{"id":178,"date":"2023-05-23T09:40:09","date_gmt":"2023-05-23T09:40:09","guid":{"rendered":"https:\/\/investors.bajajauto.com\/ar23\/?page_id=178"},"modified":"2023-06-26T05:39:32","modified_gmt":"2023-06-26T05:39:32","slug":"management-discussion-analysis","status":"publish","type":"page","link":"https:\/\/investors.bajajauto.com\/ar23\/management-discussion-analysis\/","title":{"rendered":"Management Discussion &#038; Analysis"},"content":{"rendered":"\n<div class=\"row hide-for-small\"  id=\"row-832996173\">\n\n\n\t<div id=\"col-654346244\" 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-1027510641\" 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_1267054215\">\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>Management Discussion &#038; Analysis<\/h2>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1267054215 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-1395281917\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1395281917 {\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-US\">\n\t<head>\n\t\t<meta charset=\"utf-8\" \/>\n\t\t<title>Management_Discussion<\/title>\n\t\t<style>\n\t\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_01_Table_Head {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-left:0px;\n}\ntd._1_Table_02_Table_Rupees_In_Crore {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:6px;\n\tpadding-right:0px;\n\tpadding-top:6px;\n\tvertical-align:bottom;\n}\ntd._1_Table_03_Table_Blank-Cell {\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tvertical-align:top;\n}\ntd._1_Table_04_Table_Particulars {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_06_Table_Thickline_Black {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-right-width:0px;\n\tborder-top-width:0px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_07_Table_Thickline_colour {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-top-width:0px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_10_Table_Text-White-Cell_Center {\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:3px;\n\tpadding-right:3px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_11_Table_Text-White-Cell_Plain {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_11_Table_Text-White-Cell_Plain-For-Web {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:top;\n}\ntd._1_Table_12_Table_Text-White-Cell_Bold {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_13_Table_Figure-Color-Cell_Plain {\n\tborder-bottom-color:#669ecd;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#669ecd;\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}\ntd._1_Table_14_Table_Figure-Color-Cell_Bold {\n\tborder-bottom-color:#669ecd;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#669ecd;\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}\ntd._1_Table_15_Table_Figure-White-Cell_Plain {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-width:0px;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\ntd._1_Table_16_Table_Figure-White-Cell_Bold {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n\tpadding-bottom:4px;\n\tpadding-left:0px;\n\tpadding-right:0px;\n\tpadding-top:4px;\n\tvertical-align:bottom;\n}\np._3_Chapter_08_Main_Head {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:25px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.16;\n\tmargin-bottom:10px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:10px;\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._3_Chapter_10_Sub_Head_01 {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:19px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.263;\n\tmargin-bottom:5px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:10px;\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._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:6px;\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._3_Chapter_12_Body-Text-NooN {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:9px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.2;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._3_Chapter_12_Body-Text_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins SemiBold\", sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:600;\n\tline-height:1.286;\n\tmargin-bottom:4px;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:4px;\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._3_Chapter_MDNA-BOX-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:0;\n\tmargin-left:14px;\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:-14px;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_15_Table_Head {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:18px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.333;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_16_Rupees_In_Crore {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:12px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.333;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_17_Table_Particulars {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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}\np._4_Table_18_Table_Thickline_Black {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_19_Table_Thickline_colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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:right;\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}\np._4_Table_24_Table_Text_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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}\np._4_Table_25_Table_Text_Plain_Center {\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:center;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_26_Table_Figure_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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_27_Table_Figure_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_28_Table_Figure_Colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_29_Table_Figure_Bold_Colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, 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{\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-21 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-22 {\n\tborder-bottom-color:#669ecd;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-23 {\n\tborder-bottom-color:#669ecd;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-24 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-25 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-26 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-27 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-28 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-29 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{\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-33 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:148px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:12px;\n}\ncol._idGenTableRowColumn-3 {\n\twidth:124px;\n}\ncol._idGenTableRowColumn-4 {\n\twidth:123px;\n}\ntr._idGenTableRowColumn-5 {\n\tmin-height:27px;\n}\ntr._idGenTableRowColumn-6 {\n\theight:41px;\n}\ntr._idGenTableRowColumn-7 {\n\tmin-height:23px;\n}\ntr._idGenTableRowColumn-8 {\n\tmin-height:21px;\n}\ncol._idGenTableRowColumn-9 {\n\twidth:20px;\n}\ncol._idGenTableRowColumn-10 {\n\twidth:723px;\n}\ntr._idGenTableRowColumn-11 {\n\tmin-height:24px;\n}\ntr._idGenTableRowColumn-12 {\n\tmin-height:41px;\n}\ncol._idGenTableRowColumn-13 {\n\twidth:669px;\n}\ncol._idGenTableRowColumn-14 {\n\twidth:25px;\n}\ncol._idGenTableRowColumn-15 {\n\twidth:801px;\n}\ncol._idGenTableRowColumn-16 {\n\twidth:589px;\n}\ncol._idGenTableRowColumn-17 {\n\twidth:106px;\n}\ntr._idGenTableRowColumn-18 {\n\tmin-height:33px;\n}\ncol._idGenTableRowColumn-19 {\n\twidth:472px;\n}\ncol._idGenTableRowColumn-20 {\n\twidth:806px;\n}\ntr._idGenTableRowColumn-21 {\n\tmin-height:59px;\n}\ncol._idGenTableRowColumn-22 {\n\twidth:411px;\n}\ncol._idGenTableRowColumn-23 {\n\twidth:10px;\n}\ncol._idGenTableRowColumn-24 {\n\twidth:166px;\n}\ncol._idGenTableRowColumn-25 {\n\twidth:125px;\n}\ncol._idGenTableRowColumn-26 {\n\twidth:93px;\n}\ncol._idGenTableRowColumn-27 {\n\twidth:153px;\n}\ncol._idGenTableRowColumn-28 {\n\twidth:177px;\n}\ncol._idGenTableRowColumn-29 {\n\twidth:89px;\n}\ncol._idGenTableRowColumn-30 {\n\twidth:383px;\n}\ntr._idGenTableRowColumn-31 {\n\tmin-height:77px;\n}\ncol._idGenTableRowColumn-32 {\n\twidth:525px;\n}\ncol._idGenTableRowColumn-33 {\n\twidth:88px;\n}\ntr._idGenTableRowColumn-34 {\n\tmin-height:52px;\n}\ntr._idGenTableRowColumn-35 {\n\tmin-height:22px;\n}\ncol._idGenTableRowColumn-36 {\n\twidth:206px;\n}\ncol._idGenTableRowColumn-37 {\n\twidth:77px;\n}\ncol._idGenTableRowColumn-38 {\n\twidth:430px;\n}\ncol._idGenTableRowColumn-39 {\n\twidth:590px;\n}\nimg._idGenObjectAttribute-1 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-2 {\n\theight:100%;\n\twidth:100%;\n\tpadding-bottom: 20px;\n}\nimg._idGenObjectAttribute-3 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-4 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-5 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-6 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-7 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-8 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-9 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-10 {\n\theight:100%px;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-11 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-12 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-13 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-14 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-15 {\n\theight:100%;\n\twidth:100%;\n}\ndiv._idGenObjectStyleOverride-1 {\n\tborder-width:0px;\n}\n\n\t\t<\/style>\n\t<\/head>\n\t<body id=\"Management_Discussion\" lang=\"en-US\">\n\t\t<div id=\"_idContainer016\" class=\"_idGenObjectStyleOverride-1\">\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Thankfully, 2022-23 (FY2023) saw the effects of Covid abate significantly, with citizens as well as businesses finally reverting to normalcy. However, the flip side was the impact of inflationary trends, supply chain disruptions emanating from China, and the Russia-Ukraine conflict impacting commodity prices. India\u2019s retail, or consumer price, inflation remained high and for much of the year was above 6%. To combat this, the RBI regularly raised its policy repo rate, starting May 2022, with cumulative increase being 250 basis points. In addition, thanks to higher global commodity prices and depreciation of the Indian rupee, the current account deficit increased.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">However, despite these critical challenges, India emerged as the fastest growing major economy in the world. The second advance estimate of national income released by the Central Statistics office (CSO) on 28 February 2023 expects real GDP growth in to be 7.0%; and that of gross value added to be 6.6%<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Given this overall macroeconomic scenario, it needs to be asked how has Bajaj Auto fared?<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN ParaOverride-1\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-1\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_C_1@4x.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Charts A and B plot the Company\u2019s financial performance<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/ebitda-ebitda-percentage\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_A@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/total-operating-income-operating-profit-and-pat\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_B@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Motorcycles (Domestic)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">After peaking at 13.6 million units in FY2019, domestic sale of motorcycles for the industry steadily fell year-on-year right to under 9 million units in FY2022 \u2014 a drop of 34% over three consecutive years. Thankfully, FY2023 finally led to some growth: to 10.2 million units, or a rise of 13.9% over the trough of the previous year. Even so, domestic sales remained significantly below the all-time high of 13.6 million units in FY2019. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Given this industry scenario, how did Bajaj Auto perform? <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Table 1 gives the data on domestic sales.<\/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-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-3\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-4\" \/>\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\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-3\" \/>\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<tbody>\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_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 1: <\/span>Domestic sale of Motorcycles (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-1 _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Year ended 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Domestic sales for the industry (nos.)<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Domestic sales growth<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL\u2019s domestic sales (nos.)<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL\u2019s domestic growth<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL&apos;s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2019<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">13,599,678 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">7.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 2,541,320 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">28.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2020<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">11,214,640 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(17.5%)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 2,078,136 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(18.2%)<\/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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2021<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">10,019,836 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(10.7%)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 1,807,980 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(13.0%)<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2022<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 8,984,186 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(10.3%)<\/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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,632,897 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(9.7%)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2023<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">10,230,502 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">13.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 1,769,575 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">8.4%<\/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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">17.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Despite the Company\u2019s domestic sales in FY2023 being 8.4% higher than in the previous year, it grew slower than the market. Consequently, Bajaj Auto\u2019s market share witnessed a decline to 17.3%. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The greatest volume of sales occurs at the lower end, comprising 100-110 cc models. Given the strong competitive price pressures in this segment and in a milieu of increasing commodity prices and shortages of key semiconductors in the first half of FY2023, it made relatively less sense from the point of view of profits and shareholder value to push for on these products. Therefore, Bajaj Auto consciously focused to grow the sales of its more profitable models in the 125 cc range and above. It was a clear choice where per unit EBIDTA became a key variable.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Below is a segment-wise analysis of the domestic motorcycle market, followed by what it implies for the Company.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">100cc segment:<\/span> This segment accounts for by far the highest unit-wise sale of motorcycles in India. Bajaj Auto is represented here by the CT and Platina brands.<\/p>\n\t\t\t<table id=\"table002\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In FY2023, this segment grew by 6%, but over a lower base in FY2022.<\/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-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">For reasons mentioned earlier, Bajaj Auto consciously curtailed presence here. Consequently, Bajaj Auto\u2019s sales was an average of 53,746 units per month, with market share of 12.2%.<\/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-NooN\" lang=\"en-US\"><span class=\"CharOverride-1\"><img decoding=\"async\" class=\"_idGenObjectAttribute-3\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-1.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">125cc segment: <\/span>This segment recorded a double-digit growth in the domestic motorcycle market. Bajaj Auto is represented here by the Pulsar 125.<\/p>\n\t\t\t<table id=\"table003\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-13\" \/>\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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In FY2023, this segment grew by 20%.<\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Bajaj Auto\u2019s sales in this segment grew 38%, market share improved by 300 bps to 23.9%.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Having introduced this sleek model in FY2020, it sold an average of 52,439 units per month through FY2023. We look forward to such impressive growth of the Pulsar 125 in FY2024 also.<\/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-NooN\" lang=\"en-US\"><span class=\"CharOverride-1\"><img decoding=\"async\" class=\"_idGenObjectAttribute-4\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-125.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">150cc and above segment: <\/span>This segment is the fastest growing and represents 22% of the domestic motorcycle market. Bajaj Auto is represented here by the Pulsar, Avenger, Dominar, KTM and Husqvarna brands.<\/p>\n\t\t\t<table id=\"table004\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-14\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-15\" \/>\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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In FY2023, this segment grew by 27%.<\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto\u2019s sales was an average of 41,002 units per month, with market share of 21.4%.<\/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-NooN\" lang=\"en-US\"><span class=\"CharOverride-1\"><img decoding=\"async\" class=\"_idGenObjectAttribute-5\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-Bike-Set-1.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Irrespective of the market segments, Bajaj Auto is firmly entrenched in the domestic motorcycle market with the brand \u2014 Pulsar. For instance, Pulsar 125 is a much sought after bike. It is also worth noting that in FY2023, the Pulsar\u2019s, as a brand, grew by 33% and sold over 1 million units annually in the domestic motorcycle market. