Bajaj Electricals

July 15, 2023
To,
BSE Limited : Code No. 500031
Department of Corporate Services,
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai 400 001
National Stock Exchange of India Limited : BAJAJELEC - Series: EQ

Listing Department
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai 400 051
Dear Sir/Madam,
Sub.: Notice of the 84th Annual General Meeting (“AGM”) of the Members of Bajaj Electricals
Limited (“Company”) and the Annual Report for the Financial Year 2022-23
Further to our letter dated May 23, 2023, and in accordance with the provisions of Regulations 34 and
30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("SEBI Listing Regulations"), read with the Securities and Exchange
Board of India's Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, we
hereby submit the Annual Report of the Company for the financial year ended March 31, 2023,
containing, inter-alia, the Notice convening the 84th AGM of the Company to be held on Thursday,
August 10, 2023, at 3.00 p.m. (IST) through Video Conferencing ("VC") or Other Audio-Visual Means
("OAVM"), to transact the following businesses:
Ordinary Businesses:
1. To receive, consider and adopt the: (a) audited financial statements of the Company for the
financial year ended March 31, 2023, together with the reports of the Board of Directors and
Auditors thereon; and (b) audited consolidated financial statements of the Company for the
financial year ended March 31, 2023, together with the report of Auditors thereon. (Ordinary
Resolution)
2. To declare a dividend of Rs. 4.00 per equity share of face value of Rs. 2.00 each for the financial
year ended March 31, 2023. (Ordinary Resolution)
3. To appoint a director in place of Mr. Madhur Bajaj (DIN 00014593), who retires by rotation and
being eligible, offers himself for re-appointment. (Ordinary Resolution)
4. To appoint a director in place of Mr. Rajiv Bajaj (DIN 00018262), who retires by rotation and being
eligible, offers himself for re-appointment. (Ordinary Resolution)
Special Businesses:
5. To ratify the remuneration of the Cost Auditors of the Company for the financial year ended March
31, 2024. (Ordinary Resolution)
6. To approve the Borrowing by way of Issue of Securities. (Special Resolution)
7. To appoint Mr. Sudarshan Sampathkumar (DIN: 01875316) as an Independent Director. (Special
Resolution)
Corporate Office: Mulla House 51, Mahatma Gandhi Road, Mumbai 400 001
Tel: +91 22 6149 7000 | www.bajajelectricals.com
Registered Office: 45/47, Veer Nariman Road, Fort, Mumbai 400 001
Tel: +91 22 6110 7800 | Email: legal@bajajelectricals.com | CIN: L31500MH1938PLC009887
The Notice of the ensuing 84th AGM of the Company and the Annual Report for the financial year
ended March 31, 2023, are being dispatched to the Members, whose email IDs are registered with the
Company or their Depositories, through electronic mode today.
The said Notice and the Annual Report are also placed on the website of the Company:
www.bajajelectricals.com and of Link Intime India Private Limited: https://instavote.linkintime.co.in.
Brief details of the 84th AGM of the Company are as under:
Date and time of AGM Thursday, August 10, 2023, at 3.00 p.m. (IST)
Mode VC / OAVM
Web-link for participation through VC https://instameet.linkintime.co.in
Cut-off date for e-voting August 3, 2023
E-voting start date and time August 6, 2023 at 09:00 a.m. (IST)
E-voting end date and time August 9, 2023 at 05:00 p.m. (IST)
The Annual Report inter alia contains Business Responsibility and Sustainability Report (BRSR) for the
Financial Year 2022-23.
We request you to take the above on record and that the same be treated as compliance under the
applicable provisions of the SEBI Listing Regulations.
Thanking you,
Yours faithfully,
For Bajaj Electricals Limited
SHEKHAR Digitally signed by
SHEKHAR BAJAJ
BAJAJ Date: 2023.07.15 17:36:02

+05'30'
Shekhar Bajaj
Chairman
DIN: 00089358
Encl.: As above.
Corporate Office: Mulla House 51, Mahatma Gandhi Road, Mumbai 400 001
Tel: +91 22 6149 7000 | www.bajajelectricals.com
Registered Office: 45/47, Veer Nariman Road, Fort, Mumbai 400 001
Tel: +91 22 6110 7800 | Email: legal@bajajelectricals.com | CIN: L31500MH1938PLC009887
8 4 TH A N N U A L R E P O R T
2 0 2 2 - 2 3
KOI NAHI KEHTA KI LIFE EASY HOGI,
KI SUCCESS ASAANI SE MILEGI. This year has been exceptional as we

continued to uphold our commitment
U-TURN MAAR LENA ASAAN TOH HOGA,
to delivering excellence and building
PAR SUCCESS FINISH LINE PAR HI MILEGI. a sustainable future for all. At the core
of our endeavours lies our on-going
JAB HUM DREAMS KO SONE DENGE,
transformation journey - one that we
TOH VOH DREAMS HI REH JAAYENGE.
embarked upon a few years ago and
have taken long strides towards making
AGAR AMBITIONS KO FUEL NAHI KARENGE,
this the #DecadeOfBajajElectricals.
TOH VOH SIRF KOSHISH KEHLAYENGE.
SO, LET'S PULL OURSELVES UP AND STAND FREE

We have brought about sustained consumer pain points. The new
CAUSE IF LIFE IS TOUGH THEN SO ARE WE. impact across business, leadership, positioning of BUILT FOR LIFE, thus,
and people policies enabling is a promise of durability and
us to create additional value for the resultant portfolio of home
DAY AFTER DAY, NIGHT AFTER NIGHT, our stakeholders. One of the key appliances is high endurance,
initiatives is the transformation of our aesthetically pleasing and low
WE'RE BUILT TO PLAY. brand BAJAJ through the ‘BUILT FOR maintenance. Our unwavering
LIFE’ Campaign. This large-scale dedication will drive us towards
WE'RE BUILT TO FIGHT. campaign is backed by consumer creating products and solutions that
insights, innovation, and robust R&D exceed consumer expectations,
capabilities to offer a strong product while simultaneously addressing the
WE’RE BAJAJ, AND WE’RE BUILT FOR LIFE. portfolio to enhance the consumer evolving needs and preferences of
proposition. our valued customers.
‘BUILT FOR LIFE’ is inspired by the Our brand has always stood for trust
Indian consumers' spirit to endure, – our consumers' trust in our products
not give up, persevere, and and services for 85 years. As we
keep performing. Modern Indian take this legacy forward, we are at
consumers’ time-constrained the right juncture to take the BAJAJ
lifestyle must be ably supported brand to the next level.
by home appliances like ours that
perform seamlessly without glitches
or inefficiencies. This initiative is
underpinned by extensive research
conducted across multiple product
categories, wherein we diligently Scan to watch
identified and analysed numerous
What's Inside
Corporate Overview About the Report

02 About the Report
04 About Bajaj Group We are delighted to share our Annual Reporting year page 40) provides a brief explanation statements in the Annual Report.
Report, which incorporates optional of these issues. By examining these The statutory auditor’s S R B C & Co.
06 About Bajaj Electricals This comprehensive report mainly
details to the fullest extent feasible, material topics, we can gain insights LLP, Chartered Accountants have
08 focuses on the period spanning
Aligning with UNSDGs following the reporting guidelines into the factors that drive the provided an unmodified opinion on
from April 1, 2022, to March 31, 2023.
10 Chairman's Message established by the International
Nevertheless, specific segments of
company's growth. the financial statements and the
Integrated Reporting Council (IIRC). ‘Independent Auditor’s Report’ has
12 MD & CEO's Message In addition, the GRI (Global Reporting
this report include relevant data and
been duly incorporated as a part of
statistics from previous years as well. Reporting boundary
14 Financial Highlights Initiative) Standards and Sustainable this report.
The information presented in the This report is for Bajaj Electricals and
16 Our Businesses Development Goals (SDGs) are
Integrated Report pertains to Bajaj
mapped to the KPIs used for reporting the scope of this report covers its
22 New Products Electricals Limited as an independent four manufacturing locations, its
Queries regarding the report
on the Capitals.
entity, unless stated otherwise. All Any feedback or query related to this
26 Board of Directors Offices across India, project sites,
Our main objective with this report is financial and non-financial aspects international projects managed from report can be communicated to
28 Awards and Accolades to fulfil the information needs of our adhere to the applicable laws, India. It includes the segments of Bajaj
Mr. Ajay Nagle
36 Business Model stakeholders. We strive to present regulations, and standards of the Electricals — Consumer Products,
this information in a manner that is Republic of India. CS & Compliance Officer
38 Lighting Solutions and Engineering,
Stakeholder Engagement meaningful and applicable to our key legal@bajajelectricals.com
Procurement & Construction.
40 Materiality Assessment stakeholders as well. Readers can also reach out to
44 ESG Strategy The reporting is aligned with the
The electronic version of the report can
Assurance
us at the above email to provide
be found on our website feedback on improving our
46 Financial Capital following –
To ensure the integrity of facts and
https://www.bajajelectricals.com disclosures.
50 Manufactured Capital The Companies Act, 2013 information, the Management have
58 reviewed the facts and qualitative
Intellectual Capital The report discusses 6 capitals
02-97
Indian Accounting Standards

72 Human Capital
82 Social and Relationship Capital The Securities and Exchange Financial Capital
Board of India (Listing Obligations
92 Natural Capital and Disclosure Requirements) Manufacturing Capital
97 Corporate Information Regulations, 2015.
Intellectual Capital
Our approach to reporting Human Capital

Statutory Reports
Shareholders are now experiencing
98 Notice a significant shift in their approach Natural Capital
Built on Accelerating organisational
98-241
to evaluating corporations. Instead trust and legacy transformation

115 Board's Report Social & Relationship Capital
of solely focusing on financial
153 Report on Corporate Governance performance, stakeholders now
187 Management Discussion place equal importance on a Page 6 Page 10
company's overall value creation. Material issues
and Analysis
Bajaj Electricals, as a responsible Bajaj Electricals has conducted a
211 Business Responsibility Report business, has embraced this materiality assessment to identify
transformation and is dedicated to the most significant issues that could
pursuing sustainable value creation have an impact on the company's
Financial Statements through its vision. This report serves ability to create long-term value for
as a means to convey essential its stakeholders. These issues were
242-464
Standalone details about Bajaj Electricals determined by considering internal

243 Independent Auditor’s Report Limited's governance, business and external factors, industry trends,
model, strategy, opportunity the company's business strategy, and
256 Standalone Financial Statements evaluation, material risk, operations, A convenient, innovative Building a robust business
the economic environment.
Consolidated and performance for the period and customer-centric model with prudent capital
spanning FY 2022-2023. The management of Bajaj Electricals portfolio allocations
360 Independent Auditor’s Report
will review these material issues as the
370 Consolidated Financial Statements company progresses on its sustainability
Page 16 Page 34
journey. The Materiality section (on
Corporate overview
Statutory reports
About Bajaj Group Financial Statements
An Impressive
Legacy of Evolution
Founding members
The Bajaj Group has consistently exceeded

the expectations of its customers, patrons,
employees, communities, and other
stakeholders while remaining true to the vision
and principles of its founder, Shri Jamnalal
Bajaj. With its foundation laid over nine Jamnalal Bajaj Kamalnayan Bajaj Ramkrishna Bajaj Rahul Bajaj
decades ago in 1926, the Group has grown (1889 – 1942) (1915 – 1972) (1923 – 1994) (1938 – 2022)
into a dynamic conglomerate that promotes More than a hundred Following the demise In 1972, Shri. Ramkrishna Shri. Rahul Bajaj, a Padma
years ago, a visionary of Shri. Jamnalal in Bajaj, the younger son Bhushan awardee and
shared prosperity and the greater good. philanthropist boldly 1942, Shri. Kamalnayan of the Bajaj family, former Rajya Sabha
embarked on a Bajaj assumed assumed leadership member, took over in
groundbreaking the responsibility of the Bajaj Group, 1994. Under his guidance,
endeavour by employing of overseeing the complementing his the Bajaj Group flourished
Today, the Bajaj Group is one of The Bajaj Group remains addition to its business priorities, business as a means businesses. He expanded brother's astute business across diverse sectors,
India's most esteemed business committed to its core values of the Group actively engages to benefit society. Shri. the Bajaj Group into new skills. He distinguished including automobiles,
houses, operating across diverse ethical business practices and in community development, Jamnalal Bajaj, the territories, aligning with himself as a leader with insurance, investment,
industries such as automobiles, social development, despite healthcare initiatives, education esteemed founder of the vision of a modern a unique approach to and consumer finance.
financial services, insurance, experiencing remarkable promotion, and support for art, the Bajaj Group, earned and diverse India. business, establishing His unwavering
steel, consumer appliances, growth and success in its various heritage, and sports. Moreover, the endearing title of Through the tumultuous an improved ethical determination propelled
fast-moving electrical goods, businesses. It has evolved the Bajaj Group endeavours to the ‘Merchant Prince’ partition and post- business environment the Group to become
engineering, procurement and beyond being just a corporate restore and maintain ecological from Mahatma Gandhi independence era, he materialised through the one of India's largest
construction, travel and tourism, entity and has become a catalyst balance, recognising the himself. Renowned navigated industrial and establishment of two and most respected
and material handling. for social empowerment. In importance of environmental for their exceptional legal challenges with influential organisations conglomerates.
sustainability. quality, his enterprises great skill. that he co-founded. Furthermore, his strong
stood apart due to his These organisations, commitment to societal
Industries we serve: firm refusal to adopt namely the Council for well-being was evident
unethical cost-cutting Fair Business Practices through effective
measures. and the Advertising leadership of the
Standards Council of Group's CSR initiatives
Home Appliances Lighting Solutions Iron and Steel India, continue to hold and the Jamnalal Bajaj
significant relevance Foundation.
even today.
Automobile EPC – Power Transmission
(2 wheelers & 3 wheelers) NBFC /Financial Services
& Distribution
Fans Travel Insurance
04 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 05

Corporate overview
Statutory reports
About Bajaj Electricals Financial Statements
Built on
Trust and Legacy
Bajaj Electricals is The operations of the group Key Highlights
are organised into three distinct
one of the most segments: the consumer products
renowned Consumer segment, which offers a wide R 5,429 R 216 19.2%
Products, Lighting range of products; the lighting
Financial Total Revenue PAT ROCE
solutions segment, catering to
Solutions and EPC both consumer and professional
Capital in (crore) in (crore)
Project companies needs; and the robust Engineering, Refer Page 46 for more details.
in India. With a rich Procurement, and Construction

division, specialising in power
legacy spanning transmission and distribution. 4 57% 30.69 Lakh sqft
over eight decades,
Manufactured Manufacturing Factory Warehouse
the Company has With a strong commitment Capital sites Utilisation Footprint
earned a reputation to excellence, customer
as a ‘trusted brand’ satisfaction, and Refer Page 50 for more details.
technological advancements,
that is dedicated BAJAJ, Nirlep and Morphy
to maximising value Richards have emerged 184 18 678
creation for diverse as preferred brands in Intellectual People in Patents filed Launched new
Capital
stakeholders. the Indian market. This R&D team SKUs in Consumer
Products & Lighting
dedication has played Refer Page 58 for more details. Solutions
a significant role in the
The Company has undergone sustained growth and
a remarkable transformation success of the group. 2,500 83% 8%
journey in recent years. From a rich
legacy spanning over 85 years, the Human Permanent Employee Gender diversity
Refer more about our Capital employees Engagement (excl. factories)
company has successfully achieved businesses and brands on Score
significant milestones, including a
Refer Page 72 for more details.
turnaround in performance, debt- Page 16
free status, and the adoption of a of the report.
consumer-centric 'house of brands'
approach. This transformation 700+ 90+ ~ 2L
has empowered Bajaj Electricals Social and Dealer network Supplier Retailer
to drive agility, innovation, and Relationship network network
focused growth across its diverse Capital
business portfolio.
Refer Page 82 for more details.
86,000+ 91% 15,507 GJ

Natural Capital Trees planted Waste recycled Green Energy
generated
Refer Page 92 for more details. (Chakan 605, Nirlep 687, RU 792)*
06 Bajaj Electricals Limited (BEL) 84 Annual Report 2022-23

th
07
Corporate overview
Statutory reports
Aligning with UNSDGs Financial Statements
A Culture of Responsibility
and Innovation
By embracing the SDGs as a guiding framework, we are
integrating sustainability into our core business strategy, fostering
a culture of responsibility, innovation, and collaboration. Through
the embedding of sustainable practices into our operations, We ensure safety and We have strengthened We are empowering our
wellbeing at work by adopting the infrastructure in women workforce through
active engagement in community development initiatives, and the right safety measures schools to promote quality regular encouragement
efforts to safeguard the environment, we contribute to the larger along with regular safety education for children. sessions and maternity
vision of creating a more inclusive, peaceful, and prosperous training of the employees to support which ensures equal
eliminate incidents. opportunities for them.
world for present and future generations.
We are recycling water in Efficient capital allocation, Our R&D team has reinforced
our operational processes excellence in operational the customer-centricity of
while striving to reduce the activities and employing the our products by continuously
consumption of water. right people have contributed investing in innovation.
to economic growth.
We are taking initiatives through We are undertaking initiatives We practice responsible

employee engagement to uplift local communities by production with an integrated
and talent development providing quality healthcare system to ensure that our
programmes to ensure diversity and education and ensuring products cause the least
and inclusivity among our a holistic development of the harm to the environment.
people. society.
We have adopted renewable

energy sources to achieve our
net zero target and combat
climate change.

Corporate overview
Statutory reports
Chairman’s Message Financial Statements
Dear Shareholders, The scheme of arrangement ESG (Environmental, Social, the last several decades. That to
that we had announced last and Governance) is an integral me, is the most gratifying aspect
The year 2022-23 has been year for the demerger of our part of our business strategy. of it, as it represents the new
a landmark year for your EPC business into a separate We prioritize responsible Bajaj Electricals Limited – and
listed entity “Bajel Projects operations and value creation the grit, resilient and unwavering
Company in many ways. As we for all stakeholders. Through
Limited” is in the final stages executional and strategic focus
have shared in earlier investor of regulatory approvals and targeted initiatives, we reduce of our leadership and teams. So, I
communications, a few years the process will be completed our environmental impact, am tempted to say that while BUILT
in the coming few months. promote social well-being, and FOR LIFE is the positioning of our
ago we embarked upon our uphold strong governance
Operationally the teams are flagship consumer brand BAJAJ,
transformation journey with a fully geared up for this. practices. Our commitment it also reflects the ethos of what
vision to make 2020-2030 the to ESG ensures sustainable your company stands for and will
During the year we relaunched growth, innovation, and become synonymous with.
“Decade of Bajaj Electricals”. our flagship brand “BAJAJ” with positive contributions to the
As we completed Horizon 1 of the BUILT FOR LIFE positioning. environment, society, and Our future is equally exciting: as we
that strategic roadmap during I believe this will be a clear economy. soon split into 2 companies going
pivot and marker for the destiny forward – Bajaj Electricals Limited
the year gone by and have and growth of the BAJAJ We have continued to drive and Bajel Projects Limited – we
entered Horizon 2, we are brand for several decades to organisational transformation have laid strong foundations for
come – to fortify its relationship and strengthening, in each of them to do well and grow
beginning to see the clear fruits terms of talent at all levels,
with consumers and its distinct at a faster pace and add more
and milestones in this journey. position in the marketplace. systems and processes and value in their respective domains.
workplace culture. As part
The investments and efforts in our of our commitment to better As always, I remain deeply
• We became net-debt-free in
research and development are corporate governance as grateful for the contributions
March 2022 and have exited
beginning to deliver outcomes in well as professionalising the of Anuj Poddar, team Bajaj,
the year gone by with surplus
the form of a wide range of new, management, during the business associates, our entire
cash. We have maintained
distinct and innovative products year our Board decided to Board of Directors and you, our
our record of consistently
across various categories. split the roles of Chairman shareholders, for your trust in us.
generating positive cashflow
This along with our renewed and Managing Director.
from operations every quarter,
brand thrust, has been and will Accordingly, I continue as
all through the volatile market Yours sincerely,
continue to be the key enabler Executive Chairman of the
conditions.
for growth in our market shares Company, while our erstwhile
• Our business model is during the year gone by and the Executive Director, Anuj Poddar
years to come. was elevated to the position of Shekhar Bajaj
structurally fixed with the right
Managing Director and Chief Chairman
focus on each business in line
Our financial and operational Executive Officer.
with our strategic goals and
performance continues to
Our future is equally exciting: as long-term value creation.
improve. In a year that has It would be worthy to note that all
we soon split into 2 companies • Our EPC (Power Transmission been challenging all around these changes and achievements
going forward – Bajaj Electricals and Power Distribution) business due to continuing impact of (not just in the year gone by, but
the Russia-Ukraine war and over the last few years), have
Limited and Bajel Projects Limited – has delivered a full turn-around
rising interest rates, leading been realised in a period that has
and been profitable on a
we have laid strong foundations for full-year basis, demonstrating to subdued consumption been amongst the most volatile
each of them to do well and grow. our commitment to set that demand, our performance and challenging for all of industry
business on the right strategic has been ahead of industry and all countries and economies,
and operating path. benchmarks and peers. based on my experience over
Shekhar Bajaj
Chairman

Corporate overview
Statutory reports
Managing Director and Chief Executive Officer's Message Financial Statements
Our total revenues from I am confident it will deliver strong covers various aspects of sourcing, management, water and energy
growth and value creation. manufacturing, logistics, go-to- conservation, and enhancing
operations grew from H 4,813 market and technology. Each community livelihood.
crores (in 2021-22) to H 5,429 Our strong financial performance of these is being addressed in
is the outcome of several ongoing On a personal note, I would like
crores. Our Profit Before Tax a focused manner. During the
strategic initiatives, a few of which previous year we embarked upon to acknowledge and thank all of
grew from H 166 crores to H 303 I will talk about. an ambitious digital transformation you, our shareholders as well as
crores. Our PAT grew from H 124 exercise that shall culminate our Board and our Chairman for
Brand: Our brands are our most entrusting me with the responsibility
crores to H 216 crores. Further, valuable assets as a company in
over the next 2 years. All of these
initiatives will not just provide direct as Managing Director and
your Company continued to the consumer space. A couple
financial benefits but make us a Chief Executive Officer of your
of years ago we embarked
generate strong cashflow from best-in-class company that is far Company. Along with our team,
upon defining an overall brand I shall continue to work with the
operations of H 450 crores. architecture framework that
more agile and competitive player.
same zeal and commitment as we
would propel your Company into People and culture: A have so far.
Our Consumer Products segment operating as a ‘house of multiple fundamental aspect of our
delivered growth of 13.5% during the brands’, each with a distinct ongoing transformation has been I would like to end with a famous
previous year. This points to clear market- identity and positioning. As a part the revamp of our talent pool and maxim: “People overestimate
share growth on the back of several of this we relaunched our flagship organisational culture. During the what they can do in a year &
product launches and ongoing portfolio brand 'BAJAJ' with the BUILT FOR year, we have further strengthened underestimate what they can
premiumisation. The segmental PBIT LIFE positioning. Going forward our organisation across levels from achieve in 10 years.”
grew from H 226 crores in 2021-22 to H 247 you will see the multiple-brands- the induction of our first batch of
crores. Despite the various challenges with-distinct-identities strategy play Our future beckons us.
management trainees right up to
We have developed a on costs as well as competitive pricing out and pivot us into becoming a the onboarding of senior talent
strong product development intensity, we have held on to our margins. highly consumer-centric company. at the leadership level. We were
Warm regards,
recognised by Great Place To
roadmap – with meaningful In the previous year, we carved out Products: We have developed
Work ® Institute India for the third
innovations and consumer Lighting Solutions as a separate business a strong product development
time in a row, fostered Diversity
segment, given our planned thrust for roadmap – with meaningful
value propositions. that business in the coming years. This innovations and consumer value
and Inclusion through relevant Anuj Poddar
policies and are institutionalising Managing Director and
segment delivered growth of 4.1% in a propositions. During the previous
a professionalised and high- Chief Executive Officer
period where industry de-grew and the year we launched 165 SKUs in the
performance-driven organisation.
Anuj Poddar segmental PBIT grew from H 59 crores in Consumer Products segment and
Managing Director and 2021-22 to H 87 crores. We shall continue 513 SKUs in the Lighting Solutions Sustainability: Sustainability is a
Chief Executive Officer to invest in this segment to make it a segment. These launches have core value that guides our business
strong growth driver for us going forward. helped plug gaps in our portfolio, decisions. We are committed
drive greater premiumisation to reducing our environmental
Our EPC segment has delivered a and grow market-shares across impact through sustainable
Dear Shareholders, strong turnaround with revenue growth categories. This is enabled by manufacturing processes,
of 29.5% in the previous year and a strong research and development optimising resource efficiency,
I am pleased to share that positive PBIT of H 7 crores on a full-year capabilities, which we shall minimising our carbon footprint,
basis. This marks the culmination of our continue to invest in, to build long
despite the various market phase of consolidating this business to
and promoting supply chain
term perspective competitive efficiency. We firmly believe that
challenges, our financial put it on an operationally robust path advantage. by prioritising sustainability, we
performance during the with strong project execution and
can provide consumers with
controls. Going forward, based on its Operational excellence: We
previous year has been strong strong order book and the benefit of have clearly identified areas of
eco-friendly products while
driving circularity, efficient waste
and clearly ahead of industry. operating as a separate, focused entity, operational improvement. This

Corporate overview
Statutory reports
Performance Highlights Financial Statements
Steady Performance
through Disciplined
Execution Market Capitalisation Basic EPS Book Value Per Share
(H in crore) (H) (H)
11,186
12,339
12,107
5,715
3,054
105.3
121.2
140.1
151.9
170.4
16
16
12
20
13.1% 36.3%
0
Y-O-Y growth in Y-O-Y growth in
revenue EBITDA
H 20 68.5%
EPS Y-O-Y growth in PAT
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Total Comprehensive Networth /
Total Income Income Total Equity Total Debt Debt Equity Ratio EBITDA
(H in crore) (H in crore) (H in crore) (H in crore) (times) (H in crore)
6,739
5,030
4,646
4,861
5,501
1,078
1,379
1,605
1,745
1,961
1,582
1.47
0.69
0.29
0.02
0.00
163
192
143
232
957
464
414
260
374
324
441
36
-9
0
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
All above numbers are on standalone basis All above numbers are based on standalone basis

Corporate overview
Statutory reports
Our Businesses Financial Statements
A Convenient, Innovative
and Customer-Centric
Portfolio
Nirlep, a renowned brand in the world
of non-stick cookware, stands out for its
Consumer products deep understanding of diverse cooking
practices across India. As a market leader
Bajaj Electricals takes great pride in its consumer-centric approach, attuned to the in its category, Nirlep continues to redefine
ever-evolving tastes and preferences of our customers. The Company prioritises research culinary experiences. With a relentless
and development to bridge the gap between consumer needs and innovative product focus on modern lifestyles, the brand has
solutions. The brands are known for their durability, convenience, and aesthetic appeal, pioneered advanced non-stick coatings
offering products that seamlessly integrate into modern lifestyles. The Company is and specialised heat-resistant cookware,
committed to delivering energy-efficient and intelligent solutions that enhance the overall delivering convenience and superior
convenience and quality of life of our valued customers. quality to our discerning customers.
BAJAJ offers a diverse range

of durable and contemporary
appliances to meet the evolving
needs of consumers. Through a As modern Indian consumers aim to create
deep understanding of consumer a joyful environment at home, they seek
preferences, meaningful products that align with evolving lifestyles.
innovation and adherence to Morphy Richards understands this shift and
stringent quality standards , the offers intuitive and technologically advanced
brand continues to be trusted by solutions that seamlessly integrate with the
millions of Indian consumers. consumer's unique preferences. With a rich
British heritage, the brand excels in product
BUILT FOR LIFE. This transformative
campaign is driven by deep design and aesthetics, igniting happiness
consumer insights, relentless through visually appealing offerings. At the
innovation, and strong research same time, Morphy Richards' commitment
and development capabilities. to engineering excellence ensures superior
BAJAJ has revamped its functionality, enhancing the overall consumer
product portfolio to align with experience. From stylish kitchen appliances to
the indomitable spirit of Indian cutting-edge home essentials, Morphy Richards
consumers who embody caters to the diverse needs of individuals,
endurance, perseverance, and a empowering them to curate spaces that reflect
determination to keep performing. their true selves.

Corporate overview
Statutory reports
Our Businesses (continued...) Financial Statements
Lighting solutions
Professional lighting
With a strong emphasis on Our energy-efficient lights are
aesthetic design and advanced specifically designed to provide Built with cutting-edge technologies, our offerings are designed to provide unparalleled quality, durability,
features, our lighting solutions offer sustainable and cost-effective and reliability. Whether it is for commercial spaces, industrial facilities, or outdoor spaces, our advanced
an extensive range of products alternatives to conventional lighting solutions ensure optimal illumination and create a sense of security. With a focus on delivering superior
to meet diverse needs. From lighting. By incorporating the latest performance and energy efficiency, our professional lighting solutions are trusted by businesses and industries
consumer lighting options to technology and innovative design across diverse sectors.
professional solutions, we cater elements, we ensure that our
to residential, commercial, and lighting solutions not only enhance
industrial applications. the visual appeal of any space but
also deliver optimal performance OUTDOOR SOLUTIONS INDOOR SOLUTIONS
and longevity.
Consumer lighting
We have a diverse range of

consumer lighting products which
offers smart lighting solutions for
the evolving needs consumers
and complements modern home
décors.

Corporate overview
Statutory reports
Our Businesses (continued...) Financial Statements
Engineering, Procurement and Construction (EPC)
As a prominent player in the seamless and secure transmission

power and transmission sector, of power, we play a crucial role in
Bajaj Electricals holds a position driving economic growth, uplifting
of pride and responsibility. Our communities, and improving the
expertise and commitment is quality of life. Our dedicated
evident in our robust execution teams work tirelessly to deliver
of Engineering, Procurement, excellence, and contribute to the
and Construction (EPC) projects, nation's progress and prosperity.
including the installation of critical
infrastructure such as monopoles
and transmission lines. With an
unwavering focus on ensuring

Corporate overview
Statutory reports
New Products Financial Statements
Enabling Innovation.
Redefining Possibilities.
Consumer products
Appliances
3B SS Glass cook BAJAJ183680 BAJAJ42790 Grill Ultra 2-Slice

top
Robusta Mantilla Soleiza Maestro Fans and coolers

Geyser Geyser Geyser Geyser
Adonis Air Plus Stylo Ceiling Cresent Classico Ceiling

Sponta Juvel Digi Mixer Elegance Carve Mixer Elegance Wine Ceiling Fan Fan Ceiling Fan Fan
Geyser Grinder Purple Mixer Grinder Mixer Grinder
Grinder
Alluro Micro Wave Esteem DMH 90 Neo TMH 36 SKIVE PMH18

RHT2C Tower RCX 1.8 ICK 200 FP
Iron 2501 ETC Pedestal Fan Air cooler Air cooler
Room Heater Duo Rice
Cooker

Corporate overview
Statutory reports
New Products (continued...) Financial Statements
Professional Lighting
Street Light Area Light Industrial

Light
AIO Premium
Relish 750W 1 Inspira Dry 5L Digital Air 54RCSS BEAM-300 Edge Next LEd- Amaze- Nuke
12-120W Solar
Iron Fryer BL Dehydro WATTS ---4 Mid Wattage 1000W
Commercial Lighting
Europa Radiant 1.8 ltr Kube water OTG 52RCSS Europa Conscio Dovee Mini Borage 30/45W LED Strip Algarve
Brewmaster electric Kettle heater Superb Xpresso 800
Consumer Lighting
AutoPresso Luxe Beauty SteamPro Belleza 2000W AT 205

0.5 ltr Travel Induction Cooktop Hyperion full glow Hyperion full glow led Ledz inverter linear
Kettle led panels 15w panels 15w lamp_10w

Corporate overview
Statutory reports
Board of Directors Financial Statements
Shekhar Bajaj Anuj Poddar Harsh Vardhan Goenka Shailesh Haribhakti

Chairman Managing Director & CEO Independent Director Independent Director
Madhur Bajaj Rajiv Bajaj Munish Khetrapal Dr. Indu Shahani

Non-Executive Director Non-Executive Director Independent Director Independent Director
Scan to our website for profile of our Board of

Directors https://www.bajajelectricals.com/
Pooja Bajaj Dr. Rajendra Prasad Singh Sudarshan Sampathkumar
board-of-directors/
Non-Executive Director Independent Director Additional Director

Corporate overview
Statutory reports
Awards and Accolades Financial Statements
Recognised for
Distinguished Performance
A testimony to the efforts and actions that have translated into
tangible value creation for our people. This takes the Company
a step closer towards its goal of transforming the employee
experience.
Certified as a Great
Product of the Year 2022 Product of the Year 2022 Place To Work®
Morphy Richards Morphy Richards Kube
DigiChef Water Heater for the 3rd
by NielsenIQ by NielsenIQ consecutive year
Considered the world’s largest award for product innovation,

the NielsenIQ Award selects products on the basis of customer
votes. The product’s advanced features combined with its
superior quality and durability helped Morphy Richards Digichef
and Morphy Richards Kube to bag the top honours in the OTG
and Water Heater categories, respectively.
Mr. Anuj Poddar, MD & CEO, Bajaj Electricals Limited was

conferred with the highest industry honour by the Consumer The Company has won the ‘Finance Innovation of the Year’
Electronics and Appliances Manufacturers Association award for multiple initiatives that helped to improve margins
(CEAMA) in recognition of his remarkable and significant and working capital cycle, thereby enabling the Company to
Awards for ‘Finance
CEAMA Man of contribution to the Indian Appliances industry. Shri Piyush Goyal, become debt free.
Innovation of the Year’
Small Appliances Hon’ble Minister for Commerce & Industry presented the award
and ‘Healthy Balance
Award – 2022 at CEAMA’s 43rd Annual Function.
Sheet management’
By the apex industry
At the Business World –
body CEAMA
Finance Strategy
Awards 2023
Chief Financial Officer

Corporate overview
Statutory reports
Awards and Accolades (continued...) Financial Statements
The National Award is a testament to the Company’s ability to Recognition for Online Reputation Management efforts that
Winner of adhere to best practices that help the business to generate aid the creation of winning strategies designed to engage
MQH Best Practices positive returns. It showcases the organisation’s commitment customers and fulfil consumer expectations.
Competition towards quality assurance and its focus on continuous product Best Customer
(Manufacturing improvements to ensure customer delight. Experience
Category) Management 2022
By the IMC Ramkrishna By Konnect Insights
Bajaj National Quality Excellence
Award Trust
Our managers play an important role in creating high powered This award is a testament to the Company’s commitment
teams who deliver excellent business results. The Company towards Excellence in Manufacturing. Leveraging technology
consciously puts in a lot of effort to strengthen its leadership and to drive innovation and growth, the winning initiative has
Featured in ‘Top 50 talent pipeline, a fact recognised by GPTW. Enterprise that improved productivity, reduced downtimes, minimised energy
organisations with demonstrated Best consumption and improved asset monitoring.
Great Managers – Technology Adoption
2022’ list
At the NASSCOM SME
By People Business Inspire Awards 2023

Corporate overview
Statutory reports
Awards and Accolades (continued...) Financial Statements
Bajaj Electricals won the award for ‘Quality Enterprise The prestigious WorldStar
Leadership’ in the Manufacturing Sector from Frost & Sullivan’s Award was conferred upon the
Project Evaluation and Recognition Program (PERP) 2022. The Company in recognition of its
Quality Enterprise winning project has significantly contributed towards enhancing Winner of the efforts for innovative packaging
Leadership Award 2022 business value. ultimate packaging of the ‘45 Kg Stadium Lights
accolade (Electronics category)’. The
By Frost & Sullivan’s
non- conventional approach for
Project Evaluation and WorldStar Packaging designing a packaging solution
Recognition Program Award that ensured safe handling of
(PERP)
Stadium Lights (weighing 45-70
kgs) using 100% eco-friendly
material has helped reduce the
overall carbon footprint. The
project stood out among ~450+
entries sent by companies from
41 countries.
Morphy Richards KUBE Water Heater was recognised by the

GOOD DESIGN® Award as an innovative and cutting-edge
product. The product stood out among entries from ~50 nations
for its contemporary design and superior functionality.
Good Design®
Award – 2022
Morphy Richards
KUBE Water Heater
We have been recognised for innovation in packaging for
Stadium Lights. It helped to withstand heavy stack load and
ensured stability of the package during transportation, storage,
Innovative Product/ stack and handling.
Service Award 2023
At the Golden
Peacock International
Award
CITISOL LMS - a unified platform for Smart Lighting
Management, is an innovative IoT solution that won the award
for Best Digital Transformation Project at the Technology
Excellence Awards. It is a validation of the Company’s efforts
Best Digital
to become a frontrunner in energy efficient and digitally
Transformation Project
managed smart lighting systems and driving the industry
2022 At Technology
towards digital transformation.
Excellence Awards by
Quantic India

Building a Robust Business
Model with Prudent
Capital Allocations
Financial Manufactured Intellectual Human Social & Natural

Capital Capital Capital Capital Relationship Capital
Capital
Page Page Page Page Page Page
46-49 50-57 58-71 72-81 82-91 92-96

Corporate overview
Statutory reports
Business Model Financial Statements
Adding Value to Life

Input Operating Business Model Output Outcomes SDGs linked
Financial Capital er Reach R&D/Innovation Product Development Financial Capital Consistent revenue growth
tom and bottom line growth
us Pr
o Mcap FY 2022-23 J >12,000 crs
Average Capital Employed J 1,829 crs C
Total Revenues J 5,429 crs Enhanced value creation
cu
Average Net Worth J 1,806 crs
for all stakeholders
er m
EBIT J 352 crs
e
After Sales Servic
Gross Capex J 86 crs
PAT J 216 crs
ent /Manufacturing
Brand Investments J 135 crs
Dividend Payout in FY 2022-23 20%
Consumer Net Surplus funds J 411 crs
Products Return on Capital Employed 19.2%
Process
r U se
Manufactured Capital Manufactured Capital A robust manufacturing
e
eco-system driven by
Qu
um
Manufacturing Sites 4 No. of Units produced: Consumer Products &
al
operating efficiencies and
ns
it
y
Co ex
Installed Capacity EPC & Professional Lighting Marketing/Branding Logistics Distribution llence
ce Consumer Lighting 11.0 Mn new-age technologies
36,200 MT EPC & Professional Lighting production 28007 MT
Accredited by national and
Installed Capacity Consumer Products & Factory Capacity utilisation 57%
g Design & Survey Research and Development Pro international regulatory
Consumer Lighting 19.3 Mn erin du No. of c-Kms connected (Power Transmission)
bodies
nd c
Warehouse footprint 30.69 Lakh sqft Te 462 c-kms
tD
es
e
ement After sales servic
ign
Human Capital Human Capital A diverse and inclusive
a
nd Development Ma
New employees onboarded during FY'23 590 workforce that enhances
Permanent employees/workers 2,500 Professional Average age of Onroll employees < 39 yrs employee productivity and
Investment in Training (in manhours) Lighting business Employees with tenure excluding factories > nurtures a conducive working
52,096 manhours Process 10 year 18% environment
Presence in countries 4 Engagement score as per Great Place to Continuous opportunities for
Gender diversity: excluding factories 8% Work (GPTW) 83% learning and development
ag
Attrition excluding factories 25% with career growth
nu
an
fa
M
ct
m i u ri
ng
& Distribution Quality Check Logistics Contract & Cla
Social and Relationship Capital Social and Relationship Capital Maintaining healthy and mutually
beneficial relationships with key
Vendor Base excluding factories 318 t Research Research and Development Product Net Promoter Score 38
rke De stakeholders.
MSME touchpoints excluding factories 231 a si Customer Satisfaction Score (CSAT) > 99%
M Ensuring effective stakeholder
gn
% of Domestic Sourcing for CP 90% Customer complaints for appliances c. 1.8%
engagement
&
eting – After sales service
Dealer Base (including Consumer Products & Customer complaints for fans < 1.7 %
D ev
Consumer Lighting) 732 New OEMs partnered excluding factories 43 Creating adequate employment
elopment
Retailer Base for Consumer products ~2 Lacs Pin codes serviced 18,929 opportunities
No of CSR partners 11 Consumer Employee volunteering Days for CSR 3,083 days
CSR Spend J 3.01 crs Lighting products
No. of Customer Care Centers 621 Process
Manuf
ark
ac
Intellectual Capital Intellectual Capital Improved quality of products

M
tu
in
r
Continuous innovation of new, energy

s g
tic an
Team strength 184 Logis New SKU launched (Consumer Products) 165
d Distribution
efficient and eco-friendly products
Distribution Quality check
Patents Filed 18 SKUs
Development of sustainable
Design Filed 66 New SKU launched (Lighting Solutions) 513 SKUs
les Te nd e r in g De s i g n & Sur v e y Pro c u r e technologies and processes
Sa me Designs accepted 38
e nt Improvement of premium product
Pr
portfolio
Co
Widening of product spectrum

A f t e r Sa l e s s e r v i c e
n s t ru c t io n & E n g i n e e
Natural Capital EPC Natural Capital Continuous focus on increasing

Business the share of renewable energy
Installed Renewable Capacity Wind 2,800 KW Process Green Energy generated GJ 15,507 in the total energy mix.
and Solar 2,138 KWP Waste recycled 91%
Growing efforts to minimise
Material Consumed EPC & Professional carbon footprint
Lighting 30,004.97 MT
t
rin
en
Trees Plantation 86,000 trees

g
m
ge Pro
C ont r ac t s & C la i ms M a n a j e c t e x ce l l e nc e
Refer to - https://sdgs.un.org/goals
for SDGs
36 Bajaj Electricals Limited (BEL) 84 Annual Report 2022-23

th
37
Corporate overview
Statutory reports
Stakeholder Engagement Financial Statements
Focused on
Continuous Dialogues
At Bajaj Electricals, we Stakeholders Why these stakeholders are important to us? Expectations Engagement Activities Frequency Capitals Impacted
believe in transparent Board and The management and the leadership Adherence to core values Board and Committee Board meetings held in
communication with Leadership team are extremely important for setting within the organisation meetings FY 2022-2023: 6
our stakeholders. the company’s strategic direction, monitor Deliver sustainable growth Total Board Committee
financial performance, mitigate risks, and Value creation for Meetings held in FY
We proactively ensure compliance with laws and regulations stakeholders 2022-2023: 24
engage with diverse
stakeholders to Investors Investors provide financial resources Compliance with rules Annual general Total no. of annual
understand their necessary for growing and expanding and regulations meetings general meetings held:
perspectives, address the business. They also help to ensure Scalability of the business Investor and analyst 1 AGM
accountability and transparency and financial growth meet and conferences
concerns and include towards stakeholders. Higher return on Quarterly earnings call
Total 1-on-1
investor meets and
suggestions for investments and presentations conferences held in FY
improving our business. Authentic disclosures of Integrated reports and 2022-23: 62
financial statements press releases
Customers We strive to fulfil the needs and Ensure quality of products Customer satisfaction Regular customer
expectations of our customers with Use of new-age surveys feedback
excellent products and services as technologies Brand Campaigns Need based
they influence the company’s market Sustainable and Durable (ATL & BTL) communication
reputation and play an integral role in its Products Social media engagements
success. Loyalty programmes
Vendors To ensure cost-effectiveness, timely delivery Fair trade practices Vendor meets Regular follow up
of goods and maintenance of an efficient Compliance with ethical Training programmes Regular audits at
supply chain network, we maintain strong standards, environmental Quality enhancement vendor sites
relation with vendors regulations programmes
Feedbacks and surveys
Employees Our employees’ expertise and Learning and Employee satisfaction Ongoing training and
knowledge is the foundation for development surveys feedback
our success. Career enhancement Rewards and recognition
Employee benefits Training and
Equal opportunities development
Financial Capital programmes
Human Capital
Communities We continue to strengthen ties with local Upliftment of communities CSR activities Ongoing
Manufactured Capital communities and improve lives through Health and well-being of Initiatives for the Need based
various initiatives. people betterment of society
Intellectual Capital
Livelihood generation
Social and Relationship Capital
Natural Capital

Corporate overview
Statutory reports
Materiality Assessment Financial Statements
Designed to Identify
and Evaluate Key
Business Aspects
Out of the 40 material issues identified based on peer practices, industry standards, and global
Materiality is a crucial element The Company engaged in a materiality exercise by identifying internal benchmarks, we have recognised 14 topics that are crucial for our operations.
in our sustainability approach and external stakeholders. The insight gathered from diverse stakeholders
as it helps us focus on the most including leadership, employees, vendors, customers, contract Following are the material topics impacting Bajaj Electricals:
significant issues, engage with employees, investors and analysts, NGOs and CSR partners as well as
our stakeholders effectively, research institutes, helped the Company to identify material topics that Environmental
drive innovation, and enhance have a significant impact on the business.
accountability. By integrating Capitals influenced
materiality into our decision-
making processes, we navigate Key Stakeholders
the complex landscape of
sustainability, create shared
value, and contribute to a more
sustainable and inclusive world.
Leadership Employees Vendors Customers Contract
Identifying critical issues to Employees
enhance stakeholder value
Bajaj Electricals recognises

the significance of sustainable Environmental Energy Product Water Supply Chain Waste
Material topics
development and acknowledges Portfolio Management Stewardship Management Management Generation and
the need to identify material topics Investors NGOs and Industry Research Recycling
that are crucial for the growth and and Analysts CSR Partners Associations Institutes
development of the Company
as well as its stakeholders. In FY
2022-23, in collaboration with
Identification of Prioritisation of
an independent consulting firm, Provide An important Understand the Efficient Dependence Reduce the
material issues material issues
Relevance to the Company

the Company conducted a new growth material topic environmental management on suppliers impact of our
comprehensive assessment of Identification of material Ranking of the material opportunities due to growing impact of the of water for majority of operations
material issues to identify ESG issues as per industry issues on the basis of degree for the demand for products resources products on the
(Environmental, Social, and standards, global standards of impact to business and Company with energy and use Facilitate the Help to build Ensure environment
Governance) topics that are: and peer practices stakeholders a diversified of electrical Company to climate effective flow Save energy,
portfolio products manage the resilience of products and ease
relevant to its stakeholders; Process of greener Need for ecological as water to consumers the burden
products optimum impacts of its continues on landfills.
Materiality matrix Identification of stakeholders
has the potential to impact the Capitalise on utilisation of products to become Optimises
organisation either positively or Analysis of the data Identification of internal energy efficient energy to a scarce cost and
Develop essential
negatively; collected in the and external stakeholders products ensure resource resource raw material
strategies to
above steps and considering their views and services conservation, consumption
reduce the
about the material issues offered by the climate environmental
Company protection and impact of its
cost savings products

Corporate overview
Statutory reports
Materiality Assessment (continued...) Financial Statements
Social Governance
Capitals influenced Capitals influenced
Fair Business Corporate Regulatory Business Ethics Resilient Business Environmental
Material topics
Practices Governance, Compliance and Anti- Model and Risk
Transparency and Integrity corruption Long-term Management
and Disclosures Profitability
Employee Health Quality and

Material topics
& Safety Service Delivery
Creates Smooth Compliance Protects the Uninterrupted Enables the

stakeholder functioning with relevant Company's growth and Company
trust and of the national/ brand value success to identify its
respect, organisation, local laws and and the and helps exposure to
resulting in resulting in regulations trust of its in creating environment
Increase the overall Customer safety
corporate enhanced applicable to stakeholders value for related risks.

productivity and and loyalty.
growth stakeholder the business, shareholders Develop and
efficiency of the Improve brand trust and brand thereby fostering implement
Company. image reputation confidence mitigation
Create a safe among strategies
workplace stakeholders to ensure
seamless
business
operations

Corporate overview
Statutory reports
ESG Strategy Financial Statements
Envisioning a
Sustainable Future
Bajaj Electricals has utilised the materiality assessment as Strategic Pillars and focus areas with KPIs.
a foundation for creating a strategic ESG framework. Our
ESG Strategy serves as a blueprint for seamlessly integrating
ESG considerations into our core business. It plays a crucial Empowering Our Team Preserving the Environment
role in establishing a comprehensive roadmap for our future
endeavours. To effectively support our purpose, we have
identified four strategic pillars that form the foundation of our ESG
initiatives. These pillars, in turn, are further strengthened by ten Ensuring Safety Strengthening Combating Enhancing Sustainable
Human Capital Climate change Circularity Supply Chain
specific focus areas.
KPIs KPIs KPIs KPIs KPIs
Together, these pillars and focus Lost Time Injury Diverse and Inclusive Energy and Waste ESG-specific
areas provide us with a robust Frequency Rate workforce Emissions Management Vendor
structure and clear direction Assessment
Workplace Safety ESG Training Carbon Reduce Single
for effectively addressing and
Sequestration Use Plastic
incorporating ESG factors into our Employee Delight
day-to-day business operations. Climate Risk
Assessment
1 Unlocking New Possibilities Guarding Integrity
Vision – Inspiring
Sustainable Living
Sustainable Packaging Guarding Engaging with Respecting

Product Responsibly Integrity stakeholders Human Rights
4 KPIs KPIs KPIs KPIs KPIs
Strategic Pillars
Product Life Cycle Eco-friendly Packaging ESG Community Human Rights
and Innovation communication Development Assessments
Sustainable Products Business Ethics Employee
10 Volunteering Hours
Inspiring Trust in
Focus Areas Customers
Inspiring Trust in
Suppliers
Customer
Centricity

Financial
Capital
At Bajaj Electricals, our endeavour is to maintain
prudent capital structure, healthy balance sheet
and steady cash flow from operations with focus
on creating value for all our stakeholders. We
remain committed to invest in growth opportunities
with a risk calibrated approach. To support
growth endeavours, we seek to take appropriate
measures to adjust our capital structure. We
also diligently focus on the return on capital and
dividend distribution to maximise shareholder
value.
Material topic linkage

H 1,907 crore H 216 crore
Resilient business Total Equity Highest ever PAT
model and long-term
profitability
H 411 crore H 450 crore

Surplus funds Cashflow from Operations
H 5,429 crore 19.2%

Total Revenue Return on Capital
UN SDG linkage: Employed
H 61 crore
Net Capital Expenditure
Corporate overview
Statutory reports
Financial Capital (continued...) Financial Statements
Managing Capital – Inputs Managing Capital – Outcomes
Lighting Solutions Strong surplus position of J 411 crore

Our Consumer Products business has surpassed J 3,700 crore in achieved through focused efforts
W.e.f. 1st Jul’22, BEL’s segment reporting
revenue, while our Lighting Solutions business has experienced underwent changes wherein Lighting
and actions.
substantial profit growth. Additionally, our EPC business now Solutions has been reported as one unified Beefed up capital expenditure to
stands operationally positive, completing a turnaround after separate segment encompassing of both the tune of J 86 crore
Professional lighting & Consumer lighting
losses in the previous three years. Our strategic approach Invested in digitisation and
of selectivity and order quality has ensured profitability at Strong revenue generation of H 5,429 crore IT infrastructure to improve
operational efficiencies. (Migrated
the project level for the EPC business. We remain resilient, supported by all our businesses, where CP to SAP S4 HANA system in FY’23)
optimistic and committed to delivering sustainable growth segment has grown by 13.5%, LS segment by
4.1% and EPC segment by 29.5% during FY’23. Brand investment to the tune of
and profitability in the face of rising commodity prices and J 135 crore to support business
inflationary pressures. Strong EBIT generation of H 352 crore
growth
Simplified corporate structure

supported by all our business, where CP
segment has grown by 9.2%, LS segment by Proposed a dividend of J 4 per
47.9% and EPC segment turning EBIT positive share in line with the Dividend
during FY’23. Distribution Policy
Cash flow generation & deployment
(H in crores) M-cap in excess of J 12,000 crore as
Multiple financing initiatives
on March 31, 2023
342
to improve working capital cycle across the
value chain (Reverse factoring, Channel
119
450 223 financing, Cooler financing & Warranty
insurance)
434 39 -91
-61 -35 Generated cashflow in operations of H 450 crore
-35 -5 Way forward
-23 due to operating profits and release of
310
99 14 11 working capital. The capital employed in the Maintaining flexible capital
EPC segment has reduced by J 330 crores, structure in line with the
thereby providing a strong impetus to this business needs to support
cashflow from operations growth opportunities
EBITDA CP
EBITDA LS
EBITDA EPC
EBITDA Others
& Unallocable
EBITDA Company
WC Release
Contribution to
exchequer
Cash from
Operations
Repayment of
Debt & Interest
Capex
Surplus
Investments
Dividend
Others
Net cash
change
Opening
Cash
Closing
Cash
Making sound investments

Portfolio simplification in FY’23
towards the intellectual
Completed merger of Starlite Lighting Ltd capital with a strong focus
on generating healthy
Initiated merger of Nirlep Appliances Pvt Ltd
return on investment
Near to completion of Scheme of
Increase Decrease
Demerger for EPC undertaking Continued focus on
digitisation
Focusing on shareholders’
wealth maximisation

Manufactured
Capital
Our best-in-class manufacturing
facilities utilise advanced
technologies to aid the
development of products that offer
the assurance of quality, customer-
convenience and cost-efficiency.
The strength of our manufactured
capital, therefore, creates customer
confidence and contributes towards
sustained business growth.
Quality and service

delivery
EPC 36,200 MT
4 LS 10.8 Mn | CP 8.5 Mn
Manufacturing units Installed capacity
UN SDG linkage: EPC 28,007 MT

57% LS 6.4 Mn| CP 4.6 Mn
Annual capacity Annual production
utilisation of all units
Corporate overview
Statutory reports
Manufactured Capital (continued...) Financial Statements
Bajaj Electricals is known for utilisation. These steps have also Our manufacturing facilities
introducing an extensive helped us to achieve significant
In the fiscal year, we array of consumer electrical cost efficiencies across the Ranjangaon plant Chakan plant
have undertaken products, focused on enriching manufacturing process.
initiatives to enhance customer convenience. With
rapid deployment of advanced
our in-house production
technology in our manufacturing Improved operations
capabilities and promote facilities, we continue to undertake
premiumisation for our significant design improvements At Bajaj Electricals, we remain
Fans portfolio. By diligently that help in the production of committed to ensuring
manufacturing excellence through
pursuing capacity the finest products and enable
us to adhere to rigorous quality operational efficiency. We have
debottlenecking initiatives, strengthened our operations
parameters.
we have ensured that through Total Productive
our manufacturing Our plants too implement Maintenance (TPM) and effective
processes operate at sustainable manufacturing cost management. We have
optimal levels, enabling practices that are directed to an effective system of resolving
minimise our impact on the challenges through revised Products Products
us to meet the growing
environment. We also continue and new business models and
demand for our premium restructuring of cross functional
to undertake efforts to enhance
products. Moreover, operational efficiency while activities and improving Overall
our commitment to ensuring optimum resource Equipment Effectiveness (OEE).
sustainable manufacturing
practices has been
unwavering, as we have Poles Monopoles EPC products LED Fans
Inspection at manufacturing plants
embraced Total Productive
Maintenance (TPM) and To ensure product quality and durability we have strengthened process
inspection at every stage with
36,200 MT 28,007 MT 8,23,680 27,00,000
focused on enhancing Annual production units per annum units per annum
Installed capacity
Overall Equipment Installed capacity Installed capacity
Effectiveness (OEE). These
Capacity
strategic steps have not
utilisation 4,10,092 18,97,950
only strengthened our 100% product Annual production Annual production
operational efficiency inspection at
but have also reinforced
our dedication
final line
77% Capacity
utilisation
In January 2023, the Chakan
facility reached a record-
to environmental breaking production level of
stewardship. 273,000 fans, marking its highest
Finished goods
sampling audit 66% output for the month.
for missing parts The Chakan Fan Factory has

Performance and product introduced a cutting-edge paint
and reliability aesthetics shop capable of handling up to
tests to ensure 325,000 fans each month.
functional quality The fan factory has also
established a state-of-the-art
assembly line with an impressive
total capacity of 400,000 fans
each month.
Corporate overview
Statutory reports
Nashik Plant Aurangabad Plant Focus on Total Productive Digital adaptation

Maintenance (TPM)
The implementation of increase real-time monitoring of
We have incorporated Total Manufacturing Execution systems and enable seamless
Productive Maintenance (TPM) Systems (MES) and digitisation data exchange across the
across our operations to inculcate of the production process has manufacturing ecosystem.
a comprehensive approach improved efficiency, productivity, With rapid adoption of digital
to equipment maintenance. and overall performance of capabilities at our manufacturing
It aims to maximise the overall our plants. The integration of plants, we aim to create a
effectiveness and efficiency sophisticated technology and connected and intelligent factory
of manufacturing plants. TPM automated systems across our environment, capable of quickly
helps to regulate maintenance operations is also expected to adapting to changes in market
activities efficiently, reduces optimise our production workflow, dynamics, reducing downtime,
downtime and optimises improving product quality and
productivity. It has resulted in streamlining operations.
Products Products considerable cost savings by
minimising repair costs, extending
the life of equipment and
Our emphasis on promoting a safe
reducing energy consumption.
working environment has led to a
remarkable achievement of zero
Water Heaters LED incidents in FY 2023.
Non-stick cookware Pressure Cooker
39,00,000 19,02,007
units per annum units per annum
Mixers Battens Installed capacity Annual production
1,18,80,000 67,44,637 Capacity The plant achieved the

utilisation milestone of manufacturing
units per annum units per annum Emphasis
78,000 Pressure Cookers in
Installed capacity Annual production on safety
September 2022
Capacity The plant produced 60,000

LED bulbs in a single day in
49%
utilisation
February 2023
It recorded the highest A dedicated Safety

57% number of storage water
heater production of
Manager has been
appointed for each
We have also
60,000 units, in September plant, to oversee
implemented a
2022 A firefighting and prioritise safety
safety training
system is being measures and
module, designed
installed at the ensure a proactive
to cater to the
Chakan plant to approach towards
specific needs of the
further enhance mitigating potential
workforce.
safety measures at risks.
the site.

Corporate overview
Statutory reports
Initiatives implemented during FY23:
0 38 64.4 mg/l
Built a Zero Liquid Discharge Installed Variable Frequency Installed new solar panels
Minor accidents at Chakan First Aid Injury at Chakan ETP COD at Chakan (ZLD) plant to recycle effluent Drives on two robotic cranes to lower greenhouse gas
within the manufacturing for energy optimisation, emissions. At our plants, we
process. We are also reusing currently under monitoring and also focus on the effective
the paint shop wastewater evaluation. surveillance and upkeep of
278.6 mg/l 19.5 mg/l 15.2 mg/l after recycling. existing panels.
ETP TDS Value at STP-BOD at Chakan STP- TSS at Chakan
Chakan
All our plants comply with Changed water taps in Launched awareness
the Pollution Control Board’s washrooms and reused water campaigns via emails and
60.5 mg/l 21.3 mg/l (PCB) guidelines for e-waste for plantations to optimise verbal announcements to
disposal and overall waste water usage. encourage our personnel to
STP-COD at Chakan ETP BOD at Chakan
management. adopt sustainable practices.
Embedding sustainability in our

operations Way forward
We are making significant strides In the upcoming year, we

to reduce environmental impact plan on scaling up our
and enhance efficiency as digitalisation initiatives
part of our ongoing efforts to and the implementation
integrate sustainability into our of the Manufacturing
operations. Through responsible Execution System (MES) at
resource management, utilisation the Chakan factory.
of renewable energy sources
and a sharp focus on employee Through advanced
health and safety, we are setting machine learning
new industry benchmarks for algorithms and predictive
sustainable practices. analytics, we aim to
improve our capacity
utilisation.
To lower our carbon

footprint and enhance
product efficiency, we
intend to revamp our
manufacturing processes
by incorporating
green technology and
sustainable practices.

Intellectual
Capital
Our relentless efforts to create a
differentiated product portfolio is
hinged on our innovative approach
to design and deliver superior quality
products that cater to changing
consumer aspirations. With the rapid
adoption of emerging technologies,
we remain determined to introduce
smarter and sustainable products to
the market.

18 184
Environmental portfolio
Patents filed R&D team strength
• Product stewardship
66 159
UN SDG linkage:
New design Engineers in
registrations technical roles
Corporate overview
Statutory reports
Intellectual Capital (continued...) Financial Statements
Emphasis on Research & add efficiency to our operations. These products address consumer concerns and help to create a distinguished portfolio. To assure the highest
Development Besides, the adoption of advanced- standards of quality, our products are tested and approved by NABL/ DSIR accredited labs, export certified labs
Our relentless technologies, deployment of physics such as Bureau Veritas, TUV Rheinland, and BIS recognised labs.
pursuit of product At Bajaj Electricals, the tireless based engineering and reliability
efforts of our R&D team empower simulations and Programme Lifecycle
innovation has led us to sustain our performance in a Management (PLM) for all our R&D
us to continuously dynamic market. Keeping product projects help us to introduce best-in- Energy efficient products
innovation at the core, we are
adapt to new-age adapting to new-age processes,
class products to the market on time.
Our efforts to ensure sustainability is demonstrated through our emphasis on the production of energy-efficient
processes and adopting advanced technologies At Bajaj Electricals, we conduct
products. To meet the stringent regulations for energy star labelling, our R&D team continues to offer innovative
extensive research to identify
embrace advanced and sharpening our skillset to render
market trends, gaps, and
ideas for developing products that minimise energy consumption.
functionally superior products.
technologies to It not only enables us to retain opportunities before launching
develop products a competitive edge but, also the products. The R&D team also
Ceiling fans Water storage heater
opens up new opportunities for carries out market visits to identify
with best-in-class sustainable progress. consumer preferences for various
BEE Star Rated BEE Star Rated
features. Our To further strengthen our R&D
products and regularly benchmarks
products against industry peers to
commitment to capabilities, we rely on our Product
stay up-to-date with latest trends.
excellence drives us Research Centre (PRC), Centre
of Excellence and Design Quality In the fiscal year 2022-23, we have
to create products departments within the R&D introduced 678 new products
that are truly 'BUILT division. It not only allows us to consisting of 165 in Consumer
diversify our portfolio further, but Products and in 513 Lighting
FOR LIFE.' With a also provides an opportunity to Solutions divisions.
strong focus on
energy efficiency Products ‘BUILT FOR LIFE’
and the adoption With the 'BUILT FOR LIFE' brand positioning in mind, our R&D team continues
to upgrade and innovate products in terms of design, features, quality
of emerging and price point. Our constant focus on testing and analysing products at
technologies, we every stage of the product lifecycle enables us to incorporate changes
strive to deliver effectively. It also enables us to maintain a steady product pipeline of new
and innovative products.
solutions that
The following products were recently introduced to fulfil the assurance of
enhance the lives 'BUILT FOR LIFE' across various categories:
of our customers
DuraCut blade with lifetime
and contribute to a Anti-dust solar
warranty in mixer grinders
AIO luminaire
sustainable future.
Dura Ace tanks
Stadium light with with 10 years
DMX control warranty in storage
water heaters
DuraMarine
Tunnel light with
Pump with two
automation
years warranty
in coolers We have developed efficient motors with It has efficient heating elements with
compact design blades to reduce the a dual safety system (Thermostat and
LED Highbay with Ceiling fans with three use of electricity. Thermal Cutout) to conserve energy.
5 years warranty years warranty

Corporate overview
Statutory reports
Induction cooktop, microwave oven LED Bulb Awards and recognition

Star Rated Star Rated
We have bagged a number of prestigious awards during FY 2023, for
designing innovative products and solutions.
Golden Peacock Innovative WorldStar Packaging Award for Good Design Award for Morphy
Product Award stadium light packaging design Richards Kube storage water heater
Indiastar Packaging Award for Product of the Year Award

innovative packaging of stadium for Morphy Richards Digichef
light and Juvel Mixer Grinder Microwave and Morphy Richards
Kube storage water heaters
Smart solutions
The optimised design of the main PCB, heating We have developed 5 star rated LED
Embracing technological
elements and sensors of the induction cooktop bulbs that are BIS registered. Hotdesking
advancements, we are Guest House
helps to reduce energy consumption. Similarly, Meeting Room (seat allocations)
developing various intelligent Booking
the microwave’s heating element, Magnetron Management
solutions that will substantially
and fans ensure energy efficiency.
boost our productivity and ensure
resource efficiency.
Material Visitor
LED Luminaire Innovate and rise Smart Office Solutions Management Management
System Solution
At Bajaj Electricals, we have established a culture During the pandemic, we began
of innovation and with the vision of enhancing developing smart office solutions.
the quality of life and ensuring sustainability, Our aim was to build comfortable
we collaborate with partners to develop new and safe workspaces. To achieve
concepts that make way for consumer delight. this, we introduced our Workplace
Management System, which is
a fusion of smart devices and
software platforms that optimises
the use of workplace resources
43 3 and effectively manages
infrastructure and facility assets.
Total number of Innovative ideas
innovative ideas adopted
Connected Factory: - (Industry 4.0)
received
1. By monitoring and discussion
making level Reports for Nirlep
4 factory.
Innovative ideas under 2. By showing the administrative

Bajaj developed LED luminaire in the Indoor and evaluation hierarchy basis dashboard
Outdoor categories, ensuring highest energy the factory performance is
efficiency in the market. increased.

Corporate overview
Statutory reports
Key performance indicators give b. Smart machines and Cyber security and IT monitoring employees. We also have a set of time data replication capability. place to monitor compliance
the prominent result to increase products can communicate IT security standards and closely This ensures system resilience with appropriate privacy laws
the performance from lower to and negotiate with each The Company’s operations are monitor their operation to protect including minimum downtime of and regulations, and with our
higher management. other to reconfigure increasingly dependent on IT our systems and information. We the systems and minimum to zero own policies. We are increasingly
themselves for flexible systems and the management are moving all systems and data data loss in case of any disaster. putting in place review and
Implementation a smart factory production of multiple types of data / information. There to cloud by next year. Robust We have standardised ways of monitoring frameworks for new
of products. is continuous increase threat and scalable system architecture hosting information on our public age automations to assess inherent
Smart factory initiative driving:
of cyber-attack threat of with multi-level redundancy, is websites and have systems in open risks and mitigate the same.
c. The KPIs that are provided unauthorised access and
1. Integration: built on the cloud that allows real
by the dashboard is misuse of sensitive information
a. Horizontal integration extremely important for the or disruption to operations. Any
i. Through value networks decision making for higher such an attack could inhibit our
management. Digital transformations
are now facilitate inter business operations in a number
-corporation Collaboration. of ways, including disruption to With over half of India's population We have embarked our journey We are leveraging technology
sales, production and cash flows, using the internet, the nation on big data and analytics as a to cater to our digitally active
ii. New Value Networks and Benefits: -
ultimately impacting our results. leads in global mobile data tool to drive sustainable growth. retailers through the retailer
Servers are implemented on
The smart factory helps Also with increase in our digital consumption. We have embarked Our data lake is setup on AWS loyalty programme.
Factory Level.
to implement sustainable interactions with customers, on a digital transformation with single source of truth
iii. PLC and HMI interface are journey to strengthen our digital deployed with PowerBI analytics. Driving technology to connect
production mode in order to suppliers, and consumers, business
evaluated and installed backbone with Nysa 2.0. The focus with our extended partners
overcome global challenges. need for secure and reliable
inside the Nirlep factory. on becoming intelligent enterprise We have deployed product – vendors, distributors, super-
IT infrastructure and careful
It can lead to novel business will enable us to create a tech- lifecycle management stockists to manage the business
b. Vertical integration Int management of the information
modes and even affect powered and human-centric solutions to manage product seamlessly.
that is in our possession to ensure
our lifestyle. Although the solutions. introductions and changes
i. A Factory owns several data privacy. Robotic Process Automation
implementation of smart to configurations in order to
physical and informational (RPA) has enabled the
factory is still facing some Accelerated pace of digitisation We recognise the necessity of keep pace with advances
subsystems, such as Actuator automation of repetitive,
technical challenges, of our operations also gives rise to upgrading our digital capabilities in technology and fierce
and Sensor, Control, rule-based tasks, freeing our
the need to proactively detect by successfully implementing competition.
Production Management It can lead to novel business workforce to focus on other
and mitigate risks arising from multiple SAP solutions meeting
and Manufacturing etc. modes and even affect our Smart Factories initiatives major business aspects.
technological advancements such complex needs of business and
ii. It is essential to Vertical lifestyle. The implementation emerging needs – from sourcing with Industry IoT driving the
as deployment of Al, Robotics
integration of PLC and sensor of smart factory is still facing to manufacturing; from innovation efficiencies and reducing costs.
Process Automation, Machine
signals across various levels. some technical challenges, to marketing to reaching our
Learning.
consumers through omni-channels.
2. Cyber and Property Security: We are on right path by
To reduce the impact of external
simultaneously applying Our objective is to employ best-
a. All the data that sends cyber-attacks impacting our
the existing technologies in-class technologies such as AI,
from the Factory to cloud is business, we have deployed
and promoting technical ML, Robotic Process Automation,
encrypted. firewalls and threat monitoring
advancements. Along with security systems and advanced
systems in place, complete with
b. VAPT and Security Tests are runs existing technologies, some analytics, to develop a tech-
immediate response capabilities
as per the BEL security policies. application demonstrations powered and data-driven digital
to mitigate identified threats. We
have already been built. enterprise.
3. Conclusions and Future Work: also maintain a robust system
Therefore, the smart factory
for the control and reporting of
a. With the emerging and the Industry 4.0 can be
access to our critical IT systems.
information technologies, implemented in a progressive
This is supported by an annual
such as IoT, big data, and way with the unstopped
programme of testing of access
cloud computing together technical advancements. In
controls. We have implemented
with Artificial intelligence the future, we will continue
policies covering the protection
technologies, we believe the to develop our prototype
of both business and personal
smart factory of Industry 4.0 design and focus on the key
information, as well as the use of
can be implemented. enabling technologies.
IT systems and applications by our

Corporate overview
Statutory reports
BEL CitiSol Key Highlights
We have designed a new business

Holistic Solution Energy Operational
model ‘BEL CitiSol’ which is an
Provider Efficiency Efficiency
embodiment of our shift from
traditional box-selling to a holistic
solution-oriented approach. Offers comprehensive Provides best-in- Promises up to a
BEL CitiSol is a platform for the smart solutions for class technologies, 50% improvement
lighting industry, designed to city lighting using IoT delivering up to 80% in operational
offer a connected and IoT-based technology. energy efficiency. efficiency, allowing
experience to our B2B customers. our customers
Serving key stakeholders such as Contributor to Strong secure PKi to optimise their
Smart City initiatives, Urban Local Smart Cities stack operations.
Bodies (ULBs) and government
projects, Commercial Building, Actively driving the ISO27000
MFG Industries we are enabling development of smart environment.
the transformation of public cities by enabling
infrastructure through digital digital transformation
innovation. on a national scale.
Offerings;
Smart utility pole
BEL CIoT – (consumer IoT Platform)
Group controlled outdoor
lighting BEL CIoT is a Consumer IoT Platform Key Features
Individual controlled outdoor developed to enhance the
lighting customer experience. This platform
Control and Connection Purchase of BLE+wifi
enables customers to control and
Tunnel lighting Monitoring to Product New Products
monitor Bajaj Consumer Products,
Energy monitoring modules Services
providing a user-friendly, digital
Indoor smart lighting with interface for managing these
HVAC integration. products. In addition to controlling Users can The platform BEL CIoT based
and monitoring capabilities, the effectively bridges the facilitates the consumer
platform connects consumers manage their gap between buying process, products.
with product services for ease of products, and customers allowing
access and maintenance. receive real- and product customers to
time updates services, purchase new
Communication Technology:
about devices. ensuring easy Bajaj products
NBIoT
30+ access to
support and
directly through
the platform
LoRa
IT team members maintenance.
RF – Zigbee - Mesh
GSM
BLE – Mesh 10+ years
CANBUS, MODBUS Average experience

Corporate overview
Statutory reports
Adoption of emerging technologies Smart lighting solutions
With constant evolution of In the B2B division, we undertook a smart indoor lighting automation
technology, we aspire to project to facilitate an energy-efficient and cost-effective way to light up
reimagine product usage with commercial and industrial spaces. The initiatives taken in FY 2023 include
the implementation of emerging the following:
technologies such as Artificial
Intelligence (AI), Internet of
Things (IoT), robotics etc. We are Smart utility NBIoT based
deploying technology to develop pole outdoor lighting
smarter products and solutions
across our business verticals.
Alongside, we have implemented Energy

SAP across our facilities to monitoring LoRa based
ensure better tracking of cost modules outdoor lighting
and inventory. This has reduced
maintenance issues, improved
energy utilisation and productivity. BLE+wifi based
consumer
products such as Tunnel
bulbs and battens lighting
Innovation across business units
Windhill technology that allows long-distance make them suitable for a variety
communication among devices of services and applications.
We have adopted Windhill, a new powered by Internet of Things (IoT) This technology enables cost
platform for product life cycle technology. It is a low-power wide- saving, generates more revenue
management. Its PLM software area network (LPWAN) technology and helps in better infrastructure
offers a comprehensive solution for that runs on the wireless spectrum's management.
managing product lifecycles, from restricted bandwidth. It provides
design to end-of-life processes. The various advantages, including BLE mesh technology
programme is intended to help lower power consumption,
optimise operations, reduce costs, We are using BLE mesh technology
increased coverage, and
and improve product quality and for consumer products used in
improved indoor penetration,
compliance standards. smart homes, lighting systems, and
making it ideal for a variety of IoT
wearables. With this technology,
applications in smart cities, smart
Narrowband Internet of Things each connected device within the
homes, and industries.
(NBIoT) network can communicate with
Smart pole technology each other, allowing more efficient
We have started implementing and reliable communication.
Narrowband Internet of Things At Bajaj Electricals, we have It also aids in lowering power
(NBIoT), a communication adopted the smart pole consumption, enhancing
technology used in outdoor technology to integrate advanced scalability and flexibility of devices.
lighting solutions. It is a wireless features in street poles, with the
communication technique addition of sensors, cameras,
and communication devices, to

Corporate overview
Statutory reports
Marketing and Branding
We have leveraged digital media for branding and advertising, focusing on social media platforms such
as Facebook, Instagram and YouTube. This strategy is backed by advanced analytics, collective company
experience and continuous market research. We repositioned ourselves as BUILT FOR LIFE, resonating with the
millennial/Gen Z consumer and highlighting durability and endurance as the brand promise.
Key campaigns and marketing initiatives include: Nirlep Morphy Richards
Our Diwali repositioning campaign Our campaigns reached

resulted in a 7.4% lift in awareness approximately 33 million people.
Collaborating Utilising influencer Conducting a Running a successful
and a 3.4% lift in consideration on
with a renowned marketing and working repositioning social media contest We achieved a higher VTR than
Facebook.
agency for strategic with popular influencers campaign post the for Nirlep during Diwali, anticipated, ranging from 6% to 11%.
communication like Chef Kunal Kapur, Diwali season, 69 garnering over 450 Nirlep's Instagram contest during
planning and Chef Vismai, Sukhmani million people reached entries Diwali reached over 3 million users
implementation Gambhir and Pearle through the Digital with over 7 million impressions,
Mane. campaign increasing our followers by 11.3%.
Conducting targeted Using in-store branding Incorporating Collaborating with

social media and merchandising to performance third-party agencies
campaigns for boost brand recall marketing and and conducting Way forward
receptive cohorts and strengthening primary and
international brand e-commerce presence secondary research to
Address consumer needs Strategically monitor and Customise SKUs to improve
enthusiasts for better conversions stay abreast of market
by developing innovative adjust to volatile raw material inventory management,
in overseas markets trends
and cost-effective products, prices to optimise costs without while catering to diverse
centred around solving compromising quality. customer requirements.
customer pain points.
Increase focus on smart Sustain market leadership
Strengthen in-house R&D lighting solutions, especially in by consistently delivering
Key highlights for more unique and outdoor lighting and introduce high-quality, innovative and
competitive product new IoT and smart solution energy-efficient products.
offerings, while also building products for indoor decorative
BAJAJ
a robust IP portfolio. lighting.
The digital share of ADEX rose to Generated 1,149 million
38%, with Digital Video's ADEX impressions, surpassing our
share reaching 30%. estimated target by 13%.
Our digital interventions Created over 80 informative

garnered an impressive 524 videos for distribution across
million consumers across social media and e-commerce
multimedia campaigns. platforms.
We achieved an outstanding
overall Video Through Rate
(VTR) of 81%, exceeding industry
benchmarks.

Human
Capital
At Bajaj Electricals, we consistently
endeavour to foster a work
environment that empowers our
people to realise their true potential.
We strive to create a workforce that
is skilled, motivated and aligned to
the requirements of a future-ready
organisation, thereby strengthening
our ability to nurture a sustainable
organisation.

2,500 8%
Employee health and safety Permanent Gender Diversity
employees (excl. factories)
Business ethics and
anti-corruption
83% 18%
UN SDG linkage: Employee Employees with
Engagement Score tenure > 10 years
with Bajaj Electricals
Corporate overview
Statutory reports
Human Capital (continued...) Financial Statements
Enhanced onboarding experience
We focus on nurturing a future-ready talent pool that not only possesses The organisation has streamlined period of 30-60 days, HRBP and the
the skills and capabilities to thrive in a dynamic operating environment the onboarding experience management ensure goal setting,
through the 'Welcome Onboard' team and culture alignment. After
but also embodies strong leadership qualities and embraces unified team Programme. The programme 90 days, the management and
efforts. Our culture of consistent learning ensures that our personnel are focuses on the first 30-60-90 days newly hired employees engage
equipped with the requisite tools and knowledge to adapt and excel in of new hires and instils in managers in a pre-confirmation coaching
an ever-evolving industry. We recognise exceptional performances and and the HR team members, a conversation. Additionally, all
sense of collective responsibility. new hires participate in a rigorous
foster an environment where every individual has equal opportunities
to grow and succeed. Being certified as a Great Place to Work® for the
On the first day of work, the new
hire receives a welcome kit that
group induction programme,
‘Anugam’, whereby they interact
375
third consecutive year bears testimony to our commitment to being an includes a laptop, an ID card and with their respective Function New hires attended Anugam in
employer of choice. other relevant materials, as well as Heads after 120 days. FY 2023 - the Corporate Induction
HR and team induction. Over the Programme
Three pillars have served as the foundation of Bajaj Electricals’ HR practices: Training and development
To nurture a culture of continuous

learning, we have introduced
52,096
Creating a Diversity Employee
several training and development Manhours of training during
future-ready and equal wellness and
programmes for our people. FY 2023
organisation opportunity safety
During the year under review,
we conducted training sessions
focused on functional and
behavioural development of
employees. Also, programmes
including finance for non-finance,
Building a future-ready digital marketing, contract
talent pool management and negotiation,
compliances, diversity and
inclusion and managerial
At Bajaj Electricals, we believe in attracting
and retaining the right talent through an 590 capability development were
efficient hiring process that entails multi- New employees hired organised.
layered evaluation procedures. To build a
We have also partnered with Korn
stronger talent pool, we are emphasising
Ferry Consulting to design our
on the addition of young talent with diverse
internal assessments, individual
perspectives. Our campus programmes,
development plans and group
including SPRINT (Management Trainee
learning programmes. This
Programme), Sales Management Associate
intervention has led to successful
Programme and Graduate Engineer Training,
leadership development within the
are intended to develop an aspirational
organisation.
talent pool within the organisation. In FY23,
we employed 6 management trainees from
Tier II institutions and 6 GETs for our plants.
Additionally, the SMA programme was
reintroduced to attract people interested in a
career in Sales.

Corporate overview
Statutory reports
Catapult programme High-performance Culture
At Bajaj Electricals, we are

committed to raising the
Pygmalion Driving Peak It is through our integrated employee engagement system and focused development
opportunities that we ensure strong output generation and employee efficiency.
managerial efficiency of our Performance
It is a high performer- high
people. The Catapult programme
potential development
has been created to foster strong It was conceived with a focus Organisation redesign Fostering consistent employee Rewarding outstanding performance
programme for the top 5%
leadership, encourage unified on the Growth mindset of our engagement
talent within the organisation. During FY2023, we reviewed We acknowledge the contribution
team effort and build a diverse Plant leadership team. Group
The programme spans over our organisation structure and We believe, employee of our people and recognise
workforce. This programme learning, individual development
10-11 months and focuses on re-aligned functions to create engagement is key to operational exceptional performances through
also aims to enhance the self- plans and coaching exercises
developing top talent for critical stronger synergies within the excellence and therefore, various reward programmes. We
management and performance were conducted as part of this
roles within our organisation. Company. Along with undertake several employee- offer instant appreciation through
management skills of our programme.
managers. streamlining the functions of engagement initiatives. At Bajaj Spotlight cards, Quarterly Prizes
various business verticals, it helped Electricals, we also provide diverse and Annual Achieverz Awards.
Digital Learning Sukarak to improve decision making and growth opportunities through Through these endeavours,
210 empowered employees to aim for
meaningful growth.
platforms such as the Mulya
programme that allow employees
we aspire to appreciate the
remarkable contribution of our
Our online learning platform, It is a peer-to-peer learning
Managers attended the Catapult to be a part of the cross-functional employees while upholding
WeLearn, hosts over 240 courses programme where selected
training programme in FY 2023 teams. Our teams can use these organisational values. We have
ranging from Compliance, employees are trained to facilitate
Behavioural & Functional courses, in-house sessions on functional platforms to ideate new concepts, a special category of awards
Digitalisation to improve employee
for employees. It includes and behavioural topics. We solve business challenges and designed to recognise the best
experience
interactive, customised content, have developed a pool of 28 in- enrich their skills further by cross functional teams who
curated as per specific needs house facilitators, across different engaging with colleagues from have significantly impacted the
SAP SF has been employed to
(Compliance trainings, Goal functions, to deliver programmes different departments. Additionally, Company’s strategic initiatives.
streamline and automate HR
Setting, ESOPs, Finance for Non- on various modules. our people are offered the cross-
processes and improve employee
Finance, etc.) as well as off-the- functional projects to provide
experience. The platform offers
shelf content subscribed from exposure to critical roles. We A Great Place to Work®
real-time data on the employee
learning partners like Skilldom, also encourage fairness in our
Actuate and Percipio. These
Compliance & journey and serves as a single
appraisal system to provide equal Bajaj Electricals has been certified
source for accessing employee
are part of the e-learning library ESG training data. The manufacturing plants
opportunities to every individual. as a Great Place to Work®, for the
which can be accessed by the This has enhanced employee third consecutive year. We are also
are also being added to the
employees for skill enhancement. A series of compliance trainings retention in the long run. proud to be featured in the list of
module.
were conducted with a focus Top 50 Organisations with Great
on POSH, Code of Conduct, Outcomes of digitalisation Managers by People Business. Our
Whistleblower and Insider Trading Bajaj Got Talent MD and CEO was awarded the
policy. In addition, more than The digital hiring method has Man of Small Appliances Award
25% employees attended ESG ensured a reduction of lead Our in-house employee by CEAMA and our CFO was
awareness sessions conducted time from 3 days to a single day engagement programme recognised as the Best CFO at the
by Sukaraks. encourages the workforce to Finance Strategy Award in the 6th
Comprehensive e-learning
participate in various talent shows, edition of Business World CFO World.
platforms to ensure skill
enhancement sports events and celebrations.
Under this initiative, we also
Self-service access to conduct regular health check-ups
employees for policies, for our people.
compensation, performance 85%
management information
Employees take pride in their
Improved onboarding affiliation with the organisation
experience for new joiners

Corporate overview
Statutory reports
D&I council
Diversity and inclusion

D&I Council Employee Resource Group Step Up Workshops
Our commitment to be an
equal opportunity employer The D&I council consists of both A cross functional team of women Workshops focussing on topics
drives us to hire candidates from men and women in leadership employees were nominated to related to career accelerators
diverse backgrounds. We do positions. The representation by ideate and implement changes were organised. The sessions on
not discriminate on the basis of both men and women ensures to enhance the experience Lean In Leap Out, Crafting Brand
caste, creed, religion, gender, that there is diversity of views & of women employees in the You, The art of networking and
nationality or physical capability. buy-in on decisions. organisation. This team function influence and Power dressing
With a focus on merit-based as change agents and drive D&I and styling were attended by all
recruitment processes, we also initiatives at organisation and women employees.
strive to maintain a healthy gender business levels.
diversity within the organisation.
Women Centric Policies Engagement Initiatives
8% Women centric policies focussing

on flexibility were rolled out during
Women’s Day celebration on March 8 is a special moment for all
women employees. Organisation appreciated their contribution and
Women employees the year. The new policies focus uniqueness in form of small celebration and presenting a personalised
(Excl. factories) on flexible work timings to support hamper. In addition, women conclave was organised were all women
maternity and health related employees from all locations travelled to Mumbai Head office location
Ramps at the requirements. To enable safe travel
for women employees, additional
and attended the conclave. The purpose of conclave was to seek
inputs and ideas from women employees on action areas. Followed by
HO to ease policies were rolled out including
travel support during odd travel
conclave, women employees also attended foundation day celebration
“Sarvottam Diwas”.
mobility of hours and outstation journey.
differently-abled
employees. Employee Sensitisation
A self- paced e learning module

was launched to sensitise
employees on Diversity, Equity and
Inclusion. Around 800 employees
STEPUP: completed the module and

assessments. In addition, the
Empowering our managers of women employees
women employees also attended workshop on DEI
specially curated to sensitise and
build skills in the managers to make
The STEPUP platform, which aims to foster a sense of trust and belonging through the workplace inclusive.
various sessions and interactions with female leaders across sectors, is positively
impacting the organisation. Approximately 150 female co-workers, across all business
verticals, have been engaged through this platform.

Corporate overview
Statutory reports
Employee Safety and Well-Being Enhanced safety for EPC
Excellence in EHS is essential to Our power transmission and

Bajaj Electricals Limited (BEL) distribution sites have been
success. At Bajaj Electricals, we recognised as critical sites.
place utmost priority on the health Dedicated EHS officials are
and well-being of our people. present at all the sites to ensure
Our Nasik & Ranjangaon plants compliance with legal and
are ISO 45001:2018 certified. Our associated standards. Workers
plant heads as well as a safety regularly receive training on the
committee regularly tracks safety importance of safety and other
parameters to ensure optimum concerns such as risk assessment,
results. Immediate actions are taken
high-risk activity, firefighting, the
in case of any deviation from the
use of PPE and first aid. They are
acceptable safety standards. Our
also provided appropriate PPE to
Safety plans include opportunities to
ensure their safety. Additionally,
reduce serious and fatal incidents,
a work permit system has been
ensuring and maintaining safety
legal compliances, safe working developed to prevent the
environment, ensuring employees occurrence of unauthorised or
engagement. Our plans are unsupervised operations at the
Risk Assessment (HIRA) technique needs and cross site mentoring
focusing on top 5 hazards which workplace. To ensure occupational
includes (Electricals, Falls, Vehicle
to identify the risks associated with
specific equipment.
opportunities. We proactively
monitor leading indicators
safety, EHS managers undertake
cross-regional safety audits, the
Zero Safety is a never-ending journey.
In 2023 safety will be enhanced by
movement, Powered Machines, including safety employees Fatal accidents during strengthening our safety expertise
Lifting) Safety awareness and engagement. We track the rate results of which are shared with the
FY 2023 in process and product design.
communication is important to of employees participating in top management.
For us Safety is a value which Bajaj ensure standards are implemented safety opportunities. Our action
Electricals will not compromise. properly. We conduct regular tracking system helps us in closing
We are committed to ensuring campaigns on road safety, EHS these safety opportunities. Our Human Rights
the health, safety and welfare induction training, Safety alerts, focus is very clear, we want to
of our employees, as well as all generic and risk based EHS We place great emphasis on Approximately 10% of the employees in the organisation are members
translate these opportunities into
key stakeholders including but trainings. These safety programmes risk reduction actions. respecting, safeguarding and of the union. This allows employees to easily communicate with top
not limited to agency workers, are organised across all business upholding the human rights of all management through the union, facilitating mutually beneficial decision-
contractors and visitors coming to verticals and departments. As part of safety strategy Bajaj people. To provide a safe and making for the organisation.
our sites, offices and factories. Our Training on Hazards and their Electricals launched its first comfortable working environment,
Safety Objective is to achieve zero associated risk is an important Safety survey in 2022. It help us we have strengthened our human
severe accident. For achieving part of Bajaj Electricals employee in measuring employees safety
safety objective each employee rights policies and encourage Way forward
expectations. There are 85 safety engagement identify safety
is Complying with BEL safety rules employees to report grievances
related topics in which 461 training opportunities and to develop
and local regulations . We STOP related to the organisation or any Maintain a zero accident Enhance employee
sessions were conducted. future safety initiatives.
any activity that deviates from other pertinent issues. record and prioritise safety satisfaction through various
Safety Rules. We Train our staff
and stakeholders to apply safety
To ensure safety at work, we
conduct annual EHS assessments 461 Our policies
measures. initiatives.
standards and instructions at work. at our factories, warehouses, Ensure compliance with Increase the representation
EHS trainings were conducted
We report new risks and safety Project sites, offices. This EHS regulations and standards. of women in senior
Code of Conduct policy
violation in EHS management assessment is a process in management positions.
system. which our sites and facilities are 29 Whistle Blower policy
Provide employees with
learning and development Create value for all
evaluated to identify opportunities
At Bajaj Electricals risk assessments Mock drills POSH policy opportunities to enhance stakeholders and cultivate
and to recognize excellence.
are performed. We ensured our EHS Team consolidates site their career progression and a positive and inclusive
ISO 45001:2018
primary risk associated with work results to identify and prioritize leadership abilities. work environment.
place are addressed on priority. actions which support and
We adopted Hazard Identification uplift site performance, training Certification for EPC BU
Social and
Relationship Capital
Our belief in propagating mutually
beneficial relationships with
stakeholders enable us to constantly
focus on shared goals that help to
address the most pressing needs
of the community. As a socially
conscious entity, we strive to
strengthen our value creation
approach through targeted efforts
for holistic development of people
and communities.

H 3.01crore 621
Supply chain management CSR spend Customer Centre
Quality service and delivery
38 11
UN SDG linkage: Net Promoter Score CSR partners
Corporate overview
Statutory reports
Social and Relationship Capital (continued...) Financial Statements
Employee volunteering Guided by a visionary leadership
We believe in the power of social inclusivity and its profound impact on To foster a culture of inclusive Believing to lead by example and fostering a culture of integrity, fairness
creating a harmonious society. Through our CSR initiatives, we remain growth, we seek to engage our and transparency throughout the organisation, our senior leaders provide
committed to providing specialised healthcare services to our local people in various CSR initiatives. invaluable guidance when it comes to corporate social responsibility
The involvement of our workforce (CSR) and ethics. They embody a strong commitment to ethical practices
communities. We make quality education accessible to children, ensuring in our CSR journey not only and the welfare of our local communities.
that no child is left behind in their pursuit of knowledge. Moreover, to foster allows us to inculcate a feeling
the growth of new-age entrepreneurs, we conduct vocational training of social inclusivity, but it also
programmes that equip them with relevant industry skills. aims to nurture qualities that are
essential for developing a thriving
and responsible organisation.
We appoint employees as CSR
Crafting a CSR strategy
Champions and CSR activity
Committed to meaningful
leaders to act as ambassadors for
change Our leaders create a
the Company. Communicating CSR efforts
comprehensive CSR
We understand our responsibility Key focus areas It helps to strengthen strategy that aligns with our Our leaders inform all
towards people and the relationships with key mission and objectives. shareholders about our CSR
society at large. It guides us to stakeholders and promote the initiatives. This includes our
undertake meaningful initiatives organisation's values and goals
1 customers, dealers, investors
that are aimed at uplifting local as a socially responsible entity. and personnel. This open
communities and contributing
communication helps foster
towards economic development. Volunteers are engaged in
trust and a strong reputation
With a focus on environmental Ensuring Promotion of Promoting Promoting capacity building and social
within our business network.
sustainability, promotion of health Environmental Education, Preventive Indian Arts & awareness campaigns, act
and education and dedicated Sustainability Vocational Health Care Culture as mentors in educational
3
community development & promoting skills and institutions and participate in
efforts, we remain motivated Education Livelihood tree plantation drives.
to strengthen relationships with Generation
diverse stakeholders including It has resulted in the
people, communities, government development of exemplary
and regulatory authorities. CSR projects, showcasing the
commitment of employees in
creating a positive impact on
Bajaj Electricals Foundation (BEF) the community. 4
We have established the Bajaj Upholding Accountability

Electricals Foundation (BEF),
a trust that serves as both the 1,700+ 2
Our senior leadership
corporate social responsibility Leading by example assumes accountability by
Employees volunteered
(CSR) and philanthropic arm conducting regular reviews
for CSR projects
of Bajaj Electricals Ltd. Our Demonstrating their of our CSR initiatives, tracking
commitment lies in building commitment to social expenditures and confirming
enduring and sustainable responsibility, our leaders that our social efforts are
partnerships and programmes. participate in community aligned with broader
We consistently undertake projects and serve as an organisational goals.
community development inspiration for others within
initiatives through BEF, ensuring our organisation.
their effective implementation and
development.

Corporate overview
Statutory reports
Education Healthcare Art and culture For the Environment
Bajaj Electricals has undertaken We undertake a wide array To foster the development of The Challenge 2. Urban forestation • Increased biodiversity: The
a series of initiatives aimed at of comprehensive healthcare art and culture, we continue to diverse species of trees planted
enhancing the infrastructure in programmes that are dedicated undertake several initiatives. Environmental concerns Through this programme, we provide habitats for wildlife,
schools and ensuring the holistic to providing access to quality such as air pollution, water pollution, established large-scale green thus enriching local biodiversity.
well-being of children through the healthcare. An Innovation Hub has been soil erosion and the urban heat spaces in urban locations, • Soil conservation: By reducing
promotion of sports. set up to specifically focus island effect have become more including from native trees and soil erosion and improving
Offering oral cancer screening on supporting start-ups and pronounced in urban locations. flowering plants. Our main focus soil quality, our efforts support
Supporting skilled athletes and facilities for Mumbai railway fostering the growth of new- The scarcity of green spaces in was increasing the forest cover in local agriculture and natural
promoting the advancement police personnel as well as age entrepreneurs in the field these regions further worsens urban areas, improve air and water ecosystems.
of sports education through other patients. of art and culture. these problems. To address these quality, promote biodiversity and • Water conservation: The trees
strengthening of sports challenges and improve the urban offer recreational opportunities. reduce water runoff and
infrastructure in schools. Training and capacity building Extending support to emerging ecology, it has become imperative increase infiltration, mitigating
programmes for healthcare artists to pursue a careers in arts. to find comprehensive solutions that the effects of drought and
Upgrading existing facilities professionals. can enhance the quality of life for protecting water quality.
in schools through the city dwellers. Incubation Hub
construction of classrooms, Assisting programmes for • Reduction in urban heat island
encouraging tobacco ABLIH is an incubation centre effect: The trees offer shade,
libraries, laboratories and
cessation. Our approach created as an Innovation Hub across reducing temperatures in
recreational areas. By
15,500 sq. ft. area, with of world-class urban areas and lowering the
creating a conducive In response to these concerns, we
Conducting anti-tobacco facilities and new- age infrastructure. demand for air conditioning.
learning environment, we launched environmental initiatives
advocacy and awareness The hub offers 360-degree • Aesthetic value: The added
ensure student engagement, across India at focus on tree
programmes in collaboration interventions including mentoring, greenery has beautified urban
well-being, and academic plantations and urban forestation in
with schools, colleges and seed funding and meets incubation spaces, uplifting the quality of
excellence. collaboration with various partners.
communities. needs of start-ups. The thrust areas life for residents and visitors.
are Women Entrepreneurship (WE) • Livelihood generation: The
and Creative Entrepreneurship, two initiative has created additional
1. areas that often remain outside the income sources, contributing to
Tree plantation
purview of incubators. the local economy.
Encouraging our people to
engage in CSR initiatives, we
planted trees in key locations such
The results
86,000+
as parks, gardens, educational By executing this dual strategy,
Trees planted
institutions and, government we have planted more than
premises. It aimed to improve 86,000 trees across various urban
forest cover in urban areas, create sites. These efforts have led to Long term outlook
better air quality, and support the substantial ecological, social and
After 5-10 years of growth, these
natural biodiversity of the region. economic benefits, including:
plantations could potentially
• Improved air quality: Our sequester around 6,000 to 9,000
plantations absorb carbon metric tonnes of carbon dioxide
dioxide and other pollutants, each year, marking a significant
thereby enhancing air quality. stride towards environmental
sustainability.

Corporate overview
Statutory reports
Value creation for suppliers Supplier engagement
At Bajaj Electricals, we are

Promoting local Our interaction with suppliers is marked by frequent and varied
cognisant of the integral sourcing engagement methods.
role that our suppliers play
in our operations. This
acknowledgement forms the ‘Hello Local’ 1 2 3
bedrock of our holistic approach
to supplier engagement, ensuring Individual meetings Regular Operational
that our interactions create Our Supply Chain and site visits communication discussions
shared value. Management team promotes
We maintain close Through emails, We conduct
local procurement through
relationships with meetings and daily operational
the ‘Hello Local’ initiative.
90+ Currently, our reliance on
our suppliers,
conducting on-site
conferences, we
ensure our lines of
discussions with
suppliers to ensure
Suppliers and Vendors imports stands at over 170 SKUs.
visits and individual communication seamless operation
However, our focused efforts
meetings to discuss are always open, flow and address
towards localisation have
new products with engagement concerns in a timely
resulted in domestic sourcing
and business happening on a manner.
of 35 SKUs. Moreover, we are
requirements. quarterly, biannual
in the process of localising
and annual basis, or
an additional 20+ SKUs. This
as the business needs
drive towards localisation
dictate.
encompasses a wide range
of products under both Bajaj
Electricals and Morphy Richards
Ensuring ethical conduct
brands, demonstrating our
commitment to supporting
Our commitment to transparency and ethical conduct forms the cornerstone of our relationship with our
local businesses and reducing
suppliers. This guides interactions with our suppliers and governs our expectations from them.
import dependency.
Supplier onboarding Communication and Contractual agreements

escalation channels
During the onboarding process, We strive to ensure that our
all suppliers are informed of our We encourage open contractual agreements with
policies and Code of Conduct. communication and strive to suppliers contain all relevant
This step ensures that our suppliers resolve conflicts easily. As a clauses pertaining to our business
understand our operational result, we share our modes of relationship. These contracts
procedures, ethical guidelines communication and escalation establish our expectations and
and expectations right from the contacts with all our suppliers. the supplier's obligations, setting a
beginning. This allows them to confidentially clear framework for our partnership
share concerns directly with the and ensures protection of both
management. We consider this parties.
procedure vital for fostering trust
and facilitating constructive
dialogue with our supply partners.

