Independent_Auditors\u2018_Report_V1<\/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}\nbody {\n\t-epub-hyphens:auto\nwidth:100%;\npadding-left:5px;\npadding-right:5px;\n}\ndiv.Basic-Text-Frame {\n\tborder-style:solid;\n}\ntable.Table-Style-1 {\n\tborder-collapse:collapse;\n\tborder-color:#000000;\n\tborder-style:none;\n\tborder-width:0px;\n\tmargin-bottom:3px;\n\tmargin-top:3px;\n}\ntd.Table-Style-1 {\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}\ntd._R9-_-07_Web-Thickline-Black-_Left 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{\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n}\ntd._idGenCellOverride-2 {\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-3 {\n\tborder-top-color:#000000;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:467px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:6px;\n}\ncol._idGenTableRowColumn-3 {\n\twidth:461px;\n}\ntr._idGenTableRowColumn-4 {\n\theight:35px;\n}\ntr._idGenTableRowColumn-5 {\n\theight:70px;\n}\ntr._idGenTableRowColumn-6 {\n\tmin-height:467px;\n}\ntr._idGenTableRowColumn-7 {\n\tmin-height:385px;\n}\n\n<\/style>\n\t<\/head>\n\t<body id=\"Independent_Auditors-_Report_V1\" lang=\"en-US\">\n\t\t<div id=\"_idContainer000\" class=\"Basic-Text-Frame\">\n\t\t\tIndependent Auditors\u2018 Report on the Consolidated Financial Statements<\/span><\/p>\n\t\t\tTo the Members of Bajaj Auto Ltd.<\/span><\/p>\n\t\t\tReport on the Audit of the Consolidated Financial Statements<\/p>\n\t\t\tOpinion<\/p>\n\t\t\tWe have audited the accompanying consolidated financial statements of Bajaj Auto Ltd. (hereinafter referred to as the \u2018Holding Company\u2019), its subsidiaries (the Holding Company and its subsidiaries together referred to as the \u2018Group\u2019) and its associate comprising the consolidated Balance sheet as at 31 March 2022, the consolidated Statement of Profit and Loss, including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the \u2018consolidated financial statements\u2019).<\/p>\n\t\t\tIn our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate financial statements and on the other financial information of the subsidiaries and associate, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013, as amended (the \u2018Act\u2019) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at 31 March 2022, their consolidated profit including other comprehensive income, their consolidated cash flows and the consolidated statement of changes in equity for the year ended on that date. <\/p>\n\t\t\tBasis for opinion<\/p>\n\t\t\tWe conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the \u2018Auditors\u2019 responsibilities for the audit of the consolidated financial statements\u2019 section of our report. We are independent of the Group, in accordance with the \u2018Code of Ethics\u2019 issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.<\/p>\n\t\t\tKey audit matters<\/p>\n\t\t\tKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the financial year ended 31 March 2022. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. <\/p>\n\t\t\tWe have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the \u2018Auditors\u2019 responsibilities for the audit of the consolidated financial statements\u2019 section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of audit procedures performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us by the management, including those procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.<\/p>\n\t\t\t<table id=\"table001\" class=\"Table-Style-1 TableOverride-1\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-1\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-3\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<thead>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-4\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-07_Web-Thickline-Black-_Left CellOverride-1\">\n\t\t\t\t\t\t\tKey audit matters<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Thickline-Black- CellOverride-2 _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-07_Web-Thickline-Black-_Left CellOverride-2 _idGenCellOverride-1\">\n\t\t\t\t\t\t\tHow our audit addressed the key audit matter<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/thead>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-5\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text _idGenCellOverride-2\" colspan=\"3\">\n\t\t\t\t\t\t\t(a)<\/span> <\/span>Accounting for income from government grants <\/span> <\/span> (as described in Note 29 of the consolidated financial statements) <\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tThe Holding Company is entitled to an Industrial Promotion Subsidy, an incentive, amounting to ₹<\/span> 533.50 crore under a Package Scheme of Incentives of the Government of Maharashtra based on the eligible capital investments made from 1 April 2012 to 31 March 2017. Validity period to claim incentive under the Scheme is from 1 April 2015 to 31 March 2024. <\/p>\n\t\t\t\t\t\t\tThe Holding Company has recognized the incentive (\u2018Grant income\u2019) amounting to ₹<\/span> 30.50 crore for the year 2021-22 in Other Operating Income and ₹<\/span> 315.28 crore for years 2015-16 to 2020-21 as exceptional item in the Statement of Profit and Loss. This transaction had a significant effect on the consolidated financial statements for the year and hence is considered as Key audit matter.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tOur audit procedures included the following:<\/p>\n\t\t\t\t\t\t\t<ul>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained and read the eligibility certificate received by the Holding Company from the Directorate of Industries, the Government of Maharashtra.