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-6\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-Bike-Set-2.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Probiking (KTM)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The probiking business consists of two brands: KTM and Husqvarna. The KTM brand and its models are well recognised across India. At present, the Husqvarna models are being seeded. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Unfortunately, production and hence sales in Q1 FY2023 were badly affected by the shortage of semiconductors. Consequently, the volume of KTM sales for FY2023 grew by 4% over FY2022. Thankfully, this crisis abated from the second quarter, and sales picked up. Thus, if we compare volumetric sales for nine-month period of FY2023 versus the same nine-month period of FY2022, KTM showed a growth of 16%. Chart C plots the sales of KTMs in India over the years.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/ktm-sales-in-india-nos\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_C@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Urbanite (Chetak EV)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In FY2021, this legendary brand was re-introduced as a best-in-class electric scooter. Woven together in this iconic design are simple lines and smooth surfaces \u2013 creating a thing of beauty and delight. It demonstrates the future of mobility, and offers a digitised, fully-connected riding experience by virtue of being embedded with mobility solutions like data communication, security and user authentication that enable customers to have a seamless ownership and riding experience. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The global semiconductor shortage that affected the industry right up to the first quarter of FY2023 also affected the Chetak. Thus, despite market demand, Bajaj Auto could not produce the quantities needed right up to the end of Q1 FY2023. Thereafter, the supply-side constraints eased, and we increased the manufacturing of the Chetak. To give an example, the Company sold 8,187 units in FY2022. This has risen to 36,260 in FY2023. Table 2 gives the data on domestic sales by BAL and Chetak Technology Ltd. (Wholly owned subsidiary of BAL).<\/p>\n\t\t\t<table id=\"table005\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-16\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-1\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 2: <\/span>Domestic sale of Chetak EV (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Year ended 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Nos.<\/p>\n\t\t\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 CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\"> Growth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\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 CellOverride-8 _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2020<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">212<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2021<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,395<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">558%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2022<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">8,187<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">487%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2023<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">36,260<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">343%<\/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\">The Chetak is currently sold through 105 dealers present across 84 cities.<\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Three-Wheelers (Domestic)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Three-wheelers has been a growth story. In FY2019, domestic sales for the industry were 690,425 units. This fell by 10% in FY2020. Thereafter, the Covid-19 lockdown crashed sales in FY2021 by a staggering 66% to 208,091 units. Thankfully, FY2022 saw an increase of 12% to 234,047 units. Finally, FY2023 has righted things. The three-wheeler markets picked up across India.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Our performance in this segment is in Table 3. <\/p>\n\t\t\t<table id=\"table006\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-19\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 3: <\/span>Domestic sale of Three-Wheelers (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\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 CellOverride-8 _idGenCellOverride-11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-12\" \/>\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Passenger carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">329,784<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">166,147<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">127,790<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">261,386<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">130,172<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">81,618<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">79.3%<\/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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">78.3%<\/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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">63.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Goods carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">81,309<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">67,900<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">80,301<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">38,623<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">30,427<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">27,686<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">47.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">44.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">34.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total three-wheelers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">411,093<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">234,047<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">208,091<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">300,009<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">160,599<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">109,304<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">73.0%<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">68.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">52.5%<\/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<table id=\"table007\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-21\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">For the industry, sales picked up substantially to reach nearer to the pre-Covid levels. In FY2023 alone, the volume of sales went up by 76% to 411,093 units. This is especially gratifying because it signals that owners and operators are again back on track \u2014 aided by generous financing offers. <\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Bajaj Auto\u2019s domestic sale of three-wheelers also grew by 87% to 300,009 units 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-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Domestic sale of Bajaj Auto\u2019s passenger vehicles more than doubled over the previous year to 261,386 units 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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In effect, in the domestic market, Bajaj Auto is the undisputed leader in all the segments.<\/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_08_Main_Head\" lang=\"en-US\">International Business<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Unlike in the recent past, FY2023 has been a difficult year for exports \u2014 thanks to serious geo-political uncertainties, as well as economic challenges like hyper-inflation and scarcity in availability of US dollars for key importing nations.<\/p>\n\t\t\t<p class=\"_3_Chapter_MDNA-BOX-Text\" lang=\"en-US\"><span class=\"Bold\">In FY2023 <\/span><\/p>\n\t\t\t<table id=\"table008\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">KTM recorded its highest ever volume of export sales. <\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">We sold 1.8 million units versus 2.5 million vehicles in the previous year.<\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Though Bajaj Auto\u2019s sales have declined, its market share across major geographies is largely intact. <\/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\">Table 4 gives the export data.<\/p>\n\t\t\t<table id=\"table009\" class=\"Annual-Report-Main-Table TableOverride-1\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-22\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-23\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-24\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-23\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-25\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-23\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-26\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 4: <\/span>Export Volume and Value, for Bajaj Auto<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Change<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-12\" \/>\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Units<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,636,956<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">2,195,772<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-25.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Commercial Vehicles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">184,284<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">310,854<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-40.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total numbers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\"> 1,821,240 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\"> 2,506,626 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">-27.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exports in K (crore)<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> 14,458 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 16,934 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-14.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exports in USD (million)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> 1,787 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 2,172 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-17.7%<\/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\">Despite this, there are some geographical positives: <\/p>\n\t\t\t<table id=\"table010\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In Philippines, after the lifting of Covid restrictions, we increased the volume of motorcycle plus three-wheeler sales by 62%. <\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Similarly, we grew sales in Mexico and Peru.<\/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\">In FY2023, exports as a percentage of Bajaj Auto\u2019s net sales was 40.9%. Chart D plots our export performance over the years, both in value and as a percentage of the Company\u2019s total net sales.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/auto-exports-net-sales\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_D@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">R&amp;D<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">FY2023 was a challenging year with many regulatory changes for automotive products to be met under very tight timelines; and to work on numerous EV programs to strengthen our EV portfolio. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Products <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-8\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-N250_15-copy.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">N250 and F250 Twin Channel ABS with Black scheme<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">New generation high end Pulsar N250 and F250 have been upgraded with a Twin Channel Anti-Lock Braking system (ABS) and steel braided rear brake hoses enhancing rider confidence and safety during braking. The new all black colour greatly enhances the visual interest and overall vehicle appeal.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-9\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-F250.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">N160<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">N160, the younger sibling of the Naked N250 in next generation Pulsar line up, inherits all the features and drive away chassis from the N250, making it the best-in-class bike in terms of vehicle handling and rider comfort. The N160 was the first to bring the additional safety of the Dual Channel ABS to this segment. Its modern two-valve engine provides very good torque that gives excellent roll-on performance.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-10\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-N160_3-copy-2.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">NS200 and NS160 upgrade<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">NS200 and NS160, our muscular streetfighter twins, have been upgraded with upside down fork suspension, twin channel ABS and an updated instrument console with a gear position indicator and fuel economy display. The upside down fork suspension enhance the bikes\u2019 front-end rigidity \u2014 making it easier to drop into the corners and improves cornering stability. The twin channel ABS and steel braided rear brake hoses helped enhancing rider confidence and safety during braking.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-11\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-NS200_3.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-12\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-NS160_15.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">P150 Single Disc and P150 Twin Disc<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The all new P150 Single and Twin Disc are designed to ooze aggression. The models use a brand new 150cc air cooled power train, which delivers best-in-class performance and gear shift. Both bikes have brilliant class D LED projector head lamps that are bi-functional.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-13\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/P150_SD_15-copy.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-14\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/P150_TD_3.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Low Speed EV<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj R&amp;D has developed a low-speed two-wheeler for Yulu \u2014 where the Company has a 19% stake \u2014 to address its needs for the shared mobility business. Yulu has launched two of these new e-bike variants in India, namely Miracle GR a personal use vehicle, and Dex GR a last-mile delivery vehicle.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Both have a claimed 25 kph top speed, hub-mounted motor and both these vehicles use swappable batteries to allow quick turn-around, an LED headlight and tail-lamp. The Dex GR gets a rear rack to support the load carried by delivery agents.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-15\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Low-Speed-EV_DeX-GR.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Realigning resources to meet new regulatory requirements<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The Government of India has notified the following requirements to address fire safety concerns of electric vehicles as mandatory requirements for CMVR certification and for FAME II, PLI incentives:<\/p>\n\t\t\t<table id=\"table011\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-21\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">AIS 156: This standard addresses the functional safety requirements for electric vehicles and traction batteries. Within it, Amendment 3 focuses on additional safety requirements for REESS \/ Traction Battery Packs, charger and battery cell requirements, as well as thermal propagation tests. <\/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-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">MHI guidelines: Ministry of Heavy Industry (MHI) also published an office memorandum dated 2 November 2022 mandating various cell \/ battery pack \/ BMS level tests, as pre-conditions for claiming FAME II \/ PLI scheme incentives.<\/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\">Although, AIS 156 was issued earlier covering up to Amendment 1, the subsequent Amendment 3 plus the new MHI guidelines appeared suddenly in November 2022 \u2014 thus giving only four months for EV manufacturers to comply with these before 31 March 2023. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The BS6 OBD 2 norms were a big engineering change. The notification of the OBD norms splitting it into OBD 2A and 2B came in only in November 2022. The powertrain and vehicle configurations had to be adjusted to meet the new norms rapidly. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Alternate source needed for de-risking meant that R&amp;D had to calibrate and homologate many more variants to meet these new norms. Over 47 variants had to be homologated. This was done in an organised manner. We are proud to state that the entire range of two and three-wheelers has been successfully homologated in time. <\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Operations<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">TPM <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto\u2019s \u2018back end\u2019 consists of its Manufacturing, Engineering, Development and Materials functions. The principles and philosophy of TPM guide these functions in achieving excellence both individually and collectively to achieve the highest productivity, world-class quality, and lowest cost. \u2018The TPM way\u2019 has been successfully extended to include Bajaj Auto\u2019s vendors, dealers and distributors <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto\u2019s TPM at Operations<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto is \u2018first in the industry\u2019 in having all its manufacturing plants certified for the \u2018Special Award for TPM Achievement\u2019 by Japan Institute for Plant Maintenance (JIPM). In FY2020, the BAL Chakan plant was also conferred the \u2018Advance Special Award for TPM Achievement\u2019 which is a step behind the \u2018World Class TPM\u2019 award. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto\u2019s back-end has defined various \u2018focused improvement themes\u2019 which get constantly improved through TPM tools and techniques. In the last few years, we have established a production system that can flexibly respond to faster new product manufacturing and small-volume production of multiple items.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Further, to sustain all improvements and excel, we work on the \u2018Bajaj Production System (BPS)\u2019 which aims at \u2018Better Flow with Better Quality\u2019. Through this, we are in the process of aligning our efforts at the back-end to a \u2018No Stock Production\u2019 system encompassing the entire supply chain.