Corporate overview
Statutory reports
Training and capacity Embedding sustainability in supplier engagement Value creation for Customers
building initiatives
At the core of our services lies
We ensure that our business partners align with our sustainability
Our value-creation efforts focus on our unwavering commitment
principles. To do so, we adopt several measures encourage our
the training and development of to providing our customers with
suppliers to adopt sustainability practices.
our suppliers. We conduct regular best-in-class experience. Our
workshops and awareness sessions comprehensive customer care
to cover key topics such as ESG Supplier tracking Environmental screening framework is designed to prioritise
norms, RoHS compliance, and BIS for new suppliers customer satisfaction, streamline
regulations. These sessions provide We inform our suppliers about service operations and resolve
suppliers with guidelines and sustainability measures and Screening new suppliers issues promptly.
processes for product compliance reporting under ESG criteria. It is through environmental criteria
and delivery requirements, helping important to us that our suppliers is a fundamental aspect of our
them meet our expectations. understand the significance supplier onboarding process. The Real-time customer satisfaction
of these measures and how production facilities of potential surveys
they contribute to our shared suppliers are subject to audit by
commitment to sustainable our Quality Assurance team, which After each service interaction,
Supplier satisfaction surveys we facilitate an online, real-time
business practices. evaluates them based on multiple
parameters. The final score from aftersales customer satisfaction
We conduct regular supplier Digital customer interactions
Currently, we use manual this evaluation is used to screen survey. The customer is asked
satisfaction surveys to gauge
processes to measure and monitor the suppliers. to express their satisfaction by We have embraced digitalisation
Way forward
the satisfaction of our suppliers,
the sustainability activities of our choosing emojis and validating the to enhance customer interactions.
address their concerns, and
suppliers. While these methods response with an OTP received at Several online tools, such as We plan to intensify
improve our supplier relationship
are labour-intensive, they provide the beginning of the service call. chatbots, webforms, and our engagement on
management. These surveys cover
us with valuable insights into our WhatsApp call registration, have social media platforms
a range of issues, such as quality,
suppliers' environmental footprint been integrated into our customer to improve customer
cost, delivery, ESG compliance
and allow us to track their Mulya support system, and we plan to relationships and boost
More
and payments.
adherence to our sustainability introduce a voice bot for call brand visibility.
expectations. registration and call status updates.
A Platform for than 99% In the years ahead, we
will continue nurturing
Supplier Innovation Delighted and strong, mutually
Supplier factory compliance checks Customer care centres
satisfied customers beneficial relationships
Under our Mulya initiative, we
Our team conducts compliance Our customer care centres with our business partners
have launched a portal with an
checks at supplier factories serve as a major touchpoints for and stakeholders.
emphasis on ‘VAVE’ activities
to ensure compliance with managing and resolving consumer
for encouraging our suppliers to Outsourced customer support We are also committed
sustainability standards and complaints. There is an exclusive
propose cost-saving and value- to scaling up our
industry regulations. These We have outsourced our entire team of agents for Online Call
adding ideas. This portal acts as community outreach
checks ensure that our suppliers' customer support to a team Resolution (OCR). They resolve
a platform for our suppliers to initiatives, thereby
operations align with our comprising thousands of field customer issues over the phone
showcase their creativity and positively impacting local
environmental standards and service engineers. The team not whenever possible, reducing the
innovation, leading to mutual communities to foster
industry regulations. only helps in expanding our service need for in-person visits.
benefits. As part of this initiative, societal goodwill.
we acknowledge the best cost- network, but also enhances the
capabilities of service engineers,
saving ideas.
ensuring fast and effective 621
resolution of service calls. Consumer care centres
3,600
Field service engineers
Natural
Capital
At Bajaj Electricals, our eco-conscious efforts
are leveraged by responsible practices,
designed to strengthen the foundation of a
viable future. With a focus on demonstrable
and scalable results, we remain focused on
natural resource and water conservation,
waste management and afforestation drives
to ensure fruition of our plans.

15,507 GJ
Energy management Green energy
generated
Water management
Waste Management
and recycling
91%
Waste recycled
UN SDG linkage:
Corporate overview
Statutory reports
Natural Capital (continued...) Financial Statements
GHG emissions
Through the widespread adoption of solar panels, we harness the power
of renewable energy while reducing our carbon footprint. We have also To limit our environmental footprint,
we are consistently monitoring our
5,568.15 MT 5,568.15 MT
set targets to reduce Scope 1 and Scope 2 emissions, ensuring that our Scope 1 and Scope 2 emissions, (4 manufacturing plants) Total waste treated
operations align with global climate goals. Targeted interventions are with an aim to automate the entire Total waste generated
in place to monitor and control waste generation from our facilities, process. We also strive to measure in FY 2023
as we actively embrace our responsibility as an extended producer. emission levels on a monthly
basis and based on the analysis,
Additionally, efficient water management practices are at the forefront of
our agenda, ensuring the sustainable use of this vital resource. Through our
strategies and corrective action
will be taken. We have set a target 5,044.39 MT 3.56 MT
different sustainability initiatives, we are contributing to a greener future. to reduce specific Scope 1 and Recycled waste (4 manufacturing plants)
Scope 2 emission by at least 2%, by Waste treated through
FY 2025. landfill
Energy management
2,138 KWP
We are actively encouraging of up to 50% or more, depending Solar
Bajaj Electricals collaborated with external
Installed solar energy capacity
agencies to meet the CPCB's Extended
the adoption of solar panels as
a sustainable and eco-friendly
on the specific application and
operating conditions. The ability 2,138 KWP Producer Responsibility targets for e-waste,
energy solution, aiming to transition to precisely control motor speed, Installed renewable capacity battery waste and plastic waste in FY 2023.
from non-renewable sources optimise energy usage at partial
Waste generation
to renewable energy. Through loads, and eliminate unnecessary
this approach we support the mechanical control devices are Wind
As a manufacturer of consumer
2,800
preservation of our environment key factors that contribute to
and aim to reduce the carbon energy efficiency when using VFDs. KW electrical goods, we acknowledge
footprint associated with traditional that our products can become an
Installed renewable capacity environmental liability if they are
energy generation methods.
not disposed properly at the end
Aligned with India’s net zero of their life cycle. Our products
ambition, we have increased our are wrapped in plastic packaging
reliance on renewable sources of and some of our products contain
energy. We have installed solar batteries that have a significant
facilities at our Ranjangaon and impact on the environment. As
Chakan facilities during FY 2023. a result, we have undertaken
The capacity of the Chakan plant targeted interventions to monitor
has been increased to 605 KWP. and control waste generation from
During the current fiscal year, a 437 our facilities. Along with efforts
KWP rooftop solar system was also to minimise waste, we have also
installed at Nirlep and a 791 KWP adopted an innovative approach
rooftop solar system was installed at to implement novel ideas that can
the Ranjangaon unit. contribute towards our goal of
efficient waste management.
We have also installed variable
frequency drive (VFD) to control We have successfully redirected
the speed of electric motors by over 99% of our waste away
varying its input voltage. For smooth from landfills through innovative
operation of motors, we have practices and rigorous recycling
implemented VFDs in motor-driven efforts, effectively minimising
systems to enable, energy savings environmental harm and
maximising resource recovery.
Corporate overview
Statutory reports
Natural Capital (continued...) Corporate Information Financial Statements
Proper waste disposal Water management Board of Directors COST AUDITOR Branch Offices
Shekhar Bajaj R. Nanabhoy & Co. Ahmedabad | Bangalore |

To ensure proper disposal of waste, We focus on efficient water We are committed to conserve Bhubaneswar | Chandigarh |
Chairman Cost Accountants
our R&D and packaging team management through a number our water resources by building Chennai | Cochin | Dehradun |
is actively working on creating of dedicated efforts to minimise rainwater harvesting systems. These Anuj Poddar Delhi | Guwahati | Hyderabad |
more sustainable products and water usage and conserve water. structures are intended to collect Indore | Jaipur | Kolkata | Kundli
Managing Director & Bankers
solutions that generate less waste. By recycling wastewater, we have and store rainwater, which will then | Lucknow | Mumbai | Nagpur |
Chief Executive Officer
We have also partnered with ensured Zero Liquid Discharge be used for various purposes within Noida | Patna | Pune | Raipur |
State Bank of India | Bank of India
agencies to meet the Extended from our Chakan unit. We have our operations. Madhur Bajaj Ranchi | Vijaywada
| Union Bank of India | Yes Bank
Producer Responsibility (EPR) also integrated drip irrigation for
Rajiv Bajaj Ltd. | IDBI Bank Ltd. | HDFC Bank
targets for recycling. Additionally, gardening and taken initiatives
Pooja Bajaj Ltd. | ICICI Bank Ltd.
we are developing a process for to repair and change leaking
Depots
allowing end customers to easily pipelines at our facilities. Also, we Harsh Vardhan Goenka
deposit electrical products at regularly monitor and analyse Shailesh Haribhakti Ahmedabad | Bangalore |
designated collection centres Registered Office
water consumption to regulate Dr. Indu Shahani Guwahati | Luhari | Coimbatore
at the end of their lifecycle. We water usage. 45/47, Veer Nariman Road, | Hyderabad | Kolkata | Lucknow
plan to launch an awareness Munish Khetrapal
Mumbai - 400 001 | Mumbai | Nagpur | Noida |
campaign for end-users and Dr. Rajendra Prasad Singh Patna | Zirakpur
provide information on proper Sudarshan Sampathkumar CIN: L31500MH1938PLC009887
waste disposal methods through Central Warehouses
product brochures. Internally, we
follow a proper waste disposal Company Secretary and Chief Corporate Office Luhari | Mumbai | Vapi
procedure to dispose hazardous Compliance Officer
and non-hazardous wastes, as per i. 001, 502, 701 & 801, Rustomjee
Ajay Nagle (upto June 30, 2023) Aspiree, Off Eastern Express
set guidelines. Overseas Representative /
Prashant Dalvi (w.e.f. July 1, 2023) Highway, Bhanu Shankar Liaison Offices
Yagnik Marg, Sion (E), Mumbai
We have bagged Auditors - 400 022 China | Dubai | Kenya |
Golden Peacock S R B C & Co. LLP,
Zambia
ii. Mulla House, 51 M. G. Road,
Innovative Product Chartered Accountants Fort, Mumbai 400 001
award for developing
sustainable product
packaging. Secretarial Auditor Factories
Anant B. Khamankar & Co. Aurangabad | Chakan Unit |

Nashik Unit | Ranjangaon Unit
Practicing Company Secretaries
Annual General Meeting

On Thursday, the 10th August, 2023, at 03.00 PM (IST through Video Conferencing /
Other Audio Visual Means

Corporate overview
Statutory reports
Financial Statements
Notice of the Annual General Meeting the overall borrowing limit of the Company. of the Act and Regulation 16(1)(b) of SEBI Listing
Regulations and who is eligible for appointment,
RESOLVED FURTHER THAT the Board be and is as a Non-Executive, Independent Director of the
hereby authorised to do all acts, deeds, matters Company, not liable to retire by rotation, for a term
and things, and to take all such steps as may be of five years commencing from May 23, 2023, up to
Notice is hereby given that the Eighty-fourth (84th) R. Nanabhoy & Co., Cost Accountants (Firm necessary, proper, or expedient to give effect May 22, 2028, be and is hereby approved.
Annual General Meeting (“AGM”) of the members of registration no. 000010) as Cost Auditors of the to this resolution and to settle any questions,
Bajaj Electricals Limited (the “Company”) will be held Company for conducting the cost audit for difficulties or doubts that may arise in this regard.” RESOLVED FURTHER THAT pursuant to the provisions
on Thursday, August 10, 2023, at 03.00 P.M. (IST) through financial year 2023-24, be and is hereby ratified, of Sections 149, 197 and other applicable provisions
Video Conferencing (“VC”)/Other Audio-Visual Means confirmed and approved.” 7. Appointment of Mr. Sudarshan Sampathkumar of the Act and the Rules made thereunder, Mr.
(“OAVM”) to transact the following businesses: (DIN: 01875316) as an Independent Director and, Sudarshan Sampathkumar shall be entitled to
6. To approve the Borrowing by way of Issue of in this regard, to consider and if thought fit, to pass receive the remuneration/ fees/ commission
Securities and, in this regard, to consider and if the following resolution as a Special Resolution: as permitted to be received in a capacity Non-
ORDINARY BUSINESS thought fit, to pass the following resolution as a Executive, Independent Director under the Act
Special Resolution: “RESOLVED THAT Mr. Sudarshan Sampathkumar
1. To receive, consider, and adopt the: and SEBI Listing Regulations, as recommended by
(DIN: 01875316), who was appointed as an
the Nomination and Remuneration Committee
“RESOLVED THAT pursuant to Sections 42 and Additional Director of the Company with effect
A. audited financial statements of the Company and approved by the Board of Directors, from time
71 of the Companies Act, 2013 (the “Act”) read from May 23, 2023, by the Board of Directors, based
for the financial year ended March 31, 2023, to time.
with the Companies (Prospectus and Allotment on the recommendation of the Nomination and
together with the reports of Board of Directors
of Securities) Rules, 2014 and all other applicable Remuneration Committee, and who holds office RESOLVED FURTHER THAT the Board of Directors
and Auditors thereon; and
provisions of the Act and the Rules made as such up to this Annual General Meeting of the and/or the Company Secretary, be and are
B. audited consolidated financial statements of thereunder, as may be applicable, and other Company under Section 161(1) of the Companies hereby authorized to settle any question, difficulty,
the Company for the financial year ended applicable guidelines and regulations issued by Act, 2013 (“the Act”) and in respect of whom the or doubt, that may arise in giving effect to this
March 31, 2023, together with the report of the Securities and Exchange Board of India or any Company has received a notice in writing under resolution and to do all such acts, deeds and things
Auditors thereon. other law for the time being in force (including Section 160(1) of the Act from a member proposing as may be necessary, expedient, and desirable for
any statutory amendment(s), modification(s), his candidature for the office of Director, be and is the purpose of giving effect to this resolution”.
2. To declare a dividend of H 4.00 per equity share of clarification(s), substitution(s) or re-enactment(s) hereby appointed as a Director of the Company.
face value of H 2 each for the financial year ended thereof for the time being in force) and in terms By Order of the Board of Directors
March 31, 2023. of the Articles of Association of the Company, RESOLVED FURTHER THAT pursuant to the provisions of Bajaj Electricals Limited
approval of the Members of the Company be of Sections 149, 152 and other applicable
3. To appoint a director in place of Mr. Madhur Bajaj provisions, if any, of the Act read with Schedule
accorded to authorise the Board of Directors of the
(DIN 00014593), who retires by rotation and being IV to the Act, and the Companies (Appointment Ajay Nagle
Company (hereinafter referred to as the “Board”,
eligible, offers himself for re-appointment. and Qualification of Directors) Rules, 2014 and Company Secretary & Head of Department
which term shall be deemed to include, unless the
other applicable regulations of the Securities ICSI Membership No. A9855
4. To appoint a director in place of Mr. Rajiv Bajaj context otherwise require, any committee of the
and Exchange Board of India (Listing Obligations Mumbai, May 23, 2023
(DIN 00018262), who retires by rotation and being Board or any director(s) or officer(s) authorised by
the Board to exercise the powers conferred on the and Disclosure Requirements) Regulations, 2015
eligible, offers himself for re-appointment.
Board under this resolution) to borrow from time to (“SEBI Listing Regulations”) (including any statutory
Registered Office:
time, by way of securities including but not limited to modification(s) or re-enactment(s) thereof for
45/47, Veer Nariman Road, Mumbai 400001, India.
SPECIAL BUSINESS secured/ unsecured redeemable Non-Convertible the time being in force), the appointment of Mr.
CIN: L31500MH1938PLC009887
Debentures (NCDs) and/or Commercial Papers Sudarshan Sampathkumar (DIN: 01875316), who has
5. To ratify the remuneration of Cost Auditors for the Website: www.bajajelectricals.com
(CPs) to be issued under private placement basis, submitted a declaration that he meets the criteria
financial year ending March 31, 2024, and, in this E-mail: legal@bajajelectricals.com
in domestic and/or international market, in one or of independence as provided in Section 149(6)
regard, to consider and if thought fit, to pass the Tel.: +91 22 6110 7800 / 6149 7000
more series/tranches aggregating upto an amount
following resolution as an Ordinary Resolution:
not exceeding H 500 crore (Rupees Five Hundred
NOTES CFD/CMD1/CIR/P/2020/79, SEBI/HO/CFD/CMD2/
“RESOLVED THAT pursuant to the provisions of Crore only), issuable/redeemable at discount/
CIR/P/2021/11, SEBI/HO/CFD/CMD2/CIR/P/2022/62
Section 148 and all other applicable provisions, if par/premium, under one or more shelf disclosure 1. In view of the continuing COVID-19 pandemic, the and SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated
any, of the Companies Act, 2013 and rules made documents, during the period of one year from Ministry of Corporate Affairs (“MCA”), vide its General May 12, 2020, January 15, 2021, May 13, 2022, and
thereunder (including any statutory modification(s) the date of this Annual General Meeting, on such Circular Nos. 14/2020, 17/2020, 20/2020, 02/2021, January 5, 2023 respectively (collectively referred
or re-enactment(s) thereof for the time being in terms and conditions as the Board may, from time 21/2021, 02/2022, 03/2022, 10/2022, and 11/2022 to as “SEBI Circulars”) permitted the holding of the
force), the remuneration of H 1,89,750/- (Rupees to time, determine and consider proper and most dated April 8, 2020, April 13, 2020, May 5, 2020, Annual General Meeting (“AGM”) through Video
One Lakh Eighty-Nine Thousand Seven Hundred beneficial to the Company including as to when the January 13, 2021, December 14, 2021, May 5, 2022, Conferencing (“VC”)/Other Audio-Visual Means
and Fifty only) plus applicable taxes and said NCDs and/or CPs be issued, the consideration May 5, 2022, December 28, 2022 and December 28, (“OAVM”), without the physical presence of the
reimbursement of out-of-pocket expenses, as for the issue, utilisation of the issue proceeds and 2022 respectively (collectively referred to as “MCA Members. In compliance with the provisions of the
approved by the Board upon recommendation all matters connected with or incidental thereto; Circulars”), and the Securities and Exchange Board Companies Act, 2013 (the “Act”), the Securities
of the Audit Committee, to be paid to Messrs provided that the said borrowings shall be within of India (“SEBI”), vide its Circular Nos. SEBI/HO/ and Exchange Board of India (Listing Obligations

Corporate overview
Statutory reports
and Disclosure Requirements) Regulations, 2015, 5. To support the ‘Green Initiative’, Members who the same in Form ISR3 or SH-14 as the case may be. LinkIntime mentioning the name, folio no.,
as amended (“SEBI Listing Regulations”), MCA have not yet registered their email addresses are bank details, self-attested PAN card and
Circulars and SEBI Circulars, the AGM of the requested to register the same with their Depository 9. ATTENTION SHAREHOLDER: SEBI, vide the original cancelled cheque leaf. In case of
Company is being held through VC/OAVM which Participant (DP) in case the shares are held by Circular Nos. SEBI/HO/MIRSD/MIRSD_RTAMB/P/ absence of name of the first shareholder on
does not require physical presence of members at them in electronic form and with LinkIntime in case CIR/2021/655 dated November 03, 2021, SEBI/ the original cancelled cheque or initials on
a common venue. The proceedings of the AGM the shares are held by them in physical form. HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/687 the cheque, bank attested copy of first page
will be deemed to be conducted at the Registered dated December 14, 2021, and SEBI/HO/MIRSD/ of the Bank Passbook/Statement of Account
Office of the Company which shall be the deemed 6. Members are requested to intimate changes, if MIRSD-PoD-1/P/CIR/2023/37 dated March 16, along with the original cancelled cheque shall
Venue of the AGM. any, pertaining to their name, postal address, email 2023, has mandated furnishing of PAN, Address be provided.
address, telephone/mobile numbers, Permanent with pincode, email address, mobile number,
2. The statement pursuant to Section 102 of the Act, Account Number (PAN), mandates, nominations, bank account details, specimen signature and E. In case the Company is unable to pay the
setting out the material facts in respect of special power of attorney, bank details such as, name nomination by holders of physical securities. Folios dividend to any shareholder by the electronic
businesses under Item Nos.5 to 7 is annexed hereto. of the bank and branch details, bank account wherein any one of the cited documents/ details mode, due to non-availability of the details of
Further, the relevant details concerning Item Nos. number, MICR code, IFSC code, etc., to their DP are not available on or after September 30, 2023, the bank account, the Company shall dispatch
3, 4 and 7 according to Regulation 36 of the in case the shares are held by them in electronic shall be frozen by the Registrar and Transfer Agent the dividend warrants to such shareholder by
SEBI Listing Regulations and Secretarial Standard form and to LinkIntime in Form ISR-1 in case the of the Company post.
on General Meetings issued by the Institute of shares are held by them in physical form.
Company Secretaries of India, in respect of the 10. In case of joint holders, the Member whose name F. Members may note that as per the Income
Directors seeking appointment / re-appointment Members holding shares in physical form who appears as the first holder in the order of names as Tax Act, 1961, as amended by the Finance
at this AGM provided/ annexed hereunder. have not registered their email addresses with per the Register of Members of the Company will Act, 2020, dividends paid or distributed by the
the Company can get their email addresses be entitled to vote at the AGM. Company after April 1, 2020, shall be taxable
3. Pursuant to the provisions of the Act, a member registered by clicking on the link: https://linkintime. in the hands of the shareholders and the
entitled to attend and vote at the AGM is entitled co.in/emailreg/email_register.html on the website 11. Members, intending to require information about Company shall be required to deduct tax at
to appoint a proxy to attend and vote on his/her www.linkintime.co.in at the Investor Services tab the Financial Statements or any other matter to be source (TDS) at the prescribed rates from the
behalf and the proxy need not be a Member of the by choosing the e-mail registration heading and placed at the Meeting, are requested to inform dividend to be paid to shareholders, subject
Company. Since this AGM is being held pursuant update their details such as Name, Folio number, the Company at least a week in advance of their to the approval of shareholders in the ensuing
to the MCA Circulars through VC/OAVM, physical Certificate number, PAN, mobile number and email intention to do so, so that the papers relating AGM. The TDS rate would vary depending on
attendance of Members has been dispensed with. id by uploading scanned copy of share certificate thereto may be made available, if the Chairman the residential status of the shareholder and
Accordingly, the facility for appointment of proxies (front and back) in pdf or jpeg format (upto 1MB). permits such information to be furnished. the documents submitted by him/her/it in
by the Members will not be available for the AGM support and accepted by the Company.
Members holding shares in demat form are 12. Dividend related information:
and hence the Proxy Form and Attendance Slip
are not annexed to this Notice. requested to update their email address with their i. All Shareholders are requested to ensure
A. Final dividend for the financial year ended
respective DPs. that the below information & details
March 31, 2023, as recommended by the
4. Regulation 40 of the SEBI Listing Regulations, as are completed and/or updated, as
7. SEBI vide its earlier circulars have made the PAN as Board of Directors, if approved by the members
amended, mandates that transfer, transmission applicable, in their respective demat
the sole identification number for all participants at the AGM, will be paid on or after Monday,
and transposition of securities of listed companies account(s) maintained with the DP(s); or in
transacting in the securities market, irrespective August 14, 2023, to those members whose
held in physical form shall be effected only in demat case of shares held in physical form, with
of the amount of the transaction. Members are names appear on the Register of Members as
mode. Further, SEBI, vide its circular dated January LinkIntime, on or before the Record Date
requested to submit their PAN details to their on Friday, July 28, 2023.
25, 2022, has clarified that listed companies, with i.e., Friday, July 28, 2023.
immediate effect, shall issue the securities only respective DP in case of holdings in dematerialised
B. Members holding shares in electronic form
in demat mode while processing investor service form or to LinkIntime in case of holdings in physical Please note that the following information
are hereby informed that bank particulars
requests pertaining to issuance of duplicate shares, form, mentioning the correct folio number. & details, if already registered with
registered with their respective Depository
exchange of shares, endorsement, sub-division/ the LinkIntime and Depositories, as the
8. As per the provisions of Section 72 of the Act, Participants (DP), with whom they maintain
consolidation of share certificates, etc. In view of case may be, will be relied upon by the
the facility for making nomination is available their demat accounts, will be used by the
this, Members holding shares in physical form are Company, for the purpose of complying
for the Members in respect of the shares held by Company for payment of dividend.
requested to submit duly filled Form ISR-4 for the with the applicable TDS provisions:
them. Members who have not yet registered their
abovementioned service requests. In view of this C. Members holding shares in physical/electronic
nomination are requested to register the same I. Valid PAN*.
and to eliminate all risks associated with physical form are required to submit their bank account
by submitting Form No. SH-13. The said form can
shares and for ease of portfolio management, details, if not already registered, as mandated II. Residential status as per the Income
be downloaded from the Company’s website.
Members holding shares in physical form are by SEBI. Tax Act,1961 i.e., Resident or Non-
Members are requested to submit the said details
requested to consider converting their holdings Resident for FY 2023-24.
to their DP in case the shares are held by them D. Shareholders holding shares in dematerialized
to dematerialised form. Members can contact
in electronic form and to LinkIntime in case the mode are requested to register complete
the Company or Company’s Registrars and III. Category of the Shareholder viz. Mutual
shares are held in physical form. If a Member bank account details with their DPs and
Transfer Agents, Link Intime India Private Limited Fund, Insurance Company, Alternate
desires to opt-out or cancel the earlier nomination shareholders holding shares in physical mode
(“LinkIntime”) for assistance in this regard. Investment Fund (AIF) Category I and II,
and record a fresh nomination, he/she may submit shall send a duly signed request letter to AIF Category III, Government (Central/
Corporate overview
Statutory reports
State Government), Foreign Portfolio applicable surcharge and cess) under the Company’s website at: https://www. 13. Members are requested to note that, dividends if not
Investor (FPI)/Foreign Institutional Section 195 or 196D of the Income Tax Act, bajajelectricals.com/miscellaneous/ encashed for a consecutive period of 7 years from
Investor (FII): Foreign Company, FPI/ 1961, as the case may be. Further, as per the date of transfer to Unpaid Dividend Account
FII: Others (being Individual, Firm, Section 90 of the Income Tax Act, 1961, the v. Submission of tax related documents: of the Company, are liable to be transferred to the
Trust, Artificial Juridical Person, etc.), non-resident shareholder has the option Investor Education and Protection Fund (“IEPF”).
Resident Shareholders
Individual, Hindu Undivided Family to be governed by the provisions of the The shares in respect of such unclaimed dividends
(HUF), Firm, Limited Liability Partnership Double Tax Avoidance Treaty between The aforesaid documents such as Form are also liable to be transferred to the demat
(LLP), Association of Persons (AOP), India and the country of tax residence of 15G/15H, under Sections 196, 197A, account of the IEPF Authority. In view of this,
Body of Individuals (BOI) or Artificial the shareholder, if they are more beneficial etc. shall be uploaded only on the link Members are requested to claim their dividends
Juridical Person, Trust, Domestic to them. https://web.linkintime.co.in/formsreg/ from the Company, within the stipulated timeline.
Company, Foreign Company, submission-of-form-15g-15h.html on or The Members, whose unclaimed dividends/
Overseas Corporate Bodies, etc. For this purpose, i.e., to avail Tax Treaty shares have been transferred to IEPF, may claim
before Friday, July 28, 2023 to enable the
benefits, the non-resident shareholders will the same by making an online application to the
Company to determine the appropriate
IV. Email Address. have to provide the following: IEPF Authority in web Form No. IEPF-5 available on
TDS/withholding tax rate applicable. Any
communication on the tax determination/ www.iepf.gov.in.
V. Residential Address. I. Self-attested copy of the PAN allotted
by the Indian Income Tax authorities; deduction received post Friday, July 28,
14. It is in the Members’ interest to claim any
*If the PAN is not as per the database of the 2023, shall not be considered.
Income-tax Portal, it would be considered as unencashed dividends and for future, opt for
II. Self-attested copy of valid Tax
an invalid PAN. Further as per the Notification Shareholders can also send the scanned Electronic Clearing Service, so that dividends
of the Central Board of Direct Taxes, individual
Residency Certificate obtained from
copies of the documents mentioned paid by the Company are credited to the
shareholders are requested to link their Aadhaar the tax authorities of the country of
above at the email id mentioned below: investor’s account on time. Members who have
number with PAN. which the shareholder is a resident;
not yet encashed their dividend warrant(s) from
III. Self-declaration in Form 10F; and Email ID bajajelectricalsdivtax@linkintime. the financial year ended March 31, 2017, and
ii. For Resident Shareholders, TDS is required
co.in onwards are requested to forward their claims to
to be deducted at the rate of 10% under
IV. Self-declaration in the below stated LinkIntime at Unit: Bajaj Electricals Limited, C 101,
Section 194 of the Income Tax Act, 1961 Non-Resident Shareholders
format certifying: 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai –
on the amount of dividend declared and
paid by the Company in the financial year Shareholders are requested to send 400 083, Maharashtra. It may be noted that once
• Shareholder is and will continue
2023-24 provided valid PAN is registered the scanned copies of the documents the unclaimed dividend is transferred to IEPF as
to remain a tax resident of the
by the Shareholder. If the valid PAN is mentioned above at the email id above, no claim shall rest with the Company in
country of its residence during the
not registered, the TDS is required to be mentioned below: respect of such amount. It may also be noted that
financial year 2023-24;
deducted at the rate of 20% under Section the unclaimed dividend amounts which were lying
• Shareholder is eligible to claim Email ID bajajelectricalsdivtax@linkintime. with the Company upto the year ended on March
206AA of the Income Tax Act, 1961.
the beneficial Double Taxation co.in 31, 2016, have already been transferred to IEPF. The
However, in case the dividend is not Avoidance Agreement (DTAA) details of the unclaimed dividends are available
These documents should reach the on the Company’s website: www.bajajelectricals.
exceeding H 5,000 in a fiscal year to rate for the purposes of tax
Company on or before Friday, July 28, com and Ministry of Corporate Affairs website:
resident individual shareholder then no tax withholding on dividend declared
2023, in order to enable the Company to www.mca.gov.in.
will be deducted from the dividend. If any by the Company;
determine and deduct appropriate TDS/
resident individual shareholder is in receipt
• Shareholder has no reason to withholding tax rate. No communication 15. In compliance with the aforesaid MCA Circulars
of Dividend exceeding H 5,000 in a fiscal
believe that its claim for the on the tax determination/deduction shall and SEBI Circulars, Notice of the AGM along
year, entire dividend will be subject to TDS
benefits of the DTAA is impaired in be considered post Friday, July 28, 2023. with the Annual Report 2022-23 is being sent only
@ 10%.
any manner; through electronic mode to those Members whose
vi. It may be further noted that in case the tax email addresses are registered with the Company/
Even in the cases where the shareholder
• Shareholder is the ultimate on dividend is deducted at a higher rate in Depositories. Members may note that the Notice
provides valid Form 15G (for individuals,
beneficial owner of its shareholding absence of receipt of the aforementioned and Annual Report 2022-23 will also be available
with no tax liability on total income and
in the Company and dividend details/documents, there would still be on the Company’s website www.bajajelectricals.
income not exceeding maximum amount
receivable from the Company; an option available with the shareholder com, websites of the Stock Exchanges i.e., BSE
which is not chargeable to tax) or Form
and to file the return of income and claim an Limited and National Stock Exchange of India
15H (for individual above the age of 60
appropriate refund, if eligible. No claim Limited at www.bseindia.com and www.nseindia.
years with no tax liability on total income),
• Shareholder does not have a shall lie against the Company for such com respectively, and on the website of LinkIntime
no TDS shall be deducted.
taxable presence or a permanent taxes deducted. at https://instavote.linkintime.co.in.
iii. For Non-resident shareholders [Including establishment in India during the
financial year 2023-24. vii. We shall arrange to email the soft copy of 16. Members attending the AGM through VC/OAVM
Foreign Institutional Investors (FIIs)/Foreign
TDS certificate at your registered email ID in shall be counted for the purpose of reckoning the
Portfolio Investors (FPIs)], the TDS is required
iv. The draft of the aforementioned due course, post payment of the dividend. quorum under Section 103 of the Act.
to be deducted at the rate of 20% (plus
documents may also be accessed from
Corporate overview
Statutory reports
17. The Company has designated an e-mail id legal@ is launched, click on the “Beneficial their user id and password. Option d. For Individual Shareholders holding
bajajelectricals.com to enable investors to register Owner” icon under “Login” which is will be made available to reach securities in Physical mode and e-voting
their complaints/queries, if any. available under ‘IDeAS’ section. A e-Voting page without any further service Provider is LINKINTIME:-
new screen will open. You will have to authentication. The URL for users to
18. Since the AGM will be held through VC/OAVM, the enter your User ID and Password. login to Easi / Easiest are https://web. 1. Open the internet browser and launch
Route Map is not given in this Notice. cdslindia.com/myeasi/home/login or the URL: https://instavote.linkintime.
• After successful authentication, you www.cdslindia.com and click on New co.in. Click on “Sign Up” under ‘SHARE
19. Instructions for e-voting and joining the AGM are will be able to see e-Voting services. HOLDER’ tab and register with your
System Myeasi.
as follows: Click on “Access to e-Voting” under following details: -
e-Voting services and you will be • After successful login of Easi / Easiest
A. Voting Through Electronic Means A. User ID: Shareholders/ members
able to see e-Voting page. Click on the user will also be able to see the
Company name or e-Voting service e-Voting Menu. The Menu will have holding shares in physical form shall
In compliance with the provisions of Section
provider name and you will be re- links of e-Voting service provider i.e. provide Event No + Folio Number
108 of the Act and Rule 20 of the Companies
directed to e-Voting service provider NSDL, KARVY, LINK INTIME, CDSL. Click registered with the Company.
(Management and Administration) Rules,
2014, as amended from time to time, and the website for casting your vote during on e-Voting service provider name to
B. PAN: Enter your 10-digit PAN.
provisions of Regulation 44 of the SEBI Listing the remote e-Voting period or joining cast your vote.
Members who have not updated
Regulations, the Members are provided with virtual meeting & voting during the
• If the user is not registered for Easi/ their PAN with the DP/Company
the facility to cast their vote electronically, meeting.
Easiest, option to register is available shall use the sequence number as
through the remote e-voting services provided provided.
• If the user is not registered for IDeAS at https://web.cdslindia.com/myeasi/
by LinkIntime on all Resolutions set forth in this
e-Services, option to register is Registration/EasiRegistration.
Notice. C. DOB/DOI: Enter the Date of Birth
available at https://eservices.nsdl.
• Alternatively, the user can directly (DOB) / Date of Incorporation
The remote e-voting period commences on com. Select “Register Online for IDeAS
access e-Voting page by providing (DOI) (As recorded with your DP
August 6, 2023 (9:00 A.M. IST) and ends on Portal” or click at https://eservices.nsdl.
demat Account Number and PAN No. / Company - in DD/MM/YYYY
August 9, 2023 (5:00 P.M. IST). During this period com/SecureWeb/IdeasDirectReg.jsp
from a link in www.cdslindia.com home format).
Members of the Company, holding shares
• Visit the e-Voting website of NSDL. page. The system will authenticate
either in physical form or in dematerialised D. Bank Account Number: Enter your
Open web browser by typing the the user by sending OTP on registered
form, as on the cut-off date of August 3, 2023, Bank Account Number (last four
following URL: https://www. evoting. Mobile & Email as recorded in the
may cast their vote by remote e-voting. The digits), as recorded with your DP/
nsdl.com/ either on a Personal demat Account. After successful
remote e-voting module shall be disabled Company.
Computer or on a mobile. Once the authentication, user will be provided
by LinkIntime for voting thereafter. Once the
home page of e-Voting system is links for the respective ESP where the • Shareholders/ members holding
vote on resolution is cast by the Member, the
launched, click on the icon “Login” e-Voting is in progress. shares in physical form but have
Member shall not be allowed to change it
which is available under ‘Shareholder/ not recorded ‘C’ and ‘D’, shall
subsequently. c. For Individual Shareholders holding
Member’ section. A new screen will provide their Folio number in ‘D’
open. You will have to enter your securities in demat mode and login
Pursuant to SEBI circular dated December above.
User ID (i.e. your sixteen digit demat through their DPs:-
9, 2020, on e-Voting facility provided by
Listed Companies, Individual shareholders account number held with NSDL), • Set the password of your choice
• You can also login using the login
holding securities in demat mode can vote Password/OTP and a Verification (the password should contain
credentials of your demat account
through their demat account maintained with Code as shown on the screen. After minimum 8 characters, at least
through your DP registered with NSDL/
Depositories and DPs only. Shareholders are successful authentication, you will be one special character (@!#$&*),
CDSL for e-Voting facility.
advised to update their mobile number and redirected to NSDL Depository site at least one numeral, at least one
email ID in their demat accounts to access wherein you can see e-Voting page. • Once logged in, you will be able alphabet and at least one capital
e-Voting facility. Remote e-Voting Instructions Click on Company name or e-Voting to see e-Voting option. Once you letter).
for shareholders: service provider name and you will be click on e-Voting option, you will be
• Click “confirm” (your password is
redirected to e-Voting service provider redirected to NSDL/CDSL Depository
a. For Individual Shareholders holding now generated).
website for casting your vote during site after successful authentication,
securities in demat mode with NSDL: - the remote e-Voting period or joining wherein you can see e-Voting feature. 2. Click on ‘Login’ under ‘SHARE HOLDER’
virtual meeting & voting during the Click on company name or e-Voting tab.
• If you are already registered for
meeting. service provider name and you will be
NSDL IDeAS facility, please visit the
redirected to e-Voting service provider 3. Enter your User ID, Password and
e-Services website of NSDL. Open web b. For Individual Shareholders holding
website for casting your vote during Image Verification (CAPTCHA) Code
browser by typing the following URL: securities in demat mode with CDSL: -
the remote e-Voting period or joining and click on ‘Submit’.
https://eservices.nsdl.com either on
• Existing user who have opted for virtual meeting & voting during the
a Personal Computer or on a mobile. 4. After successful login, you will be able
Easi / Easiest, they can login through meeting.
Once the home page of e-Services to see the notification for e-voting.
Corporate overview
Statutory reports
Select ‘View’ icon. and Answer, PAN, DOB/DOI, Bank by sending a request at helpdesk. Folio No., as below-
Account Number (last four digits) etc. evoting@cdslindia.com or contact at
5. E-voting page will appear. as mentioned above. 022- 23058738 or 22-23058542-43. • Shareholders/Members holding
shares in CDSL demat account shall
6. Refer the Resolution description and • The password should contain minimum i. Helpdesk for Individual Shareholders provide 16 Digit Beneficiary ID.
cast your vote by selecting your 8 characters, at least one special holding securities in physical mode/
desired option ‘Favour / Against’ (If character (@!#$&*), at least one Institutional shareholders & e-Voting • Shareholders/Members holding
you wish to view the entire Resolution numeral, at least one alphabet and at service Provider is LINKINTIME:- shares in NSDL demat account
details, click on the ‘View Resolution’ least one capital letter. shall provide 8 Character DP ID
file link). In case shareholders/ members holding followed by 8 Digit Client ID.
g. If Individual Shareholders (holding securities securities in physical mode/ Institutional
7. After selecting the desired option i.e., in demat mode with NSDL/ CDSL) have shareholders have any queries regarding • Shareholders/Members holding
Favour / Against, click on ‘Submit’. A forgotten the password:- e-Voting, they may refer the Frequently shares in physical form shall
confirmation box will be displayed. If Asked Questions (‘FAQs’) and InstaVote provide Folio Number registered
you wish to confirm your vote, click on • Shareholders/Members who are e-Voting manual available at https:// with the Company.
‘Yes’, else to change your vote, click unable to retrieve User ID/Password instavote.linkintime.co.in, under Help section
on ‘No’ and accordingly modify your are advised to use Forget User ID and B. PAN: Enter your 10-digit PAN. Members
or send an email to enotices@linkintime.
vote. Forget Password option available who have not updated their PAN
co.in or contact on: - Tel: 022 –4918 6000.
at abovementioned depository/DP with the DP/Company shall use the
e. For Institutional shareholders: - website. j. Process for those shareholders whose sequence number as provided.
email addresses are not registered with the
Institutional shareholders (i.e. other than • It is strongly recommended not to C. Mobile No.: Enter your mobile number.
Company/Depositories for obtaining login
Individuals, HUF, NRI, and custodians are share your password with any other credentials for e-Voting for the resolutions D. Email ID: Enter your email id, as
required to log on the e-voting system of person and take utmost care to keep proposed in this notice:- recorded with your DP/Company.
LinkIntime at https://instavote.linkintime. your password confidential.
co.in and register themselves as ‘Custodian 1. For physical shareholders – Please c. Click ‘Go to Meeting’ (you are now
/ Mutual Fund / Corporate Body’. They • For shareholders/ members holding provide necessary details like Folio No., registered for InstaMeet and your
are also required to upload a scanned shares in physical form, the details Name of shareholder, scanned copy of attendance is marked for the meeting).
certified true copy of the board resolution can be used only for voting on the the share certificate (front and back),
/authority letter/power of attorney, etc. resolutions contained in this Notice. PAN (self-attested scanned copy of C. Instructions for Shareholders/Members to
together with attested specimen signature PAN card), AADHAR (self-attested register themselves as Speakers during Annual
of the duly authorised representative(s) in • During the voting period, shareholders/
scanned copy of Aadhar Card) by General Meeting
PDF format in the ‘Custodian / Mutual Fund members can login any number of time
email to rnt.helpdesk@linkintime.co.in.
/ Corporate Body’ login for the Scrutinizer till they have voted on the resolution(s) a. Shareholders/Members who would like to
to verify the same. for a particular “Event”. 2. For Demat shareholders – Members express their views/ask questions during
are requested to update their email the meeting may register themselves
f. If Individual Shareholders (holding securities h. Helpdesk for Individual Shareholders
address with the DPs by following the as ‘speakers’ by sending their request
in physical mode, and e-Voting service holding securities in demat mode:-
procedure advised by them and then mentioning their name, demat account
provider is LINKINTIME), have forgotten the follow the instructions as detailed number/folio number, email id, mobile
In case shareholders/ members holding
password:- above to login for e-Voting. number at least 3 days in advance with the
securities in demat mode have any
technical issues related to login through Company at legal@bajajelectricals.com.
• Click on ‘Login’ under ‘SHARE B. Instructions for attending the AGM through VC/
HOLDER’ tab and further Click ‘forgot Depository i.e., NSDL/ CDSL, they may
OAVM b. Shareholders/Members will get
password?’ contact the respective helpdesk given
confirmation on first cum basis depending
below: Shareholders/Members are entitled to attend on the availability of time for the AGM.
• Enter User ID, select Mode and Enter the AGM through VC/OAVM provided by
Image Verification (CAPTCHA) Code • Individual Shareholders holding
Linkintime by following the below mentioned c. Shareholders will receive ‘speaking serial
and Click on ‘Submit’. securities in demat mode with NSDL:
process: number’ for the meeting.
Members facing any technical issue
• In case shareholders/member is in login can contact NSDL helpdesk a. Open the internet browser and launch the d. Shareholders/Members, who would like to
having valid email address, password by sending a request at evoting@nsdl. URL: https://instameet.linkintime.co.in ask questions, may send their questions in
will be sent to his / her registered e-mail co.in or call at toll free no.: 1800 1020 advance mentioning their name, demat
address. 990 and 1800 22 44 30. b. Select the ‘Company’ and ‘Event Date’ account number/folio number, email id,
and register with your following details: mobile number at legal@bajajelectricals.
• Shareholders/member can set the • Individual Shareholders holding
com. The same will be replied by the
password of his/ her choice by securities in demat mode with CDSL: A. Demat Account No. or Folio No.: Enter
Company suitably.
providing the information about the Members facing any technical issue your 16 digit Demat Account No. or
particulars of the Security Question in login can contact CDSL helpdesk
Corporate overview
Statutory reports
e. Please remember speaking serial number d. Cast your vote by selecting appropriate STATEMENT / EXPLANATORY STATEMENT Item No. 6
and start your conversation with panelist option i.e. “Favour/Against” as desired. PURSUANT TO SECTION 102(1) OF THE COMPANIES
by switching on video mode and audio of Enter the number of shares (which ACT, 2013 AND ADDITIONAL INFORMATION AS In terms of Section 42 of the Companies Act, 2013 (the
your device. represents no. of votes) as on the cut-off REQUIRED UNDER THE SECURITIES AND EXCHANGE “Act”) read with Rule 14 of the Companies (Prospectus
date under “Favour/Against’. BOARD OF INDIA (LISTING OBLIGATIONS AND and Allotment of Securities) Rules, 2014 (the “Rules”),
f. For a smooth experience of viewing the DISCLOSURE REQUIREMENTS) REGULATIONS, a company shall not make private placement of its
AGM proceedings, Shareholders/Members e. After selecting the appropriate option 2015 AND CIRCULARS ISSUED THEREUNDER securities unless the proposed offer of securities or
who are registered as speakers for the i.e. “Favour/ Against” as desired and you invitation to subscribe to securities has been previously
event are requested to download and have decided to vote, click on “Save”. The following Statement sets out all material facts approved by the members of the company by a
install the ‘Webex Meetings’ application A confirmation box will be displayed. If relating to the business mentioned under Item Nos. 5 special resolution. In case of an offer or invitation for
by clicking on the link: https://www.webex. you wish to confirm your vote, click on to 7 in the Notice: offer of non-convertible debentures, the company
com/downloads.html/ “Confirm”, else to change your vote, click can pass a special resolution once a year for all the
on “Back” and accordingly modify your Item No. 5 offers or invitations to be made for such debentures
g. Shareholders/Members are requested vote. during the year.
to speak only when moderator of the The Board of Directors at its meeting held on May 23,
meeting/management will announce the f. Once you confirm your vote on the 2023, based on the recommendations of the Audit In order to augment resources for, inter-alia, the
name and serial number for speaking. resolution, you will not be allowed to Committee, had approved the appointment and ongoing capital expenditure, long term working
modify or change your vote subsequently. remuneration of Messrs R. Nanabhoy & Co., Cost capital/short term working capital and for general
Note: Those Shareholders/Members who Accountants (Firm registration no. 000010), as the Cost corporate purposes, the Company may offer or invite
have registered themselves as a speaker will Note: Shareholders/Members, who will be Auditor for audit of the cost accounting records of the subscription for securities including but not limited to
only be allowed to express their views/ask present in the AGM through InstaMeet Company for the financial year ending March 31, 2024, secured/unsecured redeemable Non-Convertible
questions during the meeting. The Company facility and have not casted their vote on the at a remuneration not exceeding H 1,89,750/- (Rupees Debentures and/or Commercial Papers, in one or
reserves the right to restrict the number of Resolutions through remote e-Voting and are One Lakh Eighty-Nine Thousand Seven Hundred and more series/ tranches on a private placement basis,
speakers depending on the availability of time otherwise not barred from doing so, shall be Fifty only) excluding taxes and reimbursement of out- in domestic and/or international market, issuable/
for the AGM. Shareholders/Members should eligible to vote through e-Voting facility during of-pocket expenses at actuals, if any, in connection redeemable at discount/par/premium.
allow to use camera and are required to use the meeting. Shareholders/ Members who with the audit. The overall remuneration proposed
Internet with a good speed (preferably 2 MBPS have voted through Remote e-Voting prior to to be paid to the Cost Auditor for the financial year The Company seeks to pass an enabling resolution to
download stream) to avoid any disturbance the AGM will be eligible to attend/participate ending March 31, 2024, is commensurate to the scope borrow funds from time to time by offer of securities
during the meeting. in the AGM through InstaMeet. However, they of the audit to be carried out by the Cost Auditors. including but not limited to Non-Convertible
will not be eligible to vote again during the Debentures and/or Commercial Papers for an amount
D. Instructions for Shareholders/Members to Vote meeting. Messrs R. Nanabhoy & Co., Cost Accountants have not exceeding H 500 crore (Rupees Five Hundred Crore
during the Annual General Meeting through confirmed that they hold a valid certificate of practice only), at a discount or at par or at a premium and at
InstaMeet under Sub-section (1) of Section 6 of the Cost and such interest as may be appropriate considering the
Other Instructions Works Accountants Act, 1959. In accordance with the prevailing money market conditions at the time of
Once the electronic voting is activated by the provisions of Section 148(3) of the Companies Act, 2013
1. The Scrutiniser shall, immediately after the borrowing.
Scrutiniser during the meeting, Shareholders/ read with the Companies (Audit and Auditors) Rules,
Members who have not already exercised conclusion of voting at the AGM, first count the
2014 and the Companies (Cost Records and Audit) The details of the Paid-up Capital & Free Reserves and
their vote through the remote e-Voting can votes cast during the AGM, thereafter unblock the
Rules, 2014 (including any statutory modification(s) Outstanding Borrowings are as under:
cast the vote as under: votes cast through remote e-Voting and make,
not later than two working days of conclusion of and/or re-enactment(s) for the time being in force),
the remuneration payable to Cost Auditor has to be (Amount: H in Crore)
a. On the Shareholders VC page, click on the the AGM, a consolidated Scrutiniser’s Report of
link for e-Voting “Cast your vote”. the total votes cast in favour or against, if any, to ratified by the members of the Company. As at 31- As at 31-
Particulars
the Chairman or a person authorised by him in Mar-23 Mar-22
b. Enter Demat Account No. / Folio No. and Accordingly, ratification by the members is sought
writing, who shall countersign the same. to the remuneration payable to the Cost Auditor Paid-up Capital and Free 1,297.21 1,106.98
OTP (received on the registered mobile
number/registered email Id) received 2. The result declared along with the Scrutiniser’s for conducting the audit of the cost records of the Reserves
during registration for InstaMeet and click Report shall be placed on the Company’s website Company for the financial year ending March 31, Outstanding Borrowings 0.17 24.58
on ‘Submit’. www.bajajelectricals.com and on the website 2024.
The approval sought for offer of securities including
of LinkIntime https://instavote.linkintime.co.in None of the Directors, Key Managerial Personnel or but not limited to Non-Convertible Debentures and/
c. After successful login, you will see immediately. The Company shall simultaneously their relatives are in any way, concerned or interested, or Commercial Papers, shall be within the overall
“Resolution Description” and against the forward the results to National Stock Exchange of financially or otherwise, in the resolution, except to the borrowing limit of the Company in terms of Section 180
same the option “Favour/ Against” for India Limited and BSE Limited, where the shares of extent of their respective shareholding, if any, in the of the Act. Subject to the approval of the Members,
voting. the Company are listed. Company. the Board of Directors of the Company (the “Board”)
has approved the aforesaid proposal vide its resolution
The Board recommends the Resolution set out at Item dated May 23, 2023.
No. 5 of the Notice for approval by the members.
Corporate overview
Statutory reports
All documents referred to in the accompanying

Notice and Statement setting out material facts on
Item No.6 will be made available for inspection of
Relevant details relating to appointment of Directorship
of Mr. Sudarshan Sampathkumar, including his profile,
as required by the Act, SEBI Listing Regulations and
Annexure
the Members through electronic mode by writing to Secretarial Standards issued by ICSI are provided in the
the Company at legal@bajajelectricals.com from the “Annexure” to the Notice. Information of Directors being appointed/ re-appointment at this AGM, pursuant to Regulation 36(3) of SEBI (Listing
date of circulation of the AGM Notice till the date of Obligations and Disclosure Requirements) Regulations, 2015, in accordance with provisions of Companies Act,
the AGM i.e., August 10, 2023. Mr. Sudarshan Sampathkumar is not disqualified from 2013 and Secretarial Standards-2, as on the date of Notice
being appointed as a Director in terms of Section 164 of
None of the Directors, Key Managerial Personnel and the Act and has consented to act as an Independent
their relatives are in any way, concerned or interested, Director of the Company.
financially or otherwise, in this resolution, except to the
extent of their respective shareholding, if any, in the The Company has also received declarations from
Company. Mr. Sudarshan Sampathkumar that he meets the criteria
of independence as prescribed under Section 149 of
The Board recommends the Special Resolution set the Act and the SEBI Listing Regulations. In the opinion Directors Identification Number (DIN) 00014593
out at Item No. 6 of the Notice for approval by the of the Board, Mr. Sudarshan Sampathkumar fulfils the Date of Birth (Age in years) August 19, 1952 (70 Years)
members. conditions for appointment as Independent Director
as specified in the Act and SEBI Listing Regulations. Mr. Madhur Bajaj
Item No. 7 Mr. Sudarshan Sampathkumar is independent of the
management.
The Board of Directors of the Company at its meeting Experience and Qualifications Mr. Madhur Bajaj graduated in commerce from Sydenham College,
held on May 23, 2023, based on the (i) recommendations The Company has received a notice in writing from a Bombay, in 1973, and did his MBA from the International Institute of
of the Nomination and Remuneration Committee member under Section 160 of the Act proposing the Management Development (IMD), Lausanne, Switzerland, in 1979.
and (ii) expertise and experience of Mr. Sudarshan candidature of Mr. Sudarshan Sampathkumar for the Having more than 30 years of experience in Auto, Consumer Durables and
Sampathkumar, has approved his appointment as an office of Director of the Company. Financial Services, Madhur Bajaj is the recipient of the ‘Vikas Rattan Award’
Additional Director in the category of Independent from the International Friendship Society of India, for enhancing human life
Director with effect from the said date. Pursuant to All documents referred to in the accompanying and outstanding achievements.
the provisions of Section 161 of the Companies Act, Notice and Statement setting out material facts on He previously occupied the position of President of Mahratta Chamber of
2013 (the “Act”), Mr. Sudarshan Sampathkumar hold Item No. 7 will be made available for inspection of Commerce Industries and Agriculture, President for Industries Association of
office upto the date of ensuing AGM and is eligible for the Members through electronic mode by writing to Pune, and President of Society of Indian Automobile Manufacturers.
appointment as Director of the Company. the Company at legal@bajajelectricals.com from the He is also serving as the National Council Member of Confederation of
date of circulation of the AGM Notice till the date of Indian Industry (CII).
In the opinion of the Nomination and Remuneration the AGM i.e., August 10, 2023. Expertise in specific Functional Areas An industrialist having an experience in managing a large industrial
Committee and the Board of Directors of the
conglomerate.
Company, considering the expertise and experience of Other than Mr. Sudarshan Sampathkumar and his
Date of first appointment on the Board November 28, 1994
Mr. Sudarshan Sampathkumar and the immense value relatives, none of the Directors, Key Managerial
Shareholding in the Company as on 2,00,000 (0.17%) equity shares of H 2 each
to the Board and the Company, the appointment of Personnel and their relatives are in any way, concerned
March 31, 2023
Mr. Sudarshan Sampathkumar for a term of 5 (five) or interested, financially or otherwise, in this resolution,
Terms and conditions of re-appointment As per the Company’s Nomination and Remuneration Policy
consecutive years from May 23, 2023 to May 22, except to the extent of their respective shareholding,
Details of remuneration last drawn (FY 2022-23) H 12.00 lakh in the financial year 2022-23
2028 would be in the interest of the Company and if any, in the Company. This statement may also be
(for remuneration details, please refer the Corporate Governance Report)
its shareholders. As per Section 149 of the Act, an regarded as an appropriate disclosure under the SEBI
Independent Director shall hold office for a term upto Listing Regulations. Details of proposed remuneration As per the Company’s Nomination and Remuneration Policy
five consecutive years on the Board of a company Inter-se relationships between Younger brother of Mr. Shekhar Bajaj, Chairman of the Company and
and shall not be liable to retire by rotation. The Board recommends the Special Resolution set • Directors paternal uncle of Mr. Rajiv Bajaj.
out at Item No. 7 of the Notice for approval by the • Key Managerial Personnel
members. Number of meetings of the Board attended 6/6
during the financial year 2022-23
By Order of the Board of Directors Chairperson/Membership of the Statutory Nil
of Bajaj Electricals Limited Committee(s) of Board of Directors of the
Company as on date
Ajay Nagle Other companies in which he/she is a Director Bajaj Auto Limited;
Company Secretary & Head of Department excluding Directorship in Private and Section 8 Bajaj Holdings & Investment Limited;
ICSI Membership No. A9855 companies as on March 31, 2023 Bajaj Finserv Limited.
Mumbai, May 23, 2023 Chairperson/Membership of the Statutory Nil
Committee(s) of Board of Directors of other
companies in which he/ she is a Director
Registered Office:
excluding Private and Section 8 companies as
45/47, Veer Nariman Road, Mumbai 400001, India.
on March 31, 2023
CIN: L31500MH1938PLC009887
Website: www.bajajelectricals.com
E-mail: legal@bajajelectricals.com
Tel.: +91 22 6110 7800 / 6149 7000
Corporate overview
Statutory reports
Directors Identification Number (DIN) 00018262 Directors Identification Number (DIN) 01875316
Date of Birth (Age in years) December 21, 1966 (52 Years) Date of Birth (Age in years) January 23, 1962 (56 Years)
Mr. Rajiv Bajaj Mr. Sudarshan

Sampathkumar
Experience and Qualifications Mr. Rajiv Bajaj graduated first in class with distinction, in Mechanical
Engineering from the University of Pune in 1988, and then completed his Experience and Qualifications Mr. Sudarshan Sampathkumar has over 30 years of experience in advisory,
master’s in manufacturing systems engineering with distinction, from the consulting, and private equity. He is currently a Partner and Director at
University of Warwick in 1990. The Bridgespan Group (India), a Non-Executive Independent Director and
On returning from UK, he started off at the shop floor level at Bajaj Auto mentor at Profectus Capital Private Limited, and on the Advisory board of
where he did a three-year stint. He gained experience in the areas of Chinmaya Vishwa Vidyalaya, Chinmaya Mission.
Manufacturing & Supply Chain (1990-95), R+D and Engineering (1995-2000), Previously, Mr. Sudarshan Sampathkumar was a Partner & Managing
and Marketing and Sales (2000-2005), and rose to be Managing Director of Director at Bain & Company. He also served as the Managing Director &
Bajaj Auto in April 2005, a position he continues to hold even today. He has GP of a Private Equity Fund and held leadership roles at Accenture and
been on the board of Bajaj Auto Ltd since March 5, 2002. Neuron Data Corporation.
He has been instrumental in introducing Bajaj Auto to the motorcycle Mr. Sudarshan Sampathkumar holds an MBA from the Indian Institute of
market, a segment he believed had great growth potential. This decision Management, Ahmedabad, India, and a Bachelor of Engineering from the
certainly changed the face of Bajaj Auto and greatly accelerated the Indian Institute of Science, Bangalore, India. His objective is to contribute to
Company’s growth. His current priority is the application of the scientific high-performing entities and boards by leveraging his advisory experience,
principles of Homoeopathy to the task of building a brand centred strategy implementation skills, leadership experience, and understanding of the
at Bajaj Auto. His main objective in doing so is achieving Bajaj Auto's corporate sector.
vision of being one of the world’s leading motorcycle manufacturers and Expertise in specific Functional Areas Having an experience in management and strategy, business advisory
constant innovator in the automotive industry. & consulting, investment & treasury, corporate governance and ethics,
Expertise in specific Functional Areas An industrialist having an experience in managing a large industrial economics & statistics, and such other areas.
conglomerate. Date of first appointment on the Board May 23, 2023
Date of first appointment on the Board May 22, 2019 Shareholding in the Company as on Nil
Shareholding in the Company as on Nil March 31, 2023
March 31, 2023 Terms and conditions of re-appointment As per the Company’s Nomination and Remuneration Policy
Terms and conditions of re-appointment As per the Company’s Nomination and Remuneration Policy Details of remuneration last drawn (FY 2022-23) Not applicable
Details of remuneration last drawn (FY 2022-23) H 12.00 lakh in the financial year 2022-23 Details of proposed remuneration As per the Company’s Nomination and Remuneration Policy
(for remuneration details, please refer the Corporate Governance Report) Inter-se relationships between Not applicable
Details of proposed remuneration As per the Company’s Nomination and Remuneration Policy • Directors
Inter-se relationships between Not Applicable • Key Managerial Personnel
• Directors Number of meetings of the Board attended Not applicable
• Key Managerial Personnel during the financial year 2022-23
Number of meetings of the Board attended 6/6 Chairperson/Membership of the Statutory Nil
during the financial year 2022-23 Committee(s) of Board of Directors of the
Chairperson/Membership of the Statutory Nil Company as on date
Committee(s) of Board of Directors of the Other companies in which he/she is a Director Nil
Company as on date excluding Directorship in Private and Section 8
Other companies in which he/she is a Director Bajaj Auto Limited; companies as on March 31, 2023
excluding Directorship in Private and Section 8 Bajaj Holdings & Investment Limited; Chairperson/Membership of the Statutory Nil
companies as on March 31, 2023 Bajaj Finserv Limited; Committee(s) of Board of Directors of other
Bajaj Finance Limited; companies in which he/ she is a Director
Chetak Technology Limited; excluding Private and Section 8 companies as
Bajaj Auto Consumer Finance Limited. on March 31, 2023
Chairperson/Membership of the Statutory Nil
Committee(s) of Board of Directors of other
companies in which he/ she is a Director
excluding Private and Section 8 companies as
on March 31, 2023
Corporate overview
Statutory reports
INFORMATION AT A GLANCE
Board’s Report
Particulars Details
Day, date, and time of AGM Thursday, August 10, 2023, at 03:00 p.m. (IST)
Mode Video conference and other audio-visual means Dear Members,
Participation through Video Conference https://instameet.linkintime.co.in/
The Directors are pleased to present the Company’s 84th Annual Report and the Company’s audited financial
Helpline number for VC participation 022-49186175
statements for the financial year ended March 31, 2023.
Dividend record date Friday, July 28, 2023
Dividend payment date On or after Monday, August 14, 2023
Cut-off date for e-Voting Thursday, August 3, 2023 FINANCIAL RESULTS
E-Voting start time and date Sunday, August 6, 2023 at 09:00 A.M. IST
E-Voting end time and date Wednesday, August 9, 2023 at 05:00 P.M. IST The highlights of the Standalone Financial Results are as under:
(H in crore, except for EPS)
E-Voting website Refer Point 19 of the Notice.
Name, address, and contact details of e-Voting Link Intime India Private Limited Particulars FY 2022-23 FY 2021-22
service provider C 101, 247 Park, Lal Bahadur Shastri Rd, Surya Nagar,
Revenue from Operations & Other Income 5,500.73 4,860.61
Name, address, and contact details of Registrar and Gandhi Nagar, Vikhroli West, Mumbai 400083.
Gross Profit before Finance Cost and Depreciation 440.85 323.55
Transfer Agent Tel.: 022 4918 6000.
Less: Finance Cost 47.70 68.67
Less: Depreciation 75.42 63.04
Profit/(Loss) before Exceptional Items and Tax 317.73 191.84
Exceptional Items 0.00 (13.23)
Profit/(Loss) before Taxes 317.73 178.61
Less: Provision for Tax expenses 87.22 41.83
Profit/(Loss) after Tax 230.51 136.79
Add: Other Comprehensive Income 1.76 5.84
Add: Balance in Profit & Loss Account - -
Add: Transferred to retained earnings for vested cancelled options 0.64 0.35
Amount transferred to General Reserves - -
Amount transferred from Debenture Redemption Reserve - 37.50
Dividend Paid (34.47) -
Balance available for appropriation 814.52 615.77
Basic EPS (H) 20.05 11.93
Diluted EPS (H) 20.01 11.88
The highlights of the Consolidated Financial Results are as under:

(H in crore, except for EPS)
Particulars FY 2022-23 FY 2021-22
Revenue from Operations & Other Income 5,505.11 4,881.35

Profit/(Loss) before Exceptional Items and Tax 303.42 179.51
Exceptional Items - (13.23)
Share of Profit/(Loss) of subsidiaries, associates & joint ventures - -
Less: Provision for Tax expenses 87.23 41.88
Profit/(Loss) for the period 216.19 124.41
Basic EPS (H) 18.80 10.85
Diluted EPS (H) 18.77 10.81
Corporate overview
Statutory reports
Return on Net Worth, Return on Capital Employed and EPS for the financial year ended March 31, 2023, and for Option Scheme before the book closure date for directly by the employees of the Company, as the
the last four financial years, are given below: payment of dividend will rank pari-passu with the provisions of the said Section are not applicable.
existing shares and be entitled to receive the dividend.
The Board of Directors, at its meeting held on May 17, The equity shares of the Company continue to remain
Particulars FY 2022-23 FY 2021-22 FY 2020-21 FY 2019-20 FY 2018-19
2022, had last amended the Dividend Distribution listed on BSE Limited and National Stock Exchange of
Return on Net Worth (%) 12.44 9.06 12.31 (0.01) 15.50 Policy of the Company. In terms of the amendment, India Limited (collectively “Stock Exchanges”). The
Return on Capital Employed (%) 19.53 14.01 13.85 8.20 14.13 and subject to the parameters/circumstances given in listing fees for financial year 2023-24 have been paid
Basic EPS (after exceptional items) (H) 20.05 13.38 16.08 (0.01) 16.34 the said revised Dividend Distribution Policy, the Board to the Stock Exchanges.
would endeavor to maintain a dividend pay-out in the
The financial results of the Company are elaborated The Company’s cash and cash equivalent as at March range of 20-40% of the Company’s Profit After Tax on DEPOSITORY SYSTEM
in the Management Discussion and Analysis Report, 31, 2023 was H 340.47 crore. The Company manages standalone financials. The revised Dividend Distribution
Policy containing the requirements mentioned in The Company’s shares are compulsorily tradable
which forms part of the Annual Report. cash and cash flow processes assiduously, involving
Regulation 43A of the SEBI Listing Regulations is in electronic form. As on March 31, 2023, 99.65% of
all parts of the business. The Company continues to
attached as Annexure A and forms part of this Report. the Company’s total paid up capital representing
focus on judicious management of its working capital.
STATE OF COMPANY AFFAIRS / OPERATIONS This Policy can also be accessed on the Company’s 11,46,68,943 equity shares are in dematerialised form.
Receivables, inventories and other working capital
parameters were kept under strict check through website at: https://www.bajajelectricals.com/
During the financial year 2022-23: In light of the provisions of Regulation 40 of the SEBI
continuous monitoring. media/7301/dividend-distribution-policy.pdf.
Listing Regulations, read with a Circular No. SEBI/HO/
• Revenue from operations on standalone basis
MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25,
increased to H 5,417.41 crore as against H 4,788.19 Foreign Exchange transactions are partly covered
SHARE CAPITAL 2022, as issued by the Securities and Exchange Board
crore in the previous year - a growth of 13.1%. and there are no materially significant uncovered
of India (“SEBI”), Members may please note that the
exchange rate risks in the context of Company’s The paid-up equity share capital of the Company as
• Revenue from Consumer Product Segment transfer of shares will be in dematerialised form only.
imports and exports. The Company accounts for mark- on March 31, 2023 was H 23.02 crore. The increase in
increased by 14% to H 3,752.39 crore. In view of the above and to avail advantages offered
to-market gains or losses every quarter end, are in line number of shares during the year is on account of
by the Depository system as well as to avoid frauds,
with the requirements of Ind AS 21. (i) allotment of 19 equity shares of H 2 each to the
• Revenue from EPC Segment increased by 29.5% to Members holding shares in physical mode are advised
shareholders of Starlite Lighting Limited (“Transferor
H 540.02 crore. During the year under review, there has been no to avail the facility of dematerialisation from either
Company”) pursuant to the Scheme of Merger
change in the nature of business of the Company. of the Depositories viz. National Securities Depository
• Cost of goods sold as a percentage to revenue by Absorption of the Transferor Company into the
Limited and Central Depository Services (India) Limited.
from operations decreased to 69.6% as against Detailed information on the operations of the different Company and their respective shareholders; and (ii)
71.3% in the previous year. business segments of the Company are covered in the allotment of 2,01,505 equity shares of H 2 each to the
Management Discussion and Analysis Report, which employees upon their exercise of stock options. These DEPOSITS
• Employee cost as a percentage to revenue from shares were included, on weighted average basis, for
forms part of the Annual Report. During the year under review, the Company has not
operations decreased to 7.7% (H 419.09 crore) as the computation of EPS. The Company has not issued
against 8.3% (H 395.44 crore) in the previous year. accepted any deposits covered under Chapter V
shares with differential voting rights. No disclosure is
TRANSFER TO RESERVES required under Section 67(3)(c) of the Companies Act,
of the Act. Accordingly, no disclosure or reporting is
• Other expense as a percentage to revenue from required in respect of details relating to deposits.
2013 (“Act”), in respect of voting rights not exercised
operations increased to 16.1% (H 872.45 crore) as The Company has not transferred any amount to the
against 15.2% (H 728.27 crore) in the previous year. General Reserves during the current financial year.
CREDIT RATING
• The Profit after Tax for the current year is H 230.51
crore as against H 136.79 crore in the previous year
DIVIDEND & DIVIDEND DISTRIBUTION POLICY
The below table depicts Company’s credit ratings profile in a nutshell:
- a growth of 68.5%. Your Directors are pleased to recommend a dividend
• On a consolidated basis, the group achieved
of 200% (H 4.00) on 11,50,75,638 equity shares of H 2 Instrument Rating Agency Rating
each for the financial year 2022-23. The amount of
revenue of H 5,429.26 crore as against H 4,813.01 Short Term Debt CRISIL Ratings Limited CRISIL A1+
dividend aggregates to H 46.03 crore (previous year H
crore - a growth of 12.8%. Net profit for the group for Bank Loan Facilities (long-term) CRISIL Ratings Limited CRISIL A+/Watch Positive
34.46 crore). The dividend on equity shares, subject to
the current year is H 216.19 crore as against H 128.52 Bank Loan Facilities (short-term) CRISIL Ratings Limited CRISIL A1+
the approval of the Members at the Annual General
crore in the previous year - a growth of 68.2%.
Meeting (“AGM”) to be held on August 10, 2023, will be
As at March 31, 2023, the gross property, plant and paid on or after August 14, 2023 to the Members whose RELATED PARTY TRANSACTIONS https://www.bajajelectricals.com/media/7307/
equipment, investment property and other intangible names appear in the Register of Members as of the policy-on-materiality-of-dealing-with-related-party-
assets including leased assets, stood at H 903.50 crore close of business hours on July 28, 2023; and, in respect In line with the requirements of the Act and SEBI transactions.pdf. The Policy intends to ensure that
and the net property, plant and equipment, investment of shares held in dematerialised form, it will be paid to Listing Regulations, the Company has formulated a proper reporting, approval and disclosure processes
property and other intangible assets, including leased Members whose names are furnished by Depositories, Policy on Materiality of Related Party Transactions are in place for all transactions between the Company
assets, at H 589.91 crore. Capital Expenditure during as beneficial owners as of the close of business hours which is also available on the Company’s website at: and its Related Parties.
the year amounted to H 83.27 crore (H 72.60 crore in on that date. Shares that may be allotted on exercise
the previous year). of stock options granted under the Employee Stock
Corporate overview
Statutory reports
All transactions entered with related parties for the party transactions during the year under review with the requirement to disclose the details of application The Nirlep Merger Scheme is subject to the
year under review were in ordinary course of business the Promoters, Directors, or Key Managerial Personnel, made or any proceeding pending under the necessary statutory and regulatory approvals
and at arm’s length basis. No Material related party which may have a potential conflict with the interest Insolvency and Bankruptcy Code, 2016 (31 of 2016) including the approvals of Hon’ble National
transactions i.e., transactions exceeding H 1,000 crore of the Company at large. during the year along with their status as at the end of Company Law Tribunal, the shareholders and
or 10% of the annual consolidated turnover whichever the financial year is not applicable. creditors of each of the companies.
is less, as per the last audited financial statements, were The related party transactions are mentioned in the
entered during the year by the Company. Accordingly, notes to the accounts. The Directors draw attention of • Scheme of Arrangement between Bajaj Electricals
the members to Note No. 38 to the standalone financial DIFFERENCE BETWEEN AMOUNT OF THE Limited and Bajel Projects Limited and their
the disclosure of related party transactions as required
statements which sets out related party disclosure. VALUATION DONE AT THE TIME OF ONE TIME respective shareholders:
under Section 134(3)(h) of the Act, in Form AOC-2 is
SETTLEMENT AND THE VALUATION DONE WHILE
not applicable. Further, there are no material related
TAKING LOAN FROM THE BANKS OR FINANCIAL The Board of Directors of the Company, at its
INSTITUTIONS ALONG WITH THE REASONS meeting held on February 8, 2022, had considered
THEREOF and approved the Scheme of Arrangement
Pursuant to the provisions of Regulation 34(3) read with clause 2 of Part A of Schedule V of the SEBI Listing
between Bajaj Electricals Limited (“Company”)
Regulations, the listed entity shall make disclosures in respect of loans and advances in compliance with the During the year under review, there was no instance of and Bajel Projects Limited (“Bajel”) and their
Accounting Standard on Related Party Disclosures. The required disclosure is as under: one-time settlement with banks or financial institutions; respective shareholders under Sections 230 to 232
(Amount: H in crore) hence the requirement to disclose the details of of Act (“Demerger Scheme”) involving the transfer
Balance of loans difference between amount of the valuation done at by way of demerger of the Demerged Undertaking
and advances Maximum outstanding the time of onetime settlement and the valuation done (as defined in the Demerger Scheme) consisting
Name Category
as on March 31, during the year* while taking loan from the Banks or Financial Institutions of Power Transmission and Power Distribution
2023* along with the reasons thereof, is not applicable. Business (as defined in the Demerger Scheme) of
Nirlep Appliances Private Limited (“Nirlep”) Subsidiary 93.23 93.23 the Company into Bajel and consequent issue of
Bajel Projects Limited (“Bajel”) Subsidiary - - SCHEME OF ARRANGEMENTS UNDER SECTIONS equity shares by Bajel to the shareholders of the
Hind Lamps Limited (“Hind Lamps”) Associate - - 230-232 OF THE ACT Company. The equity shares of Bajel shall be listed
* Excluding trade advances. on the Stock Exchanges, post the effectiveness of
• Scheme of Merger by Absorption of Starlite Lighting the Scheme. The shareholders of the Company
During the year under review, the following person(s) or entity(ies) belonging to the promoter/promoter group Limited with Bajaj Electricals Limited and their will be issued equity shares in Bajel in the same
held 10% or more shares in the paid-up equity share capital of the Company: respective shareholders: proportion as their holding in the Company.
The Board of Directors of the Company, at its During the year under review, the Demerger
Name of the person/entity Shareholding (%)
meeting held on May 25, 2021, had considered and Scheme was approved by the shareholders of the
Jamnalal Sons Private Limited 19.59 approved the Scheme of Merger by Absorption of Company at their National Company Law Tribunal
Bajaj Holdings and Investment Limited 16.63 Starlite Lighting Limited with Bajaj Electricals Limited convened meeting of the Equity Shareholders held
and their respective shareholders under Sections on March 2, 2023, through Video Conferencing /
Disclosures of transactions pursuant to the provisions MATERIAL CHANGES AND COMMITMENTS 230 to 232 and other applicable provisions of the Other Audio-Visual Means.
of Regulations 34(3) read with clause 2A of Part A of AFFECTING THE FINANCIAL POSITION OF THE Act (“SLL Merger Scheme”).
Schedule V of the SEBI Listing Regulations is attached COMPANY WHICH OCCURRED BETWEEN THE The Demerger Scheme is subject to the necessary
as Annexure B and forms part of this Report. END OF THE FINANCIAL YEAR TO WHICH THIS The Hon’ble National Company Law Tribunal, statutory and regulatory approvals including the
FINANCIAL STATEMENT RELATE TILL THE DATE OF Mumbai Bench, vide its order dated August 25, approval of Hon’ble National Company Law
THIS REPORT 2022 approved the said SLL Merger Scheme Tribunal.
PARTICULARS OF LOANS AND ADVANCES,
whereby and where under inter-alia the Transferor
GUARANTEES OR INVESTMENTS There are no material changes and commitments, Company was merged with the Company with
affecting the financial position of the Company, which effect from September 30, 2022.
CORPORATE SOCIAL RESPONSIBILITY
Pursuant to the provisions of Section 186 of the Act
and the rules framed thereunder, the particulars of has occurred between the end of the financial year
The Company is having a Policy on Corporate Social
for the Company i.e., March 31, 2023, and the date of • Scheme of Merger by Absorption of Nirlep
the loans given, investments made or guarantees Responsibility (“CSR”) and has constituted a CSR
this Board’s Report i.e., May 23, 2023. Appliances Private Limited with Bajaj Electricals
given or security provided are given in the Notes to the Committee as required under the Act for implementing
Limited and their respective shareholders:
standalone financial statements. various CSR activities. The CSR Committee comprised of
APPLICATION MADE OR ANY PROCEEDING The Board of Directors of the Company, at Mr. Shekhar Bajaj, as the Chairman of the Committee,
SIGNIFICANT AND MATERIAL ORDERS PASSED BY PENDING UNDER THE INSOLVENCY AND its meeting held on September 29, 2022, has and Dr. (Mrs.) Indu Shahani and Dr. Rajendra Prasad
THE REGULATORS OR COURTS BANKRUPTCY CODE, 2016 DURING THE YEAR considered and approved the Scheme of Merger Singh, as the members of the Committee. The CSR
ALONGWITH THEIR STATUS AS AT THE END OF THE by Absorption of Nirlep Appliances Private Limited policy is available on the website of the Company
There are no significant and material orders passed FINANCIAL YEAR with Bajaj Electricals Limited and their respective at: https://www.bajajelectricals.com/media/7071/
by the regulators/courts/tribunal which would impact shareholders under Sections 230 to 232 and other corporate-social-responsibility-policy.pdf.
the going concern status of the Company and its No application has been made under the Insolvency
applicable provisions of the Act (“Nirlep Merger
operations in the future. and Bankruptcy Code against the Company; hence
Scheme”).
Corporate overview
Statutory reports
Other details about the CSR Committee are provided SEBI Listing Regulations is provided in a separate section Regulations. The said Certificate will be made available for inspection through electronic mode by writing to the
in Corporate Governance Report which forms part of and forms an integral part of this Annual Report. Company at legal@bajajelectricals.com from the date of circulation of the AGM Notice till the date of the AGM
this Report. The Company has implemented various i.e., August 10, 2023.
CSR projects directly and/or through implementing
ANNUAL RETURN
partners and the said projects undertaken by the
SUBSIDIARY, JOINT VENTURE AND ASSOCIATE
Company are in accordance with its CSR Policy and Pursuant to the provisions of Section 134(3)(a) and
Schedule VII to the Act. Report on CSR activities as Section 92(3) of the Act read with Rule 12 of the As on March 31, 2023, your Company has two (2) subsidiaries and one (1) associate. During the year under
required under the Companies (Corporate Social Companies (Management and Administration) Rules, review, with the effectiveness of the Scheme of Merger by Absorption of Starlite Lighting Limited (“SLL”) with the
Responsibility Policy) Rules, 2014, as amended, is given 2014, the Annual Return of the Company for the Company and their respective shareholders, SLL ceased to be a subsidiary of the Company, with effect from
in Annexure C, which forms part of this Report. financial year ended March 31, 2023 can be accessed September 30, 2022.
at https://www.bajajelectricals.com/annual-reports/.
Details of subsidiary/associate companies/joint ventures of the Company
BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT (BRSR) VIGIL MECHANISM
% of shareholding
In compliance with Regulation 34 of the Listing The Company has a Whistle Blower Policy to report Name of the Company as Status
Regulations, a separate report on the Business genuine concerns or grievances about any poor on March 31, 2023
Responsibility and Sustainability Report, forms an or unacceptable practice and any event of Nirlep Appliances Private Limited ("Nirlep") 100.00 Subsidiary
integral part of this Annual Report. misconduct and to provide adequate safeguards Bajel Projects Limited (“Bajel”) 100.00 Subsidiary
against victimisation of persons who may use such Hind Lamps Limited ("Hind Lamps") 19.00 Associate
CORPORATE GOVERNANCE mechanism. The Whistle Blower Policy has been posted
on the website of the Company at: https://www.
Maintaining high standards of Corporate Governance bajajelectricals.com/media/6129/whistle-blower- Performance of Subsidiary, Joint Venture and Associate associate of the Company are also available on the
has been fundamental to the business of the policy-vigil-mechanism-wef-1st-april-2019.pdf. Company’s website at: https://www.bajajelectricals.
Nirlep: Total income of Nirlep for the financial year com/annual-reports/. Any member who may be
Company since its inception. As per Regulation 34(3)
2022-23 stood at H 70.76 crore (Previous Year: H 71.17 interested in obtaining a copy of the aforesaid
read with Schedule V of the SEBI Listing Regulations, a
EMPLOYEES STOCK OPTION SCHEME crore). Loss for the year was at H 10.00 crore (Previous
separate section on corporate governance practices documents may write to the Company Secretary at
Year Loss: H 7.07 crore). the Company’s Registered Office. Further, the said
followed by the Company, together with the following The Company implemented the Employees Stock
declarations/certifications forms an integral part of this Option Scheme (“ESOP Scheme”) in accordance with documents will be available for examination by the
Bajel: Total income of Bajel for the financial year starting
Corporate Governance Reporting: the SEBI (Share Based Employee Benefits) Regulations, shareholders of the Company at its Registered Office
from January 19, 2022 (i.e., the date of incorporation
2014, read with Securities and Exchange Board of during all working days except Saturday, Sunday,
of Bajel) to March 31, 2023 was NIL. Loss for the same
a. A declaration signed by Mr. Anuj Poddar, Public Holidays and National Holidays, between 11.00
India (Share Based Employee Benefits and Sweat period was at H 0.21 crore.
Managing Director & Chief Executive Officer, a.m. to 01.00 p.m.
Equity) Regulations, 2021 (“SEBI SBEB Regulations”) as
stating that the members of board of directors Hind Lamps: Total income of Hind Lamps for the
a measure to reward and motivate employees as also
and senior management personnel have affirmed The Policy for Determining Material Subsidiary as
to attract and retain talent. financial year 2022-23 stood at H 3.72 crore (Previous
compliance with the Company’s Code of Business approved by the Board may be accessed on the
Year: H 2.82 crore). Profit for the year was at H 0.04 crore
Conduct and Ethics; During financial year under review, 3,27,500 stock Company’s website at: https://www.bajajelectricals.
(Previous Year Loss: H 0.08 crore).
options were granted to the eligible employees at the com/media/6127/policy-for-determining-material-
b. A compliance certificate from the Company’s Pursuant to the provisions of Section 129(3) of the Act, subsidiary-wef-1st-april-2019.pdf.
market price prevailing on the National Stock Exchange
Statutory Auditors confirming compliance with the a Report on the performance and financial position
of India Limited as on the date of their grant. Details
conditions of Corporate Governance; of the subsidiary, associate and joint venture are
of the shares issued under ESOP Scheme, as also the FINANCIAL STATEMENTS
disclosures in compliance with SEBI SBEB Regulations included in the Consolidated Financial Statement and
c. A certificate of Non-Disqualification of Directors
is uploaded on the website of the Company www. their contribution to the overall performance of the The financial statements of the Company for the year
from the Secretarial Auditor of the Company; and
bajajelectricals. com, which forms part of this Report. Company in Form AOC-1 is given in Annexure D, which ended March 31, 2023, as per Schedule III to the Act
d. A certificate of the CEO and CFO of the Company, No employee has been issued stock options, during forms part of this Report. forms part of this Report.
inter alia, confirming the correctness of the the year, equal to or exceeding 1% of the issued
In accordance with the fourth proviso to Section 136(1)
financial statements and cash flow statements, capital of the Company at the time of grant. The CONSOLIDATED FINANCIAL STATEMENTS
of the Act, the Annual Report of Company, containing
adequacy of the internal control measures and issuance of equity shares pursuant to exercise of stock
therein its Standalone and Consolidated Financial
reporting of matters to the Audit Committee. options does not affect the profit and loss account of The Directors also present the audited consolidated
Statements are available on the Company’s website
the Company, as the exercise is made at the market financial statements incorporating the duly audited
at: https://www.bajajelectricals.com/annual-reports/.
price prevailing as on the date of the grant plus taxes financial statements of the subsidiary, associate and
MANAGEMENT DISCUSSION AND ANALYSIS Further, as per fifth proviso to the said Section, the
as applicable. joint venture prepared in compliance with the Act,
REPORT annual accounts of the subsidiary, joint venture and
The Company has obtained a Certificate from the
The Management Discussion and Analysis Report on
Secretarial Auditors stating that ESOP Scheme has
the operations of the Company, as required under the
been implemented in accordance with the SEBI SBEB
Corporate overview
Statutory reports
applicable Accounting Standards and the SEBI Listing the Company to be held on August 10, 2023 and discharge their duties with an objective independent Further, the Board of Directors of the Company, at its
Regulations and they form part of this Report. thereafter, subject to the approval of the Members judgement and without any external influence. The meeting held on May 23, 2023, has:
at the said AGM, as a Non-Executive Independent Independent Directors hold office for a fixed term of
Director, not liable to retire by rotation. five years and are not liable to retire by rotation. All a. Taken on record the cessation of Mr. Ajay Nagle,
DIRECTORS AND KEY MANAGERIAL PERSONNEL Company Secretary & Chief Compliance Officer
Independent Directors of the Company have valid
The Board recommends appointment of Mr. registration in the Independent Director’s databank and Key Managerial Personnel of the Company,
Appointments/Re-appointments and Director coming
Sudarshan Sampathkumar for the consideration of of Indian Institute of Corporate Affairs as required with effect from the close of business hours on
up for retirement by rotation
the Members of the Company at the forthcoming under Rule 6(1) of the Companies (Appointment and June 30, 2023, since he would be taking up higher
• Re-designations and fresh appointments of Mr. AGM. The relevant details including profile of Mr. Qualification of Director) Fifth Amendment Rules, 2019. responsibilities within the group; and
Shekhar Bajaj and Mr. Anuj Poddar Sudarshan Sampathkumar is included separately In the opinion of the Board, the Independent Directors,
in the Notice of AGM and Report on Corporate b. Considered and approved the appointment
fulfil the conditions of independence specified in
During the year under review, the Board of Directors Governance of the Company, forming part of the of Mr. Prashant Dalvi, the existing Vertical Head
Section 149(6) of the Act and Regulation 16(1)(b)
of the Company, on the recommendation of Annual Report. - Corporate Secretarial & Compliance of the
and other applicable provisions of the SEBI Listing
Nomination and Remuneration Committee, Company, as the new Company Secretary &
Regulations.
resolved to split the positions of the Chairman • Director coming up for retirement by rotation Chief Compliance Officer and Key Managerial
and Managing Director, and considered and The terms and conditions of appointment of the Personnel of the Company with effect from the
In accordance with the provisions of Section 152 of start of business hours on July 1, 2023.
approved the following in its meeting held on Independent Directors are placed on the website of
the Act and the Company’s Articles of Association,
August 12, 2022: the Company at: https://www.bajajelectricals.com/
Mr. Madhur Bajaj (DIN: 00014593) and Mr. Rajiv Bajaj
a The re-designation and appointment of Mr. (DIN: 00018262), are the Directors liable to retire
media/6937/letter-of-appointment-to-independent- NUMBER OF MEETINGS OF THE BOARD
directors.pdf.
Shekhar Bajaj (DIN: 00089358) as an Executive by rotation at the forthcoming AGM and being
Six (6) Board meetings were held during the financial
Chairman, in the category of a whole-time eligible offers themselves for re-appointment. The In compliance with the requirement of SEBI Listing year 2022-23. The intervening gap between the
director, with the title as the “Chairman” of Board recommends re-appointment of Mr. Madhur Regulations, the Company has put in place a meetings was within the period prescribed under the
the Company, for a fresh term of five (5) years Bajaj and Mr. Rajiv Bajaj for the consideration of familiarisation programme for the independent Act and SEBI Listing Regulations. The details of meetings
commencing from August 12, 2022; and the Members of the Company at the forthcoming directors to familiarise them with their role, rights and of the Board held during the financial year 2022-23
AGM. The relevant details including profiles of Mr. responsibility as directors, the working of the Company, forms part of the Corporate Governance Report.
b. The re-designation and appointment of Mr. Madhur Bajaj and Mr. Rajiv Bajaj are included nature of the industry in which the Company operates,
Anuj Poddar (DIN: 01908009) as the “Managing separately in the Notice of AGM and Report on business model, etc. The details of familiarisation
Director and Chief Executive Officer” of the Corporate Governance of the Company, forming COMMITTEES OF THE BOARD
programme are explained in the Corporate
Company, for a fresh term of five (5) years part of the Annual Report. Governance Report and the same are also available As on March 31, 2023, the Board of Directors had the
commencing from August 12, 2022.
on the website of the Company at: https://www. following Committees:
As on the date of this Report, the Company’s
The special resolutions pertaining to the above bajajelectricals.com/media/7317/familiarisation-
Board comprises of eleven (11) Directors, out
re-designations and appointments were duly programmes-for-independent-directors-for-financial- a. Audit Committee;
of which, nine (9) are Non-Executive Directors
approved by the shareholders of the Company, year-ended-march-31-2022.pdf.
(NEDs) including two (2) Woman Directors. NEDs b. Nomination and Remuneration Committee;
with requisite majority, on October 12, 2022, by represent 81.82% of the total strength. Further, out Key Managerial Personnel
means of Postal Ballot, through remote e-voting of the said nine (9) NEDs, six (6) are independent c. Stakeholders’ Relationship Committee;
only. directors representing 54.55% of the total strength During the year under review, there has been a change
of the Board. The composition of the Board is in in the key managerial personnel of the Company. Mr. d. Risk Management Committee;
• Appointment of Mr. Sudarshan Sampathkumar
conformity with Regulation 17 of the SEBI Listing Anuj Poddar has been designated as one of the key
as an Independent Director for a term of five e. Corporate Social Responsibility Committee;
Regulations and also with the provisions of the Act. managerial personnel in place of Mr. Shekhar Bajaj,
consecutive years from May 23, 2023
following his re-designation and appointment as the f. Finance Committee; and
Independent Directors "Managing Director and Chief Executive Officer" of the
On the recommendation of the Nomination
Company, effective from August 12, 2022. g. Committee of Independent Directors.
and Remuneration Committee, the Board at its All Independent Directors of the Company have given
Meeting held on May 23, 2023, appointed Mr. declarations under Section 149(7) of the Act that The details of the Committees along with their
As on March 31, 2023, the Board has designated Mr.
Sudarshan Sampathkumar (DIN: 01875316) as an they meet the criteria of independence as laid down composition, number of meetings and attendance at
Anuj Poddar, Managing Director & Chief Executive
Additional Director on the Board of the Company under Section 149(6) of the Act and Regulation 16(1) the meetings are provided in the Corporate Governance
Officer, Mr. E C Prasad, Chief Financial Officer, and Mr.
in the category of Non-Executive & Independent (b) and other applicable provisions of the SEBI Listing Report which forms part of this Annual Report.
Ajay Nagle, Company Secretary & Chief Compliance
Director to hold office for a term of 5 (five) Regulations. In terms of Regulation 25(8) of the SEBI Officer, as Key Managerial Personnel of the Company,
consecutive years from May 23, 2023 to May 22, Listing Regulations, the Independent Directors have pursuant to the provisions of Sections 2(51) and 203 of BOARD EVALUATION
2028, subject to approval of the shareholders. confirmed that they are not aware of any circumstance the Act, read with the Rules framed thereunder.
Mr. Sudarshan Sampathkumar will hold office as or situation, which exists or may be reasonably Pursuant to the provisions of the Act and the SEBI Listing
an Additional Director upto the ensuing AGM of anticipated, that could impair or impact their ability to None of the Key Managerial Personnel of the Company Regulations, the Board has carried out the annual
has resigned during the year under review. performance evaluation of the Directors individually
as well as evaluation of the working of the Board and
Corporate overview
Statutory reports
of the Committees of the Board, by way of individual standalone financial statements were adequate and AUDITORS AND AUDITOR’S REPORT
and collective feedback from Directors. The manner operating effectively. Actual date of filing of September 7, 2022
in which the evaluation was conducted by the Statutory Auditors Report
Company and evaluation criteria has been explained COMPLIANCE WITH SECRETARIAL STANDARDS As per Section 148 of the Act read with the Companies
The Members at their 83rd Annual General Meeting
in the Corporate Governance Report which forms part (Cost Records and Audit) Rules, 2014, the Company
The Company has complied with the applicable (“83rd AGM”) of the Company held on August 12, 2022,
of this Annual Report. is required to maintain cost records and accordingly,
Secretarial Standards issued by the Institute of had appointed Messrs S R B C & Co. LLP, Chartered
The Board of Directors has expressed its satisfaction Company Secretaries of India. Accountants (ICAI Registration No.324982E/E300003) such accounts and records are maintained.
with the evaluation process. as the Statutory Auditors of the Company to hold office
Secretarial Auditors
for a second term of five years i.e. from the conclusion
REPORTING OF FRAUD of 83rd AGM till the conclusion of 88th Annual General
POLICY ON DIRECTORS’ APPOINTMENT AND The Board had appointed Messrs Anant B. Khamankar
There was no instance of fraud reported during the Meeting of the Company to be held in 2027. & Co., Practicing Company Secretaries (Membership
REMUNERATION
year under review, which required the Statutory No. FCS 3198; CP No. 1860) as the Secretarial Auditors
The Auditors’ Report on the financial statements
The Board of Directors has framed a Nomination and Auditors, Cost Auditor or Secretarial Auditor to report to conduct the secretarial audit of the Company for
forms part of this Annual Report. There has been no
Remuneration Policy which lays down a framework in the same to the Audit Committee of the Company the financial year ended March 31, 2023, as per the
qualification, reservation, adverse remark or disclaimer
relation to appointment and remuneration of Directors, under Section 143(12) of the Act and Rules framed provisions of Section 204 of the Act read with Rules
given by the Auditors in their Report.
Key Managerial Personnel, Senior Management and thereunder. framed thereunder. The Secretarial Audit Report in
other employees of the Company (“Policy”). The Policy Cost Auditors Form MR-3 is given as Annexure F and forms part of
broadly lays down the guiding principles, philosophy this Report. The Secretarial Audit Report does not
RISK MANAGEMENT Pursuant to the provisions of Section 148 of the Act
and the basis for payment of remuneration to Executive contain any qualification, reservation, adverse remark
and Non-executive Directors (by way of sitting fees The Company has formulated a risk management read with the Rules framed thereunder, the cost or disclaimer.
and commission), Key Managerial Personnel, Senior policy and has in place a mechanism to inform audit records maintained by the Company in respect
Management and other employees. The Policy also of its manufacturing activities are required to be Pursuant to the provisions of Regulation 24A of the SEBI
the Board about risk assessment and minimisation
provides for the Board Diversity, the criteria for determining audited. Messrs R. Nanabhoy & Co. (Firm Registration Listing Regulations read with SEBI Circulars issued in this
procedures along with a periodical review to ensure
qualifications, positive attributes and independence of No.000010), Cost Accountants carried out the cost regard, the Company has undertaken an audit for the
that executive management controls risk by means of
Director and criteria for appointment of Key Managerial audit for applicable businesses during the year. financial year 2022-23 for all applicable compliances
a properly designed framework.
Personnel/Senior Management and performance as per SEBI Regulations and Circulars/Guidelines
The Risk Management Framework is reviewed Based on the recommendation of the Audit Committee, issued thereunder. The Annual Secretarial Compliance
evaluation which are considered by the Nomination and
periodically by the Risk Management Committee, the Board of Directors has appointed Messrs R. Report duly signed by Messrs Anant B. Khamankar &
Remuneration Committee and the Board of Directors
which includes discussing the Management submissions Nanabhoy & Co. (Firm Registration No.000010), Cost Co., Practicing Company Secretaries (Membership
whilst taking a decision on the potential candidates.
on risks, prioritising key risks and approving action plans Accountants as the Cost Auditors for the financial No. FCS 3198; CP No. 1860) has been submitted to
The above Policy is given in Annexure E, which to mitigate such risks. year 2023-24. The Company has received a certificate the Stock Exchanges within 60 days of the end of the
forms part of this Report, and has also been posted from Messrs R. Nanabhoy & Co., confirming that they Financial Year.
on the website of the Company at: https://www. Detailed discussion on risk management forms part of are not disqualified from being appointed as the Cost
bajajelectricals.com/media/6722/nomination-and- the Management Discussion and Analysis, which forms Auditors of the Company.
TRANSFER TO INVESTOR EDUCATION AND
remuneration-policy.pdf. part of this Integrated Annual Report. At present, in
The remuneration payable to the Cost Auditors is PROTECTION FUND
the opinion of the Board of Directors, there are no risks
which may threaten the existence of the Company required to be placed before the members in the
RISK AND INTERNAL CONTROLS ADEQUACY Transfer of Unpaid/Unclaimed Dividend to Investor
general meeting for their ratification. Accordingly,
Education and Protection Fund
a resolution seeking members’ ratification for the
The Company’s internal control systems are AUDIT COMMITTEE remuneration payable to Messrs R. Nanabhoy & Co.,
commensurate with the nature of its business and Pursuant to the provisions of Sections 124 and 125 of the
Cost Accountants, is included at Item No.5 of the Act read with Investor Education and Protection Fund
the size and complexity of its operations. These are The Audit Committee comprises of three Directors
Notice of the ensuing AGM. Authority (Accounting, Audit, Transfer and Refund)
routinely tested and certified by Statutory as well as viz. Mr. Shailesh Haribhakti as the Chairman of the
Internal Auditors and cover all offices, factories and Committee, and Dr. (Mrs.) Indu Shahani, and Dr. Rules, 2016 (“IEPF Rules”), as amended, unpaid and/
The particulars of the Cost Auditors and cost audit
key business areas. Significant audit observations and Rajendra Prasad Singh, as the members of the or unclaimed dividend of H 93,75,78 pertaining to
conducted by them for financial year 2021-22 are
follow up actions thereon are reported to the Audit Committee. the financial year ended on March 31, 2015, were
furnished below:
Committee. The Audit Committee reviews adequacy transferred during the year to the Investor Education
During the year under review all the recommendations and Protection Fund (“IEPF”).
and effectiveness of the Company’s internal control ICWA Membership No. 7464
of the Audit Committee were accepted by the Board.
environment and monitors the implementation of Registration No. of Firm 000010 Transfer of shares to IEPF
Details of the role and responsibilities of the Audit
audit recommendations, including those relating to
Committee, the particulars of meetings held, and Address Jer Mansion, 70, August
strengthening of the Company’s risk management Pursuant to the provisions of Section 124 of the Act
attendance of the Members at such Meetings are Kranti Marg, Mumbai 400036.
policies and systems. read with the IEPF Rules, 8,677 equity shares of face
given in the Report on Corporate Governance, which Cost Audit Report Financial year 2021-22
Due date of filing of September 30, 2022 value of H 2/- each, in respect of which dividend
Based on the report of the Statutory Auditors, the forms part of the Annual Report.
Report was not paid or claimed by the members for seven
internal financial controls with reference to the consecutive years or more, have been transferred by
Corporate overview
Statutory reports
the Company to IEPF during the year. Details of shares PROTECTION OF WOMEN AT WORKPLACE DIRECTORS’ RESPONSIBILITY STATEMENT APPRECIATION AND ACKNOWLEDGEMENT
transferred have been uploaded on the website of
IEPF as well as the Company. In order to comply with provisions of the Sexual The Directors confirm that: The Directors place on record their deep appreciation
Harassment of Women at Workplace (Prevention, to employees at all levels for their hard work, dedication
a. in the preparation of the Annual Accounts for and commitment, which is vital in achieving the over-
Prohibition and Redressal) Act, 2013 and Rules
CONSERVATION OF ENERGY, TECHNOLOGY the year ended March 31, 2023, the applicable all growth of the Company.
framed thereunder (“POSH Act”), the Company has
ABSORPTION AND FOREIGN EXCHANGE accounting standards have been followed along
formulated and implemented a policy on prevention, with proper explanation relating to material The Board places on record its appreciation for the
EARNINGS AND OUTGO prohibition and redressal of complaints related to departures, if any; support and co-operation the Company has been
The information on conservation of energy, technology sexual harassment of women at the workplace. All receiving from its suppliers, distributors, business
women employees either permanent, temporary or b. they have selected such accounting policies and partners and others associated with it as its trading
absorption and foreign exchange earnings and outgo
contractual are covered under the above policy. The applied them consistently and made judgements partners. The Company looks upon them as partners
stipulated under Section 134(3)(m) of the Act read and estimates that are reasonable and prudent so
said policy has been uploaded on the internal portal in its progress and has shared with them the rewards
with Rule 8 of the Companies (Accounts) Rules, 2014, as to give a true and fair view of the state of affairs
of the Company for information of all employees. This of growth. It will be the Company’s endeavour to
is annexed herewith as Annexure G which forms part of the Company at the end of the financial year build and nurture strong links with the trade based on
of this Report. has been widely disseminated. An Internal Complaint
and of the profit of the Company for that period; mutuality of benefits, respect for and co-operation
Committee (ICC) has been set up in compliance with
with each other, consistent with consumer interests.
the said provisions. c. they have taken proper and sufficient care for the
HUMAN RESOURCES AND INDUSTRIAL RELATIONS The Directors also take this opportunity to thank all
maintenance of adequate accounting records
Number of cases filed and their disposal under Section Shareholders, Clients, Vendors, Banks, Government
in accordance with the provisions of the Act for
The Company takes pride in the commitment, Regulatory Authorities and Stock Exchanges, for their
22 of the POSH Act, as at March 31, 2023, is as follows: safeguarding the assets of the Company and
competence and dedication shown by its employees continued support.
for preventing and detecting frauds and other
in all areas of its business. The Company considers Particulars Numbers irregularities;
people as its biggest assets and hence has put ANNEXURES
in concerted efforts in talent management and Number of complaints pending as on Nil d. they have prepared the annual accounts on a
succession planning practices, strong performance the beginning of the financial year going concern basis; a. Dividend Distribution Policy – Annexure A;
management and learning, coupled with training Number of complaints filed during the 2
e. they have laid down internal financial controls b. Disclosures of transactions pursuant to the provisions
initiatives to ensure that it consistently develops inspiring, financial year to be followed by the Company and that such of Regulation 34(3) read with clause 2A of Part
strong and credible leadership. Apart from continued Number of complaints pending as on Nil internal financial controls are adequate and were A of Schedule V of the SEBI Listing Regulations –
investment in skill and leadership development of its the end of the financial year operating effectively; and Annexure B;
people, the Company has also focused on employee
engagement initiatives and drives aimed at increasing f. they have devised proper systems to ensure c. Annual Report on CSR Activities – Annexure C;
PARTICULARS OF EMPLOYEES compliance with the provisions of all applicable
the culture of innovation and collaboration across all d. Statement containing salient features of the
laws and that such systems were adequate and
strata of the workforce. These are discussed in detail Disclosures relating to remuneration and other details financial statement of subsidiaries/associate
operating effectively.
in the Management Discussion and Analysis Report as required in terms of the provisions of Section 197(12) companies/joint ventures – Annexure D;
forming part of the Annual Report. of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial OTHER DISCLOSURES / CONFIRMATIONS e. Nomination and Remuneration Policy of the
The relations with the employees of the Company Personnel) Rules, 2014 are given in Annexure H, which Company – Annexure E;
have continued to remain cordial. a. Neither the Chairman nor the Managing Director &
forms part of this Report. Chief Executive Officer of the Company received f. Secretarial Audit Report – Annexure F;
any remuneration or commission from any of the
Further, in accordance with the provisions of Sections g. Report on Conservation of Energy, Technology
KEY INITIATIVES WITH RESPECT TO STAKEHOLDER subsidiaries of the Company.
197(12) & 136(1) of the Act read with the Companies Absorption and Foreign Exchange Earnings and
RELATIONSHIP, CUSTOMER RELATIONSHIP,
ENVIRONMENT, SUSTAINABILITY, HEALTH, SAFETY (Appointment and Remuneration of Managerial b. The Company has not issued any sweat equity Outgo – Annexure G; and
Personnel) Rules, 2014, the list pertaining to the shares to its directors or employees.
AND WELFARE OF EMPLOYEES h. Disclosures under Section 197(12) of the Act
names and other particulars of employees drawing
c. The Company has not failed to implement any read with the Companies (Appointment and
The key initiatives taken by the Company with respect remuneration in excess of the limits set out in the
corporate action during the year under review. Remuneration of Managerial Personnel) Rules,
to stakeholder relationship, customer relationship, aforesaid Rules, is kept open for inspection during
2014 – Annexure H.
environment, sustainability, health and safety are working hours at the Registered Office of the Company d. The disclosure pertaining to explanation for any
provided separately under various Capitals in this and the Report & Accounts as set out therein are being deviation or variation in connection with certain
Integrated Annual Report. sent to all the Members of the Company. Any Member, terms of a public issue, rights issue, preferential
who is interested in obtaining these, may write to the issue, etc. is not applicable to the Company. For and on behalf of
The Environment, Health and Safety Policy and Human Company Secretary at the Registered Office of the
e. The Company’s securities were not suspended the Board of Directors of Bajaj Electricals Limited
Rights Policy are available on the website of the Company.
during the year under review.
Company at www.bajajelectricals.com.
Shekhar Bajaj
f. There was no revision of financial statements and
Board’s Report of the Company during the year Mumbai Chairman
under review. May 23, 2023 DIN: 00089358
Corporate overview
Statutory reports
Annexure A dividend, including out of accumulated profits of

any previous financial year(s) in accordance with
provisions of the Companies Act, 2013 and SEBI
7. PARAMETERS THAT SHALL BE ADOPTED WITH
REGARD TO VARIOUS CLASSES OF SHARES
DIVIDEND DISTRIBUTION POLICY Listing Regulations, as may be applicable. The Company has only one class of shares at this
point.
5. DIVIDEND PAYOUT 8. DIVIDEND POLICY EXCLUSION

