"Custom-V_03_Chapter_07_Chapter_Head\">MANAGEMENT DISCUSSION AND ANALYSIS<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-1\">2021-22 (FY2022) continued to be dominated by Covid. In India, the second wave proved far more deadly than the first. After a late start, the roll-out of vaccines began in earnest. The nation-wide vaccination programme has been a great success. In fact, the vaccination drive played no mean a role in minimising the effects of the third wave. The economy, too, was not locked down as in the first wave. Consequently, the negative impact on GDP was less than anticipated. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">However, the economy has not recovered as much as expected. The second advance estimates of national income for FY2022 released by the Central Statistics Office (CSO) on 28 February 2022 have pegged GDP growth at 8.9%. If that were to happen it would be on the back of a contraction of 6.6% in FY2021.<span class=\"Italic-Body-Copy\" lang=\"en-CA\"> <\/span><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Italic\"><img decoding=\"async\" class=\"_idGenObjectAttribute-1\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Highest-ever-Image.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/performance_2.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Charts A and B plot the Company\u2019s financial performance<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-A.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-3\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-B.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Let us now discuss the Company\u2019s performance across business units<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head ParaOverride-2\">Motorcycles (Domestic)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As far as domestic sales of motorcycles are concerned, after two years of impressive growth in FY2018 and FY2019, the market crashed. Between FY2019 and FY2022, domestic motorcycle sales for the industry as a whole has fallen by almost 34% in terms of volume. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">In this environment, Bajaj Auto has been able to arrest its decline in sales and raise market share from 18.0% in FY2021 to 18.2% in FY2022 (see Table 1).<\/p>\n\t\t\t<table id=\"table001\" class=\"Annual-Report-Main-Table TableOverride-1\">\n <colgroup>\n <col class=\"_idGenTableRowColumn-1\" \/>\n <col class=\"_idGenTableRowColumn-2\" \/>\n <col class=\"_idGenTableRowColumn-1\" \/>\n <col class=\"_idGenTableRowColumn-2\" \/>\n <col class=\"_idGenTableRowColumn-1\" \/>\n <col class=\"_idGenTableRowColumn-2\" \/>\n <col class=\"_idGenTableRowColumn-3\" \/>\n <col class=\"_idGenTableRowColumn-2\" \/>\n <col class=\"_idGenTableRowColumn-1\" \/>\n <col class=\"_idGenTableRowColumn-2\" \/>\n <col class=\"_idGenTableRowColumn-3\" \/>\n <\/colgroup>\n <tbody>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-4\">\n <td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"11\">\n <p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 1: <\/span>Domestic Sale of Motorcycles (in numbers)<\/p>\n <\/td>\n <\/tr>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-5\">\n <td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n <p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Year ended 31 March<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n <p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Domestic sales for the<br \/> industry (nos.)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n <p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Domestic sales growth<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n <p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL\u2019s domestic<br \/> sales (nos.)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n <p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL's domestic growth<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n <p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL's market share<\/p>\n <\/td>\n <\/tr>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n <\/tr>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n <td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n <p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">2018<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 12,613,241 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">13.7%<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 1,974,577 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">(1.3%)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">15.7%<\/p>\n <\/td>\n <\/tr>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n <td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n <p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">2019<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 13,599,678 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">7.8%<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 2,541,320 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">28.7%<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">18.7%<\/p>\n <\/td>\n <\/tr>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n <td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n <p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">2020<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 11,214,640 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">(17.5%)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 2,078,136 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">(18.2%)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">18.5%<\/p>\n <\/td>\n <\/tr>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n <td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n <p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">2021<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 10,019,836 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">(10.7%)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 1,807,980 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">(13.0%)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">18.0%<\/p>\n <\/td>\n <\/tr>\n <tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n <td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n <p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">2022<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 8,984,186 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">(10.3%)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 1,632,897 <\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">(9.7%)<\/p>\n <\/td>\n <td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n <td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n <p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">18.2%<\/p>\n <\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n \n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\" style=\"margin-top:20px;\">Below is the segment-wise analysis.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Bold\">M Segment<\/span> The milage or M segment accounts for by far the highest unit-wise sale of motorcycles in India. Bajaj Auto is represented here by the CT, Platina and the Pulsar 125.<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">In FY2022, this segment de-grew by 8%.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">However, Bajaj Auto\u2019s sales in the segment increased by 2.8% to an average of 101,606 units per month in FY2022.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Consequently, our market share has increased from 15.2% in FY2021 to 17.0% in FY2022.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Our stellar performer in this segment has been the Pulsar 125. Successfully introduced in FY2021, this sleek model has created a big buzz. On an average, we sold over 37,500 Pulsar 125 per month in FY2022.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-3\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/M-Segment_1.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Bold\">S Segment<\/span> The sports or S segment is represented by the Company with the high end Pulsar family, the Avenger and the Dominar. <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">The industry as a whole saw a sharp drop in demand with domestic sales falling by 19% in FY2022, to an average of 150,885 units per month. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Bajaj Auto\u2019s sales fell as well. From an average monthly sale of 51,820 units in FY2021, it dropped by 33% to 34,469 units per month. Consequently, the Company\u2019s market share in the segment reduced from 28% in FY2021 to 23% in FY2022. Even so, Bajaj Auto has the second largest market share in this category.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/s-segment_1.png\" alt=\"\" \/><\/p>\n\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head ParaOverride-2\">Three-Wheelers (Domestic)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto is the world\u2019s largest manufacturer and seller of three-wheelers. Compared to the previous year, FY2022 was a good year for Bajaj Auto. Our performance in this segment is in Table 2. <\/p>\n\t\t\t<table id=\"table002\" class=\"Annual-Report-Main-Table TableOverride-2\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 2: <\/span>Sale of Three-Wheelers (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2020<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-11\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Passenger carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">183,607<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">134,087<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">525,015<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">130,172<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">81,618<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">334,714<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">70.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">60.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">63.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Goods carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">77,388<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">82,110<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">111,554<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">30,427<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27,686<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">30,103<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">39.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">33.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total three-wheelers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">260,995<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">216,197<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">636,569<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">160,599<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">109,304<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">364,817<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">61.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">50.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">57.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-4\">For the industry, domestic sale of three-wheelers crashed by 66% to 216,197 units in FY2021. It has since increased by 21% to 260,995 units in FY2022. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Bajaj Auto\u2019s domestic sale for FY2022 has seen a 47% increase to 160,599 units. Consequently, Bajaj Auto\u2019s domestic market share of three-wheelers (passenger and goods) increased by 10.9 percentage points to 61.5% in FY2022.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">This superior performance was seen across all segments \u2013 passenger and cargo. <\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our three-wheelers are CNG compatible. Given the growing importance of CNG as a fuel, going forward, we expect to outperform the industry.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Market-share.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head ParaOverride-2\"style=\"margin-top:20px;\">International Business<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">It is our product quality, size and reach of our international business that makes Bajaj Auto <span class=\"Bold\">The<\/span> <span class=\"Bold\">World\u2019s Favourite Indian.<\/span> Here are some of the stellar achievements on the export front.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Bold CharOverride-1\"> <\/span><span class=\"Bold\">In FY2022 <\/span><\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">We crossed 2.5 million vehicle milestone. This is the first ever in the history of Bajaj Auto.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Motorcycle exports touched new highs \u2013 at almost 2.2 million units, showing a growth of 22% over FY2021.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">In 10 of the 12 months, BAL exported more than 200,000 units every month. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">All regions have shown strong growth in FY2022.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-4\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Motorcycle-Exportrs.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Table 3 gives the export data.<\/p>\n\t\t\t<table id=\"table003\" class=\"No-Table-Style TableOverride-2\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-11\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_01_Table_Head CellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 3: <\/span>Export Volume & Value, for Bajaj Auto<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_04_Table_Particulars CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell CellOverride-2 _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_07_Table_Thickline_colour CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell CellOverride-2 _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_06_Table_Thickline_Black CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell CellOverride-2 _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_06_Table_Thickline_Black CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Growth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-11\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-18\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-18\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_12_Table_Text-White-Cell_Bold _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Units<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2,195,772<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,796,518<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">22.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Commercial Vehicles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">310,854<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">257,729<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">20.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_12_Table_Text-White-Cell_Bold _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total numbers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_14_Table_Figure-Color-Cell_Bold\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">2,506,626<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_16_Table_Figure-White-Cell_Bold\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">2,054,247<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_16_Table_Figure-White-Cell_Bold\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">22.