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">BAL engineering has developed capabilities for Digitisation and Industry 4.0 through its various verticals including automation and robotics. We strive to improve operations parameters through accelerating digital transformation in both production and process management.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Vendor TPM Activities<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">BAL seeks the co-existence and co-prosperity of our business partners based on mutual trust. We facilitate fair trade, environmentally preferable purchasing, human resources development, safety and health activities as well as more reinforced and efficient procuring that gives consideration to various risks. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The TPM concept is pervasive at Tier I vendors\u2019 end with the help of BAVA (Bajaj Auto Vendors Association). Moreover, Bajaj Auto\u2019s TPM practicing Tier I vendors have extended the TPM practices down the supply chain to their vendors. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Under the Safety, Health and Environment pillar of Bajaj Auto\u2019s TPM and in alignment with the \u2018Green Purchase Policy\u2019, various activities were initiated \u2014 with the majority of our vendors having been certified for ISO 14001 and OHSAS 18001. Our 39 vendor groups have started with renewable energy and have implemented rooftop solar equivalent to 35 MW power.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We have also taken up a drive to maximise supplies to all our plants from vendors within the plant cluster. The majority of our supplies at respective BAL manufacturing locations are being done by vendors; located in each cluster. This has significantly shortened the length of our supply chain and reduced our carbon footprint. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">TPM in Dealer Service and Overseas Distributor Plants<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">TPM methodologies are being continuously spread across our business partners in India and the other global locations. The tool is kaizen, which is well spread across our dealers and distributors.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We started the implementation of TPM at our international distributor plants. As of FY2023, 19 such distributor plants have been practicing TPM for over a year. Consequently, these are now experiencing improvements in manpower productivity, production rate, first-time-right quality and reduction in cost parameters. Four of our distributor plants were evaluated for the qualification criterion of the \u2018BAL TPM Award\u2019. All of them have experienced more than 30% growth in their KPI parameters. In FY2024, three more countries are expected to join the league of BAL TPM award.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As on 31 March 2023, we had 1,012 dealerships practicing TPM. As on 31 March 2023, 418 dealerships were awarded the \u2018BAL TPM Award\u2019. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Capacity and Employee Strength<\/p>\n\t\t\t<table id=\"table012\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-27\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-28\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-29\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-30\" \/>\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-31\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_10_Table_Text-White-Cell_Center _1_Table_11_Table_Text-White-Cell_Plain CellOverride-9 _idGenCellOverride-17\" colspan=\"6\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 5: <\/span>Plant-wise capacities (in units per annum) &#8211; BAL + CTL <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-18\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Plant<\/p>\n\t\t\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 CellOverride-11 _idGenCellOverride-19\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-20\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">As on 31 March 2023<\/p>\n\t\t\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 CellOverride-11 _idGenCellOverride-19\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-18\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\"> Product Range<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-21\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-22\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-23\" \/>\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-24\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Waluj<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">2,700,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Boxer, CT, Platina, Discover, Pulsar<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\" \/>\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Commercial Vehicles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> 930,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Passenger Carriers, Goods Carriers, Quadricycle <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Chakan<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,200,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Pulsar, Avenger, Dominar, KTM, Husqvarna<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Chakan\/Akurdi<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Scooters<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">120,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Chetak<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Pantnagar<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,800,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">CT, Platina and Pulsar<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\" \/>\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-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,750,000<\/p>\n\t\t\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-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As on 31 March 2023, total employee strength stood at 9,816. This includes Chetak Technology Ltd. (CTL) employee strength of 361.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Women Employment<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Our women employee strength has grown over four times: from 148 in FY2014 to 694 in FY2023. Almost 62% of the women are working in the manufacturing plants and in engineering. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Human Resource<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Over the last year, we have refined and focused on 4 key areas \u2013 capability building, employee engagement, learning and development, and employee wellbeing.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As part of our Capability Building, we have been able to recruit, invest, develop and promote internal talent and have attracted external talent for key leadership roles across functions and BUs. Thus, with focused efforts, we have been able to build a strong leadership and management cadre. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We launched Lean In which is a global community dedicated to helping foster leadership, advancement, and inclusion of women in the workplace, strategised and launched campus challenges-TORQ across 28 premier engineering colleges including top 8 IITs and IISc to attract the sharpest minds of the country and developed teams, from scratch, in record time with niche skills like EMI\/EMC design, reliability engineering, IoT and OS reprogramming and mobile application development. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Through these and other initiatives, Chetak Technology Ltd. (our 100% subsidiary) has 54% female strength for L4 and below level, and 22% for L3+ level, which is the highest across all business units.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">To strengthen Employee Engagement, we launched for the first time, a survey named Pulse across the organisation to gauge the overall engagement levels, identify the areas of improvement, plan focused interventions, and ascertain the impact of people interventions. The initiative received an outstanding response rate of 92%. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We also conducted various events throughout the year such as Mental Health Awareness Week and Women\u2019s Week Celebration, Prodigy for celebrating the achievements of employee\u2019s children and Disha as a career guidance service to boost the career of employees\u2019 children in the right direction.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We recognise the importance of investing in the Learning and Development of our employees to keep up with the changing industry trends and technological advancements. By investing in our employees, we were able to stay ahead of the curve and continue to deliver innovative and high-quality electric vehicles to our customers.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We partnered with industry best trainers to provide training and certification in EV related fields. We collaborated with IIT Madras to upskill employees in EEE-related skills including software and launched a 6-month certification course on E-mobility and Electric Vehicle Engineering. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Charged and Supercharged were launched for R&amp;D-GTE\u2019s to equip them with foundational skills necessary to build an EV and also launched up!SURGE and up!SWING which focused on the learning and development of women employees.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As a part of Employee Wellbeing initiatives and aligning with our principles of \u2018incorporating best market practices\u2019 and \u2018continuous improvement\u2019, we have launched Paternity Leave Policy for our employees.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">These initiatives have led us to winning multiple awards and recognitions such as:<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">\u2018Significant Achievement in HR Excellence\u2019 as part of the CII National HR Excellence Award Confluence 2021-22<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">ET HR World Future Skills Awards 2022 under the category of \u2018Best Approach to Implementing a Learning Experience Platform (LXP)\u2019 and \u2018L&amp;D Future Leaders\u2019.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Gold Award as part of the Brandon Hall Group Technology Excellence Awards 2022, under the category \u2018Best Advance in Learning Management Technology (LMT)\u2019<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">And our managers won The Great Manager Awards 2022 and received The HR40under40\u2019s Future HR Leader Award.<\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Financials<\/p>\n\t\t\t<table id=\"table013\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-32\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-33\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-33\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-33\" \/>\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-34\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-25\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Table 6 gives the summarised standalone profit and loss statement of Bajaj Auto.<\/p>\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 6: <\/span>Standalone Profit and Loss Statement<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-26\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-27\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-28\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-29\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-30\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_16_Rupees_In_Crore\" lang=\"en-US\"> (\u20b9 In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Growth%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-35\">\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 CellOverride-14 _idGenCellOverride-11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-12\" \/>\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">35,359<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">32,136<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">10.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Other operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,069<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,009<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">36,428<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">33,145<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">9.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Cost of materials consumed, net of expenditures capitalised<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">26,027<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">24,317<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">71.4%<\/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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">73.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Stores and tools<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">154<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">132<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Employee cost<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,443<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,356<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">4.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">4.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Factory, administrative and other expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,086<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">948<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">3.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">2.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales and after sales expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,167<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,131<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">3.2%<\/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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">3.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total expenditure<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">29,877<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">27,884<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Earnings before interest, tax, depreciation and amortisation (EBITDA)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,551<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">5,261<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">24.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">EBIDTA %<\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">18.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">15.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">39<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">9<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Depreciation and amortisation<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">283<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">269<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operating profit<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,229<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">4,983<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">25.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">17.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">15.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Non-operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,181<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,209<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less : Non-operating expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Non-operating income, net<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,180<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,207<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax and exceptional item<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,409<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">6,190<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">19.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exceptional item (Income) \/ Expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">&#8211;<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(315)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,409<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">6,505<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">13.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Tax expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,781<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,486<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">5,628<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">5,019<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">12.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Surplus cash and cash equivalents as on 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">17,445<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">19,090<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">-8.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Return on Operating Capital Employed (ROCE)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">309%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">214%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Our surplus funds are invested in (i) fixed income securities rated A1+ and equivalent for short term investments, (ii) AA+ and above rated securities for long term investments, and (iii) fixed deposits with banks and finance companies.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As required for listed companies by the Securities and Exchange Board of India (SEBI), Table 7 gives the key ratios.<\/p>\n\t\t\t<table id=\"table014\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-36\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-37\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-37\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-38\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 7: <\/span>Bajaj Auto\u2019s Key Financial Ratios, Standalone<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-17 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-17 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Remarks<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-35\">\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 CellOverride-14 _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-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 CellOverride-18 _idGenCellOverride-12\" \/>\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Debtors Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">21.48<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">15.18<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Revenue from contract with customers recording a growth and average receivables recording a decline<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Inventory Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">19.83<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">17.86<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Current Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1.71<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">2.13<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Operating Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">17.