1. PREAMBLE 2. DIVIDEND DISTRIBUTION PHILOSOPHY AND
OBJECTIVE The Board would endeavor to maintain a Dividend
As per the provisions of Regulation 43A of the The Dividend Policy shall not be applicable in the
pay-out in the range of 20-40% of the Company’s following circumstances:
Securities and Exchanges Board of India (Listing This Dividend Policy of the Company aims to
Profit After Tax on standalone financials. However,
Obligations and Disclosure Requirements) strike a balance between the dual objectives of
the Board, at its sole discretion, may pay dividend (a) Any distribution of cash as an alternative to
Regulations, 2015 (“SEBI Listing Regulations”), as rewarding shareholders through Dividends and
which is higher or lower than this dividend pay-out payment of dividend by way of buyback of
amended, the Company is required to formulate ploughing back earnings to support sustained
range. equity shares.
and disclose its Dividend Distribution Policy. growth.
Accordingly, the Board of Directors (the “Board”) The Board may also consider declaring or (b) Distribution of dividend in kind i.e. by the issue
of Bajaj Electricals Limited (the “Company”) had The management endeavours to divide ‘net of fully or partly paid bonus shares or other
recommending special dividends or one or more
approved the Company’s first Dividend Distribution earnings’ into dividends and retained earnings securities.
Interim dividends during the year. Additionally,
Policy at its meeting held on March 29, 2017. in an optimum way to achieve the objective of
the Board may recommend final dividend for (c) Determination and declaring dividends on
wealth maximisation for shareholders.
the approval of the shareholders at the Annual preference shares, if any.
In the endeavour to provide more clarity to
General Meeting.
stakeholders on the Company’s dividend
3. DIVIDEND 9. DISCLOSURES
distribution framework, this revised Dividend The date of the Board meeting in which the
Distribution Policy (“Dividend Policy”) has been The dividend represents the profit of the Company, dividend proposal will be considered shall be The Dividend Policy shall be disclosed on the website
framed for adoption by the Board of the Company. which is distributed to shareholders in proportion intimated to the stock exchanges and post-board of the Company i.e., www.bajajelectricals.com.
This Dividend Policy shall supersede the earlier to the amount of the paid-up shares they hold. meeting, the outcome of the meeting shall also
policy and shall be effective from May 17, 2022. Dividend includes Interim Dividend. be provided to the stock exchanges, as required
under the SEBI Listing Regulations.
10. REVIEW AND AMENDMENT
4. PARAMETERS FOR DECLARATION OF DIVIDEND Any or all provisions of this Dividend Policy would
6. UTILISATION OF RETAINED EARNINGS be subject to the revision/amendment to the SEBI
External and Internal factors (strategic and financial) that would be considered for declaration of dividend includes: Listing Regulations or related circular, notification,
Subject to the applicable provisions, the retained guidance notes issued by the Securities and
External Factors Internal Factors earnings of the Company shall be applied for: Exchange Board of India or relevant authority, on
• State of Economy- in case of uncertain • Distributable surplus available and liquidity position the subject from time to time.
• Funding Inorganic and Organic Growth needs
or recessionary economic and business of the Company including working capital requirement, capital Any such amendment shall automatically have
conditions; expenditure, repayment of the debt, etc. The the effect of amending this Dividend Policy without
• Market conditions and consumer trends; • Present & future capital requirements of the Company can consider venturing into new the need for any approval by the Board or any of
existing businesses including any acquisition; markets/geographies/verticals; its Committees. This Dividend Policy is subject to
• Prevailing taxation policy or any amendments • Expansion / Modernisation of existing businesses;
review from time to time.
expected thereof, with respect to dividend • Research and Development of new products,
distribution; investment in emerging technologies, etc. to
• Statutory Obligations, Government • Outstanding Borrowings and covenants thereof; increase market share; 11. DISCLAIMER
Regulations and Taxation policies;
• Capital Expenditure by way of state of art This Dividend Policy neither solicits investment in
• Dividend pay-out ratios of companies in the • Likelihood of crystallisation of contingent liabilities,
factories, technology upgradation, platform the Company’s securities nor gives any assurance
same industry; and if any; and
development, etc. of guaranteed returns (in any form) for investments
• Other external factors. • Other internal factors.
in the Company’s equity shares.
• Mergers and acquisitions;
Circumstances under which shareholders may not • Large forthcoming capital requirements which
For and on behalf of
expect a dividend includes: are funded through internal accruals; • Buyback of shares subject to applicable limits; Board of Directors of Bajaj Electricals Limited
• Adverse market conditions & business • Changing Government regulations; and • Payment of dividends in future years;
uncertainty;
• Any other relevant circumstances. • Issue of Bonus Shares; and Shekhar Bajaj
• Inadequacy of profits earned during the fiscal Mumbai Chairman
year; Even under such (unfavorable) circumstances, • Any other permissible purpose. May 17, 2022 DIN: 00089358
the Board may, at its sole discretion, and subject
• Inadequacy of cash balance; to applicable rules, choose to recommend a
Corporate overview
Statutory reports
Annexure B Annexure C
Disclosures of transactions of the Company with any person or entity belonging to the promoter/ Annual Report on Corporate Social b. Gender Diversity – To have a high performing
promoter group which hold(s) 10% or more shareholding in the Company pursuant to the provisions Responsibilities (CSR) Activities for the Financial inclusive work culture and commitment to
of Regulation 34(3) and 53(f) read with clause 2A of part A of Schedule V of the Securities and Year 2022-23 attract and retain capable talent maintaining
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: gender sensitivity and balance.
1. Brief outline on CSR Policy of the Company:
c. Employee Volunteering – To reach out to
Amount (H in Lakhs) The vision and philosophy of late Jamnalal Bajaj, all employees and drive the volunteering
FY 2022-23 FY 2021-22 the founder of Bajaj Group, guide the Corporate programs of the Company through collective
Social Responsibility (CSR) activities of the group. social responsibility and strong individual
Outstanding Outstanding
Name of the person or Nature of He embodied the concept of trusteeship in business commitment.
Transaction receivable Transaction receivable
entity Transaction and common good, and laid the foundation for
Value for / (payable) Value for / (payable)
ethical, value-based and transparent functioning. d. Community Outreach Programs – To ensure
the Year carried in the the Year carried in the
the communities where we operate should
Balance Sheet Balance Sheet Bajaj Group believes that true and full measure of also benefit.
Jamnalal Sons Private Rent Paid 49.56 - 44.84 (6.30) growth, success and progress lies beyond balance
Limited Rent Deposit - 200.00 50.00 200.00 sheets or conventional economic indices. It is CSR Policy:
Advanced best reflected in the difference that business and
industry make to the lives of people. A detailed CSR Policy was last amended by the
Reimbursement of 4.79 0 4.79 - Company on May 25, 2021, with approvals of the
Expenses CSR Committee and Board of Directors. The Policy,
Through its social investments, Bajaj Group
Dividend Paid 676.45 - - - inter alia, covers the following:
addresses the needs of communities residing in
Bajaj Holdings and Dividend Paid 574.11 - - -
the vicinity of its facilities by taking sustainable
Investment Limited • Philosophy
initiatives in the areas of health, education,
environment conservation, infrastructure and • Preamble / Objective of the CSR Policy
community development, and response to natural
• Vision
For and on behalf of calamities. For society, however, Bajaj is more
Board of Directors of Bajaj Electricals Limited than a corporate identity. It is a catalyst for social • Corporate Social Responsibility Committee
empowerment and the reason behind the smiles
• Responsibilities of the Board
that light up a million faces.
Shekhar Bajaj • CSR Programmes/Projects
At Bajaj Electricals Limited, CSR encompasses not
Mumbai Chairman • Implementation and Monitoring
only what we do with our profits, but also how we
May 23, 2023 DIN: 00089358
make them. CSR is a very useful platform to engage • Engagement of International Organisations
in all key spheres of influence such as market
place, workplace, supply chain and society. • CSR Annual Action Plan
• Information Dissemination
The four pillars of CSR:
The CSR Policy is placed on the Company’s website
a. Sustainability – To ensure that the long-term
at: https://www.bajajelectricals.com/media/7071/
business goals are aligned with sustainable
corporate-social-responsibility-policy.pdf
development without compromising on the
economic, environmental and social factor.
2. Composition of CSR Committee:
Number of Number of meetings

Sr. Designation / Nature of meetings of CSR of CSR Committee
Name of Director
No. Directorship Committee held attended during the
during the year year
1. Mr. Shekhar Bajaj Chairperson – Managing Director 2/2

2. Dr. (Mrs.) Indu Shahani Member – Independent Director 2 2/2
3. Dr. Rajendra Prasad Singh Member – Independent Director 1/2
Corporate overview
Statutory reports
3. The web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are
CSR00003537
CSR00003537
CSR00003537
CSR00003537
CSR00003537
CSR00003537
CSR00003537
CSR00003537
Name Registration
disclosed on the website of the company: https://www.bajajelectricals.com/miscellaneous/
Implementation
number
Implementing
CSR
(13)
- Through
Mode of
Agency
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report): Not Applicable.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
(12)
BEF
BEF
BEF
BEF
BEF
BEF
BEF
BEF
Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any:
Account for Implementation

the project as - Direct (Yes/
Sr. Amount available for set-off from Amount required to be set-off for
Mode of
Financial Year
No. preceding financial years (in J) the financial year, if any (in J)
(11)
No)
No
No
No
No
No
No
No
No
Nil
6. Average net profit of the Company as per Section 135(5): H 15,031.41 lakh.
transferred to
Unspent CSR
per Section
(J in lakh)
Amount
135(6)
54.39
20.08
3.50
2.55
9.06
3.39
2.30
4.22
9.28
(10)
7. (a) Two percent of average net profit of the Company as per section 135(5): H 300.63 lakh.
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil.
(c) Amount required to be set off for the financial year, if any: Nil.
(J in lakh)
financial
Amount
133.96
current
in the
spent
11.50
24.30
21.06
30.47
20.70
10.52
10.19
year
5.22
(9)
(d) Total CSR obligation for the financial year (7a+7b-7c): H 300.63 lakh.
8. (a) CSR amount spent or unspent for the financial year:
(J in lakh)
allocated
Amount
188.35
project
for the
15.00
26.85
30.13
33.85
23.00
19.80
30.28
9.45
(8)
Amount Unspent (J in lakh)
Total Amount transferred Amount transferred to any fund
2022-2023
Maharashtra Mumbai 2022-2023
2022-2023
Maharashtra Mumbai / 2022-2023
2022-2023
2022-2023
2022-2023
2022-2023
(b) Details of CSR amount spent against ongoing projects for the financial year:
Total Amount Spent for the to Unspent CSR Account specified under Schedule VII as per
duration
Project
Financial Year (J in lakh) as per section 135(6) second proviso to section 135(5)
(7)
Date of Name of Date of
Amount Amount
transfer the Fund transfer
and other
locations
Mumbai
Mumbai
Mumbai
Location of the project
Kanpur
District
Beed
Pune
Delhi
Parli,
246.24 54.39 April 28, 2023 NA Nil NA
(6)
Maharashtra
Maharashtra
Maharashtra
Maharashtra
New Delhi
Pradesh
State
Uttar
(5)
(Yes /
Local
area
No)
Yes
Yes
Yes
Yes
Yes
Yes
No
No
(4)
Sustainability
Sustainability
Sustainability
Sustainability
Schedule VII
Environment
Environment
Environment
Environment
Health Care
Health Care
Health Care
activities in
to the Act
Item from
the list of
Arts and
Culture
(3)
among Railway Police

Enhancement Project
Tobacco Cessation in
Capacity Building for

Rejuvenation Project
Sadanand Program,
Name of the Project
Balanand Program,
Tobacco Cessation
Kalanand Program
Farmer Livelihood
Urban forestation
Tobacco Control
and Intervention
Awareness and
Environmental
Environmental
(2)
IPD patients
education
project
Total
(1)
No.
Sr.
1.
2.
3.
4.
5.
6.
7.
8.
Corporate overview
Statutory reports
(c) Details of CSR amount spent against other than ongoing projects for the financial year: (b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
Amount Mode of Implementation Amount Cumulative

Item from Total
Local Location of the project spent - Through Implementing spent on amount
Sr. the list of Mode of
area for the Agency Financial amount Status of
No. Name of the Project activities in Implementation the project spent at
(Yes / project CSR Sr. Year allocated the
Schedule VII - Direct (Yes/No) Project in the the end of
No) State District (J in Name Registration No. Project ID Name of the Project in which the for project -
to the Act
lakh) number Duration reporting reporting
project was the Completed
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Financial Financial
commenced project / Ongoing
Year Year
1. School refurbishment Education Yes Maharashtra Mumbai 45.00 No BEF CSR00003537 (J in lakh)
(J in lakh) (J in lakh)
project
2. Sports Education Yes Telangana Hyderabad 11.00 No BEF CSR00003537 (1) (2) (3) (4) (5) (6) (7) (8) (9)
3. Creation of Innovation Creation of Yes Rajasthan Jaipur 41.25 No BEF CSR00003537
1. SV/21-22/005 Rainwater harvesting in 2021-2022 2021-2022 27.04 2.70 27.04 Completed
Hub for Social Innovation
Govt aided schools
Entrepreneurs – Anant Hub for Social
Bajaj Limitless Ideas Hub Entrepreneurs 2. SV/21-22/004 Upgradation of WASH 2021-2022 2021-2022 7.72 3.86 7.72 Completed
Total 97.25 Infrastructure
3. SV/21- 22/006 Scholarship program 2021-2022 2021-2023 56.54 11.31 25.44 Ongoing
4. AC/21- Kalanand 2021-2022 2021-2022 20.00 0.55 20.00 Completed
(d) Amount spent in Administrative Overheads: H 15.03 lakh. 22/002
5. GI/21- 22/003 Urban Forestation Project 2021-2022 2021-2023 24.75 5.13 17.50 Ongoing
(e) Amount spent on Impact Assessment, if applicable: Not Applicable.
6. GI/21- 22/004 Urban Forestation Project 2021-2022 2021-2022 13.36 10.69 11.36 Ongoing
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): H 246.24 lakh. 7. GI/21- 22/005 Urban Forestation Project 2021-2022 2021-2022 22.01 8.80 19.81 Ongoing
8. CI/21- 22/004 Solar Power Project (off 2021-2022 2021-2022 39.99 4.00 39.99 Completed
(g) Excess amount for set off, if any: grid)
9. CI/21- 22/003 Project Cloth Bag - 2021-2022 2021-2022 10.15 3.05 9.14 Ongoing
Sr. Alternate to plastics
Particular Amount (J in lakh) 10. CI/21- 22/002 Project Recycle 2021-2022 2021-2022 5.16 4.30 5.16 Completed
No.
11. DR/21- 22/012 Upgradation of the 2021-2022 2021-2022 23.74 2.37 23.74 Completed
(i) Two percent of average net profit of the company as per section 135(5) 300.63 Primary Health Centre
(ii) Total amount spent for the Financial Year 246.24 12. DR/21- COVID-19 Response, 2021-2022 2021-2022 25.00 10.00 25.00 Completed
(iii) Excess amount spent for the financial year [(ii)-(i)] Not Applicable 22/013b Distribution of medical
(iv) Surplus arising out of the CSR projects or programmes or activities of the Nil equipments
previous financial years, if any. 13. DR/21- Post COVID-19 Livelihood 2021-2022 2021-2022 16.22 10.54 14.60 Ongoing
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil 22/013a Support to women
entrepreneurs
9. (a) Details of Unspent CSR amount for the preceding three financial years: 14. DR/21- Post COVID-19 Response 2021-2022 2021-2022 4.16 0.00 3.29 Ongoing
22/013c - support for education
Amount Amount Amount Amount to students
Amount spent 15. DR/21- Post COVID-19 response 2021-2022 2021-2022 8.55 4.29 7.02 Ongoing
transferred to spent in the transferred to any remaining to
Preceding till the start 22/013d school refurbishment and
Sr. Unspent CSR reporting fund specified be spent in
Financial of reporting education support for
No. Account under Financial under Schedule succeeding
Year Financial Year students
section 135 (6) Year VII as per section financial years
(J in lakh) Total 304.40 81.59 256.81
(J in lakh) (J in lakh) 135(6), if any (J in lakh)
(1) (2) (3) (4) (5) (6) (7)
1. 2020-21 204.59 37.67 93.61 Nil 73.31

2. 2021-22 129.18 NA 81.59 Nil 47.59
Corporate overview
Statutory reports
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year-Nil. Annexure D
(asset-wise details).
FORM AOC-1
(a) Date of creation or acquisition of the capital asset(s). – Not Applicable.
[Pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 read with Rule 5 of the
(b) Amount of CSR spent for creation or acquisition of capital asset. - Not Applicable. Companies (Accounts) Rules, 2014]
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered,
their address etc. - Not Applicable.
Statement containing salient features of the financial statement of subsidiary, associate and
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of joint venture
the capital asset). - Not Applicable.
Part A: Subsidiary
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section (Amount: H in lakh)
135(5)- Not Applicable. Sr. Nirlep Appliances Bajel Projects
Particulars
No. Private Limited Limited (“Bajel”)
1. Reporting period for the subsidiary concerned, if different from Not Applicable Not Applicable
the holding company’s reporting period [Refer Note below]
2. Reporting currency and exchange rate as on the last date of Not Applicable Not Applicable
the relevant financial year in the case of foreign subsidiaries
3. Share capital 743.56 50.00
4. Reserves & surplus (5,155.45) 30.11
Anuj Poddar Shekhar Bajaj
5. Total assets 7,144.09 48.25
Managing Director & Chairman and
6. Total liabilities 11,555.98 28.36
Mumbai, May 23, 2023 Chief Executive Officer Chairman of CSR Committee
7. Investments - -
8. Turnover 7,082.91 -
9. Profit before taxation (998.99) (30.11)
10. Provision for taxation 1.11 -
11. Profit after taxation (1,000.1) (30.11)
12. Proposed dividend - -
13. % of shareholding of the Company in the subsidiary 100 100
Note: Bajel has been incorporated on January 19, 2022, and hence, pursuant to provisions of Section 2(41), the
first financial year of Bajel shall end on March 31, 2023.
Names of subsidiaries which are yet to commence operations: Not Applicable.
Names of subsidiaries which have been liquidated or sold during the year: Starlite Lighting Limited (“Starlite”),
which was dissolved without undergoing the winding-up process following the implementation of the scheme of
merger by absorption of Starlite into the Company and their respective shareholders.
Part B: Associate and Joint Venture
Sr.
Particulars Hind Lamps Limited (Associate)
No.
1. Date on which the associate or joint January 7, 1952

venture was associated or acquired
2. Latest audited Balance Sheet date March 31, 2023
3. Shares of associate/joint venture held by
the Company on the year end
Number of equity shares 1140000
Amount of investment in associate / joint Nil
venture
Extent of holding % 19.00
Corporate overview
Statutory reports
Sr.
Particulars Hind Lamps Limited (Associate)
Annexure E
No.
4. Description of how there is significant As per Section 2(6) of the Act, “associate company”, in
NOMINATION AND REMUNERATION POLICY
influence relation to another company, means a company in which that
other company has a significant influence, but which is not a
subsidiary of the Company having such influence and includes 1. REGULATORY FRAMEWORK 3.1.2. the company secretary;
a joint venture company. 3.1.3. the whole-time director;
1.1. This policy (“Policy”) of Bajaj Electricals Limited
For the purposes of this clause, “significant influence” means (“Company”/“BEL”) has been prepared and
adopted in accordance with the Companies 3.1.4. the Chief Financial Officer;
control of at least 20% of total share capital, or of business
decisions under an agreement. Act, 2013 (“Act”) and the Securities and 3.1.5. such other officer, not more than one level
Exchange Board of India (Listing Obligations and below the directors who is in Whole-time
Since the Company is in a position to influence the operating
Disclosure Requirements) Regulations, 2015 (“SEBI employment, designated as key managerial
and financial policies of both these companies, their financial
LODR Regulations”) alongwith circulars issued personnel by the Board; and
statements are consolidated with the Company’s financial
thereunder, including any statutory modifications
statements.
or re-enactments thereof for the time being in 3.1.6. such other officer as may be prescribed.
5. Reason why the associate / joint venture Impaired post Demerger
force.
is not consolidated 3.2. “Net Profit” shall be calculated as per section 198
6. Net worth attributable to Shareholding 23.01 lakh 1.2. Section 178(3) of the Act and Part D of Schedule II of the Act.
as per latest audited Balance Sheet of SEBI LODR Regulations requires the Nomination
7. Profit / (Loss) for the year and Remuneration Committee (“Committee”) to 3.3. “Senior Management” shall comprise officers/
i. Considered in Consolidation - formulate the criteria for determining qualifications, personnel of the Company who meet the criteria
ii. Not Considered in Consolidation 0.67 lakh positive attributes and independence of a director, established under the provisions of the Act and
recommend to the Board a policy relating to the SEBI LODR Regulations, pertaining to the definition
Names of associates or joint ventures which are yet to commence operations: Nil of senior management.
remuneration for the directors, key managerial
Names of associates or joint ventures which have been liquidated or sold during the year: Nil personnel and other employees, criteria for
evaluation of performance, board diversity etc. 4. CRITERIA FOR APPOINTMENT OF DIRECTORS,
KMP AND SENIOR MANAGEMENT
1.3. The Committee shall review the Policy periodically
and may amend the same from time to time, as 4.1. The Committee shall formulate criteria for
deemed necessary. determining qualifications, positive attributes and
For and on behalf of independence of a director. The Committee may
Board of Directors of Bajaj Electricals Limited consider this Policy and the below provisions of this
2. OBJECTIVES OF THIS POLICY
Policy as guidance.
This policy aims to formulate certain criteria for the
Shekhar Bajaj following activities with regards to its directors, key 4.2. The person to be appointed as a Director, KMP or in
Mumbai Chairman managerial personnel, senior management and the senior management should possess adequate
May 23, 2023 DIN: 00089358 employees: qualification, experience and expertise for the
position he or she is considered for, considering
2.1. Selection, appointment and removal; various factors including the Company’s strategy
and requirements.
2.2. Remuneration;
4.3. The Committee shall have the discretion to decide
2.3. Evaluation of performance; whether such qualification, experience and
2.4. Board diversity. expertise of the person is sufficient for him or her
to effectively discharge duties of the concerned
position.
3. DEFINITIONS
4.4. The person to be appointed as Director, KMP
3.1. “Key Managerial Personnel” or “KMP” in relation to or in the senior management, should possess
the Company, means- impeccable reputation for integrity, efficiency,
expertise and insight in sectors or areas relevant to
3.1.1. the Chief Executive Officer or the managing
the Company’s industry or otherwise demonstrate
director or the manager;
relevant qualities.
Corporate overview
Statutory reports
4.5. In case of a Director, such person’s personal and Securities and Exchange Board of India (“SEBI”) 6. TERMS OF APPOINTMENT 6.3. KMP and senior management
professional standing must be such that it helps and/or Ministry of Corporate Affairs or any other
him or her to best complement the other Board statutory authority. 6.1. Managing Director / Whole – Time Director / 6.3.1. The term of appointment and subsequent
members thereby contributing effectively towards Executive Director / Non-executive Director retirement of KMPs and senior management
Company’s growth. 5.4. The Committee shall then recommend the shall be as per the provisions of the law
identified candidates to the Board for final 6.1.1. The Board shall appoint or re-appoint any including the Act, SEBI LODR Regulations,
4.6. The Committee shall consider the potential selection and appointment. person as a managing director, whole-time and prevailing policy of the Company.
candidates on merit alone. director, executive director or manager for
5.5. In case of directors, the Committee shall ensure a term not exceeding five years (5 years) at
4.7. In case of a Director, such person must also fulfil that the number of directorships held by each a time subject to approval by the members 7. CRITERIA FOR RECOMMENDATION OF
the minimum and/or maximum age criteria as director in other companies is below the specified at the next general meeting. REMUNERATION
applicable under the provisions of the Act and SEBI limit under the Act and SEBI LODR Regulations and
6.1.2. Not less than two-thirds of the total number of 7.1. Executive Directors / Whole- Time Directors /
LODR Regulations and take necessary approvals amendments made from time to time.
directors (excluding independent directors) Managing Directors
from the shareholders in this regard in case of
directors above the maximum age criteria as well 5.6. The Committee shall also ensure that any person shall be persons whose period of office is 7.1.1. The remuneration to the Managing Director
as comply with other requirements of law at the appointed as independent director does not liable to determination by retirement of and other Executive directors shall be
time. have any material pecuniary relationship with directors by rotation and be appointed by broadly divided into fixed and variable
the Company, its holding, subsidiary or associate the Company in general meeting; and at components. The fixed components shall
4.8. In case of an Independent Director, he or she company, or company’s promoters or directors, every annual general meeting, one-third of comprise of monthly salary, allowances,
should meet the requirements of the Act and SEBI except receiving remuneration as a director or such of the directors for the time being as are perquisites, amenities and other retirement
LODR Regulations concerning independence of having transaction not exceeding 10% of his total liable to retire by rotation, or if their number benefits. The variable component
directors. income or such amount as prescribed, during is neither three nor a multiple of three, then, shall comprise of performance based
the current financial year or two immediately the number nearest to one-third, shall retire annual commission and/or incentives.
preceding financial years and also satisfies from office as per the provisions of the Act.
5. APPOINTMENT AND REMOVAL OF DIRECTORS, The performance criteria are individual
other criteria for determining independence as
KMP AND SENIOR MANAGEMENT 6.1.3. The directors retiring by rotation at every performance based on annual targets,
specified under the Act, SEBI LODR Regulations
annual general meeting shall be those who Company’s performance and recent
5.1. The Committee shall ensure that the size and and amendments made from time to time.
have been longest in the office since last compensation trends in the industry.
composition of the Board satisfies the applicable
5.7. A whole-time KMP of the Company shall not hold appointment; the retiring director amongst
law including provisions of the Act and SEBI LODR 7.1.2. Subject to provisions of the Act and SEBI
office at the same time in more than one Company directors appointed on the same day shall
Regulations. LODR Regulations, the remuneration
except in its subsidiary company. However, a be determined by a lot. payable shall be approved by the Board
5.2. The Committee shall identify persons who are whole-time KMP can be appointed as a director in
6.1.4. At the annual general meeting at which a of Directors at the time of appointment
qualified to become directors, KMP’s and who any company subject to the provisions of the Act
director retires by rotation, the Company subject to approval by shareholders of the
may be appointed in the senior management with and/or SEBI LODR Regulations and in accordance
may fill up the vacancy either by appointing Company.
regard to the attributes as specified under clause with the policy of the Company.
4 of this Policy and such other qualifications or the retiring director or some other person as 7.1.3. The overall remuneration payable to all
5.8. The Committee shall review the performance of may be deemed fit.
attributes as the Committee or board may deem the directors of the Company including
the Board from time to time.
necessary from time to time. 6.2. Independent Director managing director and whole-time
5.9. The Board shall ensure and satisfy itself that plans directors in respect of any financial year
Explanation – For the purpose of this clause, 6.2.1. The term of appointment of an Independent shall not exceed 11% of the net profits of the
are in place for orderly succession of the board of
“appointed in the senior management” means: Director shall be up to five (5) years but he Company.
directors and senior management.
(i) induction/appointment of persons/officers/ or she shall be eligible for re-appointment
5.10. The Committee may recommend removal of any on passing of a special resolution by 7.1.4. Remuneration payable to any one
personnel of the Company as members of managing director; or whole-time director
director or KMP to the Board with reasons in writing the Company and disclosure of such
the core management team of the Company or manager shall not exceed 5% of the net
explaining the breach of company policy or any appointment shall be made in the Board’s
as on date called as the ‘Core Management profits of the Company and if there is more
disqualifications or other such criteria for removal Report.
Committee’; and than one such director, the remuneration
in line with the provisions of the Act and/or SEBI
LODR Regulations or for other reasons. 6.2.2. No independent director shall hold office shall not exceed 10% of the net profits
(ii) appointment of person/officer/personnel
for more than two consecutive terms but of all such directors and manager taken
as the company secretary or chief financial
5.11. The Board will have the discretion to retain the shall become eligible for appointment after together.
officer of the Company.
whole-time directors, KMP and senior management expiration of three years (3 years) cool off
personnel in the same position/remuneration or period, provided that he or she shall not be 7.1.5. Payment of remuneration in excess of the
5.3. The Committee while considering a person for
otherwise, even after attaining the retirement age, appointed or associated with the Company above statutory limits shall be done by
appointment as director, shall verify that the said
if they deem fit for the benefit of the Company. in any other capacity, either directly or recording of clear reason and justification
person has not been debarred or disqualified from
indirectly during such period. and obtaining approval of shareholders
being appointed as directors of companies by the
Corporate overview
Statutory reports
through special resolution as per the 7.2.5. The Company shall undertake Directors and appropriate to the working of the Company 8.8.2. fulfillment of the independence criteria as
provisions of the Act, SEBI LODR Regulations Officers insurance (‘D and O insurance’) and its goals; and per the provisions of the Act and SEBI LODR
and amendments made thereto from time for all their independent directors of such Regulations and their independence from
7.5.5. ensure high quality of work.
to time. quantum and for such risks as may be the management.
determined by the board of directors.
7.1.6. The fees and compensation payable to 8. CRITERIA FOR EVALUATION OF PERFORMANCE
executive directors who are promoters or 7.3. KMP, Senior Management and other employees 9. BOARD DIVERSITY
OF DIRECTORS
members of the promoter group, shall be
7.3.1. In respect KMPs, senior management 9.1. Board diversity is an important aspect that makes
subject to the approval of the shareholders 8.1. The evaluation process for performance of the
and other employees the remuneration use of differences in the skills, regional and
by special resolution in general meeting if – Board, its Committees and directors shall be
shall be payable based on the person’s industrial experience, background, gender and
carried out as per the provisions of the Act and the
i. The annual remuneration payable performance, Company’s performance, other distinctions to gain competitive advantage
SEBI LODR Regulations.
to such executive director exceeds targets achieved, industry benchmark and in the market.
rupees five crore (5 crore) or 2.5 compensation trends in the industry. 8.2. The Committee shall specify the manner for
9.2. Board diversity shall be such that it ensures that
percent (2.5%) of the net profits of the effective evaluation of performance of Board, its
7.3.2. The remuneration shall consist of monthly the Board is comprised of adequate number of
Company, whichever is higher; or committees and individual directors to be carried
salary, bonus, perquisites, KPI and other members with diverse experience and skills, such
out by the Board and also review its implementation
ii. Where there is more than one such retirement benefits as per the prevailing that it best serves the governance and strategic
and compliance.
director, the aggregate annual policy of the Company. needs of the Company.
remuneration to such directors 7.3.3. The Committee shall recommend to the 8.3. Each director shall be provided with a questionnaire
9.3. The Committee shall periodically review the
exceeds 5 percent (5%) of the net Board and finalise the salary and other perks to be filed up, providing feedback on the overall
size and composition of the Board to ensure its
profits of the Company. remuneration in whatever form payable to functioning of the Board and its committees.
structure in terms of different perspectives, skills
the senior management. 8.4. The questionnaire shall cover various parameters and expertise in the board room.
Such approval shall be valid only till the
expiry of the term of such director. 7.4. Employee Stock Options such as composition structure with independent
9.4. The Committee shall strive to maintain a proper
directors and woman director with relevant
7.1.7. In any financial year, if the Company has balance in terms of diversity in gender, thought,
As permissible under the provisions of the SEBI (Share skills, experience, knowledge and diversity,
no profits or its profits are inadequate, experience, knowledge and perspective when
Based Employee Benefits) Regulations, 2014 (as understanding of members on their respective
the remuneration payable to its directors, recommending persons for appointment to the
re-enacted), the eligible permanent employees roles and responsibilities, discharge of key functions
including Managing Director and/or other Board.
and directors (other than promoter directors and & other responsibilities under the law, etc.
Executive Director(s), shall be governed independent directors) of the Company shall be
by the provisions of Schedule V to the Act eligible for Stock Options pursuant to Employee 8.5. The directors shall also be asked to provide 10. DISCLOSURE REQUIREMENTS
subject to the approval of the shareholders Stock Option Scheme of the Company. their suggestions for areas of improvements to
of the Company. ensure higher degree of engagement with the 10.1. The Company shall disclose in its Corporate
7.5. Other common criteria management. Governance Report, a chart or a matrix setting out
7.2. Independent Directors / Non-executive Directors the skills/expertise/competence of the board of
The Committee shall also consider the following 8.6. The Independent Directors shall have a meeting directors specifying the following:
7.2.1. The remuneration to Non-Executive Directors criteria with regards to recommendation of at least once in a year to review the performance
shall consist of sitting fees for attending remuneration: and evaluation of the non-independent directors 10.1.1. The list of core skills/ expertise/ competencies
Board/ Committee meetings, commission and the entire Board as a whole including the identified by the board of directors as
and other reimbursements. 7.5.1. the level and composition of remuneration Chairman. required in the context of its business(es)
shall be reasonable and sufficient to attract, and sector(s) for it to function effectively
7.2.2. Non-Executive Directors shall be paid retain and motivate potential candidates 8.7. The evaluation of individual directors shall be and those actually available with the board;
commission upto an aggregate amount of the quality required to run the Company carried out considering factors such as their and
not exceeding 1 % of the net profits of successfully; attendance & participation, approach to
the Company for the year. The payment board & senior management especially for risk 10.1.2. The names of directors who have such skills/
of commission shall be based on their 7.5.2. relationship of remuneration to performance
management & meeting competition challenges, expertise/ competence.
attendance at the board and the shall be clear and able to meet appropriate
maintaining confidentiality and other related
committee meetings as member. performance benchmarks; 10.2. The Company shall also disclose in its Corporate
factors as may be deemed necessary in this
7.5.3. in line with best governance practices and exercise. Governance Report a confirmation that in
7.2.3. All the Non-executive Directors shall be paid the opinion of the board, the independent
legal requirements;
commission on uniform basis. 8.8. The evaluation of independent directors shall be directors fulfill the conditions specified in SEBI
7.5.4. remuneration to directors, KMPs and senior done by the entire board of directors (excluding LODR Regulations and are independent of the
7.2.4. The Independent directors shall not be management shall involve a balance the directors being evaluated) with respect to – management.
entitled to any stock options under the stock between fixed and incentive pay reflecting
option scheme of the Company. short and long-term performance objectives 8.8.1. performance of the directors; and
Corporate overview
Statutory reports
10.3. The Corporate Governance Report shall also

include detailed reasons for the resignation of
any independent director who resigns before the
regulations, enactments, the provisions of such
Act or SEBI LODR Regulations or any other statutory
requirements, rules, regulations, enactments, the
Annexure F
expiry of his or her tenure along with a confirmation provisions shall prevail over this policy.
by such director that there are no other material Form No. MR - 3
reasons other than those provided. 11.2. Any subsequent amendment/modification in SEBI Secretarial Audit Report
LODR Regulations, Act and/ or applicable laws in
For the Financial Year Ended March 31, 2023
10.4. This policy shall be uploaded on the website of this regard shall automatically apply to this policy.
[Pursuant to Section 204(1) of The Companies Act, 2013 & Rule 9 of The Companies
the Company i.e. www.bajajelectricals.com.
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
10.5. The salient features of this policy and any changes
made therein in brief along with a weblink to the To,
policy shall be provided in the Board’s Report. The Members,
BAJAJ ELECTRICALS LIMITED
11. LIMITATION AND AMENDMENT 45/47, Veer Nariman Road,
Mumbai - 400001.
11.1. In the event of any conflict between the provisions Shekhar Bajaj
of this policy and the Act or SEBI LODR Regulations We have conducted the secretarial audit of the 5. The following Regulations and Guidelines
Mumbai, May 23, 2023 Chairman
or any other statutory requirements, rules, compliance of applicable statutory provisions and prescribed under the Securities and Exchange
the adherence to good corporate practices by Bajaj Board of India Act, 1992 ('SEBI Act'):
Electricals Limited (hereinafter called "the Company'').
Secretarial Audit was conducted in a manner that a) The Securities and Exchange Board of
provided us a reasonable basis for evaluating the India (Substantial Acquisition of Shares and
corporate conducts/statutory compliances and Takeovers) Regulations, 2011;
expressing our opinion thereon.
b) The Securities and Exchange Board of India
Based on our verification of the Company's books, (Prohibition of Insider Trading) Regulations,
papers, minute books, forms and returns filed and 2015;
other records maintained by the Company and also
c) The Securities and Exchange Board of India
the information provided by the Company, its officers,
(Issue of Capital and Disclosure Requirements)
agents and authorized representatives during the
Regulations, 2018;
conduct of the Secretarial Audit, we hereby report
that in our opinion, the Company has, during the audit d) The Securities and Exchange Board of India
period covering the financial year ended on March (Share Based Employee Benefits and Sweat
31, 2023 complied with the statutory provisions listed Equity) Regulations, 2021;
hereunder and also that the Company has proper
Board processes and compliance mechanism in e) The Securities and Exchange Board of India
place to the extent, in the manner and subject to the (Issue and Listing of Non-Convertible Securities)
reporting made hereinafter. Regulations, 2021;
We have examined the books, papers, minute books, f) The Securities and Exchange Board of India
forms and returns filed and other records maintained (Registrars to an Issue and Share Transfer
by the Company for the financial year ended on Agents) Regulations, 1993 regarding the
March 31, 2023 according to the provisions of: Companies Act and dealing with client;
1. The Companies Act, 2013 (the' Act') and the Rules g) The Securities and Exchange Board of India
made thereunder; (Delisting of Equity Shares) Regulations, 2021
- Not applicable as the Company has not
2. The Securities Contracts (Regulation) Act, 1956 delisted / proposed to delist its equity shares
('SCRA') and the Rules made thereunder; from any stock exchange during the financial
year under review;
3. The Depositories Act, 1996 and the Regulations
and Bye-laws framed thereunder; h) The Securities and Exchange Board of India
(Buyback of Securities) Regulations, 2018- N o t
4. Foreign Exchange Management Act, 1999 and
applicable as the Company has not bought
the Rules and Regulations made there under;
back / proposed to buyback its securities
during the financial year under review; and
Corporate overview
Statutory reports
i) The Securities and Exchange Board of t. The Workmen's Compensation Act, 1923; the size and operations of the Company to monitor 3. The Company in its board meeting held on
India (Listing Obligations and Disclosure and ensure compliance with applicable laws, rules, September 29, 2022 approved the Scheme
Requirements) Regulations, 2015. u. The Industrial Disputes Act, 1947; regulations and guidelines. of Merger by Absorption of Nirlep Appliances
Private Limited ("Transferor Company'') with Bajaj
6. OTHER APPLICABLE LAWS INCLUDING: v. The Sexual Harassment of Women at Workplace
Electricals Limited ("Transferee Company") and
(Prevention, Prohibition and Redressal) Act We further report that during the audit period:
their respective shareholders under Sections 230
a. The Factories Act, 1948 & the Central Rules or 2013;
1. The Company during the financial year 2022-2023 to 232 and other applicable provisions of the
concerned State Rules, made thereunder;
w. The Information Technology Act, 2000; has allotted 2,01,505 (Two Lakh One Thousand Five Companies Act, 2013.
b. The Environment (Protection) Act, 1986; Hundred and Five) equity shares of H 2 each fully
x. The Competition Act, 2002; 4. The Company in its Board Meeting held on February
paid up, on the following dates, to the employees
c. The Water (Prevention & Control of Pollution) 2, 2023, approved allotment of 19 shares pursuant
of the Company on their exercise of stock options
Act, 1974 read with water (Prevention & y. The Goods and Services Tax, 2017; to the Scheme of Merger by Absorption of Starlite
granted to them under the Company's ESOP 2011
Control of Pollution) Rules, 2011; Lighting Limited (Transferor Company") with Bajaj
z. The Customs Act, 1972; / ESOP 2015 Schemes and vested in their favour:
Electricals Limited ("Transferee Company") under
d. The Legal Metrology Act, 2009 read with the Sections 230 to 232 and other applicable provisions
aa. The Income Tax Act, 1961 and Sr. No of Equity
Legal Metrology (Packaged Commodity) Date of Allotment of the Companies Act, 2013.
Rules, 2011; No. Shares
bb. The Central Excise Act, 1944.
1. June 14, 2022 30,450
e. The Indian Copyright Act, 1957; We have relied on the representations made by the
2. September 08, 2022 84,950
Company, its Officers and Reports of the Statutory
f. The Patents Act, 1970; 3. December 16, 2022 42,705
Auditor for the systems and mechanism framed by the
4. March 02, 2023 43,400
g. The Trade Marks Act, 1999; Company for compliances under other Acts, Laws,
and Regulations applicable to the Company. 2. The Hon'ble National Company Law Tribunal,
h. The Contract Labour (Regulations and Mumbai Bench ("NCLT, Mumbai"), vide its order
Abolition) Act, 1970 & its Central Rules / We have also examined compliance with the FOR ANANT B KHAMANKAR & CO.
dated August 25, 2022 has approved the Scheme
concerned State Rules; applicable clauses of the Secretarial Standards issued COMPANY SECRETARIES
of Merger by absorption of Starlite Lighting Limited
by The Institute of Company Secretaries of India.
("Transferor Company'') with the Company and
i. Employees Pi;ovident Fund and Miscellaneous
During the period under review the Company their respective Shareholders ("Scheme") under ANANT KHAMANKAR
Provisions Act, 1952 and Rules/ Scheme
has complied with the provisions of the Act, Rules, Sections 230 to 232 (read with other applicable PROPRIETOR
thereunder;
Regulations, Guidelines, Standards, etc. mentioned provisions) of the Companies Act, 2013, and rules FCS No. - 3198
j. Employers Liability Act, 1938; above. framed thereunder as approved by the Board in its DATE : May 06, 2023 CP No. -1860
meeting held on May 25, 2021. PLACE: Mumbai UDIN: FCT03198E000263491
k. Equal Remuneration Act, 1976;
We further report that:
l. Employees State Insurance Act, 1948 and Rules
made thereunder; The Board of Directors of the Company is duly
constituted with proper balance of Executive Directors,
m. The Minimum Wages Act, 1948 & its Central Non-Executive Directors, Independent Directors and a
Rules / concerned State Rules/Notification of Woman Director. The Changes in the Composition of
Minimum Wages applicable to various class of Board of Directors that took place during the period
industries /Trade; under review were carried out in compliance with the
provisions of the Act.
n. The Payment of Wages Act, 1936 & its Central
Rules / concerned State Rules, if any; Adequate notice is given to all directors to schedule
the Board Meetings, agenda and detailed notes on
o. The Payment of Bonus Act, 1965 & its Central agenda were sent at least seven days in advance,
Rules / concerned State Rules, if any; and a system exists for seeking and obtaining further
information and clarifications on the agenda items
p. The Payment of Gratuity Act, 1972 & its Central
before the meeting and for meaningful participation
Rules / concerned State Rules, if any;
at the meeting.
q. The Maternity Benefit Act, 1961 & its Rules;
All decisions at Board Meetings and Committee
r. The Industrial Employment (Standing Orders) Meetings are carried out unanimously as recorded in
Act, 1946 & its Rules; the minutes book.
s. The Apprentices Act, 1961 & its Rules; We further report that there are adequate systems
and processes in the Company commensurate with
Corporate overview
Statutory reports
Annexure to Secretarial Auditors' Report

Annexure G
To,
The Members,
Report on Conservation of Energy, Technology Absorption and Foreign Exchange
Bajaj Electricals Limited Earnings and Outgo
45/47, Veer Nariman Road,
[Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3)
Mumbai - 400 001.
of the Companies (Accounts) Rules, 2014]
Our Secretarial Audit Report for the Financial Year ended March 31, 2023, of even date is to be read along with
this letter.
A. Conservation of Energy (iv) Total energy consumption and energy
Management's Responsibility consumption per unit of production:
(i) The steps taken or impact on conservation of
1. It is the responsibility of the management of the Company to maintain secretarial records, devise proper energy: a. Total energy consumption at Ranjangaon Units
systems to ensure compliance with the provisions of all applicable laws and regulations and to ensure that the was 23,75,558 KWH and energy consumption
a. Unity power factor is maintained throughout per unit of production was at 86 KWH/MT.
systems are adequate and operate effectively.
the financial year 2022-23 at Ranjangaon Unit
(RU)-1 and RU-2. b. Total energy consumption at Chakan Unit was
Auditor's Responsibility 13,07,085 KWH and energy consumption per
b. A timer control circuit is installed in 02 Nos. unit of production was at 0.304 KWH.
2. Our responsibility is to express an opm1on on these secretarial records, standards and procedures followed by hydraulic power packs in the shop floors of RU-
the Company with respect to the secretarial compliances. 1. c. Total energy consumption at Nashik Unit was
16,13,042 KWH and energy consumption per
3. We believe that audit evidence and information obtained from the Company's management is adequate c. 02 Nos. of Variable Frequency Drives (VFDs) unit of production was at 0.576 KWH.
and appropriate for us to provide a basis for our opinion. are installed in Electric Overhead Traveling
(EOT) cranes in the Galva Shop at RU-1. (v) Impact of the energy conservation measures for
4. Wherever required, we have obtained the management's representation about the compliance of laws, reduction of energy consumption and consequent
rules and regulations and happening of events etc. d. An interlock system is provided by installing a impact on the cost of production of goods:
timer control system for the hydraulic power Obtained unity power factor thereby received
Disclaimer packs of EP1 and EP2 CNC machines. incentives for RU-1 and RU-2 respectively.
5. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the e. A sequential timer is provided for 04 Nos. of
efficacy or effectiveness with which the management has conducted the affairs of the Company. fans and 04 Nos. of 250-Watt lamps at the B. Technology Absorption
kettle area in the Galva Shop.
(i) The efforts made towards technology absorption:
6. We have not verified the correctness and appropriateness of financial records and books of accounts of the
Company. f. The design of the Radial Tube (Furnace) has
been changed, resulting in gas and electricity a. The Messer's make Plasma Cutting Machine
savings at the Nasik Unit. has been upgraded with a Double Torch.
(ii) The steps taken by the Company for utilising b. A new 300 CFM Atlas Capco Compressor has
alternate sources of energy: 791 KWP Rooftop solar been installed at RU1.
FOR ANANT B KHAMANKAR & CO.
panels have been installed at RU1 since December c. An installation of a 1000 LPH Reverse Osmosis
COMPANY SECRETARIES
2022, with a capital investment of H 311 lakh. (RO) system has been carried out at RU1.
ANANT KHAMANKAR PROPRIETOR (iii) The capital investment on energy conservation d. The implementation of SAP, an integrated
DATE: May 06, 2023 FCS No. - 3198 equipments: enterprise resource planning software, at the
PLACE: Mumbai CP No.-1860 manufacturing units.
a. A capital investment of H 311 lakh on solar
panels at RU. e. Multiple cost-saving projects have been
b. A capital investment of H 3.2 lakh on Dryer VFD undertaken at the Nashik Unit, including
at RU. process improvement initiatives such as line
Corporate overview
Statutory reports
balancing of enamel lines, merging multiple

lines in the mixer into single lines, implementing
low-cost automations, optimizing space
C. Foreign Exchange Earnings and Outgo
The foreign exchange earned in terms of actual

Annexure H
inflows and the foreign exchange outgo during the
utilization by installing a mezzanine floor, and Information Pursuant to the Provisions of Section 197(12) of the Companies Act, 2013
year in terms of actual outflows during the year.
incorporating backward integration in water read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
heater production.
(Amount: H in lakh) Personnel) Rules, 2014
(ii) The benefits derived like product improvement, Particulars Amount
cost reduction, product development or import
substitution: Improvement in productivity. Earned (Export) 5,003.99 Sr.
Used (Import) 29,593.03 Requirements Particulars
No.
(iii) In case of imported technology (imported during
the last three years reckoned from the beginning 1. Ratio of the remuneration of each director to
Ratio to
of the financial year): Not applicable. the median remuneration of the employees
Name of the Director Category median
of the Company for the financial year
(iv) The expenditure incurred on Research and Remuneration
Development (R&D): Shekhar Bajaj Executive 111.36 : 1
Anuj Poddar 97.60 : 1
(Amount: H in lakh)
Madhur Bajaj Non- 1.14 : 1
Particulars Amount For and on behalf of Rajiv Bajaj Executive 1.14 : 1
Board of Directors of Bajaj Electricals Limited Pooja Bajaj 1.33 : 1
(a) Capital 1,367.69
Harsh Vardhan Goenka Independent 0.86 : 1
(b) Recurring 2,584.09
Shailesh Haribhakti 2.48 : 1
(c) Total 3,950.78 Shekhar Bajaj Dr. Rajendra Prasad 2.05 : 1
(d) Total R&D expenditure as a 0.73 Mumbai Chairman Singh
percentage of turnover (in %) May 23, 2023 DIN: 00089358 Dr. Indu Shahani 2.52 : 1
Munish Khetrapal 1.24 : 1
2. Percentage increase/(decrease) in
Percentage
remuneration of each Director, Chief
Name of the Director, Chief Executive increase /
Financial Officer, Chief Executive Officer,
Officer or Company Secretary (decrease) in
Company Secretary or Manager, if any, in
remuneration
the financial year
Shekhar Bajaj 32.86
Anuj Poddar 63.51
Madhur Bajaj (25.00)
Rajiv Bajaj 50.00
Pooja Bajaj (26.32)
Harsh Vardhan Goenka (48.57)
Shailesh Haribhakti (22.39)
Dr. Rajendra Prasad Singh (37.68)
Dr. Indu Shahani (31.17)
Munish Khetrapal (27.78)
E C Prasad (CFO) 25.21
Ajay Nagle (CS) 35.29
3. Percentage increase in the median 3.17%
remuneration of employees in the financial
year
4. Number of permanent employees on the rolls 2,353
of Company
Corporate overview
Statutory reports
Sr.
No.
Requirements Particulars Report on Corporate Governance
5. Average percentile increase/(decrease) Average increase in remuneration of Managerial Personnel The Directors present the Company’s Report on Corporate Governance for the financial year ended March 31,
already made in the salaries of employees - 39.22% 2023, in terms of Regulation 34(3) read with Schedule V of the Securities and Exchange Board of India (Listing
other than the managerial personnel in the Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).
Average increase in remuneration of employees other
last financial year and its comparison with
than the Managerial Personnel – 0.39%
the percentile increase in the managerial
remuneration and justification thereof The Managerial Personnel compensation is linked to Profit
and point out if there are any exceptional Before Tax and linked to the performance of the Company. Business should be pursued with a view to benefit the poor, not just to
circumstances for increase in the managerial become a millionaire or a billionaire.
remuneration.
6. Affirmation that the remuneration is as per The remuneration is as per the Nomination and Remuneration Jamnalal Bajaj
the remuneration policy of the Company Policy for the Directors, Key Managerial Personnel and
Other Employees of the Company, formulated pursuant to
the provisions of Section 178 of the Companies Act, 2013.
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE STRUCTURE
GOVERNANCE
The Corporate Governance structure of the Company
The ethical values are the foundation of Company’s is as follows:
governance philosophy which over the past eight
decades of the Company’s existence has become Board of Directors: The Board is entrusted with an
a part of its culture. We feel proud to belong to a ultimate responsibility of the management, directions,
For and on behalf of
Company whose visionary founders laid the foundation and performance of the Company. As its primary role
Board of Directors of Bajaj Electricals Limited
stone for good governance long back and made it an is fiduciary in nature, the Board provides leadership,
integral principle of the business. We strongly believe strategic guidance, objective, and independent view
that in business, there is something more important to the Company’s management while discharging its
Shekhar Bajaj
than just top line and bottom line and hence, each responsibilities, thus ensuring that the management
Mumbai Chairman
of us needs to strive towards producing our very best adheres to ethics, transparency, and disclosures.
May 23, 2023 DIN: 00089358
in all we do, so that, we not only fulfil the needs of
Committees of the Board: The Board has constituted
each and every consumer, but also far exceed their
the following Committees viz, Audit Committee,
expectations. This is what has set us apart and this may
Nomination and Remuneration Committee,
be the very reason that we have been able to enjoy a
Stakeholders’ Relationship Committee, Risk
very special relationship with our consumers. After all,
Management Committee, Corporate Social
when you strive, with every sinew to be the best you
Responsibility Committee, Finance Committee and
can be, it will show.
Committee of Independent Directors. Each of the
Corporate Governance is about commitment to aforesaid Committees has been mandated to operate
values and ethical business conduct. Our actions within a given framework.
are governed by our values and principles, which
Executive Chairman: The primary role of the Executive
are reinforced at all levels within the Company. We
Chairman is to provide leadership to the Board in
are committed to doing things the right way which
achieving goals of the Company. He is responsible
means taking business decisions and acting in a way
for transforming the Company into a worldclass
that is ethical and is in compliance with applicable
organisation. He is responsible, inter-alia, for the working
legislations.
of the Board and for ensuring that all relevant issues
The Company emphasises on the need for complete are placed before the Board and that all Directors are
transparency and accountability in all its dealings encouraged to provide their expert guidance on the
to protect stakeholders’ interests. The governance relevant issues raised in the meetings of the Board. He is
framework encourages the efficient utilisation of also responsible for formulating the corporate strategy
resources and accountability for stewardship. The along with other members of the Board.
Board considers itself as the custodian of trust and
Managing Director & Chief Executive Officer: The
acknowledges its responsibilities towards stakeholders
Managing Director & Chief Executive Officer, as
for wealth creation sustainably and responsibly.
a member of the Board and Core Management
Corporate overview
Statutory reports
Committee, contributes to the strategic management Composition and category of the Board as on March The Board has identified the following skill sets with reference to its business and industry which are available with
of the Company’s businesses within Board approved 31, 2023 the Board:
direction and framework. He assumes overall
responsibility for strategic management of business As per Regulation 17(1)(b) of the SEBI Listing Regulations, Name of the Director Core Skills/Competencies/Expertise in specific functional area
and corporate functions including its governance where the Chairman is executive or a promoter, at
least one half of the Board of the Company should Mr. Shekhar Bajaj Industrialist, Electrical Consumer Durables Industry domain, Experience
processes and top management effectiveness.
consist of independent directors. in managing a large business conglomerate, Business Strategy and
Non-Executive Directors including Independent Corporate Management.
Directors: Non-Executive Directors play a critical role The composition and strength of the Board is reviewed Mr. Anuj Poddar A Chartered Accountant with strong professional experience across
in balancing the functioning of the Board by providing from time to time for ensuring that it remains aligned consumer and other industries, Business Strategy and Corporate
independent judgements on various issues raised in the with statutory as well as business requirements. Management.
Board meetings like formulation of business strategies, Mr. Madhur Bajaj Industrialist, Experience in managing a large industrial conglomerate.
The Board of Directors as at the end of March 31, 2023,
monitoring of performances, etc. Mr. Rajiv Bajaj Industrialist, Experience in managing a large industrial conglomerate.
comprised of ten (10) Directors viz. one (1) Executive
Ms. Pooja Bajaj Strong commercial acumen.
Core Management Committee: The main function Director - Promoter, one (1) Executive Director – Non
Mr. Harsh Vardhan Goenka Industrialist, Experience in managing a large business conglomerate.
of the Core Management Committee is strategic Promoter, three (3) Non-Executive Directors – Promoter
Mr. Shailesh Haribhakti Experience in Auditing, Tax and Risk Advisory Services.
management of the Company’s businesses within the and Promoter Group including one Woman Director,
Dr. (Mrs.) Indu Shahani Academics, Education.
Board approved direction and framework, ensuring and five (5) Non-Executive Directors - Independent
Dr. Rajendra Prasad Singh Experience in managing a large industrial conglomerate.
that effective systems are in place for appropriate Directors, including one (1) Independent Woman
Mr. Munish Khetrapal Technology professional with extensive leadership experience across
reporting to the Board on important matters. The Core Director, and accordingly, has the following
global markets.
Management Committee is headed by the Executive composition:
Chairman and has functional heads as its members, Board meetings
which looks after the management of the day-to-day No. of
Category of Directors %
affairs of the Company. Directors The Board meets at regular intervals to discuss and decide on business strategies/policies and review the financial
performance of the Company and its subsidiaries. The Board meetings are pre-scheduled, and a tentative annual
Executive Directors 2 20.00
calendar of the Board meeting is circulated to the Directors well in advance to facilitate them to plan their
BOARD OF DIRECTORS Non-Executive Directors, Non- 3 30.00
schedules accordingly. In case of business exigencies, the Board’s approval is taken through circular resolutions.
Independent
The Company’s Board comprises people of eminence The circular resolutions are noted at the subsequent Board meeting.
Non-Executive Directors, 5 50.00
and repute who bring the required skills, competence Independent The notice and detailed agenda along with the relevant notes and other material information are sent in advance
and expertise that allow them to make effective
to each Director and in exceptional cases tabled at the meeting with the approval of the Board. This ensures
contribution to the Board and its Committees. The Chairman of the Board is an Executive Director.
timely and informed decisions by the Board. The Board reviews the performance of the Company vis-à-vis the
Independent Directors constitute half of the total
The Board takes care of the business and stakeholders’ budgets/targets.
Board strength.
interest. The Non-Executive Directors, including the
Number of meetings of the Board
Independent Directors are well qualified, experienced, Board Diversity
and renowned persons from the fields of industrial, During the financial year 2022-23, the Board met six (6) times, viz. May 17, 2022, August 12, 2022, September 29,
manufacturing, general corporate management, The Company has over the years been fortunate to
2022, November 8, 2022, February 2, 2023, and March 28, 2023. The gap between any two meetings has been less
finance, law, media, corporate strategy, technical, have eminent persons from diverse fields to serve
than one hundred and twenty days.
marketing, and other allied background. The Board as Directors on its Board. Pursuant to the SEBI Listing
Members take an active part at the Board and Regulations, the Nomination and Remuneration Policy Attendance record of directors
Committee Meetings and provide valuable guidance of the Company ensures diversity of the Board in terms
of experience, knowledge, perspective, background, Composition of the Board and attendance record of directors for the financial year 2022-23:
to the Management on various aspects of business,
governance, and compliance, amongst others. gender, age and culture. The Policy is posted on the
The Board’s guidance provides foresight, enhances Company’s website at: https://www.bajajelectricals. Relationship No. of Board Whether
transparency, and adds value in decision-making. The com/media/6722/nomination-and-remuneration- Name of the director Category with other Meetings attended
Company is managed by the Board in coordination policy.pdf. directors attended last AGM
with the senior management team. Mr. Shekhar Bajaj Executive Chairman Brother of 6/6 Yes
Directors’ profile
Madhur Bajaj,
None of the Non-Executive Directors have attained
The brief profiles of all the members of Board are father-in-law of
the age of Seventy-five (75) years.
available on the website of the Company: https:// Pooja Bajaj
www.bajajelectricals.com/board-of-directors/. Mr. Anuj Poddar Managing Director & Chief - 6/6 Yes
Executive Officer
Mr. Madhur Bajaj Non-executive Brother of 6/6 Yes
Shekhar Bajaj
Mr. Rajiv Bajaj Non-executive - 6/6 Yes
Corporate overview
Statutory reports
Relationship No. of Board Whether Committee positions held in listed and

Directorships
Name of the director Category with other Meetings attended unlisted public limited companies
directors attended last AGM Name of the director In equity In unlisted In private As Member
Listed public limited limited (including as As Chairman
Ms. Pooja Bajaj Non-executive Daughter-in-law 6/6 Yes
companies companies companies Chairman)
of Shekhar Bajaj
Mr. Harsh Vardhan Goenka Non-executive, independent - 4/6 Yes Mr. Madhur Bajaj 4 - 4 - -
Mr. Shailesh Haribhakti Non-executive, independent - 6/6 Yes Mr. Rajiv Bajaj 5 2 6 - -
Dr. (Mrs.) Indu Shahani Non-executive, independent - 5/6 Yes Ms. Pooja Bajaj 1 - - 1 1
Dr. Rajendra Prasad Singh Non-executive, independent - 5/6 Yes Mr. Harsh Vardhan Goenka 5 2 2 - -
Mr. Munish Khetrapal Non-executive, independent - 6/6 Yes Mr. Shailesh Haribhakti 5 3 9 10 5
Dr. (Mrs.) Indu Shahani 4 1 3 6 1
Information placed before the Board Meeting of Independent Directors Dr. Rajendra Prasad Singh 2 3 - 1 -
Mr. Munish Khetrapal 1 - - - -
The Company provides the information as set out in During the year under review, the independent
Regulation 17 read with Part A of Schedule II of the directors met on May 17, 2022 and March 28, 2023, Note: three equity listed companies and in fact not even in
SEBI Listing Regulations to the Board and the Board inter alia to discuss (i) evaluation of the performance of a single entity.
Committees to the extent it is applicable and relevant. Non Independent Directors and the Board of Directors None of the directors hold office as a director,
Such information is submitted either as a part of the as a whole; (ii) evaluation of the performance of the including as an alternate director, in more than twenty None of the directors was a member in more than
agenda papers in advance of the respective meetings Chairman of the Company, taking into account the companies at the same time. None of them has ten committees, nor a chairperson in more than five
or by way of presentations and discussions during the views of the Executive and Non-Executive Directors; (iii) directorships in more than ten public companies. For committees across all companies in which he/she was
meetings. evaluation of the quality, content and timelines of flow reckoning the limit of public companies, directorships of a director.
of information between the Management and the private companies that are either holding or subsidiary
Post meeting mechanism Board that is necessary for the Board to effectively and company of a public company are included and For the purpose of considering the limit of the
reasonably perform its duties; and (iv) other related directorships in dormant companies are excluded. No committees on which a director can serve, all public
The important decisions taken at the Board / limited companies, whether listed or not, have
matters. All the independent directors attended the Independent Director holds any alternate directorship.
Committee meetings are communicated to the been included and all other companies including
meeting dated May 22, 2022, while the meeting dated
concerned department / division. As per declarations received, none of the directors private limited companies, foreign companies and
March 28, 2023 was attended by all the independent
Board support directors except Dr. Rajendra Prasad Singh. serves as an independent director in more than companies under Section 8 of the Act have been
seven equity listed companies. Further, the Managing excluded. Only audit committee and stakeholders’
The Company Secretary attends the Board Meetings Opinion of the Board Director and Executive Director of the Company does relationship committee are considered for the purpose
and advises the Board on compliances with applicable not serve as an independent director in more than of reckoning committee positions.
The Board hereby confirms that, in its opinion,
laws and governance.
the independent directors on the Board fulfil the
Duties and functions of the Board conditions specified in the SEBI Listing Regulations and Directorships in equity listed Companies
the Act and are independent of the management.
The duties of Board of Directors have been enumerated A formal letter of appointment given to independent Name of equity listed entities where directors of the Company held directorships as on March 31, 2023:
in SEBI Listing Regulations, Section 166 (read with directors as provided in the Act has been issued
Schedule IV) of the Companies Act, 2013 (the “Act”) and disclosed on website of the Company: https:// Particulars Name of listed entities Category
(Schedule IV is specifically for Independent Directors). www.bajajelectricals.com/media/6937/letter-of-
There is a clear demarcation of responsibility and appointment-to-independent-directors.pdf. Mr. Shekhar Bajaj Bajaj Electricals Limited Chairman, Executive
authority amongst the Board of Directors. Hercules Hoists Limited Chairman, Non-Executive, Non-Independent
Bajaj Holdings & Investments Chairman, Non-Executive, Non-Independent
Directorships and Memberships of Committees Limited Director-Chairperson related to Promoter
Mr. Anuj Poddar Bajaj Electricals Limited Managing Director and Chief Executive
Number of directorships/committee positions of directors as on March 31, 2023: Officer, Executive
Mr. Madhur Bajaj Bajaj Electricals Limited Non-Executive, Non-Independent
Committee positions held in listed and Bajaj Holdings & Investment Non-Executive, Non-Independent
Directorships
unlisted public limited companies Limited
Name of the director In equity In unlisted In private As Member Bajaj Finserv Limited Non-Executive, Non-Independent
Listed public limited limited (including as As Chairman Bajaj Auto Limited Non-Executive, Non-Independent
companies companies companies Chairman) Mr. Rajiv Bajaj Bajaj Electricals Limited Non-Executive, Non-Independent
Bajaj Holdings & Investment Non-Executive, Non-Independent
Mr. Shekhar Bajaj 3 5 5 3 2
Limited
Mr. Anuj Poddar 1 1 - - -
Bajaj Finance Limited Non-Executive, Non-Independent
Corporate overview
Statutory reports
GOVERNANCE CODES COMMITTEES OF THE BOARD

Particulars Name of listed entities Category
Code of conduct for Directors and Senior Management The Board of Directors has constituted Board
Bajaj Finserv Limited Non-Executive, Non-Independent
Committees to deal with specific areas and activities
Bajaj Auto Limited Managing Director and CEO, Executive The Company has adopted Code of Business Conduct which concern the Company and require a closer
Ms. Pooja Bajaj Bajaj Electricals Limited Non-Executive, Non-Independent & Ethics (“the Code”) which is applicable to the Board review. The Board Committees are formed with the
Mr. Harsh Vardhan Bajaj Electricals Limited Non-executive, Independent of Directors and all employees of the Company. approval of the Board and they function under their
Goenka RPG Life Sciences Limited Chairman, Non-Executive, Non-Independent- The Board of Directors and the members of senior respective Charters. These Committees play an
Chairperson related to Promoter management team of the Company are required to important role in the overall management of the day-
CEAT Limited Chairman, Non-Executive, Non- Independent- affirm compliance of this Code on an annual basis. to-day affairs and governance of the Company. The
Chairperson related to Promoter A declaration signed by the Managing Director Board Committees meet at regular intervals and take
KEC International Limited Chairman, Non-Executive, Non-Independent- and Chief Executive Officer of the Company to this necessary steps to perform the duties entrusted by the
Chairperson related to Promoter effect is placed at the end of this Report. The Code Board. The minutes of the Committee meetings are
Zensar Technologies Limited Chairman, Non-Executive, Non-Independent requires Directors and employees to act honestly, placed before the Board for noting.
Mr. Shailesh Haribhakti Bajaj Electricals Limited Non-executive, Independent fairly, ethically and with integrity, conduct themselves
Torrent Pharmaceuticals Limited Non-executive, Independent in professional, courteous and respectful manner. The (A) Audit Committee
Blue Star Limited Non-executive, Independent- Chairperson Code is displayed on the Company’s website: https://
Adani Total Gas Limited Non-executive, Independent www.bajajelectricals.com/media/7614/code-of- Audit Committee is entrusted with the responsibility
L&T Finance Holdings Limited Non-executive, Independent conduct-for-directors-and-senior-management.pdf to supervise the Company’s financial reporting
Dr. (Mrs.) Indu Shahani Bajaj Electricals Limited Non-executive, Independent process and internal controls. The composition,
United Spirits Limited Non-executive, Independent Disclosure on conflict of interests quorum, powers, role and scope are in accordance
Colgate-Palmolive (India) Limited Non-executive, Independent with Section 177 of the Act and the provisions of
Each Director informs the Company on an annual basis Regulation 18 of the SEBI Listing Regulations.
Heubach Colorants India Limited Non-executive, Independent
about the Board and the Committee positions he/she
Dr. Rajendra Prasad Singh Bajaj Electricals Limited Non-executive, Independent
occupies in other companies including as Chairman As on March 31, 2023, the Audit Committee
Jyoti Structures Limited Chairman, Non-Executive, Independent-
and notifies changes during the year. The members of comprised of three (3) Directors i.e. Mr. Shailesh
Chairperson
the Board while discharging their duties, avoid conflict Haribhakti as the Chairman and Dr. (Mrs.) Indu
Mr. Munish Khetrapal Bajaj Electricals Limited Non-executive, Independent
of interest in the decision-making process. The members Shahani and Dr. Rajendra Prasad Singh as its
of Board restrict themselves from participating in any members. All members of the Audit Committee are
D&O Insurance for Directors made to the Independent Directors on various matters discussions and voting in transactions in which they financially literate and bring in expertise in the fields
inter-alia covering the Company’s and its subsidiary, have concern or interest. of finance, taxation, economics, legal, risk and
The Company has taken Directors and Officers associate and joint venture companies’ operations, international finance. The Committee functions in
Insurance (D&O) for all its Directors and Members of industry and regulatory updates, strategy, finance, risk Insider Trading Code accordance with its terms of reference that defines
the Senior Management for such quantum and for management framework, role, rights, responsibilities of its authority, responsibility and reporting function.
such risks as determined by the Board. The Company has adopted a ‘Code of Conduct to
the Independent Directors under various statutes and The Company Secretary acts as the convener to
Regulate, Monitor and Report Trading by Designated
other relevant matters. the Audit Committee.
Familiarisation Programme for Independent Directors Persons and its Immediate Relatives’ (“the IT Code”) in
The details of the familiarisation programme for accordance with the SEBI (Prohibition of Insider Trading) Meetings and Attendance
At the time of appointing an Independent Director, Regulations, 2015, as amended (“PIT Regulations”). The
Directors are available on the Company’s website:
a formal letter of appointment is given to him / her, IT Code is applicable to promoters, member of promoter The Audit Committee met five (5) times during the
https://www.bajajelectricals.com/media/7543/
which inter alia explains the role, function, duties and group, all Directors and such designated persons who financial year 2022-23. The maximum gap between
familiarization-program-for-independent-directors-
responsibilities expected from him / her as a Director are expected to have access to unpublished price two meetings was not more than 120 days. The
march-31-2023.pdf
of the Company. The Director is also explained in sensitive information relating to the Company. The Committee met on May 17, 2022, August 12, 2022,
detail the compliances required from him / her under Plans for orderly succession for appointments Company Secretary is the Compliance Officer for November 8, 2022, February 2, 2023, and March
the Act, the SEBI Listing Regulations and other statutes monitoring adherence to the said PIT Regulations. The 28, 2023. The requisite quorum was present at all
and an affirmation is obtained. The Chairman & The Company believes that sound succession plans for Company has also formulated ‘The Code of Practices meetings. The Chairperson of the Audit Committee
Managing Director also have a one to one discussion the senior leadership are very important for creating a and Procedures for Fair Disclosure of Unpublished Price was present at the last AGM of the Company held
with the newly appointed Director to familiarise him robust future for the Company. The Nomination and Sensitive Information (UPSI)’ (“Fair Disclosure Code”) in on August 12, 2022.
/ her with the Company’s operations. Further, on Remuneration Committee work along with the Human compliance with the PIT Regulations.
an ongoing basis as a part of agenda of Board / Resource team of the Company for a structured
Committee meetings, presentations are regularly leadership succession plan. This Fair Disclosure Code is displayed on the
Company’s website: https://www.bajajelectricals.
com/media/6125/fair-disclosure-code-wef-1st-
april-2019.pdf
Corporate overview
Statutory reports
The attendance of the Audit Committee members: 15. Reviewing the findings of any internal 5. Appointment, removal and terms of
investigations by the internal auditors into remuneration of the Chief Internal Auditor;
Sr. No. of meetings matters where there is suspected fraud or
Name of Directors Position Category 6. Statement of deviations:
No. attended irregularity or a failure of internal control
systems of a material nature and reporting the
1. Mr. Shailesh Haribhakti Chairperson Independent Director 5/5 (a) quarterly statement of deviation(s)
matter to the Board;
2. Mr. Rajendra Prasad Singh Member Independent Director 4/5 including report of monitoring agency,
3. Dr. (Mrs.) Indu Shahani Member Independent Director 4/5 16. Discussion with statutory auditors before the if applicable, submitted to stock
audit commences, about the nature and exchange(s) in terms of Regulation 32(1)
scope of audit as well as post-audit discussion of SEBI Listing Regulations, 2015; and
Terms of reference and functions of Audit 5. Reviewing, with the management, the
to ascertain any area of concern;
Committee quarterly financial statements before (b) annual statement of funds utilized for
submission to the Board for approval including 17. To look into the reasons for substantial defaults purposes other than those stated in the
The terms of reference of the Audit Committee as the financial statements, in particular, the offer document / prospectus /notice in
in the payment to the depositors, debenture
stated below is in line with what is mandated in investments made by unlisted subsidiary(ies); terms of Regulation 32(7) of SEBI Listing
holders, shareholders (in case of non-payment
Regulation 18 of the SEBI Listing Regulations and Regulations, 2015.
of declared dividends) and creditors;
Section 177 of the Act: 6. Reviewing, with the management, the
statement of uses / application of funds raised 18. To review the functioning of the Whistle Blower 7. Compliance with the provisions of Regulation
1. Oversight of the Company’s financial reporting through an issue (public issue, rights issue, 9 of SEBI (Prohibition of Insider Trading)
mechanism;
process and the disclosure of its financial preferential issue, etc.), the statement of funds Regulations, 2015 at least once in a financial
information to ensure that the financial utilized for purposes other than those stated in 19. Approval of appointment of CFO (i.e., the year and verify that the systems for internal
statement is correct, sufficient and credible; the offer document / prospectus / notice and whole-time Finance Director or any other control are adequate and are operating
the report submitted by the monitoring agency person heading the finance function or effectively.
2. Recommendation for appointment,
monitoring the utilisation of proceeds of a discharging that function) after assessing the
remuneration and terms of appointment of Internal Controls and Governance Processes
public or rights issue, and making appropriate qualifications, experience and background,
auditors of the Company;
recommendations to the Board to take up etc. of the candidate;
The Company continuously invests in strengthening
3. Approval of payment to statutory auditors for steps in this matter;
20. Carrying out any other function as is its internal controls and processes. The Audit
any other services rendered by the statutory Committee formulates a detailed audit plan for the
7. Review and monitor the auditor’s mentioned in the terms of reference of the
auditors; year for the internal auditor. The Internal Auditors
independence and performance, and Audit Committee.
effectiveness of audit process; attend the meetings of the Audit Committee
4. Reviewing, with the management, the annual
21. To review the utilization of loans, advances or and submit their recommendations to the Audit
financial statements and auditor’s report
8. Approval or any subsequent modification of both in the subsidiary company(ies) which shall Committee and provide a road map for the future.
thereon before submission to the Board for
the related party transactions; not exceed H 100 crore or 10% of the asset size
approval, with particular reference to: (B) Nomination and Remuneration Committee
of the subsidiary, whichever is lower including
9. Scrutiny of inter-corporate loans and existing loans / advances / investments;
a. Matters required to be included in the As on March 31, 2023, the Nomination and
investments;
Director’s Responsibility Statement to be Remuneration Committee comprised of four
22. Consider and comment on rationale, cost-
included in the Board’s report in terms of 10. Valuation of undertakings or assets of the (4) Directors viz. Dr. (Mrs.) Indu Shahani as the
benefits and impact of schemes involving
clause (c) of sub-section 3 of section 134 Company, wherever it is necessary; Chairperson, and Mr. Shekhar Bajaj, Mr. Shailesh
merger, demerger, amalgamation etc., on the
of the Companies Act, 2013. Haribhakti, and Dr. Rajendra Prasad Singh as its
listed entity and its shareholders.
11. Evaluation of internal financial controls and risk members. The Company Secretary acts as the
b. Changes, if any, in accounting policies
management systems; The Audit Committee shall mandatorily review the convener to the Committee.
and practices and reasons for the same.
following information:
c. Major accounting entries involving 12. Reviewing, with the management, Meetings and Attendance
estimates based on the exercise of performance of statutory and internal auditors, 1. Management discussion and analysis of
judgment by management. adequacy of the internal control systems; financial condition and results of operations; The Nomination and Remuneration Committee
met six (6) times during the financial year 2022-
d. Significant adjustments made in the 13. Reviewing the adequacy of internal audit 2. Statement of significant related party 23. The Committee met on April 29, 2022, May 17,
financial statements arising out of audit function, if any, including the structure of transactions (as defined by the audit 2022, August 12, 2022, November 8, 2022, February
findings. the internal audit department, staffing and committee) submitted by management; 2, 2023, and March 28, 2023. The requisite quorum
seniority of the official heading the department, was present at all meetings. The Chairperson of the
e. Compliance with listing and other
reporting structure coverage and frequency 3. Management letters / letters of internal control Nomination and Remuneration Committee was
legal requirements relating to financial
of internal audit; weaknesses issued by the statutory auditors; present at the last AGM of the Company held on
statements.
August 12, 2022.
f. Disclosure of any related party transactions. 14. Discussion with internal auditors of any 4. Internal audit reports relating to internal control
significant findings and follow up there on; weaknesses;
g. Modified Opinion(s) in the draft audit
report.
Corporate overview
Statutory reports
The attendance of the Nomination and Remuneration Committee members: 12. To undertake specific duties as may be The service contract, notice period and
prescribed by the Board from time to time. severance fees are not applicable to Non-
Sr. No. of meetings Executive Directors.
Name of Directors Position Category Remuneration Policy
No. attended
b) Executive Directors’ remuneration:
1. Dr. (Mrs.) Indu Shahani Chairperson Independent Director 5/6 The Board on the recommendation of Nomination
2. Mr. Shekhar Bajaj Member Executive Chairman 6/6 and Remuneration Committee has framed a The appointment and remuneration of
3. Mr. Shailesh Haribhakti Member Independent Director 6/6 Nomination and Remuneration Policy (“Policy”), Executive Directors i.e., of Executive Chairman,
4. Mr. Rajendra Prasad Singh Member Independent Director 5/6 providing a) Selection, appointment, and removal; and Managing Director & Chief Executive
b) Remuneration; c) Evaluation of performance; Officer, is governed by the recommendation
and d) Board diversity. The Policy is directed of Nomination and Remuneration Committee
Terms of reference and functions of Nomination objectivity in determining the remuneration
towards rewarding performance, based on review and resolutions passed by the Board and
and Remuneration Committee package while striking a balance between the
of achievements. It is aimed at attracting and Shareholders of the Company.
interest of the Company and the shareholders
The broad terms of reference of Nomination retaining high caliber talent. The Policy is displayed
while approving the remuneration payable The terms and conditions of appointment and
and Remuneration Committee as stated below on the Company’s website: https://www.
to managing director, whole time director or the remuneration payable to:
is in compliance with Section 178 of the Act and bajajelectricals.com/media/6722/nomination-
manager.
Regulation 19 of the SEBI Listing Regulations: and-remuneration-policy.pdf.
(i) Mr. Shekhar Bajaj, Executive Chairman,
5. To lay down / formulate the evaluation criteria as approved by the Members of the
1. To identify persons who are qualified to Criteria for recommendation of remuneration
for performance evaluation of independent Company by way of special resolution
become directors and who may be appointed directors and the Board. a) Non-Executive Directors remuneration: dated October 12, 2022 passed through
in senior management in accordance with the
postal ballot, can be accessed at weblink:
criteria laid down, recommend to the Board 6. To devise a policy on Board diversity. The remuneration of Non-Executive Directors is https://www.bajajelectricals.com/
their appointment and removal, and shall determined within the limits prescribed under
7. To ensure ‘Fit & Proper’ status of the proposed/ media/7408/intimation-wrt-notice-of-the-
specify the manner for effective evaluation Section 197 of the Act read with the Rules
existing directors. postal-ballot.pdf
of performance of Board, its Committees, framed thereunder and SEBI Listing Regulations.
Chairperson and individual directors to be The Non-Executive Directors of the Company (ii) Mr. Anuj Poddar, Managing Director &
8. To recommend to Board, whether to extend
carried out by the Board, by the Nomination receive remuneration by way of sitting fees for Chief Executive Officer, as approved by the
or continue the term of appointment of the
and Remuneration Committee or by an attending the Board and Committee meetings Members of the Company by way of special
independent director, on the basis of the report
independent external agency and review its and commission as detailed below: resolution dated October 12, 2022 passed
of performance evaluation of independent
implementation and compliance. through postal ballot, can be accessed at
directors.
(i) Sitting fees of H 1,00,000 for each meeting weblink: https://www.bajajelectricals.com/
2. To formulate the criteria for determining of the Board and Audit Committee,
9. To review and approve the remuneration and media/7408/intimation-wrt-notice-of-the-
qualifications, positive attributes and and H 50,000 for each meeting of other
change in remuneration payable to whole- postal-ballot.pdf
independence of a director and recommend Committees attended by the Director, as
time directors.
to the Board a policy, relating to the approved by the Board within the overall The remuneration package of Executive
remuneration for the directors, key managerial 10. To recommend to Board, all remuneration limits prescribed under the Act; Directors’ comprises of salary, commission,
personnel and other employees. payable to senior management (i.e., members perquisites and allowances, and contributions
of the core management team one level (ii) Payment of commission on an annual to provident fund and other retirement
3. While formulating the policy, to ensure that: basis of H 1,00,000 for each meeting of the
below the chief executive officer/managing benefits as approved by the shareholders at
a. the level and composition of remuneration Board and Audit Committee attended
director/whole time director and shall the general meetings. Annual increments are
is reasonable and sufficient to attract, by the Director, subject to the ceiling
specifically include Company Secretary and linked to performance and are decided by
retain and motivate directors of the quality of 1% of the net profit of the Company
Chief Financial Officer). Nomination and Remuneration Committee
required to run the Company successfully; b. prescribed under the Act as approved by and recommended to the Board for approval
relationship of remuneration to performance 11. To act as the Compensation Committee the Members in the Eightieth (80th) AGM thereof. The Company has no stock option
is clear and meets appropriate performance under SEBI (Share Based Employee Benefits) held on August 7, 2019; plans for the promoter executive directors/
benchmarks; and c. remuneration to directors, Regulations, 2014 (including amendment
nonexecutive directors and only non-promoter
key managerial personnel and senior thereof) to determine the quantum of (iii) Reimbursement of travelling and other
executive directors are eligible for stock
management involves a balance between Employee Stock Options to be granted to related expenses incurred by the Non-
option plans.
fixed and incentive pay reflecting short and the employees under Company’s ESOP Executive Directors for attending the Board
longterm performance objectives appropriate Plans; determine eligibility for grant of ESOPS; and Committee meetings; During the financial year 2022-23, the
to the working of the Company and its goals. decide the procedure for making a fair and Company did not advance any loans to any
(iv) Independent Directors and any
reasonable adjustment in case of corporate of the directors.
4. To take into account financial position of the employee/director of the Company, who
actions; procedure and terms for the grant,
Company, trend in the industry, appointees is a promoter or belongs to the promoter The tenure of office of the Executive Chairman
vest and exercise of Employee Stock Option;
qualifications, experience, past performance, group are not entitled to participate in and Managing Director & Chief Executive
procedure for cashless exercise of Employee
past remuneration, etc., and bring about ESOPs of the Company. Officer is for 5 (five) years from their respective
Stock Options, etc.
Corporate overview
Statutory reports
dates of appointment and can be terminated Remuneration drawn by the Directors during the Performance Evaluation by the Independent Directors, taking into account
by either party by giving three months’ notice financial year 2022-23 the views of the Executive Director and Non-
in writing. There is no separate provision for Pursuant to the provisions of the Act and the SEBI Executive Directors.
payment of severance fees. The remuneration paid to the Directors is in Listing Regulations, the Board has carried out
accordance with the provisions of the Act and has the annual evaluation of its own performance, A consolidated summary of the ratings given by
c) Remuneration Criteria for the Key Managerial been duly approved by Members of the Company. its Committees and Directors individually. A each Director was then prepared. The report of
Personnel (KMP) and other employees: None of the Directors of the Company has any structured questionnaire was prepared covering performance evaluation was then discussed and
pecuniary relationship with the Company. The various aspects of the Board’s functioning such noted by the Board.
Remuneration of KMP and other employees remuneration paid to the Non-Executive Directors as adequacy of the composition of the Board
largely consists of basic salary, perquisites, does not exceed the threshold specified in and its Committees, Board culture, execution and Based on the inputs received from the Directors,
allowances and performance incentives. The Regulation 17(6)(ca) of the SEBI Listing Regulations performance of specific duties, obligations, and an action plan is being drawn up in consultation
components of total remuneration vary for and no approval of the shareholders by Special governance. with the Directors to encourage their greater
different grades and are governed by industry Resolution was called for. Also, the remuneration engagement with the Company.
patterns, qualifications and experience of the of Executive Chairman and Managing Director & The performance evaluation of independent
employee, responsibilities handled by him/ directors was done by the entire Board, excluding (C) Stakeholders’ Relationship Committee
Chief Executive Officer were paid as per the terms
her, his/her annual performance, etc. The of their remuneration approved by shareholders the director being evaluated. A separate exercise
The Stakeholders’ Relationship Committee
performance pay policy links the performance by way of respective special resolutions under was carried out to evaluate the performance
comprises of three (3) Directors i.e., Ms. Pooja Bajaj
pay of each employee to his/ her individual, Sections 196, 197, 198, 203, Schedule V and any of Individual Directors. The Chairman of the
as the Chairperson, and Dr. (Mrs.) Indu Shahani and
business unit and an overall Company’s other applicable provisions of the Act or SEBI Listing Board of Directors interacted with all the
Mr. Shekhar Bajaj as its members. The Committee is
performance on parameters aligned to the Regulations. Directors individually to get an overview of the
governed by a Charter.
Company’s objectives. functioning of the Board/Committees, inter alia,
The remuneration drawn by the Directors during on the following broad criteria i.e., attendance Mr. Ajay Nagle, Company Secretary has been
the year is set out below: and level of participation at meetings of the designated as Compliance Officer of the
Board/committees, independence of judgment Company. He has also been appointed as the
exercised by Independent Directors, interpersonal nodal officer in line with statutory requirements.
Executive Directors relationship and so on. The detailed criteria for
(Amount: H in lakh)
such an evaluation is available on the website Meetings and Attendance
Salary and Commission of the Company at https://www.bajajelectricals.
Name of Directors Perquisites Retiral Benefits Total The Stakeholders’ Relationship Committee met
allowances payable com/media/7069/evaluation-criteria-of-directors-
four (4) times during the financial year 2022-23.
Mr. Shekhar Bajaj 255.00 151.31 84.79 678.18 1,169.28 and-committee.pdf.
The Committee met on June 14, 2022, September
Mr. Anuj Poddar 475.63* 73.40 23.66 452.12 1,024.81 The performance evaluation of the Non- 8, 2022, December 16, 2022, and March 2, 2023.
* Includes performance linked incentive of H 92.25 lakh. Independent Directors and the Board as a whole The requisite quorum was present at all meetings.
was carried out by the Independent Directors. The Chairperson of the Stakeholders’ Relationship
As on March 31, 2023, Mr. Shekhar Bajaj held 18,14,639 equity shares in the Company, whereas Mr. Anuj Committee was present at the last AGM of the
The performance evaluation of the Executive
Poddar held 8000 equity shares in the Company. As on March 31, 2023, Mr. Anuj Poddar also had 1,52,000 Company held on August 12, 2022.
Chairman of the Company was also carried out
stock options under the Company’s ESOP Scheme.
Non-Executive Directors The attendance of the Stakeholders’ Relationship Committee members:
Commission provided Number of equity shares Sr. No. of meetings

Name of the Non- Sitting Name of Directors Position Category
for financial year Total (J) and convertible instruments No. attended
Executive Director(s) Fees (J)
2022-23 (J) held as at March 31, 2023 1. Ms. Pooja Bajaj Chairperson Non-Executive Director 4/4
Mr. Madhur Bajaj 6,00,000 6,00,000 12,00,000 2,00,000 2. Mr. Shekhar Bajaj Member Executive Chairman 4/4
Mr. Rajiv Bajaj 6,00,000 6,00,000 12,00,000 Nil 3. Dr. (Mrs.) Indu Shahani Member Independent Director 4/4
Ms. Pooja Bajaj 8,00,000 6,00,000 14,00,000 15,41,875
Terms of reference 2. Review of measures taken for effective
Mr. Harsh Vardhan Goenka 5,00,000 4,00,000 9,00,000 Nil
exercise of voting rights by shareholders.
Mr. Shailesh Haribhakti 15,00,000 11,00,000 26,00,000 Nil The terms of reference of Stakeholders’ Relationship
Dr. (Mrs.) Indu Shahani 17,50,000 9,00,000 26,50,000 Nil Committee are as under: 3. Review of adherence to the service standards
Dr. Rajendra Prasad Singh 12,50,000 9,00,000 21,50,000 Nil adopted by the Company in respect of various
Mr. Munish Khetrapal 7,00,000 6,00,000 13,00,000 Nil 1. To resolve the grievances of the security services being rendered by the Registrar &
holders of the Company including complaints Share Transfer Agent.
related to transfer/transmission of shares,
nonreceipt of annual report, non-receipt of 4. Review of various measures and initiatives
declared dividends, issue of new / duplicate taken by the Company for reducing the
certificates, general meetings, etc. quantum of unclaimed dividends and ensuring
Corporate overview
Statutory reports
timely receipt of dividend warrants / annual Details of Shareholders’ complaints received, (E) Corporate Social Responsibility Committee
reports / statutory notices by the shareholders resolved, and pending during the financial year
of the Company. 2022-23: The Corporate Social Responsibility Committee was constituted to undertake various corporate social
responsibility related activities as envisaged in the Company’s Corporate Social Responsibility Policy with the
5. Issue and allotment of equity and/or composition consisting of Mr. Shekhar Bajaj, as the Chairman of the Committee, and Dr. (Mrs.) Indu Shahani
No. of
preference shares. Investors Complaints and Dr. Rajendra Prasad Singh, Independent Directors of the Company as its members.
complaints
6. Issue of new share certificate on allotment. Pending at the beginning of the year Nil During the financial year 2022-23, the Committee met twice i.e., on May 17, 2022, and March 28, 2023. The
Received during the year 11 requisite quorum was present at all meetings.
7. Issue of duplicate / split / consolidated share
Disposed off during the year 11
certificates. The attendance of the Corporate Social Responsibility Committee members:
Remaining unresolved at the end Nil
8. To settle any question, difficulty or doubts of of the year Sr. No. of meetings
the shareholders that may arise with regards to Name of Directors Position Category
(D) Risk Management Committee No. attended
the issue and allotment of shares.
1. Mr. Shekhar Bajaj Chairperson Executive Chairman 2/2
As on March 31, 2023, the Risk Management
9. Reference to Board of Directors in case of 2. Dr. (Mrs.) Indu Shahani Member Independent Director 2/2
Committee comprised of three (3) Directors and
any question, doubts or difficulty in respect 3. Dr. Rajendra Prasad Singh Member Independent Director 1/2
two (2) management personnel i.e., Mr. Shekhar
of issue, allotment, transfer of shares and any
Bajaj as the Chairperson and Mr. Anuj Poddar, Dr.
shareholders grievances, if necessary.
(Mrs.) Indu Shahani, Mr. E C Prasad (Chief Financial (F) Finance Committee Poddar, whereas leave of absence was granted
The Corporate Secretarial Department of the Officer) and Mr. Rishiraj Haldankar (Head of to Ms. Pooja Bajaj and Dr. Rajendra Prasad Singh.
Department - Audit) as its members. The Committee The Company has Finance Committee comprising
Company and the Registrar and Share Transfer
is governed by a Charter. The Company Secretary of three Directors viz. Mr. Shekhar Bajaj as its
Agent, Link Intime India Private Limited attend MANAGEMENT DISCUSSION AND ANALYSIS
acts as the convener to the Committee. Chairman, and Dr. Rajendra Prasad Singh and
to all grievances of the shareholders received REPORT
Ms. Pooja Bajaj as its members. The Company
directly or through SEBI, Stock Exchanges, Ministry
The composition of the Committee is in conformity Secretary acts as the convener to the Committee. Management Discussion and Analysis Report has been
of Corporate Affairs, Registrar of Companies,
with the SEBI Listing Regulations, with majority of attached as a separate chapter and forms part of the
etc. The minutes of Stakeholders’ Relationship The Committee, inter-alia, looks into the matters
members being Directors of the Company. Annual Report.
Committee meetings are circulated to and noted related to borrowings of the Company, if any,
by the Board. During the year under review, the Committee met to be made in the form of fund and non-fund
SUBSIDIARY COMPANIES
twice i.e., on September 8, 2022, and February 28, based limits for the business and working capital
Continuous efforts are made to ensure that
2023. The requisite quorum was present at all the requirements of the Company, review of the The Company has a Policy for determining Material
grievances are more expeditiously redressed to the
meetings. The gap between any two meetings has Company’s insurance program, issues authority Subsidiaries, which is in line with the SEBI Listing
complete satisfaction of the investors. Shareholders
been less than one hundred and eighty days. to or withdraws the authority given to the officers Regulations, and the same has been uploaded
are requested to furnish their updated telephone
of the Company to open / operate / close bank on the website of the Company at: https://www.
numbers and e-mail addresses to facilitate prompt
accounts, besides the other powers granted to it bajajelectricals.com/media/6127/policy-for-
action.
by the Board from time to time. determining-material-subsidiary-wef-1st-april-2019.pdf.
There is no material subsidiary of the Company and
The attendance of the Risk Management Committee members: During the year under review, the Committee
hence requirements relating to composition of Board
met once i.e., on October 25, 2022 which were
of Directors of unlisted material subsidiary do not apply
Sr. No. of meetings attended by Mr. Shekhar Bajaj and Mr. Anuj
Name of Directors Position Category to the Company.
No. attended
1. Mr. Shekhar Bajaj Chairperson Executive Chairman 2/2