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Read the terms and conditions of the scheme issued by the Government of Maharashtra and the compliance to those conditions.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained and tested the computation of Grant income prepared by Management.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Assessed and tested the compliance in relation to recognition of income in accordance with Ind AS.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Assessed the disclosures in the consolidated financial statements for compliance with relevant standards.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained Management representation in regard to the recognition and disclosures in respect of the Grant income.<\/li>\n\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-5\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text _idGenCellOverride-3\" colspan=\"3\">\n\t\t\t\t\t\t\t(b)<\/span> <\/span>Gain on investments in associate of a subsidiary due to restructuring <\/span> <\/span> <\/span>(as described in Note 29 of the consolidated financial statements)<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tBajaj Auto International Holding BV (BAIH BV), a 100% subsidiary of the Holding Company, held 47.99% stake in KTM AG. During the current year, BAIH BV swapped 46.50% stake in KTM AG for 49.90% stake in Pierer Bajaj AG. The resultant gain in fair value ₹<\/span> 501.23 crore was recorded as an exceptional item in consolidated financial statements.<\/p>\n\t\t\t\t\t\t\tPursuant to the buyback offer by KTM AG on 5 November 2021, BAIH BV tendered remaining 1.49% shares in KTM AG for a consideration of ₹<\/span> 249.33 crore and resulting gain of ₹<\/span> 74.90 crore was recognised as Other income in the consolidated financial statement. <\/p>\n\t\t\t\t\t\t\tThis transaction had a significant effect on the consolidated financial statements for the year and hence is considered as Key audit matter.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tOur audit procedures included the following:<\/p>\n\t\t\t\t\t\t\t<ul>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Read the relevant agreements to understand the terms of the transaction. <\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Verified the accounting treatment to be in compliance with Ind AS.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Assessed the disclosures in the consolidated financial statements for compliance with relevant standards.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained Management representation in regard to accounting and disclosure relating to the transaction.<\/li>\n\t\t\t\t\t\t\t<\/ul>\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\tWe have determined that there are no other key audit matters to communicate in our report.<\/p>\n\t\t\tOther information <\/p>\n\t\t\tThe Holding Company\u2019s Board of Directors is responsible for the other information. The other information comprises the information included in the Chairman\u2019s Letter, Management Discussion and Analysis, Corporate Governance and Directors\u2019 Report, but does not include the consolidated financial statements and our auditors\u2019 report thereon. <\/p>\n\t\t\tOur opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. <\/p>\n\t\t\tIn connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.<\/p>\n\t\t\tResponsibilities of Management for the consolidated financial statements<\/p>\n\t\t\tThe Holding Company\u2019s Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in equity of the Group including its associate in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.<\/p>\n\t\t\tIn preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group and its associate or to cease operations, or has no realistic alternative but to do so.<\/p>\n\t\t\tThose respective Board of Directors of the companies included in the Group and of its associate are also responsible for overseeing the financial reporting process of the Group and of its associate.<\/p>\n\t\t\tAuditors\u2019 responsibilities for the audit of the consolidated financial statements<\/p>\n\t\t\tOur objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors\u2019 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.<\/p>\n\t\t\tAs part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.<\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Conclude on the appropriateness of Management\u2019s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors\u2019 report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors\u2019 report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate of which we are the independent auditors and whose financial information we have audited, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.<\/li>\n\t\t\t<\/ul>\n\t\t\tWe communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.<\/p>\n\t\t\tWe also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.<\/p>\n\t\t\tFrom the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the financial year ended 31 March 2022 and are therefore the key audit matters. We describe these matters in our auditors\u2019 report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.