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">15.0%<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Net Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">15.0%<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">14.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Return on Net Worth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">21.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">19.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Subsidiaries<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto International Holdings BV (BAIH BV)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto International Holdings BV (BAIH BV) is a 100% Netherlands based subsidiary of Bajaj Auto Ltd. Over the years 2007 to 2013, through this subsidiary, Bajaj Auto has invested a total of \u20ac198.1 million (\u20b9 1,219 crore) and holds 49.9% stake in Pierer Bajaj AG (PBAG). 50.1% in PBAG is held by the Pierer Group. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Pierer Bajaj AG (formerly PTW Holding AG) holds 73.3% stake in Pierer Mobility AG (PMAG). Pierer Mobility AG is Europe\u2019s leading \u2018Powered Two-wheeler\u2019 manufacturer with focus on highly innovative sports motorcycles and electric mobility-E bicycles, E motorcycles, etc. With its KTM, Husqvarna and GASGAS motorcycle brands, it is a leading premium motorcycle manufacturer in Europe. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto is a partner in all mobility businesses that the Pierer Group engages in.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In the year 2022, PBAG recorded a strong performance with revenues in excess of \u20ac2.4 billion  (growth of 19.5% over 2021) and a profit of \u20ac125 million.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Chetak Technology Ltd. (CTL)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In the electric vehicle (EV) market, two-wheelers are expected to have an early advantage, especially given the various incentive schemes from the Government of India and various state governments. In FY2023, the market size was estimated at over 300,000 units annually.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Given a high stake, Bajaj Auto felt the need to participate in this space through a 100% subsidiary called Chetak Technology Ltd. (CTL), with a clear focus to develop new technologies and products, to have dedicated manufacturing, sales, after-sales and to offer customer centric experiences. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The subsidiary formed on 4 October 2021 with initial paid-up equity share capital of \u20b9 5 crore, stands adequately funded with paid-up equity share capital of \u20b9 470 crore as on 31 March 2023. That apart, a new state of the art manufacturing facility at Akurdi is being set up with planned investments in excess of \u20b9 200 crore. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">For FY2023, CTL sold 4,873 units, generating a total operating income of \u20b9 81 crore and recorded a net loss of \u20b9 77 crore. As on 31 March 2023, CTL\u2019s employee strength stood at 361.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto (Thailand) Ltd.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto (Thailand) Ltd. is a wholly owned subsidiary in Thailand with an issued and subscribed share capital of Thai Baht (THB) 45 million (\u20b9 10 crore). An Engineering Design Centre (EDC) is set up under this subsidiary.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto (Thailand) has all necessary approvals from local authorities. The EDC is operational and international designers are working from this new facility in Bangkok.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto Spain S.L.U.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto Spain S.L.U. is a wholly owned subsidiary in Barcelona, Spain \u2013 intent being to setup an Engineering Design Centre \u2013 with an issued and subscribed share capital of \u20ac600K (\u20b9 5 crore).<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The EDC has just started operations with the facility being set-up and is expected to be fully operational in the coming year. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto Consumer Finance Ltd. (BACFL)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">With over two-thirds of two-wheelers and over three-fourths of three-wheelers retailed in India being financed, this activity is the key to the automobile business. Penetration, geographic coverage and expanding financing options for the retail customers of Bajaj Auto Ltd. and Chetak Technology Ltd. are the keys to success in future.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">A wholly-owned captive financing company has been formed. This new subsidiary with a paid-up equity share capital of \u20b9 30 crore has applied to the RBI for an NBFC license and is drawing up plans to set up a new organisation, infrastructure and processes. Once operational, Bajaj Auto will be positioned to offer an increased variety of financing options to its business partners and retail customers through this new NBFC.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Do Brasil Comercio De Motocicletas Ltda<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Brazil is an important market for motorcycles in Latin America. To address this motorcycle market in Brazil, Bajaj Auto has set up a wholly owned subsidiary on 31 March 2022 with a paid up equity share capital of BRL 30 million (\u20b9 48 crore). <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The subsidiary has just started operations after obtaining all necessary approvals and has currently introduced the Dominar 160, 200 and 400 range of motorcycles in this highly competitive market. Full scale operations are likely to commence in the coming year.<\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Consolidation of accounts and segment reporting<\/p>\n\t\t\t<table id=\"table015\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-39\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-1\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 8: <\/span>Segment Revenue and Segment Results <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-27\" \/>\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 CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-28\" \/>\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 CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-30\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_16_Rupees_In_Crore\" lang=\"en-US\"> (\u20b9 In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Segment Revenue<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/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-35\">\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 CellOverride-14 _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-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 CellOverride-18 _idGenCellOverride-12\" \/>\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">36,665 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">33,272 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">978 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,157 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">37,643 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">34,429 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Segment Results Profit\/(Loss) from each segment before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">6,905 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">6,505 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">976 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,155 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,881 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">7,660 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less: Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">39 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">8 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,842 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">7,652 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,060 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">6,166 <\/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_08_Main_Head\" lang=\"en-US\">Corporate Social Responsibility (CSR)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto is focused to build competence around selected areas and create large scale impact. During FY2023, it focused on<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Skilling Initiatives<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As a part of Skilling Initiatives, two large scale programs have been launched. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text_Bold\" lang=\"en-US\">A. Bajaj Engineering Skills Training (BEST)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The objective is to make the youth ready for industry 4.0 by skilling them in current and evolving technologies. A focused curriculum is developed in 4 modules and setting up Industry relevant equipment across Universities and Engineering colleges for practical applications. The modules and labs for these topics have been designed leveraging experts from Bajaj Auto Engineering team and in consultation with external stakeholders like CII, ACMA, ASDC and Academia. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The primary target beneficiaries for the program are Diploma and Graduate engineers from tier 2 and tier 3 colleges\/institutes\/locations. The duration of such courses is designed to be between 4-6 months with a combination of 70% practical and 30% theory. The center will also cater to various other short term skill trainings, covering both fresh skilling and upskilling.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text_Bold\" lang=\"en-US\">B. Bajaj Manufacturing Systems (BMS) Certification program<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto has been implementing manufacturing system and processes as per the TPM (Total Productivity Management) philosophy. Basis the research and an understanding of ITI ecosystem, it was realised that students in these institutions do not get exposure to latest manufacturing systems and processes implemented in the industry. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">To better equip the students, Bajaj Auto has developed an innovative and interactive digitised self-learning content with real life and industry examples. These modules are going to be hosted via online Learning Management System (LMS) and will provide free access to students. The first phase of pilot will be conducted in the year 2023 across ITI\u2019s in Maharashtra. Basis the learnings and experiences, this will be expanded across the entire state of Maharashtra and then PAN India.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Education programs in and around our local area <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">A. Science Technology Engineering Mathematics (STEM) Education in schools:<\/span> Bajaj Auto has implemented STEM education in schools and tuition centers to support school children with academic classes which will enhance their interest in STEM subjects. It also has set up science labs in schools and trained teachers to adopt applied learning. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">B. Vocational Education in schools:<\/span> Bajaj Auto is supporting \u2018Lend A Hand India\u2019 for a three-year intervention aimed at improving access and quality in delivery of education in secondary\/higher secondary schools in the state of Rajasthan and Uttarakhand. The project has two primary objectives. To launch skill vocational education program in 20 schools (10 schools each at Sikar in Rajasthan and Udham Singh Nagar in Uttarakhand) and <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">To provide technical and project management support to the State governments of Rajasthan and Uttarakhand in scaling the vocational education in 1,105 schools (905 in Rajasthan and 200 in Uttarakhand). Overall, the program seeks to reach out to 121,600 students through a blend of direct and systemic capacity building interventions. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">C. Scholarships for Higher Education:<\/span> Bajaj Auto has initiated \u2018Rupa Rahul Bajaj Scholarship Program\u2019 to support students from underprivileged background to take higher education in reputed Universities and colleges. A detailed process is laid down to select students who will be eligible for scholarship. To start with, from FY2024, 10 students have been extended the financial support for four years. This program will be scaled up to create a pipeline for BEST initiative. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">D. Bharatiya Yuva Shakti Trust (BYST-Youth Entrepreneurship Development Program)<\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The program, run by BYST, includes supporting underprivileged young entrepreneurs by supplementing financing based on the assessment done by the mentors assigned to them who are drawn from the similar industry and who gives voluntary personalised advice and support. The young entrepreneurs are nurtured till they reach a level where not only are self-sufficient, but they in turn make a valuable contribution to society through creation of wealth and employment. Bajaj Auto has commitment to mentor 1,000 youths through BYST and help them build their enterprise.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Programs under Environment sustainability<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">A. Bajaj Water Conservation Project (BWCP): <\/span>The Bajaj Water Conservation Project was launched in 110 villages of Gangapur and Aurangabad Talukas of Aurangabad district, where a total of \u20b9 123 crore was funded by Bajaj Auto and the community contributed \u20b9 46 crore for the project. The key activities undertaken during second phase were water resource development, capacity building, livelihood enhancement through alternate livelihoods, soil conservation and plantation, water use efficiency and productivity enhancement. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">B. Animal Welfare:<\/span> Bajaj Auto is supporting Canine and Care and Control under Animal Welfare. The organisation works under 5 day program for Animal Birth Control (ABC) starting from catching of canine, spaying, post operative care for 2 days and to release of same canine in same area. In FY2023, a support was provided for ABC (Animal Birth Control) of Canine Population in Pune Municipal Corporation area. Along with ABC, these canines get vaccinated for Rabies.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Cautionary Statement<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Italic\">Statements in this Management Discussion and Analysis describing the Company\u2019s objectives, projections, estimates and expectations may be \u2018forward looking\u2019 within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Important factors that could make a difference to the Company\u2019s operations include global economy, political stability, stock performance on stock markets, changes in government regulations, tax regimes, economic developments and other incidental factors. Except as required by law, the Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Investors are advised to exercise due care and caution while interpreting these statements.<\/span><\/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-649860421\">\n\n\n\t<div id=\"col-1199202740\" 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_1256846931\">\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>Management Discussion &#038; Analysis<\/h2>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1256846931 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\t<div id=\"gap-1977214854\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1977214854 {\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-US\">\n\t<head>\n\t\t<meta charset=\"utf-8\" \/>\n\t\t<title>Management_Discussion<\/title>\n\t\t<style>\n\t\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 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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:14px;\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:-14px;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_15_Table_Head {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:18px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\n\tline-height:1.333;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:left;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_16_Rupees_In_Crore {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:\"Poppins Light\", sans-serif;\n\tfont-size:12px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:300;\n\tline-height:1.333;\n\tmargin-bottom:0;\n\tmargin-left:0;\n\tmargin-right:0;\n\tmargin-top:0;\n\torphans:1;\n\tpage-break-after:auto;\n\tpage-break-before:auto;\n\ttext-align:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_17_Table_Particulars {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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}\np._4_Table_18_Table_Thickline_Black {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_19_Table_Thickline_colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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:right;\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}\np._4_Table_24_Table_Text_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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}\np._4_Table_25_Table_Text_Plain_Center {\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:center;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_26_Table_Figure_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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_27_Table_Figure_Bold {\n\t-epub-hyphens:none;\n\tcolor:#000000;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_28_Table_Figure_Colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\np._4_Table_29_Table_Figure_Bold_Colour {\n\t-epub-hyphens:none;\n\tcolor:#005dac;\n\tfont-family:Poppins, sans-serif;\n\tfont-size:14px;\n\tfont-style:normal;\n\tfont-variant:normal;\n\tfont-weight:bold;\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:right;\n\ttext-decoration:none;\n\ttext-indent:0;\n\ttext-transform:none;\n\twidows:1;\n}\nspan.Bold {\n\tfont-family:\"Poppins SemiBold\", sans-serif;\n\tfont-style:normal;\n\tfont-weight:600;\n}\nspan.Colour {\n\tcolor:#005dac;\n}\ntable.TableOverride-1 {\n\tborder-collapse:collapse;\n}\ntd.CellOverride-1 {\n\tpadding-top:3px;\n}\ntd.CellOverride-2 {\n\tpadding-right:1px;\n\tpadding-top:3px;\n}\ntd.CellOverride-3 {\n\tpadding-bottom:3px;\n\tpadding-right:1px;\n\tpadding-top:3px;\n}\ntd.CellOverride-4 {\n\tpadding-bottom:3px;\n\tpadding-top:3px;\n}\ntd.CellOverride-5 {\n\tpadding-bottom:4px;\n\tpadding-right:4px;\n\tpadding-top:4px;\n}\ntd.CellOverride-6 {\n\tpadding-top:14px;\n}\ntd.CellOverride-7 {\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tpadding-top:14px;\n}\ntd.CellOverride-8 {\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tpadding-top:4px;\n}\ntd.CellOverride-9 {\n\tborder-bottom-width:0px;\n\tborder-top-width:0px;\n\tpadding-left:0px;\n}\ntd.CellOverride-10 {\n\tborder-top-width:0px;\n\tpadding-top:3px;\n}\ntd.CellOverride-11 {\n\tborder-top-width:0px;\n\tpadding-top:3px;\n\tvertical-align:middle;\n}\ntd.CellOverride-12 {\n\tvertical-align:top;\n}\ntd.CellOverride-13 {\n\tpadding-bottom:5px;\n\tpadding-top:3px;\n\tvertical-align:top;\n}\ntd.CellOverride-14 {\n\tpadding-bottom:5px;\n\tpadding-top:3px;\n}\ntd.CellOverride-15 {\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tpadding-top:3px;\n}\ntd.CellOverride-16 {\n\tpadding-bottom:4px;\n\tpadding-top:3px;\n}\ntd.CellOverride-17 {\n\tpadding-bottom:5px;\n\tpadding-top:14px;\n}\ntd.CellOverride-18 {\n\tpadding-bottom:5px;\n\tpadding-right:4px;\n\tpadding-top:3px;\n}\np.ParaOverride-1 {\n\tmargin-bottom:11px;\n}\np.ParaOverride-2 {\n\ttext-align:left;\n}\nspan.CharOverride-1 {\n\tcolor:#005dac;\n\tfont-family:\"Poppins ExtraBold\", sans-serif;\n\tfont-size:15px;\n\tfont-style:normal;\n\tfont-weight:800;\n}\ntd._idGenCellOverride-1 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-2 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-3 {\n\tborder-bottom-color:#f2f3f3;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tvertical-align:top;\n}\ntd._idGenCellOverride-4 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-5 {\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n\tvertical-align:top;\n}\ntd._idGenCellOverride-6 {\n\tborder-bottom-color:#f2f3f3;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#f2f3f3;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tvertical-align:top;\n}\ntd._idGenCellOverride-7 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-8 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n}\ntd._idGenCellOverride-9 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-color:#f2f3f3;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tvertical-align:top;\n}\ntd._idGenCellOverride-10 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-11 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n\tvertical-align:top;\n}\ntd._idGenCellOverride-12 {\n\tborder-bottom-color:#669ecd;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n\tvertical-align:top;\n}\ntd._idGenCellOverride-13 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-14 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-15 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-16 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-17 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tpadding-right:3px;\n}\ntd._idGenCellOverride-18 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n}\ntd._idGenCellOverride-19 {\n\tborder-bottom-color:#f2f3f3;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n}\ntd._idGenCellOverride-20 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-21 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-22 {\n\tborder-bottom-color:#669ecd;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-23 {\n\tborder-bottom-color:#669ecd;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-24 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-25 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-26 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-27 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-28 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-29 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-bottom:6px;\n\tpadding-top:6px;\n}\ntd._idGenCellOverride-30 {\n\tborder-bottom-style:solid;\n\tborder-bottom-width:0px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n\tpadding-bottom:6px;\n\tpadding-top:6px;\n}\ntd._idGenCellOverride-31 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:2px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-32 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-33 {\n\tborder-bottom-color:#666666;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#666666;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:148px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:12px;\n}\ncol._idGenTableRowColumn-3 {\n\twidth:124px;\n}\ncol._idGenTableRowColumn-4 {\n\twidth:123px;\n}\ntr._idGenTableRowColumn-5 {\n\tmin-height:27px;\n}\ntr._idGenTableRowColumn-6 {\n\theight:41px;\n}\ntr._idGenTableRowColumn-7 {\n\tmin-height:23px;\n}\ntr._idGenTableRowColumn-8 {\n\tmin-height:21px;\n}\ncol._idGenTableRowColumn-9 {\n\twidth:20px;\n}\ncol._idGenTableRowColumn-10 {\n\twidth:723px;\n}\ntr._idGenTableRowColumn-11 {\n\tmin-height:24px;\n}\ntr._idGenTableRowColumn-12 {\n\tmin-height:41px;\n}\ncol._idGenTableRowColumn-13 {\n\twidth:669px;\n}\ncol._idGenTableRowColumn-14 {\n\twidth:25px;\n}\ncol._idGenTableRowColumn-15 {\n\twidth:801px;\n}\ncol._idGenTableRowColumn-16 {\n\twidth:589px;\n}\ncol._idGenTableRowColumn-17 {\n\twidth:106px;\n}\ntr._idGenTableRowColumn-18 {\n\tmin-height:33px;\n}\ncol._idGenTableRowColumn-19 {\n\twidth:472px;\n}\ncol._idGenTableRowColumn-20 {\n\twidth:806px;\n}\ntr._idGenTableRowColumn-21 {\n\tmin-height:59px;\n}\ncol._idGenTableRowColumn-22 {\n\twidth:411px;\n}\ncol._idGenTableRowColumn-23 {\n\twidth:10px;\n}\ncol._idGenTableRowColumn-24 {\n\twidth:166px;\n}\ncol._idGenTableRowColumn-25 {\n\twidth:125px;\n}\ncol._idGenTableRowColumn-26 {\n\twidth:93px;\n}\ncol._idGenTableRowColumn-27 {\n\twidth:153px;\n}\ncol._idGenTableRowColumn-28 {\n\twidth:177px;\n}\ncol._idGenTableRowColumn-29 {\n\twidth:89px;\n}\ncol._idGenTableRowColumn-30 {\n\twidth:383px;\n}\ntr._idGenTableRowColumn-31 {\n\tmin-height:77px;\n}\ncol._idGenTableRowColumn-32 {\n\twidth:525px;\n}\ncol._idGenTableRowColumn-33 {\n\twidth:88px;\n}\ntr._idGenTableRowColumn-34 {\n\tmin-height:52px;\n}\ntr._idGenTableRowColumn-35 {\n\tmin-height:22px;\n}\ncol._idGenTableRowColumn-36 {\n\twidth:206px;\n}\ncol._idGenTableRowColumn-37 {\n\twidth:77px;\n}\ncol._idGenTableRowColumn-38 {\n\twidth:430px;\n}\ncol._idGenTableRowColumn-39 {\n\twidth:590px;\n}\nimg._idGenObjectAttribute-1 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-2 {\n\theight:100%;\n\twidth:100%;\n\tpadding-bottom: 20px;\n}\nimg._idGenObjectAttribute-3 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-4 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-5 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-6 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-7 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-8 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-9 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-10 {\n\theight:100%px;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-11 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-12 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-13 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-14 {\n\theight:100%;\n\twidth:100%;\n}\nimg._idGenObjectAttribute-15 {\n\theight:100%;\n\twidth:100%;\n}\ndiv._idGenObjectStyleOverride-1 {\n\tborder-width:0px;\n}\n\n\t\t<\/style>\n\t<\/head>\n\t<body id=\"Management_Discussion\" lang=\"en-US\">\n\t\t<div id=\"_idContainer016\" class=\"_idGenObjectStyleOverride-1\">\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Thankfully, 2022-23 (FY2023) saw the effects of Covid abate significantly, with citizens as well as businesses finally reverting to normalcy. However, the flip side was the impact of inflationary trends, supply chain disruptions emanating from China, and the Russia-Ukraine conflict impacting commodity prices. India\u2019s retail, or consumer price, inflation remained high and for much of the year was above 6%. To combat this, the RBI regularly raised its policy repo rate, starting May 2022, with cumulative increase being 250 basis points. In addition, thanks to higher global commodity prices and depreciation of the Indian rupee, the current account deficit increased.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">However, despite these critical challenges, India emerged as the fastest growing major economy in the world. The second advance estimate of national income released by the Central Statistics office (CSO) on 28 February 2023 expects real GDP growth in to be 7.0%; and that of gross value added to be 6.6%<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text ParaOverride-1\" lang=\"en-US\">Given this overall macroeconomic scenario, it needs to be asked how has Bajaj Auto fared?<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN ParaOverride-1\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-1\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_C_1@4x.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Charts A and B plot the Company\u2019s financial performance<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/ebitda-ebitda-percentage\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_A@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/total-operating-income-operating-profit-and-pat\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-2\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_B@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Motorcycles (Domestic)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">After peaking at 13.6 million units in FY2019, domestic sale of motorcycles for the industry steadily fell year-on-year right to under 9 million units in FY2022 \u2014 a drop of 34% over three consecutive years. Thankfully, FY2023 finally led to some growth: to 10.2 million units, or a rise of 13.9% over the trough of the previous year. Even so, domestic sales remained significantly below the all-time high of 13.6 million units in FY2019. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Given this industry scenario, how did Bajaj Auto perform? <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Table 1 gives the data on domestic sales.<\/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-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-3\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-4\" \/>\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\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-3\" \/>\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<tbody>\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_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-1\" colspan=\"11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 1: <\/span>Domestic sale of Motorcycles (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-1 _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Year ended 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Domestic sales for the industry (nos.)<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Domestic sales growth<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL\u2019s domestic sales (nos.)<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL\u2019s domestic growth<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">BAL&apos;s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-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 CellOverride-2 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2019<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">13,599,678 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">7.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 2,541,320 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">28.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2020<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">11,214,640 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(17.5%)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 2,078,136 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(18.2%)<\/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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2021<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">10,019,836 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(10.7%)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 1,807,980 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(13.0%)<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2022<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 8,984,186 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(10.3%)<\/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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,632,897 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(9.7%)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">18.2%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-8\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2023<\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">10,230,502 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">13.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 1,769,575 <\/p>\n\t\t\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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">8.4%<\/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 CellOverride-3 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-4 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">17.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Despite the Company\u2019s domestic sales in FY2023 being 8.4% higher than in the previous year, it grew slower than the market. Consequently, Bajaj Auto\u2019s market share witnessed a decline to 17.3%. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The greatest volume of sales occurs at the lower end, comprising 100-110 cc models. Given the strong competitive price pressures in this segment and in a milieu of increasing commodity prices and shortages of key semiconductors in the first half of FY2023, it made relatively less sense from the point of view of profits and shareholder value to push for on these products. Therefore, Bajaj Auto consciously focused to grow the sales of its more profitable models in the 125 cc range and above. It was a clear choice where per unit EBIDTA became a key variable.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Below is a segment-wise analysis of the domestic motorcycle market, followed by what it implies for the Company.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">100cc segment:<\/span> This segment accounts for by far the highest unit-wise sale of motorcycles in India. Bajaj Auto is represented here by the CT and Platina brands.<\/p>\n\t\t\t<table id=\"table002\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-10\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In FY2023, this segment grew by 6%, but over a lower base in FY2022.<\/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-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">For reasons mentioned earlier, Bajaj Auto consciously curtailed presence here. Consequently, Bajaj Auto\u2019s sales was an average of 53,746 units per month, with market share of 12.2%.<\/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-NooN\" lang=\"en-US\"><span class=\"CharOverride-1\"><img decoding=\"async\" class=\"_idGenObjectAttribute-3\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-1.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">125cc segment: <\/span>This segment recorded a double-digit growth in the domestic motorcycle market. Bajaj Auto is represented here by the Pulsar 125.<\/p>\n\t\t\t<table id=\"table003\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-13\" \/>\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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In FY2023, this segment grew by 20%.<\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Bajaj Auto\u2019s sales in this segment grew 38%, market share improved by 300 bps to 23.9%.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Having introduced this sleek model in FY2020, it sold an average of 52,439 units per month through FY2023. We look forward to such impressive growth of the Pulsar 125 in FY2024 also.<\/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-NooN\" lang=\"en-US\"><span class=\"CharOverride-1\"><img decoding=\"async\" class=\"_idGenObjectAttribute-4\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-125.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">150cc and above segment: <\/span>This segment is the fastest growing and represents 22% of the domestic motorcycle market. Bajaj Auto is represented here by the Pulsar, Avenger, Dominar, KTM and Husqvarna brands.<\/p>\n\t\t\t<table id=\"table004\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-14\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-15\" \/>\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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In FY2023, this segment grew by 27%.<\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto\u2019s sales was an average of 41,002 units per month, with market share of 21.4%.<\/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-NooN\" lang=\"en-US\"><span class=\"CharOverride-1\"><img decoding=\"async\" class=\"_idGenObjectAttribute-5\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-Bike-Set-1.png\" alt=\"\" \/><\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Irrespective of the market segments, Bajaj Auto is firmly entrenched in the domestic motorcycle market with the brand \u2014 Pulsar. For instance, Pulsar 125 is a much sought after bike. It is also worth noting that in FY2023, the Pulsar\u2019s, as a brand, grew by 33% and sold over 1 million units annually in the domestic motorcycle market. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-6\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Motorcycles-Domestic-Page-Bike-Set-2.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Probiking (KTM)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The probiking business consists of two brands: KTM and Husqvarna. The KTM brand and its models are well recognised across India. At present, the Husqvarna models are being seeded. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Unfortunately, production and hence sales in Q1 FY2023 were badly affected by the shortage of semiconductors. Consequently, the volume of KTM sales for FY2023 grew by 4% over FY2022. Thankfully, this crisis abated from the second quarter, and sales picked up. Thus, if we compare volumetric sales for nine-month period of FY2023 versus the same nine-month period of FY2022, KTM showed a growth of 16%. Chart C plots the sales of KTMs in India over the years.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/ktm-sales-in-india-nos\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_C@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Urbanite (Chetak EV)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In FY2021, this legendary brand was re-introduced as a best-in-class electric scooter. Woven together in this iconic design are simple lines and smooth surfaces \u2013 creating a thing of beauty and delight. It demonstrates the future of mobility, and offers a digitised, fully-connected riding experience by virtue of being embedded with mobility solutions like data communication, security and user authentication that enable customers to have a seamless ownership and riding experience. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The global semiconductor shortage that affected the industry right up to the first quarter of FY2023 also affected the Chetak. Thus, despite market demand, Bajaj Auto could not produce the quantities needed right up to the end of Q1 FY2023. Thereafter, the supply-side constraints eased, and we increased the manufacturing of the Chetak. To give an example, the Company sold 8,187 units in FY2022. This has risen to 36,260 in FY2023. Table 2 gives the data on domestic sales by BAL and Chetak Technology Ltd. (Wholly owned subsidiary of BAL).