{"id":163,"date":"2023-05-23T08:55:30","date_gmt":"2023-05-23T08:55:30","guid":{"rendered":"https:\/\/investors.bajajauto.com\/ar23\/?page_id=163"},"modified":"2023-06-19T11:53:31","modified_gmt":"2023-06-19T11:53:31","slug":"chairmans-letter","status":"publish","type":"page","link":"https:\/\/investors.bajajauto.com\/ar23\/chairmans-letter\/","title":{"rendered":"Chairman&#8217;s Letter"},"content":{"rendered":"\n<div class=\"row hide-for-small\"  id=\"row-2107638915\">\n\n\n\t<div id=\"col-1592522468\" class=\"col medium-3 small-12 large-3\"  >\n\t\t<div class=\"is-sticky-column\"><div class=\"is-sticky-column__inner\">\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div class=\"ux-menu stack stack-col justify-start ux-menu--divider-solid\">\n\t\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar23\/board-of-directors\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tBoard of Directors\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar23\/management-team\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tManagement Team\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar23\/chairmans-letter\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tChairman&#039;s Letter\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar23\/management-discussion-analysis\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tManagement Discussion &amp; Analysis\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar23\/corporate-govemance\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tCorporate Govemance\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar23\/general-shareholder-information\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tGeneral Shareholder Information\t\t\t<\/span>\n\t\t<\/a>\n\t<\/div>\n\t\n\n\t<div class=\"ux-menu-link flex menu-item\">\n\t\t<a class=\"ux-menu-link__link flex\" href=\"https:\/\/investors.bajajauto.com\/ar23\/directors-report\/\" >\n\t\t\t\t\t\t<span class=\"ux-menu-link__text\">\n\t\t\t\tDirector&#039;s 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<\/div><\/div>\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-520495608\" class=\"col medium-9 small-12 large-9\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t<section class=\"section dark\" id=\"section_186348818\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1116\" height=\"254\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Hedeing_BK-1.png\" class=\"bg attachment- size-\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<h2>Chairman&#8217;s Letter<\/h2>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_186348818 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-1404197147\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1404197147 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\n<!DOCTYPE html>\n<html xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" lang=\"en-GB\">\n\t<head>\n\t\t<meta charset=\"utf-8\" \/>\n\t\t<title>Chairman_Letter<\/title>\n\t\t<style>\n\t\tbody, 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;\n}\ntable.Annual-Report-Main-Table {\n\tborder-collapse:collapse;\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:1px;\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:1px;\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_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\tvertical-align:top;\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:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\np._3_Chapter_12_Body-Text {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.286;\n\tmargin-bottom:10px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:6px;\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._4_Table_23_Table_Text_Plain {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.286;\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}\nspan.Bold {\n\tfont-family:Poppins, sans-serif;\n\tfont-style:normal;\n\tfont-weight:bold;\n}\nspan.Bullet {\n\tcolor:#005dac;\n\tfont-family:\"Poppins ExtraBold\", sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-weight:800;\n}\np.ParaOverride-1 {\n\tmargin-bottom:0px;\n}\ntd._idGenCellOverride-1 {\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\tvertical-align:top;\n}\ntd._idGenCellOverride-2 {\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\tvertical-align:top;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:28px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:539px;\n}\ntr._idGenTableRowColumn-3 {\n\tmin-height:23px;\n}\ntr._idGenTableRowColumn-4 {\n\tmin-height:24px;\n}\ntr._idGenTableRowColumn-5 {\n\tmin-height:41px;\n}\ntr._idGenTableRowColumn-6 {\n\tmin-height:59px;\n}\ndiv._idGenObjectStyleOverride-1 {\n\tborder-width:0px;\n}\n\n\t\t<\/style>\n\t<\/head>\n\t<body id=\"Chairman_Letter\" lang=\"en-GB\">\n\t\t<div id=\"_idContainer000\" class=\"_idGenObjectStyleOverride-1\">\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Dear Shareholder,<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In my last year\u2019s letter to you, I had written, \u201cI have never seen\u2026 such a\u2026 sheer scarcity of semiconductors. No modern automobile can exist without a slew of semiconductor chips. Motorcycles and top-of-the-line electric vehicles like the Chetak are no exceptions. It is difficult to predict when this supply scarcity will end.\u201d Thankfully, this terrible supply scarcity was over by the end of the first quarter of FY2023. Thereafter, your Company was all set to increase substantially production and sales.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Except for one hiccup \u2014 exports. Your Company is by far the leading exporter of motorcycles and three-wheelers. In FY2022, exports accounted for 52.7% of Bajaj Auto\u2019s net sales. Thanks to a host of factors completely outside your Company\u2019s control, exports dropped both in volume and in value. Political and economic uncertainties in several major importing countries such as Nigeria, Egypt, Sri Lanka and Bangladesh; demonetisation in Nigeria; unavailability of US dollars in the hands of importers; and more. Bajaj Auto was not the only company that was affected. All exporters were. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Under the circumstances, your Company consciously decided to \u2018bite the bullet\u2019 and reduce its exposure in some of its key international markets. The rationale: we are in the business to generate revenues and profits, not receivables.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Even so, your Company has generated excellent results. Let me share these with you.<\/p>\n\t\t\t<table id=\"table001\" class=\"Annual-Report-Main-Table\">\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-1\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\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-3\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bold\">1.<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bold\">Highest Ever:<\/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=\"Annual-Report-Main-Table _idGenTableRowColumn-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Net sales: \u20b9 35,359 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-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Total operating income: \u20b9 36,428 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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Earnings before interest, tax, depreciation and amortisation (EBITDA): \u20b9 6,551 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-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Profit before tax (PBT): \u20b9 7,409 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-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Profit after tax (PAT): \u20b9 5,628 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-3\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Operating EBITDA margin remains healthy at 18%<\/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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Return on operating capital employed (ROCE) grew from 214% in FY2022 to 309% in FY2023.<\/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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Surplus cash and cash equivalent as on 31 March 2023 was \u20b9 17,445 crore after a dividend payout of \u20b9 4,051 crore and buy-back of equity shares and tax there-on of \u20b9 3,094 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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Once again, congratulations are in order to Shri Rajiv Bajaj, your Managing Director, his entire management team and all employees.<\/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=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Given the quality and commitment of management across your Company, the wide range of products in various markets and geographies, and the quest for profitable growth, I see no reason why <span class=\"Bold\">The World\u2019s Favourite Indian<\/span> shall not grow even further. Neither should you.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">This is my second year as your Chairman, and I have to fill the very large shoes of Shri Rahul Bajaj. I seek your good wishes and offer you the same.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Thank you for your support.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Yours sincerely,<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Niraj Bajaj<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Chairman <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">25 April 2023<\/p>\n\t\t<\/div>\n\t<\/body>\n<\/html>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row show-for-small\"  id=\"row-894218723\">\n\n\n\t<div id=\"col-1449323430\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\n\t<section class=\"section dark\" id=\"section_874887815\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1116\" height=\"254\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Hedeing_BK-1.png\" class=\"bg attachment- size-\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<h2>Chairman&#8217;s Letter<\/h2>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_874887815 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-1443774108\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1443774108 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\n<!DOCTYPE html>\n<html xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" lang=\"en-GB\">\n\t<head>\n\t\t<meta charset=\"utf-8\" \/>\n\t\t<title>Chairman_Letter<\/title>\n\t\t<style>\n\t\tbody, 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;\n}\ntable.Annual-Report-Main-Table {\n\tborder-collapse:collapse;\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:1px;\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:1px;\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_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\tvertical-align:top;\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:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\np._3_Chapter_12_Body-Text {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.286;\n\tmargin-bottom:10px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:6px;\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._4_Table_23_Table_Text_Plain {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.286;\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}\nspan.Bold {\n\tfont-family:Poppins, sans-serif;\n\tfont-style:normal;\n\tfont-weight:bold;\n}\nspan.Bullet {\n\tcolor:#005dac;\n\tfont-family:\"Poppins ExtraBold\", sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-weight:800;\n}\np.ParaOverride-1 {\n\tmargin-bottom:0px;\n}\ntd._idGenCellOverride-1 {\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\tvertical-align:top;\n}\ntd._idGenCellOverride-2 {\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\tvertical-align:top;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:28px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:539px;\n}\ntr._idGenTableRowColumn-3 {\n\tmin-height:23px;\n}\ntr._idGenTableRowColumn-4 {\n\tmin-height:24px;\n}\ntr._idGenTableRowColumn-5 {\n\tmin-height:41px;\n}\ntr._idGenTableRowColumn-6 {\n\tmin-height:59px;\n}\ndiv._idGenObjectStyleOverride-1 {\n\tborder-width:0px;\n}\n\n\t\t<\/style>\n\t<\/head>\n\t<body id=\"Chairman_Letter\" lang=\"en-GB\">\n\t\t<div id=\"_idContainer000\" class=\"_idGenObjectStyleOverride-1\">\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Dear Shareholder,<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In my last year\u2019s letter to you, I had written, \u201cI have never seen\u2026 such a\u2026 sheer scarcity of semiconductors. No modern automobile can exist without a slew of semiconductor chips. Motorcycles and top-of-the-line electric vehicles like the Chetak are no exceptions. It is difficult to predict when this supply scarcity will end.