<\/p>\n\t\t\tOther matter<\/p>\n\t\t\t(a) <\/span>We did not audit the financial statements and other financial information, in respect of four subsidiaries, whose financial statements include total assets of ₹ <\/span>16.92 crore as at 31 March 2022, and total revenues of ₹ <\/span>8.37 crore and net cash inflows of ₹<\/span> 9.74 crore for the year ended on that date. These financial statement and other financial information have been audited by other auditors, which financial statements, other financial information and auditors\u2019 reports have been furnished to us by the management. The consolidated financial statements also include the Group\u2019s share of net profit of ₹ <\/span>579.53 crore for the year ended 31 March 2022, as considered in the consolidated financial statements, in respect of an associate, whose financial statements, other financial information have been audited by other auditor and whose reports have been furnished to us by the Management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and associate, and our report in terms of sub-sections (3) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and associate, is based solely on the reports of such other auditors.<\/p>\n\t\t\t <\/span>The subsidiaries and associate located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company\u2019s management has converted the financial statements of such subsidiaries and associate located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company\u2019s management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries and associate located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.<\/p>\n\t\t\tOur opinion above on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors. <\/p>\n\t\t\tReport on other legal and regulatory requirements<\/p>\n\t\t\t1. <\/span>As required by the Companies (Auditors\u2019 Report) Order, 2020 (the \u2018Order\u2019 or \u2018CARO\u2019), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of the subsidiary companies incorporated in India, there are no matters which require reporting as specified in paragraph 3(xxi) of the Order. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\t2. <\/span>As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiaries and associate as noted in the \u2018other matter\u2019 we report, to the extent applicable, that:<\/p>\n\t\t\t(a) <\/span>We\/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements;<\/p>\n\t\t\t(b) <\/span>In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors;<\/p>\n\t\t\t(c) <\/span>The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the consolidated financial statements;<\/p>\n\t\t\t(d) <\/span>In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;<\/p>\n\t\t\t(e) <\/span>On the basis of the written representations received from the directors of the Holding Company as on 31 March 2022 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under section 139 of the Act, of its subsidiary companies in India, none of the directors of the Group\u2019s companies, incorporated in India, is disqualified as on 31 March 2022 from being appointed as a director in terms of Section 164 (2) of the Act. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\t(f) <\/span>With respect to the adequacy of the internal financial controls with reference to consolidated financial statements of the Holding Company its subsidiary companies incorporated in India, and the operating effectiveness of such controls, refer to our separate Report in Annexure 1 to this report. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India;<\/p>\n\t\t\t(g) <\/span>In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries incorporated in India, the managerial remuneration for the year ended 31 March 2022 has been paid\/provided by the Holding Company, its subsidiaries incorporated in India to their directors in accordance with the provisions of section 197 read with Schedule V to the Act. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India;<\/p>\n\t\t\t(₹) <\/span>With respect to the other matters to be included in the Auditors\u2019 Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other financial information of the subsidiaries and associate as noted in the \u2018Other matter\u2019 paragraph:<\/p>\n\t\t\ti. <\/span>The consolidated financial statements disclose the impact of pending litigations on its consolidated financial position of the Group and its associate, in its consolidated financial statements \u2013 Refer note 34 to the consolidated financial statements; <\/p>\n\t\t\tii. <\/span>Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts \u2013 Refer note 34 to the consolidated financial statements in respect of such items as it relates to the Group and its associate; <\/p>\n\t\t\tiii. <\/span>There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its subsidiaries incorporated in India during the year ended 31 March 2022. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tiv. <\/span>a) <\/span>The respective managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries respectively that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested either from borrowed funds or share premium or any other sources or kind of funds by the Holding Company or any of such subsidiaries to or in any other person or entity, including foreign entities (\u2018Intermediaries\u2019), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the respective Holding Company or any of such subsidiaries (\u2018Ultimate Beneficiaries\u2019) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;<\/p>\n\t\t\t <\/span>b) <\/span>The respective managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries respectively that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the respective Holding Company or any of such subsidiaries from any person or entity, including foreign entities (\u2018Funding Parties\u2019), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (\u2018Ultimate Beneficiaries\u2019) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and<\/p>\n\t\t\t <\/span>c) <\/span>Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and those performed by the auditors of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditors\u2019 notice that has caused us or the other auditors to believe that the representations under sub-clause (a) and (b) contain any material misstatement. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tv) The final dividend proposed by the Board of directors of the Holding Company for the year ended 31 March 2021 and paid during the current year by the Holding Company is in compliance with section 123 of the Act. <\/p>\n\t\t\t <\/span>As stated in note 34 to the consolidated financial statements, the Board of Directors of the Holding Company have proposed final dividend for the year ended 31 March 2022, which is subject to the approval of the members of the Holding Company the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act to the extent applicable. There is no dividend declared or paid during the year by the subsidiary companies incorporated in India. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tFor S R B C & CO LLP<\/p>\n\t\t\tChartered Accountants<\/p>\n\t\t\tICAI Firm Registration Number: 324982E\/E300003<\/p>\n\t\t\tper Arvind Sethi<\/p>\n\t\t\tPartner<\/p>\n\t\t\tMembership Number: 089802<\/p>\n\t\t\tUDIN: 22089802AHWJUA8165<\/p>\n\t\t\tPune: 27 April 2022<\/p>\n\t\t\tAnnexure 1 to Independent Auditors\u2019 Report<\/span><\/p>\n\t\t\tReferred to in paragraph 2(f) under the heading \u2018Report on other legal and regulatory requirements\u2019 of our report of even date to the members of Bajaj Auto Ltd.<\/p>\n\t\t\tReport on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the \u2018Act\u2019)<\/p>\n\t\t\tIn conjunction with our audit of the consolidated financial statements of Bajaj Auto Ltd. (hereinafter referred to as the \u2018Holding Company\u2019) as of and for the year ended 31 March 2022, we have audited the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiaries (the Holding Company and its subsidiaries together referred to as \u2018the Group\u2019), which are companies incorporated in India, as of that date. <\/p>\n\t\t\tManagement\u2019s Responsibility for internal financial controls <\/p>\n\t\t\tThe respective Board of Directors of the companies included in the Group, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company\u2019s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act. <\/p>\n\t\t\tAuditors\u2019 responsibility<\/p>\n\t\t\tOur responsibility is to express an opinion on the Holding Company\u2019s internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the \u2018Guidance Note\u2019) and the Standards on Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements were established and maintained and if such controls operated effectively in all material respects.<\/p>\n\t\t\tOur audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors\u2019 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. <\/p>\n\t\t\tWe believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.<\/p>\n\t\t\tMeaning of internal financial controls with reference to consolidated financial statements<\/p>\n\t\t\tA company\u2019s internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company\u2019s internal financial control with reference to consolidated financial statements includes those policies and procedures that <\/p>\n\t\t\t1. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; <\/p>\n\t\t\t2. provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and <\/p>\n\t\t\t3. provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements.<\/p>\n\t\t\tInherent limitations of internal financial controls with reference to consolidated financial statements<\/p>\n\t\t\tBecause of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.<\/p>\n\t\t\tOpinion<\/p>\n\t\t\tIn our opinion, the Group , which are companies incorporated in India, have, maintained in all material respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating effectively as at 31 March 2022, based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI. <\/p>\n\t\t\tOther matters<\/p>\n\t\t\tOur report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to consolidated financial statements of the Holding Company, in so far as it relates to one subsidiary, which is incorporated in India, is based on the corresponding reports of the auditors of such subsidiary. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tFor S R B C & CO LLP<\/p>\n\t\t\tChartered Accountants<\/p>\n\t\t\tICAI Firm Registration Number: 324982E\/E300003<\/p>\n\t\t\tper Arvind Sethi<\/p>\n\t\t\tPartner<\/p>\n\t\t\tMembership Number: 089802<\/p>\n\t\t\tUDIN: 22089802AHWJUA8165<\/p>\n\t\t\tPune: 27 April 2022<\/p>\n\t\t<\/div>\n\t<\/body>\n<\/html>\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-3722","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3722","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=3722"}],"version-history":[{"count":7,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3722\/revisions"}],"predecessor-version":[{"id":5076,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3722\/revisions\/5076"}],"wp:attachment":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/media?parent=3722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