<\/p>\n\t\t\t<table id=\"table005\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-16\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-1\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 2: <\/span>Domestic sale of Chetak EV (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Year ended 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Nos.<\/p>\n\t\t\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 CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\"> Growth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\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 CellOverride-8 _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2020<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">212<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2021<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,395<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">558%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2022<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">8,187<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">487%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">2023<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">36,260<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">343%<\/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\">The Chetak is currently sold through 105 dealers present across 84 cities.<\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Three-Wheelers (Domestic)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Three-wheelers has been a growth story. In FY2019, domestic sales for the industry were 690,425 units. This fell by 10% in FY2020. Thereafter, the Covid-19 lockdown crashed sales in FY2021 by a staggering 66% to 208,091 units. Thankfully, FY2022 saw an increase of 12% to 234,047 units. Finally, FY2023 has righted things. The three-wheeler markets picked up across India.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Our performance in this segment is in Table 3. <\/p>\n\t\t\t<table id=\"table006\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-19\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 3: <\/span>Domestic sale of Three-Wheelers (in numbers)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2021<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\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 CellOverride-8 _idGenCellOverride-11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-12\" \/>\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Passenger carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">329,784<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">166,147<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">127,790<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">261,386<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">130,172<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">81,618<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">79.3%<\/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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">78.3%<\/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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">63.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Goods carriers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">81,309<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">67,900<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">80,301<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">38,623<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">30,427<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">27,686<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">47.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">44.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">34.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total three-wheelers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Industry sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">411,093<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">234,047<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">208,091<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">300,009<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">160,599<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">109,304<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">BAL\u2019s market share<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">73.0%<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">68.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">52.5%<\/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<table id=\"table007\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-21\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">For the industry, sales picked up substantially to reach nearer to the pre-Covid levels. In FY2023 alone, the volume of sales went up by 76% to 411,093 units. This is especially gratifying because it signals that owners and operators are again back on track \u2014 aided by generous financing offers. <\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Bajaj Auto\u2019s domestic sale of three-wheelers also grew by 87% to 300,009 units 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-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Domestic sale of Bajaj Auto\u2019s passenger vehicles more than doubled over the previous year to 261,386 units 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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In effect, in the domestic market, Bajaj Auto is the undisputed leader in all the segments.<\/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_08_Main_Head\" lang=\"en-US\">International Business<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Unlike in the recent past, FY2023 has been a difficult year for exports \u2014 thanks to serious geo-political uncertainties, as well as economic challenges like hyper-inflation and scarcity in availability of US dollars for key importing nations.<\/p>\n\t\t\t<p class=\"_3_Chapter_MDNA-BOX-Text\" lang=\"en-US\"><span class=\"Bold\">In FY2023 <\/span><\/p>\n\t\t\t<table id=\"table008\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">KTM recorded its highest ever volume of export sales. <\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">We sold 1.8 million units versus 2.5 million vehicles in the previous year.<\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Though Bajaj Auto\u2019s sales have declined, its market share across major geographies is largely intact. <\/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\">Table 4 gives the export data.<\/p>\n\t\t\t<table id=\"table009\" class=\"Annual-Report-Main-Table TableOverride-1\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-22\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-23\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-24\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-23\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-25\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-23\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-26\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-5 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 4: <\/span>Export Volume and Value, for Bajaj Auto<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-7 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Change<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-12\" \/>\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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-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 CellOverride-8 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Units<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,636,956<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">2,195,772<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-25.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Commercial Vehicles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">184,284<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">310,854<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-40.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total numbers<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\"> 1,821,240 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\"> 2,506,626 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">-27.3%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exports in K (crore)<\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> 14,458 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 16,934 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-14.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exports in USD (million)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> 1,787 <\/p>\n\t\t\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 CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\"> 2,172 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-8 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">-17.7%<\/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\">Despite this, there are some geographical positives: <\/p>\n\t\t\t<table id=\"table010\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">In Philippines, after the lifting of Covid restrictions, we increased the volume of motorcycle plus three-wheeler sales by 62%. <\/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-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Similarly, we grew sales in Mexico and Peru.<\/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\">In FY2023, exports as a percentage of Bajaj Auto\u2019s net sales was 40.9%. Chart D plots our export performance over the years, both in value and as a percentage of the Company\u2019s total net sales.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><a href=\"https:\/\/investors.bajajauto.com\/ar23\/auto-exports-net-sales\/\"><img decoding=\"async\" class=\"_idGenObjectAttribute-7\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Bajaj_Chart_D@4x-1.png\" alt=\"\" \/><\/a><\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">R&amp;D<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">FY2023 was a challenging year with many regulatory changes for automotive products to be met under very tight timelines; and to work on numerous EV programs to strengthen our EV portfolio. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Products <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-8\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-N250_15-copy.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">N250 and F250 Twin Channel ABS with Black scheme<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">New generation high end Pulsar N250 and F250 have been upgraded with a Twin Channel Anti-Lock Braking system (ABS) and steel braided rear brake hoses enhancing rider confidence and safety during braking. The new all black colour greatly enhances the visual interest and overall vehicle appeal.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-9\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-F250.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">N160<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">N160, the younger sibling of the Naked N250 in next generation Pulsar line up, inherits all the features and drive away chassis from the N250, making it the best-in-class bike in terms of vehicle handling and rider comfort. The N160 was the first to bring the additional safety of the Dual Channel ABS to this segment. Its modern two-valve engine provides very good torque that gives excellent roll-on performance.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-10\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-N160_3-copy-2.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">NS200 and NS160 upgrade<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">NS200 and NS160, our muscular streetfighter twins, have been upgraded with upside down fork suspension, twin channel ABS and an updated instrument console with a gear position indicator and fuel economy display. The upside down fork suspension enhance the bikes\u2019 front-end rigidity \u2014 making it easier to drop into the corners and improves cornering stability. The twin channel ABS and steel braided rear brake hoses helped enhancing rider confidence and safety during braking.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-11\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-NS200_3.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-12\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Pulsar-NS160_15.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">P150 Single Disc and P150 Twin Disc<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The all new P150 Single and Twin Disc are designed to ooze aggression. The models use a brand new 150cc air cooled power train, which delivers best-in-class performance and gear shift. Both bikes have brilliant class D LED projector head lamps that are bi-functional.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-13\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/P150_SD_15-copy.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-14\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/P150_TD_3.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Low Speed EV<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj R&amp;D has developed a low-speed two-wheeler for Yulu \u2014 where the Company has a 19% stake \u2014 to address its needs for the shared mobility business. Yulu has launched two of these new e-bike variants in India, namely Miracle GR a personal use vehicle, and Dex GR a last-mile delivery vehicle.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Both have a claimed 25 kph top speed, hub-mounted motor and both these vehicles use swappable batteries to allow quick turn-around, an LED headlight and tail-lamp. The Dex GR gets a rear rack to support the load carried by delivery agents.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text-NooN\" lang=\"en-US\"><img decoding=\"async\" class=\"_idGenObjectAttribute-15\" src=\"https:\/\/investors.bajajauto.com\/ar23\/wp-content\/uploads\/2023\/06\/Low-Speed-EV_DeX-GR.png\" alt=\"\" \/><\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Realigning resources to meet new regulatory requirements<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The Government of India has notified the following requirements to address fire safety concerns of electric vehicles as mandatory requirements for CMVR certification and for FAME II, PLI incentives:<\/p>\n\t\t\t<table id=\"table011\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-20\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-21\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">AIS 156: This standard addresses the functional safety requirements for electric vehicles and traction batteries. Within it, Amendment 3 focuses on additional safety requirements for REESS \/ Traction Battery Packs, charger and battery cell requirements, as well as thermal propagation tests. <\/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-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"><span class=\"CharOverride-1\">\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_11_Table_Text-White-Cell_Plain-For-Web _1_Table_11_Table_Text-White-Cell_Plain\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">MHI guidelines: Ministry of Heavy Industry (MHI) also published an office memorandum dated 2 November 2022 mandating various cell \/ battery pack \/ BMS level tests, as pre-conditions for claiming FAME II \/ PLI scheme incentives.<\/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\">Although, AIS 156 was issued earlier covering up to Amendment 1, the subsequent Amendment 3 plus the new MHI guidelines appeared suddenly in November 2022 \u2014 thus giving only four months for EV manufacturers to comply with these before 31 March 2023. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The BS6 OBD 2 norms were a big engineering change. The notification of the OBD norms splitting it into OBD 2A and 2B came in only in November 2022. The powertrain and vehicle configurations had to be adjusted to meet the new norms rapidly. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Alternate source needed for de-risking meant that R&amp;D had to calibrate and homologate many more variants to meet these new norms. Over 47 variants had to be homologated. This was done in an organised manner. We are proud to state that the entire range of two and three-wheelers has been successfully homologated in time. <\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Operations<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">TPM <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto\u2019s \u2018back end\u2019 consists of its Manufacturing, Engineering, Development and Materials functions. The principles and philosophy of TPM guide these functions in achieving excellence both individually and collectively to achieve the highest productivity, world-class quality, and lowest cost. \u2018The TPM way\u2019 has been successfully extended to include Bajaj Auto\u2019s vendors, dealers and distributors <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto\u2019s TPM at Operations<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto is \u2018first in the industry\u2019 in having all its manufacturing plants certified for the \u2018Special Award for TPM Achievement\u2019 by Japan Institute for Plant Maintenance (JIPM). In FY2020, the BAL Chakan plant was also conferred the \u2018Advance Special Award for TPM Achievement\u2019 which is a step behind the \u2018World Class TPM\u2019 award. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto\u2019s back-end has defined various \u2018focused improvement themes\u2019 which get constantly improved through TPM tools and techniques. In the last few years, we have established a production system that can flexibly respond to faster new product manufacturing and small-volume production of multiple items.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Further, to sustain all improvements and excel, we work on the \u2018Bajaj Production System (BPS)\u2019 which aims at \u2018Better Flow with Better Quality\u2019. Through this, we are in the process of aligning our efforts at the back-end to a \u2018No Stock Production\u2019 system encompassing the entire supply chain.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">BAL engineering has developed capabilities for Digitisation and Industry 4.0 through its various verticals including automation and robotics. We strive to improve operations parameters through accelerating digital transformation in both production and process management.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Vendor TPM Activities<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">BAL seeks the co-existence and co-prosperity of our business partners based on mutual trust. We facilitate fair trade, environmentally preferable purchasing, human resources development, safety and health activities as well as more reinforced and efficient procuring that gives consideration to various risks. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The TPM concept is pervasive at Tier I vendors\u2019 end with the help of BAVA (Bajaj Auto Vendors Association). Moreover, Bajaj Auto\u2019s TPM practicing Tier I vendors have extended the TPM practices down the supply chain to their vendors. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Under the Safety, Health and Environment pillar of Bajaj Auto\u2019s TPM and in alignment with the \u2018Green Purchase Policy\u2019, various activities were initiated \u2014 with the majority of our vendors having been certified for ISO 14001 and OHSAS 18001. Our 39 vendor groups have started with renewable energy and have implemented rooftop solar equivalent to 35 MW power.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We have also taken up a drive to maximise supplies to all our plants from vendors within the plant cluster. The majority of our supplies at respective BAL manufacturing locations are being done by vendors; located in each cluster. This has significantly shortened the length of our supply chain and reduced our carbon footprint. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">TPM in Dealer Service and Overseas Distributor Plants<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">TPM methodologies are being continuously spread across our business partners in India and the other global locations. The tool is kaizen, which is well spread across our dealers and distributors.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We started the implementation of TPM at our international distributor plants. As of FY2023, 19 such distributor plants have been practicing TPM for over a year. Consequently, these are now experiencing improvements in manpower productivity, production rate, first-time-right quality and reduction in cost parameters. Four of our distributor plants were evaluated for the qualification criterion of the \u2018BAL TPM Award\u2019. All of them have experienced more than 30% growth in their KPI parameters. In FY2024, three more countries are expected to join the league of BAL TPM award.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As on 31 March 2023, we had 1,012 dealerships practicing TPM. As on 31 March 2023, 418 dealerships were awarded the \u2018BAL TPM Award\u2019. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Capacity and Employee Strength<\/p>\n\t\t\t<table id=\"table012\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-27\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-28\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-29\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-30\" \/>\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-31\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_10_Table_Text-White-Cell_Center _1_Table_11_Table_Text-White-Cell_Plain CellOverride-9 _idGenCellOverride-17\" colspan=\"6\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 5: <\/span>Plant-wise capacities (in units per annum) &#8211; BAL + CTL <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-18\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Plant<\/p>\n\t\t\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 CellOverride-11 _idGenCellOverride-19\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-20\" colspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">As on 31 March 2023<\/p>\n\t\t\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 CellOverride-11 _idGenCellOverride-19\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-10 _idGenCellOverride-18\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\"> Product Range<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-21\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-22\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-23\" \/>\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-24\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Waluj<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">2,700,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Boxer, CT, Platina, Discover, Pulsar<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\" \/>\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Commercial Vehicles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\"> 930,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Passenger Carriers, Goods Carriers, Quadricycle <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Chakan<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,200,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Pulsar, Avenger, Dominar, KTM, Husqvarna<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Chakan\/Akurdi<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Scooters<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">120,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Chetak<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Pantnagar<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour ParaOverride-2\" lang=\"en-US\">Motorcycles<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,800,000<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">CT, Platina and Pulsar<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\" \/>\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-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,750,000<\/p>\n\t\t\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-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As on 31 March 2023, total employee strength stood at 9,816. This includes Chetak Technology Ltd. (CTL) employee strength of 361.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Women Employment<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Our women employee strength has grown over four times: from 148 in FY2014 to 694 in FY2023. Almost 62% of the women are working in the manufacturing plants and in engineering. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Human Resource<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Over the last year, we have refined and focused on 4 key areas \u2013 capability building, employee engagement, learning and development, and employee wellbeing.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As part of our Capability Building, we have been able to recruit, invest, develop and promote internal talent and have attracted external talent for key leadership roles across functions and BUs. Thus, with focused efforts, we have been able to build a strong leadership and management cadre. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We launched Lean In which is a global community dedicated to helping foster leadership, advancement, and inclusion of women in the workplace, strategised and launched campus challenges-TORQ across 28 premier engineering colleges including top 8 IITs and IISc to attract the sharpest minds of the country and developed teams, from scratch, in record time with niche skills like EMI\/EMC design, reliability engineering, IoT and OS reprogramming and mobile application development. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Through these and other initiatives, Chetak Technology Ltd. (our 100% subsidiary) has 54% female strength for L4 and below level, and 22% for L3+ level, which is the highest across all business units.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">To strengthen Employee Engagement, we launched for the first time, a survey named Pulse across the organisation to gauge the overall engagement levels, identify the areas of improvement, plan focused interventions, and ascertain the impact of people interventions. The initiative received an outstanding response rate of 92%. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We also conducted various events throughout the year such as Mental Health Awareness Week and Women\u2019s Week Celebration, Prodigy for celebrating the achievements of employee\u2019s children and Disha as a career guidance service to boost the career of employees\u2019 children in the right direction.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We recognise the importance of investing in the Learning and Development of our employees to keep up with the changing industry trends and technological advancements. By investing in our employees, we were able to stay ahead of the curve and continue to deliver innovative and high-quality electric vehicles to our customers.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">We partnered with industry best trainers to provide training and certification in EV related fields. We collaborated with IIT Madras to upskill employees in EEE-related skills including software and launched a 6-month certification course on E-mobility and Electric Vehicle Engineering. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Charged and Supercharged were launched for R&amp;D-GTE\u2019s to equip them with foundational skills necessary to build an EV and also launched up!SURGE and up!SWING which focused on the learning and development of women employees.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As a part of Employee Wellbeing initiatives and aligning with our principles of \u2018incorporating best market practices\u2019 and \u2018continuous improvement\u2019, we have launched Paternity Leave Policy for our employees.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">These initiatives have led us to winning multiple awards and recognitions such as:<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">\u2018Significant Achievement in HR Excellence\u2019 as part of the CII National HR Excellence Award Confluence 2021-22<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">ET HR World Future Skills Awards 2022 under the category of \u2018Best Approach to Implementing a Learning Experience Platform (LXP)\u2019 and \u2018L&amp;D Future Leaders\u2019.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Gold Award as part of the Brandon Hall Group Technology Excellence Awards 2022, under the category \u2018Best Advance in Learning Management Technology (LMT)\u2019<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">And our managers won The Great Manager Awards 2022 and received The HR40under40\u2019s Future HR Leader Award.<\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Financials<\/p>\n\t\t\t<table id=\"table013\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-32\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-33\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-33\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-33\" \/>\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-34\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-25\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Table 6 gives the summarised standalone profit and loss statement of Bajaj Auto.<\/p>\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 6: <\/span>Standalone Profit and Loss Statement<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-26\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-27\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-28\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-29\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-30\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_16_Rupees_In_Crore\" lang=\"en-US\"> (\u20b9 In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">Growth%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-35\">\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 CellOverride-14 _idGenCellOverride-11\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-12\" \/>\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operations<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">35,359<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">32,136<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">10.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Other operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,069<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,009<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">36,428<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">33,145<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">9.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Cost of materials consumed, net of expenditures capitalised<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">26,027<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">24,317<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">71.4%<\/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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">73.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Stores and tools<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">154<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">132<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">0.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Employee cost<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,443<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,356<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">4.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">4.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Factory, administrative and other expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,086<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">948<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">3.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">2.8%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Sales and after sales expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,167<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,131<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">3.2%<\/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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">3.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Total expenditure<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">29,877<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">27,884<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Earnings before interest, tax, depreciation and amortisation (EBITDA)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,551<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">5,261<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">24.5%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">EBIDTA %<\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">18.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">15.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">39<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">9<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Depreciation and amortisation<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">283<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">269<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Operating profit<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,229<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">4,983<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">25.0%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\"> <\/p>\n\t\t\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 CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">17.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">15.0%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Non-operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,181<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,209<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less : Non-operating expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Non-operating income, net<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,180<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,207<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax and exceptional item<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,409<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">6,190<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">19.7%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Exceptional item (Income) \/ Expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">&#8211;<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">(315)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-32\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,409<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">6,505<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">13.9%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Tax expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1,781<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,486<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">5,628<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">5,019<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">12.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Surplus cash and cash equivalents as on 31 March<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">17,445<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">19,090<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-16 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">-8.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Return on Operating Capital Employed (ROCE)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-15 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">309%<\/p>\n\t\t\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 CellOverride-16 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">214%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Our surplus funds are invested in (i) fixed income securities rated A1+ and equivalent for short term investments, (ii) AA+ and above rated securities for long term investments, and (iii) fixed deposits with banks and finance companies.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As required for listed companies by the Securities and Exchange Board of India (SEBI), Table 7 gives the key ratios.<\/p>\n\t\t\t<table id=\"table014\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-36\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-37\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-37\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-38\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-1\" colspan=\"7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 7: <\/span>Bajaj Auto\u2019s Key Financial Ratios, Standalone<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-18\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-17 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-10\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-17 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-6 _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Remarks<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-35\">\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 CellOverride-14 _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-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 CellOverride-18 _idGenCellOverride-12\" \/>\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Debtors Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">21.48<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">15.18<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Revenue from contract with customers recording a growth and average receivables recording a decline<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Inventory Turnover Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">19.83<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">17.86<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Current Ratio<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">1.71<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">2.13<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Operating Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">17.1%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">15.0%<\/p>\n\t\t\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-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Net Profit Margin<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">15.0%<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">14.