GENERAL BODY MEETINGS
2. Mr. Anuj Poddar Member Managing Director & 2/2
Chief Executive Officer Details of last three AGMs held
3. Dr. (Mrs.) Indu Shahani Member Independent Director 2/2
4. Mr. E C Prasad Member Management Personnel 2/2 Financial Date and
AGM Venue Details of Special Resolution Passed
5. Mr. Rishiraj Haldankar Member Management Personnel 2/2 Year Time
The Committee may diverge from these responsibilities and may assume such other responsibilities as it deems 81st 2019-20 Friday, Meeting through Video a. Borrowing by way of Issue of Securities;
necessary or appropriate in carrying out its functions. The role and responsibilities of the Risk Management August 28, Conferencing / Other Audio b. Giving loan or guarantee or providing
Committee shall include such other items as may be prescribed by applicable law or the Board in compliance 2020 at 2.30 Visual Means that was anchored security in connection with loan availed
with applicable law, from time to time. The performance of the Committee shall be reviewed by the Board P.M at the registered office of by any of Company’s subsidiary or
periodically. the Company at 45-47, Veer other person specified under section
Nariman Road, Mumbai- 400001 185 of the Act; and
(the deemed venue).
Corporate overview
Statutory reports
Details of the special resolution proposed to be can lodge a complaint against the Company
Financial Date and
AGM Venue Details of Special Resolution Passed conducted through postal ballot: for redressal of his grievance. The Company
Year Time
uploads the action taken report on the complaint
There are no special resolutions proposed to be which can be viewed by the shareholder. The
c. Amendments in the ‘Bajaj Electricals
conducted through a postal ballot regarding any of Company and shareholder can seek and provide
Limited Employee Stock Option Plan
the matters to be discussed at the forthcoming AGM. clarifications online through SEBI.
2015’.
82nd 2020-21 Wednesday, Meeting through Video a. Revision in the remuneration of Mr. Anuj
(viii) The Company has designated the email id: legal@
August 11, Conferencing / Other Audio Poddar (DIN: 01908009), Executive MEANS OF COMMUNICATION TO SHAREHOLDERS
bajajelectricals.com for investor relations, and the
2021 at 03.00 Visual Means that was Director of the Company;
(i) The unaudited quarterly/half yearly results are same is prominently displayed on the Company’s
P.M. anchored at the registered b. Amendments in the ‘Bajaj Electricals
announced within forty-five (45) days of the close website www.bajajelectricals.com.
office of the company at 45-47, Limited Employee Stock Option Plan
Veer Nariman Road, Mumbai- of the quarter. The audited annual results are
2015’; and
400001 (the deemed venue) announced within sixty (60) days from the closure AFFIRMATIONS AND DISCLOSURES
c. Borrowing by way of Issue of Securities. of the financial year as per the requirement of the
83rd 2021-22 Friday, Meeting through Video a. Borrowing by way of Issue of Securities. SEBI Listing Regulations. a. Related Party Transactions
August 12, Conferencing / Other Audio
2022 at 3.00 Visual Means that was (ii) The approved financial results are sent to the All transactions entered into with the related
P.M. anchored at the registered Stock Exchanges forthwith and published in ‘Free parties as defined under the Act and Regulation 23
office of the company at 45-47, Press Journal’ (English newspaper) and ‘Navshakti’ of the SEBI Listing Regulations during the financial
Veer Nariman Road, Mumbai- (local language Marathi newspaper), within forty- year were in the ordinary course of business and
400001 (the deemed venue) eight (48) hours of approval thereof. Presently the on arm’s length basis and are in compliance with
same are not sent to the shareholders separately. the provisions of Section 188 of the Act. There were
no materially significant transactions with related
Details of special resolution passed through postal ballot, the persons who conducted the postal ballot exercise (iii) The Company’s financial results and official press parties during the financial year. Related party
and details of the voting pattern and procedure of postal ballot releases are displayed on the Company’s Website: transactions have been disclosed under significant
https://www.bajajelectricals.com/financial- accounting policies and notes forming part of the
Details of special resolutions passed through postal ballot during FY 2022-23:
results/ and https://www.bajajelectricals.com/ financial statements in accordance with “IND AS”.
The Company sought the approval of its shareholders on a specific matter through a Special Resolution by postal press-releases/ respectively. A statement of transactions entered into with the
ballot by utilizing a remote e-voting process only. The notice of this postal ballot, dated March 30, 2022, was related parties in the ordinary course of business
(iv) All financial and other vital official news releases
circulated on the same day. Remote e-voting began on March 31, 2022 and concluded on April 29, 2022. On the and at arm’s length basis is periodically placed
and documents under the SEBI Listing Regulations
final day of remote e-voting, i.e. April 29, 2022, the resolutions were passed with the necessary majority, and the before the Audit Committee for review and
including any presentations made to the institutional
outcomes were declared on April 30, 2022. Please see the information below for a description of the resolutions recommendation to the Board for its approval.
investors or/ and analysts are also communicated
and details on the voting pattern.
to the concerned stock exchanges, besides being As required under Regulation 23(1) of the SEBI
placed on the Company’s website. Listing Regulations, the Company has formulated
Sr. Number of Votes
Description of Resolution and Type of resolution a policy on dealing with related party transactions.
No. For % Against % (v) The quarterly results, shareholding pattern,
The Policy is available on the website of the
quarterly compliances and all other corporate
1. Re-designation and appointment of Mr. Shekhar Bajaj 87760504 96.64 3053326 3.36 Company: https://www.bajajelectricals.com/
communication to the Stock Exchanges viz. BSE
(DIN: 00089358) as an Executive Chairman, in the media/7307/policy-on-materiality-of-dealing-with-
Limited (“BSE”) and National Stock Exchange of
category of a whole-time director, with the title as the related-party-transactions.pdf.
India Limited (“NSE”) are filed electronically. The
“Chairman” of the Company, for a fresh term of five (5)
Company has complied with filing submissions The transactions are carried out on an arm’s length
years commencing from August 12, 2022.
through BSE’s BSE Listing Centre. Likewise, the said or fair value basis and have no potential conflict
2. Re-designation and appointment of Mr. Anuj Poddar 87765304 96.64 3048526 3.36
information is also filed electronically with NSE with the interest of the Company at large.
(DIN: 01908009) as the “Managing Director and Chief
through NSE’s NEAPS and Parivartan portals, as
Executive Officer” of the Company, for a fresh term of
applicable. b. Details of non-compliance by the Company,
five (5) years commencing from August 12, 2022.
penalties, and strictures imposed on the Company
(vi) A separate dedicated section under “Investors by Stock Exchanges or SEBI or any statutory
Procedure for the postal ballot: Mr. Anant B. Khamankar of Messrs Anant B. Khamankar Relation”, on the Company’s website gives authority, on any matter related to capital markets,
& Co., Practicing Company Secretary (FCS: 3198 information on unclaimed dividends, shareholding during last three financial years
The aforementioned Postal Ballot was conducted solely & COP No. 1860), was appointed as Scrutinizer, for pattern, quarterly/half yearly results and other
through the Remote E-Voting process in accordance conducting the above Postal Ballot through the relevant information of interest to the investors/ There are no instances of non-compliances by the
with the regulations set forth in Sections 108 and 110, as Remote E-Voting process fairly and transparently and public. Company necessitating imposition of penalties,
well as other applicable provisions of the Companies following the provisions of the Companies Act, 2013 strictures on the Company by Stock Exchanges
Act, 2013 and its corresponding Rules. (vii) SEBI processes investor complaints in a centralised or SEBI or any statutory authority, on any matter
and the rules made thereunder.
web-based complaints redressal system i.e., related to capital markets, during the last three (3)
SCORES. Through this system a shareholder years.
Corporate overview
Statutory reports
c. Vigil Mechanism / Whistle Blower Policy updated on the website of the Company. h. Where the Board had not accepted any j. Disclosures in relation to the Sexual Harassment of
recommendation of any committee of the Board Women at Workplace (Prevention, Prohibition and
Pursuant to provisions of Section 177(9) and (10) Modified opinion(s) in audit report - There is no which is mandatorily required, in the relevant Redressal) Act, 2013
of the Act and the rules framed thereunder, modified opinion in the audit reports. financial year. Not Applicable
Regulation 22 of the SEBI Listing Regulations and The details of number of complaints filed and
SEBI (Prohibition of Insider Trading) Regulations, Reporting of Internal Auditor - In accordance i. Fees paid to the Statutory Auditors paid by the disposed-off during the year and pending as on
2015, as amended, the Company has formulated with the provisions of Section 138 of the Act, the Company and its subsidiary March 31, 2023, are given in the Board’s Report.
the Whistle Blower Policy which is applicable to Company has appointed an Internal Auditor
all employees and all other persons dealing with who reports to the Audit Committee. Internal Total fees for all services paid by the Company and k. CEO and CFO Certification
the Company to inter alia report unacceptable audit reports submitted on quarterly basis are its subsidiary, on a consolidated basis, to S R B C &
reviewed by the Audit Committee and suggestion CO LLP, having ICAI Registration number 324982E/ Certificate issued by Mr. Anuj Poddar, Managing
improper practices and/or unethical practices
/ directions, if any, are given for necessary action. E300003, statutory auditors of the Company and Director & Chief Executive Officer and Mr. E C
and/or genuine concerns and to create awareness
other firms in the network entity of which the Prasad, Chief Financial Officer of the Company,
to report instances of leak of Unpublished Price
Separate posts of Chairperson and the Managing statutory auditors are a part, during the year for the financial year under review, was placed
Sensitive Information.
Director or the Chief Executive Officer - The ended March 31, 2023, is as follows: before the Board at its meeting held on May 23,
The whistle blower shall address all the protected Company does not have separate posts of 2023, in terms of Regulation 17(8) of the SEBI Listing
Chairperson and the Manging Director or the (Amount: H in lakh) Regulations and the said certificate is annexed
disclosure to the Company Secretary and
Compliance Officer of the Company. Protected Chief Executive Officer since compliance to this S R B C & CO LLP and to this Report. The Managing Director & Chief
requirement is voluntary in nature. Particulars Executive Officer and Chief Financial Officer also
disclosure against the Company Secretary and their network entities
Compliance Officer of the Company should be gave quarterly certification on financial results while
e. Commodity price risk or foreign exchange risk and Fees for audit and related 225.85 placing the financial results before the Board in terms
addressed to the Chairman &Managing Director
hedging activities services of Regulation 33(2)(a) of the SEBI Listing Regulations.
of the Company and protected disclosure against
Other fees 74.49
the Chairman & Managing Director should The Company has managed the foreign Total 300.34 l. Compliance Certificate of the Auditors
be addressed to the Chairman of the Audit exchange risk with appropriate hedging activities
Committee. in accordance with policies of the Company. Certificate from the Company’s Auditors, S R B C &
The Company has adequate risk assessment Co. LLP confirming compliance with conditions of
The Policy provides for adequate safeguards
and minimization system in place including for Corporate Governance as stipulated under Clause
against victimisation to all whistleblowers who use
commodities. The Company does not have E of Schedule V of the SEBI Listing Regulations, is
such mechanism.
material exposure in any particular commodity. attached to this Report.
During the year under review, none of the Accordingly, there is no disclosure to offer in
personnel of the Company have been denied terms of SEBI circular no. SEBI/HO/CFD/CMD1/
CIR/P/2018/0000000141 dated November 15, 2018. THE DISCLOSURES OF THE COMPLIANCE WITH CORPORATE GOVERNANCE REQUIREMENTS SPECIFIED
access to the Audit Committee. The Whistle Blower
IN REGULATION 17 TO 27 AND REGULATION 46(2) OF THE SEBI LISTING REGULATIONS
Policy is displayed on the Company’s website:
f. Details of utilisation of funds raised through
https://www.bajajelectricals.com/media/6129/
preferential allotment or qualified institutions Compliance
whistle-blower-policy-vigil-mechanism-wef-1st- Sr.
placement as specified under Regulation 32(7A). Particulars Regulations Status (Yes/ Brief Descriptions of the Regulations
april-2019.pdf. No.
Not Applicable No/N.A.)
d. Details of Adoption of Non-Mandatory 1. Board of Directors 17 Yes • Composition and Appointment of Directors.
g. A certificate from a Company Secretary in
(Discretionary) Requirements
practice that none of the directors on the board of • Meetings and quorum.
The status of compliance with the non-mandatory the Company have been debarred or disqualified
• Review of compliance reports.
requirements under Regulation 27 of the SEBI Listing from being appointed or continuing as directors of
companies by the Board / Ministry of Corporate • Plans for orderly succession for appointments.
Regulations are as under:
Affairs or any such statutory authority • Code of Conduct.
The Board - The requirement relating to • Fees / compensation to Non-Executive Directors.
maintenance of office and reimbursement of The Company has received a certificate from
Messrs Anant B. Khamankar & Co., Practicing • Minimum information to be placed before the
expenses of Non-Executive Chairman is not Board.
applicable to the Company since the Chairman Company Secretaries (Membership No. FCS 3198;
CP No. 1860) to the effect that none of the directors • Compliance Certificate by Chief Executive Officer
of the Company is an Executive Director.
on the Board of the Company has been debarred and Chief Financial Officer.
Shareholders rights - The Company has not or disqualified from being appointed or continuing • Risk assessment and risk management plan.
adopted the practice of sending out half- as directors of the companies by the Board/Ministry • Performance evaluation of Independent Directors.
yearly declaration of financial performance to of Corporate Affairs or any other statutory authority.
• Recommendation of Board for each item of
shareholders. Quarterly results as approved by the The same forms part of this report.
special business
Board are disseminated to Stock Exchanges and
2. Maximum number of 17A Yes • Directorships in listed entities.
directorships
Corporate overview
Statutory reports
Compliance Compliance
Sr. Sr.
Particulars Regulations Status (Yes/ Brief Descriptions of the Regulations Particulars Regulations Status (Yes/ Brief Descriptions of the Regulations
No. No.
No/N.A.) No/N.A.)
3. Audit Committee 18 Yes • Composition. 12. Obligations 26 Yes • Memberships / Chairmanships in Committees.
• Meetings and quorum. with respect to • Affirmation on compliance of Code of Conduct
Directors and Senior by Directors and Senior Management.
• Chairperson present at Annual General Meeting.
Management
• Role of the Committee • Disclosure of shareholding by Non-Executive
4. Nomination and 19 Yes • Composition. Directors.
Remuneration • Chairperson present at Annual General Meeting. • Disclosures by Senior Management about potential
Committee conflicts of interest.
• Meetings and quorum
5. Stakeholders 20 Yes • Composition. • No agreement with regard to compensation
Relationship or profit sharing in connection with dealings in
• Chairperson present at Annual General Meeting.
Committee securities of the Company by Key Managerial
• Meetings. Personnel, Director and Promoter.
• Role of the Committee. 13. Other Corporate 27 Yes • Filing of quarterly, half-yearly and yearly
6. Risk Management 21 Yes • Composition. Governance compliance report on Corporate Governance.
Committee • Meetings. Requirements
14. Website 46(2)(b) Yes • Terms and conditions of appointment of
• Role of the Committee
to (i) Independent Directors.
7. Vigil Mechanism 22 Yes • Vigil Mechanism for Directors and employees.
• Composition of various Committees of the Board
• Adequate safeguards against victimisation.
of Directors.
• Direct access to Chairperson of Audit Committee.
• Code of Conduct of Board of Directors and Senior
8. Related Party 23 Yes • Policy on materiality of related party transactions
Management Personnel.
Transaction and dealing with related party transactions.
• Details of establishment of Vigil Mechanism /
• Prior approval including omnibus approval of Audit
Whistle-blower policy.
Committee for related party transactions.
• Policy on dealing with related party transactions.
• Periodical review of related party transactions.
• Policy for determining material subsidiaries.
• Disclosure on related party transactions
9. Subsidiaries of the 24 Yes • Review of financial statements and investments of • Details of familiarisation programmes imparted to
Company subsidiaries by the Audit Committee. Independent Directors
• Minutes of the Board of Directors of the subsidiaries
are placed at the meeting of the Board of GENERAL SHAREHOLDER INFORMATION Details of EGM/Court or Tribunal Convened
Directors. Meeting held during the financial year 2022-23:
a. Company Information
• Significant transactions and arrangements of
subsidiaries are placed at the meeting of the The Company is registered in the State of Day and date Thursday, March 2, 2023
Board of Directors. Maharashtra, India. The Corporate Identity Time 11.00 A.M. (IST)
10. Secretarial Audit 24A Yes • Annual Secretarial Audit Report and Annual Number (CIN) allotted to the Company by Purpose of Approving the Scheme of
Secretarial Compliance Report. the Ministry of Corporate Affairs (MCA) is Meeting Arrangement between Bajaj
11. Obligations 25 Yes • Maximum directorships and tenure. L31500MH1938PLC009887. Electricals Limited (“BEL”
with respect to • Meetings of Independent Directors. or “Demerged Company”
Independent Directors b. Information on General Body Meetings or “Company”) and Bajel
• Cessation and appointment of Independent
Directors. Projects Limited (“BPL” or
AGM for the financial year 2022-23
“Resulting Company”) and
• Review of Performance by the Independent
their respective Shareholders
Directors. Day and date Thursday, August 10, 2023 under Sections 230-232 and
• Familiarisation of Independent Directors. Time 03:00 P.M. IST other applicable provisions
• Declaration from Independent Director that he / Venue Via video conferencing/ of the Companies Act, 2013
she meets the criteria of independence. other audio-visual means (“Scheme”).
Financial year April 1, 2022 to March 31, Venue Via video conferencing/other
• Directors and Officers insurance for all the
2023 audio-visual means
Independent Directors.
Financial year April 1, 2022 to March 31, 2023
Corporate overview
Statutory reports
c. Dividend e. Listing on stock exchanges & stock code
The Board of Directors at its Meeting held on May 23, 2023, has recommended dividend payout, subject to Equity Shares of the Company are currently listed on the following stock exchanges:
approval of the shareholders at the ensuing AGM, of H 4.00 per equity share for FY 2022-23. The dividend shall
be paid to the members whose names appear on Company’s Register of Members as of the closing hours on Name of the Stock Exchange(s) Address Stock Code
Friday, July 28, 2023, in respect of physical shareholders and whose name appear in the list of Beneficial Owner
BSE Limited Phiroze Jeejeebhoy Towers, 500031
as of the close of business hours on Friday, July 28, 2023, furnished by National Securities Depository Limited
Dalal Street, Mumbai 400 001
(NSDL) and Central Depository Services (India) Limited (CDSL) for this purpose. The dividend, if declared at the
National Stock Exchange of India Limited Exchange Plaza, Bandra - BAJAJELEC
AGM, shall be paid on or after August 14, 2023.
Kurla Complex, Bandra (East),
Dividend Distribution Policy Mumbai 400 051
The Company has adopted Dividend Distribution Policy in terms of the requirements of the SEBI Listing The ISIN Number allotted to the Company’s equity shares of face value of H 2 each under the depositories
Regulations and the same is annexed with this Annual Report and is also available on the Company’s website (NSDL and CDSL) system is INE193E01025.
at: https://www.bajajelectricals.com/media/7301/dividend-distribution-policy.pdf.
For the financial year 2023-24, the Company has paid annual listing fees to both the stock exchanges and
Dividend history for the last 10 Financial Years annual custody/issuer fees to both the depositories.
Table below gives the history of dividend declared and paid by the Company in the last 10 financial years: f. The details of NCDs issued by the Company
Not applicable.
Sr. Date of declaration Dividend Per Share
Financial Year g. Market Price Data
No. of Dividend (in J)
1. 2012-13 August 6, 2013 2.00 BEL Share Price on BSE vis-à-vis BSE Sensex April 2022-March 2023
2. 2013-14 July 31, 2014 1.50
3. 2014-15 August 6, 2015 1.50 BSE Sensex BEL Share Price Number of shares traded Turnover
Month
4. 2015-16 March 10, 2016 2.80 Close High (J) Low (J) Close (J) during the month (J in crore)
5. 2016-17 August 3, 2017 2.80 Apr-22 57,060.87 1,153.45 1,061.40 1,098.20 6,21,651 68.65
6. 2017-18 August 9, 2018 3.50 May-22 55,566.41 1,124.05 875.50 992.05 2,11,309 20.90
7. 2018-19 August 7, 2019 3.50 Jun-22 53,018.94 1,046.00 857.55 1,016.55 1,43,803 13.77
8. 2019-20 No dividend recommended Jul-22 57,570.25 1,198.40 1,001.00 1,132.70 2,23,773 24.79
9. 2020-21 No dividend recommended Aug-22 59,537.07 1,265.00 1,113.80 1,230.25 2,74,969 33.01
10. 2021-22 August 12, 2022 3.00 Sep-22 57,426.92 1,255.00 1,003.85 1,203.60 3,08,162 35.29
Oct-22 60,746.59 1,229.00 1,134.10 1,167.30 6,11,066 71.41
Nov-22 63,099.65 1,179.25 1,063.00 1,112.95 95,031 10.73
d. Tentative calendar for financial year ending March 31, 2024 Dec-22 60,840.74 1,240.00 1,086.10 1,215.75 1,13,646 13.17
Jan-23 59,549.90 1,222.55 1,056.65 1,074.30 62,437 7.22
Financial Year – 1 April to 31 March. Feb-23 58,962.12 1,209.95 1,079.50 1,088.75 1,67,281 19.41
Mar-23 58,991.52 1,155.55 1,039.00 1,052.10 6,26,328 67.46
The tentative dates for Board Meetings for consideration of quarterly financial results are as follows:
BEL Share Price on BSE & BSE Sensex

Particulars of Quarter Tentative dates
120.00
Q1 Results 2nd Week of August 2023 115.00
Q2 and Half Yearly Results 2nd Week of November 2023
Q3 Results 1st Week of February 2024 110.00
Q4 and Annual Results 4th Week of May 2024 105.00
The Board Meetings for approval of financial results during the year ended March 31, 2023, were held on the 100.00
following dates: 95.00
Date of approval of financial 90.00

Particulars of Quarter
results 85.00
Q1 Results August 12, 2022 80.00
Q2 and Half Yearly Results November 8, 2022 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Q3 Results February 2, 2023 Bajaj Electricals BSE Sensex
Q4 and Annual Results May 23, 2023
Note: Share price of Bajaj Electricals Limited and BSE Sensex have been indexed to 100 on April 1, 2022.
Corporate overview
Statutory reports
BEL Share Price on NSE vis-à-vis NSE Nifty April 2022-March 2023 may obtain a nomination form (Form SH-13), (v) Dividend / Unclaimed Dividend / Unclaimed
from the Company’s RTA or download the Shares
NSE Nifty BEL Share Price Number of shares traded Turnover same from the Company’s website. Members
Month a) Payment of dividend through Automated
Close High (J) Low (J) Close (J) during the month (J in crore) holding shares in dematerialised form should
contact their Depository Participants in this Clearing House (ACH)
Apr-22 17,102.55 1,155.00 1,060.55 1,097.70 18,71,954 208.71
regard.
May-22 16,584.55 1,125.00 860.60 990.15 26,78,281 264.90 The Company provides the facility for direct
Jun-22 15,780.25 1,047.00 858.55 1,023.95 17,65,725 169.68 credit of the dividend to the Members’
(iii) Permanent Account Number and KYC
Jul-22 17,158.25 1,199.05 1,000.20 1,133.15 27,18,135 300.07 Bank Account. SEBI Listing Regulations
Aug-22 17,759.30 1,265.00 1,113.10 1,232.90 36,25,800 437.82 Members who hold shares in physical form are also mandate companies to credit the
Sep-22 17,094.35 1,255.00 1,003.00 1,202.20 23,43,340 271.48
advised to register their PAN card details with dividend to the members electronically.
Oct-22 18,012.20 1,229.90 1,133.90 1,169.05 18,21,062 215.23
the Registrar and Share Transfer Agents of the Members are therefore urged to avail this
Nov-22 18,758.35 1,179.70 1,062.00 1,112.45 10,88,727 123.03
Dec-22 18,105.30 1,240.00 1,090.00 1,214.40 17,84,741 206.40 Company. SEBI, vide the Circular Nos. SEBI/HO/ facility to ensure safe and speedy credit
Jan-23 17,662.15 1,088.40 1,190.10 1,198.00 8,47,406 97.19 MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated of their dividend into their bank account
Feb-23 17,303.95 1,125.30 1,080.00 1,147.50 16,99,632 194.68 November 3, 2021, SEBI/HO/MIRSD/MIRSD_ through the banks’ ACH mode.
Mar-23 17,359.75 1,109.35 1,081.60 1,103.60 16,52,257 180.22 RTAMB/P/CIR/2021/687 dated December
14, 2021, and SEBI/HO/MIRSD/MIRSD-PoD- Members who hold shares in demat mode
BEL Share Price on NSE & NSE Nifty 1/P/CIR/2023/37 dated March 16, 2023, has should inform their depository participant,
120.00 mandated furnishing of PAN, Address with pin whereas Members holding shares in
code, email address, mobile number, bank physical form should inform Registrar and
115.00 Share Transfer Agent of the Company
account details, specimen signature and
110.00 nomination by holders of physical securities. (contact details given below) of the
Folios wherein any one of the cited documents/ core banking account details allotted
105.00 to them by their bankers. In cases where
details are not available on or after October
100.00 01, 2023, shall be frozen by the Registrar and the core banking account details are not
Transfer Agent of the Company. available, the Company will issue demand
95.00
drafts mentioning the existing bank details
90.00 (iv) Subdivision of shares available with the Company.
85.00 The Company had subdivided the face value b) Unclaimed dividends
80.00 of its equity shares from H 10 to H 2 in 2009.
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Members still holding share certificates of The Company is required to transfer
H 10 are requested to send the certificates to dividends, which have remained unpaid/
Bajaj Electricals NSE Nifty unclaimed for a period of seven (7) years
the Registrar and Share Transfer Agent of the
Company (contact details given below) for from the date the amount is transferred
Note: Share price of Bajaj Electricals Limited and NSE Nifty have been indexed to 100 on April 1, 2022.
exchange with shares of the face value of to Unpaid Dividend Account of the
H 2 each. Company to the Investor Education &
h. Share Transfer System/Dividend and Other related 5. Endorsement
Protection Fund (“IEPF”) established by the
matters
6. Sub-division / Splitting of securities certificate In terms of the provisions of Section 72 of the Government.
(i) Share Transfer System Act, facility for making nomination is available
7. Consolidation of securities certificates/ for the Members in respect of shares held by Before transferring the unclaimed
In light of the provisions of Regulation 40 of folios them. Members holding shares in physical form dividends to IEPF, individual letters / email
the SEBI Listing Regulations read with a SEBI may obtain a nomination form (Form SH-13), communications / newspaper notices
Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/ 8. Transmission from the Company’s RTA or download the are sent / given to those Members whose
CIR/2022/8 dated January 25, 2022, as issued same from the Company’s website. Members unclaimed dividends are due for transfer
9. Transposition to enable them to claim the dividends
by the Securities and Exchange Board of India, holding shares in dematerialised form should
Members may please note that issuance of contact their Depository Participants in this before the due date for such transfer.
In view of the above, the shareholders holding
securities in the following cases shall only be regard. The information on unclaimed dividend
shares in physical form are requested to get
done in dematerialised form: is also posted on the Company’s website
their shares dematerialised at the earliest to
at: https://www.bajajelectricals.com/
avoid any inconvenience in future.
1. Transfer of share unclaimed-dividend-iepf/
(ii) Nomination facility for shareholding
2. Issue of duplicate securities certificate
In terms of the provisions of Section 72 of the
3. Claim from Unclaimed Suspense Account
Act, facility for making nomination is available
4. Renewal / Exchange of securities certificate for the Members in respect of shares held by
them. Members holding shares in physical form
Corporate overview
Statutory reports
Details of Unclaimed Dividend as on March 31, 2023, and due dates for their transfer: d) Unclaimed Shares
Sr. Date of declaration Unclaimed Due Date for transfer Regulation 39(4) of the SEBI Listing Regulations read with Schedule VI ‘Manner of dealing with
Financial Year Unclaimed Shares’, had directed Companies to dematerialise such shares, which have been returned
No. of Dividend Amount (J) to IEPF Account
as ‘undelivered’ by the postal authorities and hold these shares in an ‘Unclaimed Suspense Account’
1. 2015-16 March 10, 2016 17,50,501.20 April 16, 2023 to be opened with either one of the Depositories viz. National Securities Depository Limited (NSDL) or
2. 2016-17 August 3, 2017 16,52,229.60 September 9, 2024 Central Depository Services (India) Ltd. (CDSL).
3. 2017-18 August 9, 2018 14,02,397.50 September 15, 2025
4. 2018-19 August 7, 2019 7,84,525.00 September 13, 2026 All corporate benefits on such shares viz. bonus, dividend, etc. shall be credited to the unclaimed
5. 2019-20 No dividend recommended suspense account as applicable for a period of seven (7) years and thereafter be transferred in
6. 2020-21 No dividend recommended accordance with the provisions of Investor Education and Protection Fund Authority (Accounting,
7. 2021-22 August 12, 2022 39,19,970.00 September 18, 2029 Audit, Transfer, and Refund) Rules, 2016 (IEPF Rules) read with Section 124(6) of the Act.
c) Transfer of the ‘shares’ into Investor ii. After filling the form, save it on your Pursuant to Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, the details of the
Education and Protection Fund (“IEPF”) (in computer and submit the duly filled shares in the Suspense Account are as follows:
cases where dividend has not been paid form by following the instructions
or claimed for seven (7) consecutive years given in the upload link on the Aggregate Number of Shareholders and the Outstanding
14 number of shareholders and 7,940
or more) website. On successful uploading, an Shares in the suspense account lying at the beginning of
Equity Shares
acknowledgment will be generated the year
In terms of Section 124(6) of the Act read Number of shareholders who approached the Company
indicating the SRN. Please note down 1 number of shareholder and 94
with Investor Education & Protection Fund for transfer of shares from suspense account during the
the SRN details for future tracking of Equity Shares
Authority (Accounting, Audit, Transfer and year
the form.
Refund) Rules, 2016, as amended (“IEPF Number of shareholders to whom shares were transferred 1 number of shareholder and 94
Rules”), and Notifications issued by the iii. Take a print out of the duly filled Form from suspense account during the year Equity Shares
Ministry of Corporate Affairs from time to No.IEPF-5 and the acknowledgment Number of shareholders and aggregate number of shares 19 number of shareholders and 1,317
time, the Company is required to transfer issued after uploading the form. transferred to unclaimed suspense account Equity Shares
the shares in respect of which dividends
Number of shareholders and aggregate number of shares 8 number of shareholders and 4,255
have remained unpaid/unclaimed for iv. Submit an indemnity bond in original,
transferred to IEPF Authority Equity Shares
a period of seven consecutive years or copy of the acknowledgment and
more to the IEPF Account established self-attested copy of e-form, along Aggregate number of shareholders and the outstanding 24 number of shareholders and 4,908
by the Central Government. As required with other documents as mentioned in shares in the suspense account lying at the end of the year Equity Shares
under the said Rules, the Company has the Form No IEPF-5 and the IEPF Rules That the voting rights on these shares shall remain frozen till 24 number of shareholders and 4,908
transferred the required number of shares to the Nodal Officer of the Company the rightful owner of such shares claims the shares Equity Shares
to the IEPF. at its Registered Office in an envelope
i. Reconciliation of Share Capital Audit
marked ‘Claim for refund from IEPF
Guidelines for investors to file claim in Authority/Claim for shares from IEPF’ As required by the SEBI, quarterly audit of the Company’s share capital is being carried out by an independent
respect of the unclaimed dividend or as the case may be. Kindly note external auditor with a view to reconcile the total share capital admitted with NSDL, CDSL and held in physical
shares transferred to the IEPF: that submission of documents to the form, with the issued and listed capital. The Auditor’s Certificate with regard to the same is submitted to BSE
Company is necessary to initiate the and NSE and is also placed before the Board of Directors.
Investors/depositors whose unpaid
refund process.
dividends, matured deposits or j. Distribution of Shareholding as on March 31, 2023
debentures, etc. have been transferred v. Claim forms completed in all respects
to IEPF under the erstwhile Companies will be verified by the concerned Distribution of shareholding across categories
Act, 1956 and/ or the Act, can claim the Company and on the basis of
amounts. In addition, claims can also be Company’s Verification Report, refund March 31, 2023 March 31, 2022
made in respect of shares which have will be released by the IEPF Authority Categories % of total % of total
been transferred into the IEPF, as per the No. of shares No. of shares
in favour of claimants’ Aadharlinked capital capital
procedures/guidelines stated as follows: bank account through electronic
Promoters and Promoter Group 7,23,42,279 62.87 7,23,42,278 62.98
transfer and/or the shares shall be Mutual Funds 1,32,71,362 11.53 1,32,11,075 11.50
i. Download the Form IEPF-5 from the
credited to the demat account of the FIIs 1,29,00,627 11.21 1,22,20,932 10.64
website of IEPF (www.iepf.gov.in)
claimant, as the case may be. Individuals (including HUF) 98,53,704 8.56 1,17,17,752 10.20
for filing the claim for the refund of
Trusts 31,89,832 2.78 21,32,731 1.86
dividend/shares. Read the instructions vi. The Nodal Officer of the Company Indian Bodies Corporates 13,65,510 1.19 14,33,530 1.25
provided under the IEPF Rules, on the for IEPF Refunds Process is Mr. Ajay NRIs and OCBs 4,13,153 0.36 8,55,678 0.74
website/instruction kit, along with the Nagle, Company Secretary & Head of Alternate Investment Funds 1,42,793 0.12 1,90,572 0.17
e-form carefully, before filling the form. Department. Insurance Companies 8,50,563 0.74 4,12,375 0.36
Corporate overview
Statutory reports
Rating Agency Particulars of Debt Particulars of Change

March 31, 2023 March 31, 2022
CRISIL Ratings Limited Short Term Debt Reaffirmed to [CRISIL A1+]
Categories % of total % of total
No. of shares No. of shares CRISIL Ratings Limited Bank Loan Facilities (long-term) Revised to CRISIL A+/Watch Positive
capital capital
from CRISIL A+/Watch Developing
IEPF 3,09,378 0.27 3,03,851 0.26 CRISIL Ratings Limited Bank Loan Facilities (short-term) Revised to CRISIL A1+ from CRISIL A+/
Clearing Members 873 0.00 35,994 0.03 Watch Developing
Banks, NBFCs and FIs 20,213 0.02 17,346 0.02
Foreign Nationals 4,15,263 0.36 - - n. Address for Correspondence
Central Government 88 0.00 - -
Total 11,50,75,638 100.00 11,48,74,114 100.00 All Shareholders’ correspondence should be forwarded to Link Intime India Private Limited, Registrar & Share
Transfer Agents of the Company or to the Compliance Officer at their following respective addresses should
Distribution of shareholding according to size category as on March 31, 2023: be forwarded to Link Intime India Private Limited, Registrar & Share Transfer Agents of the Company or to
Compliance Officer at their following respective addresses:
% to total % of total
Particulars No. of folios No. of shares Link Intime India Private Limited Ajay Nagle, Compliance Officer
Shareholders shares
Registrar & Share Transfer Agents Company Secretary and Head of Department
1 to 1000 62052 96.96 30,27,019 2.63 Bajaj Electricals Limited
1001 to 2000 860 1.34 12,38,366 1.08 C101, 247 Park, L B S Marg, Vikhroli (West),
45/47, Veer Nariman Road, Mumbai 400 001
2001 to 3000 339 0.53 8,44,451 0.73 Mumbai 400 083. Tel. No.: 022-6110 7800 / 6149 7000
3001 to 4000 158 0.25 5,56,856 0.48
Tel. No.: 022-4918 6000 Fax No.: 022-4918 6060. E-mail: legal@bajajelectricals.com
4001 to 5000 89 0.14 4,05,841 0.35
5001 to 10000 222 0.35 15,68,957 1.36 E-mail: rnt.helpdesk@linkintime.co.in Website: www.bajajelectricals.com
10001 and above 279 0.44 10,74,34,148 93.36 Website: www.linkintime.com
Total 63999 100.00 11,50,75,638 100.00
k. Dematerialisation of shares and liquidity o. Factories/Plants Location
As on March 31, 2023, 11,46,68,943 (99.65%) equity shares of the Company were held in dematerialised form,
compared to 11,33,04,794 (98.64%) equity shares as on March 31, 2022. Shares held in physical and electronic Chakan Unit Ranjangaon Unit Nashik Plant Wind Farm
mode as on March 31, 2023 are given herein below: Village Mahalunge, MIDC – Ranjangaon Gat No. 423 to 426, Village Vankusawade,
Chakan, Chakan Village : Dhoksanghavi Wadivarhe Mumbai Taluka: Patan,
Position as on Position as on Net change during Talegaon Road, Taluka: Shirur, Agra Highway, Taluka- District: Satara
March 31, 2023 March 31, 2022 FY 2022-23 Taluka: Khed, District: Pune, Igatpuri, Maharashtra - 415206.
No. of % of total No. of % of total % of total District: Pune, Maharashtra – 412210 District Nashik -422403.
No. of shares
shares shareholding shares shareholding shareholding Maharashtra – 410501.
Physical (A) 4,06,695 0.35 15,69,320 1.36 11,62,625 1.01

Demat
NSDL 6,13,92,940 53.35 11,00,81,093 95.83 4,86,88,153 42.48
CDSL 5,32,76,003 46.30 32,23,701 2.81 (5,00,52,302) (43.49)
Total Demat (B) 11,46,68,943 99.65 11,33,04,794 98.64 (13,64,149) (1.00)
Total (A) + (B) 11,50,75,638 100.00 11,48,74,114 100.00 (2,01,524) 0
l. Outstanding Global depository receipts or American depository receipts or warrants or any convertible
instruments, conversion date and likely impact on equity: Not Applicable
m. Credit Ratings
The Company has obtained credit ratings from ICRA Limited and CRISIL Ratings Limited. During the financial
year 2022-23, there has been upgrade and withdrawal in rating of the Company, the details of which are
given below:
Corporate overview
Statutory reports
Compliance with Code of Conduct Certificate of Non-Disqualification of Directors

[pursuant to Regulation 34(3) read with Schedule V Para C clause 10(i) of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015]
As provided under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board Members and the Senior Management Personnel have confirmed compliance with
the Code of Business Conduct & Ethics for the year ended March 31, 2023.
To,
For Bajaj Electricals Limited The Members,
BAJAI ELECTRICALS TIMITED
45/47, Veer Nariman Road, Mumbai – 400001.
Sd/-
Anuj Poddar We have examined the relevant registers, records, forms, returns and disclosures received from the Directors
Managing Director and Chief Executive Officer of Bajaj Electricals Limited having CIN: L31500MH1938PLC009887 and having registered office at 45/47, Veer
DIN: 01908009 Nariman Road, Mumbai – 400001, Maharashtra, India (the “Company”), produced before us by the Company
for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para C
Mumbai, May 23, 2023
Sub clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us
by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as
stated below for the financial year ending on 31st March, 2023 have been debarred and disqualified from being
appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of
Corporate Affairs or any such other Statutory Authority.
Sr. Date of appointment at current

Name of Director DIN
No designation in the Company
1. Mr. Shekhar Bajaj 00089358 12/08/2022

2. Mr. Anuj Vishnukumar Poddar 01908009 12/08/2022
3. Mr. Rajendra Prasad Singh 00004812 30/07/2009
4. Mr. Shailesh Vishnubhai Haribhakti 00007347 28/08/2020
5. Mr. Madhur Bajaj 00014593 28/11/1994
6. Mr. Rajivnayan Rahulkumar Bajaj 00018262 07/08/2019
7. Mr. Harsh Vardhan Goenka 00026726 17/09/1984
8. Mrs. Indu Ranjit Shahani 00112289 31/03/2006
9. Mrs. Pooja Bajaj 08254455 07/08/2019
10. Mr. Munish Khetrapal 08263282 07/08/2019
Ensuring the eligibility for the appointment /continuity of every Director on the Board is the responsibility of the
management of the company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For Anant B Khamankar & Co.

Company Secretaries
Sd/-
Anant B. Khamankar
Membership No.:3198
Date: May 6, 2023 C P No.:1860
Place: Mumbai UDIN: F003198E000263469
Corporate overview
Statutory reports
Chief Executive Officer (CEO) and Chief Financial Compliance Certificate of the Auditors
Officer (CFO) Certification Independent Auditor’s Report on compliance with the conditions of Corporate Governance as per provisions
of Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended
To,
The Board of Directors The Members of
Bajaj Electricals Limited Bajaj Electricals Limited
Mumbai 45/47, Veer Nariman Road,
Dear Sirs/Madam, Mumbai- 400001
We, the undersigned, in our respective capacities as Managing Director and Chief Executive Officer and Chief 1. The Corporate Governance Report prepared Guidance Note on Reports or Certificates for
Financial Officer of Bajaj Electricals Limited (“the Company”), pursuant to Regulation 17(8) [read with Part B by Bajaj Electricals Limited (hereinafter the Special Purposes and the Guidance Note on
of Schedule II] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) “Company”), contains details as specified in Certification of Corporate Governance, both
Regulations, 2015, to the best of our knowledge and belief certify that: regulations 17 to 27, clauses (b) to (i) and (t) of sub issued by the Institute of Chartered Accountants
– regulation (2) of regulation 46 and para C, D, and of India (“ICAI”). The Guidance Note on Reports or
1) We have reviewed the financial statements for the fourth quarter and year ended March 31, 2023 and to the E of Schedule V of the Securities and Exchange Certificates for Special Purposes requires that we
best of our knowledge and belief, we state that: Board of India (Listing Obligations and Disclosure comply with the ethical requirements of the Code
Requirements) Regulations, 2015, as amended of Ethics issued by ICAI.
a. these statements do not contain any materially untrue statement or omit any material fact or contain
(“the Listing Regulations”) (‘Applicable criteria’)
statements that might be misleading; 6. We have complied with the relevant applicable
for the year ended March 31, 2023 as required by
the Company for annual submission to the Stock requirements of the Standard on Quality Control
b. these statements together present a true and fair view of the Company’s affairs and are in compliance
exchange. (SQC) 1, Quality Control for Firms that Perform
with the existing accounting standards, applicable laws and regulations;
Audits and Reviews of Historical Financial
2) We further state that to the best of our knowledge and belief, there are no transactions entered into by Information, and Other Assurance and Related
Management’s Responsibility Services Engagements.
the Company during the said period, which are fraudulent, illegal or violative of the Company’s Code of
Conduct. 2. The preparation of the Corporate Governance 7. The procedures selected depend on the auditor’s
Report is the responsibility of the Management judgement, including the assessment of the risks
3) We are responsible for establishing and maintaining internal controls for financial reporting and that we have
of the Company including the preparation and associated in compliance of the Corporate
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting of
maintenance of all relevant supporting records Governance Report with the applicable criteria.
the Company and have disclosed to the Auditors and the Audit Committee, deficiencies, in the design or
and documents. This responsibility also includes Summary of procedures performed include:
operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take
the design, implementation and maintenance of
to rectify these deficiencies.
internal control relevant to the preparation and i. Read and understood the information
4) We have disclosed, based on our most recent evaluation of the Company’s internal control over financial presentation of the Corporate Governance Report. prepared by the Company and included in its
reporting, wherever applicable, to the Auditors and Audit Committee: Corporate Governance Report;
3. The Management along with the Board of
a. Any significant changes in internal controls during the said period; Directors are also responsible for ensuring that ii. Obtained and verified that the composition
the Company complies with the conditions of of the Board of Directors with respect to
b. Any significant changes in accounting policies during the said period, if any, and the same have been Corporate Governance as stipulated in the Listing executive and non-executive directors has
disclosed in the notes to the financial statements; and Regulations, issued by the Securities and Exchange been met throughout the reporting period;
Board of India.
c. Any instances of significant fraud of which we have become aware and the involvement therein, if any, iii. Obtained and read the Register of Directors
of the management or an employee having a significant role in the Company’s internal control system as on March 31, 2023 and verified that atleast
over the financial reporting. Auditor’s Responsibility one independent woman director was on the
Board of Directors throughout the year;
4. Pursuant to the requirements of the Listing
Regulations, our responsibility is to provide a iv. Obtained and read the minutes of the following
Anuj Poddar EC Prasad reasonable assurance in the form of an opinion committee meetings period from April 1, 2022
Managing Director and Chief Executive Officer Chief Financial Officer whether, the Company has complied with the to March 31, 2023:
conditions of Corporate Governance as specified
in the Listing Regulations. (a) Board of Directors;
Mumbai, dated May 23, 2023
5. We conducted our examination of the Corporate (b) Audit Committee;
Governance Report in accordance with the
Corporate overview
Statutory reports

(c) Annual General Meeting (AGM);
(d) Nomination and Remuneration Committee;

for the year ended March 31, 2023, referred to in
paragraph 4 above. Management discussion and analysis
(e) Stakeholders Relationship Committee; Other matters and Restriction on Use
(f) Risk Management Committee; and 10. This report is neither an assurance as to the future Global economic overview GDP growth projection (in %)
viability of the Company nor the efficiency or Source: World Economic Outlook, IMF (April 2023)
(g) Corporate Social Responsibility Committee effectiveness with which the management has In 2022, global economies grappled with several
Meeting conducted the affairs of the Company. headwinds in the wake of broadening inflationary
3.4
2.8
3.0
2.7
1.3
1.4
4.0
3.9
4.2
v. Obtained necessary declarations from the pressures and geopolitical conflict in Europe. The
11. This report is addressed to and provided to the
directors of the Company. continuous hike in interest rates by Central Banks to
members of the Company solely for the purpose of
combat inflation and the protracted geopolitical
enabling it to comply with its obligations under the
vi. Obtained and read the policy adopted by the crises in Europe did weigh on economic growth for
Listing Regulations with reference to compliance
Company for related party transactions. several advanced and developed economies.
with the relevant regulations of Corporate
vii. Obtained the schedule of related party Governance and should not be used by any other However, the emerging and developing economies
transactions during the year and balances at person or for any other purpose. Accordingly, we of the world have weathered the macro-economic
the year-end. Obtained and read the minutes do not accept or assume any liability or any duty hurdles relatively better and are likely to play a
of the audit committee meeting where in such of care or for any other purpose or to any other greater role in accelerating global economic growth.
related party transactions have been pre- party to whom it is shown or into whose hands it Monetary policy tightening measures are projected to
approved prior by the audit committee. may come without our prior consent in writing. result in a significant drop in global inflation from 8.7%
We have no responsibility to update this report in CY2022 to 7.0% in CY2023, followed by a sharper
Global Economy Advanced Emerging
viii. Performed necessary inquiries with the Economy Market and
for events and circumstances occurring after the drop to 4.9% in CY2024.1 Developing
management and also obtained necessary date of this report. Economies
CY2022 CY2023 CY2024
specific representations from management.
Global inflation projection (in %)
8. The above-mentioned procedures include
examining evidence supporting the particulars in
Source: World Economic Outlook, IMF (April 2023)
Indian economic overview
the Corporate Governance Report on a test basis.
India’s economy remained the fastest growing major
8.7
7.0
4.9
Further, our scope of work under this report did not
economy in the world while demonstrating strong
involve us performing audit tests for the purposes of
For S R B C & CO LLP resilience to the global headwinds during FY2023.
expressing an opinion on the fairness or accuracy
Chartered Accountants According to the Ministry of Statistics and Programme
of any of the financial information or the financial
ICAI Firm Registration Implementation (MOSPI) it is estimated to have grown
statements of the Company taken as a whole.
Number: 324982E/E300003 by 7.2% for the year FY23. During this financial year
2023, India has also marked itself as one of the largest
Opinion economies in the world in terms of US dollars.2
per Vikram Mehta
9. Based on the procedures performed by us, as Partner A further deep-dive into a sectorial analysis reveals
referred in paragraph 7 above, and according to Membership Number: 105938 that economic growth was driven by robust
the information and explanations given to us, we UDIN: 23105938BGXGHB5689 construction activity aided by increased infrastructure
are of the opinion that the Company has complied investment both by the Central government and state
with the conditions of Corporate Governance as Place of Signature: Mumbai
CY2022
CY2023
CY2024
governments. While post-COVID private investment
specified in the Listing Regulations, as applicable Date: May 23, 2023 recovery is still at a nascent stage, there are early
signals, which indicate that India is poised for a
stronger investment upcycle in both manufacturing
The global economic output is expected to grow
and services sectors.
gradually, driven by stabilising inflationary scenario,
reviving consumer sentiment and investor confidence. Although India's GDP figures are robust, the actual
The employment scenario in the US and other consumption demand scenario has been lagging.
advanced economies have recovered from the This can be attributed to the fact that employment
pandemic levels, and growing disposable income is and actual household savings are yet below pre-
also likely to support growth in the coming years. COVID levels, compounded by a high-interest
1
https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023
2
https://www.mospi.gov.in/sites/default/files/press_release/PressNoteQ4_FY2022-23_31may23.pdf
Corporate overview
Statutory reports
environment leading to higher EMI payouts. Thus, the Modern homes with their more modernised/modular Fans electricity bills, has significantly increased. In the
actual disposable income for a large section of the kitchens as well as more aspirational living spaces years ahead, growing awareness of climate change
population remains lower than in earlier years. These act as triggers for more appliances and with greater While fans are already a highly penetrated category, concerns will increase the demand for energy-efficient
figures are a better and more direct barometer of the convenience, features and technology. Additionally, there are several factors that will aid the continued appliances.
economic well-being of the population than GDP and greater aspirations among consumers have enhanced growth of this category. Firstly, rapid urbanisation
as these pick up, consumer demand is likely to see an their desire for a better user experience and design and the construction of new residential buildings are Expansion into rural markets
uptick. We are beginning to see signs of that as there aesthetics of appliances that reflect their modern driving the ceiling fan market in India. The Government
of India has implemented several initiatives to expand The widespread availability of electricity, the Internet
are broad indications that the inflation trajectory has lifestyle and persona. This combination of factors has
housing projects, further supporting this growth. Rural and online shopping platforms in rural regions also
peaked. India's headline retail inflation rate crashed fuelled the growth of appliances, catering to the
electrification is also boosting the market demand for drives the demand for appliances and fans in these
below the Reserve Bank of India's (RBI) 6% upper-band needs of a growing consumer base.
ceiling fans. The growth of the retail and hospitality regions. This presents a significant opportunity for
in March 2023, which in turn should lead to interest
Another crucial trend in the appliance industry is the sectors also adds to the growing demand. Secondly, businesses to expand their reach into untapped,
rates stabilising and thus consumer demand should
growing interest in sustainability and health. Today's fans are evolving from purely functional utility products remote markets.
return.
consumers seek appliances that not only cater to basic to becoming lifestyle and home-décor accessories
Threats
The outlook for the Indian economy remains functional needs but also contribute to their well-being leading to high demand for visually attractive designs
encouraging bolstered by an underlying and overall holistically. Consequently, appliance manufacturers and smart technologies. This is contributing to an Supply chain disruptions
macroeconomic stability across the globe, while are continuously innovating to introduce features that increased demand for premium and smart fans.
remaining resilient to geopolitical and geo-economic support healthier cooking methods, energy efficiency, Global economic uncertainty and political tensions
concerns. and smart technologies. Additionally, the concept The Government has imposed regulations mandating have caused supply chain disruptions, leading to
of a smart home is becoming popular, leading to a the adoption of BEE star labelling to encourage the higher manufacturing costs and reduced profitability
Industry overview demand for appliances that seamlessly integrate with move towards more energy-efficient fans that align for the consumer appliances industry in India.
home automation systems. The increased emphasis with the nation's energy and climate goals. While the
Consumer products switch to star-rated, energy-efficient fans increase Rapid technological advancements
on health, wellness, and convenience will continue to
drive demand for appliances across various household product cost for consumers, the savings on energy
Appliances Businesses that fail to adapt to the rapid evolution
activities, thereby aiding the industry's growth. consumption provides a compelling proposition and
of technology risk losing market share to more
The growth of appliances is driven by innovation, payback. All of these factors are expected to act as a
technologically advanced competitors.
changing consumer preferences, and emerging market In India, the appliances market, boosted by the above trigger not just for volume growth of the fan’s category,
trends. The rise in modern apartment developments factors, is projected to reach a value of USD 33.50 but also for higher value growth. At the same time, as Environmental concerns
has increased the demand for higher-end appliances. billion by 2028.3 technology and quality standards continue to evolve,
the industry is further expected to witness a greater Companies that are unable to meet the recently
consolidation among leading players. introduced BEE norms and consumer preferences for
eco-friendly appliances may experience reduced
sales, potential backlash and loss of consumer trust.
Opportunities and threats
Increased competitive intensity
Opportunities
The increased competitive intensity has led to price
Changing consumer preferences
wars, reduced margins and the need for aggressive
With more and more customers investing in their homes marketing strategies, thereby posing a challenge for
and seeking innovative and time-saving solutions, the the players.
consumer products segment is undergoing a major
transformation. The fast-paced lifestyles of consumers Lighting solutions
today are driving the demand for consumer durables
that are convenient and make daily chores easier. Consumer lighting
Household penetration levels for most product
categories are well below countries with comparable The rapid expansion of infrastructure in Tier I and Tier
economic standing, thereby providing a long runway II cities has been crucial in driving the growth of this
for growth. sector. Owing to India’s ever-growing population
and high electricity consumption, the nation has
Energy-efficiency been witnessing wide electricity supply-demand gap.
Lighting solutions alone constitute a considerable
The preference for energy-efficient appliances with share of the total electricity consumption. However,
a lower carbon footprint, which also helps lower electricity generation cannot be increased beyond a
3
https://www.statista.com/outlook/cmo/household-appliances/small-appliances/india
Corporate overview
Statutory reports
certain point considering the fast depletion of natural Opportunities and threats Evolving consumer trends Threats
resources. Therefore, it is crucial that applications
consuming less electricity are developed. A significant Opportunities Consumers are increasingly seeking lighting solutions Intense competition
step towards this has been the advent of energy- that align with their interior design preferences,
Energy-efficient lighting personal style and smart-home integration. Ceiling With the rapid expansion of the lighting industry, several
efficient LED (light-emitting diode) lighting technology
lighting is especially favoured by consumers due to its new entrants have forayed into the market. Thus, the
in recent years. LED lighting has gained traction due In light of global climate change concerns, there is
visual appeal. As a result, there is a growing demand industry has now become highly competitive, with
to its greater durability, cost-effectiveness, low energy a greater emphasis on energy conservation, which
for decorative, customised and high-quality lighting many companies offering a diverse range of products.
usage, decreased heat output and versatile designs. has raised the demand for energy-efficient lighting
products. To stay ahead of the curve, companies that can
This has resulted in a transition in the consumer lighting solutions. LED lighting is gaining popularity due to its provide high-quality lighting solutions at reasonable
sector towards LED lighting products, which are low energy consumption and carbon footprint when Government regulations and incentives prices will have a competitive edge in the industry.
replacing old incandescent and fluorescent bulbs. compared to traditional lighting solutions, making it a
key growth driver for the lighting industry. To promote the use of energy-efficient lighting solutions, Economic factors
Other trends influencing this industry include higher
the Government has implemented regulations to
disposable incomes and India’s growing aspirational Technological advancements Macro headwinds such as soaring inflation, currency
phase out inefficient lighting technologies such as
population, which have boosted the demand for fluctuations and supply chain disruptions can all lead
incandescent bulbs. It is also providing rebates and
quality interior design, architecture and home décor Smart lighting, IoT-enabled lighting solutions, motion to muted demand. Economic downturns may limit
subsidies for installing eco-friendly lights.
trends. All these factors have cumulatively benefited sensor lighting and connected lighting systems have consumer spending and rising raw material costs
the consumer lighting industry, as lighting plays a enabled growth in the lighting business, enabling users Increasing health awareness may have an adverse impact on businesses’ revenue
significant role in improving ambience and raising the to remotely control their lighting, automate schedules generation and profitability.
aesthetic quotient of living spaces. Consumers today and customise settings, resulting in convenience, Customers today are more concerned about their
prefer lighting products that are beautiful, eco-friendly energy savings and enhanced functionality. These well-being, which is why they are increasingly choosing Environmental concerns
and energy-efficient. technological advancements present opportunities lighting that can uplift their mood and provide better
for manufacturers to develop and market innovative eye care. To this end, the lighting industry is developing Improper disposal of lighting items and electronic
Going forward, the consumer lighting industry in India and high-tech lighting products. lighting products with rich colour rendering, colour waste can constitute a severe environmental hazard.
is expected to reach USD 11.9 billion by 2028.4 temperature choices and circadian lights that mimic To mitigate this risk, adequate techniques must
Rapid urbanisation and infrastructure development the effects of natural light. be implemented for the appropriate disposal and
Professional lighting recycling of electronic waste. Non-compliance with
The demand for lighting products has increased due environmental regulations, can result in financial
The Government of India has taken significant steps in to urbanisation and infrastructure development in penalties or cause reputational damage.
recent years to improve the infrastructure of cities and Tier II and Tier III cities, along with the electrification of
states across the country. This includes the launch of rural areas.
the Street Lighting National Project (SLNP) to replace Engineering, procurement and construction
traditional streetlights with smart, energy-efficient LED projects
lights. Municipalities have assumed the responsibility of
Power sector overview
providing free LED light replacement and maintenance
to reduce energy consumption. This has enabled the India is the third-largest producer and consumer of
saving of 8,891.17 MUs per year and a reduction of electricity across the world, with an installed power
6.13 million tCo2 emissions.5 capacity of 417.66 GW. Till FY23, 50.54% of the total
power capacity installed is owned by the private
The Government has also set an ambitious target
sector, whereas the central and state sectors hold the
of installing 1.6 crore LED lights by FY 2024.6 Further,
remaining 49.46%.
overall infrastructural growth in terms of airports, ports,
highways, metro trains, stadiums, industrial hubs, and The Government has initiated multiple projects and
so on, is a strong enabler for growth of professional programmes to develop and improve indigenous
lighting solutions. With increased initiatives aimed at renewable energy resource potential to create a
smart infrastructure development, there will be a surge more sustainable environment while also reducing
in demand for the finest lighting solutions across all energy costs.
commercial sectors in India.
With the Indian government setting ambitious goals of
achieving a renewable energy capacity of 500 GW by
2030, renewable energy generation in the country’s
power sector is likely to grow in 2023. 7 This is projected
to stimulate increased investment in renewable
energy projects such as solar power, wind power,
4
https://www.imarcgroup.com/indian-led-lighting-market
7
https://pib.gov.in/FeaturesDeatils.aspx?NoteId=151141&ModuleId%20=%202
5
https://slnp.eeslindia.org/
6
https://static.pib.gov.in/WriteReadData/specificdocs/documents/2022/may/doc202253060301.pdf
Corporate overview
Statutory reports
hydropower and biofuels, with a greater emphasis on Opportunities and threats Threats The EPC segment continued to demonstrate strong
capacity expansion, efficiency improvement and cost performance with a robust order book and growth in
reduction.8 Opportunities Economic factors topline, while delivering double-digit growth during
the current fiscal. The turnaround in the EPC segment,
Power transmission and distribution Increasing energy demand Volatile fuel prices may impact the Indian power
now being profitable, demonstrates our resilience and
sector. Additionally, changes in international relations,
In the years ahead, India's electricity sector is set to commitment, backed by a growing portfolio of EHV
Power transmission and distribution is a massive and trade policies, the availability of funding and market
undergo a major transformation due to higher energy transmission line projects, EHV substations, monopoles
complicated network that involves the generation, access to power projects can affect the sector’s
demand, a changing energy mix and evolving market for transmission and distribution and electrification
transmission and distribution of power throughout sustained growth.
dynamics. In line with this, India aims to ensure reliable, projects.
the country. In recent years, India has made great
strides in developing its power transmission and ubiquitous electricity access while transitioning to Challenges in fuel supply
distribution infrastructure to meet growing demand cleaner energy sources and reducing dependence on Business segment overview
fossil fuels. This shift presents a lucrative opportunity for The power sector in India mostly relies on fossil fuels.
and accomplish its power generation objectives.
investments, considering strong demand, a favourable Nonetheless, there may be concerns pertaining to fuel Consumer products
With the evolution of power generation methods policy environment and the Government’s focus on supply, availability and transportation. These problems
focusing increasingly on adopting renewable energy, infrastructure development. may adversely impact the operating efficiency of The Consumer Products division of BEL has an extensive
the transmission infrastructure is also undergoing a power plants, resulting in lower power generation product range designed to meet the evolving needs
significant upgradation to efficiently transfer electricity Change in energy mix capacity and potential power outages. of consumers. The Company's diverse product portfolio
across different regions of the country. ranges from everyday kitchen appliances to various
India's energy mix is shifting towards renewable energy Regulatory concerns home appliances. In line with the emerging trends and
India’s power transmission network has witnessed sources due to government targets and regulatory advancements in technology, BEL has consistently
incentives. The proliferation of large-scale solar parks, With major economies across the globe striving to
steady growth by supporting the transition to revamped its product offerings. This commitment to
wind farms and distributed solar power generation, reduce their greenhouse gas emissions and transition
renewable energy. The Government is investing in innovation underscores the Company's mission to
such as rooftop solar systems, offers immense growth towards cleaner energy sources, power companies
improving grid infrastructure at the inter-state and meet and exceed customer expectations in an ever-
opportunities in the sector. Innovative energy storage are being required to adopt stricter environmental
intra-state transmission levels to evacuate power changing market landscape.
solutions such as battery storage and pumped hydro standards and shift away from fossil fuels. This transition
generated in locations with higher solar and wind
storage are gaining traction, promising to bolster is presenting numerous challenges; as compliance Overcoming significant inflationary headwinds
energy potential to load centres. India is also set to play
grid stability and enable efficient demand-supply with these criteria may entail additional investments and lacklustre consumption demand, the revenue
a major role in cross-border power trading, providing
management. The Ministry of Power's guidelines to in pollution control systems and renewable energy, generated from this segment aggregated to H 3,764
electricity to neighbouring countries, which will ensure
procure and use battery energy storage systems (BESS) which might raise power generation costs and impact Crores, marking a strong growth of 13.5% compared
additional investments in sub-continental transmission
pave the way for the sector's future expansion. the overall financial feasibility of power projects. to the previous fiscal year. This exceptional industry-
connectivity.9
beating performance can be attributed to the
Power distribution, being one of the major objectives Expansion of the EV market in India Company overview enduring brand loyalty and unwavering commitment
of the Government, is reform-based and results- to product quality that have fortified our position in
The introduction of electric vehicles in India has increased Bajaj Electricals Limited (BEL), a part of the admired
oriented. The Government has also announced the the market. Moreover, this also evidences that our
power demand in the country. It is expected that 30% Bajaj Group, proudly upholds a rich legacy that spans
Revamped Distribution Sector Scheme (RDSS), which strategic investments in brand development, product
of the total vehicle fleet in the country will be electric over eight decades. Since its inception in 1938, the
aims to improve the electricity distribution segment’s premiumisation, new launches and an improved
by 2030.11 For this, a proportionate number of charging Company has been unwavering in its commitment
operational performance and financial stability. This is product mix are paying off and driving market-share
stations and related infrastructure will have to be built to to elevate the quality of life. With a comprehensive
the biggest distribution scheme, with an outlay of H 3 growth.
cater to the demand in the EV space. With the increasing product portfolio encompassing Consumer Products
trillion for 5 years, from 2022 to 2026.
demand for power in India, generation capacity will (Appliances, Fans, Cookware), Lighting Solutions The Company offers its products under three distinct
This scheme is targeted at achieving 100% prepaid increase, further facilitating the sector’s growth. (Consumer and Professional Lighting), and EPC brands, each with their own unique offerings.
smart metering at all levels and eliminating the ACS- (Power Transmission and Distribution), Bajaj Electricals
Rural electrification
ARR gap by FY 2024-25 while reducing pan-India continuously strives to meet the diverse needs of its
Aggregate Technical and Commercial (AT&C) The Indian government continues to prioritise rural discerning customers. Driven by a relentless pursuit
losses to 12-15%. This will boost revenue collection, electrification programmes to make electricity of excellence, Bajaj Electricals remains dedicated to
reduce distribution losses and provide reliable and available in distant, rural regions. Rural electrification enhancing the overall living experience and setting
uninterrupted electricity supply to consumers, while BAJAJ Nirlep Morphy
projects, such as off-grid and micro-grid solutions, new benchmarks in the industry.
lowering supply costs, improving the viability of the Richards
can provide opportunities for power generation and
power distribution segment and crowding in more distribution, bridging the energy access gap and The Company has established a strong market
private investment in the next few years.10 expanding the customer base. presence in the FMEG (fast-moving electronic
goods) segment, comprising consumer products and
https://timesofindia.indiatimes.com/business/india-business/govt-approves-rs-19500-crore-pli-scheme-for-manufacturing-solar-pv-modules/
8
articleshow/94351346.cms
lighting solutions by creating a wide network of 700+
distributors, almost 2L retail outlets and 600+ consumer
J 3,764 crores
9
https://indiainfrastructure.com/product/inner-nested-tab-9-59/ care centres in India to serve its customers across the Revenue from consumer products
10
https://pib.gov.in/PressReleaseIframePag country.
Corporate overview
Statutory reports
New brand positioning
During the year, the Company unveiled its new brand positioning for the brand ‘BAJAJ’ under its ‘BUILT FOR LIFE’
campaign. The new brand positioning is a promise of durability and endurance, combined with superior aesthetics
and functionality that connects well with the lives of our consumers. The 360-degree campaign covered broadcast,
print, digital, and other platforms, ensuring a wide reach. Moreover, to further boost consumer engagement, the
Company activated numerous stores with in-shop branding and product exhibitions, participating in around 50
events and exhibitions. Strategic campaigns were also introduced with the engagement of celebrity chefs and
influencers, resulting in increased awareness of the new brand positioning.
BAJAJ is the
Fans
MARKET LEADER in the
Water Heaters, Mixer-
Kitchen Grinders, and Irons
Air Coolers Appliances categories
165 Water
Heaters
SKUs launched in FY 2022-23
BAJAJ
During the year consistent inflationary pressure aggressive market penetrating strategy, through During the year under review, the Company has extensively worked towards brand transformation, product
contributed to commodity price increases, impacting offline and online channels, helped the Company transition and strengthening the distribution and service network. Going forward, the Company will continue the
input costs. However, the trade-offs between price further strengthen its market share and meet growing journey of new product launches, penetrate further in under-penetrated market segments backed by sustained
increases, sales volumes and margins were well- consumer demands. brand investments.
balanced to deliver growth in revenues as well as
profits. The Company also effectively implemented The Company continued to strengthen its leadership
diverse cost optimisation strategies. position in the market by launching many new products
Parameter Sub-category
under Mixers, Water Heaters, Fans and Coolers on the
The implementation of the new BEE Rating regulations durability platform with unique features. The Company
BAJAJ Mixers, food processors, juicer mixer grinders, induction cookers,
for fans has made it mandatory for manufacturers has introduced:
rice cookers, oven toaster grill (OTG), microwave ovens, non-
to evolve the products to higher energy efficiency
• Mixer Grinders featuring DuraCut blades with electric kitchen appliances (NEKA), pressure cookers and gas
standards. While this has resulted in an increase in fan
lifetime blade warranty stoves, water heaters, irons, air coolers, and room heaters
prices, it has also created opportunities for growth,
as consumers made a shift to replace their old fans
• Geysers with ten years DuraAce tank warranty Ceiling fans, table and wall fans, pedestal fans, air circulators,
with energy-efficient models. Through the year, the
domestic exhaust fans
Company expanded its fans portfolio under the • Fans with Super5Tuff technology with five years
‘BAJAJ’ brand, including a full spectrum of energy- product warranty Nirlep Non-stick cookware and hard adonised cookware
efficient fans, thereby achieving industry-beating
growth and market-share expansion. • Fans with Thermatuff technology with three years
warranty Morphy Richards Coffee makers, OTG, microwave, juicer-mixer- grinder, toasters,
Similarly, new product launches with a prudent mix water heaters
of premiumisation resulted in healthy growth for • Air coolers with DuraMarine Pump with two years
the appliances portfolio comprising kitchen and warranty.
home appliances. The all-new smart appliances and
Corporate overview
Statutory reports
Nirlep longer period of time was launched along with new

induction cooktops with fresh colour palettes for 660 ~2 Lakhs ~37%
Nirlep’s dedicated state-of-the-art manufacturing contemporary homes. The Company entered into Distributors Retailer-base Revenue contribution from Alternate Channels
set-up and strong brand recall continue to drive garment steamer segment that garnered strong
growth for the brand. The Company is continuously demand on e-commerce platform due to its premium
improving its supply and distribution channels, resulting finish, high power and ergonomic design. The brand is
in an extensive distribution network across various also expanding its presence in the water heater space The Company has observed that rural regions The e-commerce channel's strong position in the SHA
geographies, thus providing a wider chance to with higher capacities to serve a discerning customer contribute a high share of the overall business. In industry continues to generate growth. This has mostly
penetrate underserved markets. audience. response, efforts have been made to appoint super been accomplished through the rebalancing of the
The brand has also focused on promoting its products Based on deep consumer insights and need gap stockist distributors, facilitating distribution in remote business platform mix and the effective deployment of
through digital and print media. We leveraged analysis, the Company has also taken steps towards and upcountry markets. In addition to the general vendor flex. To assure expansion, the 'Different Model
strengthening our social media content to reach out implementing innovative technology to better its trade business, the trade sales channel will also focus Different Channel' (DMDC) framework was also used.
to the younger generation, while the print media product features. Engineering innovation in the OTG on ensuring proper distribution in rural areas.
Digital marketing was strategically carried out with an
helped garner revenue in specifically targeted market, such as Digital UI and Autocook menus under The Company has achieved significant advancements ‘always on’ approach to enhance visibility of brands.
geographies. The Company strategically focused on the flagship OTG 'Digichef,' has enabled consumers in enhancing the efficiency and performance of its In the e-commerce channel, fans, air coolers and
consistent brand messaging across digital platforms to quickly pre-set the correct time, temperature, and sales team by leveraging advanced technological water heaters witnessed the highest growth during the
and actively engaging with the community on social cooking modes for a wide range of foods. tools, including Power BI, DSO app, and retailer app. year. All efforts have contributed to ~14% of the total
media. Going forward, the Company is aiming towards
Morphy Richards have also bagged a number of Schemes and programmes have been thoughtfully consumer products revenue at ~18% year-on-year
developing new products in the brand portfolio with
awards for its products such as ‘Product of the Year’ designed, taking into account regional and zonal growth during FY2023.
unique benefits for its consumers that will offer them a
award and ‘Good Design’ award for its flagship challenges to maximise market extraction. Although,
combination of convenience and lifestyle. It will also The modern trade channel recorded a total sale of
product KUBE water heater. Digichef also bagged the due to sluggish market conditions there were various
emphasise expanding the distribution reach of Nirlep 10% of total consumer items revenue with a year-
'Product of the Year' award for its 1st-in-segment fully challenges in the secondary and tertiary sales
across various channels. on-year rise of 16% due to the high contribution from
digital interface and a variety of auto-cook menus. movement, the Company maintained a steady
momentum throughout the year by implementing National Format Retail (NFR) stores and Regional
Morphy Richards Throughout the year, the Company dedicated innovative ad hoc solutions. Format Retail (RFR) stores. The Company implemented
significant efforts to brand transformation, product a strong advertising strategy, that helped the brand to
Premium home and kitchen appliances brand Same Store Sales Growth (SSSG) started off robustly in dominate its presence across all advertising mediums.
transition, and bolstering the distribution and service
network. These strategic initiatives played a vital role in the initial quarter but decelerated from the second For the fiscal year 2022-23, the emphasis continued
Bajaj Electricals has set a long-term vision for product
driving the brand’s success. Looking ahead to FY 2024, quarter onwards. Regardless of these obstacles, the on new listings and promotional activations, new
development and expansion through a collaboration
the Company remains committed to the ongoing Company was able to achieve positive growth by the category introductions, and exclusive releases.
arrangement with the UK-based Morphy Richards Ltd.
brand transformation journey and plans to introduce end of the year.
The introduction of hybrid distribution model, which The institutional channel registered robust sales,
includes a direct dealership with the on-boarded durable and contemporary products across diverse The Company has strategically revitalised its delivering growth of ~9% year-on-year. The Company
distributors helped the brand expand its market reach. categories, further fuelling its growth trajectory. digitalisation process, incorporating artificial has expanded its reach across the country by
The Company has strategically partnered with several intelligence to propel its business growth. employing Institutional Trade Partners (ITPs) to maximise
larger scale local retailers to aid visibility and increase Complemented by a strong distribution network SOW from diverse business and government customers.
engagement. spanning both urban and rural areas, a well-crafted In FY2023, the Company expanded its presence across
Review of distribution channels
product mix strategy will prioritise mid-range and industries, with microfinance institutions leading the
To enhance brand exposure, the Company
Trade sales channel premium-level items in the years ahead, ensuring way, followed by cement, CPWD, MES, and GEM.
implemented several strategic initiatives. These
sustained success for the Company in the long run. The expansion of the MRI sector has also aided
included the development of the impactful 'Happiness With a strong network of 660 distributors and a the Company's expansion into rural areas through
Engineered' campaign, along with modifications retailer base of approximately 2L, the trade sales enhanced penetration and reach.
to the logo and packaging to better resonate with channel remains our core competitive distribution Alternate channels
the target audience. The Company also focused on channel to strengthen market share. The Company The government channels (CSD and CPC) have also
Due to the evolving consumer behaviour and
strengthening its digital media presence, increasing has worked towards network correction strategies witnessed significant growth momentum during the
Company’s strategic alignment with its key consumers,
outdoor visibility, and improving its presence on website across its channel partners to drive focus and widen year. This was driven by the efforts made towards a
its revenue from the consumer products segment
and e-commerce platforms. These efforts collectively the distribution reach resulting in portfolio expansion one-to-one replacement of imported and phased-
recorded a significant contribution from alternate
contributed to the overall brand exposure and market and improved return on investment. Through the RBP out products, the introduction of 'Made in India'
channels in FY23, accounting for ~37% of the total
reach. Morphy Richards also unveiled its new brand film programme 2.0, secondary schemes were introduced SKUs, coverage optimisation of URCs and subsidiary
revenue. This represents a year-on-year increase of
during the Diwali season through social media platform. to the retailers for increasing the engagement and canteens through ground-level activations, and
~13%. Both institution and retail segments have driven
driving sales. In addition, the Company has adopted a leveraging tactical level partnerships at INCS and
The Company also launched new products almost the growth metrics through the steady implementation
commercialisation process to track the placement as state police canteens.
every month during FY2023. The all-new Innovative of the key strategic drivers.
per the seeding plan for all the newly launched SKUs.
on-the-go (OTG) that ensures food storage for a
Corporate overview
Statutory reports
Consumer care Lighting solutions Sectors Identified

Keeping consumers at the centre of the business, the The lighting segment has shown robust growth across Sports Lighting New Stadium projects
Outlook
Company is focusing towards conducting real time all product categories. In FY23, the LED luminaire coming up in Tier-2
and quick resolution of complaints. The Company For FY2024, the Company's plan is rooted in continuing business (non-EESL business) has grown by 33% cities. The Company
engaged 3,600 field service engineers to ensure proper its journey of brand transformation, enhancing its whereas the industrial lighting business marked a has identified these
customer support during the year. product offerings, strengthening distribution, and growth of 43%, compared to the last year. Also, the opportunities and lighting
improving customer service. The focus remains on area lighting business grew by 30%. The sports lighting’s systems are specifically
delivering durable and contemporary products that market share has now grown to 40%. The street lighting developed to meet
3,600
resonate with the evolving needs and preferences segment’s topline crossed H 120 crores due to the specific requirements.
of the consumers. The e-commerce channel, will strong presence in ULBs and NHAI. The SITC business
continue to be a focal point. With digital marketing Metro Lighting New Metro projects
Field service engineers engaged has also grown to H 110 crores of revenue during FY23.
maintaining an 'always on' approach, the Company in Tier-2 cities and
2nd position
plans to enhance visibility and strengthen its position expansion of existing in
The Company constantly expanded its service network in the market. The Company also aims to broaden Metro lines underway
and increased its service staff in order to speed up its geographical reach through the contemporary across the country.
the service delivery process and handle concerns. trade channel, providing a premium experience to In the professional lighting segment with a turnover of
NHAI Highway Projects The Company
The customers can now raise their concerns through its customers. H 675 crore
Lighting manufactured a special
online tools like chatbots, webforms and WhatsApp
To bridge the product offering gap in accordance street light range
call registration. The WhatsApp chatbot is customer- The Company will focus on implementing innovative
with market demand, 428 new SKUs have been designed to meet NHAI
friendly and its service is available round the clock. technology to enhance product features based on
introduced. Products on the performance matrix have specifications
deep consumer insights and need gap analysis and
will continue to leverage advanced technological been constantly upgraded, and value engineering Warehousing Lighting Highbay systems have
>99% tools to improve the efficiency and performance of has been undertaken for fast-moving items. been developed by the
its sales team. Revamped digitalisation processes Company to cater this
Delighted, happy and satisfied customers The Company identified sunrise segments for their
and artificial intelligence will play a pivotal role in fast-developing sector
professional lighting business that will drive future
driving the business forward.
621
growth. With a focus on manufacturing products
Total customer care centres

The Company is keeping its strong focus on
consumer care and will soon be providing voice
specifically for needs of downstream industries and a
go-to-market strategy to connect with these customers 428 SKUs
bot call registration and call status updates for the Company identified the following sunrise segments. Have been launched
smooth service to customers. Digitisation of client
18,929 interactions for service will enhance the process
to a larger extent, resulting in increased customer
Pin codes covered loyalty and brand value. The Company is aggressively focusing on developing the solar street light portfolio through indigenous supplier
partners in order to increase its portfolio of renewable energy lights. During FY2023, there has been a number of
launches under this segment including high wattage all-in-one street light range and solar light column range.
List of projects and new products
Major projects undertaken New products introduced
Indoor commercial lighting and IBMS Convention Centre, Consio - Suspended

Jabalpur Downlighter
World Trade Centre, Delhi Gladden Advace
Jind Hospital, Haryana Dovee - I
Guru Gobind Hospital, Delhi Blithe Hospital Bed Light
Kaushal Bhawan, Delh Human Centric Lighting
Industrial lighting SAIL , Bokaro Optibay Highbay Range
IOCL - Canopy Lighting Verdant Pro Wellglass range
JSW Steel, Bellary, Linear Canopy Luminaire
Vijaynagar Flameproof Wellglass Range
Ultratech Cement Cleanroom Luminaires
Jindal Power, Raigarh range
Corporate overview
Statutory reports
incorporating direct dealers to augment weighted

Major projects undertaken New products introduced
distribution and escalate ceiling light sales in critical
Outdoor lighting (street lighting, area Jio - BP Signage Mast Zela Jake Street light market clusters. Moreover, exclusive lighting partners
lighting, HM and poles) Gift City Ahmedabad Glatt Flood Light have been recruited in markets with high potential to Outlook
bolster the Company's reach.
NHAI Projects - Across Edge Next MT Series The rapid growth of the Ceiling Lights category
Country Amaze Plus Flood lights Acknowledging the crucial role of key stakeholders presented opportunities for the Company to
IOCL Petrol Stations - Customised Signage Masts in brand promotion, the Company has identified capitalise on rising consumer involvement and
Signage Mast electricians, shop staff, and principal retailers as establish itself as a preferred brand in a competitive
Metro lighting Agra Metro - significant brand advocates. Comprehensive market. Value erosion, driven by aggressive pricing
programmes have been devised to elucidate the and weak market demand, remained a significant
Pune Metro
characteristics and advantages of Bajaj lighting challenge for the business. To counter this, the
Delhi NCRTC project products, thereby empowering these stakeholders Company has been working towards optimising
Delhi - DMRC Metro project with the knowledge to effectively endorse the brand costs and improving product mix favourably. The
Stadium lighting Rajkot Cricket Stadium Amaze Premium Range and sway consumer preferences. The Company has Company discontinued certain product ranges
also adopted a data-driven approach to boost its like Tube Lights and CFLs from their conventional
Birsa Munda Hockey
sales organization's efficiency. lighting portfolio, shifting focus towards LED lighting
Stadium, Rourkela
solutions.
Biju Patnaik indoor stadium,
Odisha Power BI and DMS Pragati In the coming fiscal year, the Company will
Kalinga Stadium, Odisha concentrate on the professional lighting sector
Jaipur International Hockey The Company has adopted an for sunrise sector and industrial projects such as
stadium innovative, data-driven approach sports illumination, national roads, metros, and
airports. Industrial lighting, warehouse lighting
Architectural lighting Indore City Beautification Archner Post to enhance decision-making and
and smart lighting solutions will also drive growth
Project - G20 Buga Projector Light efficiency. This has led to the successful in the upcoming years. The Company is also
Junagarh Fort Merc Projector Light implementation of Power BI, a business working on strengthening the facade lighting,
Aligarh University Phant Flood lights analytics tool that provides interactive solar and landscape lighting portfolio to capitalise
Vidhan Bhavan, Patna Limo Wall washer visualisations and business intelligence on emerging opportunities in city beautification
capabilities. In addition, a pilot of the projects along with expansion of channel partner
Pondicheryy Light House
network.
Chittorgarh Fort new DMS Pragati is underway. Both
initiatives offer promising potential to
further optimise business operations and
The consumer lighting segment faced headwinds
Lamps, LED Battens, Ceiling Lights Range, D-Lite and strategy.
in the latter half of the year, with lower than usual
also in Accessories during the past year. With an eye
demand causing value erosion as a result of
on the future and to address consumer needs in a
aggressive pricing strategies adopted by competitors.
more meaningful way, the Company is developing
In FY 2023, the Company introduced several new
a portfolio focused on smart and connected lighting,
SKUs in the Consumer Lighting segment, focusing on
anticipating exponential growth in this segment. The
strengthening its ceiling lights category and launching
business for consumer lighting is expected to grow
innovative products.
faster than the industry, driven by a robust product
portfolio, strong field sales team, distribution network,
and strategic marketing communications.
85 SKUs The Company's brand equity and consumer awareness
Launched under consumer lighting remain robust, laying a strong groundwork for
expansion. It’s go-to-market (GTM) strategy continues
to foster growth and enhance customer experience.
The Company introduced its innovative Eye Care The GTM strategy is meticulously planned to prevail
range, an industry-first offering that promotes overall in high potential markets with low market share as
consumer well-being, and Inverter lighting solutions well as maintain dominance in markets with high
to address electricity disruptions and inconsistent market share. A new sales and marketing team has
supply issues in various parts of the country. The been established, specifically tasked with increasing
Company added products across categories of LED the market share in the Consumer Lighting segment.
The Company has diversified its sales channels by
Corporate overview
Statutory reports
Power transmission and power distribution The Company secured orders totalling H 830 crores - Establishment of KPTCL 220/66 kV Substation at
business in FY 2022-23, including two design-based EPC Hosadurga along with its transmission line & bay
tenders for 765 kV and 400 kV worth 600 crores. extension
Power transmission Outlook
The first in-house designed 765kV Suspension - LILO of both circuits of 132kV D/C Ara-jagdishpur TL
BEL aims to provide the finest power transmission The Company's strategic outlook focuses on
conventional lattice tower in TBCB 765 kV at Dumraon (BSPTCL)
system in India through improved transmission line continuing to build on its current strengths and
Mohanlal Ganj Transmission Line Project by PGCIL,
towers, monopoles and EHV substations. The segment - Installation of 132kV Sector-123, Noida (400kV) to diversification into new sectors, such as projects for
and the 400 kV QA multi-circuit tower for 400 kV
completed a turnaround from operating losses to Sector-63 on Monopoles Noida Transmission Line data centres and battery energy storage systems
Navsari Project, passed successful type-testing,
profitability driven by a strong order book and robust under ETD-II, Noida (BESS), while also targeting higher voltage transmission
strengthening the Company's design capabilities
execution. Among the total order book of over H 1,000 projects and expanding its geographical presence
for addressing global projects.
crores as on March 31, 2023, the Company has bagged - Construction of a 2x100MVA 220/110/11kV in Africa and SAARC countries. It expects to drive
around H 200 crores of monopole orders during FY23. The 400kV Suspension and Tension Monopoles substation at Ramasamudra along with an a calibrated ramp-up in its overall EPC business
underwent successful type-testing at CPRI, associated 220kV line. post the intended demerger and is well-positioned
Possessing an in-house design and engineering demonstrating their ability to withstand 120% loads. to do so profitably while maintaining a robust
expertise for lattice towers, monopoles, and substations, Power distribution
balance sheet.
the Company is now empowered to conceptualise Completion of five Substation projects (Seoni,
The Company revamped its electricity distribution
and deliver tailored solutions that seamlessly blend Wardha, Bina, Morena & Banas kantha) for PGCIL Research and development
business as the Government of India continues to put
aesthetics and performance. The Company has enabled the company to pursue new green field
a strong emphasis on upgrading power distribution The Company's research and development team is
successfully tested and supplied several 765 KV /400 projects in the 400kV segment, leading to an
networks in order to provide quality electricity to dedicated to delivering competitive advantage by
kV lattice towers of various configurations, Twin Poles increased market share in the Sub-station segment.
consumers while also lowering AT&C costs for all utilities, developing innovative products that meet the evolving
& Multi-circuit poles, thereby augmenting their industry both state-owned and private. The Company is thus
The introduction of Steel Caisson Technology demands of consumers. It leverages the latest technology
capability even further. expecting huge investment in this sector under various
in the Monopole PSPCL project showcased and relies on a talented workforce with extensive skills and
The Company is currently exploring opportunities to technological advancements. schemes. Additionally, the Company has reformed experience. Through collaborative efforts with experts
extend their monopole supply services to regions its organisation, strengthened its bid evaluation and in various domains and the use of advanced technical
beyond India, including Nepal, Australia, and Latin The Company provided twin pole supply for the project planning and execution competencies. platforms, the team consistently provides relevant solutions
American territories. The unique design, engineering, Samruddhi expressway project. to stay at the forefront of the industry.
Most of the existing projects have been closed and
and environmental consciousness methodology will Successful type-testing of a Double circuit the Company is soon going to complete the UP and
pave the way for the Company to become a major
player in the sector and expand its global presence.
monopole was achieved for a new client, Karnataka projects as well. The Company also realised 184
WBSETCL, DTL. its long-standing claims from the projects in the states
Team members in R&D
Case study of West Bengal and Bihar. The newly-bid projects
Warranty obligations were successfully closed in and order book have been judiciously selected and The Company has expanded its offering of new
The Company undertook a notable monopole the KPLC LMC (Kenya) and LTDRP 132kV Monopole planned to provide healthy growth with an eye on value-added products by focusing on research on
project in Ludhiana, Punjab, a first-of-its-kind in India TL (Zambia) projects margins as well as capital usage. the durability and reliability of critical components
that incorporated Steel Caisson Technology. For of relevance, with the aim of developing products
List of projects
J 600+ crores
this project, it devised a unique eco-friendly solution that support the BAJAJ brand promise of ‘BUILT FOR
by implementing a Steel Caisson Foundation with a The major projects executed in FY 2022-23 include the LIFE’ while meeting cost and quality targets with a
minimal footprint of just 1.15m in diameter. The design following: Order book as on March 31, 2023 contemporary look and feel.
included a base embedded section with a flange
joint, and a pole shaft fashioned with slip joints. This - Implementation of PSPCL 66kV DC line Ckt I and II
setup not only meets the stringent foundation footprint from Ladhowal to GT Road S/Stn.
New innovations in FY2023
requirements but also allows for quick installation,
- Augmentation of 1X 500 MVA, 400/220kV ICT (3rd)
effectively eliminating the need for extended power
at Morena SS (SS 73 PGCIL) DuraCut DuraACE DuraMarine 3 Years Windhill- NBIoT - Smart pole - BLE mesh -
outages.
Blade- In Tank- In water Pump warranty on Technology communication technology technology
- RTS 132kV Bay Extension works & associated mixers, giving heaters, ceiling fans for product technology for adopted to used in indoor
Transmission line at Katangi, Ishnagar, Sank,
J 200+ crores
lifetime giving life cycle outdoor lighting complement lighting
Simariyatal - MPPTCL TR33 warranty of 10 years management solution pole business segment
blades warranty of
Monopole orders bagged - Extension of 765/400kV Banaskantha (PG) tank
substation (SS 45 PGCIL)
Major highlights of FY2023
- Construction of BGCL 220 kV D/C Naubatpur-
The business segment successfully obtained ISO Bhusaula TL
45001 (OHS) and 14001 (EMS) certifications.
- Construction of BGCL 220 kV D/C Naubatpur Bihta TL
Corporate overview
Statutory reports
The Company has also invested in improvements

to designs, prototypes, testing, and certifications for
Human resources
590 Quality Assurance
storage water heaters, ceiling fans, BEE standards, RoHS BEL places a strong emphasis on the development Employees joined the organisation The Company helped maintain product quality
compliances, safety glass compliances, and different and enhancement of its employees' skills across through various initiatives and projects such as in-house
key functions. The Company firmly believes that a manufacturing of advanced technology or premium
8%
BIS QCOs. By inventing energy efficient induction motors
and BLDC motors, the Company has changed all of its motivated and competent team, supported by a products, capacity and capability enhancement of
existing ceiling fans to new BEE star rated fans. The R&D conducive work environment, is vital for long-term supply partners, automation of processes, evaluation
Women employees (Corporate level)
team has also created products based on IoT and AI success. This commitment is reflected in its consecutive and audits of manufacturing units.
technology, such as CitiSol and human-centric lighting. three-year recognition as a Great Place to Work®.
52,096
The Company has established various policies and The Company is focusing on additional product
Awards for innovative efforts committees that provide employees with opportunities quality improvement parameters through first month
to voice their concerns related to employee welfare, Manhours of training during FY 2023 product failure or feedback analysis, CARE audit at
Product of the Year 2022 warehouses, design improvements, Lakshya projects
including the Code of Conduct, Whistleblower, and
Morphy Richards DigiChef by NielsenIQ POSH policies. Employees enjoy unrestricted freedom The Company provides ample opportunities for all for process upgradation, warranty term extension, and
Morphy Richards Kube Water Heater by NielsenIQ of association. of its employees to perform to their full potential. statistical process control. These approaches have
Employees that exhibit great performance and value- resulted in significant improvements in the quality of
Good Design® Award 2022 Morphy Richards KUBE
Promoting diversity and inclusivity is a continuous effort based behaviour are also rewarded and recognised products provided to customers, as well as reducing
Water Heater
at all levels and verticals within the Company. In FY2023, at all levels. production costs.
Indiastar Packaging Award for innovative the diversity and inclusion (D&I) Council focused on
packaging of stadium light and Juvel Mixer Grinder
ISO 9001:2015
activities aimed at empowering women, sensitising To recognise their exceptional contributions, the
WorldStar Packaging Award for stadium light managers and workers, conducting engagement Company has introduced the 'Achieverz' programme,
packaging design sessions, and implementing new regulations. Women- a tri-annual Reward and Recognition initiative. This Certified for best quality control for Consumer Products,
Golden Peacock Innovative Product Award centric policies, such as flexible working hours, four- programme celebrates the outstanding achievements Lighting, T&D and R&D centre.
day work-from-home option, and maternity assistance of employees through quarterly, semi-annual, and
18 programme, have been implemented. The new

domestic travel policy also includes improved travel
annual acknowledgments. Additionally, BEL has
instituted the prestigious 'Sarvottam Club' as a special Frost & Sullivan's Project Assessment
Patents filed and accommodation support to ensure the safety of honour for top performers. Members of this exclusive
female employees during official outings. group are rewarded with a Company-sponsored and Recognition Programme 2022 has
Through benchmarking studies, in-depth analysis of international trip, demonstrating the Company's recognised Bajaj Electricals Ltd as a
technology and product landscapes, and consumer Recognising the talent pool as its most valuable commitment to appreciating and incentivising its
asset, the Company prioritises recruitment based 'Winner in Manufacturing Category' for
research, the Company has successfully developed exceptional workforce.
new initiatives. With an expanded distribution network on job requirements and competency framework. its finest MQH practise, The Company
and a strong service infrastructure, the Company is well- Talent engagement programmes and workshops are Safety first also bagged the 'Winner under Quality
positioned to introduce durable products with advanced conducted to enhance skills and provide an engaging
work environment. The Company ensures fairness in The Company has appointed safety officers and Enterprise Leadership category in the
features. These efforts are part of a comprehensive
brand transformation strategy aimed at ensuring long- assessment and recognition programmes, offering established safety committees, led by the Plant Head Manufacturing Sector'.
equal opportunities for progression to all employees. and comprising members from various teams, to
term sustainability and success in the coming years.
Fresh and young talent are encouraged throughout proactively address safety concerns and maintain a
the organisation to contribute innovative and creative secure working environment. To identify and mitigate
Out of the box innovation risks associated with critical equipment, the Company
The strong quality control system in the Company
ideas that yield tangible results and foster a positive has boosted brand perception while also providing a
outlook for the Company. has adopted the Hazard Identification Risk Assessment
CitiSol better client experience. The Company has reduced
(HIRA) technique. In addition, the Company has
the rejection rate by conducting root cause analysis
CitiSol offers scalable solutions for governing To ensure continuous employee development, the developed an EHS portal for reporting near misses
of field failures on a regular basis and taking remedial
bodies, industrial areas, and campuses, including Company has implemented a well-structured learning and deviations, enabling effective KPI tracking
action to bridge the gap and fulfil the defined criteria.
public Wi-Fi, smart parking, and lighting. By and development programme that focuses on and fostering employee engagement through an
leveraging data and business insights, CitiSol functional and behavioral training. The introduction EHS reward function. To further enhance safety The quality management system is also focused on
achieves up to 80% energy efficiency, 50% of 'SPRINT,' a management training programme, practices, the Company has introduced the 'One increasing customer satisfaction by introducing new
operational efficiency, and improved safety has provided valuable insights into team leadership, EHS' application, enabling real-time incident tracking, and energy-efficient quality goods at reasonable
standards. This IoT ecosystem also reduces performance management, self-management, and recording of near-miss cases, reporting of unsafe acts prices on time.
manpower costs, carbon footprint, and light other relevant topics. The Company has also organised and conditions, and timely notifications for prompt
pollution, fostering a sustainable environment. additional programmes for talent development, action by the authorities.
The Company’s collaborative model uses including enhancing functional, leadership, and
461
open APIs to integrate with third-party services, management capabilities, driving peak performance,
delivering turnkey solutions to revolutionise urban embracing digital learning, fostering synergies, and
living and promote a greener planet. promoting compliance and ESG awareness. EHS training sessions conducted during FY 2023
Corporate overview
Statutory reports
Integrated supply chain management Information technology heavily in technical training for their personnel, aiming
to assure superior production quality. This initiative
The Company has effectively developed a robust and As part of this digital transformation plan, the has led to improved communication among teams,
integrated supply chain team that adds consistency, company intends to make significant investments in enhanced technical expertise, and encouraged
efficiency, and resilience to the whole production and state-of-the-art digital technologies, such as Artificial innovative thinking.
supply chain operations. To maintain a strong focus on Intelligence (AI), Machine Learning (ML), Robotic
operational efficiency, the manufacturing plants are Process Automation (RPA), advanced analytics, and In an effort to further streamline operations, the
targeting effective sourcing and material planning, sophisticated security systems. Company invested in installing an IoT system in their
initiatives that address the challenges related to Nirlep factory. This investment has yielded significant
new product development, and fostering cross- Digitalisation has been a pivotal force in the Company's returns by reducing maintenance challenges,
functional collaboration to improve Overall Equipment operations, consistently enhancing productivity optimising asset utilisation, enhancing production
Effectiveness (OEE). These achievements and ongoing and catalysing growth. The integration of state-of- efficiency, and conserving energy.
efforts underscore the Company's approach to the-art technologies with manufacturing facilities
enhance production capabilities and operational has substantially improved efficiency and output. In Looking ahead, the Company is poised to leverage
excellence across its manufacturing facilities. FY2023, the Company implemented the SAP S/4 HANA a range of advanced technologies, including Cloud,
platform across all operations and plants, leading to Artificial Intelligence (AI), Internet of Things (IoT),
The Company has been actively working towards a myriad of benefits such as advanced cost module Advanced Analytics, Big Data with a data warehouse,
integrating digital technologies into its manufacturing tracking, inventory visualisation, and an improved Cyber-security, Robotics, Robotic Process Automation
processes to improve operational efficiency and reporting structure. (RPA), and Virtual Reality. These technologies will help
decision-making. In line with this goal, it has completed to achieve three main goals
the SAP S/4 HANA implementation across all plants, With a robust digital foundation, the Company is
bringing significant operational advantages such now beginning its journey towards becoming a Crafting immersive experiences for customers
as improved tracking of costing modules, inventory comprehensive digital enterprise. This is intended to
empower the Company to develop future-proof, Enhancing operational productivity
visualisation, and reporting structures. Additionally, the
Nirlep plant invested around H 35 lakhs in implementing technology-driven solutions centred on customer Supporting better, data-informed decision-making.
an IoT system, with plans to upgrade further, including needs. The strategic focus of the Company is to
the implementation of a business processing module, leverage its vast data resources, using advanced Moreover, it plans to upgrade its SAP system to
attendance system, and IoT integration with SAP. technologies to reinvent how they interact with integrate business processing module implementation,
consumers, partners, and operations. an attendance system, and IoT capabilities. These
Having already implemented the Total Productive strategic initiatives are expected to drive cost
Maintenance (TPM) methodology across all The Company launched a major initiative called The Company is making continuous improvements optimisation benefits and drive the Company's
manufacturing plants, the Company now closely 'Mulya' for its suppliers. This programme aimed at which extends to its workforce as well. It has invested revenues and margins.
monitors KPIs to maintain operational excellence. acknowledging suppliers for their cost-saving efforts
Looking ahead, it plans to implement Manufacturing within the supply chain. The supply chain team
Execution System (MES) and digitise its Chakan factory conducted numerous activities under the Mulya
in FY24. initiative, such as Value Addition Value Engineering,
Financial analysis (on consolidated financials)
negotiations, optimisation of bought-out components,
packaging, BTST, volume consolidation, and more. Revenues (C in crore) EBITDA (C in crore) EBIT (C in crore) Finance Cost (C in crore) PBT (C in crore) PAT (C in crore)
90+ 5,429 434 352 48 303 216

800+
4,813
5,429
Total suppliers
318
434
249
352
166
303
124
216
70
48
The Company, in collaboration with the supply chain SKUs covered
team, is also emphasising the importance of local
sourcing. Actions have been taken to establish a
local supply partner base for this purpose. The ‘Hello
Local’ programme already resulted in localisation of
35 SKUs, encompassing H 130 crores of purchase value.
Additionally, plans of localising another 20+ SKUs
representing H 60 crores of purchase value are to be
executed in the coming years.
FY2022
FY2023
FY2022
FY2023
FY2022
FY2023
FY2022
FY2023
FY2022
FY2023
FY2022
FY2023
Corporate overview
Statutory reports
The Company has identified key business risks and Financial support is extended to subsidiary and
devised mitigation plans, as described below: associate companies for managing working
Particulars FY2023 FY2022 YoY Change
capital requirements, addressing fluctuations in
• Business growth and profitability demand, supply chain constraints, and capacity
EBIDTA Margin 7.99% 6.62% 20.67%
EBIT Margin 6.48% 5.18% 25.12% utilisation.
While the EPC order book forecast for project
PBT Margin 5.59% 3.45% 61.76% execution in FY 2023-24 is gradually improving, • Talent acquisition and retention
PAT Margin 3.98% 2.58% 54.05% the Company is actively focusing on high-value
Debtors Turnover 3.71 2.94 26.37% projects in Railways, Monopoles, and Substations Attracting and retaining the best talent remains a
Inventory Turnover 3.64 3.45 5.40% to drive growth and profitability. constant challenge for the Company. To address this,
Interest Coverage Ratio 7.27 3.57 103.43% the human resource strategy emphasises building
Current Ratio 1.30 1.21 7.76% Fluctuations in commodity prices and an a diverse talent pipeline, hiring fresh management
Debt Equity Ratio 0.00 0.03 -99.67% inflationary trend in the cost of materials have graduates for various business and functional
Return on net worth 11.97% 7.58% 57.95% affected demand and profit margins. The roles, enhancing individual and organisational
Company is closely monitoring these factors, capabilities, increasing employee engagement,
implementing strategies to minimise their impact and strengthening employee relations.
Risk management analysis to assess the success and failure of various on operations, liquidity, and overall viability.
strategies employed. The organisation is also exploring new business The Company implemented various employee
The Board of Directors has adopted and approved
opportunities and enhancing its market presence initiatives, including employee satisfaction surveys,
a Risk Management Policy for the Company to Impact of material topics
to maintain a healthy growth trajectory. town halls, competitive compensation benchmarking,
ensure the ongoing identification, evaluation, and
The identified material issues can potentially affect stock options, management training programmes,
mitigation of business risks, safeguarding the interests • Working capital management
the Company's financial stability, brand perception job rotations, and recognition programs to retain and
of its stakeholders. The Risk Management framework
among customers and consumers, and the reputation develop talent.
is designed to adapt to the evolving business The Company has encountered challenges in EPC
environment and promptly address any emerging of products in terms of cost, quality, performance, projects due to changes in scope by clients and • Occupational health and safety
risks. The Risk Management Committee is updated on style, and durability. unresolved ROW issues, resulting in non-utilisation
emerging risks and corrective actions every six months. of materials and delayed execution. Additionally, The Company prioritises the safety of its employees
Mitigation plans
cash constraints and receivable delays have been and workers, identifying Occupational Health &
Long-Term Material topics to be focused on To address the above, the Company has established noted due to client-related issues. Safety as a key focus area to reinforce a safety culture
a cross-functional team of subject matter experts across the organisation. Comprehensive training
Sustainable product development To address these challenges, the Company
who provide guidance and take timely actions. programs have been conducted at plants and
coordinated with clients to identify additional work project sites, including behavior-based safety training,
This encompasses sustainable production practices, Sufficient budget allocations and funding are in place
opportunities, ensuring the effective utilisation safety leadership programs, logistics safety programs,
embracing the circular economy, prioritising energy to ensure that initiatives are implemented promptly
of inventory procured at project sites. Moreover, and safety protocols for employees and workers.
efficiency, and incorporating sustainable technologies. and efficiently. The risk treatment plan consists of
slow-moving inventory was assessed for potential
preventive, detective, and corrective measures that
Technological innovations use at other project sites. Efforts were made to A Safety Committee and a Safety Portal has been
address various aspects of risk management, such as
expedite the recovery of receivables and achieve deployed to oversee and monitor safety initiatives
diversification, control, and transfer of risk.
This involves monitoring the evolution of global industry timely handover and closure of project sites. and compliance across the organisation.
technologies, the emergence of energy-efficient Risk mitigation strategy
innovations, and the development of cost-competitive
solutions. The Company has established a structured strategy to
tackle the identified risks.
Competitive landscape
Continuous improvement and
This includes tracking market entrants and exits, as well deployment of new controls
as evaluating the performance of new products in the Structured Risk
6 1
market. Reporting
Risk
Resilient and sustainable supply chain 5 Assessment
This focuses on optimising production and distribution

cycles, ensuring the appropriate product quantities
reach the right markets without any major incidents.
Product category market share