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{\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-3 {\n\tborder-top-color:#000000;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:467px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:6px;\n}\ncol._idGenTableRowColumn-3 {\n\twidth:461px;\n}\ntr._idGenTableRowColumn-4 {\n\theight:35px;\n}\ntr._idGenTableRowColumn-5 {\n\theight:70px;\n}\ntr._idGenTableRowColumn-6 {\n\tmin-height:467px;\n}\ntr._idGenTableRowColumn-7 {\n\tmin-height:385px;\n}\n\n<\/style>\n\t<\/head>\n\t<body id=\"Independent_Auditors-_Report_V1\" lang=\"en-US\">\n\t\t<div id=\"_idContainer000\" class=\"Basic-Text-Frame\">\n\t\t\tIndependent Auditors\u2018 Report on the Consolidated Financial Statements<\/span><\/p>\n\t\t\tTo the Members of Bajaj Auto Ltd.<\/span><\/p>\n\t\t\tReport on the Audit of the Consolidated Financial Statements<\/p>\n\t\t\tOpinion<\/p>\n\t\t\tWe have audited the accompanying consolidated financial statements of Bajaj Auto Ltd. (hereinafter referred to as the \u2018Holding Company\u2019), its subsidiaries (the Holding Company and its subsidiaries together referred to as the \u2018Group\u2019) and its associate comprising the consolidated Balance sheet as at 31 March 2022, the consolidated Statement of Profit and Loss, including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the \u2018consolidated financial statements\u2019).<\/p>\n\t\t\tIn our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate financial statements and on the other financial information of the subsidiaries and associate, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013, as amended (the \u2018Act\u2019) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at 31 March 2022, their consolidated profit including other comprehensive income, their consolidated cash flows and the consolidated statement of changes in equity for the year ended on that date. <\/p>\n\t\t\tBasis for opinion<\/p>\n\t\t\tWe conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the \u2018Auditors\u2019 responsibilities for the audit of the consolidated financial statements\u2019 section of our report. We are independent of the Group, in accordance with the \u2018Code of Ethics\u2019 issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.<\/p>\n\t\t\tKey audit matters<\/p>\n\t\t\tKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the financial year ended 31 March 2022. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. <\/p>\n\t\t\tWe have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the \u2018Auditors\u2019 responsibilities for the audit of the consolidated financial statements\u2019 section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of audit procedures performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us by the management, including those procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.<\/p>\n\t\t\t<table id=\"table001\" class=\"Table-Style-1 TableOverride-1\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-1\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-3\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<thead>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-4\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-07_Web-Thickline-Black-_Left CellOverride-1\">\n\t\t\t\t\t\t\tKey audit matters<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Thickline-Black- CellOverride-2 _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-07_Web-Thickline-Black-_Left CellOverride-2 _idGenCellOverride-1\">\n\t\t\t\t\t\t\tHow our audit addressed the key audit matter<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/thead>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-5\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text _idGenCellOverride-2\" colspan=\"3\">\n\t\t\t\t\t\t\t(a)<\/span> <\/span>Accounting for income from government grants <\/span> <\/span> (as described in Note 29 of the consolidated financial statements) <\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tThe Holding Company is entitled to an Industrial Promotion Subsidy, an incentive, amounting to ₹<\/span> 533.50 crore under a Package Scheme of Incentives of the Government of Maharashtra based on the eligible capital investments made from 1 April 2012 to 31 March 2017. Validity period to claim incentive under the Scheme is from 1 April 2015 to 31 March 2024. <\/p>\n\t\t\t\t\t\t\tThe Holding Company has recognized the incentive (\u2018Grant income\u2019) amounting to ₹<\/span> 30.50 crore for the year 2021-22 in Other Operating Income and ₹<\/span> 315.28 crore for years 2015-16 to 2020-21 as exceptional item in the Statement of Profit and Loss. This transaction had a significant effect on the consolidated financial statements for the year and hence is considered as Key audit matter.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tOur audit procedures included the following:<\/p>\n\t\t\t\t\t\t\t<ul>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained and read the eligibility certificate received by the Holding Company from the Directorate of Industries, the Government of Maharashtra.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Read the terms and conditions of the scheme issued by the Government of Maharashtra and the compliance to those conditions.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained and tested the computation of Grant income prepared by Management.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Assessed and tested the compliance in relation to recognition of income in accordance with Ind AS.