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Exports in <span class=\"ITF-Rupee\">₹ <\/span>(crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">16,934<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">12,687<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">33.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Exports in USD (million)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">2,172<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">1,651<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">31.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-5\"><span class=\"Custom-V_Bold\">Regarding motorcycles: <\/span><\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Our Sports motorcycle portfolio grew at 24% versus the previous year. Our Dominar brands \u2014 both 250cc and 400cc \u2014 are now exported to 26 countries; and these grew at 69% in FY2022 over and above 91% growth in FY2021. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">We recorded highest ever volumes in many key markets, such as Mexico, Guatemala, Nicaragua, Honduras, Bangladesh, Nepal and Iraq.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">We continued our dominance in Africa, where we exported over 1.2 million motorcycles \u2014 which exceeded 1 million units for the third year in a row. We had our highest ever volumes in all our key markets: Nigeria, Uganda and Democratic Republic of Congo.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-5\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Highest-ever.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Custom-V_Bold\">As far as commercial vehicles were concerned:<\/span><\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\"> The business grew at 21% versus FY2021, in spite of the fear of Covid. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Focus on new markets like Iraq and new segments like cargo paid rich dividends. Iraq grew by 65% in FY2022 and crossed 50,000 units, while cargo volumes grew 86%.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">All regions had positive growth. Volumes exported to the ASEAN markets more than doubled as Covid restrictions started easing out and demand for public transport began to increase.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Chart C plots our export performance over the years, both in value and as a percentage of the Company\u2019s total net sales.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As Chart C shows, in FY2017, exports as a percentage of Bajaj Auto\u2019s net sales stood at 36.9%. Since then it has been rising every year. In FY2022, it crossed 50% to post 52.7% of net sales. No auto company in India is close to this ratio.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-6\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-C.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Urbanite (Chetak EV)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Last year, we re-introduced this legendary brand as a best-in-class electric scooter. With a streamlined classic design and perfect detailing, it encompasses the best of beauty and aesthetics, and represents the future of mobility. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">With a horseshoe shaped LED headlight, daytime running lamps, feather touch activated electronic switches and sequential scrolling rear LED blinkers, and a digital console that displays key vehicle information, the Chetak is a thing of beauty. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Chetak offers a fully-connected riding experience. It is embedded with mobility solutions like data communication, security and user authentication. And the Chetak mobile app gives riders a comprehensive overview of all aspects of the vehicle and its ride history. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The excitement to own a Chetak was across-the-board. When bookings were first rolled out in early 2020, it had to be stopped on account of Covid. When we re-started online bookings on 13 April 2021, we had to stop 48 hours later, owing to overwhelming demand. For FY2022, sold 8,187 units.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Initially, the Chetak was sold from two locations: Pune and Bengaluru. Seeing the enthusiastic demand for this iconic model, the Company has increased the touchpoints to 20 locations in FY2022. This is expected to grow to 75 in FY2023.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Probiking (KTM)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">After several years of excellent performance, KTM sales in India dropped in FY2022. This was partly on account of Covid-related demand uncertainties; but much more so due to lack of supply of essential semiconductors. Chart D plots the sales of KTMs in India over the last 10 years.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-D.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The probiking business now comprises two brands \u2014 KTM and Husqvarna. There are nine models of KTMs, ranging from the Duke 125 to the Duke 390, the RC\u2019s and the Adventures. And there are two variants of the Husqvarna: the Svartpilen (Black) 250 and the Vitpilen (White) 250. The KTM Duke 200 was re-launched in its second generation form; and the Duke 250 was upgraded with even more premium features. The KTM super sport RC series launched next generation RC 200 and RC 125 bikes with new frames and vehicle specifications inspired by KTM cult MotoGP bike.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">R&D<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Despite the waves of Covid that hit Pune in FY2022, Bajaj Auto\u2019s R&D kept driving its programs by ensuring high attendance at office while taking care of social distancing. But this was not the only challenge that had to be dealt with. R&D had to work rapidly on counteracting the rapidly increasing costs of precious metal used in catalysts; react to the sudden proposal (under finalisation) by Government of India to advance the complete BS6 OBD 2 package to 1 April 2023; and to deal with the acute semiconductor shortage. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022_N250_1.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">N250 and F250 \u2013 The Pulsar reborn:<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto\u2019s most successful motorcycle brand Pulsar has been a leader not just in India but in all its export markets. It has been consistently upgraded over the years to keep it in sync with changing times. However, with the new competition that it had to face, R&D had to get back to the drawing board to redefine the Pulsar for the new world.<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\"><span class=\"Bold\">Style: <\/span>The Pulsar was always big and bold. The new gen Pulsar was designed to ooze aggression and have a commanding presence. It comes in two iconic forms \u2014 as a brutish Naked and an aerodynamic Faired version. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\"><span class=\"Bold\">Technology: <\/span>The two bikes are the biggest displacement Pulsars ever built. These use highly refined, brand new 250cc oil cooled engines which are capable of meeting future norms. These provide class leading 24.5 Ps peak power. They employ gas charged Mono suspension for superior comfort. Both bikes have brilliant class D LED projector head lamps that are bi-functional. <\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022_F250.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">These two bikes herald the arrival of a new range of Pulsar. These are modern yet are steeped in the values of democratising the sports bike and bringing performance to the masses. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022_400UG.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Dominar 400 UG:<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Dominar 400 has become a popular touring bike due to its solid 40 PS performance with a linear torque delivery. Its long wheelbase provides it rock solid stability at high speeds. Its powerful LED headlamp gives it brilliant visibility in night. The Dominar\u2019s Siberian odyssey has further cemented the D400\u2019s touring credentials.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Seeing the strong position that Dominar was creating for itself, R&D designed a comprehensive upgrade for the D400, with a specialised touring package. It consists of new taller visor for wind protection, higher handlebars, new mobile\/GPS holder, a USB charging socket to power the mobile\/GPS, a new engine guard, new rear cast aluminium rack with pillion back support and new pannier stays for both sides. This new package has found great favour with the target audience. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022__Non_Financials_V09_3.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">New Gen RC:<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The KTM RC range has been refreshed with new style and features. The bike has been styled with inspiration of the race winning KTM MotoGP bikes. It presents new technology like ride by wire, quick shifter, traction control and cornering ABS. These offer superior performance and class-leading safety under difficult weather conditions. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">R&D Projects<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Countering the rise in Platinum Group Metals (PGM) costs<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">FY2022 saw drastic increases in the cost of the precious metals. The PGM loading on the three-way catalytic convertor (CAT) helps in catalysing reactions to neutralise the emissions from the engine. The presence of the PGM in the catalyst in conjunction with the closed loop frequency intelligence (FI) control is essential to meet the stringent BS6 norms. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto\u2019s R&D ran two complete loops of emission development for almost all its models to optimise the cost of the catalysts. This exercise should help achieve the targeted cost reductions on its models.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Dealing with semiconductor shortages <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Covid has impacted semiconductor supplies which, in turn, has affected the automotive industry. All advanced technology components like the ABS system, FI systems, advanced displays like thin film transistors (TFT), telematics and critical sensors have been affected. R&D is working hard to create alternate configurations and homologating these as soon as possible. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Realigning resources to meet BS6 OBD2 <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">In November 2021, the Government of India suddenly decided to advance the implementation of the OBD 2 for two-and three-wheelers as a single stage from 1 April 2023 \u2014 instead of the previously agreed introduction in two stages, first for OBD 2A from 1 April 2023 and the second of OBD 2B from 1 April 2025. Effectively, the norms were to be implemented ahead of Euro 5 OBD 2B norms but with no time to achieve mature calibration. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">OBD 2B involves CAT monitoring \u2014 the calibration of which needs over two years of durability testing and monitoring after the implementation of OBD 2A. The Society of Indian Automobile Manufacturers (SIAM) has represented the two-and three-wheeler industry and sought implementation of OBD in two stages as previously planned. However, Bajaj Auto\u2019s R&D is taking no risks. It has drastically re-allocated its resources and program priorities to tool up and calibrate the huge range of two-and three-wheelers that Company manufactures. This involves a huge task of re-homologation of its entire range within a short period from the implementation of BS6 norms. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Operations<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">TPM <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto\u2019s \u2018back end\u2019 consists of its Manufacturing, Engineering, Development and Materials functions. The principles and philosophy of TPM guide 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 work culture of achieving across-the-board excellence. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto\u2019s TPM at Operations<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto is \u2018first-in-the-industry\u2019 in having all its manufacturing plants certified for the \u2018Special Award for TPM Achievement\u2019 by Japan Institute for Plant Maintenance (JIPM). In FY2020, the BAL Chakan plant was also conferred with the \u201cAdvance Special Award for TPM achievement\u201d. We continued our TPM journey and have adopted \u2018TPM Next\u2019-Deepening, Widening and Evolving. <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Through \u2018Deepening\u2019, we focus on increasing the strength in standard TPM pillar activity and the creation of new pillars based on business needs. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">With \u2018Widening\u2019, we have expanded the scope of TPM pillar activity across the supply chain including vendors, dealers and distributors. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">With \u2018Evolving\u2019, we adapt the TPM way to be future-ready to face the challenges ahead. Under Evolving TPM, we have taken up various management themes for focused improvement.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">For continuous improvement in operations parameters, BAL is adopting smart manufacturing tools for production and process management. Further, to sustain all improvements and excel, we are working to develop and practice the \u201cBajaj Production System (BPS)\u201d aimed at \u2018Better Flow with Better Quality\u2019.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Vendor TPM Activities<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">BAL believes that a company alone cannot be sustainable, unless it takes along its supply chain. We support our vendors to become globally competitive in terms of safety, quality, production, delivery, cost and human development. The TPM concept is pervasive at Tier I vendors\u2019 end with the help of BAVA (Bajaj Auto Vendors Association). In addition, BAL\u2019s TPM practicing Tier I vendors have extended TPM practices down the supply chain to their vendors. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Under the Safety, Health and Environment pillar of BAL\u2019s TPM and in alignment with the \u2018Green Purchase Policy\u2019, 70% of our vendors have been certified for ISO 14001 and OHSAS 18001 as on 31 March 2022. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">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 87% of supplies for all plants being made by vendors within the respective clusters. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">TPM in After-Sales Service<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">TPM methodologies are being continuously spread across our domestic dealership and international distributor networks. As on 31 March 2022, we had 690 dealerships practicing TPM; and we have extended the TPM initiative to our sub-dealers. We have also started recognising our dealerships for bringing in a culture of excellence through TPM. As on 31 March 2022, there are 168 dealerships awarded with the coveted \u2018BAL TPM Award\u2019. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">TPM at Overseas Distributor Plants<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The culture of kaizens is very well spread across our dealers and distributors We started the implementation of TPM at our international distributor plants. In FY2022, 16 distributor plants have been practicing TPM for over a year. Consequently, these are now experiencing sound improvement in manpower productivity, production rate, first-time-right quality and reduction in cost parameters. In FY2022, four of our distributor plants were evaluated for the qualification criterion of \u2018BAL TPM Award\u2019. DAG Nigeria, Hulas Autocraft Nepal, Nish Auto Uganda and Auto Industries Kenya have been conferred this award. All of them have experienced more than 30% growth in their KPI parameters. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Women Employment <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our women employee strength has grown more than four times from 148 in FY2014 to 667 in FY2022. Almost 64% of women are working in manufacturing plants and in engineering. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Capacity and Employee Strength<\/p>\n<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/07\/291687695_5663209583697568_5650149346056379788_n-scaled.webp\">\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As on 31 March 2022, BAL\u2019s employee strength stood at 10,134. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Human Resource<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Over the last few years, Bajaj Auto has focused on 3 areas, leadership development, performance management and employee well-being.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"> As part of leadership development, we have invested, developed and promoted internal talent and also attracted key external talent for the leadership role. With focused efforts we have been able to build a strong leadership and management cadre over the last few years. We also provide employees with necessary tools and resources that has helped them enhance their skills, improve their overall efficiency and productivity.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our lateral hiring process focusses on hiring talent with new age skills like electrical, electronics, software, app development, etc.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our performance management system has been refined to be in sync with our philosophy of differential rewards for differentiated performance. Grade broad banding, standardisation of salary components, differentiation of performance thru ranking clusters have further strengthened our approach.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">To add to this, we have focused on the well-being initiatives of our employees. This has been done by way of reviewing and launching policies that support employees by way of<\/p>\n\t\t\t<ol>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-7\">Corporate Health Benefits Scheme, Top-up policies, Voluntary Parental Mediclaim Scheme, Compassionate Benefits policy, etc.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-7\">Supporting employees during the unprecedented times of COVID, by way of providing free Vaccinations to employee as well as their family, driving De-stress activities during lockdown, etc. and<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-7\">Partnering with agencies to focus on employees\u2019 physical and mental well-being.<\/li>\n\t\t\t<\/ol>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Waking up every morning with enthusiasm and zest translates to good health. This led the Company to set up Utsah.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Utsah is a wellness centre spread across 6.5 acres.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Utsah is a state-of-the-art, world-class infrastructure with exemplary amenities built to foster the recreational and wellness needs of our employees. Conceptualised, as the name goes, to bring exuberance and joy, Utsah is designed to help employees grow and evolve.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Indoor Games area has an Air hockey facility, Pool table, Foosball table, Table-Tennis area, Carrom area and Board games. Utsah\u2019s amphitheatre can accommodate 600 people. There are gazebos for collaborations and meaningful conversations. Its Multipurpose Hall has facilities for Badminton, Basketball, Futsal, Volleyball, Handball and Rock-climbing. The gym at Utsah has imported Technogym equipment used by Olympic athletes. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">These initiatives have led us to feature amongst India\u2019s Top 25 Coolest Workplaces by Business Today in the year 2021. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Awards<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Company\u2019s products, people and processes have been very well recognised and awarded. Some of the awards received during the year are given below.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Product<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Awards.png\" alt=\"\" \/><\/p>\n\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Human Resource<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Business Today: <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">India\u2019s Top 25 Coolest Workplaces! for the year 2021<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">The Great Manager Awards: <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Companies with Great Managers Award 2021<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">The Great Manager Awards 2021<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">T A Pai Young HR Leader Award 2021<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">CII National HR Excellence Award Confluence 2021-22: <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Significant Achievement in HR Excellence <\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Plant<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">2 Gold Awards in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Gold Medal Award for \u2018Productivity Improvement\u2019 organised by IIIE \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Platinum Medal Award in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Jury Champion Award in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Super Challenger Award in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner in \u2018Safety, Health and Environment Category\u2019 organised by The Machinist Super Shopfloor (a subsidiary of The Times of India Group) \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner in \u2018Green Manufacturing Category\u2019 organised by The Machinist Super Shopfloor (a subsidiary of The Times of India Group) \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">2 Gold Medal Winners in \u2018Quality Circle Competition\u2019 organised by QCFI \u2013 Waluj Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner of \u2018The Champions Trophy 2021 for Quality\u2019 organised by CII \u2013 Pantnagar Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner in \u2018National Convention\u2019 organised by QCFI \u2013 Pantnagar Plant<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Financials<\/p>\n\t\t\t<table id=\"table005\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-17\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-25\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Table 5 gives the summarised standalone profit and loss statement of Bajaj Auto.<\/p>\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 5: <\/span>Standalone Profit and Loss Statement<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-26\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-27\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-28\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-29\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-30\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_16_Rupees_In_Crore\"> (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Growth%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-34\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">32,136<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27,133<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">18.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Other operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,009<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">608<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">33,145<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">27,741<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">19.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Cost of materials consumed, net of expenditures capitalised<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">24,317<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">19,597<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">73.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">70.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Stores and tools<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">132<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">116<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Employee cost<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,356<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,283<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">4.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">4.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Factory, administrative and other expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">820<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">717<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">2.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales and after sales expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,131<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">965<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">3.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">3.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total expenditure<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">27,756<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">22,678<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Earnings before interest, tax, depreciation and amortisation (EBITDA)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">5,389<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">5,063<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">EBITDA%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">16.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">18.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">9<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">7<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Depreciation and amortisation<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">269<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">259<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operating profit<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">5,111<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,797<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">15.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">17.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">CSR spends and donations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">128<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">131<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operating Profit less CSR spends & donations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">4,983<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,666<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Non-operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,209<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,276<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less: Non-operating expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">3<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Non-operating income, net<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,207<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,273<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax and exceptional item<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">6,190<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">5,939<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exceptional item (Income)\/Expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">(315)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">–<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">6,505<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">5,939<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">9.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Tax expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,486<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,384<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">5,019<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,555<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">10.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Surplus cash and cash equivalents as on 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">19,090<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-35\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">17,689<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">7.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Return on Operating Capital Employed (ROCE)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">214%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">189%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-5\">Our surplus funds are invested in (i) fixed income securities rated A1+ 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.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-8\">As required for listed companies by the Securities and Exchange Board of India (SEBI), Table 6 gives the key ratios.<\/p>\n\t\t\t<table id=\"table006\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-19\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 6: <\/span>Bajaj Auto\u2019s Key Financial Ratios, Standalone<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-21\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-9 _idGenCellOverride-36\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-37\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-38\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-39\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Remarks<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-40\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Debtors Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">15.18 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">12.22 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Inventory Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">17.86 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">15.34 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Current Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2.13 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">2.51 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Operating Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">15.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">17.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Net Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">14.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">15.