\u201d Thankfully, this terrible supply scarcity was over by the end of the first quarter of FY2023. Thereafter, your Company was all set to increase substantially production and sales.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Except for one hiccup \u2014 exports. Your Company is by far the leading exporter of motorcycles and three-wheelers. In FY2022, exports accounted for 52.7% of Bajaj Auto\u2019s net sales. Thanks to a host of factors completely outside your Company\u2019s control, exports dropped both in volume and in value. Political and economic uncertainties in several major importing countries such as Nigeria, Egypt, Sri Lanka and Bangladesh; demonetisation in Nigeria; unavailability of US dollars in the hands of importers; and more. Bajaj Auto was not the only company that was affected. All exporters were. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Under the circumstances, your Company consciously decided to \u2018bite the bullet\u2019 and reduce its exposure in some of its key international markets. The rationale: we are in the business to generate revenues and profits, not receivables.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Even so, your Company has generated excellent results. Let me share these with you.<\/p>\n\t\t\t<table id=\"table001\" class=\"Annual-Report-Main-Table\">\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-1\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\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-3\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bold\">1.<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bold\">Highest Ever:<\/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=\"Annual-Report-Main-Table _idGenTableRowColumn-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Net sales: \u20b9 35,359 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-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Total operating income: \u20b9 36,428 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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Earnings before interest, tax, depreciation and amortisation (EBITDA): \u20b9 6,551 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-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Profit before tax (PBT): \u20b9 7,409 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-4\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"Bullet\">\u2022<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Profit after tax (PAT): \u20b9 5,628 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-3\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Operating EBITDA margin remains healthy at 18%<\/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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Return on operating capital employed (ROCE) grew from 214% in FY2022 to 309% in FY2023.<\/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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Surplus cash and cash equivalent as on 31 March 2023 was \u20b9 17,445 crore after a dividend payout of \u20b9 4,051 crore and buy-back of equity shares and tax there-on of \u20b9 3,094 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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">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 _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Once again, congratulations are in order to Shri Rajiv Bajaj, your Managing Director, his entire management team and all employees.<\/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=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Given the quality and commitment of management across your Company, the wide range of products in various markets and geographies, and the quest for profitable growth, I see no reason why <span class=\"Bold\">The World\u2019s Favourite Indian<\/span> shall not grow even further. Neither should you.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">This is my second year as your Chairman, and I have to fill the very large shoes of Shri Rahul Bajaj. I seek your good wishes and offer you the same.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Thank you for your support.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Yours sincerely,<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Niraj Bajaj<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Chairman <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">25 April 2023<\/p>\n\t\t<\/div>\n\t<\/body>\n<\/html>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n","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-163","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/pages\/163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/comments?post=163"}],"version-history":[{"count":10,"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/pages\/163\/revisions"}],"predecessor-version":[{"id":1168,"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/pages\/163\/revisions\/1168"}],"wp:attachment":[{"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/media?parent=163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}