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Assessed the disclosures in the consolidated financial statements for compliance with relevant standards.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained Management representation in regard to the recognition and disclosures in respect of the Grant income.<\/li>\n\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-5\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text _idGenCellOverride-3\" colspan=\"3\">\n\t\t\t\t\t\t\t(b)<\/span> <\/span>Gain on investments in associate of a subsidiary due to restructuring <\/span> <\/span> <\/span>(as described in Note 29 of the consolidated financial statements)<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Style-1 _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tBajaj Auto International Holding BV (BAIH BV), a 100% subsidiary of the Holding Company, held 47.99% stake in KTM AG. During the current year, BAIH BV swapped 46.50% stake in KTM AG for 49.90% stake in Pierer Bajaj AG. The resultant gain in fair value ₹<\/span> 501.23 crore was recorded as an exceptional item in consolidated financial statements.<\/p>\n\t\t\t\t\t\t\tPursuant to the buyback offer by KTM AG on 5 November 2021, BAIH BV tendered remaining 1.49% shares in KTM AG for a consideration of ₹<\/span> 249.33 crore and resulting gain of ₹<\/span> 74.90 crore was recognised as Other income in the consolidated financial statement. <\/p>\n\t\t\t\t\t\t\tThis transaction had a significant effect on the consolidated financial statements for the year and hence is considered as Key audit matter.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Table-Style-1 _R9-_-R9-Text CellOverride-3 _idGenCellOverride-3\">\n\t\t\t\t\t\t\tOur audit procedures included the following:<\/p>\n\t\t\t\t\t\t\t<ul>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Read the relevant agreements to understand the terms of the transaction. <\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Verified the accounting treatment to be in compliance with Ind AS.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Assessed the disclosures in the consolidated financial statements for compliance with relevant standards.<\/li>\n\t\t\t\t\t\t\t\t<li class=\"_R9-_-R9-Text ParaOverride-4\" lang=\"en-GB\"> Obtained Management representation in regard to accounting and disclosure relating to the transaction.<\/li>\n\t\t\t\t\t\t\t<\/ul>\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\tWe have determined that there are no other key audit matters to communicate in our report.<\/p>\n\t\t\tOther information <\/p>\n\t\t\tThe Holding Company\u2019s Board of Directors is responsible for the other information. The other information comprises the information included in the Chairman\u2019s Letter, Management Discussion and Analysis, Corporate Governance and Directors\u2019 Report, but does not include the consolidated financial statements and our auditors\u2019 report thereon. <\/p>\n\t\t\tOur opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. <\/p>\n\t\t\tIn connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.<\/p>\n\t\t\tResponsibilities of Management for the consolidated financial statements<\/p>\n\t\t\tThe Holding Company\u2019s Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in equity of the Group including its associate in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.<\/p>\n\t\t\tIn preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group and its associate or to cease operations, or has no realistic alternative but to do so.<\/p>\n\t\t\tThose respective Board of Directors of the companies included in the Group and of its associate are also responsible for overseeing the financial reporting process of the Group and of its associate.<\/p>\n\t\t\tAuditors\u2019 responsibilities for the audit of the consolidated financial statements<\/p>\n\t\t\tOur objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors\u2019 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.<\/p>\n\t\t\tAs part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:<\/p>\n\t\t\t<ul>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.<\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Conclude on the appropriateness of Management\u2019s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors\u2019 report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors\u2019 report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. <\/li>\n\t\t\t\t<li class=\"_R9--Nonfinancial_-R9-NF_01Indent ParaOverride-6\">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate of which we are the independent auditors and whose financial information we have audited, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.<\/li>\n\t\t\t<\/ul>\n\t\t\tWe communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.<\/p>\n\t\t\tWe also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.<\/p>\n\t\t\tFrom the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the financial year ended 31 March 2022 and are therefore the key audit matters. We describe these matters in our auditors\u2019 report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.