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Return on Net Worth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">19.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">20.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Subsidiaries<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto International Holdings BV (BAIH BV)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto International Holdings BV (BAIH BV) is a 100% Netherlands based subsidiary of Bajaj Auto Ltd.. Over the years 2007 to 2013, through this subsidiary, Bajaj Auto has invested a total of \u20ac198.1 million (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>1,219 crore) and held approximately 48% stake in KTM AG of Austria (KTM), the fastest growing motorcycle brand in the world.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">On 29 September 2021, BAIH BV swapped 46.5% stake in KTM AG for 49.9% stake in Pierer Bajaj AG (PBAG). 50.1% in PBAG is held by Pierer Group.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Pierer Bajaj AG (formerly PTW Holding AG) holds 73.3% stake in Pierer Mobility AG. Pierer Mobility AG (PMAG) is Europe\u2019s leading \u201cPowered Two-wheeler\u201d manufacturer with focus on highly innovative sports motorcycles and electric mobility-E bicycles, E motorcycles, etc. With KTM, HUSQVARNA and GASGAS motorcycle brands, it is a leading premium motorcycle manufacturer in Europe. With conventional and E bicycles under Ramon, Husqvarna, Gas Gas and Felt brands, it is a strong player in this fast growing segment.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">With this re-structuring in September, Bajaj Auto and Pierer Group now partner in all Mobility businesses that Pierer Group engages in. The resultant gain in fair value of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹<\/span>501.23 crore is shown as an exceptional item in consolidated results.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Subsequently, KTMAG announced a buy back program on 5 November 2021. BAIHBV tendered the balance 161,939 shares (1.49% stake in KTM AG left after the swap explained above) in this buy back. The resultant gain of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹<\/span>74.90 crore is shown as Other income in consolidated results.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">In the year 2021, PMAG recorded a strong performance in Motorcycles, with sale of 332,881 units and in bicycles with sale of 102,753 units (of which 76,916 were e-bicycles) and registered a record top-line of over \u20ac2 billion.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Chetak Technology Ltd.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The electric vehicle (EV) market, while still nascent, is constantly witnessing new developments. Two-wheelers are expected to be the early mover to the electric vehicle space, especially given the push from the Government of India and various state governments, through their various incentive schemes. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Given the stakes and likely impact of EVs on its business, Bajaj Auto wants to be ahead of this curve. For effectively engaging in this domain, Bajaj Auto felt the need to form a new Company: a 100% subsidiary called Chetak Technology Ltd. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The new subsidiary was formed on 4 October 2021 with initial paid-up equity share capital of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>5 crore and additional capital of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>45 crore is being infused by way of Rights issue in April 2022. Plans have also been drawn to set up a new state of the art manufacturing facility at Akurdi.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">To give prime focus to the EV space and to develop new technologies and products, the Company now intends to house all its EV related activities \u2013 R&D of new technologies, R&D for product development, manufacturing, sales, after-sales and customer centric experience \u2014 to this newly formed 100% subsidiary.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto (Thailand) Ltd.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">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 (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>10 crore). The intent being to set up an International Business Centre (IBC) to oversee sales in the ASEAN region and an Engineering Design Centre (EDC) under this subsidiary. This marks a new beginning for Bajaj Auto\u2019s R&D expanding its design center to trend-defining markets around the globe.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto (Thailand) has obtained all necessary approvals from local authorities. The EDC is operational and international designers are working from this new facility in Bangkok. Full scale operations including IBC will commence in the coming year.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto Spain S.L.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto Spain S.L. was incorporated as a wholly owned subsidiary in Barcelona, Spain with an issued and subscribed share capital of \u20ac600K (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>5 crore). The intent being to setup an Engineering Design Centre.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The EDC has just started operations and is expected to be fully operational in the coming year. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto Consumer Finance Ltd. (BACFL)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Financing is key to every automobile business. In India, nearly 65% of two-wheelers and 85% of three-wheelers retailed are financed. To increase geographic coverage and expand financing options for the retail customers of Bajaj Auto Ltd. and Chetak Technology Ltd., a wholly owned captive financing company was formed.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">This new subsidiary with an initial paid-up equity share capital of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>5 crore has applied to RBI for an NBFC license and is drawing up plans to set up a new organisation, infrastructure and processes for the proposed NBFC.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Even after the new NBFC is formed and fully operational, Bajaj Auto would continue to offer financing options to its business partners and retail customers through other lenders in the market.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Do Brasil Comercio De Motocicletas Ltda<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">To address the motorcycle market in Brazil, Bajaj Auto has set up a wholly owned subsidiary on 31 March 2022. The process to obtain necessary approvals for introduction of equity share capital and setting up operations in Brazil is currently underway. Full scale operations are likely to commence in the coming year.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Consolidation of accounts and segment reporting<\/p>\n\t\t\t<table id=\"table007\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-22\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-1\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 7: <\/span>Segment Revenue and Segment Results <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-23\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-41\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-42\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-43\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_16_Rupees_In_Crore\"> (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Segment Revenue<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-40\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">33,272 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27,750 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,157 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,268 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">34,429 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">29,018 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Segment Results<br> Profit\/(Loss) from each segment before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">6,505 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">4,984 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,155 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,264 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">7,660 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6,248 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less: Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">8<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 7 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">7,652 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6,241 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">6,166 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,857 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Outlook<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">It is fair to say that Bajaj Auto has overcome the challenges posed by Covid-19 in FY2021 and has turned the corner. Our operational and financial results for FY2022 have been significantly superior to those of the previous year. Indeed, these could have been even better had we not faced the crippling semiconductor shortage that seriously constrained the production of our entire range of sports and super-sports bikes as well as the Chetak. Thanks to the R&D work being carried out at a high pace, we may overcome this semiconductor constraint in the course of the year, and then target even higher growth \u2014 driven by the new models of our sports and super-sports bikes. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our export performance has been outstanding. And the concentrated way in which we focus on foreign markets gives us reasons to believe that years of excellent exports will continue.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Three-wheelers have turned around after the devastating impact that Covid had on mobility. We have sound reasons to believe that Bajaj Auto will continue to grow three-wheeler sales, both in India and elsewhere. In the domestic front, our suite of CNG three-wheelers should become the preferred choice of purchasers in the years to come.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Moreover, we are committed to the development of electric vehicles (EVs). Chetak is the first example. The setting up of Chetak Technology Ltd. as a fully owned subsidiary of Bajaj Auto will aid in the research, development, production and sale of EVs. These are the vehicles of tomorrow, and we want to be an active player in this space.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As of now, the only fly in the ointment is the serious shortage of semiconductors. It is a global problem. Our R&D is working on this, while we are actively searching for alternate sources. Hopefully, this will be a thing of the past, sooner rather than later.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">All said and done, there are good reasons to believe that Bajaj Auto will perform even better in FY2023. We hope that this forward-looking statement turns out to be true.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Custom-V_Bold CharOverride-3\">Cautionary Statement<\/span><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><i>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.<\/i><\/p>\n\t\t<\/div>\n\t<\/body>\n<\/html>\n\t\t\t<\/div>\n\t\n\t<div id=\"text-846454552\" class=\"text show-for-small\">\n\t\t\n\n<!DOCTYPE html>\n<html xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\">\n\t<head>\n\t\t<meta charset=\"utf-8\" \/>\n\t\t<title>MANAGEMENT_DISCUSSION_AND_ANALYSIS<\/title>\n\t\t<style>\n\nbody, div, dl, dt, dd, h1, h2, h3, h4, h5, h6, p, pre, code, blockquote {\n\tmargin:0;\n\tpadding:0;\n\tborder-width:0;\n\tpadding-left:0px;\n\tpadding-right:0px;\n}\nbody {\n\t-epub-hyphens:auto;\n}\ndiv.Basic-Text-Frame {\n\tborder-style:solid;\n\tpadding-left:0px;\n\tpadding-right:0px;\n}\ntable.Annual-Report-Main-Table {\n\tborder-collapse:collapse;\n\tborder-color:#000000;\n\tborder-style:none;\n\tborder-width:0px;\n\tmargin-bottom:0px;\n\tmargin-top:0px;\n}\ntd.Annual-Report-Main-Table {\n\tborder-left-width:0px;\n\tborder-left-style:solid;\n\tborder-left-color:#000000;\n\tborder-top-width:0px;\n\tborder-top-style:solid;\n\tborder-top-color:#000000;\n\tborder-right-width:0px;\n\tborder-right-style:solid;\n\tborder-right-color:#000000;\n\tborder-bottom-width:0px;\n\tborder-bottom-style:solid;\n\tborder-bottom-color:#000000;\n\tpadding-top:4px;\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tvertical-align:top;\n}\ntable.No-Table-Style {\n\tborder-collapse:collapse;\n\tborder-color:#000000;\n\tborder-style:solid;\n\tborder-width:0px;\n\tmargin-bottom:-4px;\n\tmargin-top:4px;\n}\ntd.No-Table-Style {\n\tborder-left-width:0px;\n\tborder-left-style:solid;\n\tborder-left-color:#000000;\n\tborder-top-width:1px;\n\tborder-top-style:solid;\n\tborder-top-color:#000000;\n\tborder-right-width:0px;\n\tborder-right-style:solid;\n\tborder-right-color:#000000;\n\tborder-bottom-width:1px;\n\tborder-bottom-style:solid;\n\tborder-bottom-color:#000000;\n\tpadding-top:4px;\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tvertical-align:top;\n}\ntd._1_Table_01_Table_Head {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-left:0px;\n}\ntd._1_Table_02_Table_Rupees_In_Crore {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:6px;\n\tpadding-right:0px;\n\tpadding-top:6px;\n\tvertical-align:bottom;\n}\ntd._1_Table_03_Table_Blank-Cell {\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:10px;\n\tpadding-top:10px;\n}\ntd._1_Table_04_Table_Particulars {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_06_Table_Thickline_Black {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_07_Table_Thickline_colour {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-top-width:0px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_11_Table_Text-White-Cell_Plain {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:10px;\n\tvertical-align:bottom;\n}\ntd._1_Table_12_Table_Text-White-Cell_Bold {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:10px;\n\tvertical-align:bottom;\n}\ntd._1_Table_13_Table_Figure-Color-Cell_Plain {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#6d8bc6;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:10px;\n\tvertical-align:bottom;\n}\ntd._1_Table_14_Table_Figure-Color-Cell_Bold {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#6d8bc6;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:10px;\n\tvertical-align:bottom;\n}\ntd._1_Table_15_Table_Figure-White-Cell_Plain {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:10px;\n\tvertical-align:bottom;\n}\ntd._1_Table_16_Table_Figure-White-Cell_Bold {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:10px;\n\tvertical-align:bottom;\n}\ntd.Custom-V_01_Table_11_Table_Text-White-Cell_Plain {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:10px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:10px;\n\tvertical-align:bottom;\n}\np.Custom-V_03_Chapter_07_Chapter_Head {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:\"Poppins Black\", sans-serif;\n\tfont-size:30px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:900;\n\tline-height:1.2;\n\tmargin-bottom:17px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:uppercase;\n\twidows:1;\n}\np.Custom-V_03_Chapter_09_Sub_Head {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:20px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:15px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:15px;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_03_Chapter_10_Sub_Head_01 {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:18px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:15px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:15px;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_03_Chapter_12_Body-Text, li.Custom-V_03_Chapter_12_Body-Text {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:16px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.375;\n\tmargin-bottom:15px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_15_Table_Head {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:18px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.222;\n\tmargin-bottom:15px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_16_Rupees_In_Crore {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:12px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:0.833;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_17_Table_Particulars {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_18_Table_Thickline_Black {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_19_Table_Thickline_colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_23_Table_Text_Plain {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_24_Table_Text_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_26_Table_Figure_Plain {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_27_Table_Figure_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_28_Table_Figure_Colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np.Custom-V_04_Table_29_Table_Figure_Bold_Colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.467;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\nspan.Bold {\n\tfont-family:Poppins, sans-serif;\n\tfont-style:normal;\n\tfont-weight:bold;\n}\nspan.Colour {\n\tcolor:#005dac;\n}\nspan.Custom-V_Bold {\n\tfont-family:Poppins, sans-serif;\n\tfont-style:normal;\n\tfont-weight:bold;\n}\nspan.ITF-Rupee {\n\tfont-family:\"ITF Rupee\", sans-serif;\n\tfont-style:normal;\n\tfont-weight:normal;\n\ttext-decoration:none;\n}\nspan.Italic-Body-Copy {\n\tcolor:#000000;\n\tfont-family:\"Montserrat ExtraBold\", sans-serif;\n\tfont-size:10px;\n\tfont-style:normal;\n\tfont-weight:800;\n}\ntable.TableOverride-1 {\n\tborder-collapse:collapse;\n\tmargin-top:6px;\n}\ntable.TableOverride-2 {\n\tborder-collapse:collapse;\n}\ntable.TableOverride-3 {\n\tborder-collapse:collapse;\n\tmargin-bottom:6px;\n\tmargin-top:11px;\n}\ntd.CellOverride-1 {\n\tborder-bottom-color:#000000;\n}\ntd.CellOverride-2 {\n\tborder-top-color:#000000;\n}\ntd.CellOverride-3 {\n\tpadding-bottom:5px;\n\tpadding-top:3px;\n\tvertical-align:top;\n}\ntd.CellOverride-4 {\n\tpadding-bottom:5px;\n\tpadding-top:3px;\n}\ntd.CellOverride-5 {\n\tborder-bottom-color:#005dac;\n}\ntd.CellOverride-6 {\n\tborder-top-color:#005dac;\n\tpadding-bottom:5px;\n\tpadding-top:3px;\n}\ntd.CellOverride-7 {\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tpadding-top:3px;\n}\ntd.CellOverride-8 {\n\tpadding-bottom:4px;\n\tpadding-top:3px;\n}\ntd.CellOverride-9 {\n\tborder-bottom-color:#005dac;\n\tpadding-top:14px;\n}\ntd.CellOverride-10 {\n\tpadding-bottom:5px;\n\tpadding-top:14px;\n}\ntd.CellOverride-11 {\n\tpadding-top:14px;\n}\ntd.CellOverride-12 {\n\tpadding-bottom:5px;\n\tpadding-right:4px;\n\tpadding-top:3px;\n}\ntd.CellOverride-13 {\n\tvertical-align:top;\n}\np.ParaOverride-1 {\n\tmargin-top:15px;\n}\np.ParaOverride-2 {\n\tmargin-top:10px;\n}\nli.ParaOverride-3 {\n\tlist-style-position:outside;\n\tmargin-left:14px;\n\ttext-indent:0px;\n}\nli.ParaOverride-4 {\n\tlist-style-position:outside;\n\tmargin-left:14px;\n\tmargin-top:15px;\n\ttext-indent:0px;\n}\np.ParaOverride-5 {\n\tmargin-top:20px;\n}\np.ParaOverride-6 {\n\ttext-align:center;\n}\nli.ParaOverride-7 {\n\tlist-style-position:outside;\n\tlist-style-type:lower-alpha;\n\tmargin-left:18px;\n\ttext-indent:0px;\n}\np.ParaOverride-8 {\n\tmargin-bottom:30px;\n}\nspan.CharOverride-1 {\n\tcolor:#000000;\n}\nspan.CharOverride-2 {\n\tcolor:#005dac;\n}\nspan.CharOverride-3 {\n\tfont-size:18px;\n}\ntd._idGenCellOverride-1 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-2 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-3 {\n\tborder-bottom-color:#efeff0;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-4 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-5 {\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-6 {\n\tborder-bottom-color:#efeff0;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#efeff0;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-7 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-8 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n}\ntd._idGenCellOverride-9 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#efeff0;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-10 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-top:4px;\n}\ntd._idGenCellOverride-11 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-12 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-13 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-14 {\n\tborder-bottom-color:#6d8bc6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#6d8bc6;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-15 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-16 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-17 {\n\tborder-bottom-color:#e6e6e6;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n}\ntd._idGenCellOverride-18 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-19 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-20 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{\n\twidth:644px;\n}\ntr._idGenTableRowColumn-17 {\n\tmin-height:62px;\n}\ntr._idGenTableRowColumn-18 {\n\tmin-height:30px;\n}\ncol._idGenTableRowColumn-19 {\n\twidth:453px;\n}\ncol._idGenTableRowColumn-20 {\n\twidth:458px;\n}\ntr._idGenTableRowColumn-21 {\n\tmin-height:40px;\n}\ncol._idGenTableRowColumn-22 {\n\twidth:916px;\n}\ntr._idGenTableRowColumn-23 {\n\tmin-height:24px;\n}\nimg._idGenObjectAttribute-1 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-2 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-3 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-4 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-5 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 1px;\n}\nimg._idGenObjectAttribute-6 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 10px;\n\tpadding-bottom: 10px;\n}\nimg._idGenObjectAttribute-7 {\n\theight:100%;\n\twidth:100%;\n\tpadding-top: 15px;\n\tpadding-bottom: 5px;\n}\n\n<\/style>\n\t<\/head>\n\t<body id=\"MANAGEMENT_DISCUSSION_AND_ANALYSIS\" lang=\"en-US\">\n\t\t<div id=\"_idContainer007\" class=\"Basic-Text-Frame\">\n\t\t\t<p class=\"Custom-V_03_Chapter_07_Chapter_Head\">MANAGEMENT DISCUSSION AND ANALYSIS<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-1\">2021-22 (FY2022) continued to be dominated by Covid. In India, the second wave proved far more deadly than the first. After a late start, the roll-out of vaccines began in earnest. The nation-wide vaccination programme has been a great success. In fact, the vaccination drive played no mean a role in minimising the effects of the third wave. The economy, too, was not locked down as in the first wave. Consequently, the negative impact on GDP was less than anticipated. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">However, the economy has not recovered as much as expected. The second advance estimates of national income for FY2022 released by the Central Statistics Office (CSO) on 28 February 2022 have pegged GDP growth at 8.9%. If that were to happen it would be on the back of a contraction of 6.6% in FY2021.<span class=\"Italic-Body-Copy\" lang=\"en-CA\"> <\/span><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Italic\"><img decoding=\"async\" class=\"_idGenObjectAttribute-1\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Highest-ever-Image.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/performance_2.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Charts A and B plot the Company\u2019s financial performance<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-A.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-3\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-B.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Let us now discuss the Company\u2019s performance across business units<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head ParaOverride-2\">Motorcycles (Domestic)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As far as domestic sales of motorcycles are concerned, after two years of impressive growth in FY2018 and FY2019, the market crashed. Between FY2019 and FY2022, domestic motorcycle sales for the industry as a whole has fallen by almost 34% in terms of volume. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">In this environment, Bajaj Auto has been able to arrest its decline in sales and raise market share from 18.0% in FY2021 to 18.2% in FY2022 (see Table 1).<\/p>\n\t\t\t\n <p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-3\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Asset-2-copy.svg\" alt=\"\" \/><\/p>\n\n \n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Below is the segment-wise analysis.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Bold\">M Segment<\/span> The milage or M segment accounts for by far the highest unit-wise sale of motorcycles in India. Bajaj Auto is represented here by the CT, Platina and the Pulsar 125.<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">In FY2022, this segment de-grew by 8%.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">However, Bajaj Auto\u2019s sales in the segment increased by 2.8% to an average of 101,606 units per month in FY2022.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Consequently, our market share has increased from 15.2% in FY2021 to 17.0% in FY2022.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Our stellar performer in this segment has been the Pulsar 125. Successfully introduced in FY2021, this sleek model has created a big buzz. On an average, we sold over 37,500 Pulsar 125 per month in FY2022.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-3\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/M-Segment_1.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Bold\">S Segment<\/span> The sports or S segment is represented by the Company with the high end Pulsar family, the Avenger and the Dominar. <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">The industry as a whole saw a sharp drop in demand with domestic sales falling by 19% in FY2022, to an average of 150,885 units per month. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Bajaj Auto\u2019s sales fell as well. From an average monthly sale of 51,820 units in FY2021, it dropped by 33% to 34,469 units per month. Consequently, the Company\u2019s market share in the segment reduced from 28% in FY2021 to 23% in FY2022. Even so, Bajaj Auto has the second largest market share in this category.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/s-segment_1.png\" alt=\"\" \/><\/p>\n\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head ParaOverride-2\">Three-Wheelers (Domestic)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto is the world\u2019s largest manufacturer and seller of three-wheelers. Compared to the previous year, FY2022 was a good year for Bajaj Auto. Our performance in this segment is in Table 2. <\/p>\n\t\t\t<table id=\"table002\" class=\"Annual-Report-Main-Table TableOverride-2\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 2: <\/span>Sale of Three-Wheelers (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2020<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-11\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Passenger carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">183,607<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">134,087<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">525,015<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">130,172<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">81,618<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">334,714<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">70.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">60.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">63.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Goods carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">77,388<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">82,110<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">111,554<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">30,427<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27,686<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">30,103<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">39.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">33.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total three-wheelers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">260,995<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">216,197<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">636,569<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">160,599<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">109,304<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">364,817<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">61.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">50.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">57.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-4\">For the industry, domestic sale of three-wheelers crashed by 66% to 216,197 units in FY2021. It has since increased by 21% to 260,995 units in FY2022. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Bajaj Auto\u2019s domestic sale for FY2022 has seen a 47% increase to 160,599 units. Consequently, Bajaj Auto\u2019s domestic market share of three-wheelers (passenger and goods) increased by 10.9 percentage points to 61.5% in FY2022.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">This superior performance was seen across all segments \u2013 passenger and cargo. <\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our three-wheelers are CNG compatible. Given the growing importance of CNG as a fuel, going forward, we expect to outperform the industry.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Market-share.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head ParaOverride-2\">International Business<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">It is our product quality, size and reach of our international business that makes Bajaj Auto <span class=\"Bold\">The<\/span> <span class=\"Bold\">World\u2019s Favourite Indian.<\/span> Here are some of the stellar achievements on the export front.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Bold CharOverride-1\"> <\/span><span class=\"Bold\">In FY2022 <\/span><\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">We crossed 2.5 million vehicle milestone. This is the first ever in the history of Bajaj Auto.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Motorcycle exports touched new highs \u2013 at almost 2.2 million units, showing a growth of 22% over FY2021.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">In 10 of the 12 months, BAL exported more than 200,000 units every month. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">All regions have shown strong growth in FY2022.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-4\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Motorcycle-Exportrs.