2
This examines gains and losses in market share at the Risk 4
Management 3 Risk
product category level and conducts root cause
Framework Risk Traning Mitigation
Corporate overview
Statutory reports
Internal control
The Company has well-defined and appropriate For all business divisions and functions, the Company
Business Responsibility and
internal controls that are proportionate to the size,
scale, and complexity of its operations. Internal
has written Standard Operating Procedures (SOP) and
risk registers that include process flow, important risks, Sustainability Report
controls were observed to be functioning properly and critical controls. SOPs and risk registers are then
throughout the year. The Company had recruited an analysed, and appropriate changes are made by the
external consultant as an Internal Auditor to test the business based on changes in workflow and controls. On SECTION A: GENERAL DISCLOSURES
robustness of these controls and to cover all business assessment of the internal financial controls, the external
units, offices, factories, and critical areas of operation. expert (Internal Auditor) found no significant control flaws.
The design, sufficiency, and operational effectiveness All of the non-significant control flaws discovered have I. Details of the listed entity
of the Company's Internal Financial Controls are been discussed with the process owner. To eliminate the
flaws in a timely manner, remediation steps have been 1. Corporate Identity Number (CIN) of the Listed Entity: L31500MH1938PLC009887
evaluated by an external consultant (Internal Auditor)
and the statutory auditor. implemented or agreed upon. 2. Name of the Listed Entity: BAJAJ ELECTRICALS LIMITED
The controls are built in compliance with the Where control deficiencies were recognised as a 3. Year of incorporation: 1938
requirements defined under the Companies Act, result of system constraints in IT applications, adequate
4. Registered office address: 45/47, Veer Nariman Road, Mumbai 400001.
2013 and the Guidance Note issued by the Institute of manual controls were implemented.
Chartered Accountants of India. 5. Corporate address: Rustomjee Aspire, 7th Floor, Bhanu Shankar Yagnik Marg, Sion East, Mumbai- 400022.
6. E-mail: legal@bajajelectricals.com
Disclaimer 7. Telephone: 022-6149 7000
Statements in this management discussion and analysis that describe the Company's objectives, projections, 8. Website: www.bajajelectricals.com
estimates and expectations are considered ‘forward-looking statements’ under applicable laws and regulations. 9. Financial year for which reporting is being done: April 1, 2022 – March 31, 2023
Actual results may differ significantly or materially from those stated or implied. Important developments that
could have an impact on the Company's operations include, among other things, competition, employee costs, 10. Name of the Stock Exchange(s) where shares are listed: (i) BSE Limited; and (ii) National Stock Exchange of
significant changes in India's political and economic environment, environmental standards, tax laws, litigation India Limited
and labour relations. 11. Paid-up Capital: H 23,01,51,276/- as on March 31, 2023
These statements are not assurances of future performance and should not be relied on unduly. These forward- 12. Name and contact details (telephone, email address) of the person who may be contacted in case of any
looking statements inherently involve known and unknown risks and uncertainties that may cause actual queries on the BRSR report:
performance and financial results in future periods to deviate significantly from any projections of future
performance or results expressed or implied by such forward-looking statements. Mr. Ajay Nagle
Telephone No.: 022-6149 7000
The reader is advised not to overly depend on forward-looking statements. Except as required by applicable E-mail id: legal@bajajelectricals.com
securities laws, the Company will make no commitment to update forward-looking statements if circumstances
or management's estimates or opinions change. 13. Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e., only for the entity)
or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated financial
statements, taken together): The disclosures are made on a standalone basis.
II. Products/services
14. Details of business activities
Sr. % Turnover
Description of Main Activity Description of Business Activity
No. of the Entity
1. Manufacturing and Trading The Company deals with the manufacturing and trading 69%
of Consumer Products of consumer durables products which includes Fans,
Domestic Appliances, Kitchen appliances, and Non-
Electrical Kitchen Aids.
2. Manufacturing and Trading The Company deals with the manufacturing and trading 21%
of Lighting Products of lighting products which includes LED products, such
as lamps, bulbs, battens and ceiling lights in consumer
lighting and poles, highmast, street lighting, area lighting,
etc. in professional lighting.
Corporate overview
Statutory reports
provides IoT based experience (smart lights) Engineering, Procurement and Commissioning
Sr. % Turnover
Description of Main Activity Description of Business Activity to B2B customers such as smart city, Urban (EPC)
No. of the Entity
Local Bodies (ULB), and Government project,
amongst others. Under EPC segment, the Company operates
3. Engineering, Procurement Power Transmission and Distribution Business is primarily 10%
in four business verticals – Power Transmission,
and Commissioning engaged in providing solutions that include design,
Consumer lighting includes LED lighting products Power Distribution, Monopoles and International
of Power Transmission engineering, procurement, construction and project
such as bulbs, battens and ceiling lights, which EPC. The consumers of EPC segment are majorly
and Power Distribution management of all aspects of project execution from
cater to consumer household demand. The Government institutions (including Urban Local
Infrastructure conceptualizing to commissioning. It also comprises of
product portfolio also includes energy efficient Bodies) and private institutional customers.
providing end-to-end EPC solutions or any combination
and smart connected LEDs, which cater to The credit concentration is more towards
of individual services depending on customer's needs
smart home sentiments of consumers. Further, government institutions. These projects are
and market opportunity.
interior design, architecture, and home décor normally of long-term duration of two to three
trends influence the consumer lighting industry. years. The Company also has international
15. Products/Services sold by the entity presence in its EPC segment.
Sr. % of total turnover

Product/Service NIC Code
No. contributed
IV. Employees
1. Manufacturing and Trading of Consumer Products 2750 69%
18. Details as at the end of Financial Year:
2. Manufacturing and Trading of Lighting Products 2740 21%
3. Engineering, Procurement and Commissioning of Power 3510 10% a. Employees and workers (including differently abled):
Transmission and Power Distribution Infrastructure
Sr. Male Female
Particulars Total (A)
III. Operations No. No. (B) % (B / A) No. (C) % (C / A)
16. Number of locations where plants and/or operations/offices of the entity are situated: EMPLOYEES
1. Permanent (D) 2,152 2,003 93.08 149 6.92
Location Number of plants Number of offices Total 2. Other than Permanent (E) 2,154 1,834 85.14 320 14.86
3. Total employees (D + E) 4,306 3,837 89.11 469 10.89
National 3 23 26 WORKERS
International Nil 4 4 4. Permanent (F) 201 201 100.00 - -
5. Other than Permanent (G) 2,379 2,194 92.22 185 7.78
17. Markets served by the entity:
6. Total workers (F + G) 2,580 2,395 92.83 185 7.17
a. Number of locations
b. Differently abled Employees and workers:
Locations Number
Sr. Male Female
National (No. of States) 29 incl. union territories Particulars Total (A)
No. No. (B) % (B / A) No. (C) % (C / A)
International (No. of Countries) 40+
DIFFERENTLY ABLED EMPLOYEES
b. What is the contribution of exports as a consumers, corporates, and small businesses.
1. Permanent (D) 3 3 100.00 - -
percentage of the total turnover of the The appointment of dealers, distributors,
2. Other than Permanent (E) - - - - -
entity?: 1% institutions is strictly driven as per the standard
3. Total differently abled employees(D + E) 3 3 100.00 - -
operating procedures and credit policy
c. A brief on types of customers DIFFERENTLY ABLED WORKERS
followed by the Company.
4. Permanent (F) - - - - -
Consumer Products Segment Lighting Solutions Segment 5. Other than Permanent (G) - - - - -
6. Total differently abled workers(F + G) - - - - -
The Company is engaged in manufacturing Lighting solutions segment includes professional
and trading of consumer products which lighting and consumer lighting. 19. Participation/Inclusion/Representation of women:
include Fans, Domestic Appliances, Kitchen
Appliances and Non-Electrical Kitchen Aids. Professional lighting includes commercial No. and percentage of Females
Total (A)
The consumer products segment caters to and industrial customers who require high- No. (B) % (B / A)
retailers, distributors, wholesalers, institutions, quality and energy-efficient indoor and
e-commerce, international markets and outdoor lighting solutions for their premises. Board of Directors 10 2 20.00
government sector who sell the Company's These customers include contractors, Key Management Personnel (“KMPs”) 3* - -
products directly to end-users such as project developers, corporate offices, Govt *MD & CEO, CFO, Company Secretary are designated as KMPs of the Company.
institutions, amongst other. The Company also
Corporate overview
Statutory reports
20. Turnover rate for permanent employees and workers:

Grievance FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
Redressal
FY 2020-21 (Turnover Mechanism
FY 2022-23 FY 2021-22
rate in the year prior to Stakeholder in Place Number of Number of
(Turnover rate in current FY) (Turnover rate in previous FY)
the previous FY) group from (Yes/No) (If Number of complaints Number of complaints
Male Female Total Male Female Total Male Female Total whom Yes, then complaints pending complaints pending
Remarks Remarks
complaint is provide filed during resolution filed during resolution
received web-link for the year at close of the year at close of
Permanent 27.65 28.87 27.73 30.30 39.22 30.89 20.80 22.61 20.92
grievance the year the year
Employees
redress
Permanent Workers Nil Nil Nil Nil Nil Nil 0.00 Nil 0.00
policy)
Shareholders Yes* - - - -
V. Holding, Subsidiary and Associate Companies (including joint ventures)
Employees and Yes*** 5 - 1 -
21. Names of holding / subsidiary / associate companies / joint ventures: workers
Customers Yes* 5 5 3 2
Indicate whether Does the entity Value Chain Yes* - - - -
Name of the holding / subsidiary holding/ indicated at column A, Partners
Sr. % of shares held
/ associate companies / joint Subsidiary/ participate in the Business Other (please - - - - -
No. by listed entity
ventures Associate/ Joint Responsibility initiatives of specify)
Venture the listed entity? (Yes/No) * Any grievances can be addressed to the Company Secretary & Chief Compliance Officer of the Company, whose contact details are
made available on the website of the Company at https://www.bajajelectricals.com/investors-updates/
1. Nirlep Appliances Private Limited Subsidiary 100.00 No
**Only such complaints/grievances that qualify under Principles 1 to 9 of the National Guidelines on Responsible Business Conduct have been
2. Bajel Projects Limited Subsidiary 100.00 No considered above.
3. Hind Lamps Limited Associate 19.00 No ***Any grievances can be addressed to the concerned Committee(s) as per Internal Policies of the Company.
VI. CSR Details 24. Overview of the entity’s material responsible business conduct issues:
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes Financial
implications
(ii) Turnover: H 5,41,740.91 lakh Indicate
of the risk or
whether
Sr. Material issue Rationale for identifying In case of risk, approach to opportunity
(iii) Net worth: H 1,97,516.95 lakh risk or
No. identified the risk / opportunity adapt or mitigate (Indicate
opportunity
positive or
VII. Transparency and Disclosures Compliances (R/O)
negative
implications)
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct**: 1. Environmental Opportunity Focus on a diversified - Positive
Portfolio portfolio of greener
Grievance FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year) products offers new
Redressal growth opportunities for
Mechanism the Company.
Stakeholder in Place Number of Number of 2. Energy Opportunity Focus on energy - Positive
group from (Yes/No) (If Number of complaints Number of complaints Management management, energy
whom Yes, then complaints pending complaints pending efficiency improvement
Remarks Remarks and transitioning to
complaint is provide filed during resolution filed during resolution
received web-link for the year at close of the year at close of renewable energy
grievance the year the year sources offers cost
redress saving opportunity along
policy) reduced GHG emissions.
Communities Yes* - - - -
Investors Yes* - - - -
(other than
shareholders)
Corporate overview
Statutory reports
Financial Financial
implications implications
Indicate Indicate
of the risk or of the risk or
whether whether
Sr. Material issue Rationale for identifying In case of risk, approach to opportunity Sr. Material issue Rationale for identifying In case of risk, approach to opportunity
risk or risk or
No. identified the risk / opportunity adapt or mitigate (Indicate No. identified the risk / opportunity adapt or mitigate (Indicate
opportunity opportunity
positive or positive or
(R/O) (R/O)
negative negative
implications) implications)
3. Product Risk & Consumer awareness The Company introduced Positive 6. Waste Risk Non-Compliance with To mitigate these risks, Negative
Stewardship Opportunity about benefits of Product Research as well as generation regulatory requirements the Company undertakes
sustainable products is Centre (PRC), Centre of Negative and recycling such as EPR obligations several measures such
growing which offers an Excellence, and Design may lead to fines, as implementing waste
opportunity to tap the Quality departments penalties and might reduction and recycling
emerging demand while within the Company’s R&D damage Company’s programs, working with
policy and regulatory vertical. The Company’s reputation. suppliers to reduce waste
changes to reduce R&D team ensures that generation, implementing
negative impact of it adapts to its changing sustainable waste
products pose a risk of environment. management practices,
compliance. and complying with waste
It has introduced energy management regulations
efficient products such such as EPR
as LED bulbs and energy 7. Employee Risk Workplace accidents Employee health and Negative
efficient consumer Health and and injuries can lead to safety is an important focus
products, and is currently Safety employee absenteeism, area for the Company.
focusing on launching the reduced productivity, The Company reinforces
products, which cater to and increased the safety culture across
the health and hygiene healthcare costs. the Company through
needs of the consumers. various measures such
4. Water Risk Water scarcity may The Company’s focus is Negative as implementing safety
Management lead to disruption in primarily on decreasing protocols and training
operations. the water usage to programs, conducting
Further, increased costs increase the efficiency of regular safety audits,
and reduced production its operations. To mitigate and complying with
capacity can negatively the negative impact, the relevant health and safety
impact the Company’s Company also undertakes regulations. The Company
financial performance. water harvesting as a part also introduced an EHS
of CSR initiatives. app to track incidents or
5. Supply chain Risk Climate change and To mitigate these risks, Negative fatalities at the workplace
Management other macroeconomic the Company undertakes in real time.
factors might disrupt several measures such 8. Quality and Opportunity Good product and - Positive
supply chain which may as diversifying its supplier Service service quality enhances
lead to shortages in base, developing Delivery brand image and
raw materials, delayed contingency plans for customer satisfaction.
deliveries, and increased supply chain disruptions, 9. Fair business Opportunity Fair business practices - Positive
costs. ESG risks (including implementing quality practices create stakeholder trust
raw material quality) in control measures, and respect resulting
supply chain also pose conducting supplier audits in protecting the
reputational risk to the to ensure ethical and Company’s social licence
organisation. sustainable practices and to operate.
focusing on local suppliers.
Corporate overview
Statutory reports
Financial SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

implications
Indicate
of the risk or
whether Disclosure Questions P1 P2 P3 P3 P4 P5 P6 P7 P8 P9
Sr. Material issue Rationale for identifying In case of risk, approach to opportunity
risk or
No. identified the risk / opportunity adapt or mitigate (Indicate Policy and Management Processes
opportunity
positive or 1. a. Whether your entity’s policy/policies cover Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
(R/O)
negative each principle and its core elements of the
implications) NGRBCs. (Yes/No)
10. Corporate Risk & Good corporate The Company undertakes Positive b. Has the policy been approved by the Board? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Governance, Opportunity governance results in several measures such as well as (Yes/No)
Transparency enhanced stakeholder as implementing robust Negative c. Web Link of the Policies, if available. https://www.bajajelectricals.com/miscellaneous/
and trust and brand corporate governance 2. Whether the entity has translated the policy into Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Disclosures reputation. practices, ensuring procedures. (Yes / No)
transparency in business 3. Do the enlisted policies extend to your value Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Poor corporate
practices and financial chain partners? (Yes/No)
governance practices
reporting, conducting 4. Name of the national and international codes/ The policies are compliant with respective principles of
may lead to financial
regular internal audits, and certifications/labels/ standards (e.g., Forest National Guidelines on responsible Business conduct.
mismanagement, fraud,
complying with all relevant Stewardship Council, Fairtrade, Rainforest
or other financial risks.
corporate governance Alliance, Trustea) standards (e.g., SA 8000,
regulations. OHSAS, ISO, BIS) adopted by your entity and
11. Regulatory Opportunity Compliance with relevant The Company conducts Positive mapped to each principle.
compliance national/local laws and regular internal audits 5. Specific commitments, goals and targets set by Please review the relevant sections of the Integrated
and Integrity regulations applicable and provides trainings the entity with defined timelines, if any. Annual Report for detailed information about
will increase stakeholder to employees and top the management approach and commitments,
confidence and negate management on ethical categorized by capital.
any potential fines or business practices. 6. Performance of the entity against the specific The Company systematically monitor important
litigations. commitments, goals and targets along-with parameters and document them for the purpose of
12. Business Ethics Risk Unfair business practices, The Company has a Negative reasons in case the same are not met. learning and development, aiming to continuously
and Anti- such as bribery or defined Code of Conduct improve its policies.
corruption corruption, may lead to which covers issues Governance, leadership and oversight
reputational damage related to ethics, bribery 7. Statement by director responsible for the Refer message by the Managing Director & Chief
and reduced stakeholder and corruption. It also business responsibility report, highlighting ESG Executive Officer
trust. covers all dealings with related challenges, targets and achievements
suppliers, customers and (listed entity has flexibility regarding the
other business partners placement of this disclosure)
and other stakeholders. 8. Details of the highest authority responsible for Board of Directors
The Company also has implementation and oversight of the Business
a Whistle Blower Policy Responsibility policy(ies).
(‘WB Policy’) which 9. Does the entity have a specified Committee Mr. Anuj Poddar, Managing Director & Chief Executive
enables its directors and of the Board/ Director responsible for decision Officer, DIN: 01908009.
employees to report their making on sustainability related issues? (Yes /
concerns about unethical No). If yes, provide details.
behaviour.
13. Resilient Opportunity Resilient business - Positive
Business model and focus on
Model and long-term profitability
Long-term ensures sustainable
Profitability value creation for all
stakeholders.
14. Environmental Risk Emerging climate related The Company is Negative
Risk risks if not analysed and working on developing
Management addressed might pose environment strategies,
risk to physical assets and and integrating ESG into
business performance. their business model.
Corporate overview
Statutory reports
10. Details of Review of NGRBCs by the Company:

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
Indicate whether review was undertaken by
Frequency (Annually/ Half yearly/
Director / Committee of the Board/ Any other
Subject for Review Quarterly/ Any other – please specify) Businesses should conduct and govern themselves with integrity, and in a manner that is
Committee PRINCIPLE 1 -
P1 P2 P3 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P3 P4 P5 P6 P7 P8 P9 Ethical, Transparent and Accountable.
Performance against Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes The management periodically reports its
above policies and follow ESG performance to the core management Essential Indicators
up action committee and holds discussions to review
and take necessary follow-up actions. 1. Percentage coverage by training and awareness programmes on any of the Principles during the financial
Compliance with statutory Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes The Directors receive a compliance report year:
requirements of relevance every six months, covering all statutory
to the principles, and, requirements. To ensure complete
Total number %age of persons
rectification of any non- compliance, a dedicated compliance Topics / principles
of training and in respective
compliances management tool is utilized for tracking covered under
Segment awareness category covered
and enforcing adherence to compliance the training and its
requirements. programmes by the awareness
impact
held programmes
P1 P2 P3 P3 P4 P5 P6 P7 P8 P9 Board of Directors 2 All 9 Principles. 75.00

Key Managerial Personnel 6 Principles 1, 3 and 5. 83.33
11. Has the entity carried out independent No No No No No No No No No No
Employees other than BoD and KMPs 71 Principles 1, 3 and 5. 87.87
assessment/ evaluation of the working of its
Workers Nil Nil Nil
policies by an external agency? (Yes/No). If
yes, provide name of the agency.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated: (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
Questions P1 P2 P3 P3 P4 P5 P6 P7 P8 P9 specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as
disclosed on the entity’s website):
The entity does not consider the Principles material NA NA NA NA NA NA NA NA NA NA
to its business (Yes/No) No material fines were paid in FY 2022-23.
The entity is not at a stage where it is in a position to NA NA NA NA NA NA NA NA NA NA
formulate and implement the policies on specified
Has an
principles (Yes/No) Name of the regulatory/
NGRBC Amount Brief of the appeal been
The entity does not have the financial or/human and NA NA NA NA NA NA NA NA NA NA enforcement agencies/
Principle (In J) Case preferred?
technical resources available for the task (Yes/No) judicial institutions
(Yes/No)
It is planned to be done in the next financial year NA NA NA NA NA NA NA NA NA NA
(Yes/No) Monetary
Any other reason (please specify) NA NA NA NA NA NA NA NA NA NA Penalty/ Fine NA NA NA NA NA
Settlement NA NA NA NA NA
Compounding fee NA NA NA NA NA
Has an
Name of the regulatory/
NGRBC appeal been
enforcement agencies/ Brief of the Case
Principle preferred?
judicial institutions
(Yes/No)
Non-Monetary
Imprisonment NA NA NA NA
Punishment NA NA NA NA
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
monetary or non-monetary action has been appealed.
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions
NA NA
Corporate overview
Statutory reports
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
PRINCIPLE 2 - Businesses should provide goods and services in a manner that is sustainable and safe
provide a web-link to the policy.
The Company has an Anti-Bribery and Anti-Corruption Policy to ensure that proper procedures are in place
to prevent any violations of the law and to clearly outline the responsibilities of the Company’s personnel
Essential Indicators
and business partners in preventing bribery and corruption. This policy drives the Company's Anti-Bribery
Management System (“ABMS”), with the primary objective of mitigating bribery-related risks by implementing 1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
robust processes and controls, training and awareness activities that ensure: environmental and social impacts of product and processes to total R&D and capex investments made by
a. Compliance with applicable anti-bribery laws; the entity, respectively.
Current Previous Details of improvements in environmental and social

b. Creating awareness about the Company's emphasis on ethical business practices and its zero-tolerance
Financial Year Financial Year impacts
approach towards conduct that is in breach of this Policy; and
R&D 96.14 98.11 Investment in new moulds and products.
c. Effective Implementation of ABMS by incident reporting, investigation, and compliance.
Capex 5.53 8.52 Investment towards solar power generation at factories.
Please find the Anti-Bribery and Anti-Corruption Policy https://www.bajajelectricals.com/media/7623/
2. a. Does the entity have procedures in place for • Local sourcing
anti-bribery-anti-corruption-policy.pdf
sustainable sourcing? (Yes/No)
The Company is committed to sourcing
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
Yes, the Company endeavours to focus on locally without compromising on quality.
enforcement agency for the charges of bribery/ corruption: protection of environment, stakeholders’ interest The Company plans for procuring finished
and cost effectiveness while procuring any raw goods and services from the local vendors
FY 2022-23 FY 2021-22 material or goods. The Company recognises the which help to create job opportunities in
(Current Financial Year) (Previous Financial Year) importance of integrating sustainability into its the semi-urban areas. Further, to support
supply chain in its commitment to a sustainable the local vendors, the Company carries
Directors - - business. Towards this end the Company takes out governance meetings with strategic
KMPs - - various measures. suppliers, workshops and trainings to
Employees - - create awareness about quality, product
Vendor Onboarding: The Company has a
Workers - - development and delivery.
dedicated ‘Manual for Purchasing’ that
allows it to lay down purchase procedures • Mulya
that include evaluation of new vendor,
6. Details of complaints with regard to conflict of interest:
performance monitoring of existing vendors, The Company developed a digital
review and placement of purchase order, platform/portal “Mulya” which is
FY 2022-23 FY 2021-22 and monitoring of supplies. While on-boarding accessible to all the supply partners. This
(Current Financial Year) (Previous Financial Year) a vendor, the Company undertakes vendor portal has enabled vendors to contribute
Number Remarks Number Remarks assessment to screen them on the parameters to ‘VAVE’ ideas/initiatives which focus on
such as commercial capability, technical reducing the cost or adding value without
Number of complaints received in relation to - - - - capability, legal compliance, electrical compromising on the quality.
issues of Conflict of Interest of the Directors safety, fire safety, hazardous material storage
• Hello Local
Number of complaints received in relation to - - - - and process management, which is jointly
issues of Conflict of Interest of the KMPs conducted by Supply Chain Management The Company has also undertaken
(SCM) and Quality Assessment teams. ‘Hello Local’ initiative to accelerate
the localisation of imported Products &
Vendor Re-evaluation: Some of the existing
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken components required for manufacturing.
suppliers are audited twice a year with a
by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest: The initiative will help the Company de-
gap of 6 months. They are evaluated on the
risking dependency on imports and
Not applicable as there were no such cases of corruption and conflict of interest. parameters such as safety, legal compliance,
promote “Make-in-India” products.
organisation polices, work environment, and
the quality of the products. Root cause analysis Additionally, in its journey towards
(RCA) is conducted in case of quality issues and sustainability, the Company is striving
corrective action is planned where necessary. to sensitise its suppliers on the critical
The Company also conducts Paryavaran aspects of ESG and encouraging them
& Safety audit at Tier 2 Suppliers where the to adopt sustainable practices. Vendors
assessment of critical components is carried in the semi-urban regions are supported
out. These audits also include the compliance technically and financially by helping
related to Infrastructure, Pollution, Safety. them with capacity building programs.
The Company regularly interacts with all
its suppliers to learn about their concerns
and expectations and to take immediate
action to address their needs.
Corporate overview
Statutory reports
b. If yes, what percentage of inputs were sourced sustainably? b. Details of measures for the well-being of workers:
~83% of the inputs for the “Manufacturing and Trading of Consumer Products” are sourced sustainably.
% of workers covered by
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end Health Accident Maternity Paternity Day Care
of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste. Category Total insurance insurance benefits Benefits facilities
(A) Number % (B / Number % (C / Number % (D / Number % (E / Number % (F /
(a) Plastics The Company is currently collaborating with a third-party organization who (B) A) (C) A) (D) A) (E) A) (F) A)
(including collects and recycles waste on behalf of the Company. We have successfully
packaging) completed annual PWM target given by Central Pollution Control Board (CPCB). Permanent workers
The Company is also exploring its own collection channels. Male 201 201 100 201 100 Nil Nil 83 41.29 Nil Nil
For consumer awareness, the Company will be launching a digital campaign and Female Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
also give out all the information in the product manual, explaining the benefits for Total 201 201 100 201 100 Nil Nil 83 41.29 Nil Nil
consumer in giving us the product back at the end of life. Other than Permanent workers
Plastic waste collection plan is in line with the Extended Producer Responsibility Male 2,194 2,194 100 2,194 100 Nil Nil Nil Nil Nil Nil
(EPR) plan submitted to Pollution Control Boards. Female 185 185 100 185 100 185 100 Nil Nil Nil Nil
(b) E-waste The Company has been granted EPR authorisation under E-Waste (Management) Total 2,379 2,379 100 2,379 100 185 100 Nil Nil Nil Nil
Rules, 2016, by CPCB. The Company has partnered with a third-party waste
management organisation for collection and disposal of e-waste.
2. Details of retirement benefits, for Current FY and Previous Financial Year.
E-waste collection plan is in line with the Extended Producer Responsibility (EPR)
plan submitted to Pollution Control Boards.
(c) Hazardous waste NA FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
(d) Other waste NA No. of No. of No. of No. of
Deducted and Deducted and
employees workers employees workers
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether Benefits deposited with deposited with
covered as covered as covered as covered as
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution the authority the authority
a % of total a % of total a % of total a % of total
Control Boards? If not, provide steps taken to address the same. (Y/N/N.A.) (Y/N/N.A.)
employees workers employees workers
Yes, EPR is applicable to the Company. PF 100 100 Yes 100 100 Yes
Gratuity 100 100 Yes 100 100 Yes
The Company is responsible for collection and safe disposal of end-of-life selected electrical equipment such
ESI NA 100 Yes NA 100 Yes
as compact fluorescent lamps (CFLs) and fluorescent tube light lamps (FTLs). The Company has been granted
Others – please specify
EPR authorization under E-Waste (Management) Rules, 2016 by Central Pollution Control Board for Electricals
Superannuation 4.6 0 Yes 5.15 0 Yes
and Electronic Equipment with a collection target of 1331.211 MT for FY 2022-23.
NPS 8.96 0 Yes 8.64 0 Yes
PRINCIPLE 3 - Businesses should respect and promote the well-being of all employees, including those in 3. Accessibility of workplaces - Are the premises / 4. Does the entity have an equal opportunity policy
their value chains offices of the entity accessible to differently abled as per the Rights of Persons with Disabilities Act,
employees and workers, as per the requirements 2016? If so, provide a web-link to the policy.
Essential Indicators of the Rights of Persons with Disabilities Act, 2016?
If not, whether any steps are being taken by the Yes, the Company has an equal opportunity
1. a. Details of measures for the well-being of employees: employer policy which reflects the Company’s
entity in this regard:
% of employees covered by commitment to ensure equality, create an inclusive
Yes, most of the premises/offices of the Company workplace & work culture and promote diversity in
Health Accident Maternity Paternity Day Care
are accessible to differently abled employees and the workplace in which all individuals are treated
Category Total insurance insurance benefits Benefits facilities
workers. The Company in its endeavour to promote with respect and dignity. The Company is an equal
(A) Number % (B / Number % (C / Number % (D / Number % (E / Number % (F /
an inclusive workplace provides facilities such as opportunity employer providing opportunities
(B) A) (C) A) (D) A) (E) A) (F) A)
ramps to make its offices accessible to differently without any discrimination on the grounds of age,
Permanent employees abled employees and workers. The Company’s colour, disability, marital status, nationality, region,
Male 2,003 2,003 100 2,003 100 Nil Nil 2.003 100 Nil Nil offices in Mumbai (Sion), New Delhi, and Mohali race, caste, religion, place of birth, sex, sexual
Female 149 149 100 149 100 149 100 NA - Nil Nil are accessible to employees with disabilities. orientation and any sort of family history. Individuals
Total 2,152 2,152 100 2,152 100 149 100 2,003 100 Nil Nil are encouraged to report any complaints/
The management is developing a plan to ensure violations of the policy by writing to HR Compliance
Other than Permanent employees*
that all of Company’s facilities are accessible to team. The policy can be accessed at: https://
Male 1,834 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
differently abled employees and workers. www.bajajelectricals.com/media/7626/policy-on-
Female 320 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Total 2,154 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil human-rights.pdf
*The Company does not cover insurance for other than permanent employees. This is directly handled by the agencies.
Corporate overview
Statutory reports
5. Return to work and Retention rates of permanent employees and workers that took parental leave. 8. Details of training given to employees and workers:
Permanent employees Permanent workers FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
Gender Return to Retention Return to Retention On Health and On Skill On Health and On Skill
work rate rate work rate rate Category Total safety measures upgradation Total safety measures upgradation
(A) % (B / No. % (C / (D) % (E / % (F /
Male 100.00 64.00 NA NA No. (B) No. (E) No. (F)
A) (C) A) D) D)
Female 67.00 78.00 NA NA
Total 96.00 67.00 NA NA Employees
Male 2,003 1,432 71.50 1,325 66.15 1,967 0 0.00 773 39.30
Female 149 12 8.05 139 93.29 141 0 0.00 102 72.34
6. Is there a mechanism available to receive and redress grievances for the following categories of employees
Total 2,152 1,444 67.10 1,464 68.03 2,108 0 0.00 875 41.50
and worker? If yes, give details of the mechanism in brief.
Workers
Male 201 0 0.00 118 58.70 201 201 100.00 118 58.70
Yes/No (If Yes, then give details of the mechanism in brief)
Female 0 0 0.00 0 0.00 0 0 0.00 0 0.00
Permanent Workers Yes, the Company has dedicated grievance mechanisms in Total 201 0 0.00 118 58.70 201 201 0.00 118 58.70
Other than Permanent Workers place.
Permanent Employees • For employees the Company has an internal policy and 9. Details of performance and career development reviews of employees and worker:
Other than Permanent Employees grievance mechanism.
• For workers, safety committee meetings are conducted at FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
factory level to redress their grievances. Category
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
• For women employees and workers, the Company has an
Employees
ICC (Internal Complaints Committee) formed under POSH
Male 2,003 1,913 95.51 1,967 1,891 96.13
and a common Grievance redressal committee for any other
Female 149 145 97.32 141 132 93.62
grievances.
Total 2,152 2,058 95.63 2,108 2,023 95.96
• Company’s vigil mechanism helps to report genuine concerns
Workers
or grievances about any poor or unacceptable practice and
Male 201 0 0.00 201 0 0.00
any event of misconduct.
Female 0 0 0.00 0 0 0.00
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity: Total 201 0 0.00 201 0 0.00
FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year) 10. Health and safety management system: Hazard Identification Process: The Company
No. of employees No. of employees has implemented the Hazard Identification
Total Total a. Whether an occupational health and safety
/ workers in / workers in Risk Assessment (HIRA) technique, which is
employees employees management system has been implemented
respective respective intended to determine the risk associated with
Category / workers in / workers in by the entity? (Yes/ No). If yes, the coverage
category, who % (B / A) category, who % (D / C) certain critical equipment. The following things
respective respective of such system?
are part of are part of are considered while identifying hazards:
category category
association(s) or association(s) or
(A) (C) Yes, the Company has a comprehensive • Activities and areas where incidents have
Union (B) Union (D)
health and safety management system. The occurred in the past (leads to a better
Total Permanent 2,152 4 0.19 2,108 6 0.28 health and safety management system covers understanding of activities and areas,
Employees all manufacturing plants and offices. The EPC which are prone to health and safety
- Male 2,003 3 0.15 1,967 5 0.25 business and two manufacturing facilities are incidents).
- Female 149 1 0.67 141 1 0.71 certified for ISO 45001:2018. The Company aims
Total Permanent 201 201 100 201 201 100 to certify all the facilities for ISO 45001:2018 in • Consultation with employees for better
workers near future. understanding of the safety issues.
- Male 201 201 100 201 201 100
b. What are the processes used to identify work- • Review of material safety data sheets and
- Female Nil Nil Nil Nil Nil Nil
related hazards and assess risks on a routine information about plant machinery and
and non-routine basis by the entity? equipment to identify listed hazards and
safety precautions.
At Bajaj Electricals, Hazard Identification
Process and Risk assessment is carried out for Hazard Identification and Risk Assessment: At
all the routine and non-routine activities. Bajaj Electricals, “Probability-Consequence”
Risk matrix is used for risk assessment. Once
Corporate overview
Statutory reports
a hazard is identified the next step is to Yes, the Company has set up various means 11. Details of safety related incidents, in the following format:
determine severity of it in consultation with the by which workers can report about the work-
personnel who are exposed to the hazard and related hazards. FY 2022-23 (Current FY 2021-22 (Previous
who are likely to be harmed because of it. If Safety Incident/Number Category
Financial Year) Financial Year)
the risk associated with a particular hazard is • EHS Portal: The Company established
considered high, immediate action is taken an EHS portal to report on near miss and Lost Time Injury Frequency Rate (LTIFR) Employees 0 0.34
to control it by taking an interim short-term deviations. The EHS portal was developed (per one million-person hours worked) Workers 0 0
measure, followed by research required to to receive support in KPI after reporting Total recordable work-related injuries Employees 0 2
fully assess the risk and decide on solutions. The deviation near miss by the execution team. Workers 0 0
results of evaluation of risks assessment help No. of fatalities Employees 0 0
• One EHS App: The Company has One Workers 0 0
determine the risk controls to be established.
EHS app for safety observations and to High consequence work-related injury or ill- Employees 0 2
Implementing Risk controls: All hazards that achieve real time tracking of any incidents health (excluding fatalities) Workers 0 0
have been assessed are dealt with in order of taking place at the workplace.
priority in one or more of the following ways:
• EHS Daily tracker initiative: For the safety 12. Describe the measures taken by the entity to ensure a safe and healthy work place.
• Elimination of hazard: Removing it from the of the workers at the manufacturing
unit, the Company started daily basis The Company has implemented a robust occupational health and safety management system across all
workplace.
tracking of the EHS data, to report all the the units. The Company has implemented the Hazard Identification Risk Assessment (HIRA) technique. The
• Substitution of hazard: Substituting a incidences and keep a record of all the Company also has EHS portal for employees to report safety incidents. A dedicated EHS officer is present at
substance, method, or material to reduce documentation related to EHS. The daily all sites to report and monitor safe work practices. Further, the plant head chairs the safety committee which
the risk or the hazard. tracking system was implemented at the includes members from across the functions. Regular trainings are imparted to workers on the importance
sites for EHS documentation. This system of safety and other topics like firefighting, importance of PPE, first aid, etc. Adequate PPEs are provided to
• Isolation or enclosure of the hazard: notifies the entire site team about their workers, a work permit system has been implemented across the organization which ensures no unauthorized
Separation of hazard from workplace daily performance. Additionally, monthly or unsupervised work takes place.
e.g., Chemical storeroom access only to combined data is sent to the associated
authorized personnel; faulty equipment 13. Number of Complaints on the following made by employees and workers:
committee members in the form of
is identified and isolated to prevent graphical presentation.
accidental usage. FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
• Others: The Company has suggestion Pending Pending
• Engineering solutions: Modifying existing Benefits Filed during Filed during
boxes, dedicated safety officer, safety resolution at Remarks resolution at the Remarks
machinery or install different machine. committee meetings to discuss work the year the year
the end of year end of year
hazards.
• Administrative procedures: Developing Working 0 0 NA 0 0 NA
processes to reduce the conditions of risk. Further, workers are made aware of the ability Conditions
E.g., work instructions for safe operation, to remove themselves from work situation that Health & Safety 0 0 NA 0 0 NA
job rotation to reduce working hours on they consider present an imminent and serious
strenuous tasks, tasks requiring high focus, danger to their life or health, as well as the
repetitive tasks. 14. Assessments for the year:
arrangements for protecting them from undue
consequences of doing so.
• Use of PPE and training on its use: This is the % of your plants and offices that were assessed
last resort of dealing with a hazard when d. Do the employees/ worker of the entity have (by entity or statutory authorities or third parties)
it cannot be removed or reduced by any access to non-occupational medical and
other means. Health and safety practices 100%
healthcare services? (Yes/ No)
Working Conditions 100%
c. Whether you have processes for workers to Yes, all workers are covered under the non- Note: The above assessments were carried out by the Company and 3rd party auditors.
report the work-related hazards and to remove occupational medical and health care
themselves from such risks. (Y/N) 15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
services. The Company’s employees/workers
significant risks / concerns arising from assessments of health & safety practices and working conditions.
are part of group Mediclaim policy and
workers are covered under ESI. There were no significant risks/concerns from the assessments undertaken for health & safety practices and
working conditions.
Corporate overview
Statutory reports
PRINCIPLE 4 - Businesses should respect the interests of and be responsive to all its stakeholders
Channels of Frequency of
Whether communication engagement
identified as (Email, SMS, (Annually/ Purpose and scope of
Stakeholder Vulnerable & Newspaper, Pamphlets, Half yearly/ engagement including key
Group Marginalized Advertisement, Quarterly topics and concerns raised
1. Describe the processes for identifying key stakeholder groups of the entity.
Group (Yes/ Community Meetings, / others during such engagement
The Company takes a people-centric and stakeholder-inclusive approach to value creation. At Bajaj Electricals, No) Notice Board, Website), – please
stakeholder engagement is an important aspect of the Company’s overall decision-making process. The Other specify)
Company identifies its key stakeholders by prioritizing the list of stakeholder groups based on their ability to Real time • Innovation
Customers No Customer feedback and
influence and get influenced by the Company's performance and operations. Identified stakeholders include Need-based • Product and solution offerings
surveys, Brand Campaigns
board and leadership, investors, customers, vendors, employees, and communities. The Company engages • Product, quality, safety
(ATL & BTL), Social media
through tailored engagement strategies with each stakeholder groups. These stakeholder engagement and • Accessibility
engagements, Loyalty
feedback mechanism help the Company in identifying and addressing stakeholder concerns. • Sustainable products
programmes, amongst
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each other.
stakeholder group. Local Yes CSR Interventions, Email, Ongoing • Community upliftment and
communities physical meetings, Need based development
IEC materials such as • Health and well-being
Channels of Frequency of
posters, audio visual ads • Financial assistance and
Whether communication engagement
community meetings and support
identified as (Email, SMS, (Annually/ Purpose and scope of
visits.
Stakeholder Vulnerable & Newspaper, Pamphlets, Half yearly/ engagement including key
Group Marginalized Advertisement, Quarterly topics and concerns raised
Group (Yes/ Community Meetings, / others during such engagement
No) Notice Board, Website), – please
PRINCIPLE 5 - Businesses should respect and promote human rights
Other specify)
Investors No Annual general meetings, Quarterly or • Economic performance

Investor and analyst as and when • Business model resilience and
meet and conferences, required profitability
Quarterly earnings • Ethics and compliance
call and presentation, • Financial growth and business
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity,
Integrated reports, and • Scalability
in the following format:
press releases. • ESG interventions
Employees No Emails, meetings, Ongoing and • Career enhancement and
communication need based growth opportunities FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
through digital platform, • Employee benefits No. of No. of
International townhall, • Occupational health and Category employees employees
Total (A) % (B / A) Total (C) % (D / C)
Trainings and L&D safety / workers / workers
activities, Rewards and • Rewards and recognitions covered (B) covered (D)
recognition, Employee • Learning and development
Employees
survey, amongst other. interventions
Permanent 2,152 1,819 87.87 2,108 1,631 77.37
Distributors No Contract Management Ongoing and • Product quality
Other than permanent 2,154 0 0.00 1,713 0 0.00
/Vendors/ & Supplier governance need based • Product Development
Total Employees 4,306 1,819 43.92 3,821 1,631 42.68
Dealers meeting, Vendor meets, • ESG aspects including health,
Workers
Training programmes, safety and human rights
Permanent 201 0 0.00 201 0 0.00
Quality enhancement • Supply chain sustainability
Other than permanent 2,379 602 25.30 1,685 0 0.00
programmes, Safety • Increase reach and provide
Total Workers 2,580 602 23.33 1,886 0 0.00
trainings, Feedback and opportunities to collaborate
surveys, amongst other. in CSR activities
• Cost
• Delivery
Corporate overview
Statutory reports
2. Details of minimum wages paid to employees and workers, in the following format: 6. Number of Complaints on the following made by employees and workers:
FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year) FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
More than Pending Pending
Equal to Equal to More than Benefits Filed during Filed during
Minimum resolution at Remarks resolution at the Remarks
Category Total Minimum Wage Total Minimum Wage Minimum Wage the year the year
Wage the end of year end of year
(A) (D)
% (B / No. % (C / % (E / % (F /
No. (B) No. (E) No. (F) Sexual Harassment 2 - - - - -
A) (C) A) D) D)
Discrimination at - - - - - -
Employees workplace
Permanent 2,152 0 0.00 2,152 100.00 2,108 0 0.00 2,108 100.00 Child Labour - - - - - -
Male 2,003 0 0.00 2,003 100.00 1,967 0 0.00 1,967 100.00 Forced Labour/ - - - - - -
Female 149 0 0.00 149 100.00 141 0 0.00 141 100.00 Involuntary Labour
Other than 2,154 818 37.98 1,336 62.02 1,713 688 40.16 1,025 59.84 Wages - - - - - -
Permanent Other human rights - - - - - -
Male 1,834 697 38.00 1,137 62.00 1,456 587 40.31 869 59.68 related issues
Female 320 121 37.81 199 62.19 257 101 39.30 156 60.70
Workers
7. Mechanisms to prevent adverse consequences to the Company’s Code of Conduct for Employees
Permanent 201 0 0.00 201 100.00 201 0 0.00 201 100.00
the complainant in discrimination and harassment (“COC Committee”), through a formal complaint
Male 201 0 0.00 201 100.00 201 0 0.00 201 100.00 cases: at compliancemanager@bajajelectricals.com.
Female 0 0 0.00 0 0.00 0 0 0.00 0 0.00
Other than 2,379 2,348 98.70 31 1.30 1,685 1,685 100.00 0 0.00 The Company has implemented mechanisms to Grievances against the COC Committee members
Permanent prevent adverse consequences to complainants should be addressed to the MD & CEO. The
Male 2,194 2,163 98.59 31 1.41 1,541 1,541 100.00 0 0.00 in discrimination and harassment cases. The Company prioritize confidentiality and safeguard
Female 185 185 100.00 0 0.00 144 144 100.00 0 0.00 Company’s Human Rights Policy ensures a the privacy of complainants throughout the
work environment free from discrimination and process.
3. Details of remuneration/salary/wages, in the following format:
harassment. The policy is disclosed on Company's
website for the information and reference of all 8. Do human rights requirements form part of your
Male Female relevant stakeholders. business agreements and contracts?
Median remuneration/ Median remuneration/
Number salary/ wages of Number salary/ wages of To address potential violations, individuals Yes, human rights requirements form a part of the
respective category respective category are encouraged to report concerns to the Company’s business agreements and contracts as
‘Compliance Committee’, constituted under and where relevant.
Board of Directors (BoD) 8 17,25,000 2 20,25,000
Key Managerial Personnel 3* 1,85,90,099 0 0
Employees other than BoD and 2,000 12,00,000 149 11,92,860 9. Assessments for the year:
KMP
Workers 201 3,74,124 0 0 % of your plants and offices that were assessed
*MD & CEO, CFO, Company Secretary are designated as KMPs of the Company. (by entity or statutory authorities or third parties)
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues Child labour 100%
caused or contributed to by the business? Forced/involuntary labour 100%
Sexual harassment 100%
Yes, ‘Compliance Committee’ constituted under the Company’s Code of Conduct for Employees (“COC Discrimination at workplace 100%
Committee”) is responsible for addressing any Human Rights complaints raised by stakeholders. Wages 100%
Others – please specify -
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Note: The above assessments were carried out by the Company and 3rd party auditors.
Employees and value chain partners are encouraged to report any genuine human rights related concern
through a formal complaint at complainacemanager@bajajelectricals.com. The ‘Compliance Committee’ 10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
constituted under the Company’s Code of Conduct for Employees (“COC Committee”) reviews the case and the assessments at Question 9 above.
recommend action to the Managing Director & Chief Executive Officer (MD & CEO). Further, any grievance
There were no significant risks/concerns from the above assessments.
against any member of the COC Committee is addressed to the MD & CEO.
Corporate overview
Statutory reports
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
PRINCIPLE 6 - Businesses should respect and make efforts to protect and restore the environment
Please FY 2022-23 (Current FY 2021-22 (Previous

Parameter
specify unit Financial Year) Financial Year)
NOx mg/nm3 14.71 12.35
SOx mg/nm3 13.21 18.61
Particulate matter (PM) mg/nm3 42.92 31.96
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Persistent organic pollutants (POP) NA - -
Volatile organic compounds (VOC) NA - -
FY 2022-23 (Current FY 2021-22 (Previous
Parameter Hazardous air pollutants (HAP) NA - -
Others – please specify NA - -
Total electricity consumption (A) 20,756.60 16,576.02
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
Total fuel consumption (B) 53,626.50 12,017.34
agency? (Y/N) If yes, name of the external agency:
Energy consumption through other sources (C) 2,537.40 2,211.31
Total energy consumption (A+B+C) 76,920.50 30,803.65 Yes, independent assessment was carried out in FY 22-23 through various external agencies. At Chakan,
Energy intensity per rupee of turnover (Total energy 0.00000142 0.00000065 the assessment was done by Rajas Laboratories. At Nasik, third party assessment was done by Ashwamedh
consumption/ turnover in rupees) Engineers & consultants and at Ranjangaon assessment was conducted by external laboratory testing.
Further, ISO 14001 Standard Audit was conducted by TUV. As for corporate offices, the assessment was done
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
by Green Envirosafe.
agency? (Y/N) If yes, name of the external agency: No.
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
format:
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action
taken, if any. FY 2022-23 (Current FY 2021-22 (Previous
Parameter Unit
No, the Company does not fall under PAT scheme of Government of India.
Total Scope 1 emissions (Break-up of the GHG tCO2e 3,485.76 779.68
3. Provide details of the following disclosures related to water, in the following format: into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if
available)
FY 2022-23 (Current FY 2021-22 (Previous Total Scope 2 emissions (Break-up of the GHG tCO2e 4,122.57 3,528.36
Parameter into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if
available)
Water withdrawal by source (in kilolitres) Total Scope 1 and Scope 2 emissions per tCO2e 0.00000014 0.00000009
(i) Surface water 0.00 0.00 rupee of turnover
(ii) Groundwater 8,357.00 7,143.00
(iii) Third party water 43,416.00 44,296.00 Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
(iv) Seawater / desalinated water 0.00 0.00 agency? (Y/N) If yes, name of the external agency: No.
(v) Others 0.00 0.00
7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 51,773.00 51,439.00
Total volume of water consumption (in kilolitres) 51,773.00 51,439.00 Yes, the Company is taking conscious efforts to reduce its GHG emissions. The Company is transitioning to
Water intensity per rupee of turnover (Water consumed / 0.00000096 0.00000108 alternate and renewable source of energy. The Company installed solar panels at manufacturing units to
turnover) increase its energy efficiency and reduce its environmental footprint.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external • At Ranjangaon Unit, 297 KWP rooftop solar panels are installed.
agency? (Y/N) If yes, name of the external agency: No.
• At Chakan, 605 KWP rooftop solar panels are installed.
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Yes, the Company has achieved Zero Liquid Discharge (ZLD) status at Ranjangaon and Chakan plant.
Domestic wastewater at both the units is treated and reused for gardening purposes following applicable
norms. The quality of effluent discharge where applicable is ensured as per regulatory requirements.
Corporate overview
Statutory reports
8. Provide details related to waste management by the entity, in the following format: Non-hazardous waste: In line with the 3R are prepared for Nasik and Chakan units and
approach followed by Bajaj Electricals, an the waste is disposed through authorized
FY 2022-23 (Current FY 2021-22 (Previous initiative was undertaken to reduce the usage agency as per regulatory requirements.
Parameter of thermocol at the suppliers and vendors. Bajaj
Paryavaran Mitra, a non-profit organization Construction Waste: An appropriate waste
Total Waste generated (in metric tonnes) founded by the Company in 2004 aimed at management method for construction waste
Plastic waste (A) 18.55 3.59 safeguarding nature and the environment. One has been adopted which requires the proper
E-waste (B) 53.45 17.61 of the organization's initiatives was to decrease segregation of construction and demolition
Bio-medical waste (C) 0.01 0.00 the usage of non-biodegradable materials debris (CDD), clean fill material, and other
Construction and demolition waste (D) 0.00 0.00 (specifically, thermocol) by substituting it with construction waste.
Battery waste (E) 0.00 0.00 pulp for packaging purposes. This initiative
Radioactive waste (F) 0.00 0.00 b. Describe the strategy adopted by your
was advantageous for our organization, as
company to reduce usage of hazardous and
Other Hazardous waste. Please specify, if any. (G) 956.69 1,052.90 it allowed us to reduce the dependence on
toxic chemicals in your products and processes
Other Non-hazardous waste generated (H). Please specify, if any. 4,316.09 6,124.20 non-biodegradable thermocol and achieve
and the practices adopted to manage such
(Break-up by composition i.e. by materials relevant to the sector) zero wastage by returning all scraps to the
wastes.
Total (A+B + C + D + E + F + G + H) 5,344.78 7,198.30 pulp slurry.
For each category of waste generated, total waste recovered through recycling, re-using or other recovery The R&D team is working closely with all
operations (in metric tonnes) E-waste: The Company has taken on
our suppliers and vendors to ensure that
Category of waste the responsibility of Extended Producer
our products are compliant with the ROHS
(i) Recycled Responsibility (EPR) as per the E-waste rules,
standards. We will soon be undergoing ROHS
- Plastic 15.17 0.00 which involves collecting and disposing of
v2 certification for all our products.
- E-waste 52.66 17.07 selected electrical equipment like CFLs and
- Hazardous Waste 918.17 1,052.90 FTL once they reach the end of their useful At the Nasik unit, we have implemented a
- Non-hazardous waste 3,837.01 5,411.70 life. The Central Pollution Control Board management program to reduce fumes
(ii) Re-used 0.64 0.46 (CPCB) has granted the EPR authorization to generation in the soldering process. This has
(iii) Other recovery operations 0.14 0.09 the Company for managing electrical and been achieved by eliminating the entire
Total 4,823.79 6,482.21 electronic equipment in compliance with process and providing a fumes extractor in
For each category of waste generated, total waste disposed by nature of disposal method the 2016 e-waste management rule. The the welding section to minimize the effect of
(in metric tonnes) waste generated by the Company is handled hazardous gases.
Category of waste according to the regulations set forth by the
CPCB and/or the State Pollution Control Board At Chakan unit, we have introduced new
(i) Incineration
(SPCB). Moreover, the Company follows the technology in the paint shop to reuse recovery
- Bio- medical Waste 0.01 0.00
Hazardous Substances Restriction (RoHS) powder. Additionally, we have established a
- Hazardous Waste 31.16 47.30
stipulated by the Indian E-Waste Management separate hazardous waste room in a secure
- Non-hazardous waste 0.00 0.00
Rules 2016. The waste management procedures environment to manage the waste generated.
(ii) Landfilling
- Hazardous Waste 3.56 0.00
(iii) Other disposal operations
- Plastic 3.38 3.59 10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
- Hazardous Waste 3.78 0.00 sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
- Non-hazardous waste 479.08 712.5 environmental approvals / clearances are required, please specify details in the following format:
Total 520.97 763.39
Whether the conditions of environmental approval /
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external Sr. Type of
Location of operations/offices clearance are being complied with? (Y/N) If no, the
agency? (Y/N) If yes, name of the external agency.: No. No. operations
reasons thereof and corrective action taken, if any.
9. a. Briefly describe the waste management practices adopted in your establishments. Not applicable
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws,
The Company’s waste management strategy follows industry best practices to responsibly mange waste
in the current financial year:
generated. The approach to manage different type of waste is mentioned below:
Hazardous Waste: The hazardous waste generated during operations are scraps in the steel fabrication Name and Whether conducted by Results communicated
EIA Notification Relevant
process, spent acid in the acid pickling process, industrial sludge, Zinc ash and dross during galvanisation. brief details Date independent external in public domain
No. Web link
This waste is disposed as per the waste handling/disposal regulations given by Central Pollution Control of project agency (Yes / No) (Yes / No)
Board and respective State Pollution Control Board.
Not applicable
Corporate overview
Statutory reports
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the 2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment by your entity, in the following format:
protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following
format: Name of Project % of PAFs Amounts paid
Sr. No. of Project Affected
for which R&R is State District covered by to PAFs in the
No material fines were paid in FY 2022-23. No. Families (PAFs)
ongoing R&R FY (In J)
Not applicable.
PRINCIPLE 7 - Businesses, when engaging in influencing public and regulatory policy, should do so in a
manner that is responsible and transparent 3. Describe the mechanisms to receive and redress grievances of the community.
At Bajaj Electricals, we have established effective mechanisms to receive and redress grievances from the
Essential Indicators community, aligning with our policy of engaging with stakeholders in a consistent and systematic manner.
The policy is disclosed on our website for the information and reference of all relevant stakeholders. Our
1. a. Number of affiliations with trade and industry chambers/ associations: Sixteen (16) approach is rooted in identifying and understanding the concerns of all stakeholders, including those who
are disadvantaged, vulnerable, and marginalized. We prioritize their concerns and strive to address them in
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of an equitable and transparent manner.
such body) the entity is a member of/ affiliated to.
To ensure a smooth process for handling grievances, we have designated the Company Secretary & Chief
Reach of trade and industry Compliance Officer as the point of contact. Any grievances pertaining to our policy can be addressed to him
Sr. directly. The contact details of the Company Secretary & Chief Compliance Officer are readily available on
Name of the trade and industry chambers/ associations chambers/ associations
No. our Company website, making it convenient for stakeholders to reach out.
(State/National)
1. IMC Chamber of Commerce and Industry National 4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
2. Bombay Chamber of Commerce State
3. Confederation of Indian Industry National FY 2022-23 (Current FY 2021-22 (Previous
Parameter
4. Indian Electrical and Electronics Manufacturers Association National Financial Year) Financial Year)
5. Council For Fair Business Practices National
Directly sourced from MSMEs/small producers 40.64 40.86
6. The Indian Society of Advertisers National
Sourced directly from within the district and neighbouring 26.13 28.75
7. Deccan Chamber of Commerce National
districts
8. Indian Fan Manufacturers Association National
9. Consumer Electronics and Appliances Manufacturers Association National
10. Ranjangaon Industries Association State
PRINCIPLE 9 - Businesses should engage with and provide value to their consumers in a responsible manner
PRINCIPLE 8 - Businesses should promote inclusive growth and equitable development

Essential Indicators 1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company follows a robust mechanism to track consumer complaints and focus has been to make it easy
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
for consumer voices to be heard and accordingly, a well-established escalation matrix has been developed
the current financial year.
on the Company’s website. In case of a consumer compliant, each escalation is addressed promptly and
followed up for resolution. Any negative response coming during consumer survey is also addressed by calling
Name and SIA Whether conducted by Results communicated the consumer and understanding where the Company failed to meet expectations. The Company takes
Date of Relevant
brief details Notification independent external in public domain measures to address consumer feedback.
notification Web link
of project No. agency (Yes / No) (Yes / No)
There was no such project which was mandated for social impact assessment based on applicable laws. Particulars Objective
Consumer Meets To gauge consumers’ satisfaction level regarding products and services.
Consumer satisfaction To analyse consumer feedback and take suitable measures for
feedback upgrading products and services. A system of collecting feedback
through feedback cards, e-mails, telephonic surveys, etc.
Consumer Care Cell 24x7 toll-free number for receiving and redressing consumer complaints.
Corporate overview
Statutory reports
3. Number of consumer complaints in respect of the following:

Particulars Objective
FY 2022-23 FY 2021-22
‘Bajaj Paddy’ – Virtual To stimulate conversations with consumers and to help them report
(Current Financial Year) (Previous Financial Year)
assistant on the website of the a problem with an appliance, request a demo or schedule an
Category Received Pending Remarks Received Pending Remarks
Company appointment with a technician for installation and generate consumer
during the resolution at during the resolution at
complaint instantly in real time.
year end of year year end of year
Product check-up and To address consumers’ concerns and complaints.
consumer meets Data privacy - - - -
Advertising - - - -
Cyber-security - - - -
For consumer products, the Company receives website and e-mail support. The Company has
Delivery of essential services - - - -
request calls for tech support and other queries deployed the web-based CRM for capturing
Restrictive Trade Practices - - - -
including product installation, product demo, the consumer calls online. The consumer calls
Unfair Trade Practices 5 5 Refer 3 2 Refer
repairs/warranty claims, etc. All such request are registered online on real time basis and
Note Note
calls are attended to with utmost seriousness almost 95%+ calls are resolved within two days
of call registration. A confirmatory message is Other - - - -
and the entire organisation focusses on
reducing hassle to consumers. Out of close to sent to each consumer with call registration ID Note: These are pending consumer litigations related to its products/services, alleging Unfair Trade Practices (UTP). These cases are being filed
30 lakh consumer request calls received during instantly on registering the call. by consumers in/before consumer courts/forums/regulatory authorities, but no orders alleging UTP have been issued against the company so
far.
the year, ~more than 99% were resolved at the
end of the year. The Company resolves such B. Consumer Satisfaction and Feedback
requests of consumers in the following manner: 4. Details of instances of product recalls on account of safety issues:
The Company reaches out to consumers to
A. Tech Support gauge and track consumer satisfaction level.
Number Reasons for recall
The consumer satisfaction is measured through
Bajaj Electricals has adopted various support a digital process. The Company has managed Voluntary recalls Nil NA
methods for consumers to reach out to the to maintain delighted and satisfied response Forced recalls Nil NA
Company such as Voice Call through Call rate above 99% in all the months. Further, the
centres, Web Form and Online Chat Bots at Company constantly monitors social media,
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
Bajaj Electricals and Morphy Richards India and any online client concerns and take
available, provide a web-link of the policy.
immediate action to address the concerns.
Yes. the Company has a cyber security policy where VAPT and Security Tests are run according to the
Company’s security policies. The policy is hosted on Company’s intranet.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery
about:
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product
recalls; penalty / action taken by regulatory authorities on safety of products / services.
As a percentage to total turnover
Not applicable.
Environmental and social parameters relevant to -
the product
Safe and responsible usage 88.24
Recycling and/or safe disposal 26.31
Note: The above information is provided for “Manufacturing and Trading of Consumer Products” segment of the Company.
Corporate overview
Statutory reports
Independent Auditor’s Report

To the Members of Bajaj Electricals Limited in accordance with the ‘Code of Ethics’ issued by the
Institute of Chartered Accountants of India together
with the ethical requirements that are relevant to our
Report on the Audit of the Standalone Financial
audit of the financial statements under the provisions
Statements
of the Act and the Rules thereunder, and we have
Opinion fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We
We have audited the accompanying standalone believe that the audit evidence we have obtained is
financial statements of Bajaj Electricals Limited (“the sufficient and appropriate to provide a basis for our
Company”), which comprise the Balance sheet as audit opinion on the standalone financial statements.
at March 31 2023, the Statement of Profit and Loss,
including the statement of Other Comprehensive Key Audit Matters
Income, the Cash Flow Statement and the Statement
Key audit matters are those matters that, in our
of Changes in Equity for the year then ended, and
professional judgment, were of most significance
notes to the standalone financial statements, including
in our audit of the standalone financial statements
a summary of significant accounting policies and other
for the financial year ended March 31, 2023. These
explanatory information.
matters were addressed in the context of our audit of
In our opinion and to the best of our information the standalone financial statements as a whole, and
and according to the explanations given to us, the in forming our opinion thereon, and we do not provide
Standalone aforesaid standalone financial statements give the a separate opinion on these matters. For each matter
information required by the Companies Act, 2013, below, our description of how our audit addressed the
as amended (“the Act”) in the manner so required matter is provided in that context.
Financial Statements and give a true and fair view in conformity with the
We have determined the matters described below to
accounting principles generally accepted in India, of
be the key audit matters to be communicated in our
the state of affairs of the Company as at March 31,
report. We have fulfilled the responsibilities described
2023, its profit including other comprehensive income,
in the Auditor’s responsibilities for the audit of the
its cash flows and the changes in equity for the year
standalone financial statements section of our report,
ended on that date.
including in relation to these matters. Accordingly,
Basis for Opinion our audit included the performance of procedures
designed to respond to our assessment of the risks
We conducted our audit of the standalone financial of material misstatement of the standalone financial
statements in accordance with the Standards on statements. The results of our audit procedures,
Auditing (SAs), as specified under section 143(10) of including the procedures performed to address
the Act. Our responsibilities under those Standards are the matters below, provide the basis for our audit
further described in the ‘Auditor’s Responsibilities for the opinion on the accompanying standalone financial
Audit of the Standalone Financial Statements’ section statements.
of our report. We are independent of the Company
Key audit matters How our audit addressed the key audit matters
A. Cost to complete estimates in the EPC business segment (Refer Note 1D(3) of the standalone financial statements)
Revenue from construction contracts is recognised Our audit procedures included the following:
based on the stage of completion determined • Performed procedures to test the design and operating
with reference to the actual costs incurred up effectiveness of controls relating to cost estimation;
to reporting date on the construction contract
• Selected projects by applying audit sampling techniques
and the estimated cost to complete the project.
and examined whether the cost estimates for these
Cost estimates involves judgments including those
projects are in line with the supplier quotations obtained
relating to cost escalations; assessment of related
by the management and other internal estimates where
contract risks and their financial estimation; scope
latest supplier quotations are not available.
84th Annual Report 2022-23 243
Corporate overview
Statutory reports
• No impairment is required to be recorded for • Assessed the sensitivity analysis of key assumptions used,
of deliveries and services required for fulfilling the • Examined whether the future supply quantities in
the year ended March 31, 2023 including management assessment on the impact on
contractually defined obligations and expected the selected projects are in line with the contractual
• No liability is probable on the financial change in assumptions.
delays, if any. Bill of Quantities (BOQ) / survey conducted by the
management. Further, also performed audit tests in guarantee given by the Company for loans
Accordingly, cost to complete estimates have
respect of erection and other overhead costs considered taken by NAPL.
been considered as a key audit matter.
in the selected projects. Considering the judgments / estimates as
• Examined the contingencies identified by the discussed above, it has been determined as a key
management in these selected projects and audit matter.
corroborated the same with internal / external evidence D. Timing of revenue recognition for Consumer Product business (Refer Notes 1B(2)(1) and 24 of the standalone Ind AS
available with the management. financial statements)
Revenue from contracts with customers is Audit procedures included the following:
• Examined project contractual terms and customer
recognised upon transfer of control of promised • Assessed the Company’s revenue recognition policy
correspondences for the selected projects, to determine
goods and is measured at the fair value of and its compliance in terms of Ind AS 115 ‘Revenue from
any adjustments to be considered to the project margins.
the consideration received or receivable, net contracts with customers’.
B. Impairment allowance on trade receivables pertaining to operationally closed projects in Power Distribution (PD)
of returns, schemes and rebates, based on
and Transmission Line Tower (TLT) business (Refer Note 1D(2) and Note 6 of the standalone financial statements) • Assessed the design and tested the operating
contractually defined terms.
As at March 31, 2023, trade receivables of H Our audit procedures included the following effectiveness of internal financial controls related to
15,688.56 lakhs (net of impairment allowance of • Obtained management’s assessment of recoverability The timing of transfer of control in case of sales timing of revenue recognition.
H 3,362.88 lakhs) related to amounts collectible in to distributors is basis the arrangements including
of receivables from operationally closed projects. • For sample customers, obtained and assessed the
respect of operationally closed projects in the PD delivery speciﬁcations and incoterms, payment
• Discussed with the business heads in the PD and TLT arrangements with the Company and impact on
and TLT business. terms and ability of customers to return the goods
business on the steps taken by them for recovery of the revenue recognition including their payment terms and
if unsold in the market which create complexity
In determining whether an impairment allowance amounts, including discussions with customers during the right to returns
and judgment in determining the timing of
is required, the management takes into period under audit. • Performed sample tests of individual sales transaction
recognition of revenues.
consideration the ageing status and likelihood based on sales invoices and other related documents.
• For samples, assessed whether the rationale behind the The risk is, therefore, that revenue is not recognized
of collection based on contractual terms, past In respect of the samples selected, tested the timing of
management’s judgment in determining the impairment in the correct period and accordingly, it was
experience, customer correspondences etc. revenue recognition in accordance with Ind AS 115.
provisions are in line with the customer correspondences determined to be a key audit matter in our audit
Based on such assessment, specific allowances
(including any disputes), material reconciliations (where of the standalone Ind AS financial statements. • Selected sample of sales transactions made pre- and
are made for receivables that are unlikely to be
done during the year) and post year end payments. post-year end, agreed the period of revenue recognition
collected.
to underlying documents and the terms of sale.
Due to the involvement of management’s
• Performed analytical procedures on sales and sales
judgement and materiality of the amounts
return trend
involved, we have considered the same as a key
audit matter. • For sample customer balances, obtained direct
C. Impairment of investment and recoverability of advances to subsidiary and recognition of liability for guarantee confirmation and tested the reconciliations if any
given for loans taken by the subsidiary (Refer Notes 5.1, 7 , 14 and 40a(x) of the standalone financial statements)
As at March 31, 2023, the Company has the Our audit procedures included the following: We have determined that there are no other key audit such other information is materially inconsistent with
following exposure in respect of Nirlep Appliances • Obtained management’s future cash flow forecasts matters to communicate in our report. the financial statements or our knowledge obtained
Private Limited (‘NAPL’), other than those provided in the audit or otherwise appears to be materially
along with the discounted cash flow working for Information Other than the Financial Statements and
for in the books: - misstated. If, based on the work we have performed,
subsidiary and tested the mathematical accuracy of the Auditor’s Report Thereon we conclude that there is a material misstatement of
Investment of H 4,333.20 lakhs underlying calculations.
this other information, we are required to report that
Trade advances of H 3,000.00 lakhs • Compared historical actual results to those budgeted The Company’s Board of Directors is responsible for the
fact. We have nothing to report in this regard.
and inquired with management on the reasons other information. The other information comprises the
Loans of H 6,323.00 lakhs
for significant deviations, to assess the quality of information included in the Annual report, but does Responsibilities of Management for the Standalone
Financial guarantee given by the Holding not include the standalone financial statements and
management’s forecasts. Financial Statements
Company for loans taken by NAPL from the banks our auditor’s report thereon.
• Assessed the key assumptions used in the fair value
(outstanding balance of H 0.00 lakhs to the extent The Company’s Board of Directors is responsible
assessment, comprising sales growth rates with reference Our opinion on the standalone financial statements
of borrowings as at March 31, 2023) for the matters stated in section 134(5) of the Act
to the contractual arrangements, EBITDA margin does not cover the other information and we do not
NAPL has been making losses over the past with respect to the preparation of these standalone
perpetual growth rate and discount rates. express any form of assurance conclusion thereon.
years. Management has performed a fair value financial statements that give a true and fair view of
• Examined the valuation report obtained by the the financial position, financial performance including
assessment by forecasting and discounting future In connection with our audit of the standalone
management from external valuation specialists. Also, other comprehensive income, cash flows and
cash flows which involve significant estimates and financial statements, our responsibility is to read the
examined the objectivity and competence of the changes in equity of the Company in accordance
judgment and determined that: - other information and, in doing so, consider whether
specialists involved. with the accounting principles generally accepted
Corporate overview
Statutory reports
in India, including the Indian Accounting Standards procedures responsive to those risks, and obtain to communicate with them all relationships and other 31, 2023 taken on record by the Board of
(Ind AS) specified under section 133 of the Act read audit evidence that is sufficient and appropriate matters that may reasonably be thought to bear on Directors, none of the directors is disqualified
with the Companies (Indian Accounting Standards) to provide a basis for our opinion. The risk of not our independence, and where applicable, related as on March 31, 2023 from being appointed as
Rules, 2015, as amended. This responsibility also detecting a material misstatement resulting from safeguards. a director in terms of Section 164 (2) of the Act;
includes maintenance of adequate accounting fraud is higher than for one resulting from error, as
records in accordance with the provisions of the fraud may involve collusion, forgery, intentional From the matters communicated with those charged (f) With respect to the adequacy of the internal
Act for safeguarding of the assets of the Company omissions, misrepresentations, or the override of with governance, we determine those matters financial controls with reference to these
and for preventing and detecting frauds and internal control. that were of most significance in the audit of the standalone financial statements and the
other irregularities; selection and application of standalone financial statements for the financial year operating effectiveness of such controls, refer
appropriate accounting policies; making judgments • Obtain an understanding of internal control relevant ended March 31, 2023 and are therefore the key audit to our separate Report in “Annexure 2” to this
and estimates that are reasonable and prudent; to the audit in order to design audit procedures matters. We describe these matters in our auditor’s report;
and the design, implementation and maintenance that are appropriate in the circumstances. Under report unless law or regulation precludes public
section 143(3)(i) of the Act, we are also responsible disclosure about the matter or when, in extremely rare (g) In our opinion, the managerial remuneration for
of adequate internal financial controls, that were
for expressing our opinion on whether the circumstances, we determine that a matter should not the year ended March 31, 2023 has been paid
operating effectively for ensuring the accuracy and
Company has adequate internal financial controls be communicated in our report because the adverse / provided by the Company to its directors in
completeness of the accounting records, relevant to
with reference to financial statements in place consequences of doing so would reasonably be accordance with the provisions of section 197
the preparation and presentation of the standalone
and the operating effectiveness of such controls. expected to outweigh the public interest benefits of read with Schedule V to the Act;
financial statements that give a true and fair view and
are free from material misstatement, whether due to such communication.
• Evaluate the appropriateness of accounting (h) With respect to the other matters to be included
fraud or error. in the Auditor’s Report in accordance with
policies used and the reasonableness of Report on Other Legal and Regulatory Requirements
accounting estimates and related disclosures Rule 11 of the Companies (Audit and Auditors)
In preparing the standalone financial statements,
made by management. 1. As required by the Companies (Auditor’s Report) Rules, 2014, as amended in our opinion and to
management is responsible for assessing the
Order, 2020 (“the Order”), issued by the Central the best of our information and according to
Company’s ability to continue as a going concern,
• Conclude on the appropriateness of Government of India in terms of sub-section (11) of the explanations given to us:
disclosing, as applicable, matters related to going
management’s use of the going concern basis section 143 of the Act, we give in the “Annexure 1”
concern and using the going concern basis of i. The Company has disclosed the impact of
of accounting and, based on the audit evidence a statement on the matters specified in paragraphs
accounting unless management either intends to pending litigations on its financial position
obtained, whether a material uncertainty exists 3 and 4 of the Order.
liquidate the Company or to cease operations, or has in its standalone financial statements –
related to events or conditions that may cast
no realistic alternative but to do so. 2. As required by Section 143(3) of the Act, we report Refer Note 40 to the standalone financial
significant doubt on the Company’s ability to
continue as a going concern. If we conclude that: statements;
Those Board of Directors are also responsible for
overseeing the Company’s financial reporting process. that a material uncertainty exists, we are required
(a) We have sought and obtained all the ii. The Company has made provision,
to draw attention in our auditor’s report to the
information and explanations which to the best as required under the applicable law
Auditor’s Responsibilities for the Audit of the Standalone related disclosures in the financial statements or,
of our knowledge and belief were necessary or accounting standards, for material
Financial Statements if such disclosures are inadequate, to modify our
for the purposes of our audit; foreseeable losses, if any, on long-term
opinion. Our conclusions are based on the audit
Our objectives are to obtain reasonable assurance contracts including derivative contracts –
evidence obtained up to the date of our auditor’s (b) In our opinion, proper books of account
about whether the standalone financial statements as Refer Note 40 to the standalone financial
report. However, future events or conditions may as required by law have been kept by the
a whole are free from material misstatement, whether statements;
cause the Company to cease to continue as a Company so far as it appears from our
due to fraud or error, and to issue an auditor’s report going concern. examination of those books; iii. There has been no delay in transferring
that includes our opinion. Reasonable assurance is a
amounts, required to be transferred, to the
high level of assurance, but is not a guarantee that • Evaluate the overall presentation, structure and (c) The Balance Sheet, the Statement of Profit Investor Education and Protection Fund by
an audit conducted in accordance with SAs will content of the standalone financial statements, and Loss including the Statement of Other the Company
always detect a material misstatement when it exists. including the disclosures, and whether the Comprehensive Income, the Cash Flow
Misstatements can arise from fraud or error and are standalone financial statements represent the Statement and Statement of Changes in Equity iv. a) The management has represented
considered material if, individually or in the aggregate, underlying transactions and events in a manner dealt with by this Report are in agreement with that, to the best of its knowledge and
they could reasonably be expected to influence the that achieves fair presentation. the books of account; belief, no funds have been advanced
economic decisions of users taken on the basis of or loaned or invested (either from
these standalone financial statements. We communicate with those charged with governance (d) In our opinion, the aforesaid standalone borrowed funds or share premium or
regarding, among other matters, the planned scope financial statements comply with the any other sources or kind of funds)
As part of an audit in accordance with SAs, we exercise and timing of the audit and significant audit findings, Accounting Standards specified under by the Company to or in any other
professional judgment and maintain professional including any significant deficiencies in internal control Section 133 of the Act, read with Companies person(s) or entity(ies), including
skepticism throughout the audit. We also: that we identify during our audit. (Indian Accounting Standards) Rules, 2015, as foreign entities (“Intermediaries”), with
amended; the understanding, whether recorded
• Identify and assess the risks of material misstatement We also provide those charged with governance with
of the standalone financial statements, whether a statement that we have complied with relevant in writing or otherwise, that the
(e) On the basis of the written representations
due to fraud or error, design and perform audit ethical requirements regarding independence, and Intermediary shall, whether, directly or
received from the directors as on March
indirectly lend or invest in other persons
Corporate overview
Statutory reports
or entities identified in any manner

whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”)
to our notice that has caused us to
believe that the representations under
sub-clause (a) and (b) contain any
Annexure ‘1’ referred to in paragraph under the heading “Report on other legal
and regulatory requirements” of our report of even date
or provide any guarantee, security material misstatement.
or the like on behalf of the Ultimate
Beneficiaries; v. The final dividend paid by the Company Re: Bajaj Electricals Limited (“the Holding opinion, is reasonable having regard to the size
during the year in respect of the same Company”) of the Company and the nature of its assets.
b) The management has represented declared for the previous year is in No material discrepancies were noted on such
that, to the best of its knowledge and accordance with section 123 of the Act In terms of the information and explanations sought verification.
belief, no funds have been received to the extent it applies to payment of by us and given by the company and the books of
by the Company from any person(s) dividend. account and records examined by us in the normal (i) (c) The title deeds of immovable properties
or entity(ies), including foreign course of audit and to the best of our knowledge and as disclosed in note 2 to the standalone
entities (“Funding Parties”), with the vi. As proviso to Rule 3(1) of the Companies belief, we state that: financial statements included in property,
understanding, whether recorded in (Accounts) Rules, 2014 is applicable for the plant and equipment are held in the name
Company only w.e.f. April 1, 2023, reporting (i) (a) (A) The Company has maintained proper of the Company. Certain title deeds of
writing or otherwise, that the Company
under this clause is not applicable. records showing full particulars, including the immovable Properties, in the nature of
shall, whether, directly or indirectly,
quantitative details and situation of freehold land and building, as indicated in the
lend or invest in other persons or entities
Property, Plant and Equipment below mentioned cases which were acquired
identified in any manner whatsoever For S R B C & CO LLP
by or on behalf of the Funding Party pursuant to a Scheme of Amalgamation
Chartered Accountants (i) (a) (B) The Company has maintained proper
(“Ultimate Beneficiaries”) or provide approved by National Company Law
ICAI Firm Registration Number: 324982E/E300003 records showing full particulars of
any guarantee, security or the like on Tribunal’s (NCLT) Order dated May 21st 2020,
Intangible assets
behalf of the Ultimate Beneficiaries; are not individually held in the name of the
per Vikram Mehta Company, however the deed of merger has
and (i) (b) All property, plant and equipment have not
Partner been registered by the Company on March
been physically verified by the management
c) Based on such audit procedures Membership No.: 105938 31, 2023.
during the year but there is a regular
performed that have been considered UDIN: 23105938BGXGGZ9835
programme of verification which, in our
reasonable and appropriate in the
Mumbai, May 23, 2023
circumstances, nothing has come
Whether Reason
Gross Period held-
Promoter, for not
Description of carrying indicate
Held in name of Director or held in the
Property value range, where
their relative name of
(H in lakhs) appropriate
or employee Company
Freehold land 12,600.00 Hind Lamps Limited No March 31, 2020 to __

March 31, 2023
Building 750.47 Hind Lamps Limited No March 31, 2020 to __
March 31, 2023
In case of 1 lease agreements of immovable property as indicated below as at March 31, 2023 and as
disclosed in note 3 to the standalone financial statements, the lease agreement is not duly executed in
favour of the Company and hence we are unable to comment on the same
Whether Reason
Gross Period held-
Promoter, for not
Description of carrying indicate
Held in name of Director or held in the
Property value range, where
their relative name of
(H in lakhs) appropriate
or employee Company
Leasehold 32.22 Not applicable No October 01, 2022 __

Building to March 31, 2023
Corporate overview
Statutory reports
(i) (d) The Company has not revalued its Property, have been confirmed by them as at March 31, that prima facie, the specified accounts and duty of customs, duty of excise, value added
Plant and Equipment (including Right of use 2023 and no discrepancies were noticed. records have been made and maintained. We tax, cess and other statutory dues applicable
assets) or intangible assets during the year have not, however, made a detailed examination to it. According to the information and
ended March 31, 2023. (ii) (b) As disclosed in note 18 to the financial of the same. explanations given to us and based on audit
statements, the Company has been procedures performed by us, no undisputed
(i) (e) There are no proceedings initiated or are sanctioned working capital limits in excess of. (vii) (a) The Company is generally regular in depositing amounts payable in respect of these statutory
pending against the Company for holding H five crores in aggregate from banks during with appropriate authorities undisputed dues were outstanding, at the year-end, for a
any benami property under the Prohibition of the year on the basis of security of current statutory dues including goods and service period of more than six months from the date
Benami Property Transactions Act, 1988 and assets of the Company. Based on the records tax, provident fund, employees’ state they become payable.
rules made thereunder. examined by us in the normal course of audit insurance, income-tax, sales-tax, service tax,
of the financial statements, the quarterly
(ii) (a) The management has conducted physical returns/statements filed by the Company with
verification of inventory at reasonable intervals (vii) (b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax,
such banks and financial institutions are in
during the year. In our opinion the coverage service tax, duty of custom, duty of excise, value added tax, cess, and other statutory dues have not
agreement with the books of accounts of the
and the procedure of such verification by the been deposited on account of any dispute, are as follows:
Company.
management is appropriate. Discrepancies on
(H in Lakhs)
such physical verification were less than 10% (iii) (a) During the year the Company has provided
in aggregate for each class of inventory and loans, advances in the nature of loans, Forum where dispute is pending
have been properly dealt with in the books stood guarantee and provided security to Dy. Commissioner
of account. Inventories lying with third parties companies as follows: Matter Year / Commissioner / Appellate/
(H in Lakhs)
Tribunal High court Total*
Jt. Commissioner Revision
Advances in Appeals
Particulars Guarantees Security Loans
nature of loans Entry Tax 2010-13 1.15 – – – 1.15
Aggregate amount granted/ provided Nil Nil 2,556.00 9,235.00 Entry Tax 2015-16 1.70 – – – 1.70
during the year –Subsidiaries Entry Tax 2016-17 0.39 – – – 0.39
Balance outstanding as at balance Sales tax 2001-02 95.14 – – – 95.14
sheet date in respect of above cases Sales tax 2005-06 37.80 – – – 37.80
– Subsidiaries 2,000.00 Nil 6,323.00 3,000.00 Sales tax 2006-07 – – 8.19 – 8.19
Sales tax 2007-08 24.33 – – – 24.33
(iii) (b) During the year the guarantees provided, repayable on demand or without specifying Sales tax 2008-09 2.62 – – – 2.62
security given and the terms and conditions any terms or period of repayment to Sales tax 2009-10 13.77 – – – 13.77
of the grant of all loans and advances in companies Accordingly, the requirement Sales tax 2010-11 18.98 – – – 18.98
the nature of loans to companies are not to report on clause 3(iii)(f) of the Order is not Sales tax 2010-12 – – – 6.40 6.40
prejudicial to the Company’s interest. applicable to the Company. Sales tax 2011-12 0.61 – – – 0.61
Sales tax 2012-13 14.90 – 267.83 41.96 324.69
(iii) (c) The Company has granted loans and advance (iv) Loans, investments, guarantees and security in Sales tax 2013-14 457.85 – – – 457.85
in the nature of loans during the year to respect of which provisions of sections 185 and 186 Sales tax 2013-15 – – 846.97 – 846.97
companies where the schedule of repayment of the Companies Act, 2013 are applicable have Sales tax 2014-15 120.12 19.38 – 139.50
of principal and payment of interest has been been complied with by the Company. Sales tax 2015-16 82.34 87.41 10.79 – 180.53
stipulated and the repayment or receipts are Sales tax 2016-17 830.86 – – – 830.86
regular. (v) The Company has neither accepted any deposits
Sales tax 2017-18 519.68 – – – 519.58
from the public nor accepted any amounts which
Sales tax 2017-20 881.06 – – – 881.06
(iii) (d) There are no amounts of loans and advances are deemed to be deposits within the meaning of
Sales tax 2018-19 161.11 – – – 161.11
in the nature of loans granted to companies, sections 73 to 76 of the Companies Act and the
Sales tax 2019-20 70.51 – – – 70.51
which are overdue for more than ninety days. rules made thereunder, to the extent applicable.
Sales tax 2020-21 14.98 – – – 14.98
Accordingly, the requirement to report on clause
(iii) (e) There were no loans or advance in the nature Service Tax 2005-10 139.14 – – – 139.14
3(v) of the Order is not applicable to the Company.
of loan granted to companies which was fallen Customs 2016-17 24,175.85 24,175.85 24,175.85 24,175.85 20,991.62
due during the year, that have been renewed (vi) We have broadly reviewed the books of account Total 3,545.23 106.79 1,149.27 48.36 4,849.54
or extended or fresh loans granted to settle the maintained by the Company pursuant to the * The unpaid amount mentioned above is net of H 1,000.23 lakhs paid under protest
overdues of existing loans given to the same rules made by the Central Government for the
parties. maintenance of cost records under section
148(1) of the Companies Act, 2013, related to the
(iii) (f) The Company has not granted any loans manufacture of its products, and are of the opinion
or advances in the nature of loans, either
Corporate overview
Statutory reports
(viii) The Company has not surrendered or disclosed Act, 2013 has been filed by cost auditor/ group (in accordance with Core Investment state that our reporting is based on the facts up to
any transaction, previously unrecorded in the secretarial auditor or by us in Form ADT – 4 as Companies (Reserve Bank) Directions, 2016) the date of the audit report and we neither give
books of account, in the tax assessments under prescribed under Rule 13 of Companies (Audit there are 16 companies forming part of the any guarantee nor any assurance that all liabilities
the Income Tax Act, 1961 as income during the and Auditors) Rules, 2014 with the Central promoter/promoter group of the Company falling due within a period of one year from the
year. Accordingly, the requirement to report on Government. which are CICs (These are unregistered CICs balance sheet date, will get discharged by the
clause 3(viii) of the Order is not applicable to the as per Para 9.1 of Notification No. RBI/2020- Company as and when they fall due.
Company. (xi) (c) As represented to us by the management, 21/24 dated 13th August 2020 of the Reserve
there are no whistle blower complaints Bank of India). (xx)(a) In respect of other than ongoing projects,
(ix) (a) The Company has not defaulted in repayment received by the Company during the year. there are no unspent amounts that are
of loans or other borrowings or in the payment (xvii) The Company has not incurred cash losses in required to be transferred to a fund specified
of interest thereon to any lender. (xii) The Company is not a nidhi Company as per the the current financial year. The Company has not in Schedule VII of the Companies Act (the
provisions of the Companies Act, 2013. Therefore, incurred cash losses in the immediately preceding Act), in compliance with second proviso to
(ix) (b) The Company has not been declared wilful the requirement to report on clause 3(xii)(a), financial year. sub section 5 of section 135 of the Act. This
defaulter by any bank or financial institution or (b) and (c) of the Order is not applicable to the matter has been disclosed in note 43 to the
government or any government authority. Company. (xviii) There has been no resignation of the statutory standalone financial statements.
auditors during the year and accordingly
(ix) (c) The Company did not raise any money under (xiii) Transactions with the related parties are in requirement to report on Clause 3(xviii) of the (xx)(b) All amounts that are unspent under section
any term loans during the year hence, the compliance with sections 177 and 188 of Order is not applicable to the Company. (5) of section 135 of Companies Act, pursuant
requirement to report on clause (ix)(c) of the Companies Act, 2013 where applicable and the to any ongoing project, has been transferred
Order is not applicable to the Company. details have been disclosed in the notes to the (xix) On the basis of the financial ratios disclosed in to special account in compliance of with
financial statements, as required by the applicable note 46 to the standalone financial statements, provisions of sub section (6) of section 135 of
(ix) (d) On an overall examination of the financial accounting standards. ageing and expected dates of realization the said Act. This matter has been disclosed in
statements of the Company, no funds raised of financial assets and payment of financial note 43 to the standalone financial statements.
on short-term basis have been used for long- (xiv)(a) The Company has an internal audit system liabilities, other information accompanying the
term purposes by the Company. commensurate with the size and nature of its standalone financial statements, our knowledge
business. of the Board of Directors and management plans For S R B C & CO LLP
(ix) (e) On an overall examination of the financial Chartered Accountants
and based on our examination of the evidence
statements of the Company, the Company has (xiv)(b) The internal audit reports of the Company ICAI Firm Registration Number: 324982E/E300003
supporting the assumptions, nothing has come
not taken any funds from any entity or person issued till the date of the audit report, for the
to our attention, which causes us to believe that
on account of or to meet the obligations of its period under audit have been considered by
any material uncertainty exists as on the date of per Vikram Mehta
subsidiaries. us.
the audit report that Company is not capable Partner
(ix) (f) The Company has not raised loans during (xv) The Company has not entered into any non-cash of meeting its liabilities existing at the date of Membership No.: 105938
the year on the pledge of securities held in its transactions with its directors or persons connected balance sheet as and when they fall due within a UDIN: 23105938BGXGGZ9835
subsidiaries. Hence, the requirement to report with its directors and hence requirement to report period of one year from the balance sheet date.
on clause (ix)(f) of the Order is not applicable on clause 3(xv) of the Order is not applicable to We, however, state that this is not an assurance as Mumbai, May 23, 2023
to the Company. the Company. to the future viability of the Company. We further
(x) (a) The Company has not raised any money (xvi)(a) The provisions of section 45-IA of the Reserve
during the year by way of initial public offer / Bank of India Act, 1934 (2 of 1934) are not
further public offer (including debt instruments) applicable to the Company. Accordingly, the
hence, the requirement to report on clause requirement to report on clause (xvi)(a) of the
3(x)(a) of the Order is not applicable to the /Order is not applicable to the Company.
Company.
(xvi)(b) The Company is not engaged in any Non-
(x) (b) The Company has not made any preferential Banking Financial or Housing Finance activities.
allotment or private placement of shares /fully Accordingly, the requirement to report on
or partially or optionally convertible debentures clause (xvi)(b) of the Order is not applicable to
during the year under audit and hence, the the Company.
requirement to report on clause 3(x)(b) of the
Order is not applicable to the Company, (xvi)(c) The Company is not a Core Investment
Company as defined in the regulations made
(xi) (a) No fraud by the Company or no material by Reserve Bank of India. Accordingly, the
fraud on the Company has been noticed or requirement to report on clause 3(xvi) of the
reported during the year. Order is not applicable to the Company.
(xi) (b) During the year, no report under sub- (xvi)(d) In our opinion, and according to the
section (12) of section 143 of the Companies information and explanation given to us, in the
Corporate overview
Statutory reports
directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the
Opinion
In our opinion, the Company has, in all material

company’s assets that could have a material effect respects, adequate internal financial controls with
on the financial statements. reference to standalone financial statements and
Re: Bajaj Electricals Limited (“the Holding Company”) assurance about whether adequate internal financial such internal financial controls with reference to
controls with reference to these standalone financial standalone financial statements were operating
statements was established and maintained and Inherent Limitations of Internal Financial effectively as at March 31, 2023, based on the internal
Report on the Internal Financial Controls under Controls With Reference to Standalone Financial
if such controls operated effectively in all material control over financial reporting criteria established by
Clause (i) of Sub-section 3 of Section 143 of the Statements
respects. the Company considering the essential components
Companies Act, 2013 (“the Act”)
Because of the inherent limitations of internal financial of internal control stated in the Guidance Note issued
Our audit involves performing procedures to obtain by the ICAI.
We have audited the internal financial controls with controls with reference to standalone financial
audit evidence about the adequacy of the internal
reference to standalone financial statements of Bajaj statements, including the possibility of collusion or
financial controls with reference to these standalone
Electricals Limited (“the Company”) as of March 31, improper management override of controls, material For S R B C & CO LLP
financial statements and their operating effectiveness.
2023 in conjunction with our audit of the standalone misstatements due to error or fraud may occur and Chartered Accountants
Our audit of internal financial controls with reference
financial statements of the Company for the year not be detected. Also, projections of any evaluation ICAI Firm Registration Number: 324982E/E300003
to standalone financial statements included obtaining
ended on that date. of the internal financial controls with reference to
an understanding of internal financial controls with
reference to these standalone financial statements, standalone financial statements to future periods are
per Vikram Mehta
Management’s Responsibility for Internal assessing the risk that a material weakness exists, and subject to the risk that the internal financial control
Partner
Financial Controls testing and evaluating the design and operating with reference to standalone financial statements
Membership No.: 105938
effectiveness of internal control based on the assessed may become inadequate because of changes in
The Company’s Management is responsible for UDIN: 23105938BGXGGZ9835
risk. The procedures selected depend on the auditor’s conditions, or that the degree of compliance with the
establishing and maintaining internal financial controls policies or procedures may deteriorate. Mumbai, May 23, 2023
judgement, including the assessment of the risks of
based on the internal control over financial reporting
material misstatement of the financial statements,
criteria established by the Company considering the
whether due to fraud or error.
essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls We believe that the audit evidence we have obtained
Over Financial Reporting issued by the Institute of is sufficient and appropriate to provide a basis for our
Chartered Accountants of India (“ICAI”). These audit opinion on the Company’s internal financial
responsibilities include the design, implementation controls with reference to these standalone financial
and maintenance of adequate internal financial statements.
controls that were operating effectively for ensuring
the orderly and efficient conduct of its business,
including adherence to the Company’s policies, the
Meaning of Internal Financial Controls With
safeguarding of its assets, the prevention and detection
Reference to these Standalone Financial
of frauds and errors, the accuracy and completeness
Statements
of the accounting records, and the timely preparation A company’s internal financial controls with reference
of reliable financial information, as required under the to standalone financial statements is a process
Companies Act, 2013. designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation
Auditor’s Responsibility of financial statements for external purposes in
accordance with generally accepted accounting
Our responsibility is to express an opinion on the principles. A company’s internal financial controls with
Company’s internal financial controls with reference reference to standalone financial statements includes
to these standalone financial statements based on our those policies and procedures that (1) pertain to the
audit. We conducted our audit in accordance with the maintenance of records that, in reasonable detail,
Guidance Note on Audit of Internal Financial Controls accurately and fairly reflect the transactions and
Over Financial Reporting (the “Guidance Note”) dispositions of the assets of the company; (2) provide
and the Standards on Auditing, as specified under reasonable assurance that transactions are recorded
section 143(10) of the Act, to the extent applicable as necessary to permit preparation of financial
to an audit of internal financial controls, both issued statements in accordance with generally accepted
by ICAI. Those Standards and the Guidance Note accounting principles, and that receipts and
require that we comply with ethical requirements expenditures of the company are being made only in
and plan and perform the audit to obtain reasonable accordance with authorisations of management and
Corporate overview
Statutory reports
Standalone Balance Sheet as at 31st March 2023

(H in Lakhs)
Statement of Standalone Profit and Loss for the year ended 31st March 2023
(H in Lakhs)
As at
As at For the year ended
Particulars Notes 31-Mar-22 For the year ended
31-Mar-23 Particulars Notes 31-Mar-22
(Restated) (refer note 44) 31-Mar-23
(Restated)(refer note 44)
ASSETS
Non-Current Assets Income:
Property, plant and equipment 2 31,981.99 32,050.56 Revenue from operations 24 5,41,740.91 4,78,819.26
Capital work in progress 2 4,049.97 2,788.74
Investment properties 4.1 12,947.65 13,077.04 Other income 25 8,331.98 7,241.56
Goodwill on business combination 44 16,356.73 16,356.73 Total Income 5,50,072.89 4,86,060.82
Right-of-use assets 3 12,298.88 6,855.68
Intangible assets 4 1,762.70 114.90 Expenses:
Intangible assets under development 4 145.91 1,546.59 Cost of raw materials consumed 26 51,677.76 50,146.51
Investments in subsidiaries and associate 5.1 4,383.20 4,383.20
Financial Assets Purchases of traded goods 3,24,303.04 2,75,557.08
i) Investments 5.3 600.58 489.73
ii) Trade receivables 6 8,436.72 22,109.94 Changes in inventories of work-in-progress, finished goods, traded goods 26 (4,556.20) 2,241.85
iii) Loans 7 3,460.50 3,789.35 Erection & subcontracting expenses 27 5,409.03 13,388.60
iv) Other financial assets 8 3,032.24 3,735.08
Deferred tax assets (net) 9 – 8,143.54 Employee benefits expenses 28 41,909.08 39,544.35
Income tax assets (net) 12,750.19 10,385.55 Depreciation and amortisation expense 29 7,541.87 6,304.16
Other non-current assets 10 15,676.61 13,250.86
Total Non-Current Assets 1,27,883.87 1,39,077.49 Other expenses 30 87,245.30 72,826.96
Current Assets Finance costs 31 4,770.32 6,867.16
Inventories 11 1,04,957.82 97,594.62
Financial Assets Total Expenses 5,18,300.20 4,66,876.67
i) Investments 5.2 4,078.23 – Profit before exceptional items and tax 31,772.69 19,184.15
ii) Trade receivables 6 1,48,047.02 1,13,657.11
iii) Cash and cash equivalents 12 34,047.35 11,834.91 Exceptional Items 45 – 1,322.69
iv) Bank balances other than (ii) above 12 2,871.68 2,352.64 Profit before tax 31,772.69 17,861.46
v) Loans 7 2,897.71 1,000.84
vi) Other current financial assets 13 1,260.04 776.35 Tax expense / (credit):
Other current assets 14 40,563.90 26,795.77
Contract assets 41 4,650.98 5,344.33
Current tax 32 5,178.79 5,321.86
3,43,374.73 2,59,356.57 Deferred tax 9 3,543.38 (649.73)
Assets classified as held for sale 15 219.40 1,719.41
Total Current Assets 3,43,594.13 2,61,075.98 Adjustment of tax relating to earlier periods 32 – (489.34)
Total Assets 4,71,478.00 4,00,153.47 Total tax expenses 8,722.17 4,182.79
EQUITY & LIABILITIES
EQUITY Profit for the year 23,050.52 13,678.67
Equity share capital 16 2,301.51 2,297.48 Other comprehensive (income) / loss
Other Equity 17 1,93,803.16 1,72,171.74
Total Equity 1,96,104.67 1,74,469.22 Items that will be reclassified to profit and loss in subsequent periods
LIABILITIES Cash flow hedge reserve 35c 41.72 (51.20)
Non-Current Liabilities
Financial Liabilities Tax impacts on above (10.50) 12.89
i) Borrowings 18 – 1,183.32 Items that will not be reclassified to profit and loss in subsequent periods
ia) Lease liabilities 3 7,183.97 3,035.04
ii) Other financial liabilities 19 5.69 16.36 Remeasurement (gains)/losses on defined benefit plans 21 (276.47) (729.42)
Provisions 20 1,689.40 2,254.73
Employee benefit obligations 21 5,770.24 6,175.68
Tax impacts on above 9 69.58 183.58
Deferred tax liabilities (net) 9 539.73 – Other comprehensive income net of tax (175.67) (584.15)
Total Non-Current Liabilities 15,189.03 12,665.13
Current Liabilities Total Comprehensive Income net of tax 23,226.19 14,262.82
Financial Liabilities Earnings per equity share before exceptional items (face value per share H 2) 39
i) Borrowings 18 16.65 2,398.58
ia) Lease liabilities 3 2,939.67 1,552.76 Basic 20.05 12.79
ii) Trade payables 22 Diluted 20.01 12.74
Total Outstanding dues of micro enterprises & small enterprises 5,268.10 7,138.94
Total Outstanding dues of other than micro enterprises & small enterprises 1,50,761.17 1,15,257.85 Earnings per equity share after exceptional items (face value per share H 2) 39
iii) Other current financial liabilities 19 69,866.72 46,039.88 Basic 20.05 11.93
Provisions 20 4,873.21 7,853.75
Employee benefit obligations 21 1,526.90 913.80 Diluted 20.01 11.88
Current tax liabilities (net) 1,915.14 1,701.21 Summary of significant accounting policies 1B
Contract liabilities 41 15,764.36 9,117.44
Other current liabilities 23 7,252.38 21,044.91 The accompanying notes are an integral part of the Standalone Financial Statements
Total Current Liabilities 2,60,184.30 2,13,019.12
Total Liabilities 2,75,373.33 2,25,684.25
Total Equity & Liabilities 4,71,478.00 4,00,153.47 As per our report attached of even date For and on behalf of the Board of directors
Summary of significant accounting policies 1B For S R B C & CO LLP of Bajaj Electricals Limited
The accompanying notes are an integral part of the Standalone Financial Statements
ICAI Firm Registration No. 324982E/E300003
As per our report attached of even date For and on behalf of the Board of directors Chartered Accountants Shekhar Bajaj Anuj Poddar
For S R B C & CO LLP of Bajaj Electricals Limited
ICAI Firm Registration No. 324982E/E300003 Chairman Managing Director & Chief Executive Officer
Chartered Accountants Shekhar Bajaj Anuj Poddar per Vikram Mehta DIN: 00089358 DIN: 01908009
Chairman Managing Director & Chief Executive Officer
per Vikram Mehta DIN: 00089358 DIN: 01908009 Partner
Partner Membership No.105938 Ajay Nagle EC Prasad Shailesh Haribhakti
Membership No.105938 Ajay Nagle EC Prasad Shailesh Haribhakti
Company Secretary Chief Financial Officer Chairman - Audit Committee
Mumbai, May 23, 2023 DIN: 00007347 Mumbai, May 23, 2023 DIN: 00007347
Standalone Statement of Changes in Equity for the year ended 31st March 2023
A. Equity share capital (Note 16)
(H in Lakhs)
Year Ended Year Ended
Particulars
31st March 2023 31st March 2022
Equity shares of H 2 each issued, subscribed and fully paid-up