<\/p>\n\t\t\tOther matter<\/p>\n\t\t\t(a) <\/span>We did not audit the financial statements and other financial information, in respect of four subsidiaries, whose financial statements include total assets of ₹ <\/span>16.92 crore as at 31 March 2022, and total revenues of ₹ <\/span>8.37 crore and net cash inflows of ₹<\/span> 9.74 crore for the year ended on that date. These financial statement and other financial information have been audited by other auditors, which financial statements, other financial information and auditors\u2019 reports have been furnished to us by the management. The consolidated financial statements also include the Group\u2019s share of net profit of ₹ <\/span>579.53 crore for the year ended 31 March 2022, as considered in the consolidated financial statements, in respect of an associate, whose financial statements, other financial information have been audited by other auditor and whose reports have been furnished to us by the Management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and associate, and our report in terms of sub-sections (3) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and associate, is based solely on the reports of such other auditors.<\/p>\n\t\t\t <\/span>The subsidiaries and associate located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company\u2019s management has converted the financial statements of such subsidiaries and associate located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company\u2019s management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries and associate located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.<\/p>\n\t\t\tOur opinion above on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors. <\/p>\n\t\t\tReport on other legal and regulatory requirements<\/p>\n\t\t\t1. <\/span>As required by the Companies (Auditors\u2019 Report) Order, 2020 (the \u2018Order\u2019 or \u2018CARO\u2019), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of the subsidiary companies incorporated in India, there are no matters which require reporting as specified in paragraph 3(xxi) of the Order. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\t2. <\/span>As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiaries and associate as noted in the \u2018other matter\u2019 we report, to the extent applicable, that:<\/p>\n\t\t\t(a) <\/span>We\/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements;<\/p>\n\t\t\t(b) <\/span>In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors;<\/p>\n\t\t\t(c) <\/span>The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the consolidated financial statements;<\/p>\n\t\t\t(d) <\/span>In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;<\/p>\n\t\t\t(e) <\/span>On the basis of the written representations received from the directors of the Holding Company as on 31 March 2022 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under section 139 of the Act, of its subsidiary companies in India, none of the directors of the Group\u2019s companies, incorporated in India, is disqualified as on 31 March 2022 from being appointed as a director in terms of Section 164 (2) of the Act. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\t(f) <\/span>With respect to the adequacy of the internal financial controls with reference to consolidated financial statements of the Holding Company its subsidiary companies incorporated in India, and the operating effectiveness of such controls, refer to our separate Report in Annexure 1 to this report. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India;<\/p>\n\t\t\t(g) <\/span>In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries incorporated in India, the managerial remuneration for the year ended 31 March 2022 has been paid\/provided by the Holding Company, its subsidiaries incorporated in India to their directors in accordance with the provisions of section 197 read with Schedule V to the Act. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India;<\/p>\n\t\t\t(₹) <\/span>With respect to the other matters to be included in the Auditors\u2019 Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other financial information of the subsidiaries and associate as noted in the \u2018Other matter\u2019 paragraph:<\/p>\n\t\t\ti. <\/span>The consolidated financial statements disclose the impact of pending litigations on its consolidated financial position of the Group and its associate, in its consolidated financial statements \u2013 Refer note 34 to the consolidated financial statements; <\/p>\n\t\t\tii. <\/span>Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts \u2013 Refer note 34 to the consolidated financial statements in respect of such items as it relates to the Group and its associate; <\/p>\n\t\t\tiii. <\/span>There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its subsidiaries incorporated in India during the year ended 31 March 2022. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tiv. <\/span>a) <\/span>The respective managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries respectively that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested either from borrowed funds or share premium or any other sources or kind of funds by the Holding Company or any of such subsidiaries to or in any other person or entity, including foreign entities (\u2018Intermediaries\u2019), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the respective Holding Company or any of such subsidiaries (\u2018Ultimate Beneficiaries\u2019) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;<\/p>\n\t\t\t <\/span>b) <\/span>The respective managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries respectively that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the respective Holding Company or any of such subsidiaries from any person or entity, including foreign entities (\u2018Funding Parties\u2019), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (\u2018Ultimate Beneficiaries\u2019) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and<\/p>\n\t\t\t <\/span>c) <\/span>Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and those performed by the auditors of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditors\u2019 notice that has caused us or the other auditors to believe that the representations under sub-clause (a) and (b) contain any material misstatement. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tv) The final dividend proposed by the Board of directors of the Holding Company for the year ended 31 March 2021 and paid during the current year by the Holding Company is in compliance with section 123 of the Act. <\/p>\n\t\t\t <\/span>As stated in note 34 to the consolidated financial statements, the Board of Directors of the Holding Company have proposed final dividend for the year ended 31 March 2022, which is subject to the approval of the members of the Holding Company the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act to the extent applicable. There is no dividend declared or paid during the year by the subsidiary companies incorporated in India. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tFor S R B C & CO LLP<\/p>\n\t\t\tChartered Accountants<\/p>\n\t\t\tICAI Firm Registration Number: 324982E\/E300003<\/p>\n\t\t\tper Arvind Sethi<\/p>\n\t\t\tPartner<\/p>\n\t\t\tMembership Number: 089802<\/p>\n\t\t\tUDIN: 22089802AHWJUA8165<\/p>\n\t\t\tPune: 27 April 2022<\/p>\n\t\t\tAnnexure 1 to Independent Auditors\u2019 Report<\/span><\/p>\n\t\t\tReferred to in paragraph 2(f) under the heading \u2018Report on other legal and regulatory requirements\u2019 of our report of even date to the members of Bajaj Auto Ltd.<\/p>\n\t\t\tReport on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the \u2018Act\u2019)<\/p>\n\t\t\tIn conjunction with our audit of the consolidated financial statements of Bajaj Auto Ltd. (hereinafter referred to as the \u2018Holding Company\u2019) as of and for the year ended 31 March 2022, we have audited the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiaries (the Holding Company and its subsidiaries together referred to as \u2018the Group\u2019), which are companies incorporated in India, as of that date. <\/p>\n\t\t\tManagement\u2019s Responsibility for internal financial controls <\/p>\n\t\t\tThe respective Board of Directors of the companies included in the Group, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company\u2019s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act. <\/p>\n\t\t\tAuditors\u2019 responsibility<\/p>\n\t\t\tOur responsibility is to express an opinion on the Holding Company\u2019s internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the \u2018Guidance Note\u2019) and the Standards on Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements were established and maintained and if such controls operated effectively in all material respects.<\/p>\n\t\t\tOur audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors\u2019 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. <\/p>\n\t\t\tWe believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.<\/p>\n\t\t\tMeaning of internal financial controls with reference to consolidated financial statements<\/p>\n\t\t\tA company\u2019s internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company\u2019s internal financial control with reference to consolidated financial statements includes those policies and procedures that <\/p>\n\t\t\t1. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; <\/p>\n\t\t\t2. provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and <\/p>\n\t\t\t3. provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements.<\/p>\n\t\t\tInherent limitations of internal financial controls with reference to consolidated financial statements<\/p>\n\t\t\tBecause of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.<\/p>\n\t\t\tOpinion<\/p>\n\t\t\tIn our opinion, the Group , which are companies incorporated in India, have, maintained in all material respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating effectively as at 31 March 2022, based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI. <\/p>\n\t\t\tOther matters<\/p>\n\t\t\tOur report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to consolidated financial statements of the Holding Company, in so far as it relates to one subsidiary, which is incorporated in India, is based on the corresponding reports of the auditors of such subsidiary. The Holding Company did not have any associate company incorporated in India and did not exercise joint control over any entity incorporated in India.<\/p>\n\t\t\tFor S R B C & CO LLP<\/p>\n\t\t\tChartered Accountants<\/p>\n\t\t\tICAI Firm Registration Number: 324982E\/E300003<\/p>\n\t\t\tper Arvind Sethi<\/p>\n\t\t\tPartner<\/p>\n\t\t\tMembership Number: 089802<\/p>\n\t\t\tUDIN: 22089802AHWJUA8165<\/p>\n\t\t\tPune: 27 April 2022<\/p>\n\t\t<\/div>\n\t<\/body>\n<\/html>\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-3722","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3722","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=3722"}],"version-history":[{"count":7,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3722\/revisions"}],"predecessor-version":[{"id":5076,"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/pages\/3722\/revisions\/5076"}],"wp:attachment":[{"href":"https:\/\/investors.bajajauto.com\/ar22\/wp-json\/wp\/v2\/media?parent=3722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}