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Table 3 gives the export data.<\/p>\n\t\t\t<table id=\"table003\" class=\"No-Table-Style TableOverride-2\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-11\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_01_Table_Head CellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 3: <\/span>Export Volume & Value, for Bajaj Auto<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_04_Table_Particulars CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell CellOverride-2 _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_07_Table_Thickline_colour CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell CellOverride-2 _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_06_Table_Thickline_Black CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell CellOverride-2 _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_06_Table_Thickline_Black CellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Growth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-11\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-18\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-18\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_12_Table_Text-White-Cell_Bold _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Units<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2,195,772<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,796,518<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">22.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Commercial Vehicles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">310,854<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">257,729<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">20.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_12_Table_Text-White-Cell_Bold _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total numbers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_14_Table_Figure-Color-Cell_Bold\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">2,506,626<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_16_Table_Figure-White-Cell_Bold\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">2,054,247<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_16_Table_Figure-White-Cell_Bold\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">22.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Exports in <span class=\"ITF-Rupee\">₹ <\/span>(crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">16,934<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">12,687<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell _idGenCellOverride-17\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">33.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"No-Table-Style _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Exports in USD (million)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_13_Table_Figure-Color-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">2,172<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">1,651<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_03_Table_Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"No-Table-Style _1_Table_15_Table_Figure-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">31.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-5\"><span class=\"Custom-V_Bold\">Regarding motorcycles: <\/span><\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Our Sports motorcycle portfolio grew at 24% versus the previous year. Our Dominar brands \u2014 both 250cc and 400cc \u2014 are now exported to 26 countries; and these grew at 69% in FY2022 over and above 91% growth in FY2021. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">We recorded highest ever volumes in many key markets, such as Mexico, Guatemala, Nicaragua, Honduras, Bangladesh, Nepal and Iraq.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">We continued our dominance in Africa, where we exported over 1.2 million motorcycles \u2014 which exceeded 1 million units for the third year in a row. We had our highest ever volumes in all our key markets: Nigeria, Uganda and Democratic Republic of Congo.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><img decoding=\"async\" class=\"_idGenObjectAttribute-5\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Highest-ever.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Custom-V_Bold\">As far as commercial vehicles were concerned:<\/span><\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\"> The business grew at 21% versus FY2021, in spite of the fear of Covid. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Focus on new markets like Iraq and new segments like cargo paid rich dividends. Iraq grew by 65% in FY2022 and crossed 50,000 units, while cargo volumes grew 86%.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">All regions had positive growth. Volumes exported to the ASEAN markets more than doubled as Covid restrictions started easing out and demand for public transport began to increase.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Chart C plots our export performance over the years, both in value and as a percentage of the Company\u2019s total net sales.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As Chart C shows, in FY2017, exports as a percentage of Bajaj Auto\u2019s net sales stood at 36.9%. Since then it has been rising every year. In FY2022, it crossed 50% to post 52.7% of net sales. No auto company in India is close to this ratio.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-6\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-C.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Urbanite (Chetak EV)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Last year, we re-introduced this legendary brand as a best-in-class electric scooter. With a streamlined classic design and perfect detailing, it encompasses the best of beauty and aesthetics, and represents the future of mobility. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">With a horseshoe shaped LED headlight, daytime running lamps, feather touch activated electronic switches and sequential scrolling rear LED blinkers, and a digital console that displays key vehicle information, the Chetak is a thing of beauty. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Chetak offers a fully-connected riding experience. It is embedded with mobility solutions like data communication, security and user authentication. And the Chetak mobile app gives riders a comprehensive overview of all aspects of the vehicle and its ride history. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The excitement to own a Chetak was across-the-board. When bookings were first rolled out in early 2020, it had to be stopped on account of Covid. When we re-started online bookings on 13 April 2021, we had to stop 48 hours later, owing to overwhelming demand. For FY2022, sold 8,187 units.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Initially, the Chetak was sold from two locations: Pune and Bengaluru. Seeing the enthusiastic demand for this iconic model, the Company has increased the touchpoints to 20 locations in FY2022. This is expected to grow to 75 in FY2023.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Probiking (KTM)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">After several years of excellent performance, KTM sales in India dropped in FY2022. This was partly on account of Covid-related demand uncertainties; but much more so due to lack of supply of essential semiconductors. Chart D plots the sales of KTMs in India over the last 10 years.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Chart-D.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The probiking business now comprises two brands \u2014 KTM and Husqvarna. There are nine models of KTMs, ranging from the Duke 125 to the Duke 390, the RC\u2019s and the Adventures. And there are two variants of the Husqvarna: the Svartpilen (Black) 250 and the Vitpilen (White) 250. The KTM Duke 200 was re-launched in its second generation form; and the Duke 250 was upgraded with even more premium features. The KTM super sport RC series launched next generation RC 200 and RC 125 bikes with new frames and vehicle specifications inspired by KTM cult MotoGP bike.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">R&D<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Despite the waves of Covid that hit Pune in FY2022, Bajaj Auto\u2019s R&D kept driving its programs by ensuring high attendance at office while taking care of social distancing. But this was not the only challenge that had to be dealt with. R&D had to work rapidly on counteracting the rapidly increasing costs of precious metal used in catalysts; react to the sudden proposal (under finalisation) by Government of India to advance the complete BS6 OBD 2 package to 1 April 2023; and to deal with the acute semiconductor shortage. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022_N250_1.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">N250 and F250 \u2013 The Pulsar reborn:<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto\u2019s most successful motorcycle brand Pulsar has been a leader not just in India but in all its export markets. It has been consistently upgraded over the years to keep it in sync with changing times. However, with the new competition that it had to face, R&D had to get back to the drawing board to redefine the Pulsar for the new world.<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\"><span class=\"Bold\">Style: <\/span>The Pulsar was always big and bold. The new gen Pulsar was designed to ooze aggression and have a commanding presence. It comes in two iconic forms \u2014 as a brutish Naked and an aerodynamic Faired version. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\"><span class=\"Bold\">Technology: <\/span>The two bikes are the biggest displacement Pulsars ever built. These use highly refined, brand new 250cc oil cooled engines which are capable of meeting future norms. These provide class leading 24.5 Ps peak power. They employ gas charged Mono suspension for superior comfort. Both bikes have brilliant class D LED projector head lamps that are bi-functional. <\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022_F250.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">These two bikes herald the arrival of a new range of Pulsar. These are modern yet are steeped in the values of democratising the sports bike and bringing performance to the masses. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022_400UG.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Dominar 400 UG:<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Dominar 400 has become a popular touring bike due to its solid 40 PS performance with a linear torque delivery. Its long wheelbase provides it rock solid stability at high speeds. Its powerful LED headlamp gives it brilliant visibility in night. The Dominar\u2019s Siberian odyssey has further cemented the D400\u2019s touring credentials.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Seeing the strong position that Dominar was creating for itself, R&D designed a comprehensive upgrade for the D400, with a specialised touring package. It consists of new taller visor for wind protection, higher handlebars, new mobile\/GPS holder, a USB charging socket to power the mobile\/GPS, a new engine guard, new rear cast aluminium rack with pillion back support and new pannier stays for both sides. This new package has found great favour with the target audience. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/2022__Non_Financials_V09_3.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">New Gen RC:<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The KTM RC range has been refreshed with new style and features. The bike has been styled with inspiration of the race winning KTM MotoGP bikes. It presents new technology like ride by wire, quick shifter, traction control and cornering ABS. These offer superior performance and class-leading safety under difficult weather conditions. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">R&D Projects<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Countering the rise in Platinum Group Metals (PGM) costs<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">FY2022 saw drastic increases in the cost of the precious metals. The PGM loading on the three-way catalytic convertor (CAT) helps in catalysing reactions to neutralise the emissions from the engine. The presence of the PGM in the catalyst in conjunction with the closed loop frequency intelligence (FI) control is essential to meet the stringent BS6 norms. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto\u2019s R&D ran two complete loops of emission development for almost all its models to optimise the cost of the catalysts. This exercise should help achieve the targeted cost reductions on its models.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Dealing with semiconductor shortages <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Covid has impacted semiconductor supplies which, in turn, has affected the automotive industry. All advanced technology components like the ABS system, FI systems, advanced displays like thin film transistors (TFT), telematics and critical sensors have been affected. R&D is working hard to create alternate configurations and homologating these as soon as possible. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Realigning resources to meet BS6 OBD2 <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">In November 2021, the Government of India suddenly decided to advance the implementation of the OBD 2 for two-and three-wheelers as a single stage from 1 April 2023 \u2014 instead of the previously agreed introduction in two stages, first for OBD 2A from 1 April 2023 and the second of OBD 2B from 1 April 2025. Effectively, the norms were to be implemented ahead of Euro 5 OBD 2B norms but with no time to achieve mature calibration. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">OBD 2B involves CAT monitoring \u2014 the calibration of which needs over two years of durability testing and monitoring after the implementation of OBD 2A. The Society of Indian Automobile Manufacturers (SIAM) has represented the two-and three-wheeler industry and sought implementation of OBD in two stages as previously planned. However, Bajaj Auto\u2019s R&D is taking no risks. It has drastically re-allocated its resources and program priorities to tool up and calibrate the huge range of two-and three-wheelers that Company manufactures. This involves a huge task of re-homologation of its entire range within a short period from the implementation of BS6 norms. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Operations<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">TPM <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto\u2019s \u2018back end\u2019 consists of its Manufacturing, Engineering, Development and Materials functions. The principles and philosophy of TPM guide 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 work culture of achieving across-the-board excellence. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto\u2019s TPM at Operations<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto is \u2018first-in-the-industry\u2019 in having all its manufacturing plants certified for the \u2018Special Award for TPM Achievement\u2019 by Japan Institute for Plant Maintenance (JIPM). In FY2020, the BAL Chakan plant was also conferred with the \u201cAdvance Special Award for TPM achievement\u201d. We continued our TPM journey and have adopted \u2018TPM Next\u2019-Deepening, Widening and Evolving. <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Through \u2018Deepening\u2019, we focus on increasing the strength in standard TPM pillar activity and the creation of new pillars based on business needs. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">With \u2018Widening\u2019, we have expanded the scope of TPM pillar activity across the supply chain including vendors, dealers and distributors. <\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">With \u2018Evolving\u2019, we adapt the TPM way to be future-ready to face the challenges ahead. Under Evolving TPM, we have taken up various management themes for focused improvement.<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">For continuous improvement in operations parameters, BAL is adopting smart manufacturing tools for production and process management. Further, to sustain all improvements and excel, we are working to develop and practice the \u201cBajaj Production System (BPS)\u201d aimed at \u2018Better Flow with Better Quality\u2019.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Vendor TPM Activities<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">BAL believes that a company alone cannot be sustainable, unless it takes along its supply chain. We support our vendors to become globally competitive in terms of safety, quality, production, delivery, cost and human development. The TPM concept is pervasive at Tier I vendors\u2019 end with the help of BAVA (Bajaj Auto Vendors Association). In addition, BAL\u2019s TPM practicing Tier I vendors have extended TPM practices down the supply chain to their vendors. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Under the Safety, Health and Environment pillar of BAL\u2019s TPM and in alignment with the \u2018Green Purchase Policy\u2019, 70% of our vendors have been certified for ISO 14001 and OHSAS 18001 as on 31 March 2022. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">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 87% of supplies for all plants being made by vendors within the respective clusters. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">TPM in After-Sales Service<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">TPM methodologies are being continuously spread across our domestic dealership and international distributor networks. As on 31 March 2022, we had 690 dealerships practicing TPM; and we have extended the TPM initiative to our sub-dealers. We have also started recognising our dealerships for bringing in a culture of excellence through TPM. As on 31 March 2022, there are 168 dealerships awarded with the coveted \u2018BAL TPM Award\u2019. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">TPM at Overseas Distributor Plants<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The culture of kaizens is very well spread across our dealers and distributors We started the implementation of TPM at our international distributor plants. In FY2022, 16 distributor plants have been practicing TPM for over a year. Consequently, these are now experiencing sound improvement in manpower productivity, production rate, first-time-right quality and reduction in cost parameters. In FY2022, four of our distributor plants were evaluated for the qualification criterion of \u2018BAL TPM Award\u2019. DAG Nigeria, Hulas Autocraft Nepal, Nish Auto Uganda and Auto Industries Kenya have been conferred this award. All of them have experienced more than 30% growth in their KPI parameters. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Women Employment <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our women employee strength has grown more than four times from 148 in FY2014 to 667 in FY2022. Almost 64% of women are working in manufacturing plants and in engineering. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Capacity and Employee Strength<\/p>\n\t\t\t\n\t\t\t<img decoding=\"async\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/07\/291687695_5663209583697568_5650149346056379788_n-scaled.webp\">\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As on 31 March 2022, BAL\u2019s employee strength stood at 10,134. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Human Resource<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Over the last few years, Bajaj Auto has focused on 3 areas, leadership development, performance management and employee well-being.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"> As part of leadership development, we have invested, developed and promoted internal talent and also attracted key external talent for the leadership role. With focused efforts we have been able to build a strong leadership and management cadre over the last few years. We also provide employees with necessary tools and resources that has helped them enhance their skills, improve their overall efficiency and productivity.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our lateral hiring process focusses on hiring talent with new age skills like electrical, electronics, software, app development, etc.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our performance management system has been refined to be in sync with our philosophy of differential rewards for differentiated performance. Grade broad banding, standardisation of salary components, differentiation of performance thru ranking clusters have further strengthened our approach.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">To add to this, we have focused on the well-being initiatives of our employees. This has been done by way of reviewing and launching policies that support employees by way of<\/p>\n\t\t\t<ol>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-7\">Corporate Health Benefits Scheme, Top-up policies, Voluntary Parental Mediclaim Scheme, Compassionate Benefits policy, etc.<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-7\">Supporting employees during the unprecedented times of COVID, by way of providing free Vaccinations to employee as well as their family, driving De-stress activities during lockdown, etc. and<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-7\">Partnering with agencies to focus on employees\u2019 physical and mental well-being.<\/li>\n\t\t\t<\/ol>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Waking up every morning with enthusiasm and zest translates to good health. This led the Company to set up Utsah.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Utsah is a wellness centre spread across 6.5 acres.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Utsah is a state-of-the-art, world-class infrastructure with exemplary amenities built to foster the recreational and wellness needs of our employees. Conceptualised, as the name goes, to bring exuberance and joy, Utsah is designed to help employees grow and evolve.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Indoor Games area has an Air hockey facility, Pool table, Foosball table, Table-Tennis area, Carrom area and Board games. Utsah\u2019s amphitheatre can accommodate 600 people. There are gazebos for collaborations and meaningful conversations. Its Multipurpose Hall has facilities for Badminton, Basketball, Futsal, Volleyball, Handball and Rock-climbing. The gym at Utsah has imported Technogym equipment used by Olympic athletes. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">These initiatives have led us to feature amongst India\u2019s Top 25 Coolest Workplaces by Business Today in the year 2021. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Awards<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The Company\u2019s products, people and processes have been very well recognised and awarded. Some of the awards received during the year are given below.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Product<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-6\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar22\/wp-content\/uploads\/2022\/06\/Awards.png\" alt=\"\" \/><\/p>\n\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Human Resource<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Business Today: <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">India\u2019s Top 25 Coolest Workplaces! for the year 2021<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">The Great Manager Awards: <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Companies with Great Managers Award 2021<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">The Great Manager Awards 2021<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">T A Pai Young HR Leader Award 2021<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">CII National HR Excellence Award Confluence 2021-22: <\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Significant Achievement in HR Excellence <\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Plant<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">2 Gold Awards in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Gold Medal Award for \u2018Productivity Improvement\u2019 organised by IIIE \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Platinum Medal Award in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Jury Champion Award in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">Super Challenger Award in \u2018TPM Circle Competition\u2019 organised by CII \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner in \u2018Safety, Health and Environment Category\u2019 organised by The Machinist Super Shopfloor (a subsidiary of The Times of India Group) \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner in \u2018Green Manufacturing Category\u2019 organised by The Machinist Super Shopfloor (a subsidiary of The Times of India Group) \u2013 Chakan Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">2 Gold Medal Winners in \u2018Quality Circle Competition\u2019 organised by QCFI \u2013 Waluj Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner of \u2018The Champions Trophy 2021 for Quality\u2019 organised by CII \u2013 Pantnagar Plant<\/li>\n\t\t\t\t<li class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-3\">First Prize Winner in \u2018National Convention\u2019 organised by QCFI \u2013 Pantnagar Plant<\/li>\n\t\t\t<\/ul>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Financials<\/p>\n\t\t\t<table id=\"table005\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-17\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-25\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Table 5 gives the summarised standalone profit and loss statement of Bajaj Auto.<\/p>\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 5: <\/span>Standalone Profit and Loss Statement<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-26\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-27\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-28\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-29\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-30\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_16_Rupees_In_Crore\"> (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Growth%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-34\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">32,136<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27,133<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">18.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Other operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,009<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">608<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">33,145<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">27,741<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">19.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Cost of materials consumed, net of expenditures capitalised<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">24,317<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">19,597<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">73.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">70.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Stores and tools<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">132<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">116<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Employee cost<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,356<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,283<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">4.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">4.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Factory, administrative and other expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">820<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">717<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">2.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales and after sales expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,131<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">965<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">3.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">3.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total expenditure<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">27,756<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">22,678<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Earnings before interest, tax, depreciation and amortisation (EBITDA)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">5,389<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">5,063<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">EBITDA%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">16.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">18.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">9<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">7<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Depreciation and amortisation<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">269<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">259<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operating profit<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">5,111<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,797<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">15.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">17.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">CSR spends and donations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">128<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">131<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operating Profit less CSR spends & donations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">4,983<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,666<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Non-operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,209<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,276<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less: Non-operating expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">3<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Non-operating income, net<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,207<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,273<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax and exceptional item<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">6,190<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">5,939<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exceptional item (Income)\/Expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">(315)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">–<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">6,505<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">5,939<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">9.