At the beginning of the year 2,297.48 2,290.73
258 Bajaj Electricals Limited (BEL)

Changes in Equity Share Capital due to prior period errors – –
Restated balance at the beginning of the year 2,297.48 2,290.73
Issue of equity share capital during the year 4.03 6.75
At the end of the year 2,301.51 2,297.48
B. Other equity (Note 17)

(H in Lakhs)
Share Reserves and surplus

Application Amalga- Effective
Particulars Money Securities Debenture Shares Retained Capital Total
mation Portion of General Capital
Pending Adjustment Cashflow premium Redemption Option earnings Redemption
Reserve Reserve
Allotment reserve Reserve Outstanding * Reserve
Reserve Hedges
Restated Balance as at 31st 0.19 (2,327.15) 88.29 65,356.13 – 1,198.56 45,967.75 61,577.08 135.71 175.18 1,72,171.74
March 2022 (refer note 44)
Profit for the year – – – – – – – 23,050.52 – – 23,050.52
Other comprehensive income – – (31.22) – – – – 206.89 – – 175.67
Total 0.19 (2,327.15) 57.07 65,356.13 – 1,198.56 45,967.75 84,834.49 135.71 175.18 1,95,397.93
Exercise of share options – – – 893.24 – – – – – – 893.24
Exercise of options - – – – 344.84 – (344.84) – – – – –
transferred from shares options
outstanding account
Employee stock option – – – – – 1,084.00 – – – – 1,084.00
expense for the year
Transferred from share options – – – – – (63.66) – 63.66 – – –
outstanding account on lapse
of vested options
Dividend on equity shares – – – – – – – (3,446.03) – – 3,446.03
Issue of share capital (0.19) – – 0.19 – – – – – – (0.00)
Charge for the year – – (125.98) – – – – – – – (125.98)
Balance at 31st March 2023 – (2,327.15) (68.91) 66,594.40 – 1,874.06 45,967.75 81,452.12 135.71 175.18 1,93,803.16
* Retained earnings includes revaluation reserve of H 808.60 lakhs subsumed during transition to Ind AS
Standalone Statement of Changes in Equity for the year ended 31st March 2023
(H in Lakhs)

Reserve Reserve
Reserve Hedges
Balance as at 31st March 2021 12.51 – – 63,391.97 3,750.00 1,181.39 45,967.75 43,568.03 135.71 175.18 1,58,182.54
Created on merger of Starlite 0.19 (2,327.15) – – – – – – – – (2,326.96)
Lighting Limited
Balance as at 31st March 2021 12.70 (2,327.15) – 63,391.97 3,750.00 1,181.39 45,967.75 43,568.03 135.71 175.18 1,55,855.58
Profit for the year – – – – – – – 13,678.67 – 0 13,678.67
Other comprehensive income – – 38.31 – – – – 545.84 – – 584.15
Total 12.70 (2,327.15) 38.31 63,391.97 3,750.00 1,181.39 45,967.75 57,792.54 135.71 175.18 1,70,118.40
Exercise of share options – – – 1,435.02 – – – – – – 1,435.02
Exercise of options - – – – 529.14 – (529.14) – – – – –
outstanding account
Employee stock option – – – – – 580.85 – – – – 580.85
Charge for the year – – 49.98 – – – – – – – 49.98
of vested options
Application money received (12.51) – – – – – – – – – (12.51)
Transfer from Debenture redem- – – – – (3,750.00) – – 3,750.00 – – –
ption reserve to general reserve
Balance as at 31st March 2022 0.19 (2,327.15) 88.29 65,356.13 – 1,198.56 45,967.75 61,577.08 135.71 175.18 1,72,171.74
Summary of significant accounting policies (Note 1B)
The accompanying notes are an integral part of the Standalone Financial Statements
As per our report attached of even date For and on behalf of the Board of directors
Chartered Accountants Shekhar Bajaj Anuj Poddar
per Vikram Mehta DIN: 00089358 DIN: 01908009
Partner
Mumbai, May 23, 2023 DIN: 00007347
Statutory reports
Corporate overview
Corporate overview
Statutory reports
Standalone Cash Flow Statement for the year ended 31st March 2023 Standalone Cash Flow Statement for the year ended 31st March 2023
(H in Lakhs) (H in Lakhs)
Year ended Year ended Year ended Year ended
Particulars 31-Mar-23 31-Mar-22 Particulars 31-Mar-23 31-Mar-22
(Restated) (Restated)
Cash flow from operating activities Cash flows from financing activities
Profit before income tax 31,772.69 17,861.47 Proceeds from issues of shares 897.27 1,429.44
Adjustments for: Proceeds from borrowings – 908.43
Depreciation and amortisation expense 7,541.87 6,304.16 Repayment of borrowings (3,565.24) (65,162.06)
Employee share-based payment expense 1,084.00 580.85 Payment of principal portion of lease liabilities (2,217.96) (1,781.85)
Gain on disposal of property, plant and equipment (net) (279.91) (490.97) Interest paid on lease liabilities (544.44) (545.00)
Measurement of financial assets held at fair value through Profit or Loss (110.85) (19.99) Interest paid (4,012.87) (12,080.78)
Measurement of financial assets and liabilities held at amortised cost (57.79) (59.05) Dividend paid to equity shareholders (3,444.93) –
Measurement of provisions at fair value – (354.49) Net cash used in financing activities (12,888.17) (77,231.82)
Impairment of property, plant & equipment – 845.00 Net increase in cash and cash equivalents 22,212.44 7,195.79
Finance costs 4,770.32 6,867.16 Cash and cash equivalents at the beginning of the year 11,834.91 4,562.91
Interest income (1,681.39) (1,357.66) Acquired on business combinations (refer note 44) – 76.21
Impairment allowance for doubtful debts & advances (net of write (121.70) (1,764.63) Cash and cash equivalents at the end of the year 34,047.35 11,834.91
back) (H in Lakhs)
Bad debts and other irrecoverable debit balances written off (570.90) 973.16
42,346.34 29,385.01 Year ended Year ended
Change in liability arising from financing activities
Change in operating assets and liabilities: 31-Mar-23 31-Mar-22
(Increase)/decrease in trade receivables (current & non-current) (20,170.37) 57,380.55 Borrowings as on the beginning of the year 3,581.89 46,373.16
(Increase)/decrease in financial and other assets (current & non- (14,569.73) 2,481.48 Proceeds from borrowings * – 908.43
current) Repayment of borrowings (3,565.24) (65,162.06)
(Increase)/decrease in inventories (7,363.20) 2,705.74 Acquired on business combination (refer note 44) – 21,462.36
Increase/(decrease) in trade payables, provisions, employee benefit 47,034.14 5,625.66 Borrowings as on the end of the year 16.65 3,581.89
obligations, other financial liabilities and other liabilities (current & non-
* Proceeds from borrowings includes H NIL towards borrowings.
current)
Cash generated from operations 47,277.18 97,578.44 Summary of significant accounting policies (Note 1B)
Income taxes paid (net of refunds) (2,248.67) (4,454.95)
Net cash inflow from operating activities 45,028.51 93,123.49 The accompanying notes are an integral part of the Standalone Financial Statements
Cash flows from investing activities
Purchase of property, plant and equipment including capital work in (7,484.30) (6,463.33)
progress and capital advances
Purchase of intangible assets including intangible assets under (974.18) (796.46)
development
Proceeds from sale of property, plant and equipment including 952.47 2,920.37
advances received
Partner
Proceeds from sale of assets held for sale 1,500.00 –
Proceeds from sale of investment properties 16.52 –
Loans and advances given to subsidiary and an associate (11,791.00) (5,677.00)
Mumbai, May 23, 2023 DIN: 00007347
Loans and advances repaid to subsidiary and an associate 9,855.00 3,514.04
Purchase of financial instruments (36,578.23) (2,559.85)
Proceeds from sale of financial instruments 32,500.00 –
Investments / (realisations) in bank deposits 514.60 (779.30)
Interest received 1,561.22 1,145.65
Net cash used in investing activities (9,927.90) (8,695.88)
Corporate overview
Statutory reports
Notes to Standalone Financial Statements for the year ended 31st March 2023 Notes to Standalone Financial Statements for the year ended 31st March 2023
Note 1 (including derivative instruments) that are • There is no unconditional right to defer the estimate the variable consideration for the
measured at fair value; settlement of the liability for at least twelve expected future rebates, the Company
1A GENERAL INFORMATION. months after the reporting period applies the most likely amount method.
• assets held for sale which are measured at The selected method that best predicts
Bajaj Electricals Limited (‘the Company’) is an lower of carrying value and fair value less All other liabilities are classified as non-current. the amount of variable consideration is
existing public limited company incorporated on cost to sell; primarily driven by the number of volume
14th July 1938 under the provisions of the Indian The operating cycle is the time between the
thresholds contained in the contract.
Companies Act, 1913 and deemed to exist within • defined benefit plans where plan assets acquisition of assets for processing and their
the purview of the Companies Act, 2013, having are measured at fair value; and realisation in cash and cash equivalents. The Generally, the Company receives short-
its registered office at 45/47, Veer Nariman Road, Company has identified twelve months as its term advances from its customers. Using
Mumbai-400 001. • share-based payments at fair value as operating cycle. the practical expedient in Ind AS 115, the
on the grant date of options given to
Company does not adjust the promised
The Company deals in Consumer Products (CP) employees. 2 Revenue from contract with customers:
amount of consideration for the effects
(which includes domestic appliances, kitchen
Estimates, judgements and assumptions used Revenue from contracts with customers is of a significant financing component if
appliances, and electric Fans). The Company deals
in the preparation of the standalone financial recognized when control of the goods or it expects, at contract inception, that
in Lighting Solutions (which includes consumer and
statements and disclosures are based upon services are transferred to the customer at the period between the transfer of the
professional lighting). The Company also deals in
management’s evaluation of the relevant an amount that reflects the consideration to promised good or service to the customer
Engineering and projects (EPC) (which includes
facts and circumstances as of the date of the which the Company expects to be entitled and when the customer pays for that good
transmission line towers and power distribution).
standalone financial statements, which may in exchange for those goods or services. The or service will be one year or less.
The equity shares of the Company are listed on
BSE Limited (“BSE”) and National Stock Exchange differ from the actual results at a subsequent Company has generally concluded that it
The Company has a loyalty points program,
of India Limited (“NSE”). The standalone financial date. The critical estimates, judgements and is the principal in its revenue arrangements,
“Retailer Bonding Program”, which allows
statements are presented in Indian Rupee (INR). assumptions are presented in Note no. 1D. because it typically controls the goods or
customers to accumulate points that can
services before transferring them to the
The Company presents assets and liabilities in be redeemed for free products. The loyalty
The standalone financial statements have customer.
the balance sheet based on current / non- points give rise to a separate performance
been recommended for approval by the audit
current classification. Deferred tax assets and The recognition criteria for sale of products obligation as they provide a material right
committee and is approved and adopted by their
liabilities are classified as non-current. and construction contracts is described below to the customer. A portion of the transaction
Board in their meeting held in Mumbai on 23rd
price is allocated to the loyalty points
May, 2023. The Company has prepared the standalone (1) Sale of products awarded to customers based on relative
1B SIGNIFICANT ACCOUNTING POLICIES financial statements on the basis that it will stand-alone selling price and recognized
continue to operate as a going concern. Revenue from sale of products is
as deferred revenue until the points are
This note provides a list of the significant accounting recognized at the point in time when
redeemed. Revenue is recognized upon
policies adopted in the preparation of these An asset is treated as current when it is: control of the asset is transferred to the
redemption of products by the customer.
standalone financial statements. These policies customer, generally on dispatch of the
• Expected to be realised or intended to When estimating the stand-alone selling
have been consistently applied to all the years product to the customer’s destination. The
be sold or consumed in normal operating price of the loyalty points, the Company
presented Company considers whether there are
cycle considers the likelihood that the customer
other promises in the contract that are
will redeem the points. The Company
1 Basis of preparation separate performance obligations to which
• Expected to be realised within twelve updates its estimates of the points that will
a portion of the transaction price needs
The standalone financial statements of the months after the reporting period, or be redeemed on a quarterly basis and any
to be allocated (e.g. customer loyalty
Company have been prepared in accordance adjustments to the deferred revenue are
• Cash or cash equivalent unless restricted points and warranties). In determining the
with Indian Accounting Standards (hereinafter charged against revenue.
from being exchanged or used to settle a transaction price for the sale of product,
referred to as Ind AS) as notified by Ministry of liability for at least twelve months after the the Company considers the effects of The Company provides a warranty beyond
Corporate Affairs pursuant to Section 133 of reporting period variable consideration, the existence of fixing defects that existed at the time of
the Companies Act, 2013 (‘the Act’) read with significant financing components, and sale. These service-type warranties are
the Companies (Indian Accounting Standards) All other assets are classified as non-current. consideration payable to the customer (if bundled together with the sale of products.
Rules, as amended from time to time and other any). Contracts for bundled sales of products
relevant provisions of the Act. A liability is current when:
and a service-type warranty comprise
The Company provides volume rebates
The standalone financial statements are • It is expected to be settled in normal two performance obligations because
to certain customers once the quantity
prepared under the historical cost convention operating cycle the product and service-type warranty
of products purchased during the period
except for the following: are both sold on a stand-alone basis and
• It is due to be settled within twelve months exceeds a threshold specified in the
are distinct within the context of contract.
after the reporting period, or contract. Rebates are offset against
• certain financial assets and liabilities Using the relative stand-alone selling price
amounts payable by the customer. To
Corporate overview
Statutory reports
method, a portion of the transaction price contract asset is recognised for the earned extend the lease if it is reasonably certain to In calculating the present value of lease
is allocated to the service-type warranty consideration that is conditional. be exercised, or any periods covered by an payments, the Company uses the incremental
and recognised as deferred revenue. option to terminate the lease, if it is reasonably borrowing rate at the lease commencement
Revenue for service-type warranties is Trade receivables certain not to be exercised date if the interest rate implicit in the lease is
recognised over the period in which the not readily determinable.
A receivable represents the Company’s The Company has determined leasehold lands
service is provided based on the time
right to an amount of consideration that also as, right of use assets and hence the same Short-term leases and leases of low-value
elapsed.
is unconditional (i.e., only the passage of has been classified from property, plant and assets
(2) Construction contracts time is required before payment of the equipment to right of use assets.
consideration is due). The Company applies the short-term lease
Performance obligation in case of Leases are capitalised at the commencement recognition exemption to its short-term leases
construction contracts is satisfied over a Contract liabilities of the lease at the inception date fair value of (i.e., those leases that have a lease term of
period of time, as the Company creates the leased property or, if lower, at the present 12 months or less from the commencement
an asset that the customer control and A contract liability is the obligation to
value of the minimum lease payments. Lease date and do not contain a purchase option).
the Company has an enforceable right to transfer goods or services to a customer
payments are apportioned between finance It also applies the lease of low-value assets
payment for performance completed to for which the Company has received
charges and reduction of the lease liability recognition exemption to leases that are
date if it meets the agreed specifications. consideration (or an amount of
so as to achieve a constant rate of interest considered of low value (i.e., below H 5,00,000).
Revenue from construction contracts consideration is due) from the customer.
on the remaining balance of the liability. Lease payments on short-term leases and
is recognised based on the stage of If a customer pays consideration before
Finance charges are recognised in finance leases of low-value assets are recognised as
completion determined with reference to the Company transfers goods or services
costs in the statement of profit and loss, unless expense on a straight-line basis over the lease
the actual costs incurred up to reporting to the customer, a contract liability is
they are directly attributable to qualifying term.
date on the construction contract and recognized when the payment is made or
assets, in which case they are capitalized in
the estimated cost to complete the the payment is due (whichever is earlier). 4 Other income:
accordance with the Company’s general
project. Cost estimates involves judgments Contract liabilities are recognised as
policy on the borrowing costs. Contingent
revenue when the Company performs (1) Interest income on financial asset is
including those relating to cost escalations; rentals are recognised as expenses in the
under the contract. recognised using the effective interest rate
assessment of technical, political, periods in which they are incurred.
method. The effective interest rate is the
regulatory and other related contract risks 3 Leases:
Leases in which a significant portion of the rate that exactly discounts estimated future
and their financial estimation; scope of
As a lessee: risks and rewards of ownership are retained cash receipts through the expected life of
deliveries and services required for fulfilling
by the lessor are classified as operating leases. the financial asset to the gross carrying
the contractually defined obligations Right-of-use assets
Payments made under operating leases are amount of the financial asset. When
and expected delays, if any. Provision
The Company recognises right-of-use assets charged to the Statement of Profit and Loss calculating the effective interest rate, the
for foreseeable losses/ construction
at the commencement date of the lease on a straight-line basis over the period of the Company estimates the expected cash
contingencies on said contracts is made
(i.e., the date the underlying asset is available lease unless the payments are structured to flows by considering all the contractual
based on technical assessments of
for use). Right-of-use assets are measured increase in line with expected general inflation terms of the financial instruments.
costs to be incurred and revenue to be
accounted for. The Company has long- at cost, less any accumulated depreciation to compensate for the lessor’s expected
(2) Others:
term receivables from customers. The and impairment losses, and adjusted for any inflationary cost increases.
transaction price for such contracts is remeasurement of lease liabilities. The cost The Company recognises other income
discounted, using the rate that would of right-of-use assets includes the amount Lease liabilities
(including income from sale of power
be reflected in a separate financing of lease liabilities recognised, initial direct generated, income from scrap sales,
At the commencement date of the lease,
transaction between the Company and its costs incurred, and lease payments made income from claims received, etc.) on
the Company recognises lease liabilities
customers at contract inception, to take at or before the commencement date less accrual basis. However, where the ultimate
measured at the present value of lease
into consideration the significant financing any lease incentives received. Unless the collection of the same is uncertain,
payments to be made over the lease term.
component Company is reasonably certain to obtain revenue recognition is postponed to the
The lease payments include fixed payments
ownership of the leased asset at the end of the extent of uncertainty. Rental income
(3) Contract balances (including in-substance fixed payments) less
lease term, the recognised right-of-use assets arising from operating leases is accounted
any lease incentives receivable, variable
are depreciated on a straight-line basis over for on a straight line basis over lease
Contract asset lease payments that depend on an index or a
the shorter of its estimated useful life and the terms unless the receipts are structured
A contract asset is the right to consideration rate, and amounts expected to be paid under
lease term. Right-of-use assets are subject to to increase in line with expected general
in exchange for goods or services residual value guarantees. The variable lease
impairment test. inflation to compensate for the expected
transferred to the customer. If the Company payments that do not depend on an index or
a rate are recognised as expense in the period inflationary cost increases and is included
performs by transferring goods or services The Company determines the lease term as the
on which the event or condition that triggers in the Statement of profit or loss due to its
to a customer before the customer pays non-cancellable term of the lease, together
the payment occurs. operating nature.
consideration or before payment is due, a with any periods covered by an option to
Corporate overview
Statutory reports
5 Property, plant and equipment : significant parts of property, plant v) Useful life of asset is as given below: Trademarks are carried at historical cost. They
and equipment are required to be have an registered finite useful life of 10 years
A) Asset class:
replaced at intervals, the Company and are carried at cost less accumulated
i) Freehold land is carried at historical depreciates them separately based Useful Lives amortisation and impairment losses.
cost including expenditure that is Asset block
on their specific useful lives. Likewise, (in years)
directly attributable to the acquisition when a major inspection is performed, Intangible assets with finite lives are amortised
of the land. its cost is recognised in the carrying Building – Office 5 to 70 over the useful economic life and assessed for
amount of the property, plant and Building – Factory 2 to 30 impairment whenever there is an indication
ii) All other items of property, plant and equipment as a replacement if the Ownership Premises 60 that the intangible asset may be impaired.
equipment (including capital work in recognition criteria are satisfied. Plant & Machinery 1 to 22 The amortisation period and the amortisation
progress) are stated at historical cost All other repairs and maintenance Furniture & Fixtures 1 to 24 method for an intangible asset with a finite
less accumulated depreciation and costs are recognised in profit or loss Electric Installations 1 to 25 useful life are reviewed at least at the end
impairment losses, if any. Historical cost as incurred. Capital work-in-progress Office Equipment 1 to 12 of each reporting period. Changes in the
includes expenditure that is directly comprises cost of property, plant Vehicles 8 to 10 expected useful life or the expected pattern
attributable to the acquisition of the and equipment (including related Dies & Jigs 1 to 10 of consumption of future economic benefits
items. expenses), that are not yet ready for Leasehold Improvements 5 to 10 embodied in the asset are considered to
their intended use at the reporting Roads & Borewell 3 to 21 modify the amortisation period or method,
iii) Capital goods manufactured by the as appropriate, and are treated as changes
date. IT hardware 1 to 10
Company for its own use are carried in accounting estimates. The amortisation
Laboratory equipments 1 to 10
at their cost of production (including B) Depreciation: expense on intangible assets with finite lives is
duties and other levies, if any) less recognised in the statement of profit and loss
accumulated depreciation and vi) The residual values, useful lives and
i) Depreciation is calculated using the unless such expenditure forms part of carrying
impairment losses if any. methods of depreciation of property,
straight-line method to allocate their value of another asset.
plant and equipment are reviewed
cost, net of their residual values, over
iv) Subsequent costs are included in the at each financial year and adjusted
their estimated useful lives. Premium Research and development costs
asset’s carrying amount or recognised prospectively, if appropriate.
of Leasehold land and leasehold
as a separate asset, as appropriate, improvements cost are amortised over Research costs are expensed as incurred.
only when it is probable that future 6 Intangible assets:
the primary period of lease. Development expenditures on an individual
economic benefits associated with project are recognised as an intangible asset
An intangible asset shall be recognised if, and
the item will flow to the Company and ii) 100% depreciation is provided in the when the Company can demonstrate:
only if:
the cost of the item can be measured month of addition for temporary
• The technical feasibility of completing the
reliably. The carrying amount of structure cost at project site (a) it is probable that the expected future
intangible asset so that the asset will be
any component accounted for as economic benefits that are attributable to
iii) Where a significant component (in available for use or sale
a separate asset is derecognised the asset will flow to the Company; and
when replaced. All other repairs and terms of cost) of an asset has an • Its intention to complete and its ability and
maintenance are charged to the economic useful life different than (b) the cost of the asset can be measured intention to use or sell the asset
statement of profit or loss during the that of it’s corresponding asset, the reliably.
component is depreciated over it’s • How the asset will generate future
year in which they are incurred.
estimated useful life. Intangible assets are stated at cost less economic benefits
v) Losses arising from the retirement accumulated amortization and impairment.
• The availability of resources to complete
of, and gains or losses arising from iv) The Company, based on internal Intangible assets are amortized over their
the asset
disposal of property, plant and technical assessments and respective individual estimated useful lives on
equipments which are carried at cost management estimates, depreciates a straight-line basis, from the date that they • The ability to measure reliably the
are recognised in the statement of certain items of property, plant are available for use. expenditure during development
profit and loss. & equipment over the estimated
useful lives and considering residual Asset class & depreciation: Following initial recognition of the development
vi) Capital work-in-progress, property, value which are different from expenditure as an asset, the asset is carried at
Computer software / licenses are carried at cost less any accumulated amortisation and
plant and equipment is stated at cost, the one prescribed in Schedule II
historical cost. They have an expected finite accumulated impairment losses. Amortisation
net of accumulated depreciation. of the Companies Act, 2013. The
useful life of 3 years and are carried at cost less of the asset begins when development is
Such cost includes the cost of management believes that these
accumulated amortisation and impairment complete, and the asset is available for use.
replacing part of the property, plant estimated useful lives and residual
losses. Computer licenses which are purchased It is amortised over the period of expected
and equipment and borrowing cost values are realistic and reflect fair
on annual subscription basis are expensed off future benefit. Amortisation expense is
for long-term construction projects if approximation of the period over
in the year of purchase . recognised in the statement of profit and
the recognition criteria are met. When which the assets are likely to be used.
Corporate overview
Statutory reports
loss unless such expenditure forms part of external factors. An asset is impaired when 9 Financial instruments: • Debt instruments at fair value through
carrying value of another asset. During the the carrying amount of the asset exceeds other comprehensive income (FVTOCI)
period of development, the asset is tested for the recoverable amount. The recoverable A financial instrument is any contract that
gives rise to a financial asset of one entity A ‘debt instrument’ is classified as at
impairment annually. amount is the higher of an asset’s fair value
and a financial liability or equity instrument of the FVTOCI if both of the following
less costs of disposal and value in use. For the
7 Investment properties: another entity. criteria are met:
purposes of assessing impairment, assets are
Investment properties that are not intended grouped at the lowest levels for which there • The objective of the business model
I. Financial Assets
to be occupied substantially for use by, or are separately identifiable cash inflows which is achieved both by collecting
in the operations of the Company have are largely independent of the cash inflows A) Initial recognition and measurement contractual cash flows and selling
been considered as investment property. from other assets or groups of assets (cash- the financial assets, and
Investment properties are measured initially at generating units). Impairment loss is charged All financial assets are recognised initially
• The asset’s contractual cash flows
cost, including transaction costs. Subsequent to the Statement of Profit & Loss Account at fair value plus, in the case of financial
represent SPPI.
to initial recognition, investment properties are in the year in which an asset is identified as assets not recorded at fair value through
stated at cost less accumulated depreciation impaired. An impairment loss recognized in profit or loss, transaction costs that are Debt instruments included within the
and accumulated impairment loss, if any. the prior accounting periods is reversed if attributable to the acquisition of the FVTOCI category are measured initially
The Company does not charge depreciation there has been change in the estimates used financial asset. as well as at each reporting date at
to investment property land which is held to determine the assets recoverable amount fair value. Fair value movements are
B) Subsequent measurement
for future undetermined use. Though the since the last impairment loss was recognised recognized in the other comprehensive
Company measures investment property For purposes of subsequent measurement, income (OCI). On derecognition of the
In assessing value in use, the estimated future
using cost-based measurement, the fair financial assets are classified in four asset, cumulative gain or loss previously
cash flows are discounted to their present value
value of investment property is disclosed in categories: recognised in OCI is reclassified from
using a pre-tax discount rate that reflects current
the notes. Fair values are determined based the equity to statement of profit and
market assessments of the time value of money • Debt instruments at amortised cost
on an annual evaluation performed by an loss. Interest earned whilst holding
and the risks specific to the asset. In determining
accredited external independent valuer FVTOCI debt instrument is reported as
fair value less costs of disposal, recent market A ‘debt instrument’ is measured at the
applying a valuation model. interest income using the EIR method.
transactions are taken into account. amortised cost if both the following
Investment properties are derecognised conditions are met: • Debt instruments at fair value through
Impairment losses are recognised in the
either when they have been disposed of profit or loss (FVTPL)
statement of profit and loss, except for • The asset is held within a business
or when they are permanently withdrawn
properties previously revalued with the model whose objective is to hold FVTPL is a residual category for debt
from use and no future economic benefit is
revaluation surplus taken to OCI. assets for collecting contractual instruments. Any debt instrument,
expected from their disposal. The difference
cash flows, and which does not meet the criteria for
between the net disposal proceeds and the For assets, an assessment is made at each
categorization as at amortized cost or
carrying amount of the asset is recognised in reporting date to determine whether there • Contractual terms of the asset give
as FVTOCI, is classified as at FVTPL.
profit or loss in the period of derecognition. is an indication that previously recognised rise on specified dates to cash
In determining the amount of consideration impairment losses no longer exist or have flows that are solely payments of In addition, the Company may elect
from the derecognition of investment decreased. If such indication exists, the principal and interest (SPPI) on the to designate a debt instrument, which
property the Company considers the effects Company estimates the asset’s or CGU’s principal amount outstanding. otherwise meets amortized cost or
of variable consideration, existence of a recoverable amount. A previously recognised FVTOCI criteria, as at FVTPL. However,
significant financing component, non-cash impairment loss is reversed only if there has This category is the most relevant to the
such election is allowed only if doing so
consideration, and consideration payable to been a change in the assumptions used to Company. After initial measurement,
reduces or eliminates a measurement
the buyer (if any). determine the asset’s recoverable amount such financial assets are subsequently
or recognition inconsistency (referred
since the last impairment loss was recognised. measured at amortised cost using the
to as ‘accounting mismatch’). Debt
Transfers are made to (or from) investment effective interest rate (EIR) method.
The reversal is limited so that the carrying instruments included within the FVTPL
property only when there is a change in use. Amortised cost is calculated by taking
amount of the asset does not exceed its category are measured at fair value
recoverable amount, nor exceed the carrying into account any discount or premium
The Company depreciates its investment with all changes recognized in the
amount that would have been determined, on acquisition and fees or costs that
properties over the useful life which is similar to statement of profit and loss.
net of depreciation, had no impairment loss are an integral part of the EIR. The
that of property, plant and equipment.
been recognised for the asset in prior years. EIR amortisation is included in other •
Equity instruments measured at fair
8 Impairment of non-financial assets: Such reversal is recognised in the statement income in the statement of profit and value through other comprehensive
of profit or loss unless the asset is carried at a loss. The losses arising from impairment income (FVTOCI)
The carrying amounts of assets are reviewed are recognised in the profit or loss. This
at each balance sheet date if there is any revalued amount, in which case, the reversal is
category generally applies to trade All equity investments in scope of Ind
indication of impairment based on internal/ treated as a revaluation increase.
and other receivables. AS 109 are measured at fair value.
Corporate overview
Statutory reports
Equity instruments which are held for When the Company has transferred All financial liabilities are recognised initially interest-bearing loans and borrowings
trading and contingent consideration its rights to receive cash flows from an at fair value and, in the case of loans and are subsequently measured at
recognised by an acquirer in a business asset or has entered into a pass through borrowings and payables, net of directly amortised cost using the EIR method.
combination to which Ind AS103 arrangement, it evaluates if and to attributable transaction costs. Gains and losses are recognised in
applies are classified as at FVTPL. For all what extent it has retained the risks and profit or loss when the liabilities are
other equity instruments, the Company rewards of ownership. When it has neither B) Subsequent measurement derecognised as well as through the
may make an irrevocable election transferred nor retained substantially The measurement of financial liabilities EIR amortisation process.
to present in other comprehensive all of the risks and rewards of the asset, depends on their classification, as
income subsequent changes in the nor transferred control of the asset, the Amortised cost is calculated by taking
described below:
fair value. The Company makes Company continues to recognise the into account any discount or premium
such election on an instrument-by- transferred asset to the extent of the • Financial liabilities at fair value through on acquisition and fees or costs that
instrument basis. The classification Company’s continuing involvement. In profit or loss are an integral part of the EIR. The EIR
is made on initial recognition and is that case, the Company also recognises amortisation is included as finance
Financial liabilities at fair value through costs in the statement of profit and loss.
irrevocable. an associated liability. The transferred profit or loss include financial liabilities
asset and the associated liability are
If the Company decides to classify an held for trading and financial liabilities • Financial guarantee contracts
measured on a basis that reflects the rights designated upon initial recognition
equity instrument as at FVTOCI, then all and obligations that the Company has as at fair value through profit or loss. Financial guarantee contracts issued
fair value changes on the instrument, retained. Financial liabilities are classified as by the Company are those contracts
excluding dividends, are recognized
held for trading if they are incurred that require a payment to be made
in the OCI. There is no recycling of the Continuing involvement that takes the
for the purpose of repurchasing in the to reimburse the holder for a loss it
amounts from OCI to P&L, even on sale form of a guarantee over the transferred
near term. This category also includes incurs because the specified debtor
of investment. However, the Company asset is measured at the lower of the
derivative financial instruments fails to make a payment when due
may transfer the cumulative gain or original carrying amount of the asset and
entered into by the Company that are in accordance with the terms of a
loss within equity. the maximum amount of consideration
not designated as hedging instruments debt instrument. Financial guarantee
that the Company could be required to
Equity instruments included within the in hedge relationships as defined by contracts are recognised initially as
repay.
FVTPL category are measured at fair Ind AS 109. Separated embedded a liability at fair value, adjusted for
value with all changes recognized in D) Impairment of financial assets derivatives are also classified as held transaction costs that are directly
the P&L. for trading unless they are designated attributable to the issuance of the
The Company assesses on a forward as effective hedging instruments. guarantee. Subsequently, the liability is
C) Derecognition looking basis the expected credit Gains or losses on liabilities held for measured at the higher of the amount
losses associated with its assets carried trading are recognised in the profit or of loss allowance determined as per
A financial asset (or, where applicable, at amortised cost and FVOCI debt impairment requirements of Ind AS
loss.
a part of a financial asset or part of a instruments. The impairment methodology 109 and the amount recognised less
group of similar financial assets) is primarily applied depends on whether there has Financial liabilities designated upon cumulative amortisation.
derecognised (i.e. removed from the been a significant increase in credit risk. initial recognition at fair value through
Company’s balance sheet) when: For trade receivables only, the Company profit or loss are designated as such at The fair value of financial guarantees
applies the simplified approach permitted the initial date of recognition, and only is determined as the present value
• The rights to receive cash flows from of the difference in net cash flows
by Ind AS 109 Financial Instruments, which if the criteria in Ind AS 109 are satisfied.
the asset have expired, or between the contractual payments
requires expected lifetime losses to be For liabilities designated as FVTPL,
recognised from initial recognition of the fair value gains/ losses attributable under the debt instrument and the
• The Company has transferred its rights
receivables. to changes in own credit risk are contractual payments that would be
to receive cash flows from the asset
recognized in OCI. These gains/ loss required without the guarantee, or
or has assumed an obligation to pay
II. Financial Liabilities are not subsequently transferred to the estimated amount that would be
the received cash flows in full without
P&L. However, the Company may payable to a third party for assuming
material delay to a third party under A) Initial recognition and measurement
transfer the cumulative gain or loss the obligations.
a ‘pass-through’ arrangement; and
either (a) the Company has transferred Financial liabilities are classified, at initial within equity. All other changes in fair
C) De-recognition
substantially all the risks and rewards recognition, as financial liabilities at fair value of such liability are recognised in
of the asset, or (b) the Company value through profit or loss, loans and the statement of profit or loss. A financial liability is derecognised when the
has neither transferred nor retained borrowings, payables, or as derivatives obligation under the liability is discharged
• Loans and Borrowings
substantially all the risks and rewards of designated as hedging instruments in an or cancelled or expires. When an existing
the asset, but has transferred control of effective hedge, as appropriate. This is the category most relevant to financial liability is replaced by another
the asset. the Company. After initial recognition, from the same lender on substantially
Corporate overview
Statutory reports
different terms, or the terms of an existing Profits and losses arising from cancellation of Cash flow hedges future cash flows are still expected to occur.
liability are substantially modified, such an contracts are recognised in the statement of Otherwise, the amount will be immediately
exchange or modification is treated as profit and loss. The effective portion of the gain or loss on reclassified to profit or loss as a reclassification
the derecognition of the original liability the hedging instrument is recognised in OCI adjustment. After discontinuation, once
and the recognition of a new liability. The company designates certain hedging in the Effective portion of cash flow hedges, the hedged cash flow occurs, any amount
The difference in the respective carrying instruments, which includes derivatives, while any ineffective portion is recognised remaining in accumulated OCI must be
amounts is recognised in the statement of embedded derivatives and non-derivatives in immediately in the statement of profit and loss. accounted for depending on the nature of the
profit or loss. respect of foreign currency and commodity The Effective portion of cash flow hedges is underlying transaction as described above.
risk, as either cash flow hedge, fair value adjusted to the lower of the cumulative gain
III. Reclassification of financial assets / liabilities hedge or hedges or net investment in foreign or loss on the hedging instrument and the 10. Fair value measurements:
operations. Hedges of foreign currency risk on cumulative change in fair value of the hedged
After initial recognition, no reclassification is The Company measures financial instruments
firm commitments are accounted for cash item.
made for financial assets which are equity at fair value at each balance sheet date.
flow hedges.
instruments and financial liabilities. For The Company uses forward currency contracts Fair value is the price that would be received
financial assets which are debt instruments, a For the purpose of hedge accounting, hedges as hedges of its exposure to foreign currency risk to sell an asset or paid to transfer a liability
reclassification is made only if there is a change are classified as: in forecast transactions and firm commitments, in an orderly transaction between market
in the business model for managing those as well as forward commodity contracts for its participants at the measurement date. The
assets. Changes to the business model are • fair value hedge is when hedging the exposure to volatility in the commodity prices. fair value measurement is based on the
expected to be infrequent. The Company’s exposure to change in fair value of The ineffective portion relating to foreign presumption that the transaction to sell the
senior management determines change in a recognised asset or liability or an currency contracts is recognised in finance asset or transfer the liability takes place either:
the business model as a result of external or unrecognised song commitment costs and the ineffective portion relating to
internal changes which are significant to the • In the principal market for the asset or
commodity contracts is recognised in other
Company’s operations. • cash flow hedges when hedging the liability, or
income or expenses.
exposure to variability in cash flows
• In the absence of a principal market, in the
IV. Offsetting of financial instruments that is either attributable to particular The Company designates only the spot most advantageous market for the asset
risk associated with a recognised asset element of a forward contract as a hedging
Financial assets and liabilities are offset and or liability
or liability or highly probable forecast instrument. The forward element is recognised
the net amount is reported in the balance
transaction or the foreign currency risk in in OCI. The principal or the most advantageous market
sheet where there is a legally enforceable right
an unrecognised firm commitment. must be accessible by the Company. The fair
to offset the recognised amounts and there is
The amounts accumulated in OCI are value of an asset or a liability is measured
an intention to settle on a net basis or realise At the inception of hedge relationship, the accounted for, depending on the nature using the assumptions that market participants
the asset and settle the liability simultaneously. Company formally designates and keeps the of the underlying hedged transaction. If the would use when pricing the asset or liability,
The legally enforceable right must not be hedge relationship to which the Company hedged transaction subsequently results in assuming that market participants act in their
contingent on future events and must be wishes to apply hedge accounting and risk the recognition of a non-financial item, the economic best interest.
enforceable in the normal course of business management objective and strategy for amount accumulated in equity is removed
and in the event of default, insolvency or undertaking the hedge. The documentation from the separate component of equity and A fair value measurement of a non-financial
bankruptcy of Company or the counterparty. includes the company’s risk management included in the initial cost or other carrying asset takes into account a market participant’s
objective and strategy for undertaking hedge, amount of the hedged asset or liability. This is ability to generate economic benefits by using
V. Derivatives and hedging activities
the hedging/economic relationship, the not a reclassification adjustment and will not the asset in its highest and best use or by selling
The Company enters derivatives like forwards hedged item or transaction, the nature of the be recognised in OCI for the period. This also it to another market participant that would use
contracts to hedge its foreign currency risks. risk by hedged, hedge ratio and how the entity applies where the hedged forecast transaction the asset in its highest and best use.
Derivatives are initially recognised at fair value will assess the effectiveness of changes in the of a non-financial asset or non-financial liability
on the date a derivative contract is entered hedging instrument’s fair value in offsetting subsequently becomes a firm commitment for The Company uses valuation techniques that
into and are subsequently marked to market exposure to changes in the hedge item fair which fair value hedge accounting is applied. are appropriate in the circumstances and for
at the end of each reporting period with value or cash flow attributable to the hedge which sufficient data are available to measure
profit/loss being recognised in statement risk. Such hedges are expected to be highly For any other cash flow hedges, the amount fair value, maximising the use of relevant
of profit and loss. Further, the Company effective in achieving offsetting changes in accumulated in OCI is reclassified to profit or observable inputs and minimising the use of
has also entered into put and call options fair value or cashflows and are assessed on an loss as reclassification adjustment in the same unobservable inputs. All assets and liabilities
in respect of its investment in its subsidiaries ongoing basis to determine that they actually period or periods during which the hedged for which fair value is measured or disclosed
which are initially recognised at fair value with have been highly effective throughout the cash flows affect profit or loss. in the financial statements are categorised
subsequent changes in fair value recognised financial reporting periods for which they within the fair value hierarchy, described as
were designated. Hedge that meet the strict If cash flow hedge accounting is discontinued, follows, based on the lowest level input that is
in the statement of profit and loss. Derivative
criteria for hedge accounting accounted for the amount that has been accumulated in OCI significant to the fair value measurement as a
assets/liabilities are classified under “other
as described below must remain in accumulated OCI if the hedged whole:
financial assets/other financial liabilities”.
Corporate overview
Statutory reports
• Level 1 — Quoted (unadjusted) market inventories to their present location and are translated using the exchange rates at period and are expected to apply when
prices in active markets for identical assets condition. Cost is determined on first in, first out the dates of the initial transactions. Non- the related deferred income tax asset is
or liabilities basis. monetary items measured at fair value in realised or the deferred income tax liability
a foreign currency are translated using the is settled.
• Level 2 — Valuation techniques for which Finished goods and work in progress: cost exchange rates at the date when the fair
the lowest level input that is significant to includes cost of direct materials and labour value is determined. The gain or loss arising on The carrying amount of deferred tax assets
the fair value measurement is directly or and a proportion of manufacturing overheads translation of non-monetary items measured at is reviewed at each reporting date and
indirectly observable based on the normal operating capacity but fair value is treated in line with the recognition adjusted to reflect changes in probability
excluding borrowing costs. Cost is determined of the gain or loss on the change in fair value that sufficient taxable profits will be
• Level 3 — Valuation techniques for which on first in, first out basis. available to allow all or part of the asset to
of the item (i.e., translation differences on items
the lowest level input that is significant to be recovered.
whose fair value gain or loss is recognised in
the fair value measurement is unobservable Traded goods: cost includes cost of purchase
OCI or profit or loss are also recognised in OCI
and other costs incurred in bringing the Deferred tax assets are recognised for all
For assets and liabilities that are recognised in or profit or loss, respectively)
inventories to their present location and deductible temporary differences and
the financial statements on a recurring basis, condition. Cost is determined on weighted unused tax losses only if it is probable that
14. Income tax
the Company determines whether transfers average basis. future taxable amounts will be available
have occurred between levels in the hierarchy The income tax expense or credit for the period to utilise those temporary differences and
by re-assessing categorisation (based on the Initial cost of inventories includes the transfer is the tax payable on the current period’s losses.
lowest level input that is significant to the fair of gains and losses on qualifying cash flow taxable income based on the applicable
value measurement as a whole) at the end hedges, recognised in OCI, in respect of the income tax rate for the jurisdiction adjusted by Deferred tax assets and liabilities are offset
of each reporting period. External valuers are purchases of raw materials. Net realisable changes in deferred tax assets and liabilities when there is a legally enforceable right to
involved for valuation of significant assets, such value is the estimated selling price in the attributable to temporary differences, unused offset current tax assets and liabilities and
as properties and unquoted financial assets. ordinary course of business, less estimated tax losses and unabsorbed depreciation. when the deferred tax balances relate to
costs of completion and the estimated costs the same taxation authority.
For the purpose of fair value disclosures, the necessary to make the sale. Current and deferred tax is recognized in the
Company has determined classes of assets Statement of Profit and Loss except to the Deferred tax relating to items recognised
and liabilities on the basis of the nature, 13. Foreign currency transactions: extent it relates to items recognized directly outside profit or loss is recognised outside
characteristics and risks of the asset or liability in equity or other comprehensive income, in profit or loss (either in other comprehensive
and the level of the fair value hierarchy as Items included in the standalone financial which case it is recognized in equity or other income or in equity). Deferred tax items are
explained above. statements are measured using the currency comprehensive income. recognised in correlation to the underlying
of the primary economic environment in transaction either in OCI or directly in
This note summarises accounting policy for fair which the Company operates (‘the functional A. Current income tax equity.
value. Other fair value related disclosures are currency’). The standalone financial
The current income tax charge is calculated
given in the relevant notes. statements are presented in Indian Rupee 15. Borrowing costs
on the basis of the tax laws enacted or
(INR), which is the Company’s functional and
11. Cash and cash equivalents: substantively enacted at the end of the General and specific borrowing costs that
presentation currency.
reporting period. The Company establishes are directly attributable to the acquisition,
Cash and cash equivalents in the balance a) On initial recognition, all foreign currency provisions, wherever appropriate, on the construction or production of a qualifying
sheet and for the purpose of the statement of transactions are recorded at the functional basis of amounts expected to be paid to asset are capitalised during the period of time
cash flows, include cash on hand, other short- currency spot rate at the date the the tax authorities. that is required to complete and prepare the
term, highly liquid investments with original transaction first qualifies for recognition. asset for its intended use or sale. Qualifying
maturities of three months or less that are Current tax assets and liabilities are offset
assets are assets that necessarily take a
readily convertible to known amounts of cash b) Monetary assets and liabilities in foreign when there is a legally enforceable right
substantial period of time to get ready for
and which are subject to an insignificant risk of currency outstanding at the close of to set off current tax assets against current
their intended use or sale. Borrowing costs
changes in value. reporting date are translated at the tax liabilities.
also include exchange difference arising from
functional currency spot rates of exchange foreign currency borrowings to the extent they
12. Inventories: B. Deferred tax
at the reporting date. are regarded as an adjustment to interest
Deferred tax is provided using the liability costs. Investment income earned on the
Inventories are valued at the lower of cost and c) Exchange differences arising on settlement method, on temporary differences arising temporary investment of specific borrowings
net realisable value. Costs incurred in bringing of translation of monetary items are between the tax bases of assets and pending their expenditure on qualifying assets
each product to its present location and recognised in the Statement of Profit and liabilities and their carrying amounts in is deducted from the borrowing costs eligible
condition are accounted for as follows: Loss. the financial statements. Deferred tax is for capitalisation. Other borrowing costs are
Raw materials: cost includes cost of purchase determined using tax rates (and laws) expensed in the period in which they are
Non-monetary items that are measured in
and other costs incurred in bringing the that have been enacted or substantially incurred.
terms of historical cost in a foreign currency
enacted by the end of the reporting
Corporate overview
Statutory reports
16. Provisions, contingent liabilities and contingent any compensation or penalties arising from Retirement benefit in the form of provident fund (b) defined contribution plans - Provident fund
assets failure to fulfil it. The cost of fulfilling a contract is a defined contribution plan. The Company (RPFC Contributions), superannuation and
comprises the costs that relate directly to the has no obligation, other than the contribution pension
A. Provisions contract (i.e., both incremental costs and an payable to the provident fund. The Company
allocation of costs directly related to contract recognises contribution payable to the Defined benefit plans :
A provision is recognised if
activities). provident fund scheme as an expense, when
The liability or asset recognised in the balance
• the Company has present legal or an employee renders the related services.
B. Contingent liabilities sheet in respect of defined benefit plans
constructive obligation as a result of an If the Contribution payable to the scheme
is the present value of the defined benefit
event in the past; for service received before the balance
Contingent liabilities are disclosed when there obligation at the end of the reporting period
sheet date exceeds the contribution already
is a possible obligation arising from past events, less the fair value of plan assets excluding
• it is probable that an outflow of resources paid, the deficit payable to the scheme is
the existence of which will be confirmed non-qualifying asset (reimbursement right).
will be required to settle the obligation; recognised as a liability after deducting the
only by the occurrence or non-occurrence The defined benefit obligation is calculated
and contribution already paid. If the contribution
of one or more uncertain future events not annually by actuaries using the projected
already paid exceeds the contribution due for
• the amount of the obligation has been wholly within the control of the Company or a unit credit method. The present value of the
services received before the balance sheet
reliably estimated. present obligation that arises from past events defined benefit obligation is determined by
date, then excess is recognised as an asset to
where it is either not probable that an outflow discounting the estimated future cash outflows
Provisions are measured at the management’s the extent that the prepayment will lead to a
of resources will be required to settle the by reference to market yields at the end of
best estimate of the expenditure required to reduction in future payment or a cash refund.
obligation or a reliable estimate of the amount the reporting period on government bonds
settle the obligation at the end of the reporting cannot be made. that have terms approximating to the terms
B. Other long-term employee benefit obligations
period. If the effect of the time value of money of the related obligation. The net interest cost
is material, provisions are discounted to reflect A contingent liability recognised in a business The liabilities for earned leave and sick is calculated by applying the discount rate
its present value using a current pre-tax combination is initially measured at its fair leave are not expected to be settled wholly to the net balance of the defined benefit
discount rate that reflects the current market value. Subsequently, it is measured at the within 12 months after the end of the period obligation and the fair value of plan assets.
assessments of the time value of money and higher of the amount that would be recognised in which the employees render the related This cost is included in employee benefit
the risks specific to the obligation. When in accordance with the requirements for service. They are therefore measured as the expense in the statement of profit and loss.
discounting is used, the increase in the provision provisions above or the amount initially present value of expected future payments Remeasurement gains and losses arising from
due to the passage of time is recognised as a recognised less, when appropriate, cumulative to be made in respect of services provided experience adjustments and changes in
finance cost. amortisation recognised in accordance with by employees up to the end of the reporting actuarial assumptions are recognised in the
the requirements for revenue recognition. period using the projected unit credit method. period in which they occur, directly in other
The Company provides for general repairs
The benefits are discounted using the market comprehensive income. They are included in
of defects that existed at the time of sale, as C. Contingent assets
yields at the end of the reporting period that retained earnings in the statement of changes
required by the law. Provision for warranty
A contingent asset is a possible asset that have terms approximating to the terms of in equity and in the balance sheet.
related costs are recognised when the product
arises from past events and whose existence the related obligation. Remeasurements as a
is sold to the customer. Initial recognition is Insurance policy held by the Company
will be confirmed only by the occurrence or result of experience adjustments and changes
based on historical experience. The estimate from insurers who are related parties are not
non-occurrence of one or more uncertain in actuarial assumptions are recognised in the
of warranty related costs is revised annually. qualifying insurance policies and hence the
future events not wholly within the control of statement of profit or loss.
right to reimbursement is recognised as a
If the Company has a contract that is onerous, the entity. A contingent asset is not recognised
The obligations are presented as current separate assets under other non-current and/
the present obligation under the contract but disclosed where an inflow of economic
liabilities in the balance sheet if the entity or current assets as the case may be.
is recognised and measured as a provision. benefit is probable.
does not have an unconditional right to defer
However, before a separate provision for an Changes in the present value of the defined
17. Employee benefits settlement for atleast twelve months after
onerous contract is established, the Company benefit obligation resulting from plan
the reporting period, regardless of when the
recognises any impairment loss that has A. Short-term obligations amendments or curtailments are recognised
actual settlement is expected to occur.
occurred on assets dedicated to that contract. immediately in profit or loss as past service cost.
An onerous contract is a contract under Liabilities for wages and salaries, including C. Post-employment obligations
which the unavoidable costs (i.e., the costs non-monetary benefits that are expected to Defined contribution plans :
that the Company cannot avoid because it be settled wholly within 12 months after the The Company operates the following post-
employment schemes In respect of certain employees, the Company
has the contract) of meeting the obligations end of the period in which the employees
pays provident fund contributions to publicly
under the contract exceed the economic render the related service are recognised
(a) defined benefit plans - gratuity and administered provident funds as per local
benefits expected to be received under it. The in the same period in which the employees
obligation towards shortfall of Provident regulations. The Company has no further
unavoidable costs under a contract reflect renders the related service and are measured
Fund Trusts payment obligations once the contributions
the least net cost of exiting from the contract, at the amounts expected to be paid when the
have been paid. Such contributions are
which is the lower of the cost of fulfilling it and liabilities are settled.
Corporate overview
Statutory reports
accounted for as employee benefit expense 18. Segment reporting amounts will be recovered principally through changes to the plan will be made or that
when they are due. Defined contribution to a sale rather than through continuing use. Non- the plan will be withdrawn.
superannuation fund is being made as per the An operating segment is a component of the current assets and disposal groups classified
scheme of the Company. Defined contribution Company that engages in business activities as held for sale are measured at the lower of Property, plant and equipment and intangible
to Employees Pension Scheme 1995 is made to from which it may earn revenues and incur their carrying amount and fair value less costs are not depreciated, or amortised assets once
Government Provident Fund Authority whereas expenses, whose operating results are regularly to sell. Costs to sell are the incremental costs classified as held for sale. Assets and liabilities
the contributions for National Pension Scheme reviewed by the entity’s chief operating directly attributable to the disposal of an asset classified as held for sale are presented
is made to Stock Holding Corporation of India decision maker to make decisions about (disposal group), excluding finance costs and separately from other items in the balance
Limited resources to be allocated to the segment and income tax expense. sheet.
assess its performance and for which discrete
D. Share based payment financial information is available. The criteria for held for sale classification is 21. Earnings per share
regarded as met only when the sale is highly
The Company operates a number of equity Operating segments often exhibit similar Basic earnings per share is calculated by
probable, and the asset or disposal group
settled, employee share based compensation long-term financial performance if they have dividing the net profit or loss for the period
is available for immediate sale in its present
plans, under which the Company receives similar economic characteristics. Two or more attributable to equity shareholders by the
condition. Actions required to complete
services from employees as consideration for operating segments are aggregated by the weighted average number of equity shares
the sale/ distribution should indicate that
equity shares of the Company. Equity settled Company into a single operating segment outstanding during the period. Earnings
it is unlikely that significant changes to the
share based payment to employees and other if aggregation is consistent with the core considered in ascertaining the Company’s
sale will be made or that the decision to sell
providing similar services are measured at fair principle of Ind AS 108, the segments have earnings per share is the net profit for the
will be withdrawn. Management must be
value of the equity instrument at grant date. similar economic characteristics, and the period. The weighted average number equity
committed to the sale and the sale expected
segments are similar in aspects as defined by shares outstanding during the period and all
within one year from the date of classification.
The fair value of the employee services Ind AS. periods presented is adjusted for events, such
For these purposes, sale transactions include
received in exchange for the grant of the as bonus shares, other than the conversion of
exchanges of non-current assets for other
options is determined by reference to the The Company reports separately, information potential equity shares, that have changed
non-current assets when the exchange has
fair value of the options as at the Grant Date about an operating segment that meets any the number of equity shares outstanding,
commercial substance. The criteria for held for
and is recognised as an ‘employee benefits of quantitative thresholds as defined by Ind without a corresponding change in resources.
sale classification is regarded met only when
expense’ with a corresponding increase in AS. Operating segments that do not meet any For the purpose of calculating diluted
the assets or disposal group is available for
equity. The total expense is recognised over of the quantitative thresholds, are considered earnings per share, the net profit of loss for
immediate sale in its present condition, subject
the vesting period which is the period over reportable and separately disclosed, only if the period attributable to equity shareholders
only to terms that are usual and customary for
which the applicable vesting condition is to be management of the Company believes that and the weighted average number of share
sales of such assets (or disposal groups), its sale
satisfied. The total amount to be expensed is information about the segment would be outstanding during the period is adjusted
is highly probable; and it will genuinely be sold,
determined by reference to the fair value of useful to users of the financial statements for the effects of all dilutive potential equity
not abandoned.
the options granted excluding the impact of shares.
any service vesting conditions. Information about other business activities and
The Company treats sale of the asset or
operating segments that are not reportable 22. Investment in Subsidiaries
disposal group to be highly probable when:
At the end of each year, the entity revises its separately are combined and disclosed in an
estimates of the number of options that are ‘all other segments’ category • The appropriate level of management is Investment in subsidiaries are accounted at
expected to vest based on the service vesting committed to a plan to sell the asset (or cost in accordance with Ind AS 27.
conditions. It recognises the impact of the 19. Dividends disposal group), 23. All amounts disclosed in the standalone
revision to original estimates, if any, in profit or
The Company recognises a liability to pay • An active programme to locate a buyer financial statements and notes have been
loss, with a corresponding adjustment to equity.
dividend to equity holders when the distribution and complete the plan has been initiated rounded off to the nearest lakh (upto two
If at any point of time after the vesting of the is authorised and is no longer at the discretion (if applicable), decimals) as per the requirement of Schedule
share options, the right to the same expires of the Company. As per the corporate III, unless otherwise stated.
• The asset (or disposal group) is being
(either by virtue of lapse of the exercise period laws in India, a distribution is authorised
actively marketed for sale at a price that 1C NEW AND AMENDED STANDARDS
or the employee leaving the Company), the when it is approved by the shareholders. A
is reasonable in relation to its current fair
fair value of the options accruing in favour corresponding amount is recognised directly
value, The Company applied for the first-time certain
of the said employee are written back to the in equity. Interim dividends are recorded as
standards and amendments, which are effective
retained earning in the reporting period in a liability on the date of declaration by the • The sale is expected to qualify for for annual periods beginning on or after 1 April
which the right expires. Company’s Board of Directors. recognition as a completed sale within 2022.
one year from the date of classification,
The dilutive effect of outstanding options is 20. Assets held for sale and The Ministry of Corporate Affairs has notified
reflected as additional share dilution in the Companies (Indian Accounting Standard)
The Company classifies non-current assets and • Actions required to complete the plan
computation of diluted earnings per share Amendment Rules 2022 dated March 23, 2022, to
disposal groups as held for sale if their carrying indicate that it is unlikely that significant
Corporate overview
Statutory reports
amend the following Ind AS which are effective C, Levies, of Ind AS 37, if incurred separately. reported by the parent, based on the parent’s STANDARDS ISSUES BUT NOT YET EFFECTIVE
from April 01, 2022. The exception requires entities to apply the date of transition to Ind AS, if no adjustments
criteria in Ind AS 37 or Appendix C, Levies, of Ind were made for consolidation procedures and The Ministry of Corporate Affairs has notified
(i)
Onerous Contracts – Costs of Fulfilling a AS 37, respectively, instead of the Conceptual for the effects of the business combination in Companies (Indian Accounting Standards)
Contract – Amendments to Ind AS 37 Framework, to determine whether a present which the parent acquired the subsidiary. This Amendment Rules, 2023 dated 31 March 2023 to
obligation exists at the acquisition date. amendment is also available to an associate or amend the following Ind AS which are effective
An onerous contract is a contract under which from 01 April 2023.
joint venture that uses exemption in paragraph
the unavoidable of meeting the obligations The amendments also add a new paragraph D16(a) of Ind AS 101.
under the contract costs (i.e., the costs that to IFRS 3 to clarify that contingent assets do not (i)
Definition of Accounting Estimates -
the Company cannot avoid because it has qualify for recognition at the acquisition date. The amendments are effective for annual Amendments to Ind AS 8
the contract) exceed the economic benefits reporting periods beginning on or after 1 April
expected to be received under it. In accordance with the transitional provisions, The amendments clarify the distinction
2022 but do not apply to the Company as it is
the Company applies the amendments between changes in accounting estimates
not a first-time adopter.
The amendments specify that when assessing prospectively, i.e., to business combinations and changes in accounting policies and the
whether a contract is onerous or loss-making, occurring after the beginning of the annual (v) Ind AS 109 Financial Instruments – Fees in the correction of errors. It has also been clarified
an entity needs to include costs that relate reporting period in which it first applies the ’10 per cent’ test for derecognition of financial how entities use measurement techniques
directly to a contract to provide goods or amendments (the date of initial application). liabilities and inputs to develop accounting estimates.
services including both incremental costs (e.g., The amendments are effective for annual
the costs of direct labour and materials) and an These amendments had no impact on the The amendment clarifies the fees that an reporting periods beginning on or after 1 April
allocation of costs directly related to contract standalone financial statements of the entity includes when assessing whether the 2023 and apply to changes in accounting
activities (e.g., depreciation of equipment Company as there were no contingent assets, terms of a new or modified financial liability policies and changes in accounting estimates
used to fulfil the contract and costs of contract liabilities or contingent liabilities within the are substantially different from the terms of the that occur on or after the start of that period.
management and supervision). General and scope of these amendments that arose during original financial liability. These fees include
administrative costs do not relate directly to the period. only those paid or received between the The amendments are not expected to have a
a contract and are excluded unless they are borrower and the lender, including fees paid material impact on the standalone financial
explicitly chargeable to the counterparty (iii) Property, Plant and Equipment: Proceeds before or received by either the borrower or lender on statements.
under the contract. Intended Use – Amendments to Ind AS 16 the other’s behalf.
(ii)
Disclosure of Accounting Policies -
The Company applied the amendments to The amendments modified paragraph 17(e) In accordance with the transitional provisions, Amendments to Ind AS 1
the contracts for which it had not fulfilled all of of Ind AS 16 to clarify that excess of net sale the Company applies the amendment
proceeds of items produced over the cost of The amendments aim to help entities provide
its obligations at the beginning of the reporting to financial liabilities that are modified or
testing, if any, shall not be recognised in the accounting policy disclosures that are more
period. There is no material impact on other exchanged on or after the beginning of
profit or loss but deducted from the directly useful by replacing the requirement for entities
comprehensive income or the basic and the annual reporting period in which the
attributable costs considered as part of cost of to disclose their ‘significant’ accounting policies
diluted earnings per share. entity first applies the amendment (the date
an item of property, plant, and equipment. with a requirement to disclose their ‘material’
of initial application). These amendments
(ii)
Reference to the Conceptual Framework – accounting policies and adding guidance on
had no impact on the standalone financial
Amendments to Ind AS 103 The amendments are effective for annual how entities apply the concept of materiality
statements of the Company as there were
reporting periods beginning on or after 1 April in making decisions about accounting policy
no modifications of the Company’s financial
The amendments replaced the reference 2022. These amendments had no impact on disclosures. The amendments to Ind AS 1 are
instruments during the period.
to the ICAI’s “Framework for the Preparation the standalone financial statements of the applicable for annual periods beginning on or
and Presentation of Financial Statements Company as there were no sales of such items (vi) Ind AS 41 Agriculture – Taxation in fair value after 1 April 2023. Consequential amendments
under Indian Accounting Standards” with the produced by property, plant and equipment measurements have been made in Ind AS 107.
reference to the “Conceptual Framework for made available for use on or after the
Financial Reporting under Indian Accounting beginning of the earliest period presented. The amendment removes the requirement in The Company is currently revisiting their
Standard” without significantly changing its paragraph 22 of Ind AS 41 that entities exclude accounting policy information disclosures
requirements. (iv)
Ind AS 101 First-time Adoption of Indian cash flows for taxation when measuring the fair to ensure consistency with the amended
Accounting Standards – Subsidiary as a first- value of assets within the scope of Ind AS 41. requirements.
The amendments also added an exception to time adopter
the recognition principle of Ind AS 103 Business The amendments are effective for annual (iii) Deferred Tax related to Assets and Liabilities
Combinations to avoid the issue of potential The amendment permits a subsidiary that reporting periods beginning on or after 1 April arising from a Single Transaction - Amendments
‘day 2’ gains or losses arising for liabilities and elects to apply the exemption in paragraph 2022. The amendments had no impact on to Ind AS 12
contingent liabilities that would be within the D16(a) of Ind AS 101 to measure cumulative the standalone financial statements of the
translation differences for all foreign operations The amendments narrow the scope of the
scope of Ind AS 37 Provisions, Contingent Company as it did not have assets in scope of
in its financial statements using the amounts initial recognition exception under Ind AS 12,
Liabilities and Contingent Assets or Appendix IAS 41 as at the reporting date.
so that it no longer applies to transactions
Corporate overview
Statutory reports
that give rise to equal taxable and deductible expected to last for a longer period. In such risks, and other judgments. The Company re- a similar security, the funds necessary to obtain
temporary differences. cases, the Company provides warranties assesses these estimates on periodic basis and an asset of a similar value to the right-of-use
beyond fixing defects that existed at the time makes appropriate revisions accordingly. asset in a similar economic environment. The
The amendments should be applied to of sale. Basis this, the Company recognises IBR therefore reflects what the Company
transactions that occur on or after the this as a separate performance obligation 4 Fair value measurement ‘would have to pay’, which requires estimation
beginning of the earliest comparative period and recognises revenue only in the period in when no observable rates are available or
presented. In addition, at the beginning of When the fair values of financial assets and
which such service is provided based on time when they need to be adjusted to reflect
the earliest comparative period presented, financial liabilities recorded in the balance
elapsed. the terms and conditions of the lease. The
a deferred tax asset (provided that sufficient sheet cannot be measured based on quoted
Company estimates the IBR using observable
taxable profit is available) and a deferred The assumptions made in relation to serviceable prices in active markets, their fair value
inputs (such as market interest rates, bank
tax liability should also be recognised for all sales and related standard or serviceable is measured using appropriate valuation
rates to the Company for a loan of a similar
deductible and taxable temporary differences warranty provision for the current period are techniques. The inputs for these valuations are
tenure, etc). The Company has applied a
associated with leases and decommissioning consistent with those in the prior years. taken from observable sources where possible,
single discount rate to a portfolio of leases of
obligations. Consequential amendments have but where this is not feasible, a degree of
similar assets in similar economic environment
been made in Ind AS 101. The amendments 2 Impairment allowance for trade receivables judgement is required in establishing fair
with a similar end date.
to Ind AS 12 are applicable for annual periods values. Judgements include considerations
The Company makes allowances for doubtful of various inputs including liquidity risk, credit
beginning on or after 1 April 2023. 7 Impairment of non-financial assets
accounts receivable using a simplified risk, volatility etc. Changes in assumptions/
The amendments are not expected to have a approach which is a dual policy of an ageing judgements about these factors could affect The Company assesses, at each reporting
material impact on the standalone financial based provision and historical / anticipated the reported fair value of financial instruments. date, whether there is an indication that an
statements. customer experience. Management believes Refer Note 34 of financial statements for the asset may be impaired. If any indication exists,
that this simplified model closely represents fair value disclosures and related sensitivity. or when annual impairment testing for an asset
1D
SUMMARY OF CRITICAL ESTIMATES, JUDGEMENTS the expected credit loss model to be applied is required, the Company estimates the asset’s
AND ASSUMPTIONS on financial assets as per Ind AS 109. Further, 5 Employee benefits recoverable amount. An asset’s recoverable
in case of operationally closed projects, amount is the higher of an asset’s or cash-
The preparation of standalone financial statements Company makes specific assessment of The cost of the defined benefit gratuity plan
generating unit’s (CGU) fair value less costs of
requires the use of accounting estimates which, by the overdue balances by considering the and other post-employment leave benefits
disposal and its value in use. The recoverable
definition, will seldom equal the actual results. The customer’s historical payment patterns, latest are determined using actuarial valuations. An
amount is determined for an individual asset,
management also needs to exercise judgment correspondences with the customers for actuarial valuation involves making various
unless the asset does not generate cash
in applying the Company’s accounting policies. recovery of the amounts outstanding and assumptions that may differ from actual
inflows that are largely independent of those
This note provides an overview of the areas credit status of the significant counterparties developments in the future. These include
from other assets or groups of assets. When the
that involved a higher degree of judgment or where available. Accordingly, a best judgment the determination of the discount rate, future
carrying amount of an asset or CGU exceeds
complexity, and of items which are more likely estimate is made to record the impairment salary increases and mortality rates. Due to
its recoverable amount, the asset is considered
to be materially adjusted due to estimates and allowance in respect of operationally closed the complexities involved in the valuation
impaired and is written down to its recoverable
assumptions turning out to be different than those projects and its long-term nature, a defined benefit
amount.
originally assessed. Detailed information about obligation is highly sensitive to changes in these
each of these estimates and judgments is included 3 Project revenue and costs assumptions. All assumptions are reviewed In assessing value in use, the estimated future
below. at each reporting date. The mortality rate is cash flows are discounted to their present
Revenue from construction contracts is based on publicly available mortality tables. value using a pre-tax discount rate that
1 Warranty provision recognised based on the stage of completion Those mortality tables tend to change only at reflects current market assessments of the
determined with reference to the actual interval in response to demographic changes.
The Company generally offers 1 to 2 year time value of money and the risks specific to
costs incurred up to reporting date on the Future salary increases are based on expected
standard warranties for its consumer products. the asset. In determining fair value less costs of
construction contract and the estimated cost future inflation rates. Refer note 21
Based on the evaluation of the past warranty disposal, recent market transactions are taken
to complete the project. The percentage-
trends, management has estimated that into account. If no such transactions can be
of-completion method places considerable 6 Leases
warranty costs for 25% of sales arises in the year identified, an appropriate valuation model is
importance on accurate estimates to the
of sale itself, warranty costs for 50% of the sales Estimates are required to determine the used. These calculations are corroborated by
extent of progress towards completion and
in Year 1 and the balance 25% in Year 2. Based appropriate discount rate used to measure valuation multiples, quoted share prices for
may involve estimates on the scope of
on the same, the related provision for future lease liabilities. The Company cannot readily publicly traded companies or other available
warranty claims has been determined. determine the interest rate implicit in the lease, fair value indicators.
the contractually defined obligations. These
significant estimates include total contract therefore, it uses its incremental borrowing rate
The Company also sells lighting fitting to its The Company bases its impairment
costs, total contract revenues, contract risks, (IBR) to measure lease liabilities. The IBR is the
customers. In few lighting fittings products, calculation on detailed budgets and forecast
including technical, political and regulatory rate of interest that the Company would have
the drivers are an essential part and are calculations, which are prepared separately
to pay to borrow over a similar term, and with
Corporate overview
Statutory reports
Notes to Standalone Financial Statements for the year ended 31st March 2023
32,050.56
–
4,913.09
(2,472.37)
(809.06)
–
4,858.24
56,964.23
(1.61)
704.76
(704.76)
–
(H in Lakhs)
Total
46,842.84
(4,546.10)
9,277.70
53,206.10
(1,100.11)
(332.02)
18,991.50
4,326.31
(1,639.32)
(189.32)
21,155.54
4,254.26
(427.56)
24,982.24
31,981.99
* Reclassification / adjustment includes few assets which have been moved within various block of property, plant and equipment on accounts of business combination and system migration
for each of the Company’s CGUs to which the customers to accumulate points that can be
individual assets are allocated. These budgets redeemed for free products, upto a limited
1,670.12
705.86
–
–
4.49
–
8,977.06
–
3.04
7,487.42
–
IT
Hardware
8,043.74
(317.05)
8,437.04
657.14
(117.13)
6,102.62
976.57
6,766.92
(315.31)
824.49
(103.98)
1,489.64
and forecast calculations generally cover a time period. The loyalty points give rise to a
period of five years. For longer periods, a long- separate performance obligation as they
term growth rate is calculated and applied to provide a material right to the customer. A
42.76
–
–
(30.89)
(103.59)
103.59
97.38
–
130.07
195.62
–
Roads &
Borewell
99.18
(0.94)
64.31
8.47
–
(16.36)
56.42
5.51
–
61.93
133.69
project future cash flows after the fifth year. portion of the transaction price is allocated
To estimate cash flow projections beyond to the loyalty points awarded to customers
–
–
–
–
–
–
–
126.59
Temporary
Structures
126.59
126.59
126.59
–
–
–
–
126.59
–
–
126.59
–
periods covered by the most recent budgets/ based on relative stand-alone selling price
forecasts, the Company extrapolates cash and recognized as deferred revenue until the
flow projections in the budget using a steady points are redeemed. Revenue is recognized
or declining growth rate for subsequent years, upon redemption of products by the customer.
222.57
72.76
–
–
–
7.83
–
383.92
–
Leasehold
Improvements
378.81
(75.48)
376.09
202.58
26.42
–
–
(75.48)
153.52
33.86
–
187.38
196.54
unless an increasing rate can be justified. In When estimating the stand-alone selling price
any case, this growth rate does not exceed of the loyalty points, the Company considers
the long-term average growth rate for the the likelihood that the customer will redeem
2,739.26
–
–
123.33
–
7,864.69
4.93
Dies &
Jigs
4,161.54
1,996.61
(34.90)
6,246.58
1,618.11
–
2,605.38
–
–
4,742.83
–
931.91
(34.90)
3,507.32
1,228.75
6.76
3,121.86
products, industries, or country or countries the points. The Company considers various
in which the Company operates, or for the judgement and estimates like determination of
market in which the asset is used. cost of redemption, redeemed points, expiry
413.80
0.81
–
–
0.48
–
978.86
0.57
–
Vehicles
953.68
(146.24)
808.73
260.67
(90.55)
375.60
84.03
–
–
(65.27)
394.93
90.40
(53.32)
432.01
546.85
date, etc. The Company updates its estimates
Impairment losses of continuing operations, on a quarterly basis and any adjustments to
including impairment on inventories, are the deferred revenue are charged against
599.44
136.17
(77.11)
–
–
(108.04)
1,848.65
(22.79)
–
1,354.30
–
Office
& Fixtures Installations Equipment
1,733.60
1,827.82
105.12
(84.29)
143.20
1,068.37
254.35
–
–
1,228.38
–
(71.55)
199.21
(73.29)
494.35
recognised in the statement of profit and loss, revenue.
except for properties previously revalued with
the revaluation surplus taken to OCI. For such 9 Share based payments
107.11
687.17
144.21
(38.44)
–
–
1,349.35
19.20
–
Furniture Electrical
850.18
1,063.06
287.62
(1.34)
495.22
–
312.47
73.36
–
–
375.89
–
(29.14)
119.93
(0.60)
854.13
properties, the impairment is recognised in OCI
up to the amount of any previous revaluation The Company initially measures the cost of
surplus. cash-settled transactions with employees
(11.83)
1,150.88
189.29
(146.94)
–
–
2,612.99
(10.84)
1,652.69
–
2,338.77
197.28
2,566.57
131.68
(85.26)
–
1,164.81
357.28
–
–
1,415.69
–
(95.56)
319.26
(82.25)
960.30
using a binomial model to determine the fair
For assets excluding goodwill, an assessment value of the liability incurred. Estimating fair
is made at each reporting date to determine value for share-based payment transactions
5,926.32
1,591.01
(1,354.38)
–
–
(258.44)
12,068.33
(135.47)
5,930.71
–
Plant &
Machinery
8,363.69
2,610.80
10,952.68
1,431.66
(316.00)
704.76
(704.76)
4,804.20
952.26
–
–
5,026.36
6,137.62
(594.63)
970.48
(66.13)
whether there is an indication that previously requires determination of the most appropriate
recognised impairment losses no longer exist valuation model, which is dependent on the
or have decreased. If such indication exists, terms and conditions of the grant. This estimate
the Company estimates the asset’s or CGU’s also requires determination of the most
–
259.12
7,910.28
–
(1,978.30)
78.00
(259.12)
(398.46)
8,694.30
38.91
Ownership
Premises
1,177.27
1,245.37
–
–
10,987.85
9,087.55
5.21
1,208.94
220.01
10.39
(90.73)
7,448.93
(210.25)
168.70
(100.60)
recoverable amount. A previously recognised appropriate inputs to the valuation model
impairment loss is reversed only if there has including the expected life of the share option,
been a change in the assumptions used to volatility and dividend yield and making
–
–
3,182.28 7,505.68
76.37
(377.26)
(219.81)
(618.50)
(446.35)
3,182.28 8,431.93
(6.14)
3,182.28 8,681.59
100.84
– 1,265.79
–
–
Building
3,728.06 5,046.26
1,355.20 4,971.22
255.80
955.63
441.65
926.25
3,182.28 7,415.80
(147.23)
(183.35)
(241.29)
293.67
45.88
determine the asset’s recoverable amount assumptions about them.
Note 2 : Property, plant and equipment

since the last impairment loss was recognised.
The reversal is limited so that the carrying 10 Taxes
–
–
–
–
–
–
–
(1,900.98)
–
Freehold
Land
–
–
–
–
–
–
–
amount of the asset does not exceed its
Deferred tax assets are recognised for unused
recoverable amount, nor exceed the carrying
tax losses to the extent that it is probable
amount that would have been determined,
Impairment charge / (reversal) during the year

that taxable profit will be available against
Closing accumulated depreciation as at 31st

net of depreciation, had no impairment loss
Impairment allowance as at March 31, 2022

Restated Closing Net carrying amount as at

which the losses can be utilised. Significant
Closing gross block as at 31st March 2022
Closing gross block as at 31st March 2023
Closing accumulated depreciation as at

been recognised for the asset in prior years.
Opening gross block as at 1st April 2021

management judgement is required to
Asset classified to investment property
Asset classified to investment property

Depreciation charge during the year
Depreciation charge during the year

Opening accumulated depreciation
Such reversal is recognised in the statement of
Impairment charge during the year

Acquired on Business Combination
determine the amount of deferred tax assets
Closing Net carrying amount as at

profit and loss unless the asset is carried at a
that can be recognised, based upon the likely
Asset classified as held for sale
Asset classified as held for sale

revalued amount, in which case, the reversal is
timing and the level of future taxable profits
treated as a revaluation increase.
together with future tax planning strategies.
as at 1st April 2021

8 Retailer Bonding Program
Reclassification *
Reclassification *
11 For judgements relating to contingent liabilities,
31st March 2022

31st March 2022
31st March 2023

(refer note 44)
refer note 40(a).
March 2023
The Company has a loyalty points program,
Particulars
Additions
Additions
Disposals
Disposals
Disposals
Disposals
“Retailer Bonding Program”, which allows
Corporate overview
Statutory reports
Note 2 : Property, plant and equipment (Contd..) Note 2 : Property, plant and equipment (Contd..)
(i) Leased assets (vi) Ageing schedule
CWIP aging schedule as at March 31, 2023
The Company has given few assets on operating lease to third parties. The gross block, accumulated
(H in Lakhs)
depreciation and net book value is as mentioned below:
(H in Lakhs) Amount in CWIP for a period of
Particulars Less than 1-2 Years 2-3 years More than Total
31-Mar-23 31-Mar-22
Particulars 1 Year 3 years
(Restated)
Plant and Machinery Projects in progress 2,612.63 1,415.75 14.24 7.35 4,049.97
Cost / Deemed cost 637.91 637.91 Projects temporarily suspended – – – – –
Accumulated depreciation 426.15 372.88 TOTAL 2,612.63 1,415.75 14.24 7.35 4,049.97
Net carrying amount 211.76 265.03
(H in Lakhs)
(ii) Property, plant and equipment pledged as security (Restated)
Refer to note 18 for information on property, plant and equipment pledged as security by the Company. Amount in CWIP for a period of
(iii) Contractual obligations 1 Year 3 years
Refer to note 40(b) for disclosure of contractual commitments for the acquisition of property, plant and Projects in progress 2,493.69 83.59 211.46 – 2,788.74
equipment. Projects temporarily suspended – – – – –
TOTAL 2,493.69 83.59 211.46 – 2,788.74
(iv) Capital work-in-progress
All the upcoming projects of the Company are within the timelines as estimated during the original plan and
Capital work-in-progress mainly comprises of dies & jigs, plant and machineries and factory building amounting the actual cost of projects are within the total cost as estimated by the management of the Company as at
to H 3,187.53 lakhs (March 31, 2022 - H 2,363.76 lakhs), H 368.73 lakhs (March 31, 2022 - H 25.22 lakhs) and H 235.87 the Balance Sheet date.
lakhs (March 31, 2022 - H NIL lakhs) respectively, pending to be put to use.
Note 3 : Right of use assets and Lease liabilities
Movement of capital work-in-progress
(H in Lakhs) The details of the right-of-use asset held by the Company is as follows:
Year ended (Restated) Right-of-use assets
Particulars 31-Mar-23 Year ended (H in Lakhs)
31-Mar-22
Leasehold
Particulars Buildings Equipments Total
Opening at the start of the year 2,788.74 1,002.01 land
Additions during the year 2,612.63 2,493.69
Gross block as on March 31, 2021 6,234.64 22.72 2,805.69 9,063.05
Capitalised during the year (1,351.40) (706.96)
Additions for the year 2,806.99 – – 2,806.99
Closing at the end of the year 4,049.97 2,788.74
Acquired on business combination (refer note 44) – – 670.00 670.00
Deletions for the year (1,764.12) – (670.00) (2,434.12)
(v) Title deeds Gross block as on March 31, 2022 7,277.51 22.72 2,805.69 10,105.92
Additions for the year 8,875.87 – 12.93 8,888.80
The title deeds of immovable properties are held in the name of the Company, except for certain title deeds
Deletions for the year (2,323.22) – – (2,323.22)
of the immovable properties, in the nature of freehold land and building, which were acquired pursuant to a
Closing gross block as on March 31, 2023 13,830.16 22.72 2,818.62 16,671.50
Scheme of Amalgamation approved by National Company Law Tribunal’s (NCLT) Order dated May 21, 2020,
Accumulated depreciation as on March 31, 2021 2,706.27 9.33 224.40 2,940.00
are not individually held in the name of the Company. However the deed of merger has been registered by
Depreciation for the year 1,786.94 11.94 49.50 1,848.38
the Company on March 31, 2023.
Deletions for the year (1,338.26) – 12.94 (1,325.32)
Closing accumulated depreciation as on March 31, 2023 4,038.81 21.72 312.09 4,372.62
Restated net carrying value of right of use assets as on March 31, 2022 4,310.32 1.45 2,543.91 6,855.68
Net carrying value of right of use assets as on March 31, 2023 9,791.35 1.00 2,506.53 12,298.88
* Adjustments includes changes in the value of the right of use assets due to system migration
Corporate overview
Statutory reports
Note 3 : Right of use assets and Lease liabilities (Contd..) Note 4: Intangible Assets (Contd..)
The details of the lease liabilities held by the Company is as follows: Intangible asset under development aging schedule as at March 31, 2022
Lease liabilities (H in Lakhs)
(H in Lakhs) (Restated)
Year ended (Restated) Amount in IAUD for a period of
Particulars 31-Mar-23 Year ended Particulars Less than 1-2 Years 2-3 years More than Total
31-Mar-22 1 Year 3 years
Opening lease liabilities 4,587.80 3,863.29 Projects in progress 796.04 750.55 – – 1,546.59
Additions for the year 8,766.02 2,594.20 Projects temporarily suspended – – – – –
Deletions / Modifications for the year (1,012.22) (254.83) TOTAL 796.04 750.55 – – 1,546.59
Finance cost for the year 544.44 544.65
All the upcoming projects of the Company are within the timelines as estimated during the original plan and
Lease instalments paid for the year (2,762.40) (2,159.51) the actual cost of projects are within the total cost as estimated by the management of the Company as at
Closing lease liabilities 10,123.64 4,587.80 the Balance Sheet date.
- classified as current 2,939.67 1,552.76
- classified as non-current 7,183.97 3,035.04 (iii) Movement in intangible assets under development
For maturity profile of lease liabilities, refer Note 35 (B)(ii) (H in Lakhs)
Note 4: Intangible Assets Year ended (Restated)

(H in Lakhs) Particulars 31-Mar-23 Year ended
31-Mar-22
Computer
Particulars Trade Marks Total Opening at the start of the year 1,546.59 781.50
Software
Additions during the year 145.91 765.09
Opening gross block as at 1st April 2021 0.51 956.97 957.48 Capitalised during the year (1,546.59) –
Additions – 31.36 31.36 Closing at the end of the year 145.91 1,546.59
Closing gross block as at 31st March 2022 0.51 988.33 988.84
Additions – 2,374.29 2,374.29
Adjustments * – 0.50 0.50 Note 4.1: Investment properties
Closing gross block as at 31st March 2023 0.51 3,363.12 3,363.63 (H in Lakhs)
Opening accumulated amortization as at 1st April 2021 0.30 744.17 744.47
Building &
Amortisation charge for the year 0.05 129.42 129.47
Particulars Ownership Land Total
Closing accumulated amortization as at 31st March 2022 0.35 873.59 873.94
Premises
Amortisation charge for the year 0.05 726.99 727.04
Adjustments * – (0.05) (0.05) Gross block as at 1st April 2021 – 12,600.00 12,600.00
Closing accumulated amortization as at 31st March 2023 0.40 1,600.53 1,600.93 Transferred from property, plant and equipment (refer note 2) 809.06 – 809.06
Restated Closing Net carrying amount as at 31st March 2022 0.16 114.74 114.90 Gross block as at 31st March 2022 809.06 12,600.00 13,409.06
Closing Net carrying amount as at 31st March 2023 0.11 1,762.59 1,762.70 Deletion (58.59) – (58.59)
* Adjustments includes changes in the value of the intangible assets due to system migration Gross block as at 31st March 2023 750.47 12,600.00 13,350.47
(i) Note Accumulated depreciation as at 1st April 2021 – – –
Transferred from property, plant and equipment (refer note 2) 332.02 – 332.02
Intangible assets under development mainly comprises of IT softwares license and implementation cost
Accumulated depreciation as at 31st March 2022 332.02 – 332.02
amounting to H 145.91 lakhs (March 31, 2022 - H 1,546.59 lakhs).
Depreciation 112.87 – 112.87
(ii) Ageing schedule Deletion (42.07) – (42.07)
Intangible asset under development aging schedule as at March 31, 2023 Accumulated depreciation as at 31st March 2023 402.82 – 402.82
Restated net carrying amount as at 31st March 2022 477.04 12,600.00 13,077.04
(H in Lakhs)
Net carrying amount as at 31st March 2023 347.65 12,600.00 12,947.65
Amount in IAUD for a period of
The amounts recorded above for freehold land are fair values on acquisition date based on valuation performed
by a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017.
1 Year 3 years
The Company has no restrictions on the realisability of its investment property. Fair value as at 31st March 2023
Projects in progress 145.91 – – – 145.91 is H12,600 lakhs (H 12,600 lakhs as at 31st March 2022). The fair valuation is based on current prices in the active
Projects temporarily suspended – – – – – market for similar lands. The main inputs used are quantum, area, location, demand, etc.
TOTAL 145.91 – – – 145.91
Corporate overview
Statutory reports
Note 5.1 : Investments in subsidiaries and associate Note 5.3 : Financial assets (Investments - Non-Current)
(H in Lakhs)
5.3 (a) Investment in equity instruments
31-Mar-23 (Restated) (H in Lakhs)
Particulars
31-Mar-22
31-Mar-23 (Restated)
Investment in equity instruments of subsidiaries and associate (fully paid up) Particulars
31-Mar-22
Measured at cost
Unquoted Measured at fair value through profit and loss
Investment in subsidiaries Unquoted
Non-current equity investments (unquoted) in Nirlep Appliances Pvt Ltd* 4,333.20 4,333.20 Investment in equity shares
- 743,555 (March 31, 2022 - 743,555) equity shares of H 100 each Non-current equity investments (unquoted) in M. P. Lamps Limited *** 2.40 2.40
4,333.20 4,333.20 – 48,000 (March 31, 2022 - 48,000) equity shares of H 10/- each; (Partly
Non-current equity investments (unquoted) in Bajel Projects Ltd. ** 50.00 50.00 paid shares - H 2.50/- Per share paid up, Called up H 5.00/- per
- 2,500,000 (March 31, 2022 - 2,500,000) equity shares of H 2 each share)
Investment in associate – 95,997 (March 31, 2022 - 95,997) equity shares of H 10/- each; (Partly
Non-current equity investments (unquoted) in Hind Lamps Limited. – – paid shares - H 1.25 Per share paid up, Called up H 5 per share).
- 1,140,000 (March 31, 2022 - 1,140,000) equity shares of H 25 each Accumulated Fair value loss recorded in value of investments M. P. (2.40) (2.40)
Accumulated impairment allowance in value of investments in Hind – – Lamps Limited.
Lamps Limited Non-current equity investments (unquoted) in Mayank Electro Ltd. – –
– – - 100 (March 31, 2022 - 100) equity shares of H 100/- each. 0.10 0.10
Total investments in subsidiaries and associate 4,383.20 4,383.20 Total equity instruments 0.10 0.10
Note 5.2 : Financial assets (Investments - Current) 5.3 (b) Investment in debt instruments
(H in Lakhs)
5.2 (a) Investment in equity instruments
(H in Lakhs) 31-Mar-23 (Restated)
Particulars
31-Mar-22
Particulars
31-Mar-22 Measured at fair value through profit and loss
Unquoted
Measured at fair value through profit and loss
Investment in venture capital fund
Unquoted
Units of Bharat Innovation Fund - 4,189.470 Units as on 31st March 2023 600.11 489.26
Investment in mutual funds
(4,189.470 Units as on 31st March 2022)
Investment in equity/debt mutual funds 4,078.23 –
Investment in other securities
(H in Lakhs) Gold coins 0.37 0.37
No. of Units No. of Units Value as on Value as on Total debt instruments 600.48 489.63
AMC as on March as on March March 31, March 31, Total non-current investments 600.58 489.73
31, 2023 31, 2022 2023 2022 Aggregate value of quoted investments – –
Aggregate value of unquoted investments 600.58 489.73
ICICI Prudential - Money Market Fund 1,58,830.98 – 515.10 –
ICICI Prudential - Overnight Fund 24,860.12 – 300.43 – * In the previous year, Mr. Mukund Bhogale, Mrs. Rajani Bhogale, Mr. Ramchandra Bhogale, and Mr. Nityanand Bhogale (collectively, “Continuing
Shareholders”, of Nirlep Appliances Private Limited (“Nirlep”) – a subsidiary of the Company) and the Company have completed the required
HDFC Mutual Fund - Money Market Fund 10,469.98 – 515.30 –
procedure for transfer of the Option Shares to the Company, as per the terms of the agreement. All the above Option Shares have been acquired
HDFC Mutual Fund - Overnight Fund 9,025.93 – 300.42 – by the Company, against a cash consideration of H 1,017.88 lakhs.
LIC Mutual Fund - Liquid Fund 1.28 – 0.05 –
With the above purchase/acquisition, the entire 100% equity share capital of Nirlep is now legally and beneficially held by the Company along
DSP Mutual Fund - Money Market Fund 11,20,166.24 – 515.14 – with its nominees, and consequently, Nirlep has now become a wholly-owned subsidiary company of the Company.
DSP Mutual Fund - Overnight Fund 25,022.25 – 300.43 – ** The Board of Directors (“the Board”) of the Company at its meeting held on, February 8, 2022 has inter-alia, subject to the approval of the
SBI Mutual Fund - Money Market Fund 13,71,425.20 – 515.26 – shareholders of the Company, considered and approved the Scheme of Arrangement between Bajaj Electricals Limited (the “Demerged
SBI Mutual Fund - Overnight Fund 8,232.51 – 300.42 – Company” or “Company”) and Bajel Projects Limited (the “Resulting Company”) and their respective shareholders under Sections 230-232 of the
Kotak Mutual Fund - Money Market Fund 13,455.57 – 515.12 – Companies Act, 2013 (“Scheme”) involving the following:-
Kotak Mutual Fund - Overnight Fund 25,123.67 – 300.54 – (a) Transfer by way of demerger of the Demerged Undertaking (as defined in the Scheme) consisting of Power Transmission and Power Distribution
Business (as defined in the Scheme) of the Demerged Company into the Resulting Company and consequent issue of equity shares by the
Total 4,078.23 –
Resulting Company to the shareholders of the Demerged Company; and
Aggregate value of quoted investments 4,078.23 –
(b) Various other matters consequential or otherwise integrally connected therewith.
Aggregate value of impairment in value of investment – –
Corporate overview
Statutory reports
5.3 (b) Investment in debt instruments (Contd..) Note 6 : Trade receivables (Contd..)
The equity shares of the Resulting Company shall be listed on BSE Limited and National Stock Exchange of India Limited (collectively, the “Stock
(H in Lakhs)
Exchanges”), post the effectiveness of the Scheme. The shareholders of the Company will be issued shares in the Resulting Company in the same
proportion as their holding in the Company. The Scheme is subject to necessary statutory and regulatory approvals including the approval of Outstanding for following periods from *
Hon’ble National Company Law Tribunal, Mumbai Bench. Particulars Not Due Less than 6 months 1-2 Years 2-3 years More than Total
*** In respect of Investments made in M. P. Lamps Ltd., calls of H 2.50 per share on 48,000 equity shares and H 3.75 per share on 95,997 Equity Shares 6 months -1 year 3 years
aggregating to H 4.80 lakhs have not been paid by the Company. On principles of prudence the entire investment in M.P. Lamps Ltd. is considered
as impaired and accordingly carried at H NIL. (iii) Undisputed Trade Receivables – – 253.97 653.50 57.50 6,824.96 7,789.93
– credit impaired
(iv) Disputed Trade Receivables – – – – – – –
Note 6 : Trade receivables – considered good
(H in Lakhs) (v) Disputed Trade Receivables – – – – – – –
– which have significant increase in
31-Mar-23 (Restated) credit risk
Particulars
31-Mar-22 (vi) Disputed Trade Receivables – – 0.47 1,964.35 – 681.29 2,646.11
– credit impaired
Current 1,48,047.02 1,13,657.11 TOTAL 69,918.16 67,143.48 6,079.25 3,631.72 1,618.26 18,528.91 1,66,919.78
Non-current 8,436.72 22,109.94
1,56,483.74 1,35,767.05 Trade Receivables ageing schedule as at 31st March 2022
Unsecured, considered good 1,56,483.74 1,35,767.05 (H in Lakhs)
Unsecured, credit impaired 10,436.04 10,562.32 (Restated)
Total 1,66,919.78 1,46,329.37 Outstanding for following periods from *
Impairment allowance, credit impaired (allowance for bad and (10,436.04) (10,562.32) Particulars Not Due Less than 6 months 1-2 Years 2-3 years More than Total
doubtful debts) 6 months -1 year 3 years
Total trade receivables (net of impairment allowance) 1,56,483.74 1,35,767.05 (i) Undisputed Trade receivables 60,513.65 26,285.80 12,780.40 26,718.93 7,769.17 1,495.01 1,35,562.96
–considered good
The above includes receivables from related parties. Refer note 38 for more details. (ii) Undisputed Trade Receivables – – 164.79 39.30 – – 204.09
–which have significant increase in
Transferred receivables credit risk
(iii) Undisputed Trade Receivables – 181.09 93.75 349.23 306.53 7,436.48 8,367.08
The carrying amount of trade receivables, include receivables which are subject to factoring arrangements and –credit impaired
channel financing facilities. Under this arrangement the Company has transferred the relevant receivables to the (iv) Disputed Trade Receivables – – – – – – –
factor in exchange for cash. The said facilities are with recourse to Company. The Company therefore continues –considered good
to recognise the transferred assets in their entirety in its balance sheet. The amount repayable under the factoring (v) Disputed Trade Receivables – – – – – – –
agreement is presented as other financial liabilities. –which have significant increase in
(H in Lakhs) credit risk
(vi) Disputed Trade Receivables – – 20.37 10.21 201.38 1,963.28 2,195.24
31-Mar-23 (Restated) –credit impaired
Particulars
31-Mar-22 TOTAL 60,513.65 26,466.89 13,059.31 27,117.67 8,277.08 10,894.77 1,46,329.37
Other financial liabilities (Note 19) 57,967.35 30,395.32 * Outstanding from the transaction date for FY23 and from the due-date for EPC and transaction date from CP for FY22
Total transferred receivables 57,967.35 30,395.32
Trade receivable are non-interest bearing and are generally received within the credit period. For trade and Note 7 : Loans
other receivables due from firms or private companies in which any director is a partner, a director or a member, (Unsecured, considered good unless otherwise stated)
refer note 38. (H in Lakhs)
Trade Receivables ageing schedule as at 31st March 2023 31-Mar-23 (Restated)

Particulars
(H in Lakhs) 31-Mar-22
Outstanding for following periods from * Non Current

Particulars Not Due Less than 6 months 1-2 Years 2-3 years More than Total Unsecured, considered good 3,460.50 3,789.35
6 months -1 year 3 years Unsecured, credit impaired – –
Total 3,460.50 3,789.35
(i) Undisputed Trade receivables 69,918.16 67,143.48 5,824.81 1,013.87 1,560.76 11,022.66 1,56,483.74
– considered good Impairment allowance, credit impaired – –
(ii) Undisputed Trade Receivables – – – – – – – Total Non-current loans 3,460.50 3,789.35
– which have significant increase in
credit risk
Corporate overview
Statutory reports
Note 7 : Loans (Contd..) Note 9 : Deferred tax assets / (liabilities) (net) (Contd..)
Unsecured, considered good, majorly consists of loans given to Nirlep Appliances Private Limited (Subsidiary of Breakup and movement in deferred tax assets
the Company) for meeting its capex and working capital requirements. (H in Lakhs)
Impairment Financial
(H in Lakhs) Employee Right
Employee allowance assets
benefit Assets Carried of use
Particulars Amount Interest Rate Tenure benefit (allowance measured
Particulars obligations held for forward assets Total
obligations for doubtful at
(leave sale losses and
Nirlep Appliances Private Limited 6,323.00 9.30% - 5 years (gratuity) debts and amortised
obligations) Others
- repayable either via quarterly installments or on bullet payments 11.70% advances) cost
starting from June 23 to FY28 As at 31st March, 2021 128.63 384.64 3,883.18 0.62 501.77 3,880.71 2,870.15 11,649.70
(Charged) / Credited :
(H in Lakhs) to statement of profit and loss (37.59) (382.46) (447.46) 0.78 26.67 1,276.21 526.38 962.53
31-Mar-23 (Restated) to other comprehensive income (177.63) – – – – – (5.95) (183.58)
Particulars On account of business combination 39.98 21.14 (624.16) – 0.00 7,309.94 – 6,746.90
31-Mar-22
transferred to income tax asstes – – – – – (3,880.71) – (3,880.71)
Current As at 31st March, 2022 (46.61) 23.32 2,811.56 1.40 528.44 8,586.15 3,390.58 15,294.84
Secured, considered good 2,897.71 1,000.84 (Charged) / Credited :
Total current loans 2,897.71 1,000.84 to statement of profit and loss 84.62 124.13 (30.64) (0.53) 23.34 (3,515.84) (547.87) (3,862.79)
to other comprehensive income – – – – – – (69.58) (69.58)
transferred to income tax assets – – – – – (5,070.31) – (5,070.31)
Note 8 : Other financial assets As at 31st March, 2023 38.01 147.45 2,780.92 0.87 551.78 – 2,773.13 6,292.16
(Unsecured, considered good unless otherwise stated)
(H in Lakhs) Breakup and movement in deferred tax liabilities

Particulars
31-Mar-22
Financial Financial
Employee
Property, Assets Liabilities
Security deposits, considered good 2,932.21 2,546.75 benefit Investment
Particulars plant and measured at measured at Others Total
Security deposits, credit impaired 140.45 128.56 obligations property
equipment Amortised Amortised
Impairment allowance for credit impaired security deposits (140.45) (128.56) (gratuity)
Cost Cost
2,932.21 2,546.75
As at 31st March, 2021 2,384.17 77.12 120.43 – 2,473.20 1,345.43 6,400.35
Deposits with maturity more than 12 months – 109.91
Charged / (credited) :
Fixed deposit under lien 92.46 1,023.14
to Statement of Profit or Loss (397.22) 27.30 42.61 – 95.50 557.50 325.69
Interest accrued on fixed deposits 7.57 55.28
On account of business 425.26 – – – – – 425.26
Total non-current other financial assets 3,032.24 3,735.08 combination
As at 31st March, 2022 2,412.21 104.42 163.04 – 2,568.70 1,902.93 7,151.30
For breakup of financial assets carried at amortised cost, refer note 34.
to Statement of Profit or Loss (49.16) (50.96) (55.42) – (40.17) (123.70) (319.41)
Note 9 : Deferred tax assets / (liabilities) (net) As at 31st March, 2023 2,363.05 53.46 107.62 – 2,528.53 1,779.23 6,831.89
(H in Lakhs)
31-Mar-23 (Restated) Note 10 : Other non-current assets
Particulars
31-Mar-22 (H in Lakhs)
Deferred tax assets 6,292.16 15,294.84 31-Mar-23 (Restated)