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Return on Net Worth<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">21.6%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">19.4%<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain CellOverride-12 _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Subsidiaries<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto International Holdings BV (BAIH BV)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto International Holdings BV (BAIH BV) is a 100% Netherlands based subsidiary of Bajaj Auto Ltd. Over the years 2007 to 2013, through this subsidiary, Bajaj Auto has invested a total of \u20ac198.1 million (\u20b9 1,219 crore) and holds 49.9% stake in Pierer Bajaj AG (PBAG). 50.1% in PBAG is held by the Pierer Group. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Pierer Bajaj AG (formerly PTW Holding AG) holds 73.3% stake in Pierer Mobility AG (PMAG). Pierer Mobility AG is Europe\u2019s leading \u2018Powered Two-wheeler\u2019 manufacturer with focus on highly innovative sports motorcycles and electric mobility-E bicycles, E motorcycles, etc. With its KTM, Husqvarna and GASGAS motorcycle brands, it is a leading premium motorcycle manufacturer in Europe. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto is a partner in all mobility businesses that the Pierer Group engages in.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In the year 2022, PBAG recorded a strong performance with revenues in excess of \u20ac2.4 billion  (growth of 19.5% over 2021) and a profit of \u20ac125 million.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Chetak Technology Ltd. (CTL)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">In the electric vehicle (EV) market, two-wheelers are expected to have an early advantage, especially given the various incentive schemes from the Government of India and various state governments. In FY2023, the market size was estimated at over 300,000 units annually.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Given a high stake, Bajaj Auto felt the need to participate in this space through a 100% subsidiary called Chetak Technology Ltd. (CTL), with a clear focus to develop new technologies and products, to have dedicated manufacturing, sales, after-sales and to offer customer centric experiences. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The subsidiary formed on 4 October 2021 with initial paid-up equity share capital of \u20b9 5 crore, stands adequately funded with paid-up equity share capital of \u20b9 470 crore as on 31 March 2023. That apart, a new state of the art manufacturing facility at Akurdi is being set up with planned investments in excess of \u20b9 200 crore. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">For FY2023, CTL sold 4,873 units, generating a total operating income of \u20b9 81 crore and recorded a net loss of \u20b9 77 crore. As on 31 March 2023, CTL\u2019s employee strength stood at 361.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto (Thailand) Ltd.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto (Thailand) Ltd. is a wholly owned subsidiary in Thailand with an issued and subscribed share capital of Thai Baht (THB) 45 million (\u20b9 10 crore). An Engineering Design Centre (EDC) is set up under this subsidiary.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto (Thailand) has all necessary approvals from local authorities. The EDC is operational and international designers are working from this new facility in Bangkok.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto Spain S.L.U.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto Spain S.L.U. is a wholly owned subsidiary in Barcelona, Spain \u2013 intent being to setup an Engineering Design Centre \u2013 with an issued and subscribed share capital of \u20ac600K (\u20b9 5 crore).<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The EDC has just started operations with the facility being set-up and is expected to be fully operational in the coming year. <\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Auto Consumer Finance Ltd. (BACFL)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">With over two-thirds of two-wheelers and over three-fourths of three-wheelers retailed in India being financed, this activity is the key to the automobile business. Penetration, geographic coverage and expanding financing options for the retail customers of Bajaj Auto Ltd. and Chetak Technology Ltd. are the keys to success in future.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">A wholly-owned captive financing company has been formed. This new subsidiary with a paid-up equity share capital of \u20b9 30 crore has applied to the RBI for an NBFC license and is drawing up plans to set up a new organisation, infrastructure and processes. Once operational, Bajaj Auto will be positioned to offer an increased variety of financing options to its business partners and retail customers through this new NBFC.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Bajaj Do Brasil Comercio De Motocicletas Ltda<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Brazil is an important market for motorcycles in Latin America. To address this motorcycle market in Brazil, Bajaj Auto has set up a wholly owned subsidiary on 31 March 2022 with a paid up equity share capital of BRL 30 million (\u20b9 48 crore). <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The subsidiary has just started operations after obtaining all necessary approvals and has currently introduced the Dominar 160, 200 and 400 range of motorcycles in this highly competitive market. Full scale operations are likely to commence in the coming year.<\/p>\n\t\t\t<p class=\"_3_Chapter_08_Main_Head\" lang=\"en-US\">Consolidation of accounts and segment reporting<\/p>\n\t\t\t<table id=\"table015\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-39\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-17\" \/>\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-5\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_01_Table_Head _1_Table_11_Table_Text-White-Cell_Plain CellOverride-13 _idGenCellOverride-1\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_15_Table_Head\" lang=\"en-GB\"><span class=\"Colour\">Table 8: <\/span>Segment Revenue and Segment Results <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-27\" \/>\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 CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-28\" \/>\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 CellOverride-14 _idGenCellOverride-3\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_02_Table_Rupees_In_Crore _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-30\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_16_Rupees_In_Crore\" lang=\"en-US\"> (\u20b9 In Crore)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_04_Table_Particulars _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-2\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_17_Table_Particulars\" lang=\"en-GB\">Segment Revenue<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_07_Table_Thickline_colour _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-31\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_19_Table_Thickline_colour\" lang=\"en-GB\">FY2023<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_06_Table_Thickline_Black _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-4\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_18_Table_Thickline_Black\" lang=\"en-GB\">FY2022<\/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-35\">\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 CellOverride-14 _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-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 CellOverride-18 _idGenCellOverride-12\" \/>\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 CellOverride-14 _idGenCellOverride-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 CellOverride-14 _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">36,665 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">33,272 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">978 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,157 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">37,643 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">34,429 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">&#160;<\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Segment Results Profit\/(Loss) from each segment before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Automotive<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">6,905 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">6,505 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Investment and others<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">976 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">1,155 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,881 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">7,660 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_11_Table_Text-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-33\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_23_Table_Text_Plain\" lang=\"en-GB\">Less: Interest<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_13_Table_Figure-Color-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_28_Table_Figure_Colour\" lang=\"en-US\">39 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_15_Table_Figure-White-Cell_Plain _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_26_Table_Figure_Plain\" lang=\"en-US\">8 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">7,842 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-6\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">7,652 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-7\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_12_Table_Text-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-7\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_24_Table_Text_Bold\" lang=\"en-GB\">Profit after tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_03_Table_Blank-Cell _1_Table_11_Table_Text-White-Cell_Plain CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_14_Table_Figure-Color-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_29_Table_Figure_Bold_Colour\" lang=\"en-US\">6,060 <\/p>\n\t\t\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 CellOverride-14 _idGenCellOverride-9\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _1_Table_16_Table_Figure-White-Cell_Bold _1_Table_11_Table_Text-White-Cell_Plain _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_4_Table_27_Table_Figure_Bold\" lang=\"en-US\">6,166 <\/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_08_Main_Head\" lang=\"en-US\">Corporate Social Responsibility (CSR)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto is focused to build competence around selected areas and create large scale impact. During FY2023, it focused on<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Skilling Initiatives<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">As a part of Skilling Initiatives, two large scale programs have been launched. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text_Bold\" lang=\"en-US\">A. Bajaj Engineering Skills Training (BEST)<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The objective is to make the youth ready for industry 4.0 by skilling them in current and evolving technologies. A focused curriculum is developed in 4 modules and setting up Industry relevant equipment across Universities and Engineering colleges for practical applications. The modules and labs for these topics have been designed leveraging experts from Bajaj Auto Engineering team and in consultation with external stakeholders like CII, ACMA, ASDC and Academia. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The primary target beneficiaries for the program are Diploma and Graduate engineers from tier 2 and tier 3 colleges\/institutes\/locations. The duration of such courses is designed to be between 4-6 months with a combination of 70% practical and 30% theory. The center will also cater to various other short term skill trainings, covering both fresh skilling and upskilling.<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text_Bold\" lang=\"en-US\">B. Bajaj Manufacturing Systems (BMS) Certification program<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">Bajaj Auto has been implementing manufacturing system and processes as per the TPM (Total Productivity Management) philosophy. Basis the research and an understanding of ITI ecosystem, it was realised that students in these institutions do not get exposure to latest manufacturing systems and processes implemented in the industry. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">To better equip the students, Bajaj Auto has developed an innovative and interactive digitised self-learning content with real life and industry examples. These modules are going to be hosted via online Learning Management System (LMS) and will provide free access to students. The first phase of pilot will be conducted in the year 2023 across ITI\u2019s in Maharashtra. Basis the learnings and experiences, this will be expanded across the entire state of Maharashtra and then PAN India.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Education programs in and around our local area <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">A. Science Technology Engineering Mathematics (STEM) Education in schools:<\/span> Bajaj Auto has implemented STEM education in schools and tuition centers to support school children with academic classes which will enhance their interest in STEM subjects. It also has set up science labs in schools and trained teachers to adopt applied learning. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">B. Vocational Education in schools:<\/span> Bajaj Auto is supporting \u2018Lend A Hand India\u2019 for a three-year intervention aimed at improving access and quality in delivery of education in secondary\/higher secondary schools in the state of Rajasthan and Uttarakhand. The project has two primary objectives. To launch skill vocational education program in 20 schools (10 schools each at Sikar in Rajasthan and Udham Singh Nagar in Uttarakhand) and <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">To provide technical and project management support to the State governments of Rajasthan and Uttarakhand in scaling the vocational education in 1,105 schools (905 in Rajasthan and 200 in Uttarakhand). Overall, the program seeks to reach out to 121,600 students through a blend of direct and systemic capacity building interventions. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">C. Scholarships for Higher Education:<\/span> Bajaj Auto has initiated \u2018Rupa Rahul Bajaj Scholarship Program\u2019 to support students from underprivileged background to take higher education in reputed Universities and colleges. A detailed process is laid down to select students who will be eligible for scholarship. To start with, from FY2024, 10 students have been extended the financial support for four years. This program will be scaled up to create a pipeline for BEST initiative. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">D. Bharatiya Yuva Shakti Trust (BYST-Youth Entrepreneurship Development Program)<\/span><\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\">The program, run by BYST, includes supporting underprivileged young entrepreneurs by supplementing financing based on the assessment done by the mentors assigned to them who are drawn from the similar industry and who gives voluntary personalised advice and support. The young entrepreneurs are nurtured till they reach a level where not only are self-sufficient, but they in turn make a valuable contribution to society through creation of wealth and employment. Bajaj Auto has commitment to mentor 1,000 youths through BYST and help them build their enterprise.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Programs under Environment sustainability<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">A. Bajaj Water Conservation Project (BWCP): <\/span>The Bajaj Water Conservation Project was launched in 110 villages of Gangapur and Aurangabad Talukas of Aurangabad district, where a total of \u20b9 123 crore was funded by Bajaj Auto and the community contributed \u20b9 46 crore for the project. The key activities undertaken during second phase were water resource development, capacity building, livelihood enhancement through alternate livelihoods, soil conservation and plantation, water use efficiency and productivity enhancement. <\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Bold\">B. Animal Welfare:<\/span> Bajaj Auto is supporting Canine and Care and Control under Animal Welfare. The organisation works under 5 day program for Animal Birth Control (ABC) starting from catching of canine, spaying, post operative care for 2 days and to release of same canine in same area. In FY2023, a support was provided for ABC (Animal Birth Control) of Canine Population in Pune Municipal Corporation area. Along with ABC, these canines get vaccinated for Rabies.<\/p>\n\t\t\t<p class=\"_3_Chapter_10_Sub_Head_01\" lang=\"en-US\">Cautionary Statement<\/p>\n\t\t\t<p class=\"_3_Chapter_12_Body-Text\" lang=\"en-US\"><span class=\"Italic\">Statements in this Management Discussion and Analysis describing the Company\u2019s objectives, projections, estimates and expectations may be \u2018forward looking\u2019 within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Important factors that could make a difference to the Company\u2019s operations include global economy, political stability, stock performance on stock markets, changes in government regulations, tax regimes, economic developments and other incidental factors. Except as required by law, the Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Investors are advised to exercise due care and caution while interpreting these statements.<\/span><\/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-178","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/pages\/178","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=178"}],"version-history":[{"count":10,"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/pages\/178\/revisions"}],"predecessor-version":[{"id":1319,"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/pages\/178\/revisions\/1319"}],"wp:attachment":[{"href":"https:\/\/investors.bajajauto.com\/ar23\/wp-json\/wp\/v2\/media?parent=178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}