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Tax expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,486<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,384<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">5,019<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,555<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">10.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Surplus cash and cash equivalents as on 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">19,090<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-35\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">17,689<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">7.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Return on Operating Capital Employed (ROCE)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">214%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">189%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-5\">Our surplus funds are invested in (i) fixed income securities rated A1+ 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.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text ParaOverride-8\">As required for listed companies by the Securities and Exchange Board of India (SEBI), Table 6 gives the key ratios.<\/p>\n\t\t\t<table id=\"table006\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-19\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 6: <\/span>Bajaj Auto\u2019s Key Financial Ratios, Standalone<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-21\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-9 _idGenCellOverride-36\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-37\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-38\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-11 _idGenCellOverride-39\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Remarks<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-40\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Debtors Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">15.18 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">12.22 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Inventory Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">17.86 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">15.34 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Current Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">2.13 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">2.51 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Operating Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">15.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">17.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Net Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">14.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">15.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Return on Net Worth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">19.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">20.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Subsidiaries<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto International Holdings BV (BAIH BV)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto International Holdings BV (BAIH BV) is a 100% Netherlands based subsidiary of Bajaj Auto Ltd.. Over the years 2007 to 2013, through this subsidiary, Bajaj Auto has invested a total of \u20ac198.1 million (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>1,219 crore) and held approximately 48% stake in KTM AG of Austria (KTM), the fastest growing motorcycle brand in the world.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">On 29 September 2021, BAIH BV swapped 46.5% stake in KTM AG for 49.9% stake in Pierer Bajaj AG (PBAG). 50.1% in PBAG is held by Pierer Group.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Pierer Bajaj AG (formerly PTW Holding AG) holds 73.3% stake in Pierer Mobility AG. Pierer Mobility AG (PMAG) is Europe\u2019s leading \u201cPowered Two-wheeler\u201d manufacturer with focus on highly innovative sports motorcycles and electric mobility-E bicycles, E motorcycles, etc. With KTM, HUSQVARNA and GASGAS motorcycle brands, it is a leading premium motorcycle manufacturer in Europe. With conventional and E bicycles under Ramon, Husqvarna, Gas Gas and Felt brands, it is a strong player in this fast growing segment.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">With this re-structuring in September, Bajaj Auto and Pierer Group now partner in all Mobility businesses that Pierer Group engages in. The resultant gain in fair value of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹<\/span>501.23 crore is shown as an exceptional item in consolidated results.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Subsequently, KTMAG announced a buy back program on 5 November 2021. BAIHBV tendered the balance 161,939 shares (1.49% stake in KTM AG left after the swap explained above) in this buy back. The resultant gain of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹<\/span>74.90 crore is shown as Other income in consolidated results.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">In the year 2021, PMAG recorded a strong performance in Motorcycles, with sale of 332,881 units and in bicycles with sale of 102,753 units (of which 76,916 were e-bicycles) and registered a record top-line of over \u20ac2 billion.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Chetak Technology Ltd.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The electric vehicle (EV) market, while still nascent, is constantly witnessing new developments. Two-wheelers are expected to be the early mover to the electric vehicle space, especially given the push from the Government of India and various state governments, through their various incentive schemes. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Given the stakes and likely impact of EVs on its business, Bajaj Auto wants to be ahead of this curve. For effectively engaging in this domain, Bajaj Auto felt the need to form a new Company: a 100% subsidiary called Chetak Technology Ltd. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The new subsidiary was formed on 4 October 2021 with initial paid-up equity share capital of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>5 crore and additional capital of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>45 crore is being infused by way of Rights issue in April 2022. Plans have also been drawn to set up a new state of the art manufacturing facility at Akurdi.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">To give prime focus to the EV space and to develop new technologies and products, the Company now intends to house all its EV related activities \u2013 R&D of new technologies, R&D for product development, manufacturing, sales, after-sales and customer centric experience \u2014 to this newly formed 100% subsidiary.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto (Thailand) Ltd.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">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 (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>10 crore). The intent being to set up an International Business Centre (IBC) to oversee sales in the ASEAN region and an Engineering Design Centre (EDC) under this subsidiary. This marks a new beginning for Bajaj Auto\u2019s R&D expanding its design center to trend-defining markets around the globe.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto (Thailand) has obtained all necessary approvals from local authorities. The EDC is operational and international designers are working from this new facility in Bangkok. Full scale operations including IBC will commence in the coming year.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto Spain S.L.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Bajaj Auto Spain S.L. was incorporated as a wholly owned subsidiary in Barcelona, Spain with an issued and subscribed share capital of \u20ac600K (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>5 crore). The intent being to setup an Engineering Design Centre.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">The EDC has just started operations and is expected to be fully operational in the coming year. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Auto Consumer Finance Ltd. (BACFL)<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Financing is key to every automobile business. In India, nearly 65% of two-wheelers and 85% of three-wheelers retailed are financed. To increase geographic coverage and expand financing options for the retail customers of Bajaj Auto Ltd. and Chetak Technology Ltd., a wholly owned captive financing company was formed.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">This new subsidiary with an initial paid-up equity share capital of <span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>5 crore has applied to RBI for an NBFC license and is drawing up plans to set up a new organisation, infrastructure and processes for the proposed NBFC.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Even after the new NBFC is formed and fully operational, Bajaj Auto would continue to offer financing options to its business partners and retail customers through other lenders in the market.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_10_Sub_Head_01\">Bajaj Do Brasil Comercio De Motocicletas Ltda<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">To address the motorcycle market in Brazil, Bajaj Auto has set up a wholly owned subsidiary on 31 March 2022. The process to obtain necessary approvals for introduction of equity share capital and setting up operations in Brazil is currently underway. Full scale operations are likely to commence in the coming year.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Consolidation of accounts and segment reporting<\/p>\n\t\t\t<table id=\"table007\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-22\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-1\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 7: <\/span>Segment Revenue and Segment Results <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-23\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-41\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-42\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-43\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_16_Rupees_In_Crore\"> (<span class=\"ITF-Rupee\" lang=\"en-GB\">₹ <\/span>In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_17_Table_Particulars\" lang=\"en-GB\">Segment Revenue<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-40\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">33,272 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">27,750 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,157 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,268 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">34,429 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">29,018 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Segment Results<br> Profit\/(Loss) from each segment before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">6,505 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">4,984 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">1,155 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\">1,264 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">7,660 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6,248 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less: Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_28_Table_Figure_Colour\">8<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_26_Table_Figure_Plain\"> 7 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">7,652 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">6,241 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_29_Table_Figure_Bold_Colour\">6,166 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell Custom-V_01_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold Custom-V_01_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"Custom-V_04_Table_27_Table_Figure_Bold\">4,857 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"Custom-V_03_Chapter_09_Sub_Head\">Outlook<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">It is fair to say that Bajaj Auto has overcome the challenges posed by Covid-19 in FY2021 and has turned the corner. Our operational and financial results for FY2022 have been significantly superior to those of the previous year. Indeed, these could have been even better had we not faced the crippling semiconductor shortage that seriously constrained the production of our entire range of sports and super-sports bikes as well as the Chetak. Thanks to the R&D work being carried out at a high pace, we may overcome this semiconductor constraint in the course of the year, and then target even higher growth \u2014 driven by the new models of our sports and super-sports bikes. <\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Our export performance has been outstanding. And the concentrated way in which we focus on foreign markets gives us reasons to believe that years of excellent exports will continue.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Three-wheelers have turned around after the devastating impact that Covid had on mobility. We have sound reasons to believe that Bajaj Auto will continue to grow three-wheeler sales, both in India and elsewhere. In the domestic front, our suite of CNG three-wheelers should become the preferred choice of purchasers in the years to come.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">Moreover, we are committed to the development of electric vehicles (EVs). Chetak is the first example. The setting up of Chetak Technology Ltd. as a fully owned subsidiary of Bajaj Auto will aid in the research, development, production and sale of EVs. These are the vehicles of tomorrow, and we want to be an active player in this space.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">As of now, the only fly in the ointment is the serious shortage of semiconductors. It is a global problem. Our R&D is working on this, while we are actively searching for alternate sources. Hopefully, this will be a thing of the past, sooner rather than later.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\">All said and done, there are good reasons to believe that Bajaj Auto will perform even better in FY2023. We hope that this forward-looking statement turns out to be true.<\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><span class=\"Custom-V_Bold CharOverride-3\">Cautionary Statement<\/span><\/p>\n\t\t\t<p class=\"Custom-V_03_Chapter_12_Body-Text\"><i>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.<\/i><\/p>\n\t\t<\/div>\n\t<\/body>\n<\/html>\n\t\t\t<\/div>\n\t\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-3635","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/comments?post=3635"}],"version-history":[{"count":10,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3635\/revisions"}],"predecessor-version":[{"id":5472,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3635\/revisions\/5472"}],"wp:attachment":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/media?parent=3635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}