Particulars
Deferred tax liabilities (6,831.89) (7,151.30) 31-Mar-22
Total deferred tax assets (net) (539.73) 8,143.54 Capital advances 1,966.58 448.29
Impairment allowance for credit impaired capital advances (24.94) (21.56)
1,941.64 426.73
Sales tax recoverables 2,795.82 3,984.51
Right to reimbursement against employee benefit obligations for insurers 4,101.21 5,077.08
who are related parties (Non-qualifying insurance policies)
Others * 7,239.45 4,223.75
16,078.12 13,712.07
Corporate overview
Statutory reports
Note 10 : Other non-current assets (Contd..) Note 13 : Other current financial assets
31-Mar-23 (Restated) 31-Mar-23 (Restated)
Particulars Particulars
31-Mar-22 31-Mar-22
Impairment allowance for doubtful advances (401.51) (461.21) Interest accrued on fixed deposits 201.41 33.53
Total other non-current assets 15,676.61 13,250.86 Security deposits 590.11 411.06
*Others mainly include prepaid expenses of H 3,767.87 lakhs (March 31, 2022 H 868.27 lakhs) and advances to suppliers of H 1,647.58 lakhs (March
Receivable from gratuity fund 356.67 2.33
31, 2022 H 3,315.51 lakhs). Derivative asset 111.85 329.43
Total other current financial assets 1,260.04 776.35
Note 11 : Inventories
(H in Lakhs) Note 14 : Other current assets
(H in Lakhs)
Particulars
31-Mar-22 31-Mar-23 (Restated)
Particulars
31-Mar-22
Raw material 12,424.63 10,623.09
Work-in-progress 5,355.77 2,016.49 Advance to Nirlep Appliance Private Limited (subsidiary) 3,000.00 2,610.00
Finished goods 2,163.97 2,033.54 Export benefits 783.25 783.17
Traded goods 78,767.29 80,967.36 Balances with government authorities 15,006.61 15,043.91
Material in Transit (traded goods) 4,737.40 1,450.84
Others 1,508.76 503.30
Others* 19,552.96 6,604.87
Total Inventories 1,04,957.82 97,594.62
Sales tax recoverables 114.87 –
Total other current assets 40,563.90 26,795.77
Note 12 : Cash and cash equivalents *Others mainly includes prepaid expenses of H 674.26 lakhs (March 31, 2022 H 1,547.14 lakhs) and advances to suppliers of H 18,424.68 lakhs (March
31, 2022 H 4,065.02 lakhs)
(H in Lakhs)
31-Mar-23 (Restated) Note 15 : Assets classified as held for sale
Particulars
Balances with banks 31-Mar-23 (Restated)
Particulars
in current accounts 2,610.08 1,812.87 31-Mar-22
in cash credit accounts 5,403.37 3,285.38
Deposits with maturity of less than three months 26,003.44 6,700.00 Land & Buildings * 219.40 1,719.41
Cash on hand 30.46 36.66 Total assets classified as held for sale 219.40 1,719.41
* Upon relocation of Company’s employees to new office premises in Mumbai, the erstwhile leasehold immovable property together with buildings
Total cash and cash equivalents 34,047.35 11,834.91
and structure standing thereon was lying vacant. Therefore, the Board of Directors of the Company approved the sale and transfer of leasehold
rights therein in favour of the purchaser vide Resolution dated March 23, 2015 subject to the permissions from the appropriate authorities and
There are no restrictions with regards to cash and cash equivalents as at the end of the reporting period and prior accordingly the said transaction of sale and transfer of leasehold rights was to be completed within one (1) year. However, on account of delay
period. in getting the requisite permissions from the appropriate local / municipal authorities the transaction execution is pending. The purchaser and the
Company are committed for the transaction to sail through. The asset held for sale are not attached to any reported business segment but part
of other unallocable assets. The Company has received an advance of H 800 lakhs from the purchaser in relation to this sale and is expected to
Note 12 : Bank balances be completed in FY 2023-24. The same is shown as a liability under other current liabilities.
(H in Lakhs)
Note 16 : Equity share capital
Particulars
Unpaid Dividend Accounts * 60.32 67.26 31-Mar-23 (Restated)

Particulars
Fixed deposit under lien 144.75 2,111.60 31-Mar-22
Deposits with maturity of more than three months & less than twelve 2,545.67 6.81 Amount Amount
months
Authorised
Others 120.94 166.97
71,25,00,000 equity shares (March 31, 2022 - 20,00,00,000) of H 2/- each. 14,250.00 4,000.00
Total other bank balances 2,871.68 2,352.64
* There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at March 31, 2023 and March 31, 2022.
Corporate overview
Statutory reports
Note 16 : Equity share capital (Contd..) Note 16 : Equity share capital (Contd..)
i) Movement in Issued, Subscribed and Paid up Equity Share Capital
As at 31st March 2023 As at 31st March 2022 % change
Issued capital
Promoter Name No of % of total No of % of total during the
(H in Lakhs)
shares shares shares shares year
Particulars No of Shares Amount
Mr. Sanjivnayan Bajaj * 4,28,749 0.37% 4,28,749 0.37% 0.00%
As at 31st March 2021 11,45,36,619 2,290.73 Mr. Rahulkumar Bajaj ** NA NA NA NA 0.00%
Exercise of Options under employee stock option scheme (refer 3,37,495 6.75 Promoter Group
note iv below) Individuals :
As at 31st March 2022 11,48,74,114 2,297.48 Mrs. Kiran Bajaj 75,45,224 6.56% 75,45,224 6.57% –0.01%
Exercise of Options under employee stock option scheme (refer 2,01,505 4.03 Ms. Neelima Bajaj Swamy 2,00,000 0.17% 2,00,000 0.17% 0.00%
note iv below) Ms. Minal Bajaj 6,94,674 0.60% 6,94,674 0.60% 0.00%
Issue pursuant to merger of Starlite Lighting Limited 19 0.00 Ms. Geetika Bajaj 21,60,084 1.88% 21,60,084 1.88% 0.00%
As at 31st March 2023 11,50,75,638 2,301.51 Ms. Nimisha Jaipuria NA NA NA NA 0.00%
Paid-up capital Ms. Sunaina Kejriwal 12,40,730 1.08% 12,40,730 1.08% 0.00%
Calls in arrears @ H 2 per share, under rights issue (55) (0.00) Mr. Niravnayan Bajaj 2,82,507 0.25% 2,82,507 0.25% 0.00%
As at 31st March 2023 11,50,75,583 2,301.51 Ms. Kumud Bajaj 2,00,000 0.17% 2,00,000 0.17% 0.00%
Ms. Pooja Bajaj 15,41,875 1.34% 19,89,875 1.73% –0.39%
ii) Terms and rights attached to equity shares Ms. Suman Jain 1,10,700 0.10% 1,10,700 0.10% 0.00%
Ms. Kriti Bajaj 1,01,297 0.09% 1,01,297 0.09% 0.00%
The Company has only one class of equity shares having a par value of H 2/- per share. Each holder of equity
Ms. Shefali Bajaj 33,767 0.03% 33,767 0.03% 0.00%
shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares
Ms. Deepa Bajaj 1,126 0.00% 1,126 0.00% 0.00%
will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The
Master Vanraj Bajaj 18,43,556 1.60% 18,43,556 1.60% 0.00%
distribution will be in proportion to the number of equity shares held by the shareholders.
Bodies Corporate
iii) The Details of Shareholders holding more than 5% Shares: Jamnalal Sons Private Limited 2,25,48,276 19.59% 2,24,43,275 19.54% 0.06%
(H in Lakhs) Bajaj Holdings And Investment Limited 1,91,36,840 16.63% 1,87,93,840 16.36% 0.27%
Hind Musafir Agency Limited 12,88,000 1.12% 12,88,000 1.12% 0.00%
Name of the Shareholder As at 31st March 2023 As at 31st March 2022
Baroda Industries Private Limited 14,12,738 1.23% 14,12,738 1.23% 0.00%
Nos. % Holding Nos. % Holding Bajaj International Private Limited 9,17,881 0.80% 9,17,881 0.80% 0.00%
Jamnalal Sons Private Limited 2,25,48,276 19.59 2,24,43,275 19.54 Hercules Hoists Limited 6,24,596 0.54% 6,24,596 0.54% 0.00%
Bajaj Holdings & Investment Limited 1,91,36,840 16.63 1,87,93,840 16.36 Shekhar Holdings Private Limited 5,40,253 0.47% 5,40,253 0.47% 0.00%
Kiran Bajaj 75,45,224 6.56 75,45,224 6.57 Rahul Securities Private Limited 4,67,093 0.41% 4,67,093 0.41% 0.00%
HDFC Small Cap Fund 64,75,269 5.63 65,18,743 5.67 Bachhraj Factories Private Limited 1,05,466 0.09% 1,05,466 0.09% 0.00%
Smallcap World Fund, Inc 60,98,271 5.30 65,15,607 5.67 Bajaj Sevashram Private Limited 5,550 0.00% 5,550 0.00% 0.00%
Bachhraj And Company Private Limited 66,585 0.06% 66,585 0.06% 0.00%
Kamalnayan Investment & Trading Private Limited 1,110 0.00% 1,110 0.00% 0.00%
iv) Share reserved for issue under employee stock option scheme
Madhur Securities Private Limited 1,110 0.00% 1,110 0.00% 0.00%
For details of shares reserved for issue under the employee share based payment plan of the Company, Niraj Holdings Private Limited 1,110 0.00% 1,110 0.00% 0.00%
please refer Note 33. Rupa Equities Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Sanraj Nayan Investments Private Limited 1,110 0.00% 1,110 0.00% 0.00%
v) Change in promoter shareholding Trusts
Geetika Trust No.2 (Kiran Bajaj as a Trustee) NA NA NA NA 0.00%
As at 31st March 2023 As at 31st March 2022 % change Niravnayan Trust (Niraj Bajaj as a Trustee) 5,24,721 0.46% 5,24,721 0.46% 0.00%
Promoter Name No of % of total No of % of total during the Neelima Bajaj Swamy Family Trust (Neelima 8,12,973 0.71% 8,12,973 0.71% 0.00%
shares shares shares shares year Bajaj Swamy as a Trustee)
Nimisha Jaipuria Family Trust (Nimisha Jaipuria 6,28,043 0.55% 6,28,043 0.55% 0.00%
Promoters as a Trustee)
Mr. Shekhar Bajaj 18,14,639 1.58% 18,14,639 1.58% 0.00% Kriti Bajaj Family Trust (Minal Niraj Bajaj as a 5,00,000 0.43% 5,00,000 0.44% 0.00%
Mr. Madhur Bajaj 2,00,000 0.17% 2,00,000 0.17% 0.00% Trustee)
Mr. Niraj Bajaj 11,30,882 0.98% 11,30,882 0.98% 0.00%
Corporate overview
Statutory reports
As at 31st March 2023 As at 31st March 2022 % change Promoter Name during the
No of % of total No of % of total
Promoter Name No of % of total No of % of total during the year
shares shares shares shares
Bodies Corporate
Niravnayan Bajaj Family Trust (Niraj Bajaj as a 5,00,000 0.43% 5,00,000 0.44% 0.00% Jamnalal Sons Private Limited 2,24,43,275 19.54% 2,24,43,275 19.59% –0.06%
Trustee) Bajaj Holdings And Investment Limited 1,87,93,840 16.36% 1,87,93,840 16.41% –0.05%
Rishab Family Trust 4,71,052 0.41% 4,71,052 0.41% 0.00% Hind Musafir Agency Limited 12,88,000 1.12% 12,88,000 1.12% 0.00%
Sanjali Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00% Baroda Industries Private Limited 14,12,738 1.23% 14,12,738 1.23% 0.00%
Siddhant Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00% Bajaj International Private Limited 9,17,881 0.80% 9,17,881 0.80% 0.00%
Nimisha Bajaj Family Trust (Madhur Bajaj as a 2,06,575 0.18% 2,06,575 0.18% 0.00% Hercules Hoists Limited 6,24,596 0.54% 6,24,596 0.55% 0.00%
Trustee) Shekhar Holdings Private Limited 5,40,253 0.47% 5,40,253 0.47% 0.00%
Neelima Bajaj Family Trust (Kumud Bajaj as a 21,644 0.02% 21,644 0.02% 0.00% Rahul Securities Private Limited 4,67,093 0.41% 4,67,093 0.41% 0.00%
Trustee) Bachhraj Factories Private Limited 1,05,466 0.09% 1,05,466 0.09% 0.00%
Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) 10,00,000 0.87% 10,00,000 0.87% 0.00% Bajaj Sevashram Private Limited 5,550 0.00% 5,550 0.00% 0.00%
Kumud Neelima Family Trust (Madhur Bajaj as 1,25,800 0.11% 1,25,800 0.11% 0.00% Bachhraj And Company Private Limited 66,585 0.06% 66,585 0.06% 0.00%
a Trustee) Kamalnayan Investment & Trading Private 1,110 0.00% 1,110 0.00% 0.00%
Kumud Nimisha Family Trust (Madhur Bajaj as 1,25,800 0.11% 1,25,800 0.11% 0.00% Limited
a Trustee) Madhur Securities Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Madhur Neelima Family Trust (Kumud Bajaj as 1,25,800 0.11% 1,25,800 0.11% 0.00% Niraj Holdings Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Rupa Equities Private Limited 1,110 0.00% 1,110 0.00% 0.00%
a Trustee)
Sanraj Nayan Investments Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Madhur Nimisha Family Trust (Kumud Bajaj as 1,25,799 0.11% 1,25,799 0.11% 0.00%
Trusts
a Trustee)
Geetika Trust No.2 (Kiran Bajaj as a Trustee) – 0.00% 13,61,885 1.19% –1.19%
Total 7,23,42,279 62.86% 7,23,42,278 62.98% –0.11%
Niravnayan Trust (Niraj Bajaj as a Trustee) 5,24,721 0.46% 5,24,721 0.46% 0.00%
Neelima Bajaj Swamy Family Trust (Neelima 8,12,973 0.71% 8,12,973 0.71% 0.00%
Bajaj Swamy as a Trustee)
As at 31st March 2022 As at 31st March 2021 % change Nimisha Jaipuria Family Trust (Nimisha Jaipuria 6,28,043 0.55% 6,28,043 0.55% 0.00%
Promoter Name No of % of total No of % of total during the as a Trustee)
shares shares shares shares year Kriti Bajaj Family Trust (Minal Niraj Bajaj as a 5,00,000 0.44% 5,00,000 0.44% 0.00%
Trustee)
Promoters Niravnayan Bajaj Family Trust (Niraj Bajaj as a 5,00,000 0.44% 5,00,000 0.44% 0.00%
Mr. Shekhar Bajaj 18,14,639 1.58% 28,14,639 2.46% –0.88% Trustee)
Mr. Madhur Bajaj 2,00,000 0.17% 7,03,199 0.61% –0.44% Rishab Family Trust 4,71,052 0.41% 4,71,052 0.41% 0.00%
Mr. Niraj Bajaj 11,30,882 0.98% 11,30,882 0.99% 0.00% Sanjali Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00%
Mr. Sanjivnayan Bajaj * 4,28,749 0.37% 4,28,749 0.37% 0.00% Siddhant Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00%
Mr. Rahulkumar Bajaj ** – 0.00% – 0.00% 0.00% Nimisha Bajaj Family Trust (Madhur Bajaj as a 2,06,575 0.18% 2,06,575 0.18% 0.00%
Promoter Group Trustee)
Individuals : Neelima Bajaj Family Trust (Kumud Bajaj as a 21,644 0.02% 21,644 0.02% 0.00%
Mrs. Kiran Bajaj 75,45,224 6.57% 75,45,224 6.59% –0.02%
Trustee)
Ms. Neelima Bajaj Swamy 2,00,000 0.17% 2,00,000 0.17% 0.00%
Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) 10,00,000 0.87% – 0.00% 0.87%
Ms. Minal Bajaj 6,94,674 0.60% 6,94,674 0.61% 0.00%
Kumud Neelima Family Trust (Madhur Bajaj as 1,25,800 0.11% – 0.00% 0.11%
Ms. Geetika Bajaj 21,60,084 1.88% 7,98,199 0.70% 1.18%
a Trustee)
Ms. Nimisha Jaipuria – 0.00% – 0.00% 0.00%
Kumud Nimisha Family Trust (Madhur Bajaj as 1,25,800 0.11% – 0.00% 0.11%
Ms. Sunaina Kejriwal 12,40,730 1.08% 12,40,730 1.08% 0.00%
a Trustee)
Mr. Niravnayan Bajaj 2,82,507 0.25% 2,82,507 0.25% 0.00%
Madhur Neelima Family Trust (Kumud Bajaj as 1,25,800 0.11% – 0.00% 0.11%
Ms. Kumud Bajaj 2,00,000 0.17% 2,00,000 0.17% 0.00%
a Trustee)
Ms. Pooja Bajaj 19,89,875 1.73% 19,89,875 1.74% –0.01%
Madhur Nimisha Family Trust (Kumud Bajaj as 1,25,799 0.11% – 0.00% 0.11%
Ms. Suman Jain 1,10,700 0.10% 1,10,700 0.10% 0.00%
a Trustee)
Ms. Kriti Bajaj 1,01,297 0.09% 1,01,297 0.09% 0.00%
Total 7,23,42,278 62.98% 7,23,42,278 63.16% –0.19%
Ms. Shefali Bajaj 33,767 0.03% 33,767 0.03% 0.00%
Ms. Deepa Bajaj 1,126 0.00% 1,126 0.00% 0.00% * Considered as a Promoter post demise of Mr. Rahulkumar Bajaj on February 12, 2022
Master Vanraj Bajaj 18,43,556 1.60% 18,43,556 1.61% 0.00% ** Ceased to be a promoter post sad demise on February 12, 2022
Corporate overview
Statutory reports
Note 17 : Other Equity Note 17 : Other Equity (Contd..)
(H in Lakhs) iv) Shares options outstanding account
Particulars
Particulars
31-Mar-22
i) Securities premium reserve 66,594.40 65,356.13
ii) Debenture redemption reserve – – Opening Balance 1,198.56 1,181.39
iii) General reserve 45,967.75 45,967.75 Add : Employee stock option expense 1,084.00 580.85
iv) Share options outstanding account 1,874.06 1,198.56 Less : Transferred from share options outstanding account on lapse (63.66) (34.54)
v) Retained earnings 81,452.12 61,577.08 of vested options
vi) Capital reserve 175.18 175.18 Less : Exercise of options - transferred from shares options (344.84) (529.14)
vii) Capital redemption reserve 135.71 135.71 outstanding account
viii) Effective Portion of Cashflow Hedges (68.91) 88.29 Closing Balance 1,874.06 1,198.56
ix) Share application money pending allotment – 0.19
x) Amalgamation adjustment reserve (2,327.15) (2,327.15) v) Retained earnings
Total reserves and surplus 1,93,803.16 1,72,171.74 (H in Lakhs)
i) Securities premium reserve 31-Mar-23 (Restated)
Particulars
(H in Lakhs) 31-Mar-22
31-Mar-23 (Restated) Opening Balance 61,577.08 43,568.03
Particulars
31-Mar-22 Add : Net profit for the year 23,050.52 13,678.67
Add : Other comprehensive income (net of tax) 206.89 545.84
Opening Balance 65,356.13 63,391.97
Add : Transferred from stock options reserve for vested cancelled 63.66 34.54
Add: Exercise of share options 893.24 1,435.02
options
Add: Exercise of options - transferred from shares options outstanding 344.84 529.14
Less: Dividend on equity shares (3,446.03) –
account
Add : Transfer from Debenture Redemption Reserve – 3,750.00
Add: Issue of share capital 0.19
Closing Balance 81,452.12 61,577.08
vi) Capital reserve

ii) Debenture redemption reserve
(H in Lakhs)
(H in Lakhs)
31-Mar-23 (Restated) Particulars
Particulars 31-Mar-22
31-Mar-22
Opening Balance 175.18 175.18
Opening Balance – 3,750.00
Closing Balance 175.18 175.18
Less: Transferred to Retained Earnings – (3,750.00)
Closing Balance – –
vii) Capital redemption reserve
(H in Lakhs)
iii) General Reserve
(H in Lakhs) 31-Mar-23 (Restated)
Particulars
31-Mar-22
Particulars
31-Mar-22 Opening Balance 135.71 135.71
viii) Effective Portion of Cashflow Hedges
(H in Lakhs)
Particulars
31-Mar-22
Opening Balance 88.29 –

Add: Charge for the year (125.98) 49.98
Corporate overview
Statutory reports
Note 17 : Other Equity (Contd..) Note 17 : Other Equity (Contd..)
(H in Lakhs) Share options outstanding account
31-Mar-23 (Restated) The fair value of the equity-settled share based payment transactions is recognised in Statement of Profit and
Particulars
31-Mar-22 Loss with corresponding credit to Employee Stock Options Outstanding Account.
Add: Other comprehensive income (net of tax) (31.22) 38.31 Effective Portion of Cashflow Hedges
Closing Balance (68.91) 88.29
The Company uses hedging instruments as part of its management of foreign currency risk and interest rate
ix) Share application money pending allotment risk associated on borrowings. For hedging foreign currency and interest rate risk, the Company uses foreign
(H in Lakhs) currency forward contracts, cross currency swaps, foreign currency option contracts and interest rate swaps.
To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in
31-Mar-23 (Restated) the effective portion of cash flow hedges. Amounts recognised in the effective portion of cash flow hedges is
Particulars
31-Mar-22 reclassified to the statement of profit and loss when the hedged item affects profit or loss.
Opening Balance 0.19 12.51
Amalgamation adjustment reserve
Add: Issue of Share Capital (0.19) (12.51)
Add: Issue of merger under business combination – – The Company creates amalgamation adjustment reserve on account of business combination pursuant to
Closing Balance – – any schemes for merger/demerger, etc.
x) Amalgamation adjustment reserve Distribution paid

31-Mar-23 (Restated) 31-Mar-23 (Restated)
31-Mar-22 31-Mar-22
Opening Balance (2,327.15) – Cash dividends on equity shares declared and paid:
Add: Accounted under business combination (refer note 44) – – Final dividend paid for the year ended March 31, 2022 of 3/- per 3,446.03 –
Closing Balance (2,327.15) – share
Nature and purpose of reserves

Note 18 : Borrowings
Securities Premium (H in Lakhs)
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with Note 31-Mar-23 (Restated)
Particulars
the provisions of the Companies Act, 2013. No. 31-Mar-22
Debenture Redemption Reserve (DRR) Non-current

Unsecured
The Indian Companies Act requires companies that issue debentures to create a debenture redemption Sales tax deferral liability Note a – 16.65
reserve (DRR) from annual profits until such debentures are redeemed. Companies are required to maintain Rupee term loans Note b – 1,166.67
25% as a reserve of outstanding redeemable debentures. Accordingly, the Company creates DRR at 25% in Total non-current borrowings – 1,183.32
the penultimate year to the year in which the repayment obligation arises on the Company. The amounts Current
credited to the debenture redemption reserve will not be utilised except to redeem debentures. Secured
Cash credits Note c – 1,124.29
General Reserve
Total secured current borrowings – 1,124.29
Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net Unsecured
income at a specified percentage in accordance with applicable regulations. The purpose of these transfers Current maturities of sales tax deferral liability Note a 16.65 107.62
was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Current maturities of long term rupee loans Note b – 1,166.67
Company for that year, then the total dividend distribution is less than the total distributable results for that Total unsecured current borrowings 16.65 1,274.29
year. Consequent to introduction of Companies Act 2013, the requirement to mandatorily transfer a specified Total current borrowings 16.65 2,398.58
percentage of the net profit to general reserve has been withdrawn. However, the amount previously
transferred to the general reserve can be utilised only in accordance with the specific requirements of
Companies Act, 2013.
Corporate overview
Statutory reports
Note 18 : Borrowings (Contd..) Note 19 : Other Financial Liabilities
Note a: (H in Lakhs)
Sales tax deferral liability is interest free and repayable over predefined instalments from the initial date of Particulars
31-Mar-22
deferment of liability, as per the respective schemes as given below:
(H in Lakhs) Non Current
31-Mar-23 (Restated) Employee benefit liabilities 5.69 16.36
Particulars Total other non-current financial liabilities 5.69 16.36
31-Mar-22
Current
Non-current Capital creditors 379.10 351.85
FY 2023-24 (June 2023) – 16.65 Unpaid dividends 60.32 67.26
– 16.65 Trade deposits (dealers, vendors etc.) 801.13 900.24
Current Channel financing liability (Note 6) 57,967.35 30,395.32
FY 2022-23 (June 2022) – 107.62 Derivative liability 12.62 8.97
FY 2023-24 (June 2023) 16.65 – Other payables 3,879.18 8,657.72
16.65 107.62 Liability towards corporate social responsibility (shortfall) 175.29 296.10
Note b: Rupee term loan is as per the following terms Employee benefit liabilities 6,591.73 5,362.42
Total other current financial liabilities 69,866.72 46,039.88
Maturity Interest rate % Liability In H Lakhs All the above financial liabilities are carried at amortised cost except for derivative liabilities (forward exchange
Lending Bank contracts) which are fair valued through profit and loss and financial guarantee contracts which are initially
Date as on 31-Mar-22
recognised at fair value.
Bank of Bahrain & Kuwait B.S.C. 17-Aug-22 7.05% 1,166.67
Total 2,333.34 Note 20 : Provisions
(H in Lakhs)
Note c: Cash credits are secured, repayable on demand and bear interest in the range of 7.90% to 13.00%. 31-Mar-23 31-Mar-22 (Restated)
Note d : Charge on secured borrowings is as given below Particulars Current Non Total Current Non Total
Current Current
First pari passu charge by way of hypothecation of inventories, book debts and all movable assets under the
head ‘property, plant and equipment Service warranties* 4,173.48 1,689.40 5,862.88 5,837.91 2,254.73 8,092.64
Legal claims 302.41 – 302.41 373.42 – 373.42
First pari passu charge on the Company’s immovable properties at
Other matters** 397.32 – 397.32 1,642.42 – 1,642.42
– Wardha premises - Plot no. 36, Block no. 17, Mouza no. 225, Bacharaj road, Gandhi Chowk, Wardha Total Provisions 4,873.21 1,689.40 6,562.61 7,853.75 2,254.73 10,108.48
– Hari Kunj - Flat No. 103 and 104, ‘B’ wing, Sindhi Society, Chembur East, Mumbai - 400071
Movement in provisions is as given below:
Second pari passu charge over present and future property, plant and equipment of the Company, situated at
(H in Lakhs)
– Ranjangaon Units : Village Dhoksanghvi, Taluka Shirur, Ranjangaon, Dist. Pune - 412210; Service
Particulars Legal Claims Other matters
– Chakan Unit : Village Mahalunge, Chakan Talegaon Road, Khed, Pune - 410501; Warranties
– Showroom on Ground floor and Office Premises on Second Floor at Bajaj Bhawan 226, Jamnalal Bajaj Marg, Opening balance as on 1st April, 2021 9,113.22 543.80 1,447.64
Nariman Point, Mumbai 400 021. Arising during the year 5,284.86 – 194.78
Unwinding of discount (finance cost) 197.09 – –
– Office Premises No : 001, 502, 701 and 801, ‘Rustomjee Aspiree’, Bhanu Shankar Yagnik Marg, Off Eastern
Utilised during the year (6,502.53) (170.38)
Highway, Sion (East), Mumbai - 400 022
Closing balance as on 31st March, 2022 8,092.64 373.42 1,642.42
– R & D centre at Plot no. 27/ pt 2/ at Millennium Business Park, TTC Industrial area, Mahape, Navi Mumbai Arising during the year 1,059.77 – –
The Company has not defaulted on any loans which were due for repayment during the year.
Utilised during the year (3,497.55) (71.01) (1,245.10)
Note e : T he Company has used the borrowings from banks and financial institutions for the specific purpose for Closing balance as on 31st March, 2023 5,862.88 302.41 397.32
which it was taken. Further, the Company has borrowings from banks or financial institutions on the basis
of security of current assets and has filed quarterly returns / statement of current assets with banks or *Refer note 1D(1)
financial institutions which are in agreement with the books of accounts. **The Company has made provisions for litigation cases and pending assessments in respect of taxes, the outflow of which would depend on the
cessation of the respective events.
Corporate overview
Statutory reports
Note 21 : Employee Benefit Obligations Note 21 : Employee Benefit Obligations (Contd..)
(H in Lakhs)
31-Mar-23 31-Mar-22 (Restated) Benefits as per the Company’s Gratuity Scheme for HO Employees ( Category S - Staff )
Particulars Current Non Total Current Non Total Benefit on death in service Same as normal retirement benefit and no vesting period
Current Current condition applies.
Leave obligations 463.99 1,430.35 1,894.34 290.89 1,326.25 1,617.14 Limit No Limit
Interest rate guarantee on provident – 352.82 352.82 – 351.18 351.18
fund
Benefits as per the Company’s Gratuity Scheme for HO (Category E - Executives, Category PSG -
Gratuity (refer note a below) 1,062.91 3,987.07 5,049.98 622.91 4,498.25 5,121.16
Project Services Group and Category Factory Staff - Chakan & Ranjangaon Employees)
Total employee benefit obligations 1,526.90 5,770.24 7,297.14 913.80 6,175.68 7,089.48
Salary for calculation of Gratuity (GS) “HO Category E & PSG: Basic Salary
Disclosure of defined benefit plans are as given below : Factory Staff : Basic Salary + DA, if any”
Gratuity Service (SER) Completed years of Continuous Service with part thereof in
A. Gratuity : excess of six months
Vesting period 5 Years #
The Company has a defined benefit gratuity plan in India (Funded) for its employees, which requires Benefit on normal retirement Service Benefits
contribution to be made to a separately administered fund. Company had an unfunded Gratuity Liability Between 5 & 9 years 60% x GS x SER
towards employees of erstwhile HLL Demerged Undertaking, which has been completely paid off during Between 10 & 14 years 70% x GS x SER
FY. 2021-22 on account of their VRS from the Company. During the FY. 2022-23, the company also passed Between 15 & 24 years 80% x GS x SER
a resolution to fund the liability pertaining to employees of entities joining-in under the schemes of business 25 years & Above GS x SER
combinations Benefit on early retirement / Service Benefits
The gratuity benefit payable to the employees of the Company is greater of the two : (i) The provisions of the termination / resignation / withdrawal Between 5 & 9 years 60% x GS x SER
Payment of Gratuity Act, 1972 or (ii) The Company’s gratuity scheme as described below. Between 10 & 14 years 70% x GS x SER
Between 15 & 24 years 80% x GS x SER
(i) The provisions of the Payment of Gratuity Act, 1972 : 25 years & Above 90% x GS x SER
Benefit on death in service HO Category E & PSG: GS x SER
Factory Staff : Same as normal retirement benefit based on the
Benefits as per the Payment of Gratuity Act, 1972
service upto the date of exit.
Salary for calculation of Gratuity (GS) Last drawn basic salary including dearness allowance (if any) Limit No Limit
Gratuity Service (SER) Completed years of Continuous Service with part thereof in # Completion of 240 days during the 5th year can be treated as completion of 1 year of continuous service.
excess of six months
In case of employees with age above the retirement age, the retirement is assumed to happen
immediately and valuation is done accordingly.
Benefit on normal retirement 15/26 * GS * SER
Benefit on early retirement / Same as normal retirement benefit based on the service upto Changes in the Present Value of Obligation are as given below:
termination / resignation / withdrawal the date of exit. (H in Lakhs)
Benefit on death in service Same as normal retirement benefit and no vesting period
condition applies. For the year ended
Limit H 20 lakhs 31-Mar-23 31-Mar-22
Particulars
(Restated)
(ii) The Company’s gratuity scheme : Present Value of Obligation as at the beginning 6,035.84 6,698.10
Current Service Cost 581.56 559.65
Benefits as per the Company’s Gratuity Scheme for HO Employees ( Category S - Staff ) Interest Cost 393.23 414.99
Re-measurement (gain) / loss arising from:
Salary for calculation of Gratuity (GS) Basic Salary + Special Pay + Personal Pay + Variable Dearness – change in demographic assumptions (232.65) –
Allowance + Fixed Dearness Allowance – change in financial assumptions (143.75) (120.30)
Gratuity Service (SER) Completed years of Continuous Service with part thereof in – experience adjustments (i.e. Actual experience vs assumptions) (51.94) (310.88)
excess of six months Benefits Paid (812.50) (1,368.56)
Vesting period 5 Years # Acquisition Adjustment ( SLL Mfg absorbed in Merger ) (3.51) 162.84
Benefit on normal retirement 21/26 * GS * SER Present Value of Obligation as at the end 5,766.27 6,035.84
Benefit on early retirement / Same as normal retirement benefit based on the service upto
termination / resignation / withdrawal the date of exit.
Corporate overview
Statutory reports
Note 21 : Employee Benefit Obligations (Contd..) Note 21 : Employee Benefit Obligations (Contd..)
Changes in the Fair Value of Plan Assets is as given below : (H in Lakhs)
(H in Lakhs) For the year ended
For the year ended 31-Mar-23 31-Mar-22
Particulars
Particulars
(Restated) Interest Expense or Cost 393.23 414.99
Fair Value of Plan Assets as at the beginning 914.70 830.35 Investment Income (410.30) (383.57)
Investment Income 60.33 51.45 Expense recognised in statement of profit and loss 564.49 613.47
Employer’s Contribution – 2.09 Re-measurement (gain) / loss arising from:
Benefits Paid (265.71) – Change in demographic assumptions (232.65) –
Return on plan assets , excluding amount recognised in interest 6.98 30.81 Change in financial assumptions (143.75) (120.30)
(expense)/income Experience adjustments (i.e. Actual experience vs assumptions) (51.94) (310.88)
Fair Value of Plan Assets as at the end 716.30 914.70 Return on plan assets , excluding amount recognised in interest 219.25 (274.61)
expense/(income)
Changes in the Fair Value of Reimbursement Right is as given below * (Amounts in J Lakhs) : (Income) / Expense recognised in Other Comprehensive Income (209.09) (705.79)
(H in Lakhs) Total Expense Recognised during the year 355.40 (92.32)
For the year ended
Major categories of Plan Assets & Reimbursement Right (as percentage of Total Assets)
31-Mar-23 31-Mar-22
Particulars
(Restated)
For the year ended
Fair Value of Reimbursement Right as at the beginning 5,306.40 5,360.58 31-Mar-23 31-Mar-22
Investment Income 349.97 332.12 Particulars
(Restated)
Employer’s Contribution – –
Benefits Paid (531.21) (630.10) Funds managed by Insurer 100% 100%
Return on plan assets , excluding amount recognised in interest (226.23) 243.80 Total 100% 100%
(expense)/income As the funds are managed wholly by the insurance company, the break-up of the plan assets is unavailable
Fair Value of Reimbursement Right as at the end 4,898.93 5,306.40
* Reimbursement right is a non-qualifying insurance policy under Ind AS 19 as it is with Bajaj Allianz Life Insurance Co. Ltd (a related party of The significant actuarial assumptions are as follows:
Bajaj Electricals Limited). The same has been disclosed in Note 10 and Note 14 of the standalone financials statements Financial Assumptions
Amount recognised in balance sheet is as given below (Amounts in J Lakhs) :
(H in Lakhs) As on
For the year ended Particulars 31-Mar-23 31-Mar-22
31-Mar-23 31-Mar-22
Particulars Discount rate (per annum) 7.25% 6.60%
(Restated)
Salary growth rate (per annum) 8.50% For HLL - 8.00%
Present Value of Obligation 5,766.27 6,035.84 For Others - 8.50%
Fair Value of Plan Assets 716.30 914.70
Surplus / (Deficit) (5,049.97) (5,121.16) Demographic Assumptions
Effects of Asset Ceiling, if any – –
Net Actuarially Valued Asset / (Liability) (5,049.97) (5,121.16) As on
Liability on an actual basis for employees at foreign branches – – 31-Mar-23 31-Mar-22
Total Net Asset / (Liability) (5,049.97) (5,121.16) Particulars
(Restated)
Amount recognised in statement of profit and loss and other comprehensive income is as given below : Mortality Rate 100% of IALM 12-14 100% of IALM 12-14
(H in Lakhs) Withdrawal rates, based on age: (per annum) :
For the year ended Up to 30 years 27.00% For HLL- 4.00%
For Others- 21.00%
31-Mar-23 31-Mar-22
Particulars 31 - 44 years 18.00% For HLL- 4.00%
(Restated)
For Others- 14.00%
Costs charged to statement of profit and loss : Above 44 years 18.00% For HLL- 4.00%
Current Service Cost 581.56 582.05 For Others- 12.00%
Corporate overview
Statutory reports
Summary of Membership Status b) Expected Contribution during the next annual reporting period (Amounts in J Lakhs)
(H in Lakhs)
(H in Lakhs)
As on
31-Mar-23 31-Mar-22
31-Mar-23 31-Mar-22 Particulars
Particulars (Restated)
(Restated)
The Company’s best estimate of Contribution during the next 650.03 186.16
Number of employees 2,406 2,259
year
Total monthly salary (H In Lakhs) 953.50 816.06
Average past service (years) 6.72 7.09
Average age (years) 37.39 37.24 c) Maturity Profile of Defined Benefit Obligation (Amounts in J)
Average remaining working life (years) 20.62 20.77 (H in Lakhs)
Number of completed years valued 16,157 16,018 31-Mar-23 31-Mar-22
Decrement adjusted remaining working life (years) 4.58 6.12 Particulars
(Restated)
Normal retirement age 58.00 58.00
Weighted average duration (based on discounted cashflows) 4 Years 5 Years
* The standard retirement date for executive employees is June 30 and the April 1st for the staff employees. In case of employees with age
above the normal retirement age indicated above, the retirement is assumed to happen immediately and valuation is done accordingly.
(H in Lakhs)
Sensitivity Analysis
Expected cash flows over the next (valued on undiscounted 31-Mar-23 31-Mar-22
The sensitivity analysis is determined based on reasonably possible changes of the assumptions occurring at basis): (Restated)
the end of the reporting period, while holding all other assumptions constant. (Amounts in H Lakhs)
1 year 1,775.19 1,530.53
(H in Lakhs) More than 1 and upto 2 years 775.69 582.55
More than 2 and upto 5 years 1,954.24 1,666.92
31-Mar-23 31-Mar-22
Particulars More than 5 and upto 10 years 2,001.55 2,194.44
(Restated)
More than 10 years 1,421.97 2,870.58
Defined Benefit Obligation (Base) 5,766.27 6,035.84
(H in Lakhs) d) Asset liability matching strategies
(Restated)
For gratuity, the Company has purchased insurance policy, which is basically a year-on-year cash
31-Mar-23 31-Mar-22 accumulation plan in which the interest rate is declared on yearly basis and is guaranteed for a period
Particulars Result of Result of Result of Result of of one year. The insurance company, as part of the policy terms, makes payment of all gratuity outgoes
decrease increase decrease increase happening during the year (subject to sufficiency of funds under the policy). The policy, thus, mitigates
the liquidity risk. However, being a cash accumulation plan, the duration of assets is shorter compared
Discount Rate (- / + 1%) 5,981.62 5,569.16 6,184.07 5,594.71
to the duration of liabilities. Thus, the Company is exposed to movement in interest rate (in particular, the
(% change compared to base due to sensitivity) 3.73% (3.42%) 2.46% (7.31%)
significant fall in interest rates, which should result in a increase in liability without corresponding increase
Salary Growth Rate (- / + 1%) 5,585.84 5,959.16 5,614.37 6,155.59
in the asset)
(% change compared to base due to sensitivity) (3.13%) 3.35% (6.98%) 1.98%
Attrition Rate (- / + 50% of attrition rates) 6,214.51 5,549.12 6,452.14 5,562.67 B. Provident Fund (Defined Benefit Plan) :
Mortality Rate (- / + 10% of mortality rates) 5,764.64 5,767.90 5,871.79 5,874.20 Bajaj Electricals Limited operates in two schemes for the compliance of provident fund statute - (i) Bajaj
(% change compared to base due to sensitivity) (0.03%) 0.03% (2.72%) (2.68%) Electricals Limited Employees’ Provident Fund Trust & Matchwel Electricals (India) Ltd Employees’ Provident
Fund Trust (defined benefit plan) and (ii) RPFC Contributions for provident fund (defined contribution plan).
The description of plans ability to affect the amount, timing and uncertainty of the entity’s future cash flows For exempt provident fund, the defined benefit obligation of the Company arises from the possibility that
during anytime in the future, the scheme may earn insufficient investment income to meet the guaranteed
a) Funding arrangements and Funding Policy
interest rate declared by government / EPFO / relevant authorities as well as for fund assets shortfall as against
The scheme is managed on funded basis. Payment for present liability of future payment of gratuity is the liabilities of the Trusts
being made to approved gratuity fund, which fully covers the same under Cash Accumulation Policies
The net defined benefit obligation as at the valuation date represents the excess of accumulated fund value
of the Life Insurance Corporation of India (LIC) and Bajaj Allianz Life Insurance Company Ltd. (BALIC).
(determined on actuarial basis) plus interest rate guaranteed liability over the fair value of plan assets or vice-
Every year, the insurance company carries out a funding valuation based on the latest employee data
a-versa
provided by the Company. Any deficit in the assets arising as a result of such valuation is funded by the
Company.
Corporate overview
Statutory reports
The benefit valued under PF obligation are summarised below: Amount recognised in balance sheet of Trusts is as given below:
Normal Retirement Age 58 Years * Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust (for Chakan unit employees) :
Benefit on normal retirement Accrued Account Value (H in Lakhs)
Benefit on early retirement / termination / resignation / withdrawal Accrued Account Value As on
Benefit on death in service Accrued Account Value Particulars 31-Mar-23 31-Mar-22
(Restated)
* The standard retirement date for executive employees is June 30th of every year and the same is April 1st of every year for the staff
employees. Present Value of Obligation 448.81 441.36
The company’s compliances for provident fund is governed by Employees’ Provident Fund and Miscellaneous Fair Value of Plan Assets 966.73 918.30
Provisions Act, 1952. Responsibility for governance of the plans, including investment decisions and contribution Surplus / (Deficit) 517.92 476.94
schedules lies jointly with the company and the board of trustees. The board of trustees are composed of Effects of Asset Ceiling, if any – –
representatives of the company and plan participants in accordance with the plan’s regulations Net Asset / (Liability) 517.92 476.94
The present value of obligation of Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust represents
Changes in the Present Value of Obligation of Trusts are as given below (Amounts in J Lakhs) :
the aggregate of accumulated fund value of H 441.90 lakhs (As on March 31, 2022 - H 433.36 lakhs) and interest
(H in Lakhs)
rate guarantee H 6.91 lakhs (As on March 31, 2022 - H 8.00 lakhs). Of the above, the interest rate guarantee
For the year ended is recognised as provision in the Company’s books, while the accumulated fund value is recognised by the
Particulars 31-Mar-23 31-Mar-22 Trust. The interest rate guarantee so recognised in the Company’s books is considered as non-current liability
(Restated)
Bajaj Electricals Limited Employees’ Provident Fund Trust (for H.O. employees) :
Present Value of Obligation as at the beginning 18,154.10 17,128.89 (H in Lakhs)
Interest Cost 1,288.11 1,112.74
As on
Particulars 31-Mar-23 31-Mar-22
Employee’s Contributions 1,516.25 1,392.61
(Restated)
Transfer In / (out) of the liability 749.03 149.76
Benefits Paid (2,343.73) (2,402.91) Present Value of Obligation 19,879.97 17,712.74
Re-measurement (gain) / loss arising from: Fair Value of Plan Assets 19,451.82 17,227.94
- experience variance (i.e. Actual experience vs assumptions), loss 116.85 503.78 Surplus / (Deficit) (428.15) (484.80)
if positive Effects of Asset Ceiling, if any – –
- change in financial assumptions (57.87) (483.40) Net Asset / (Liability) (428.15) (484.80)
Present Value of Obligation as at the end 20,328.77 18,154.10
The present value of obligation of Bajaj Electricals Limited Employees’ Provident Fund Trust represents the
Changes in the Fair Value of Plan Assets of Trusts are as given below (Amounts in J Lakhs) : aggregate of accumulated fund value of H 19,574.05 lakhs (As on March 31, 2022 - H 17,391.82 lakhs) and
(H in Lakhs) interest rate guarantee H 305.92 lakhs (As on March 31, 2022 - H 320.92 lakhs). Of the above, the interest
rate guarantee is recognised as provision in the Company’s books, while the accumulated fund value is
For the year ended recognised by the Trust. The interest rate guarantee so recognised in the Company’s books is considered as
Particulars 31-Mar-23 31-Mar-22 non-current liability.
(Restated)
Since interest rate guarantee is already accounted in BEL’s books, the liability of H 19,574.05 lakhs which
Fair Value of Plan Assets as at the beginning 18,146.23 16,256.04 is Accumulated Fund Value of H 122.23 lakhs in excess of Fair Value of Plan Assets of H 19,451.82 lakhs is
Investment Income 1,285.57 1,054.05 accounted by BEL as payable to Trust on shortfall of plan assets. During the financial year 2021-22, out of
Employer’s Contributions 848.57 697.24 the liability which had arisen mainly on account of negative return on plan assets contributed by negative
Employee’s Contributions 1,516.25 1,392.61 return on Trust’s investment in IL&FS as well as DHFL in past years; the partial recovery in the form of fresh debt
Transfers In 749.03 149.76 security units and cash has happened from DHFL and the differential value is funded by BEL to the Trust. BEL
Benefits Paid (2,343.73) (2,402.91) has also recorded full liability towards IL&FS which is to be paid by BEL to the Trust to the extent of unrecovered
Return on plan assets , excluding amount recognised in interest 216.62 999.44 balances from IL&FS
(expense)/income
Fair Value of Plan Assets as at the end 20,418.54 18,146.23 Bajaj Electricals Limited can offset an asset relating to one plan against a liability relating to another plan
when, and only when, Bajaj Electricals Limited has a legally enforceable right to use a surplus in one plan
A deterministic approach is considered to estimate the value of Interest Rate Guarantee on the Exempt
to settle obligations under the other plan; and intends either to settle the obligations on a net basis, or to
Provident Fund. The per annum cost of guarantee at which Interest Rate Guarantee Liability has been valued
realize the surplus in one plan and settle its obligation under the other plan simultaneously. However the
is mentioned below
two trusts namely Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust (for Chakan employees)
and Bajaj Electricals Limited Employees’ Provident Fund Trust (for H.O. employees) are independent trusts.
Corporate overview
Statutory reports
Accordingly, surplus assets of trust for Chakan employees cannot be offset against liability relating to trust for Summary of Membership Status :
H.O. employees
Amount recognised in statement of profit and loss and other comprehensive income of Trusts is as given As on
below : 31-Mar-23 31-Mar-22
(H in Lakhs) (Restated)
For the year ended Dormant/Inoperative Employees 3,871 3,523

Particulars 31-Mar-23 31-Mar-22 Live Number of employees 1,852 1,705
(Restated) Total Number of employees 5,723 5,228
Costs charged to statement of profit and loss : Major categories of Plan Assets (as percentage of Total Plan Assets)
Interest Cost 1,288.11 1,112.74
As on
Investment Income (1,285.57) (1,054.05)
31-Mar-23 31-Mar-22
Expense recognised in statement of profit and loss 908.57 811.32
(Restated)
– Experience variance (i.e. Actual experience vs assumptions) * 116.85 503.78 Government of India securities 3.70% 4.40%
– change in financial assumptions (57.87) (483.40) State Government securities 38.60% 38.50%
Return on plan assets , excluding amount recognised in interest (216.62) (999.44) High quality corporate bonds 33.60% 31.30%
expense/(income) Equity shares of listed companies 0.00% 0.00%
Expense recognised in Other Comprehensive Income (157.64) (979.06) Special Deposit Scheme 7.50% 8.40%
Total Expense Recognised during the year 750.93 (167.74) Funds managed by Insurer 0.00% 0.00%
* included in other comprehensive income in the statement of profit and loss Bank balance 0.50% 0.30%
Other Investments 16.10% 17.10%
The significant actuarial assumptions are as follows : Total 100.00% 100.00%
Financial and Demographic Assumptions
(H in Lakhs) Sensitivity Analysis
(Restated) The sensitivity analysis is determined based on reasonably possible changes of the assumptions occurring at
As on As on the end of the reporting period, while holding all other assumptions constant.
31-Mar-23 31-Mar-22 (H in Lakhs)
Particulars
HO Unit Chakan Unit HO Unit Chakan Unit 31-Mar-23 31-Mar-22
(Restated)
Discount rate (per annum) 6.94% 6.94% 7.46% 7.46%
Interest rate guarantee (per annum) 8.10% 8.10% 8.15% 8.15% Defined Benefit Obligation (Base) 20,328.78 18,154.10
Discount Rate for the Remaining Term to Maturity 6.94% 6.94% 7.46% 7.46% (H in Lakhs)
of the Investment (p.a.) (Restated)
Average Historic Yield on the Investment (p.a.) 7.82% 7.82% 7.93% 7.93%
Mortality Rate 100.00% 100.00% 100.00% 100.00% As on As on
31-Mar-23 31-Mar-22
Particulars Result of Result of Result of Result of
As on decrease increase decrease increase
31-Mar-23 31-Mar-22
(Restated) Discount Rate (- / + 1%) 20,342.38 20,316.02 18,292.09 18,016.94
Live Employees Live Employees
Interest rate guarantee (- / + 1%) 20,015.95 21,761.17 17,825.18 19,349.12
Attrition Rate, based on ages: 19,879.97 17,712.74 (% change compared to base due to sensitivity) (1.54%) 7.05% (1.81%) 6.58%
– Upto 30 years 4.99% 4.99%
– 31 to 44 years 3.63% 3.63% The description of plans ability to affect the amount, timing and uncertainty of the entity’s future cash flows
– 45 to 57 years 3.62% 3.62% a) Funding arrangements and Funding Policy
– Above 57 years 0.38% 0.38% The scheme is managed on funded basis. Payment for present liability of future payment of PF is made by
the Company towards shortfall of Bajaj Electricals Limited Employees’ Provident Fund Trust and Matchwel
Electricals (India) Ltd Employees’ Provident Fund Trust. The investments for the same are managed by
Corporate overview
Statutory reports
Note 21 : Employee Benefit Obligations (Contd..) Note 22 : Trade Payables (Contd..)
Trustees as per advice and recommendations of a professional consultant and in compliance of obligatory Principal amount and interest due thereon remaining unpaid to any supplier covered under MSMED Act, 2006:
pattern of investments as per government notification in official gazette for the pattern of investment (H in Lakhs)
for EPF exempted establishments. Any deficit in the assets of PF Trusts is funded by the Company. The
31-Mar-23 31-Mar-22
provident fund for certain employees is a defined contribution plans covered under RPFC Contributions Particulars
(Restated)
b) Expected contribution during the next annual reporting period (Amounts in J Lakhs) Principal 4,711.91 6,769.62
(H in Lakhs) Interest 556.20 369.32
31-Mar-23 31-Mar-22 The amount of interest paid by the buyer in terms of Section 16, of the 369.32 328.05
(Restated) MSMED Act, 2006 along with the amounts of the payment made to the
supplier beyond the appointed day during each accounting year.
The Trusts’ best estimate of Contribution during the next year 889.17 790.26 The amount of interest due and payable for the period of delay in – –
This has been calculated assuming that the employer’s contribution next year shall increase by 5%. making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
c) Asset liability matching strategies MSMED Act, 2006.
The amount of interest accrued and remaining unpaid at the end of 556.20 369.32
For PF Trust Investments, the same are managed by Trustees as per advice and recommendations of a
each accounting year.
professional consultant. The Employees’ Provident Fund Organisation, Ministry of Labour, Government
The amount of further interest remaining due and payable even in the – –
of India, vide its notification in official gazette notified the pattern of investment for EPF exempted
succeeding years, until such date when the interest dues as above are
establishments, which depicts the obligatory pattern of investments of PF contributions and interests. The
actually paid to the small enterprise for the purpose of disallowance as
pattern mandates to invest as below :
a deductible expenditure under section 23 of the MSMED Act, 2006.
Category / Sub-Category Percentage of amount to be invested Trade Payables aging schedule as at March 31, 2023
(H in Lakhs)
Government Securities and Related Investments Minimum 45% and upto 50%
Debt Instruments and Related Investments Minimum 35% and upto 45% Outstanding for following periods from transaction date
Short-Term Debt Instruments and Related Investments Upto 5% Particulars Not Due Less than 1-2 Years 2-3 years More than Total
Equity and Related Investments Minimum 5% and upto 15% 1 Year 3 years
Asset Backed, Trust Structured and Miscellaneous Investments Upto 5% (i) MSME 720.76 2,914.74 50.58 2.65 49.11 3,737.84
(ii) Others 55,191.91 41,711.63 41,850.46 2,421.22 9,582.59 1,50,757.81
C. Expenses Recognised during the year (Defined Contribution Plan) : (iii) Disputed Dues - MSME 279.59 – – – 1,250.67 1,530.26
(H in Lakhs) (iv) Disputed Dues – Others – 0.12 0.07 0.42 2.75 3.36
For the year ended TOTAL 56,192.26 44,626.49 41,901.11 2,424.29 10,885.12 1,56,029.27
Particulars 31-Mar-23 31-Mar-22 Trade Payables aging schedule6 as at March 31, 2022
(Restated) (H in Lakhs)
Provident Fund 206.75 122.71 (Restated)
Superannuation 226.11 238.04 Outstanding for following periods from due date of payment
Pension 539.75 522.61 Particulars Not Due Less than 1 1-2 Years 2-3 years More than Total
Year 3 years
Note 22 : Trade Payables (i) MSME 4,641.25 1,173.28 29.35 209.61 – 6,053.49
(H in Lakhs) (ii) Others 71,521.95 24,706.98 5,091.65 3,186.80 10,728.76 1,15,236.14
31-Mar-23 31-Mar-22 (iii) Disputed Dues - MSME – – – – 1,085.45 1,085.45
Particulars
(Restated) (iv) Disputed Dues – Others – 7.84 – 1.83 12.04 21.71
TOTAL 76,163.20 25,888.10 5,121.00 3,398.24 11,826.25 1,22,396.79
Current
Trade payable due to others 1,50,753.77 1,14,943.32
Dues to micro, small and medium enterprises * 5,268.10 7,138.94
Trade payable to related parties 7.40 314.53
Total current trade payables 1,56,029.27 1,22,396.79
* Information as required to be furnished as per Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is given
below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.
Corporate overview
Statutory reports
Note 23 : Other Current Liabilities Note 26 : Cost of raw materials consumed
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Statutory liabilities payable 3,153.13 2,845.79 Raw materials at the beginning of the year 10,623.09 11,384.06
Deferred revenue * 3,123.44 17,087.79 Add : Purchases 53,479.30 49,385.54
Others 975.81 1,111.33 Less : Raw materials at the end of the year 12,424.63 10,623.09
Total other current liabilities 7,252.38 21,044.91 Total cost of raw material consumed 51,677.76 50,146.51
* Deferred revenue includes H 2,773.74 lakhs (March 31, 2022 - H 16,738.10 lakhs) for accrual of points under the Retailer Bonding Program and
H 349.70 lakhs (March 31, 2022 - H 349.70) for warranty provision considered as a separate performance obligation. The reduction in deferred Note 26 : Changes in inventories of work-in-progress, finished goods, traded goods
revenue of H 10,493.85 lakhs towards retailer bonding program has been accounted in revenue from operations.
(H in Lakhs)
Note 24 : Revenue from operations 31-Mar-23 31-Mar-22
Particulars
(Restated)
(H in Lakhs)
31-Mar-23 31-Mar-22 Opening balance
Particulars Work in progress 2,016.49 1,926.30
(Restated)
Finished Goods 2,033.54 2,126.50
Sale of products 4,31,340.75 4,24,809.93 Traded goods 82,418.20 84,657.28
Contract Revenue 1,01,500.77 45,537.77 Total opening balance 86,468.23 88,710.08
Other operating revenue Closing balance
Scrap sales 7,938.20 6,676.28 Work in progress 5,355.77 2,016.49
Insurance claims 266.89 364.85 Finished Goods 2,163.97 2,033.54
Writeback of provisions 584.55 463.64 Traded goods 83,504.69 82,418.20
Others 109.75 966.79 Total Closing balance 91,024.43 86,468.23
Total revenue from operations (Refer Note 41(i)) 5,41,740.91 4,78,819.26 Total Changes in inventories of work in progress, traded goods and (4,556.20) 2,241.85
finished goods
Note 25 : Other income
Note 27 : Erection & subcontracting expenses
(H in Lakhs)
Particulars
(Restated) 31-Mar-23 31-Mar-22
Particulars
Interest income on bank deposits and others 864.44 215.21 (Restated)
Interest income from financial assets at amortised cost 816.95 666.15 Erection and subcontracting expense 5,409.03 13,388.60
Interest on income tax refund – 476.30 Total Erection and subcontracting expense 5,409.03 13,388.60
Rental income 251.57 254.70
Net gain on disposal of property, plant & equipment 279.91 1,070.09
Net gain from sale of investment 310.56 – Note 28 : Employee benefits expenses
Others
(H in Lakhs)
Impairment allowance on trade receivables and others written back 1,015.12 2,679.20
Credit balance written back 3,492.37 1,613.88 31-Mar-23 31-Mar-22
Particulars
Gain on termination of right-of-use assets 27.24 16.79 (Restated)
Others 1,273.82 249.24 Salaries, wages and bonus 37,271.75 35,604.14
Total other income 8,331.98 7,241.56 Contribution to provident and other funds (Note 21) 1,896.81 1,745.32
Employees share based payment expense (Note 33) 1,084.00 580.85
Gratuity (Note 21) 564.49 613.47
Staff welfare expenses 1,092.03 1,000.57
Total employee benefit expense 41,909.08 39,544.35
Corporate overview
Statutory reports
Note 29 : Depreciation and amortisation expense Note 30(a) : Details of payment to auditors
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Depreciation of property, plant and equipment and investment 4,367.13 4,326.31 Payment to Auditors
properties (Note 2 & 4.1) As Auditor
Amortisation of intangible assets (Note 4) 727.04 129.47 Audit fee 148.00 145.06
Depreciation of Right of Use assets (Note 3) 2,447.70 1,848.38 Tax audit fee 6.00 5.25
Total depreciation and amortisation expense 7,541.87 6,304.16 Limited review fees 53.85 47.00
In other capacities
Certification fees 6.10 16.35
Note 30 : Other expenses
Re-imbursement of expenses 3.62 2.59
(H in Lakhs) Total payment to auditors 217.57 216.25
31-Mar-23 31-Mar-22
Particulars
(Restated) Note 31 : Finance costs
Consumption of stores & spares 1,702.64 798.70 (H in Lakhs)
Packing material consumed 3,056.07 1,437.01
31-Mar-23 31-Mar-22
Power and fuel 1,084.94 1,433.79 Particulars
(Restated)
Rent (refer note 42) 971.93 2,304.28
Repairs and maintenance Interest expense on borrowings and financing activities 2,158.32 5,050.95
Plant and machinery 707.29 1,157.38 Interest expense on mobilization advances 1,703.93 909.74
Buildings 33.74 13.74 Interest expense on lease liability (refer note 3) 544.44 544.65
Others 355.24 460.30 Unwinding of discount on provisions 214.11 187.74
Telephone and communication charges 820.30 801.28 Exchange differences regarded as an adjustment to borrowing costs – 2.18
Rates and taxes 100.75 196.90 Other borrowing costs 149.52 183.33
Travel and conveyance 4,448.28 2,954.92 Total 4,770.32 6,878.59
Insurance 2,096.96 1,068.50 Finance cost capitalised – (11.43)
Printing and stationery 122.79 125.08 Finance cost expensed in profit and loss 4,770.32 6,867.16
Directors fees 77.00 117.05
Non executive directors commission 57.00 85.00
Note 32 : Income Tax Expense
Advertisement & publicity 13,479.66 11,774.16
Freight & forwarding 13,262.38 9,429.26 (a) Income Tax Expense
Product promotion & service charges (net) 21,796.93 12,768.81
Sales commission 1,126.20 1,168.26 (H in Lakhs)
Provision for service warranties (2,437.53) (1,273.25) 31-Mar-23 31-Mar-22
Impairment allowance for doubtful debts and advances (net of 1,477.97 1,378.21 Particulars
(Restated)
reversals)
Bad debts and other irrecoverable debit balances written off 570.90 1,072.52 Current Tax
Payments to auditors (refer note 30(a)) 217.57 216.25 Current income tax charge 5,178.79 5,321.86
Corporate social responsibility expenditure (refer note 43) 300.63 329.58 Adjustments of tax relating to earlier periods – (489.34)
Impairment of property, plant and equipment – 845.00 Total Current tax expense 5,178.79 4,832.52
Legal and professional fees 3,073.19 2,594.86 Total deferred tax expense / (benefit) 3,543.38 (649.73)
Site support charges 520.76 1,849.22 Income tax expense in the statement of profit and loss 8,722.17 4,182.79
Sales tax expenses (30.11) 232.49
Security service charges 888.26 1,274.83
Software expenses (AMC) 2,897.25 2,440.32
Warehouse Management Services 5,493.75 4,255.14
Miscellaneous expenses 8,972.56 9,517.37
Total other expenses 87,245.30 72,826.96
Corporate overview
Statutory reports
Note 32 : Income Tax Expense (Contd..) Note 33 : Employee stock options : (Contd..)
(b) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate:
(H in Lakhs)
Sr.
31-Mar-23 31-Mar-22 Particulars BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
Particulars No.
(Restated)
4 The Pricing Formula Closing price on the stock exchange where there is highest traded volume on
Profit from continuing operations before income tax expense 31,772.69 17,861.46 working day prior to the date of grant.
Income Tax @ standard tax rate of 25.168% (March 31, 2022 - 7,996.55 4,495.37 5 Maximum term of 7 Years 7 Years 7 Years
25.168%) Options granted
Permanent differences due to: (years)
Corporate social responsibility 67.21 132.71
6 Method of Equity settled Equity settled Equity settled
Interest on micro, small & medium enterprises 128.29 92.96
Settlement
Donation expenses 6.48 19.89
Adjustment of tax relating to earlier periods – (489.34) 7 Source of shares Fresh Issue Fresh Issue Fresh Issue
Deferred tax written off on account of utilisation of business losses 393.95 – 8 Variation in terms Nil Nil The Nomination & Remuneration
Loss on impairment of capital assets 214.09 – of ESOP Committee of the Company at
Others (84.40) (68.80) its meeting held on 12 November
Income Tax Expense reported in statement of profit and loss 8,722.17 4,182.79 2021 amended the Scheme to
align it with the requirements of
the SEBI (Share Based Employee
Note 33 : Employee stock options : Benefits and Sweat Equity)
A. Summary of Status of ESOPs Granted : Regulations, 2021
9 Equity Shares The Company has 10,830,633 Equity Shares of H2/- each available to issue as
The position of the existing schemes is summarized as under :
reserved for issue Employees Stock Options as its Total Pool Size as of March 31, 2023, of which number
under Employee of stock options not yet granted under ESOP 2015 scheme are 85,913, number
Sr. Stock Options of stock options vested & exercisable under ESOP 2011 & ESOP 2015 schemes
Particulars BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
No. outstanding as at are 296,790 and number of stock options unvested under ESOP 2015 scheme
March 31, 2023 are 850,750. Thus, total equity shares reserved for issuance under ESOP Scheme
I. Details of the ESOS :
outstanding as at March 31, 2023 are 1,233,453.
1 Date of Originally approved in AGM held on 26 Jul 2007 As per the Postal Ballot dated 21
Shareholder’s and revised in AGM held on 28 Jul 2010 Jan 2016
II. Option Movement during the year ended March 31, 2023
Approval
(H in Lakhs)
2 Total Number of Bajaj Growth 2007 Scheme approved 4,321,440 30,27,073 shares of face value
Options approved shares of face value H2 each (erstwhile 864,288 H2 each equivalent to 3% of BAJAJ GROWTH ESOP 2011 ESOP 2015
shares of H10 each prior to share-split) equivalent paid up equity i.e. 100,902,426 2007
Sr.
to 5% of paid up equity shares i.e. 86,428,800 shares as at the date of the Particulars No. of Wt. avg No. of Wt. avg No. of Wt. avg
shares as at the date of the announcement of No.
announcement of scheme. options exercise options exercise options exercise
scheme. The ESOP 2011 being the modified ESOP price price price
2007 Scheme approved aggregate of 78,03,560
shares of face value H2 each equivalent to 8% 1 No. of Options Outstanding at the – – 1,900 257.81 11,72,520 752.14
of paid up equity shares i.e. 97,544,495 as at the beginning of the year
date of the announcement of scheme. 2 Options Granted during the year – – – – 3,27,500 1,138.71
3 Vesting Options’ vesting happen only on continuation of employment being the vesting 3 Options Forfeited / Surrendered – – – – 1,48,750 806.79
Requirements & requirement. The options are granted to employees with grade Assistant General during the year
Exercise Period Manager and above. As per Securities and Exchange Board of India (Share 4 Options Expired (Lapsed) during – – 1,250 257.81 2,875 361.28
Based Employee Benefits) Regulations, 2014, SEBI (Share Based Employee Benefits) the year
(Amendment) Regulations, 2015 and SEBI (Share Based Employee Benefits and 5 Options Exercised during the year – – 650 257.81 2,00,855 445.97
Sweat Equity) Regulations, 2021, there is a minimum period of one year between 6 Number of options outstanding at – – – – 11,47,540 909.95
the grant of options and vesting of option observed by the Company. As per the the end of the year
Company Policy, the vested options can be exercised anytime upto 3 years from 7 Number of options exercisable at – – – – 2,96,790 688.66
date of vesting. Options granted under the plan carry no dividend or voting rights till the end of the year
the options are excercised and duly allotted to the employees. When exercisable,
each option is convertible into one equity share.
Corporate overview
Statutory reports
Note 33 : Employee stock options : (Contd..) Note 33 : Employee stock options : (Contd..)
Option Movement during the year ended March 31, 2022 (H in Lakhs)
(H in Lakhs)
BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015 Range of Exercise Price
Weighted average contractual life (years) as on March 31, 2022
Sr. No. of Wt. avg No. of Wt. avg No. of Wt. avg
Particulars 0 to 100 Nil Nil Nil
No. options exercise options exercise options exercise
price price price No. of Options Outstanding Nil Nil Nil
101 to 200 Nil Nil Nil
1 No. of Options Outstanding at the – – 28,400 290.26 11,03,140 466.01 No. of Options Outstanding Nil Nil Nil
beginning of the year 201 to 300 Nil 0.35 0.99
2 Options Granted during the year – – – – 5,17,500 1,116.35 No. of Options Outstanding Nil 1,900 13,125
3 Options Forfeited / Surrendered – – 2,750 257.81 1,24,625 558.84 301 to 400 Nil Nil 3.42
during the year No. of Options Outstanding Nil Nil 2,85,900
4 Options Expired (Lapsed) during – – 3,250 261.44 6,500 347.76 401 to 500 Nil Nil 3.76
the year No. of Options Outstanding Nil Nil 1,20,500
5 Options Exercised during the year – – 20,500 302.19 3,16,995 435.28 501 to 600 Nil Nil 2.58
6 Number of options outstanding at – – 1,900 257.81 11,72,520 752.14 No. of Options Outstanding Nil Nil 58,750
the end of the year 601 to 700 Nil Nil 2.69
7 Number of Options exercisable at – – 1,900 257.81 2,32,895 464.43 No. of Options Outstanding Nil Nil 92,795
No. of Options Outstanding Nil Nil 98,950
III. Weighted Average remaining contractual life
(H in Lakhs)
No. of Options Outstanding Nil Nil Nil
BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015 901 to 1000 Nil Nil Nil
Range of Exercise Price
Weighted average contractual life (years) as on March 31, 2023 No. of Options Outstanding Nil Nil Nil
1001 to 1100 Nil Nil 5.02
1101 to 1200 Nil Nil 5.27
No. of Options Outstanding Nil Nil 3,97,500
1201 to 1300 Nil Nil 5.51
201 to 300 Nil Nil 0.40
301 to 400 Nil Nil 2.93 IV Weighted average Fair Value of Options Granted during the year ended March 31, 2023 whose
No. of Options Outstanding Nil Nil 1,40,725 (H in Lakhs)
401 to 500 Nil Nil 3.18
No. of Options Outstanding Nil Nil 77,750 BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
501 to 600 Nil Nil 1.89 (a) Exercise price equals market price No options were No options were 481.74
No. of Options Outstanding Nil Nil 42,250 (b) Exercise price is greater than granted during the granted during None
601 to 700 Nil Nil 1.78 market price year the year
No. of Options Outstanding Nil Nil 48,815 (c) Exercise price is less than market None
701 to 800 Nil Nil 3.67 price
801 to 900 Nil Nil Nil Weighted average Fair Value of Options Granted during the year ended March 31, 2022 whose
No. of Options Outstanding Nil Nil Nil (H in Lakhs)
901 to 1000 Nil Nil 5 BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
1001 to 1100 Nil Nil 4.02 (a) Exercise price equals market price No options were No options were 458.10
No. of Options Outstanding Nil Nil 55,000 (b) Exercise price is greater than granted during the granted during the None
1101 to 1200 Nil Nil 4.67 market price year year
No. of Options Outstanding Nil Nil 6,31,800 (c) Exercise price is less than market None
1201 to 1300 Nil Nil 4.51 price
Corporate overview
Statutory reports
V The weighted average market price of options exercised : Exercise Price: Exercise Price of each specific grant has been considered.
(H in Lakhs) Time to Maturity: Time to Maturity / Expected Life of options is the period for which the Company expects the
options to be live.
During the year ended March 31, 2023 NIL 989.70 1,135.93 Expected divided yield: Expected dividend yield has been calculated as an average of dividend yields for
During the year ended March 31, 2022 Nil 1,088.36 1,094.25 five financial years preceding the date of the grant
VI Method and Assumptions used to estimate the fair value of options granted during the year ended March 31, 2023: VII Effect of Share-Based Payment Transactions on the Entity’s Profit or Loss for the year (H In Lakhs) :
(H in Lakhs)
The fair value has been calculated using the Black Scholes Option Pricing model
The Assumptions used in the model are as follows: 1 Employee Stock Option Plan Expense 1,084.00 580.85
2 Total ESOP Reserve at the end of the year 1,874.06 1,198.56
Variables Weighted Average Weighted Average Weighted Average
Note 34 : Fair value measurements
1. Risk Free Interest Rate 6.98%
2. Expected Life (in years) 4.15 (i) Financial instruments by category
3. Expected Volatility No options 42.99%
No options granted The carrying amounts of financial instruments by class are as follows
4. Dividend Yield granted during 26.53%
during the year (H in Lakhs)
5. Exercise Price (H) the year 1138.71
6. Price of the underlying share in market 1138.71 As at As at
at the time of the option grant. (H) Particulars 31-Mar-23 31-Mar-22
(Restated)
Method and Assumptions used to estimate the fair value of options granted during the year ended March 31, 2022:
A. Financial assets
The fair value has been calculated using the Black Scholes Option Pricing model I. Measured at amortized cost
Trade Receivables 1,56,483.74 1,35,767.05
The Assumptions used in the model are as follows: Loans 6,358.21 4,790.19
Cash and Cash Equivalents 34,047.35 11,834.91
BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015 Bank Balances other than above 2,871.68 2,352.64
Variables Weighted Average Weighted Average Weighted Average Other Financial Assets 4,180.43 4,182.00
II. Measured at fair value through profit and loss (FVTPL)
1. Risk Free Interest Rate 5.44% Other Financial Assets
2. Expected Life (in years) 4.15 – Forward contracts 111.85 329.43
3. Expected Volatility No options 42.92% Investments 4,678.81 489.73
No options granted
4. Dividend Yield granted during 0.00% 2,08,732.07 1,59,745.95
during the year
5. Exercise Price (H) the year 1116.35 B. Financial liabilities
6. Price of the underlying share in market 1116.35 I. Measured at amortized cost
at the time of the option grant. (H) Borrowings 16.65 3,581.90
Trade Payables 1,56,029.27 1,22,396.78
Assumptions:
Other Financial Liabilities 69,859.79 46,047.28
Stock Price: Closing price on National Stock Exchange on the date of grant has been considered Lease Liabilities 10,123.64 4,587.80
II. Measured at fair value through profit and loss (FVTPL)
Volatility: The expected price volatility is based on the historic volatility, adjusted for any expected changes to Other Financial Liabilities
future volatility due to publicly available information. The volatility is calculated considering the daily volatility – Forward contracts 12.62 8.97
of the stock prices on National Stock Exchange of India Ltd. (NSE), over a period prior to the date of grant 2,36,041.97 1,76,622.73
corresponding with the expected life of the options.
* Includes investment in preference shares of Starlite Lighting Limited (joint venture), where fair value is NIL
Risk-free rate of return: The risk-free interest rate being considered for the calculation is the interest rate
applicable for a maturity equal to the expected life of the options based on the zero-coupon yield curve for
Government Securities
Corporate overview
Statutory reports
Note 34 : Fair value measurements (Contd..) Note 34 : Fair value measurements (Contd..)
(ii) Set out below, is a fair value measurement hierarchy and comparison by class of carrying amounts and fair carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised in profit or loss. An
value of the Company’s financial instruments, other than those with carrying amounts which are reasonable impairment loss recognised for goodwill is not reversed in subsequent periods.
approximations of their fair values:
Significant unobservable inputs used in Level 3 fair values as at March 31, 2023
(H in Lakhs)
Fair Values Measurement using Significant
Particulars Sensitivity
Carrying Unobservable Inputs
Fair Values Level 1 Level 2 Level 3
values
Loans, advances BEL Nashik Unit BEL Nashik Unit
As at March 31, 2023 and Investments Discount rate – The enterprise value is greater than the value of the goodwill
Other Financial Assets in Nirlep 16.60% plus WDV of CGU of Nashik Unit and considering the sensitivity
– Forward contracts Mark to Market 111.85 111.85 – 111.85 – Appliances around the assumptions used, there is no impairment required
Terminal value
Investments Net Asset Value 4,678.81 4,678.81 – – 4,678.81 Private Limited as on March 31, 2023
growth rate – 3%
(note a) and evaluation
Nirlep Appliances 0.25% increase in discount rate will decrease fair value by H
Other Financial Liabilities of Goodwill
Private Limited 536.71 lakhs.
– Forward contracts Mark to Market (12.62) (12.62) – (12.62) – and CGU of BEL
4,778.04 4,778.04 – 99.23 4,678.81 Nashik Unit ( Discount rate – 0.25% decrease in discount rate will increase the fair value by
As at March 31, 2022 erstwhile Starlite 15.50% H 555.90 lakhs
Other Financial Assets Lighting Limited ) Terminal value 0.25% increase in terminal value growth rate will increase fair
– Forward contracts Mark to Market 329.43 329.43 – 329.43 – growth rate – 3%” value by H 343.11 lakhs.
Investments Net Asset Value 489.73 489.73 – – 489.73 0.25% decrease in terminal value growth rate will decrease the
(note a) fair value by H 330.73 lakhs
Other Financial Liabilities Nirlep Appliances Private Limited
– Forward contracts Mark to Market (8.97) (8.97) – (8.97) –
The enterprise value is greater than the value of the debt of
810.19 810.19 – 320.46 489.73
NAPL and considering the sensitivity around the assumptions
There have been no transfers between Level 1 and Level 2 during the period. used, there is no impairment required as on March 31, 2023
0.25% increase in discount rate will decrease the fair value by
Note a H 194.35 lakhs.
In case of Bharat Innovation Fund, the fair value has been determined based on the NAV (net asset value) as 0.25% decrease in discount rate will increase the fair value by
per the statement issued by Bharat Innovation Fund. H 202.05 lakhs
0.25% increase in terminal value growth rate will increase fair
Note b
value by H 161.32 lakhs.
The Company has given long term loans and advances to Nirlep Appliances Private Limited. The Company 0.25% decrease in terminal value growth rate will decrease the
has determined the amount of loss allowance as per impairment requirements of Ind AS 109. Based on fair value by H 155.00 lakhs
independent valuation performed by an external valuer based on the discounted cash flow model, the
Company has determined that no liability has materialised as at March 31, 2023. The valuation has been (iii) Reconciliation of Level 3 fair value measurement
performed using the below stated significant unobservable inputs as at March 31, 2023. (H in Lakhs)
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred Particulars Amount
and the amount recognised for non-controlling interests, and any previous interest held, over the net
Balance as on 31st March 2021 664.23
identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less
Change during the year (194.49)
any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business
Loss recognised in statement of profit and loss 19.99
combination is, from the acquisition date, allocated to each of the Company’s cash-generating units that are
expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree
Change during the year 4,610.49
are assigned to those units.
Profit recognised in statement of profit and loss (421.41)
A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more Balance as on 31st March 2023 4,678.81
frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash
generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the
Corporate overview
Statutory reports
Note 35: Financial risk management objectives and policies Note 35: Financial risk management objectives and policies (Contd..)
The maximum exposure to credit risk as at March 31, 2023 and March 31, 2022 is the carrying value of such
The Company’s principal financial liabilities comprise of trade payables, borrowings, lease liabilities and other
trade and other receivables as shown in note 6, 8 and 13 of the standalone financial statements. “
financial liabilities. The main purpose of these financial liabilities is to finance the entity’s operations and to provide
support for its operations. The Company’s principal financial assets include trade receivables, cash and cash Reconciliation of impairment allowance on trade and other receivables
equivalents and bank balances, loans and other financial assets, that derive directly from its operations. (H in Lakhs)
The Company lays down appropriate policies and procedures to ensure that financial risks are identified, Particulars Amount
measured and managed in accordance with the entity’s policies and risk objectives. Impairment allowance on March 31, 2021 12,947.69
The Company is exposed to credit risk, liquidity risk and market risk, which are explained in detail below: Additions during the year 4,778.93
Reversals during the year since amounts are written off (3,325.41)
(A) Credit risk Reversal during the year since provision no longer required (3,227.56)
Impairment allowance on March 31, 2022 11,173.65
Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual Additions during the year 2,049.51
obligations. Credit risk encompasses the direct risk of default, the risk of deterioration of creditworthiness as Reversals during the year since amounts are written off (596.54)
well as concentration risks. The Company is exposed to credit risk from its operating activities mainly in relation Reversal during the year since provision no longer required (1,623.69)
to trade and other receivables and bank deposits. Further, the Company is also exposed to credit risk arising Impairment allowance on March 31, 2023 11,002.93
from its loans, advances and investments of its affiliate companies.
Trade and other receivables Bank deposits
Trade and other receivables of the Company are typically unsecured and credit risk is managed through The Company maintains its cash and bank balances with credit worthy banks and financial institutions and
credit approvals and periodical monitoring of the creditworthiness of customers to which the Company reviews it on an on-going basis. Moreover, the interest-bearing deposits are with banks and financial institutions
grants credit terms. of reputation, good past track record and high-quality credit rating. Hence, the credit risk is assessed to be
low. The maximum exposure to credit risk as at March 31, 2023 and March 31, 2022 is the carrying value of such
In respect of trade receivables, the Company typically operates in two segments: cash and cash equivalents and deposits with banks as shown in note 8 and 12 of the financials.
Consumer products & Lighting Solutions Loans, advances and investments with affiliate companies
The Company sells the products mainly through various channels i.e. dealers and distributors, institutions and The Company has given loans and advances to its affiliate company (Nirlep Appliances Private Limited)
e-commerce and through government sector. The appointment of dealers, distributors, institutions is strictly to meet their capex and working capital requirements. Further, the Company also has made strategic
driven as per the standard operating procedures and credit policy followed by the Company. In case of investments (equity investments) in this entity. All such loans / advances / investments and their respective
government sector, the credit risk is low. terms and conditions are duly approved by the Board of Directors of the Company. These entities also act as
a strategic source of product supply to the Company.
Engineering and projects
The exposure on these loans / advances / investments are reviewed on regular basis for their recoverability on
The Company undertake projects for government institutions (including local bodies) and private institutional
the basis of their business plan, future profitability, cash flow projections, market value of the assets, etc. Such
customers. The credit concentration is more towards government institutions. These projects are normally of
assessment is performed by the management through an independent external valuer based on which any
long term duration of two to three years. Such projects normally are regular tender business with the terms and
expected credit losses are provided for in the books. (Refer Note 5 and 14)”
conditions agreed as per the tender. These projects are fully funded by the government of India through Rural
Electrification Corporation, Power Finance Corporation, and Asian Development Bank etc. The Company (B) Liquidity risk
enters into such projects after careful consideration of strategy, terms of payment, past experience etc.
he Company has a central treasury department, which is responsible for maintaining adequate liquidity in the
In case of private institutional customers, before tendering for the projects company evaluate the system to fund business growth, capital expenditures, as also ensure the repayment of financial liabilities. The
creditworthiness, general feedback about the customer in the market, past experience, if any with customer, department obtains business plans from business units including the capex budget, which is then consolidated
and accordingly negotiates the terms and conditions with the customer. and borrowing requirements are ascertained in terms of long term funds and short-term funds. Considering
the peculiar nature of EPC business, which is very working capital intensive, treasury maintains flexibility in
The Company assesses its trade and other receivables for impairment at the end of each reporting period. In
funding by maintaining availability under committed credit lines in the form of fund based and non-fund
determining whether an impairment loss should be recorded in profit or loss, the Company makes judgements
based (LC and BG) limits.
as to whether there is observable data indicating a measurable decrease in the estimated future cash flows
from such trade and other receivables. In respect of trade receivables the Company has a provisioning policy The limits sanctioned and utilised are then monitored monthly, fortnightly and daily basis to ensure that
that is commensurate to the expected losses. The provisioning policy is based on past experience, customer mismatches in cash flows are taken care of, all operational and financial commitments are honoured on time
creditability, and also on the nature and specifics of business especially in the engineering and projects and there is proper movement of funds between the banks from cashflow and interest arbitrage perspective.
division. In case of engineering projects, the Company also provides on more case-to-case basis, since they
are large projects in individuality.
Corporate overview
Statutory reports
Note 35: Financial risk management objectives and policies (Contd..) Note 35: Financial risk management objectives and policies (Contd..)
(i) Financing arrangements The Company operates in the global market and is therefore exposed to foreign exchange risk arising
from foreign currency transactions, primarily with respect to the US Dollar (‘USD’), Euro (‘EUR’), Great
The Company had access to the following undrawn borrowing facilities at the end of the reporting period Britain Pound (‘GBP’), Chinese Yuan Renminbi (‘RMB’), United Arab Emirates Dirham (‘AED’), Kenyan
(H in Lakhs) Shillings (‘KES’), Zambian Kwacha (‘ZMW’) and Canadian Dollar (‘CAD’). Exposure is largely in exports
31-Mar-23 31-Mar-22 receivables and Imports payables arising out of trade in the normal course of business. As these commercial
Particulars
(Restated) transactions are recorded in currency other than the functional currency (INR), the Company is exposed
to Foreign Exchange risk arising from future commercial transactions and recognised assets and liabilities.
Floating / Fixed Rate The Company is a net importer as its imports and other forex liabilities exceeds the exports. It ascertains
- Expiring within One year (Bank overdraft and other facilities) 1,30,751.33 2,71,463.72 its forex exposure and bifurcates the same into forex receivables and payables. These exposures are
covered by taking appropriate forward cover from the banks.
Bank overdraft facilities are sanctioned for a period of one year which are then enhanced / renewed from
time to time. Though the Bank overdrafts are repayable on demand as per the terms of sanction, these The Company takes a forward cover based on the underlying liability for the estimated period which
are usually renewed by all banks in normal circumstances. Hence Bank overdraft facilities are available would be closed to the likely maturity date of the forex liability proposed to be hedged. On maturity date,
for use throughout the year. the forward contracts are utilized for settlement of the underlying transactions or cancelled.
(ii) Maturities of financial liabilities (a) Foreign currency risk exposure:
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual The Company’s exposure to foreign currency risk at the end of the reporting period expressed in INR,
undiscounted payments: are as follows :
Carrying value upto 1 year Between Between More Total As at March 31, 2023 As at March 31, 2022
Particulars as at March 1 and 2 2 and 5 than 5 Particulars Financial Financial Financial Financial
31, 2023 years years years
assets liabilities assets liabilities
Borrowings (refer note 18) 16.65 16.65 – – – 16.65
USD 304.63 2,841.08 1,136.47 664.74
Trade payables 1,56,029.27 1,56,029.27 – – – 1,56,029.27
EUR – 13.82 1.81 10.50
Lease liabilities (including 10,123.64 3,694.68 2,808.28 4,780.07 868.08 12,151.11
CFA 63.55 9.33 68.34 188.05
expected interest payable)
GBP – 1.29 61.57 –
Other financial liabilities 69,872.41 69,866.72 5.69 – – 69,872.41
RMB 67.82 41.68 114.76 170.21
Total 2,36,041.97 2,29,607.32 2,813.97 4,780.07 868.08 2,38,069.44
KES 253.18 71.00 1,138.50 261.28
ZMW – 95.01 146.49 167.91
(H in Lakhs)
SGD – 0.41 – 0.41
(Restated)
AED 9.46 2.62 17.49 17.37
Carrying value upto 1 year Between Between More Total
Particulars as at March 31, 1 and 2 2 and 5 than 5 Further, the Company has open foreign exchange forward contracts amounting to USD 37.01 lakhs
2022 years years years (March 31, 2022 - USD 24.48 lakhs)
Borrowings (refer note 18) 3,581.90 2,398.58 1,183.32 – – 3,581.90 b) Sensitivity

Trade payables 1,22,396.78 1,22,396.78 – – – 1,22,396.78
Lease liabilities (including 4,587.80 1,898.60 1,575.84 1,393.06 582.30 5,449.80 The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency
expected interest payable) denominated financial instruments is given below”
Other financial liabilities 46,056.25 46,039.89 16.36 – – 46,056.25 (H in Lakhs)
Total 1,76,622.73 1,72,733.85 2,775.52 1,393.06 582.30 1,77,484.73 Impact on profit after tax & Equity
31-Mar-23 31-Mar-22
(C) Market Risk Particulars
(Restated)
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of USD sensitivity
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other INR appreciates by 5% (31 March 2022 - 5%) 126.82 (23.59)
price risk such as commodity risk. INR depreciated by 5%(31 March 2022 - 5%) (126.82) 23.59
(i) Foreign currency risk In respect of exposure in other currencies, the impact of sensitivity of which is very negligible.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
of changes in foreign exchange rates.
Corporate overview
Statutory reports
(ii) Interest rate risk A. The company is holding the following commodity future contracts:
(H in Lakhs)
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. In case of short term borrowings, the interest rate is fixed Maturity
in a large number of cases. Hence, interest rate risk is assessed to be low. Accordingly, the sensitivity / Less than 1 1 to 3 3 to 6 6 to 9 9 to 12 Total
Particulars
exposure to change in interest rate is insignificant month months months months months
(iii) Commodity Price risk As at 31st March 2023

Aluminium
The Company’s revenue is exposed to market risk of price fluctuations related to the sales of its products. Notional Qty (in MT) 140.00 140.00
Market forces generally determine the prices for the products sold by the Company. This prices may be Notional amount (in H Lacs) 287.03 287.03
influenced by the factors such as supply, demand, production cost (including the cost of raw materials) Average hedged rates (per MT) 2.05 –
, regional and global economic conditions and growth. Adverse changes in any of the factors may Copper
reduce the revenue that Company earns from sale of its products. The Company is therefore subject Notional Qty (in MT) 25.00 25.00
to fluctuations in prices for the purpose of raw materials like Aluminium, Copper and other raw material Notional amount (in H Lacs) 192.53 192.53
inputs. Average hedged rates (per MT) 7.70 7.70
As at 31st March 2022
Commodity hedging is used primarily as a risk management tool to secure the future cash flow in case Aluminium
of volatility by entering into commodity forward contracts. The Company has entered into commodity Notional Qty (in MT) 195.00 – – – – 195.00
forward contracts for aluminium and Copper. Hedging the price volatility of forecast aluminium and Notional amount (in H Lacs) 546.86 – – – – 546.86
copper purchases is in accordance with the risk management strategy outlined by the Board of Directors. Average hedged rates (per MT) 2.80 – – – – –
Hedging commodity is based on procurement schedule and price risk. Commodity is undertaken as a
Copper
risk offsetting exercise and depending upon market conditions, hedges may extend beyond the financial
Notional Qty (in MT) 22.50 – – – – 22.50
year.
Notional amount (in H Lacs) 183.32 – – – – 183.32
There is an economic relationship between the hedged items and the hedging instruments as the terms Average hedged rates (per MT) 8.15 – – – – 8.15
of the foreign exchange and commodity forward contracts match the terms of the expected highly
B. The impact of hedged items on the balance sheet is, as follows
probable forecast transactions (i.e., notional amount and expected payment date). The Company has
established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange
and commodity forward contracts are identical to the hedged risk components. To test the hedge
Change in fair value used for Effective portion of cost of cash
effectiveness, the Company uses the hypothetical derivative method and compares the changes in the Particulars
measuring ineffectiveness cash flow hedges flow hedges
fair value of the hedging instruments against the changes in fair value of the hedged items attributable
to the hedged risks. As at 31st March 2023
Commodity future contracts 9.47 9.47 6.87
The hedge ineffectiveness can arise from:
• Differences in the timing of the cash flows of the hedged items and the hedging instruments Commodity future contracts 51.20 51.20 2.88
• Different indexes (and accordingly different curves) linked to the hedged risk of the hedged items C. The effect of the cash flow hedge in the statement of profit and loss is, as follows
and hedging instruments
• The counterparties’ credit risk differently impacting the fair value movements of the hedging Total Ineffectiveness Line item in Cost of Amount Line
instruments and hedged items hedging recognised in statement of hedging reclassified item in
Particulars gain/(loss) profit or loss profit and loss recognised from OCI statement
• Changes to the forecasted amount of cash flows of hedged items and hedging instruments recognised in OCI to profit or of profit
in OCI* loss and loss

Commodity future contracts 9.47 – Other 6.87 8.35 1.40
comprehensive
(income) / loss
Commodity future contracts 51.20 – Other 2.88
comprehensive
(income) / loss
*This represents total unrealised gain/(loss) net of charges and net of taxes
Corporate overview
Statutory reports
Note 36: Capital Management NOTE 37: Segment reporting (Contd..)
The operating segment results includes depreciation and amortization of H 5,698.27 lakhs (March 31, 2022 – H
For the purposes of Company’s capital management, Capital includes equity attributable to the equity holders
4,717.86 lakhs) for consumer products, H 1,183.14 lakhs (March 31, 2022 – H 896.39 lakhs) for lighting solutions
of the Company and all other equity reserves.
and H 660.46 lakhs (March 31, 2022 – H 689.91 lakhs) for EPC.
The primary objective of the Company’s capital management is to safeguard its ability to continue as going
2) Segment Revenue:
concern and to ensure that it maintains an efficient capital structure and maximize shareholder value. The
(H in Lakhs)
Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. 31-Mar-23 31-Mar-22
Particulars
(Restated)
To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders or
issue new shares. The Company is not subject to any externally imposed capital requirements. No changes were a) Consumer Products 3,75,238.61 3,29,042.98
made in the objectives, policies or processes for managing capital during the year ended March 31, 2023 and b) Lighting 1,12,500.34 1,08,071.55
March 31, 2022. c) EPC 54,001.96 41,703.73
Sub-total 5,41,740.91 4,78,818.26
Consistent with others in the industry, the Company monitors capital on the basis of the following gearing ratio: Less: Inter Segment Revenue – –
Net Sales / Income from Operations 5,41,740.91 4,78,818.26
Total debt (total borrowings including current maturities of long term borrowings and excluding lease liabilities)
divided by total equity (as shown in the balance sheet)
There is no single customer which is more than 10% of the entity’s revenues. The amount of revenue from
(H in Lakhs)
external customers broken down by location of the customers is shown in table below:
Particulars
(Restated)
31-Mar-23 31-Mar-22
Particulars
Total debt 16.65 3,581.90 (Restated)
Total equity 1,96,104.67 1,74,469.22
India 5,36,137.75 4,68,157.50
Total debt to equity ratio (in times) 0.00 0.02
Outside India 5,603.16 10,660.76
Total 5,41,740.91 4,78,818.26
NOTE 37: Segment reporting
The Company w.e.f. July 1, 2022, pursuant to the provisions of Ind AS 108, identified its business segments as its 3) Segment Assets:
primary reportable segments, which comprises of Consumer Products, Lighting Solutions and EPC. “Consumer
Segment assets are measured on the same principles as they have been for the purpose of these standalone
Products” includes Appliances, Fans and Morphy Richards. “Lighting Solutions” includes Professional Lighting (B2B)
financial statements. These assets are allocated based on the operations of the segment and the physical
and Consumer Lighting (B2C) and “EPC” includes Power Transmission and Power Distribution.
location of the asset.
1) Segment Results (H in Lakhs)
(H in Lakhs) As at As at
31-Mar-23 31-Mar-22 Particulars March 31, 2023 March 31, 2022
Particulars (Restated)
(Restated)
a) Consumer Products 25,372.22 23,125.91 a) Consumer Products 2,40,497.58 1,74,945.06

b) Lighting 8,702.52 5,883.62 b) Lighting 55,734.65 45,602.09
c) EPC 734.44 (3,961.34) c) EPC 71,862.43 99,451.67
Operating Segment Profit 34,809.18 25,048.19 Total Segment Assets 3,68,094.66 3,19,998.82
Unallocated income / (expenses) Unallocated
Finance Cost (4,770.33) (6,867.16) Deferred tax assets – 8,143.54
Interest income on financial assets measured at amortised cost 1,099.39 1,069.29 Income tax assets (net) 12,750.19 10,385.55
Profit / (Loss) on sale of Property, plant & equipment 120.11 416.02 Investments in subsidiaries and an associates 4,383.20 4,383.20
Rent received 4.91 245.43 Investments 4,678.81 489.73
Impairment on property, plant & equipment – (850.65) Investment properties 12,600.00 12,600.00
Others 509.43 123.03 Property, Plant & Equipments, Capital work in progress, Intangible 15,122.36 15,435.93
Profit before income tax and exceptional items 31,772.69 19,184.15 assets and Intangible assets under development
Exceptional items – 1,322.69 Cash & cash equivalents and other bank balances 36,919.03 14,187.55
Profit before income tax 31,772.69 17,861.46 Others 16,929.75 14,529.15
Total assets as per balance sheet 4,71,478.00 4,00,153.47
Corporate overview
Statutory reports
NOTE 37: Segment reporting (Contd..) Note 38: Disclosure of transactions with related parties (Contd..)
The total of non-current assets other than financial instruments, investments and deferred tax assets, broken (H in Lakhs)
down by location of the assets, is shown below: 2022-23 2021-22 (Restated)
(H in Lakhs) Name of Transaction Outstanding Transaction Outstanding
As at As at Related Party Value for receivable Value for receivable
Nature of Transaction
and Nature of the year / (payable) the year / (payable)
Particulars March 31, 2023 March 31, 2022
relationship carried in the carried in the
(Restated)
Balance Sheet Balance Sheet
India 95,142.57 86,006.81
Sale of components 2,267.85 348.02 – –
Outside India 77.87 27.23 Contribution to Equity – 4,088.30 1,017.88 4,088.30
Total 95,220.44 86,034.04 Bajel Projects Ltd
The capital expenditure incurred for consumer products is H 3,128.94 lakhs (March 31, 2022 – H 2,118.57 lakhs), Contribution to Equity – 50.00 50.00 50.00
for lighting solutions is H 177.07 lakhs (March 31, 2022 - H 191.74 lakhs), for EPC is H 178.95 lakhs (March 31, 2022 Reimbursement of Expenses 0.01 4.14 4.13 4.13
– H 93.01 lakhs) and for Unallocable is H 3,747.57 lakhs (March 31, 2022 – H 1,066.64 lakhs). (C) Associate - Hind Lamps Limited
Loan given – – 10.00 10.00
4) Segment Liabilities: Interest on loan and advance – – 0.17 –
Segment liabilities are measured on the same principles as they have been for the purpose of these financial Sales 300.59 34.77 264.98 32.34
Rent Received 2.77 – 1.80 3.15
statements. The Company’s borrowings and derivative financial instruments are not considered to be segment
(D) Key Management Personnel #
liabilities but are managed by the treasury function
Short-term employee benefits 2,529.08 (1,199.07) 1,979.20 (648.39)
(H in Lakhs)
Post- employment benefits 55.99 – 55.99 –
As at As at (contribution to super annunation
Particulars March 31, 2023 March 31, 2022 fund)
(Restated) Long-term employee benefits 60.01 – 58.63 –
(contribution to provident fund)
a) Consumer Products 1,75,540.60 1,41,580.89
Perquisite value of ESOPs excercised 31.41 – 95.48 –
b) Lighting 44,611.51 28,066.04
during the year
c) EPC 50,039.07 44,658.31
Total Compensation 2,676.49 (1,199.07) 2,189.30 (648.39)
Total Segment Liabilities 2,70,191.18 2,14,305.24 Sale of car proceeds 17.20 –
Unallocated Sales – – 0.03 –
Borrowings 16.65 3,581.90 Purchase Of TV 7.30 – – –
Others 5,165.50 7,797.11 Purchase of Car 186.91 – – –
Total liabilities as per balance sheet 2,75,373.33 2,25,684.25 Sale of car proceeds 12.50 – – –
(E) Transactions with the Entities which is Controlled or Jointly Controlled by a person identified in para 9 (a) of Ind
Note 38: Disclosure of transactions with related parties AS 24 - Related Party Disclosures
Reimbursement of Expenses 177.70 (3.27) 91.57 (8.14)
(H in Lakhs)
Services Received 205.93 (16.38) 5.85 (0.22)
2022-23 2021-22 (Restated) Interest Received 0.23 – – –
Name of Transaction Outstanding Transaction Outstanding Rent Paid 57.30 – 44.10 –
Related Party Value for receivable Value for receivable Deposits given – 27.00 – 28.24
Nature of Transaction
and Nature of the year / (payable) the year / (payable) Donations Given 25.00 – 50.00 –
relationship carried in the carried in the Deposits Refund 1.24 – – –
Balance Sheet Balance Sheet Sales 68.52 3.38 45.66 6.22
(A) Parent Entities (F) Dividend to Other Related Parties
Not Applicable Dividend Paid 2,203.14 – – –
(B) Subsidiaries (G) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures
Nirlep Appliances Private Limited is a member of the KMP of the entity
Purchases 6,697.58 186.42 5,016.32 (377.18) Other Expenses – – 7.97 (0.63)
Royalty Paid 48.15 (7.96) 42.02 (10.46) CSR Contribution 408.33 – 233.49 –
Loan given 2,556.00 6,323.00 867.00 4,767.00 Sales 0.33 1.38 3.75 2.35
Trade Advance Given 9,235.00 3,000.00 5,810.00 2,610.00 Reimbursement of Expenses 4.79 – 4.79 –
Interest Received 756.63 – 594.79 67.09 Rent Deposit Advanced – 200.00 50.00 200.00
Sales of Asset – – 42.86 – Rent Paid 49.56 – 44.84 (6.30)
Corporate overview
Statutory reports
Note 38: Disclosure of transactions with related parties (Contd..) Note 39. Earnings per share:
(H in Lakhs)
2022-23 2021-22 (Restated) 31-Mar-23 31-Mar-22
Name of Particulars
Transaction Outstanding Transaction Outstanding (Restated)
Related Party Value for receivable Value for receivable
Nature of Transaction Profit for the year (A) (H In Lakhs) - before exceptional 23,050.52 14,668.47
and Nature of the year / (payable) the year / (payable)
relationship carried in the carried in the Profit for the year (A) (H In Lakhs) - after exceptional 23,050.52 13,678.67
Balance Sheet Balance Sheet Weighted average number of equity shares for basic EPS ( B ) 11,49,62,035 11,47,02,038
Add: Effect of dilution (employee stock options - Refer Note 33) 2,38,771 4,19,325
Advance given – – 2.00 –
Weighted average number of equity shares for diluted EPS ( C ) 11,52,00,806 11,51,21,363
Purchase of Asset 6.11 – – –
Earnings Per Share in H :- after exceptional items
Services Received 40.91 (0.59) 13.65 0.00
Rent Received 1.64 0.11 1.61 0.11 (a) Basic EPS (A/B) 20.05 11.93
(H) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures (b) Diluted EPS (A/C) 20.01 11.88
has significant influence over the entities Earnings Per Share in H :- before exceptional items
Services Received 50.30 (3.52) 40.44 (2.79) (a) Basic EPS (A/B) 20.05 12.79
Deposits Given/Refund 0.42 3.36 (0.42) 3.78 (b) Diluted EPS (A/C) 20.01 12.74
Sales 3.86 2.67 3.23 0.52
(I) Transactions with the entities which are the post employment benefit plans as identified in para 9 (b) (v) of Ind Note 40. Commitments and contingencies
AS 24 - Related Party Disclosures
Trustees Bajaj Electricals Ltd 2,380.12 (200.48) 2,351.60 (173.35) a. Contingent liabilities
Employees Provident Fund (H in Lakhs)
Matchwel Electrical India Limited 57.57 (6.21) 45.42 (3.97) 31-Mar-23 31-Mar-22
Employees Provident Fund Trust Particulars
(Restated)
(J) Transactions with the persons identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures
Refund of Advance Rent – (15.00) – (15.00) Contingent Liabilities not provided for :
Sales 4.40 0.08 – (0.81) i) Claims against the Company not acknowledged as debts 1,753.31 1,582.71
Purchase of Capital Asset 3.90 (0.52) – – (Refer Note xi, xii below)
Services Recd 0.07 – – – ii) Guarantees on behalf of Subsidiaries H 2,000 Lakhs (Previous – 2,359.41
(K) Material transactions with related parties Year H 7,200 Lakhs) (refer note x below)
Spencer Retail Limited iii) Excise and Customs duty matters under dispute 73.55 15.49
Sales 633.38 268.72 498.22 230.03 iv) Service Tax matters under dispute 149.40 149.40
Services Received 25.56 (49.10) 30.80 (44.08) v) Income Tax matters under dispute 625.73 4,266.70
Bajaj Allianz General Insurance vi) Sales Tax matters under dispute 5,020.21 5,150.43
Company Limited vii) Uncalled liability in respect of partly paid Shares held as 7.20 7.20
Insurance Premium paid 5,527.63 (32.02) 636.27 – investments
Advance Insurance Premium (Deposit) 680.54 680.54 749.63 749.63 viii) Others 1,062.60 1,062.60
Claims Received 1,169.81 408.08 19.28 –
Bajaj Allianz Life Insurance Co Ltd.
Insurance Premium paid 249.47 – 44.79 – ix) The Company’s fluorescent and mercury containing lamps (CFL/FTL) fall within the purview of the E-waste
Advance Insurance Premium for 132.61 132.61 215.49 215.49 (Management) Rules, 2016 (the “E-waste Rules”) which has come in force with effect from October 01,
next year 2016. Under the E-waste Rules the Company is responsible for collection and safe disposal of end of life
Employee Benefit Obligations and/ – 6,207.41 1,500.00 6,830.91 CFL/FTL in terms of Extended Producer Responsibility (EPR) obligation set out therein. In the 57th meeting
or Retiremental Benefits of Technical Review Committee of Central Pollution Control Board (“CPCB”), the compliances and
Bajaj Finance Ltd implementation of EPR Authorisation conditions including targets under the E-waste Rules for the existing
Sales 19.92 (2.87) – 3.91 producers of CFL/ FTL were deferred till May 01, 2017. Electric Lamp and Component Manufacturers
Services Received 17.16 (5.42) 6.25 (0.46) Association of India (ELCOMA), on behalf of all its members, has filed the Writ Petition (C) 5461 of 2016
Fixed Deposit Placed 7,000.00 7,000.00 – – (“Writ Petition”) in the Hon’ble Delhi High Court challenging the inclusion of ‘fluorescent and mercury
Interest Received on Fixed Deposit 53.58 48.22 – – containing lamps’ under E-waste Rules. The Hon’ble Delhi High Court by its order dated September 28,
2016, directed the producers of CFL/FTL, to apply for EPR Authorisation without prejudice to their rights and
# As the future liability for defined benefit obligations and other long term employment benefits is provided on an actuarial basis for the Company
contentions in the said Writ Petition. Subsequently, vide a later order (dated August 5, 2019) the Hon’ble
as a whole, the amounts pertaining to key managerial personnel is not ascertainable and hence not included above.
Delhi High Court directed that the said interim order (dated September 28, 2016) shall continue to be
There are no loans or advances granted to promoters, directors, KMPs and the related parties that are repayable operative during the pendency of the Writ.
on demand or without any terms or period of repayment
Corporate overview
Statutory reports
Note 40. Commitments and contingencies (Contd..) Note 41: Disclosures of revenue from contracts with customers (Contd..)
There is no further update on this matter in the current year. (H in Lakhs)
The Company has been granted EPR authorization under E-Waste (Management) Rules, 2016 by Central 31-Mar-23 31-Mar-22
Particulars
Pollution Control Board for Electricals and Electronic Equipment with a collection target of 986.67 MT for (Restated)
FY 2019-20. The Company has entered into agreements with Trans Thane Creek Waste Management
Engineering, procurement and construction (EPC) (includes 53,871.99 41,336.72
Association and GATI Logistics for collection and disposal of E-waste.”
power distribution, transmission line towers and illumination)
x. The Company has investments, loans and advances given to Nirlep Appliances Private Limited (NAPL). 5,41,432.66 4,77,544.21
Management has determined the enterprise value of NAPL based on the discounted cash flow projections B. Reconciliation of contracted price with (A) above
for a period of 5 years. The enterprise value is greater than the value of the external debt of NAPL and Revenue at contracted price 5,50,027.51 4,83,656.04
considering the sensitivity around the assumptions used, the exposure in this regard is considered to be Unbilled on account of work under certification (693.35) (1,516.96)
‘possible’ and disclosed as contingent liability (Refer Note 34). There are no guarantees outstanding as on Billing in excess of contract revenue 1,636.31 10,634.21
March 31, 2023. Revenue deferred on customer loyalty program 10,493.85 1,523.54
Discounts (22,405.15) (13,131.02)
xi. These represent legal claims filed against the Company by various parties and these matters are in litigation.
Others 2,373.49 (3,621.60)
Management has assessed that in all these cases the outflow of resources embodying economic benefits
is not probable. Revenue from contracts with customers (a) 5,41,432.66 4,77,544.21
Add: Other operating income (b)
xii. The Company had in earlier years terminated employment agreements of few die casting workmen at the Claims received, export incentives, etc 308.25 1,275.05
Chakan plant. On 3rd July, 2018, the Honourable Hight Court of Bombay had awarded the appeal in favour Revenue from operations (a+b) 5,41,740.91 4,78,819.26
of the Company. On 27th June, 2019, the appeal on the matter has been admitted in the Honourable
Supreme Court. Management has assessed that the outflow of resources embodying economic benefits (H in Lakhs)
is not probable and has accordingly considered the claim of H 323.22 lakhs as contingent liability.
For the year ended
b. Commitments 31-Mar-23 31-Mar-22
Particulars
(Restated)
i. Estimated amounts of contracts remaining to be executed in capital account (net of capital advances)
is H 2,876.60 lakhs (March 31, 2022, H 787.45 lakhs). Timing of revenue recognition
At a point in time 4,87,738.95 4,37,115.53
ii. During the previous year the Company has successfully won bidding for the Transmission line package of
Over a period of time 54,001.96 41,703.73
Ghatampur, Hapur and Indirapuram with Substation at Mohanlalganj. The cost estimated to complete
the project has significant exceeded the cost expected at the time of bidding on account of Revenue from operations 5,41,740.91 4,78,819.26
• Delay in awarding the project, (ii) Contract balances

• increase in metal prices,
The details of the contract assets, contract liabilities and receivables are as under”
Considering the foreseeable loss on the project basis March 31, 2022 rates, the Company had recorded a
loss of H 2,213 lakhs in the year ended March 31, 2022. During the current year, the Company has reversed (H in Lakhs)
the loss if H 2,034.65 lakhs towards the same project. 31-Mar-23 31-Mar-22
Particulars
(Restated)
Note 41: Disclosures of revenue from contracts with customers Contract assets 4,650.98 5,344.33
The disclosures as required for revenue from contracts with customers are as given below Contract liabilities 15,764.36 9,117.44
Accounts receivables 1,56,483.74 1,35,767.05
(i) Disaggregation of revenue Revenue recognised in the period from:
Amounts included in contract liability at the beginning of the period 7,752.74 11,826.15
Disaggregation of the Company’s revenue from contracts with customers and reconciliation of amount of
revenue recognised in the statement of profit and loss with the contracted price is as given below.”
(H in Lakhs) The contract assets and contract liabilities balances mentioned above pertain to the EPC segment of the
Company. The Company executes the work as per the terms and agreements mentioned in the contracts.
31-Mar-23 31-Mar-22
Particulars The Company receives payments from the customers based on the milestone achievement and billing
(Restated)
schedule as established in the contracts.
A. Revenue from contracts with customers
Contract assets are initially recognised for revenue earned from supply of materials and erection services
Consumer products (includes appliances, lighting and fans) 3,75,096.42 3,28,181.80
provided when the performance obligation is met. Upon achievement and acceptance of milestones
Lighting solutions (includes professional and consumer lighting) 1,12,464.25 1,08,025.69
mentioned by the customer, the amounts recognised as contract assets are reclassified to trade receivables.
Corporate overview
Statutory reports
Note 41: Disclosures of revenue from contracts with customers (Contd..) Note 41: Disclosures of revenue from contracts with customers (Contd..)
Contract liabilities are relates to payments received in advance of performance under the contract and iv) Unsatisfied performance obligations
billing in excess of contract revenue recognised. Contract liabilities are recognised as revenue when the
The transaction price allocated to the unsatisfied performance obligations are as below:
Company satisfies the performance obligation under the contract.
(H in Lakhs)
(iii) Performance obligations 31-Mar-23 31-Mar-22
Particulars
Information about the Company’s performance obligations under CP and EPC segment are summarised (Restated)
below: Consumer products 2,773.74 16,738.10
EPC 1,61,476.99 77,994.94
Consumer Product and Lighting Solutions Segment:
Total 1,64,250.73 94,733.04
a) Delivery of goods:
The Company sells fans, appliances and lighting products to the customers. The performance obligation v) Assets recognised from the costs to obtain or fulfil a contract
is satisfied and revenue is recognised on dispatch of the goods to the customers. The stand alone selling The incremental costs of obtaining a contract with a customer are recognised as an asset if the Company
price of the performance obligation is determined after taking the variable consideration and right to expects to recover them. The Company incurs costs such as bank guarantee charges and insurance charges.
return. The contracts do not have a significant financing component. The Company offers standard The Company amortizes the same over the period of the contract. The total unamortised balances towards
warranty on selected products. The Company makes provision for same as per the principles laid down such cost is as below.
under Ind AS 37. The payment is generally due within 30 to 60 days across various streams of customers. (H in Lakhs)
b) Loyalty program: 31-Mar-23 31-Mar-22

Particulars
(Restated)
The Company operates a customer loyalty program (for retailers), where the customer is awarded certain
points on purchase of selected products from the Company. The customer (retailer) can redeem these Unamortised portion of cost to obtain a contract – 17.21
points in future. The Company treats the redemption of customer loyalty points as a separate performance Amount recognised in the profit and loss account 1,209.28 1,578.86
obligation. Accordingly, the revenue is recognised by allocating the total transaction price on the stand
alone selling prices of sale of goods and loyalty points. Note 42: Leases:
c) Extended warranties: The Company for the consumer products segment, generally takes godowns on lease to store the goods at
various locations. These godowns generally have a term of 1 year to 3 years. There are few godowns with a longer
The Company provides a warranty beyond fixing defects that existed at the time of sale. These service- lease period of 5 years or more also. Similarly, the Company also takes on lease, storage places at various EPC
type warranties are bundled together with the sale of products. Contracts for bundled sales of products sites to store the inventories which are used for construction. These leases are generally short term in nature, with
and a service-type warranty comprise two performance obligations because the product and service- very few contracts having a tenure of 1-2 years. Further, the Company has few guest houses, residential premises
type warranty are both sold on a stand-alone basis and are distinct within the context of contract. Using and office premises also on leases which generally for a longer period ranging from 2-5 years.
the relative stand-alone selling price method, a portion of the transaction price is allocated to the service-
The Company’s obligations under its leases are secured by the lessor’s title to the leased assets. Upon adoption
type warranty and recognised as deferred revenue. Revenue for service-type warranties is recognised of Ind AS 116, the Company applied a single recognition and measurement approach for all leases for which it
over the period in which the service is provided based on the time elapsed. is the lessee, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities
to make lease payments and right-of-use assets representing the right to use the underlying assets, on the
Engineering, procurement and construction: commencement of the lease. There are several lease contracts that include extension and termination options.
The performance obligations in EPC segment is the supply of materials and erection services. The supply The Company determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an
of materials and erection services are promised goods and services which are not individually distinct.
option to terminate the lease, if it is reasonably certain not to be exercised. The leases which the Company enters,
Hence both of them are counted as a single performance obligation under the contract. The satisfaction
does not have any variable payments. The lease rents are fixed in nature with gradual escalation in lease rent.
of this performance obligation happens over time, as the performance or enhancement of the obligation is
controlled by the customer. Also, the performance of the obligation creates an asset without any alternative Apart from the above, the Company also has various leases which are either short term in nature or the assets
use to the customer. The Company uses the input method to determine the progress of the satisfaction of the which are taken on the leases are generally low value assets (e.g. printers). Lease payments on short-term leases
performance obligation and accordingly recognises revenue. and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
The standalone selling price of the performance obligation is determined after taking the variable consideration The Company has determined leasehold lands also as, right of use assets and hence the same has been classified
and significant financing component . from property, plant and equipment to right of use assets.
Corporate overview
Statutory reports
Disclosures under Ind AS 116 Note 44: Business combination on merger of Starlite Lighting Limited (SLL) into the Company (Contd..)
(H in Lakhs) Accordingly, the Company had accounted for the merger under the pooling of interest method retrospectively
31-Mar-23 31-Mar-22 for all periods presented as prescribed in IND AS 103 Business Combinations of entities under common control. The
Particulars previous year numbers have been accordingly restated. The Impact of the merger on these standalone financial
(Restated)
statements is as under:
Amortization charge for right of use assets 2,447.70 1,848.38
Interest expense on lease liabilities 544.44 544.65 (H in Lakhs)
Lease rent expenses for short term leases 971.93 2,304.28 Particulars As on April 1, 2021
Cash outflow towards lease liabilities 2,762.40 2,326.85
– as principal 2,217.96 1,781.85 Assets 42,316.42
– as interest 544.44 545.00 Liabilities 44,643.39
Carrying amount of right of use assets 12,298.88 6,855.68 Net assets acquired (A) (2,326.97)
Carrying amount of lease liabilities 10,123.64 4,587.80 Accounted as
Amalgamation adjustment reserve 2,327.15
For movement of right of use assets, refer note 3
Equity share capital (19 shares @ H 2/- per share) (0.00)
For movement of lease liability, refer note 3. For maturity profile of lease liabilities, refer note 35 (liquidity risk) Securities premium (0.19)
For significant judgements used for accounting right of use assets and lease liabilities, refer note 1D(6)
Below is the reconciliation of the reported numbers of Balance Sheet of April 1, 2021 with the restated numbers of
April 1, 2021
Note 43: Corporate Social Responsibility (H in Lakhs)
As per section 135 of the Companies Act, 2013, the gross amount to be spent by the Company during financial Balance Sheet as at April 1,2021 Reported Merger Impact on April 1, 2021 Restated
year 22-23 is H 300.63 lakhs (Previous year H 329.58 Lakhs). The Company has spent H 246.24 lakhs (Previous year H BEL Further Assets InterCo Issue BEL Restated
200.40 Lakhs) on various CSR initiatives as below: Standalone Investment and Elims of Standalone
Particulars
as on April in SLL Liabilities Shares as on April
(H in Lakhs) 1, 2021 of SLL * 1, 2021
31-Mar-23 31-Mar-22 ASSETS
Particulars
(Restated) Non -Current Assets
Two percent of average net profit of the company as per section 300.63 329.58 Property, plant and equipment 27,146.60 – 9,947.70 – – 37,094.30
135(5) Capital work in progress 1,002.01 – 157.02 – – 1,159.03
Spent on ongoing projects 231.21 175.22 Right-of-use assets 6,123.05 – – – – 6,123.05
Spent on other than ongoing projects – 19.98 Intangible assets 213.01 – – – – 213.01
Administrative expenses 15.03 5.20 Intangible Assets under development 781.50 – – – – 781.50
Total Amount Spent for the Financial Year. (in H) (a) * 246.24 200.40 Investment property 12,600.00 – – – – 12,600.00
Total Amount transferred to Unspent CSR Account as per section 135(6) 54.39 129.18 Goodwill on merger – – 16,356.73 – – 16,356.73
(b) Investments in associates and joint 3,315.32 5,991.98 (5,991.98) – – 3,315.32
Total (a + b) 300.63 329.58 ventures
Financial Assets – – – –
* The amount has been spent on purposes other than construction / acquisition of asset and no amounts are yet to be paid in cash i) Investments 469.74 – – – – 469.74
Out of the above unspent amount for FY21 and FY22, of H 204.58 lakhs, and H 129.18 lakhs, the Company has ii) Trade receivables 40,470.53 – – (2,174.68) – 38,295.85
already spent H 131.27 lakhs and H 81.59 lakhs so far on various ongoing projects. iii) Loans 11,144.74 – 280.00 (7,520.00) – 3,904.74
iv) Other financial assets 2,946.14 – 1,043.81 – – 3,989.95
Deferred tax assets (net) 5,249.35 – 6,308.75 – – 11,558.10
Note 44: Business combination on merger of Starlite Lighting Limited (SLL) into the Company
Income tax assets (net) 7,560.12 – 16.51 – – 7,576.63
The Mumbai Bench of the Hon’ble National Company Law Tribunal has passed an order dated August 25, 2022 Other non-current assets 10,994.42 – 2,258.48 (2,200.00) – 11,052.89
(“Order”), approving the Scheme of Merger by Absorption of Starlite Lighting Limited (“Transferor Company”) Total Non-Current Assets 1,30,016.53 5,991.98 30,377.02 (11,894.68) – 1,54,490.85
with Bajaj Electricals Limited (“Company” /”Transferee Company”) and their respective shareholders (“Scheme”) Current Assets
Inventories 97,104.86 – 3,195.50 – – 1,00,300.36
Financial Assets – – – –
i) Trade receivables 1,51,150.52 – 2,528.16 – – 1,53,678.68
ii) Cash and cash equivalents 4,562.91 (4,500.00) 4,576.21 – – 4,639.12
iii) Bank balances other than (ii) above 1,592.54 (1,491.98) – – – 100.56
iv) Loans 1.02 – – – – 1.02
Corporate overview
Statutory reports
Note 44: Business combination on merger of Starlite Lighting Limited (SLL) into the Company (Contd..) Note 44: Business combination on merger of Starlite Lighting Limited (SLL) into the Company (Contd..)
(H in Lakhs) Below is the reconciliation of the reported numbers of Balance sheet of March 31, 2022 with the restated numbers
Balance Sheet as at April 1,2021 Reported Merger Impact on April 1, 2021 Restated of March 31, 2022
BEL Further Assets InterCo Issue BEL Restated (H in Lakhs)
Standalone Investment and Elims of Standalone Balance Sheet as at March 31,2022 Reported Merger Impact Restated
Particulars
as on April in SLL Liabilities Shares as on April BEL Impact of InterCo Issue of BEL Restated
1, 2021 of SLL * 1, 2021 Standalone SLL Merger Elims Shares * Standalone
Particulars
v) Other current financial assets 389.60 – 594.71 – – 984.31 as on March as on March
Other current assets 33,042.96 – 1,044.82 (5,395.32) – 28,692.46 31, 2022 31, 2022
Contract assets 6,861.30 – – – – 6,861.30 ASSETS
Assets classified as held for sale 287.02 – – – – 287.02 Non-Current Assets
Total Current Assets 2,94,992.73 (5,991.98) 11,939.40 (5,395.32) – 2,95,544.83 Property, plant and equipment 22,197.20 9,853.38 – – 32,050.56
Total Assets 4,25,009.26 (0.00) 42,316.42 (17,290.00) – 4,50,035.68 Capital work in progress 2,810.51 (21.77) – – 2,788.74
EQUITY & LIABILITIES Investment properties 13,077.04 – – – 13,077.04
Equity Goodwill on merger – 16,356.73 – – 16,356.73
Equity share capital * 2,290.73 – – – – 2,290.73 Right-of-use assets 6,855.68 – – – 6,855.68
Other Equity 1,58,182.54 – (2,326.97) – – 1,55,855.58 Intangible assets 114.90 – – – 114.90
Total Equity 1,60,473.27 – (2,326.97) – – 1,58,146.31 Intangible assets under development 1,546.59 – – – 1,546.59
LIABILITIES Investments in subsidiaries and associate 10,375.17 (5,991.98) – – 4,383.20
Non-Current Liabilities Financial Assets – – –
Financial Liabilities i) Investments 489.73 – – – 489.73
i) Borrowings (long term) 2,457.61 – 3,694.53 – – 6,152.14 ii) Trade receivables 22,109.94 – – – 22,109.94
i) Lease liabilities 2,210.59 – – – – 2,210.59 iii) Loans 37,684.35 280.00 (34,175.00) – 3,789.35
iii) Trade payables 0.00 – – – – 0.00 iv) Other financial assets 2,567.56 1,167.53 – – 3,735.08
iv) Other financial liabilities 84.37 – – – – 84.37 Deferred tax assets (net) 545.69 7,597.85 – – 8,143.54
Provisions (long term) 2,094.64 – 215.26 – – 2,309.90 Income tax assets (net) 10,620.92 (235.37) – – 10,385.55
Employee Benefit Obligations 6,764.10 – – – – 6,764.10 Other non-current assets 13,250.84 2,200.00 (2,200.00) – 13,250.86
Total Non-Current Liabilities 13,611.31 – 3,909.79 – – 17,521.10 Total Non-Current Assets 1,44,246.12 31,206.37 (36,375.00) – 1,39,077.49
Current Liabilities Current Assets
Financial Liabilities Inventories 94,519.22 3,075.40 – – 97,594.62
i) Borrowings (short term) 23,420.16 – 18,561.12 (17,290.00) – 24,691.28 Financial Assets
ii) Lease liabilities 1,652.70 – – – – 1,652.70 i) Investments – – – – –
iii) Trade payables – – – – – ii) Trade receivables 1,12,924.96 1,850.02 (1,117.87) – 1,13,657.11
Total Outstanding dues of micro 10,977.22 – 996.71 – – 11,973.93 iii) Cash and cash equivalents 11,781.85 53.06 – – 11,834.91
enterprises & small enterprises iv) Bank balances other than (ii) above 2,352.64 – – – 2,352.64
Total Outstanding dues of other than 83,434.13 – 1,927.36 – – 85,361.49 v) Loans 1,000.84 – – – 1,000.84
micro enterprises & small enterprises vi) Other current financial assets 365.47 410.88 – – 776.35
iv) Other current financial liabilities 74,186.78 – 18,730.47 – – 92,917.25 Other current assets 27,084.61 1,235.57 (1,524.42) – 26,795.77
Provisions (short term) 8,966.27 – 477.98 – – 9,444.25 Contract assets 5,344.34 – – – 5,344.33
Employee Benefit Obligations 1,183.04 – – – – 1,183.04 2,55,373.93 6,624.93 (2,642.29) – 2,59,356.57
Current Tax Liabilities (net) 2,382.58 – – – – 2,382.58 Assets classified as held for sale 1,719.41 – – – 1,719.41
Other Current Liabilities 24,175.85 – 39.95 – – 24,215.80 Total Current Assets 2,57,093.34 6,624.93 (2,642.29) – 2,61,075.98
Contract liabilities 20,545.95 – – – – 20,545.95 Total Assets 4,01,339.46 37,831.30 (39,017.29) – 4,00,153.47
Total Current Liabilities 2,50,924.68 – 40,733.59 (17,290.00) – 2,74,368.27 EQUITY & LIABILITIES
Total Liabilities 2,64,535.99 – 44,643.39 (17,290.00) – 2,91,889.37 EQUITY
Total Equity & Liabilities 4,25,009.26 – 42,316.42 (17,290.00) – 4,50,035.68 Equity share capital * 2,297.48 – – – 2,297.48
* 19 equity shares were issued pursuant to the scheme of merger of Starlite Lighting Limited into Bajaj Electricals Limited
Other Equity 1,76,163.40 (3,991.66) – – 1,72,171.74
Total Equity 1,78,460.88 (3,991.66) – – 1,74,469.22
Corporate overview
Statutory reports
Note 44: Business combination on merger of Starlite Lighting Limited (SLL) into the Company (Contd..) Note 44: Business combination on merger of Starlite Lighting Limited (SLL) into the Company (Contd..)
(H in Lakhs)
Balance Sheet as at March 31,2022 Reported Merger Impact Restated Below is the reconciliation of the reported numbers of Profit & Loss Account of March 31, 2022 with the restated
BEL Impact of InterCo Issue of BEL Restated numbers of March 31, 2022
Standalone SLL Merger Elims Shares * Standalone (H in Lakhs)
Particulars
as on March as on March Profit & Loss account for the period ended March Reported Merger Impact on Restated
31, 2022 31, 2022 31,2022 March 31, 2022
LIABILITIES BEL Standalone Profit & InterCo BEL Restated
Non-Current Liabilities Particulars as on March Loss of SLL Elims Standalone as on
Financial Liabilities 31, 2022 March 31, 2022
i) Borrowings 1,183.32 – – – 1,183.32 Income:
ia) Lease liabilities 3,035.04 – – – 3,035.04 Revenue from operations 4,77,034.57 19,192.76 (17,408.07) 4,78,819.26
ii) Other financial liabilities 16.36 – – – 16.36 Other income 10,125.01 86.72 (2,970.17) 7,241.56
Provisions 2,254.73 – – – 2,254.73 Total Income 4,87,159.58 19,279.48 (20,378.24) 4,86,060.82
Employee benefit obligations 5,947.41 228.27 – – 6,175.68 Expenses:
Total Non-Current Liabilities 12,436.86 228.27 – – 12,665.13 Cost of raw materials consumed 39,319.65 14,252.40 (3,425.54) 50,146.51
Current Liabilities Purchases of traded goods 2,89,805.51 (178.82) (14,069.61) 2,75,557.08
Financial Liabilities Changes in inventories of work-in-progress, 2,154.77 – 87.08 2,241.85
i) Borrowings 1,274.29 39,313.80 (38,189.52) – 2,398.58 finished goods, traded goods
ia) Lease liabilities 1,552.76 – – – 1,552.76 Erection & subcontracting expenses 13,388.60 – – 13,388.60
ii) Trade payables – – – Employee benefits expenses 38,435.59 1,108.76 – 39,544.35
Total Outstanding dues of micro enterprises & 6,719.74 419.20 – – 7,138.94 Depreciation and amortisation expense 5,674.90 629.26 – 6,304.16
small enterprises Other expenses 71,217.70 1,609.26 – 72,826.96
Total Outstanding dues of other than micro 1,14,520.47 1,271.73 (534.36) – 1,15,257.85 Finance costs 5,292.58 4,544.75 (2,970.17) 6,867.16
enterprises & small enterprises Total Expenses 4,65,289.30 21,965.61 (20,378.24) 4,66,876.67
iii) Other current financial liabilities 45,906.62 426.68 (293.41) – 46,039.88 Profit before exceptional items and tax 21,870.28 (2,686.13) (0.00) 19,184.15
Provisions 7,758.24 95.51 – – 7,853.75 Exceptional Items 1,322.69 – – 1,322.69
Employee benefit obligations 899.31 14.48 – – 913.80 Profit before tax 20,547.59 (2,686.13) (0.00) 17,861.46
Current tax liabilities (net) 1,701.23 – – – 1,701.21 Tax expense / (credit):
Contract liabilities 9,117.44 – – – 9,117.44 Current tax 5,045.56 276.30 – 5,321.86
Other current liabilities 20,991.62 53.29 – – 21,044.91 Deferred tax 641.55 (1,291.28) – (649.73)
Total Current Liabilities 2,10,441.72 41,594.69 (39,017.29) – 2,13,019.12 Adjustment of tax relating to earlier periods (489.34) – – (489.34)
Total Liabilities 2,22,878.58 41,822.96 (39,017.29) – 2,25,684.25 Total tax expenses 5,197.77 (1,014.98) – 4,182.79
Total Equity & Liabilities 4,01,339.46 37,831.30 (39,017.29) – 4,00,153.47 Profit / (loss) for the year 15,349.82 (1,671.15) (0.00) 13,678.67
* 19 equity shares were issued pursuant to the scheme of merger of Starlite Lighting Limited into Bajaj Electricals Limited
Other comprehensive (income) / loss
Items that will be reclassified to profit and loss in
subsequent periods
Cash flow hedge reserve (51.20) – – (51.20)
Tax impacts on above 12.89 – – 12.89
Items that will not be reclassified to profit and loss
in subsequent periods
Remeasurement (gains)/losses on defined (720.80) (8.62) – (729.42)
benefit plans
Tax impacts on above 181.41 2.17 – 183.58
Other comprehensive income / (loss) net of tax (577.70) (6.45) – (584.15)
Total Comprehensive Income / (loss) net of tax 15,927.52 (1,664.70) (0.00) 14,262.82
Total
Particulars
Capital Reserve
General Reserve
Retained earnings

Securities premium reserve
Shares Option Outstanding
of the Shikhohabad factory.

Capital Redemption Reserve
Note 45: Exceptional Items

Debenture Redemption Reserve
Amalgamation Adjustment Reserve
restated numbers of March 31, 2022
Effective Portion of Cashflow Hedges

Share Application Money Pending Allotment
Reported
65,356.13
1,76,163.40
175.18
135.71
63,241.78
45,967.75
1,198.56
–
88.29
–
–
on March 31, 2022
BEL Standalone as
Impact
Merger
(2,327.15)
(3,991.66)
–
–
(1,664.70)
–
–
–
–
–
0.19
Impact
Restated
Note 44: Business combination on merger of Starlite Lighting Limited (SLL) into the Company (Contd..)
65,356.13
88.29
(2,327.15)
1,72,171.74
175.18
135.71
61,577.08
45,967.75
1,198.56
–
0.19
as on March 31, 2022
Merger BEL Restated Standalone
During the previous year, the Company has paid H 1,322.69 lakhs as voluntary retirement scheme to the employees
Below is the reconciliation of the reported numbers of Statement of Changes in equity of March 31, 2022 with the
Note 46: Ratios
31-Mar-23 31-Mar-22 %
Ratio Numerator Denominator (Restated) Change Reasons for variance
Current ratio (in Total current assets Total current 1.32 1.23 7.75% –
times) liabilities
Debt equity Total borrowings (including Total equity 0.00 0.02 (99.59%) The Company has adopted a focused
ratio (in times) current maturities of long approach towards EPC Business, which has
term borrowings & excluding resulted in pullback of capital and receivables
lease liabilities) in EPC Business. Further, this has resulted in a
positive cash flow from operations, which has
been used to repay debt.
Debt service (Net Profit / (Loss) for the Finance Costs 5.84 1.02 473.07% Overall debt levels has reduced, which
coverage ratio period + Exceptional + Long term has further reduced the finance cost
(in times) Items + Finance Costs borrowings on borrowings. Hence there has been a
+ Depreciation and scheduled principal significant increase in the coverage ratio
amortisation expense + Non- repayments
cash operating expenses during the period,
excluding lease
liabilities
Return on Profit / (loss) for the year Average total 12.44% 8.17% 52.31% There has been a substantial rise of 68% in
equity ratio (%) equity the PAT mainly due to breakeven profitability
in EPC division which has given a profit of
H 734.44 lakhs vs a loss of H 3,961.44 lakhs in
the previous year. Further finance cost has
also reduced by H 2,096.84 lakhs, which has
helped to increase the overall profitaiblity of
the Company, there by increasing the return
on networth
Inventory Cost of raw materials Average inventory 3.72 3.51 6.12% –
turnover ratio consumed + Purchases of
(in times) traded goods + Changes
in inventories of work-in-
progress, finished goods,
traded goods + Erection &
subcontracting expenses
Statutory reports
Corporate overview
Corporate overview
Statutory reports
receivables in the Consumer Products
includes Ecom and Instiution. Further, there
There has been a substantial increase in

the net working capital due to increase in
debtors as highlighted above. As a result of
which there has been a reduction in the ratio
There has been a substantial increase in
division, mainly due to change in channel

mix towards alternate channels which
has been weaker collection in March 2023,

due to subdued market conditions, which will
There has been a substantial rise of 68% in the
of the Company, mainly due to breakeven

PAT mainly due to breakeven profitability in
profitaibility achieved in EPC division of

734.44 lakhs vs a loss of rs. 3.961.44 lakhs in the
There has been an overall increase in the

interest rates, which has helped to achieve
EPC division which has given a profit of H 734.44
lakhs vs a loss of H 3,961.44 lakhs in the previous
year. Further finance cost has also reduced by
the overall profitaiblity of the Company, there

H 2,096.84 lakhs, which has helped to increase
There has been an increase in overall EBIT

Note 47: Other statutory information
by increasing the return on networth

1. The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.
reverse out in first half of FY24

2. The Company does not have any charges or satisfaction which is yet to be registered with Registrar of
Companies beyond the statutory period,
Reasons for variance
3. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
4. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
higher returns
previous year
foreign entities (Intermediaries) with the understanding that the Intermediary shall:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or
–
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(14.03%)
(34.81%)
Change
117.00%
48.94%
26.74%
44.29%
5. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
%
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall
2.86%
31-Mar-22
(Restated)
2.93
3.15
9.96
13.54%
1.96%
behalf of the Funding Party (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
6. The Company has not any such transaction which is not recorded in the books of accounts that has been
6.49
4.25%
31-Mar-23
3.71
2.71
19.53%
4.26%
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961
7. The Company has not granted any loans or advances in nature of loans to promoters, directors and KMPs
bank
either severally or jointly with any other person during the year ended March 31, 2023 and March 31, 2022.
Net capital (current
Average payables
Average capital 8. The Company has not been declared wilful defaulter by any bank, financial institution, government or
assets - current
Revenue from
Denominator
government authority.
receivables
operations
employed
liabilities)
Average
Average
deposits
9. The Company has not revalued its property, plant and equipment (including right-to-use assets) or intangible
assets during the year ended March 31, 2023 and March 31, 2022.”
10. Transactions with the companies which are struck off are as under
Finance cost + Exceptional
traded goods + Erection &
(including other operating

(including other operating
(H in Lakhs)
consumed + Purchases of
traded goods + Changes
Revenue from operations

Revenue from operations
subcontracting expenses
on Interest on bank deposits

progress, finished goods,
in inventories of work-in-
items + Profit before tax
Count (FY23) Count (FY22) As on As on

Cost of raw materials
Nature of Transaction March 31, March 31, 2022

Profit for the year
2023
Receivables from customers – 2 – 33.6

Numerator
Receivables / (Payable) from /(to) 59 32 71.43 6.92

income)
income)
vendors
Trade payables
investment (%)
employed (%)
Net profit ratio
turnover ratio
turnover ratio
turnover ratio
receivables
Net capital
Return on
(in times)
(in times)
(in times)
capital
Return
Trade
Ratio
(%)
Note 48: Subsequent events
The Company has evaluated subsequent events from the balance sheet date through May 23, 2023, the date
at which the standalone financial statements were available to be issued, and determined that there are no
material items to disclose.
Note 49: Previous year’s figures have been regrouped / reclassed wherever necessary to correspond with
the current year’s classification / disclosure.
Partner
Mumbai, May 23, 2023 DIN: 00007347
Consolidated

Corporate overview
Statutory reports
Independent Auditor’s Report Key audit matters How our audit addressed the key audit matters
A. Cost to complete estimates in the EPC business segment (Refer Note 1D(3) of the consolidated financial statements)
Revenue from construction contracts is recognised Our audit procedures included the following:
based on the stage of completion determined • Performed procedures to test the design and operating
To the Members of Bajaj Electricals Limited the Act. Our responsibilities under those Standards are with reference to the actual costs incurred up effectiveness of controls relating to cost estimation;
further described in the ‘Auditor’s Responsibilities for to reporting date on the construction contract
the Audit of the Consolidated Financial Statements’ • Selected projects by applying audit sampling techniques
Report on the Audit of the Consolidated and the estimated cost to complete the project.
section of our report. We are independent of the Group and examined whether the cost estimates for these
Financial Statements Cost estimates involves judgments including those
and associate in accordance with the ‘Code of Ethics’ projects are in line with the supplier quotations obtained
relating to cost escalations; assessment of related
issued by the Institute of Chartered Accountants of by the management and other internal estimates where
Opinion contract risks and their financial estimation; scope
India together with the ethical requirements that are latest supplier quotations are not available.
of deliveries and services required for fulfilling the
We have audited the accompanying consolidated relevant to our audit of the financial statements under • Examined whether the future supply quantities in
contractually defined obligations and expected
financial statements of Bajaj Electricals Limited the provisions of the Act and the Rules thereunder, the selected projects are in line with the contractual
delays, if any.
(hereinafter referred to as “the Holding Company”), its and we have fulfilled our other ethical responsibilities Bill of Quantities (BOQ) / survey conducted by the
subsidiaries (the Holding Company and its subsidiaries Accordingly, cost to complete estimates have
in accordance with these requirements and the Code management. Further, also performed audit tests in
together referred to as “the Group”) and its associate been considered as a key audit matter.
of Ethics. We believe that the audit evidence we have respect of erection and other overhead costs considered
comprising of the consolidated Balance sheet as at obtained is sufficient and appropriate to provide in the selected projects.
March 31 2023, the consolidated Statement of Profit a basis for our audit opinion on the consolidated • Examined the contingencies identified by the
and Loss, including other comprehensive income, financial statements. management in these selected projects and
the consolidated Cash Flow Statement and the corroborated the same with internal / external evidence
consolidated Statement of Changes in Equity for Key Audit Matters
available with the management.
the year then ended, and notes to the consolidated
Key audit matters are those matters that, in our • Examined project contractual terms and customer
financial statements, including a summary of significant
professional judgment, were of most significance in correspondences for the selected projects, to determine
accounting policies and other explanatory information
our audit of the consolidated financial statements any adjustments to be considered to the project margins.
(hereinafter referred to as “the consolidated financial
for the financial year ended March 31, 2023. These B. Impairment allowance on trade receivables pertaining to operationally closed projects in Power Distribution (PD)
statements”).
matters were addressed in the context of our audit of and Transmission Line Tower (TLT) business (Refer Note 1D(2) and Note 6 of the consolidated financial statements)
In our opinion and to the best of our information and the consolidated financial statements as a whole, and As at March 31, 2023, trade receivables of H Our audit procedures included the following
according to the explanations given to us and based in forming our opinion thereon, and we do not provide 15,688.56 lakhs (net of impairment allowance of • Obtained management’s assessment of recoverability
on the consideration of reports of other auditors a separate opinion on these matters. For each matter H 3,362.88 lakhs) related to amounts collectible in of receivables from operationally closed projects.
on separate financial statements and on the other below, our description of how our audit addressed the respect of operationally closed projects in the PD
• Discussed with the business heads in the PD and TLT
financial information of the subsidiaries and associate, matter is provided in that context. and TLT business.
business on the steps taken by them for recovery of the
the aforesaid consolidated financial statements give In determining whether an impairment allowance
We have determined the matters described below amounts, including discussions with customers during the
the information required by the Companies Act, 2013, is required, the management takes into
to be the key audit matters to be communicated period under audit.
as amended (“the Act”) in the manner so required consideration the ageing status and likelihood
in our report. We have fulfilled the responsibilities • For samples, assessed whether the rationale behind the
and give a true and fair view in conformity with the of collection based on contractual terms, past
described in the Auditor’s responsibilities for the audit management’s judgment in determining the impairment
accounting principles generally accepted in India, experience, customer correspondences etc.
of the consolidated financial statements section provisions are in line with the customer correspondences
of the consolidated state of affairs of the Group and Based on such assessment, specific allowances
of our report, including in relation to these matters. (including any disputes), material reconciliations (where
its associate as at March 31, 2023, their consolidated are made for receivables that are unlikely to be
Accordingly, our audit included the performance of done during the year) and post year end payments.
profit including other comprehensive income, their collected.
procedures designed to respond to our assessment of
consolidated cash flows and the consolidated
the risks of material misstatement of the consolidated Due to the involvement of management’s
statement of changes in equity for the year ended on
financial statements. The results of audit procedures judgement and materiality of the amounts
that date.
performed by us and by other auditors of components involved, we have considered the same as a key
Basis for Opinion not audited by us, as reported by them in their audit audit matter.
reports furnished to us by the management, including C. Timing of revenue recognition for Consumer Product business (Refer Notes 1B(3)(1) and 24 of the consolidated Ind
We conducted our audit of the consolidated financial those procedures performed to address the matters financial statements)
statements in accordance with the Standards on below, provide the basis for our audit opinion on the Revenue from contracts with customers is Audit procedures included the following:
Auditing (SAs), as specified under section 143(10) of accompanying consolidated financial statements. recognised upon transfer of control of promised • Assessed the Holding Company’s revenue recognition
goods and is measured at the fair value of policy and its compliance in terms of Ind AS 115 ‘Revenue
the consideration received or receivable, net from contracts with customers’.
of returns, schemes and rebates, based on
• Assessed the design and tested the operating
contractually defined terms.
effectiveness of internal financial controls related to
timing of revenue recognition.
Corporate overview
Statutory reports
Key audit matters How our audit addressed the key audit matters with the consolidated financial statements or our Those respective Board of Directors of the companies
knowledge obtained in the audit or otherwise appears included in the Group and of its associate are also
The timing of transfer of control in case of sales • For sample customers, obtained and assessed the
to be materially misstated. If, based on the work we responsible for overseeing the financial reporting
to distributors is basis the arrangements including arrangements with the Company and impact on
have performed, we conclude that there is a material process of their respective companies.
delivery speciﬁcations and incoterms, payment revenue recognition including their payment terms and
misstatement of this other information, we are required
terms and ability of customers to return the goods right to returns Auditor’s Responsibilities for the Audit of the
to report that fact. We have nothing to report in this
if unsold in the market which create complexity • Performed sample tests of individual sales transaction Consolidated Financial Statements
regard.
and judgment in determining the timing of based on sales invoices and other related documents.
recognition of revenues. In respect of the samples selected, tested the timing of Responsibilities of Management for the Consolidated Our objectives are to obtain reasonable assurance
The risk is, therefore, that revenue is not recognized revenue recognition in accordance with Ind AS 115. Financial Statements about whether the consolidated financial statements
in the correct period and accordingly, it was • Selected sample of sales transactions made pre- and as a whole are free from material misstatement,
determined to be a key audit matter in our audit The Holding Company’s Board of Directors is whether due to fraud or error, and to issue an
post-year end, agreed the period of revenue recognition
of the consolidated financial statements. responsible for the preparation and presentation of auditor’s report that includes our opinion. Reasonable
to underlying documents and the terms of sale.
these consolidated financial statements in terms of the assurance is a high level of assurance, but is not a
• Performed analytical procedures on sales and sales requirements of the Act that give a true and fair view guarantee that an audit conducted in accordance
return trend. of the consolidated financial position, consolidated with SAs will always detect a material misstatement
• For sample customer balances, obtained direct financial performance including other comprehensive when it exists. Misstatements can arise from fraud or
confirmation and tested the reconciliations if any. income, consolidated cash flows and consolidated error and are considered material if, individually or in
D. Impairment testing of Goodwill (Refer Note 1B(2) and 45 of the consolidated financial statements) statement of changes in equity of the Group including the aggregate, they could reasonably be expected
As at March 31, 2023, the Company has carrying Our audit procedures included the following: its associate in accordance with the accounting to influence the economic decisions of users taken on
amount of Goodwill of H 19,001.10 lakhs pertaining • Obtained an understanding of the process followed principles generally accepted in India, including the the basis of these consolidated financial statements.
to Starlite Lighting Limited and Nirlep Appliances by the management to determine the recoverable Indian Accounting Standards (Ind AS) specified under
Private Limited section 133 of the Act read with the Companies (Indian As part of an audit in accordance with SAs, we exercise
amounts of cash generating units determined by the
Accounting Standards) Rules, 2015, as amended. professional judgment and maintain professional
In accordance with the requirements of Ind AS Company.
The respective Board of Directors of the companies skepticism throughout the audit. We also:
36 Impairment of Assets, the Company performs • Evaluated the design and implementation and tested
an annual impairment assessment of Goodwill included in the Group and of its associate are
the operating effectiveness of key internal controls • Identify and assess the risks of material misstatement
and the corresponding cash generating units responsible for maintenance of adequate accounting
related to the Company’s process relating to review of of the consolidated financial statements, whether
to determine whether the recoverable value is records in accordance with the provisions of the
the annual impairment analysis. due to fraud or error, design and perform audit
below the carrying amount as at March 31, 2023. Act for safeguarding of the assets of their respective
• Assessed Company’s valuation methodology applied procedures responsive to those risks, and obtain
companies and for preventing and detecting frauds
For this purpose, the recoverable value of the in determining recoverable value including the audit evidence that is sufficient and appropriate
and other irregularities; selection and application of
cash generating unit is based on the value in reasonableness of identification of cash generating units to provide a basis for our opinion. The risk of not
appropriate accounting policies; making judgments
use model, which has been derived from the around the key drivers (cash flow forecasts, discount detecting a material misstatement resulting from
and estimates that are reasonable and prudent;
discounted cash flow model. The model requires rates, expected growth rates, forecasted margins and fraud is higher than for one resulting from error, as
and the design, implementation and maintenance
the Company to make significant assumptions terminal growth rates) based on our knowledge of fraud may involve collusion, forgery, intentional
of adequate internal financial controls, that were
such as discount rate, near and long-term revenue the Company and Industry. Compared the historical omissions, misrepresentations, or the override of
operating effectively for ensuring the accuracy and
growth rate and projected margins which involves accuracy by comparing past forecasts to actual results internal control.
completeness of the accounting records, relevant to
inherent uncertainty since they are based on achieved. the preparation and presentation of the consolidated • Obtain an understanding of internal control relevant
future business prospects and economic outlook.
• Assessed the recoverable value headroom by financial statements that give a true and fair view to the audit in order to design audit procedures
Changes in certain methodologies and performing sensitivity testing of key assumptions used. and are free from material misstatement, whether that are appropriate in the circumstances. Under
assumptions can lead to significant changes in due to fraud or error, which have been used for the section 143(3)(i) of the Act, we are also responsible
• Tested the arithmetical accuracy of the computation of
the assessment of the recoverable value. purpose of preparation of the consolidated financial for expressing our opinion on whether the Holding
recoverable amounts of cash generating units
Due to the level of judgments involved and its statements by the Directors of the Holding Company, Company has adequate internal financial controls
• Assessed the disclosures made in the consolidated
significance to the Company’s financial position, as aforesaid. with reference to financial statements in place
financial statements
this is considered to be a key audit matter. and the operating effectiveness of such controls.
In preparing the consolidated financial statements,
We have determined that there are no other key audit matters to communicate in our report. the respective Board of Directors of the companies • Evaluate the appropriateness of accounting
included in the Group and of its associate are policies used and the reasonableness of
Information Other than the Financial Statements and Our opinion on the consolidated financial statements responsible for assessing the ability of their respective accounting estimates and related disclosures
Auditor’s Report Thereon does not cover the other information and we do not companies to continue as a going concern, disclosing, made by management.
express any form of assurance conclusion thereon. as applicable, matters related to going concern and
The Holding Company’s Board of Directors is using the going concern basis of accounting unless • Conclude on the appropriateness of
responsible for the other information. The other In connection with our audit of the consolidated management either intends to liquidate the Group or management’s use of the going concern basis
information comprises the information included in the financial statements, our responsibility is to read the to cease operations, or has no realistic alternative but of accounting and, based on the audit evidence
Annual report, but does not include the consolidated other information and, in doing so, consider whether to do so. obtained, whether a material uncertainty exists
financial statements and our auditor’s report thereon. such other information is materially inconsistent related to events or conditions that may cast
Corporate overview
Statutory reports
significant doubt on the ability of the Group and consolidated financial statements for the financial year on separate financial statements and the other incorporated in India, is disqualified as on
its associate to continue as a going concern. If we ended March 31, 2023 and are therefore the key audit financial information of the subsidiary companies March 31, 2023 from being appointed as a
conclude that a material uncertainty exists, we are matters. We describe these matters in our auditor’s and associate company incorporated in India, as director in terms of Section 164 (2) of the Act;
required to draw attention in our auditor’s report to report unless law or regulation precludes public noted in the ‘Other Matter’ paragraph we give
the related disclosures in the consolidated financial disclosure about the matter or when, in extremely rare in the “Annexure 1” a statement on the matters (f) With respect to the adequacy of the
statements or, if such disclosures are inadequate, circumstances, we determine that a matter should not specified in paragraph 3(xxi) of the Order. internal financial controls with reference to
to modify our opinion. Our conclusions are based be communicated in our report because the adverse consolidated financial statements of the
on the audit evidence obtained up to the date consequences of doing so would reasonably be 2. As required by Section 143(3) of the Act, based on Holding Company and its subsidiary companies
of our auditor’s report. However, future events or expected to outweigh the public interest benefits of our audit and on the consideration of report of the and associate company, incorporated in
conditions may cause the Group and its associate such communication. other auditors on separate financial statements India, and the operating effectiveness of
to cease to continue as a going concern. and the other financial information of subsidiaries such controls, refer to our separate Report in
Other Matter and associate, as noted in the ‘other matter’ “Annexure 2” to this report;
• Evaluate the overall presentation, structure and paragraph we report, to the extent applicable,
content of the consolidated financial statements, The accompanying consolidated financial statements that: (g) In our opinion and based on the consideration
including the disclosures, and whether the include unaudited financial statements and other of reports of other statutory auditors of the
consolidated financial statements represent the unaudited financial information in respect of one (a) We/the other auditors whose report we have subsidiaries and associate incorporated in
underlying transactions and events in a manner subsidiary whose financial statements and other relied upon have sought and obtained all the India, the managerial remuneration for the
that achieves fair presentation. financial information reflect total assets of H 48.25 lakhs information and explanations which to the best year ended March 31, 2023 has been paid
as at March 31, 2023, and total revenues of H 0.00 lakhs of our knowledge and belief were necessary / provided by the Holding Company, its
• Obtain sufficient appropriate audit evidence and net cash inflows of H 40.03 for the year ended on for the purposes of our audit of the aforesaid subsidiaries and associate incorporated in
regarding the financial information of the entities or that date. These unaudited financial statements and consolidated financial statements; India to their directors in accordance with the
business activities within the Group and its associate other unaudited financial information have been provisions of section 197 read with Schedule V
of which we are the independent auditors, to furnished to us by the management. The consolidated (b) In our opinion, proper books of account as to the Act;
express an opinion on the consolidated financial financial statements also include the Group’s share required by law relating to preparation of
statements. We are responsible for the direction, of net profit of H 0.00 lakhs for the year ended March the aforesaid consolidation of the financial (h) With respect to the other matters to be included
supervision and performance of the audit of the 31, 2023, as considered in the consolidated financial statements have been kept so far as it appears in the Auditor’s Report in accordance with
financial statements of such entities included in statements, in respect of one associate, whose financial from our examination of those books and Rule 11 of the Companies (Audit and Auditors)
the consolidated financial statements of which we statements, other financial information have not been reports of the other auditors. Rules, 2014, as amended, in our opinion and
are the independent auditors. For the other entities audited and whose unaudited financial statements, to the best of our information and according
(c) The Consolidated Balance Sheet, the to the explanations given to us and based on
included in the consolidated financial statements, other unaudited financial information have been
Consolidated Statement of Profit and the consideration of the report of the other
which have been audited by other auditors, such furnished to us by the Management. Our opinion, in
Loss including the Statement of Other auditors on separate financial statements
other auditors remain responsible for the direction, so far as it relates amounts and disclosures included in
Comprehensive Income, the Consolidated as also the other financial information of the
supervision and performance of the audits carried respect of this subsidiary and associate, and our report
Cash Flow Statement and Consolidated subsidiaries and an associate, as noted in the
out by them. We remain solely responsible for our in terms of sub-sections (3) of Section 143 of the Act
Statement of Changes in Equity dealt with by ‘Other matter’ paragraph:
audit opinion. in so far as it relates to the aforesaid subsidiary and
this Report are in agreement with the books
associate, is based solely on such unaudited financial
We communicate with those charged with of account maintained for the purpose of i. The consolidated financial statements
statements and other unaudited financial information.
governance of the Holding Company and such preparation of the consolidated financial disclose the impact of pending litigations
In our opinion and according to the information and
other entities included in the consolidated financial statements; on its consolidated financial position of the
explanations given to us by the Management, these
statements of which we are the independent auditors Group and its associate in its consolidated
financial statements and other financial information (d) In our opinion, the aforesaid consolidated
regarding, among other matters, the planned scope financial statements – Refer Note 40 to the
are not material to the Group. financial statements comply with the
and timing of the audit and significant audit findings, consolidated financial statements;
Accounting Standards specified under
including any significant deficiencies in internal control Our opinion above on the consolidated financial
Section 133 of the Act, read with Companies ii. Provision has been made in the
that we identify during our audit. statements, and our report on Other Legal and
(Indian Accounting Standards) Rules, 2015, as consolidated financial statements, as
Regulatory Requirements below, is not modified in
We also provide those charged with governance with amended; required under the applicable law or
respect of the above matters with respect to the
a statement that we have complied with relevant accounting standards, for material
financial statements and other financial information (e) On the basis of the written representations
ethical requirements regarding independence, and foreseeable losses, if any, on long-term
certified by the Management. received from the directors of the Holding
to communicate with them all relationships and other contracts including derivative contracts –
Company as on March 31, 2023 taken on Refer Note 40 to the consolidated financial
matters that may reasonably be thought to bear on Report on Other Legal and Regulatory Requirements
record by the Board of Directors of the Holding statements in respect of such items as it
our independence, and where applicable, related
1. As required by the Companies (Auditor’s Report) Company and the reports of the statutory relates to the Group and its associate;
safeguards.
Order, 2020 (“the Order”), issued by the Central auditors who are appointed under Section
From the matters communicated with those charged Government of India in terms of sub-section (11) 139 of the Act, of its subsidiary companies and iii. There has been no delay in transferring
with governance, we determine those matters of section 143 of the Act, based on our audit and associate company, none of the directors amounts, required to be transferred, to the
that were of most significance in the audit of the on the consideration of report of the other auditors of the Group’s companies, its associate, Investor Education and Protection Fund by
Corporate overview
Statutory reports
the Holding Company, its subsidiaries, and

associate, incorporated in India during the
year ended March 31, 2023.
subsidiaries and an associate shall,
whether, directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
iv. a) The respective managements of the by or on behalf of the Funding Party
Holding Company and its subsidiaries (“Ultimate Beneficiaries”) or provide Re: Bajaj Electricals Limited (“the Holding Company”)
and an associate which are companies any guarantee, security or the like on
incorporated in India whose financial (xxi) Qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order
behalf of the Ultimate Beneficiaries;
statements have been audited under (CARO) reports of the companies included in the consolidated financial statements are:
and
the Act have represented to us and
the other auditors of such subsidiaries c) Based on the audit procedures that Holding company/ Clause number of the
and an associate respectively that, have been considered reasonable Sr
Name CIN subsidiary/ associate/ CARO report which is
to the best of its knowledge and and appropriate in the circumstances no
joint venture qualified or is adverse
belief, no funds have been advanced performed by us and that performed
or loaned or invested (either from by the auditors of the subsidiaries and 1 Bajaj Electricals L31500MH1938PLC009887 Holding Company Paragraph 3(i)(c)
borrowed funds or share premium or an associate which are companies Limited
any other sources or kind of funds) by incorporated in India whose financial 2 Nirlep Appliances U27200MH1979PTC021470 Subsidiary Paragraph 3(xvii)
the Holding Company or any of such statements have been audited under Private Limited
subsidiaries and associate to or in any the Act, nothing has come to our or
other person(s) or entity(ies), including other auditor’s notice that has caused
foreign entities (“Intermediaries”), with us or the other auditors to believe that For S R B C & CO LLP
the understanding, whether recorded the representations under sub-clause Chartered Accountants
in writing or otherwise, that the (a) and (b) contain any material mis- ICAI Firm Registration Number: 324982E/E300003
Intermediary shall, whether, directly statement.
or indirectly lend or invest in other per Vikram Mehta
persons or entities identified in any v) The final dividend paid by the Holding
Partner
manner whatsoever by or on behalf Company during the year in respect of
of the respective Holding Company or the same declared for the previous year
UDIN: 23105938BGXGHA4399
any of such subsidiaries and associate is in accordance with section 123 of the
(“Ultimate Beneficiaries”) or provide Act to the extent it applies to payment of Mumbai, May 23, 2023
any guarantee, security or the like on dividend.
behalf of the Ultimate Beneficiaries;
vi) As proviso to Rule 3(1) of the Companies
b) The respective managements of the (Accounts) Rules, 2014 is applicable
Holding Company and its subsidiaries only w.e.f. April 1, 2023 for the Holding
and associate which are companies Company, its subsidiaries and an
incorporated in India whose financial associate companies incorporated in
statements have been audited under India, hence reporting under this clause is
the Act have represented to us and not applicable.
the other auditors of such subsidiaries
and associate respectively that, to For S R B C & CO LLP
the best of its knowledge and belief, Chartered Accountants
no funds have been received by the ICAI Firm Registration Number: 324982E/E300003
respective Holding Company or any
of such subsidiaries and associate from
per Vikram Mehta
any person(s) or entity(ies), including
Partner
foreign entities (“Funding Parties”),
with the understanding, whether
UDIN: 23105938BGXGHA4399
recorded in writing or otherwise, that
the Holding Company or any of such Mumbai, May 23, 2023
Corporate overview
Statutory reports
company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance
in all material respects, adequate internal financial
controls with reference to consolidated financial
statements and such internal financial controls with
with generally accepted accounting principles, and reference to consolidated financial statements were
that receipts and expenditures of the company are operating effectively as at March 31,2023, based on
Re: Bajaj Electricals Limited (“the Holding Company”) Note”) and the Standards on Auditing, specified under being made only in accordance with authorisations of the internal control over financial reporting criteria
section 143(10) of the Act, to the extent applicable to management and directors of the company; and (3) established by the Holding Company considering the
an audit of internal financial controls, both, issued by provide reasonable assurance regarding prevention essential components of internal control stated in the
Report on the Internal Financial Controls under
ICAI. Those Standards and the Guidance Note require or timely detection of unauthorised acquisition, use, or Guidance Note issued by the ICAI.
Clause (i) of Sub-section 3 of Section 143 of the
that we comply with ethical requirements and plan disposition of the company’s assets that could have a
Companies Act, 2013 (“the Act”)
and perform the audit to obtain reasonable assurance material effect on the financial statements.
about whether adequate internal financial controls Other Matters
In conjunction with our audit of the consolidated
financial statements of Bajaj Electricals Limited with reference to consolidated financial statements
Inherent Limitations of Internal Financial Our report under Section 143(3)(i) of the Act on the
(hereinafter referred to as the “Holding Company”) as was established and maintained and if such controls
Controls With Reference to Consolidated adequacy and operating effectiveness of the internal
of and for the year ended March 31, 2023, we have operated effectively in all material respects.
Financial Statements financial controls with reference to consolidated
audited the internal financial controls with reference financial statements of the Holding Company, in so far
Our audit involves performing procedures to obtain
to consolidated financial statements of the Holding Because of the inherent limitations of internal financial as it relates to these two subsidiaries and an associate,
audit evidence about the adequacy of the internal
Company and its subsidiaries (the Holding Company controls with reference to consolidated financial which are companies incorporated in India, is based
financial controls with reference to consolidated
and its subsidiaries together referred to as “the Group”) statements, including the possibility of collusion or on the corresponding reports of the auditors of such
financial statements and their operating effectiveness.
and its associate, which are companies incorporated improper management override of controls, material subsidiaries associate incorporated in India.
Our audit of internal financial controls with reference to
in India, as of that date. misstatements due to error or fraud may occur and
consolidated financial statements included obtaining
an understanding of internal financial controls with not be detected. Also, projections of any evaluation
For S R B C & CO LLP
Management’s Responsibility for Internal reference to consolidated financial statements, of the internal financial controls with reference to
Chartered Accountants
Financial Controls assessing the risk that a material weakness exists, and consolidated financial statements to future periods
ICAI Firm Registration Number: 324982E/E300003
testing and evaluating the design and operating are subject to the risk that the internal financial controls
The respective Board of Directors of the companies with reference to consolidated financial statements
effectiveness of internal control based on the assessed
included in the Group and its associate, which are may become inadequate because of changes in per Vikram Mehta
risk. The procedures selected depend on the auditor’s
companies incorporated in India, are responsible conditions, or that the degree of compliance with the Partner
judgement, including the assessment of the risks of
for establishing and maintaining internal financial policies or procedures may deteriorate. Membership No.: 105938
material misstatement of the financial statements,
controls based on the internal control over financial UDIN: 23105938BGXGGZ9835
whether due to fraud or error.
reporting criteria established by the Holding Company
Opinion Mumbai, May 23, 2023
considering the essential components of internal We believe that the audit evidence we have obtained
control stated in the Guidance Note on Audit of and the audit evidence obtained by the other auditors In our opinion, the Group and its associate, which are
Internal Financial Controls Over Financial Reporting in terms of their reports referred to in the Other Matters companies incorporated in India, have, maintained
issued by the Institute of Chartered Accountants of paragraph below, is sufficient and appropriate to
India (ICAI). These responsibilities include the design, provide a basis for our audit opinion on the internal
implementation and maintenance of adequate financial controls with reference to consolidated
internal financial controls that were operating financial statements.
effectively for ensuring the orderly and efficient
conduct of its business, including adherence to the
respective company’s policies, the safeguarding
Meaning of Internal Financial Controls With
of its assets, the prevention and detection of frauds
Reference to Consolidated Financial Statements
and errors, the accuracy and completeness of the A company’s internal financial control with
accounting records, and the timely preparation of reference to consolidated financial statements is a
reliable financial information, as required under the process designed to provide reasonable assurance
Companies Act, 2013. regarding the reliability of financial reporting and
the preparation of financial statements for external
Auditor’s Responsibility purposes in accordance with generally accepted
accounting principles. A company’s internal financial
Our responsibility is to express an opinion on the control with reference to consolidated financial
Holding Company’s internal financial controls with statements includes those policies and procedures
reference to consolidated financial statements based that (1) pertain to the maintenance of records that,
on our audit. We conducted our audit in accordance in reasonable detail, accurately and fairly reflect
with the Guidance Note on Audit of Internal Financial the transactions and dispositions of the assets of the
Controls Over Financial Reporting (the “Guidance
Corporate overview
Statutory reports
Consolidated Balance Sheet as at 31st March 2023

(H in Lakhs)
Statement of Consolidated Profit and Loss for the year ended 31st March 2023
(H in Lakhs)
As at As at For the year ended For the year ended

Particulars Notes Particulars Notes
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
ASSETS Income:
Non-Current Assets
Property, plant and equipment 2 35,548.52 35,769.89
Revenue from operations 24 5,42,926.48 4,81,301.45
Capital work in progress 2 4,100.11 2,820.12 Other income 25 7,584.93 6,833.64
Investment properties 4.1 12,947.65 13,077.04 Total Income 5,50,511.41 4,88,135.09
Goodwill 45 19,001.10 19,001.10 Expenses:
Right-of-use assets 3 12,298.88 6,855.68
Intangible assets 4 1,923.21 665.88 Cost of raw materials consumed 26 57,113.80 59,814.65
Intangible assets under development 4 145.91 1,546.59 Purchases of traded goods 3,18,666.10 2,67,605.16
Investments in associate 5.1 – – Changes in inventories of work-in-progress, finished goods, traded goods 26 (4,592.82) 1,711.05
Financial Assets Erection & subcontracting expenses 27 5,419.48 13,395.21
i) Investments 5.3 600.58 489.73
ii) Trade receivables 6 8,436.72 22,109.94 Employee benefits expenses 28 42,629.36 40,140.08
iii) Loans 7 – 22.35 Depreciation and amortisation expense 29 8,173.30 6,923.44
iv) Other financial assets 8 3,080.13 3,783.59 Other expenses 30 87,921.35 73,620.19
Deferred tax assets (net) 9 – 8,143.54 Finance costs 31 4,839.03 6,974.36
Income tax assets (net) 12,802.45 10,405.17
Other non-current assets 10 15,583.72 13,358.61
Total Expenses 5,20,169.60 4,70,184.14
Total Non-Current Assets 1,26,468.98 1,38,049.23 Profit before share of profit / (loss) of an associate and a joint venture, 30,341.81 17,950.95
Current Assets exceptional items and tax
Inventories 11 1,07,207.48 99,788.02 Exceptional Items 48 – 1,322.69
Financial Assets
Profit before share of profit / (loss) of an associate and a joint venture and tax 30,341.81 16,628.26
i) Investments 5.2 4,078.23 –
ii) Trade receivables 6 1,48,062.32 1,13,951.23 Share of profit / (loss) of associate and joint venture – –
iii) Cash and cash equivalents 12 34,175.92 11,881.50 Profit before tax 30,341.81 16,628.26
iv) Bank balances other than (ii) above 12 2,871.68 2,372.26 Tax expense / (credit) :
v) Loans 7 35.21 0.84 Current tax 32 5,178.79 5,321.86
vi) Other current financial assets 13 1,260.04 776.39
Other current assets 14 38,685.86 25,273.97 Deferred tax 9 3,544.49 (644.92)
Contract assets 41 4,650.98 5,344.34 Adjustment of tax relating to earlier periods – (489.34)
3,41,027.72 2,59,388.55 Total tax expenses 8,723.28 4,187.60
Assets classified as held for sale 15 219.40 1,719.41 Profit for the year 21,618.53 12,440.66
Total Current Assets 3,41,247.12 2,61,107.96
Total Assets 4,67,716.10 3,99,157.19 Other comprehensive (income) / loss
EQUITY & LIABILITIES Items that will be reclassified to profit and loss in subsequent periods
EQUITY Cash flow hedge reserve 35c 41.72 (51.20)
Equity share capital 16 2,301.51 2,297.48 Tax impacts on above (10.50) 12.89
Other Equity 17 1,88,420.07 1,70,857.92
Non-controlling interest 46 – (2,633.98) Items that will not be reclassified to profit and loss in subsequent periods
Total Equity 1,90,721.58 1,70,521.42 Remeasurement (gains)/losses on defined benefit plans 21 (272.07) (710.34)
LIABILITIES Tax impacts on above 9 68.47 178.78
Non-Current Liabilities Other comprehensive income net of tax (172.38) (569.87)
Financial Liabilities
i) Borrowings 18 – 1,183.32 Total Comprehensive Income net of tax 21,790.91 13,010.53
ia) Lease liabilities 3 7,183.97 3,035.04 Profit for the year attributable to
ii) Other financial liabilities 19 16.52 34.48 Equity holders of the parent 21,618.53 12,851.65
Provisions 20 1,689.40 2,309.11 Non-controlling interest – (410.99)
Employee benefit obligations 21 5,897.81 6,314.56
Deferred tax liabilities (net) 9 539.73 – Other comprehensive (income) / loss for the year attributable to
Total Non-Current Liabilities 15,327.43 12,876.51 Equity holders of the parent (172.38) (571.97)
Current Liabilities Non-controlling interest – 2.10
Financial Liabilities Total comprehensive income / (loss) for the year attributable to
i) Borrowings 18 16.65 3,307.68
ia) Lease liabilities 3 2,939.67 1,552.76 Equity holders of the parent 21,790.91 13,423.62
ii) Trade payables 22 Non-controlling interest – (413.09)
Total Outstanding dues of micro enterprises & small enterprises 5,498.99 7,905.23 Earnings per equity share before exceptional items (face value per share H 2) 39
Total Outstanding dues of other than micro enterprises & small enterprises 1,51,402.77 1,15,641.46 Basic 18.80 11.71
iii) Other current financial liabilities 19 69,928.95 46,157.91
Provisions 20 4,876.02 7,854.79 Diluted 18.77 11.67
Employee benefit obligations 21 1,569.60 918.77 Earnings per equity share after exceptional items (face value per share H 2) 39
Current tax liabilities (net) 1,915.14 1,701.21 Basic 18.80 10.85
Contract liabilities 41 15,764.36 9,117.44 Diluted 18.77 10.81
Other current liabilities 23 7,754.94 21,602.01
Total Current Liabilities 2,61,667.09 2,15,759.26 Summary of significant accounting policies 1B
Total Liabilities 2,76,994.52 2,28,635.77 The accompanying notes are an integral part of the Consolidated Financial Statements
Total Equity & Liabilities 4,67,716.10 3,99,157.19
Summary of significant accounting policies 1B
The accompanying notes are an integral part of the Consolidated Financial Statements As per our report attached of even date For and on behalf of the Board of directors
For S R B C & CO LLP of Bajaj Electricals Limited ICAI Firm Registration No. 324982E/E300003
ICAI Firm Registration No. 324982E/E300003 Chartered Accountants Shekhar Bajaj Anuj Poddar
Chartered Accountants Shekhar Bajaj Anuj Poddar Chairman Managing Director & Chief Executive Officer
Chairman Managing Director & Chief Executive Officer per Vikram Mehta DIN: 00089358 DIN: 01908009
Partner
Partner
Membership No.105938 Ajay Nagle EC Prasad Shailesh Haribhakti Membership No.105938 Ajay Nagle EC Prasad Shailesh Haribhakti
Company Secretary Chief Financial Officer Chairman - Audit Committee Company Secretary Chief Financial Officer Chairman - Audit Committee
Mumbai, May 23, 2023 DIN: 00007347 Mumbai, May 23, 2023 DIN: 00007347
Consolidated Statement of Changes in Equity for the year ended 31st March 2023
A. Equity share capital (Note 16)
(H in Lakhs)
Year Ended Year Ended
Particulars
31st March 2023 31st March 2022
Equity shares of H 2 each issued, subscribed and fully paid-up

At the beginning of the year 2,297.48 2,290.73

Changes in Equity Share Capital due to prior period errors – –
Restated balance at the beginning of the year 2,297.48 2,290.73
Issue of equity share capital during the year 4.03 6.75
At the end of the year 2,301.51 2,297.48

(H in Lakhs)

Reserve Reserve
Reserve Hedges
Balance as at 31st March 2022 – – 88.29 65,356.13 – 1,198.56 45,967.75 57,936.30 135.71 175.18 1,70,857.92
Other comprehensive income – – (31.22) – – – – 203.60 – – 172.38
Total – – 57.07 65,356.13 – 1,198.56 45,967.75 79,758.43 135.71 175.18 1,92,648.83
Exercise of share options – – – 893.24 – – – – – – 893.24
Exercise of share options - – – – 344.84 – (344.84) – – – – –
outstanding account
Employee stock option – – – – – 1,084.00 – – – – 1,084.00
of vested options
Dividend on equity shares – – – – – – (3,447.13) – – (3,447.13)
Issue of share capital (0.19) – – 0.19 – – – – – (0.00)
Transfer from minority interest 0.19 (2,327.15) – – – – – (305.93) – – (2,632.90)
on account of business
combination (refer note 46)
Charge for the year – – (125.98) – – – – – – – (125.98)
Balance as at 31st March 2023 – (2,327.15) (68.91) 66,594.40 – 1,874.06 45,967.75 76,069.03 135.71 175.18 1,88,420.07
Consolidated Statement of Changes in Equity for the year ended 31st March 2023
(H in Lakhs)

Reserve Reserve
Reserve Hedges
Balance as at 31st March 2021 12.51 – – 63,391.97 3,750.00 1,181.39 45,967.75 40,917.38 135.71 175.18 1,55,531.89
Other comprehensive income – – 38.31 – – – – 533.66 – – 571.97
Total 12.51 38.31 63,391.97 3,750.00 1,181.39 45,967.75 54,302.69 135.71 175.18 1,68,955.51
Exercise of share options – – – 1,435.02 – – – – – – 1,435.02
Exercise of share options - – – – 529.14 – (529.14) – – – – –
outstanding account
Employee stock option – – – – – 580.85 – – – – 580.85
of vested options
Transfer from Debenture – – – – (3,750.00) – – 3,750.00 – – –
redemption reserve to general
reserve
Application money received (12.51) – – – – – – – – – (12.51)
Charge for the year – – 49.98 – – – – – – – 49.98
Fair value of non-controlling – – – – – – – (150.93) – – (150.93)
interest put option
Balance as at 31st March 2022 – – 88.29 65,356.13 – 1,198.56 45,967.75 57,936.30 135.71 175.18 1,70,857.92
Summary of significant accounting policies (Note 1B).
The accompanying notes are an integral part of the Consolidated Financial Statements
Partner
Mumbai, May 23, 2023 DIN: 00007347
Statutory reports
Corporate overview
Corporate overview
Statutory reports
Consolidated Cash Flow Statement for the year ended 31st March 2023 Consolidated Cash Flow Statement for the year ended 31st March 2023
Year ended Year ended Year ended Year ended
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Cash flow from operating activities Cash flows from financing activities
Profit before income tax 30,341.81 16,628.26 Proceeds from issues of shares 897.27 1,429.26
Adjustments for: Proceeds from borrowings – 1,263.67
Depreciation and amortisation expense 8,173.30 6,923.44 Repayment of borrowings (4,474.35) (65,297.92)
Employee share-based payment expense 1,084.00 580.85 Payment of principal portion of lease liabilities (2,217.96) (1,781.85)
Gain on disposal of property, plant and equipment (net) (279.91) (490.97) Interest paid on lease liabilities (544.44) (545.00)
Measurement of financial assets held at fair value through Profit or Loss (110.85) (19.99) Interest paid on borrowings (4,081.07) (12,187.99)
Measurement of financial assets and liabilities held at amortised cost (57.79) (59.05) Dividend paid to equity shareholders (3,447.13) –
Measurement of provisions at fair value – (354.49) Net cash used in financing activities (13,867.68) (77,119.83)
Impairment of property, plant and equipment – 845.00 Net increase in cash and cash equivalents 22,294.42 7,241.70
Finance costs 4,839.03 6,974.36 Cash and cash equivalents at the beginning of the year 11,881.50 4,563.58
Interest income (927.25) (694.81) Acquired on business combinations – 76.22
Impairment allowance for doubtful debts & advances (net of write 462.85 (2,303.18) Cash and cash equivalents at the end of the year 34,175.92 11,881.50
back) (H in Lakhs)
Bad debts and other irrecoverable debit balances written off (570.90) 1,374.00
42,954.29 29,403.42 Year ended Year ended
Change in liability arising from financing activities
Change in operating assets and liabilities: 31-Mar-23 31-Mar-22
(Increase)/decrease in trade receivables (current & non-current) (20,476.12) 57,213.09 Borrowings as on the beginning of the year 4,491.00 47,062.89
(Increase)/decrease in financial and other assets (current & non- (14,420.62) 3,051.67 Proceeds from borrowings * – 1,263.67
current) Repayment of borrowings (4,474.35) (65,297.92)
(Increase)/decrease in inventories (7,419.46) 2,047.45 Acquired on business combinations – 21,462.36
Increase/(decrease) in trade payables , provisions, employee benefit 46,609.09 4,159.64 Borrowings as on the end of the year 16.65 4,491.00
obligations, other financial liabilities and other liabilities (current & non-
* Proceeds from borrowings includes H NIL towards borrowings.
current)
Cash generated from operations 47,247.18 95,875.27 Summary of significant accounting policies (Note 1B)
Income taxes paid (net of refunds) (2,281.33) (4,461.45)
Net cash inflow from operating activities 44,965.85 91,413.82 The accompanying notes are an integral part of the Consolidated Financial Statements
Cash flows from investing activities
Purchase of property, plant and equipment including capital work in (7,587.67) (6,768.33)
progress and capital advances
Purchase of intangible assets including intangible assets under (974.15) (796.44)
development
Proceeds from sale of property, plant and equipment including 968.93 3,272.12
advances received
Partner
Proceeds from sale of assets held for sale 1,500.00 –
Proceeds from sale of investment properties 16.52 –
Loans and advances given by associate and joint venture (net) 10.00 (10.00)
Mumbai, May 23, 2023 DIN: 00007347
Purchase of financial instrument (36,578.23) (2,508.14)
Proceeds from sale of financial instruments 32,500.00 –
Investment in bank deposits 533.73 (792.75)
Interest received 807.12 551.25
Net cash used in investing activities (8,803.75) (7,052.29)
Corporate overview
Statutory reports
Notes to Consolidated Financial Statements for the year ended 31st March 2023 Notes to Consolidated Financial Statements for the year ended 31st March 2023
Note 1 • certain financial assets and liabilities • It is due to be settled within twelve months Generally, there is a presumption that a majority
(including derivative instruments) that are after the reporting period, or of voting rights result in control. To support this
1A GENERAL INFORMATION. measured at fair value; presumption and when the Group has less
• There is no unconditional right to defer the than a majority of the voting or similar rights of
Bajaj Electricals Limited (‘the Company’) is an • assets held for sale which are measured at
settlement of the liability for at least twelve an investee, the Group considers all relevant
existing public limited company incorporated on lower of carrying value and fair value less
months after the reporting period facts and circumstances in assessing whether
14th July 1938 under the provisions of the Indian cost to sell; it has power over an investee, including:
Companies Act, 1913 and deemed to exist within
All other liabilities as classified as non-current.
the purview of the Companies Act, 2013, having • defined benefit plans where plan assets • The contractual arrangement with the
its registered office at 45/47, Veer Nariman Road, are measured at fair value; and The operating cycle is the time between the other vote holders of the investee
Mumbai-400 001. acquisition of assets for processing and their
• share-based payments at fair value as • Rights arising from other contractual
realisation in cash and cash equivalents. The
The Group deals in Consumer Products (CP) on the grant date of options given to arrangements
Group has identified twelve months as its
(which includes domestic appliances, kitchen employees.
operating cycle.
appliances, and electric Fans). The Group deals • The Group’s voting rights and potential
in Lighting Solutions (which includes consumer Estimates, judgements and assumptions used in voting rights
Basis of consolidation
and professional lighting). The Group also deals the preparation of the consolidated financial
in Engineering and projects (EPC) (which includes statements and disclosures are based upon The consolidated financial statements includes • The size of the group’s holding of voting
transmission line towers and power distribution). management’s evaluation of the relevant financial statements of Bajaj Electricals Limited rights relative to the size and dispersion
The equity shares of the Company are listed on facts and circumstances as of the date of the and its subsidiaries (together referred as a of the holdings of the other voting rights
BSE Limited (“BSE”) and National Stock Exchange consolidated financial statements, which may Group), an associate and results of a joint holders
of India Limited (“NSE”). The consolidated financial differ from the actual results at a subsequent venture, consolidated in accordance with
date. The critical estimates, judgements and The Group re-assesses whether or not it controls
statements are presented in Indian Rupee (INR). Ind AS 28 - Investments in associate and joint
assumptions are presented in Note no. 1D. an investee if facts and circumstances indicate
venture, Ind AS 111 – Joint Arrangements and
The consolidated financial statements have that there are changes to one or more of the
Ind AS 110 – Consolidated financial statements
been recommended for approval by the audit The Group presents assets and liabilities in the three elements of control. Consolidation of
as given below:
committee and is approved and adopted by the balance sheet based on current and non- a subsidiary begins when the Group obtains
Board of the Parent Company, in their meeting current classification. Deferred tax assets and control over the subsidiary and ceases when
liabilities are classified as non-current. Country % share Consolidated the Group loses control of the subsidiary.
held in Mumbai on 23rd May, 2023.
Name of the of holding / Equity Assets, liabilities, income and expenses of a
1B SIGNIFICANT ACCOUNTING POLICIES The Group has prepared the consolidated Company Incorpo- of the accounted subsidiary acquired or disposed of during the
financial statements on the basis that it will ration Company as year are included in the consolidated financial
This note provides a list of the significant accounting continue to operate as a going concern. statements from the date the Group gains
policies adopted in the preparation of these Hind Lamps India 19.00% Associate
control until the date the Group ceases to
consolidated financial statements. These policies An asset is treated as current when it is: Limited
control the subsidiary.
have been consistently applied to all the years Nirlep Appliances India 100.00% Subsidiary
• Expected to be realised or intended to Private Ltd
presented. Consolidated financial statements are
be sold or consumed in normal operating Bajel Projects India 100.00% Subsidiary prepared using uniform accounting policies
1 Basis of preparation cycle Limited for like transactions and other events in similar
• Expected to be realised within twelve Control is achieved when the Group is circumstances. If a member of the Group uses
The consolidated financial statements of the
months after the reporting period, or exposed, or has rights, to variable returns from accounting polices other than those adopted
Group have been prepared in accordance
its involvement with the investee and has the in the consolidated financial statements for
with Indian Accounting Standards (hereinafter • Cash or cash equivalent unless restricted
ability to affect those returns through its power like transactions and other events in similar
referred to as Ind AS) as notified by Ministry of from being exchanged or used to settle a
over the investee. Specifically, the Group circumstances, appropriate adjustments
Corporate Affairs pursuant to Section 133 of liability for at least twelve months after the
controls an investee if and only if the Group has: are made to that Group member’s financial
the Companies Act, 2013 (‘the Act’) read with reporting period statements in preparing the consolidated
the Companies (Indian Accounting Standards)
• Power over the investee (i.e. existing rights financial statements to ensure conformity with
Rules, as amended from time to time and other All other assets are classified as non-current.
that give it the current ability to direct the the Group’s accounting policies. The financial
relevant provisions of the Act.
A liability is current when: relevant activities of the investee) statement of all entities used for the purpose of
The consolidated financial statements are consolidation are drawn upto same reporting
• It is expected to be settled in normal • Exposure, or rights, to variable returns from date as that of the parent company i.e., year
prepared under the historical cost convention
operating cycle its involvement with the investee, and ended 31st March .
except for the following:
• The ability to use its power over the investee
to affect its returns
Corporate overview
Statutory reports
Consolidation procedure: non-controlling interest’s put option, being the 2 Business combination and goodwill for goodwill is recognised in profit or loss. An
present value of the estimated future purchase impairment loss recognised for goodwill is not
(a) Combine like items of assets, liabilities, price, as a financial liability in the statement Business combinations are accounted for reversed in subsequent periods.
equity, income, expenses and cash flows of financial position. In raising this liability, the using the acquisition method. The cost of an
of the parent with those of its subsidiaries. non-controlling interest is derecognised and acquisition is measured as the aggregate of If the initial accounting for a business combination
For this purpose, income and expenses of any excess or shortfall is charged or realised the consideration transferred measured at is incomplete by the end of the reporting
the subsidiary are based on the amounts directly in retained earnings in the statement acquisition date fair value and the amount of period in which the combination occurs, the
of the assets and liabilities recognised in of changes in equity. any non-controlling interests in the acquiree. Group reports provisional amounts for the items
the consolidated financial statements at For each business combination, the Group for which the accounting is incomplete. Those
the acquisition date. An associate is an entity over which the Group elects whether to measure the non-controlling provisional amounts are adjusted through
has significant influence. Significant influence interests in the acquiree at fair value or at goodwill during the measurement period, or
(b) Offset (eliminate) the carrying amount of is the power to participate in the financial and the proportionate share of the acquiree’s additional assets or liabilities are recognised,
the parent’s investment in each subsidiary operating policy decisions of the investee, but identifiable net assets. Acquisition-related to reflect new information obtained about
and the parent’s portion of equity of each is not control or joint control over those policies. costs are expensed as incurred. facts and circumstances that existed at the
subsidiary. Business combinations policy acquisition date that, if known, would have
explains how to account for any related A joint venture is a type of joint arrangement At the acquisition date, the identifiable affected the amounts recognized at that date.
goodwill. whereby the parties that have joint control assets acquired, and the liabilities assumed These adjustments are called as measurement
of the arrangement have rights to the net are recognised at their acquisition date fair period adjustments. The measurement period
(c) Eliminate in full intragroup assets and assets of the joint venture. Joint control is the values (including related deferred tax). For does not exceed one year from the acquisition
liabilities, equity, income, expenses contractually agreed sharing of control of an this purpose, the liabilities assumed include date
and cash flows relating to transactions arrangement, which exists only when decisions contingent liabilities representing present
between entities of the group (profits or about the relevant activities require unanimous obligation and they are measured at their A change in the ownership interest of
losses resulting from intragroup transactions consent of the parties sharing control. acquisition fair values irrespective of the a subsidiary, without a loss of control, is
that are recognised in assets, such as fact that outflow of resources embodying accounted for as an equity transaction. If the
inventory and fixed assets, are eliminated The considerations made in determining economic benefits is not probable. Group loses control over a subsidiary, it:
in full). Ind AS 12 Income Taxes applies to whether significant influence or joint control
temporary differences that arise from the are similar to those necessary to determine Goodwill is initially measured at cost, being the • Derecognises the assets (including
elimination of profits and losses resulting control over the subsidiaries. excess of the aggregate of the consideration goodwill) and liabilities of the subsidiary at
from intragroup transactions. transferred and the amount recognised for their carrying amounts at the date when
Interest in associate and joint ventures are non-controlling interests, and any previous control is lost
Profit or loss and each component of other accounted for using the equity method. interest held, over the net identifiable assets • Derecognises the carrying amount of any
comprehensive income (OCI) are attributed to They are initially recognised at cost which acquired and liabilities assumed. non-controlling interests
the equity holders of the parent of the Group includes transaction costs. Subsequent to
and to the non-controlling interests, even if this initial recognition the consolidated financial After initial recognition, goodwill is measured • Derecognises the cumulative translation
results in the non-controlling interests having a statements include the groups share of profit at cost less any accumulated impairment differences recorded in equity
deficit balance. When necessary, adjustments and loss and OCI of equity accounted investee losses. For the purpose of impairment testing,
• Recognises the fair value of the
are made to the financial statements of until the date on which significant influence or goodwill acquired in a business combination
consideration received
subsidiaries to bring their accounting policies joint control ceases is, from the acquisition date, allocated to each
into line with the Group’s accounting policies. of the Group’s cash-generating units that are • Recognises the fair value of any investment
All intra-group assets and liabilities, equity, When the group’s share of losses in an equity- expected to benefit from the combination, retained
income, expenses and cash flows relating to accounted investment equals or exceeds irrespective of whether other assets or liabilities
its interest in the entity, including any other • Recognises any surplus or deficit in profit or
transactions between members of the Group of the acquiree are assigned to those units.
unsecured long-term receivables, the group loss
are eliminated in full on consolidation.
does not recognise further losses, unless it has A cash generating unit to which goodwill • Recognise that distribution of shares of
Put options held by non-controlling interests incurred legal or constructive obligations or has been allocated is tested for impairment subsidiary to Group in Group’s capacity as
in the Group’s subsidiaries entitle the non- made payments on behalf of the other entity. annually, or more frequently when there is an owners
controlling interest to sell its interest in the Unrealised gains on transactions between the indication that the unit may be impaired. If the
group and its associates and joint ventures recoverable amount of the cash generating • Reclassifies the parent’s share of
subsidiary to the Group at pre-determined
are eliminated to the extent of the group’s unit is less than its carrying amount, the components previously recognised in OCI
values and on contracted dates. In such
interest in these entities. Unrealised losses are impairment loss is allocated first to reduce the to profit or loss or transferred directly to
cases, the Group consolidates the non-
also eliminated unless the transaction provides carrying amount of any goodwill allocated retained earnings, if required by other Ind
controlling interest’s share of the equity in the
evidence of an impairment of the asset to the unit and then to the other assets of the ASs as would be required if the Group had
subsidiary and recognises the fair value of the
transferred. unit pro rata based on the carrying amount directly disposed of the related assets or
of each asset in the unit. Any impairment loss liabilities
Corporate overview
Statutory reports
3 Revenue from contract with customers: of a significant financing component if payment for performance completed to customer for which the Group has
it expects, at contract inception, that date if it meets the agreed specifications. received consideration (or an amount of
Revenue from contracts with customers is the period between the transfer of the Revenue from construction contracts consideration is due) from the customer. If
recognized when control of the goods or promised good or service to the customer is recognised based on the stage of a customer pays consideration before the
services are transferred to the customer at and when the customer pays for that good completion determined with reference to Group transfers goods or services to the
an amount that reflects the consideration or service will be one year or less. the actual costs incurred up to reporting customer, a contract liability is recognized
to which the Group expects to be entitled date on the construction contract and when the payment is made or the payment
in exchange for those goods or services. The The Group has a loyalty points program, the estimated cost to complete the is due (whichever is earlier). Contract
Group has generally concluded that it is the “Retailer Bonding Program”, which allows project. Cost estimates involves judgments liabilities are recognised as revenue when
principal in its revenue arrangements, because customers to accumulate points that including those relating to cost escalations; the Group performs under the contract.
it typically controls the goods or services before can be redeemed for free products. assessment of technical, political,
transferring them to the customer. The loyalty points give rise to a separate regulatory and other related contract risks 4 Leases:
performance obligation as they provide and their financial estimation; scope of
The recognition criteria for sale of products a material right to the customer. A portion As a lessee:
and construction contracts is described below of the transaction price is allocated to the contractually defined obligations Right-of-use assets
the loyalty points awarded to customers and expected delays, if any. Provision
(1) Sale of products
based on relative stand-alone selling price for foreseeable losses/ construction The Group recognises right-of-use assets at
Revenue from sale of products is and recognized as deferred revenue until contingencies on said contracts is made the commencement date of the lease (i.e.,
recognized at the point in time when the points are redeemed. Revenue is based on technical assessments of costs to the date the underlying asset is available
control of the asset is transferred to the recognized upon redemption of products be incurred and revenue to be accounted for use). Right-of-use assets are measured
customer, generally on dispatch of the by the customer. When estimating the for. The Group has long-term receivables at cost, less any accumulated depreciation
product to the customer’s destination. The stand-alone selling price of the loyalty from customers. The transaction price for and impairment losses, and adjusted for any
Group considers whether there are other points, the Group considers the likelihood such contracts is discounted, using the remeasurement of lease liabilities. The cost
promises in the contract that are separate that the customer will redeem the points. rate that would be reflected in a separate of right-of-use assets includes the amount of
performance obligations to which a The Group updates its estimates of the financing transaction between the Group lease liabilities recognised, initial direct costs
portion of the transaction price needs points that will be redeemed on a quarterly and its customers at contract inception, incurred, and lease payments made at or
to be allocated (e.g., customer loyalty basis and any adjustments to the deferred to take into consideration the significant before the commencement date less any
points and warranties). In determining the revenue are charged against revenue. financing component lease incentives received. Unless the Group is
transaction price for the sale of product, reasonably certain to obtain ownership of the
The Group provides a warranty beyond (3) Contract balances
the Group considers the effects of variable leased asset at the end of the lease term, the
fixing defects that existed at the time of
consideration, the existence of significant recognised right-of-use assets are depreciated
sale. These service-type warranties are Contract asset
financing components, and consideration on a straight-line basis over the shorter of its
bundled together with the sale of products.
payable to the customer (if any). A contract asset is the right to consideration estimated useful life and the lease term. Right-
Contracts for bundled sales of products
in exchange for goods or services of-use assets are subject to impairment test.
The Group provides volume rebates to and a service-type warranty comprise
two performance obligations because transferred to the customer. If the Group
certain customers once the quantity of The Group determines the lease term as the
the product and service-type warranty performs by transferring goods or services
products purchased during the period non-cancellable term of the lease, together
are both sold on a stand-alone basis and to a customer before the customer pays
exceeds a threshold specified in the with any periods covered by an option to
are distinct within the context of contract. consideration or before payment is due, a
contract. Rebates are offset against extend the lease if it is reasonably certain to
Using the relative stand-alone selling price contract asset is recognised for the earned
amounts payable by the customer. To be exercised, or any periods covered by an
method, a portion of the transaction price is consideration that is conditional.
estimate the variable consideration for option to terminate the lease, if it is reasonably
the expected future rebates, the Group allocated to the service-type warranty and certain not to be exercised
Trade receivables
applies the most likely amount method. recognised as deferred revenue. Revenue
The selected method that best predicts for service-type warranties is recognised A receivable represents the Group right The Group has determined leasehold lands
the amount of variable consideration is over the period in which the service is to an amount of consideration that is also as, right of use assets and hence the same
primarily driven by the number of volume provided based on the time elapsed. unconditional (i.e., only the passage of has been classified from property, plant and
thresholds contained in the contract. time is required before payment of the equipment to right of use assets.
(2) Construction contracts
consideration is due).
Generally, the Group receives short- Leases are capitalised at the commencement
Performance obligation in case of of the lease at the inception date fair value of
term advances from its customers. Using construction contracts is satisfied over Contract liabilities
the practical expedient in Ind AS 115, the leased property or, if lower, at the present
a period of time, as the Group creates A contract liability is the obligation value of the minimum lease payments. Lease
the Group does not adjust the promised an asset that the customer control and
amount of consideration for the effects to transfer goods or services to a payments are apportioned between finance
the Group has an enforceable right to
Corporate overview
Statutory reports
charges and reduction of the lease liability It also applies the lease of low value assets iii) Capital goods manufactured by the cost, net of their residual values, over
so as to achieve a constant rate of interest recognition exemption to leases that are Group for its own use are carried at their their estimated useful lives. Premium
on the remaining balance of the liability. considered of low value (i.e., below H 5,00,000). cost of production (including duties and of Leasehold land and leasehold
Finance charges are recognised in finance Lease payments on short-term leases and other levies, if any) less accumulated improvements cost are amortised over the
costs in the statement of profit and loss, unless leases of low-value assets are recognised as depreciation and impairment losses if any. primary period of lease.
they are directly attributable to qualifying expense on a straight-line basis over the lease
assets, in which case they are capitalized in term. iv) Subsequent costs are included in the ii) 100% depreciation is provided in the month
accordance with the Group’s general policy asset’s carrying amount or recognised of addition for temporary structure cost at
on the borrowing costs. Contingent rentals are 5 Other income: as a separate asset, as appropriate, only project site
recognised as expenses in the periods in which when it is probable that future economic
(1) Interest income on financial asset is iii) Where a significant component (in terms
they are incurred. benefits associated with the item will flow
recognised using the effective interest rate of cost) of an asset has an economic useful
to the Group and the cost of the item
method. The effective interest rate is the life different than that of it’s corresponding
Leases in which a significant portion of the can be measured reliably. The carrying
rate that exactly discounts estimated future asset, the component is depreciated over
risks and rewards of ownership are retained amount of any component accounted
cash receipts through the expected life of it’s estimated useful life.
by the lessor are classified as operating leases. for as a separate asset is derecognised
the financial asset to the gross carrying
Payments made under operating leases are when replaced. All other repairs and
amount of the financial asset. When iv) The Group, based on internal technical
charged to the Consolidate Statement of maintenance are charged to the
calculating the effective interest rate, the assessments and management estimates,
Profit and Loss on a straight-line basis over the consolidated statement of profit and loss.
Group estimates the expected cash flows depreciates certain items of property,
period of the lease unless the payments are during the year in which they are incurred.
by considering all the contractual terms of plant & equipment over the estimated
structured to increase in line with expected
the financial instruments. v) Losses arising from the retirement of, and useful lives and considering residual value
general inflation to compensate for the lessor’s
gains or losses arising from disposal of which are different from the one prescribed
expected inflationary cost increases. (2) Others:
property, plant and equipments which in Schedule II of the Companies Act, 2013.
Lease liabilities The Group recognises other income are carried at cost are recognised in the The management believes that these
(including income from sale of power consolidated statement of profit and loss. estimated useful lives and residual values
At the commencement date of the lease, the generated, income from scrap sales, are realistic and reflect fair approximation
Group recognises lease liabilities measured income from claims received, etc.) on vi) Capital work-in-progress, property, plant of the period over which the assets are
at the present value of lease payments to accrual basis. However, where the ultimate and equipment is stated at cost, net of likely to be used.
be made over the lease term. The lease collection of the same is uncertain, accumulated depreciation. Such cost
payments include fixed payments (including includes the cost of replacing part of v) Useful life of asset is as given below:
revenue recognition is postponed to the
in-substance fixed payments) less any extent of uncertainty. Rental income the property, plant and equipment and
lease incentives receivable, variable lease arising from operating leases is accounted borrowing cost for long-term construction Useful Lives
projects if the recognition criteria are Asset block
payments that depend on an index or a rate, for on a straight line basis over lease (in years)
and amounts expected to be paid under terms unless the receipts are structured met. When significant parts of property,
residual value guarantees. The variable lease plant and equipment are required to Leasehold Land Over the
to increase in line with expected general
payments that do not depend on an index or be replaced at intervals, the Group period of the
inflation to compensate for the expected
a rate are recognised as expense in the period depreciates them separately based on lease
inflationary cost increases and is included
on which the event or condition that triggers their specific useful lives. Likewise, when Building - Office 5 to 70
in the Consolidate Statement of profit or
the payment occurs. a major inspection is performed, its cost Building - Factory 2 to 30
loss due to its operating nature.
is recognised in the carrying amount Ownership Premises 60
In calculating the present value of lease 6 Property, plant and equipment : of the property, plant and equipment Plant & Machinery 1 to 22
payments, the Group uses the incremental as a replacement if the recognition Furniture & Fixtures 1 to 24
borrowing rate at the lease commencement A) Asset class: Electric Installations 1 to 25
criteria are satisfied. All other repairs and
date if the interest rate implicit in the lease is i) Freehold land is carried at historical cost maintenance costs are recognised in profit Office Equipment 2 to 10
not readily determinable. including expenditure that is directly or loss as incurred. Capital work-in-progress Vehicles 8 to 10
attributable to the acquisition of the land. comprises cost of property, plant and Dies & Jigs 1 to 10
Short-term leases and leases of low-value Leasehold Improvements 5 to 10
equipment (including related expenses),
assets ii) All other items of property, plant and Roads & Borewell 3 to 21
that are not yet ready for their intended
equipment (including capital work in IT hardware 1 to 10
The Group applies the short-term lease use at the reporting date.
progress) are stated at historical cost Laboratory Equipment 1 to 10
recognition exemption to its short-term leases
less accumulated depreciation and B) Depreciation:
(i.e., those leases that have a lease term of
impairment losses, if any. Historical cost vi ) The residual values, useful lives and
12 months or less from the commencement i) Depreciation is calculated using the
includes expenditure that is directly methods of depreciation of property, plant
date and do not contain a purchase option). straight-line method to allocate their
attributable to the acquisition of the items. and equipment are reviewed at each
Corporate overview
Statutory reports
financial year and adjusted prospectively, expense on intangible assets with finite lives for future undetermined use. Though the In assessing value in use, the estimated future
if appropriate. is recognised in the consolidate statement of Group measures investment property using cash flows are discounted to their present
profit and loss unless such expenditure forms cost-based measurement, the fair value of value using a pre-tax discount rate that reflects
7 Intangible assets: part of carrying value of another asset. investment property is disclosed in the notes. current market assessments of the time value
Fair values are determined based on an annual of money and the risks specific to the asset.
An intangible asset shall be recognised if, and Research and development costs evaluation performed by an accredited In determining fair value less costs of disposal,
only if:
external independent valuer applying a recent market transactions are taken into
Research costs are expensed as incurred.
(a) it is probable that the expected future valuation model. account.
Development expenditures on an individual
economic benefits that are attributable to project are recognised as an intangible asset Investment properties are derecognised either Impairment losses are recognised in the
the asset will flow to the Group; and when the Group can demonstrate: when they have been disposed of or when statement of profit and loss, except for
(b) the cost of the asset can be measured they are permanently withdrawn from use and properties previously revalued with the
• The technical feasibility of completing the
reliably. no future economic benefit is expected from revaluation surplus taken to OCI.
intangible asset so that the asset will be
their disposal. The difference between the net
available for use or sale For assets, an assessment is made at each
Intangible assets are stated at cost less disposal proceeds and the carrying amount of
accumulated amortization and impairment. the asset is recognised in profit or loss in the period reporting date to determine whether there
• Its intention to complete and its ability and
Intangible assets are amortized over their of derecognition. In determining the amount is an indication that previously recognised
intention to use or sell the asset
respective individual estimated useful lives on of consideration from the derecognition of impairment losses no longer exist or have
a straight-line basis, from the date that they • How the asset will generate future investment property the Group considers the decreased. If such indication exists, the Group
are available for use. economic benefits effects of variable consideration, existence of estimates the asset’s or CGU’s recoverable
a significant financing component, non-cash amount. A previously recognised impairment
Asset class & depreciation: • The availability of resources to complete loss is reversed only if there has been a change
consideration, and consideration payable to
the asset in the assumptions used to determine the
Computer softwares / licenses are carried at the buyer (if any).
asset’s recoverable amount since the last
historical cost. They have an expected finite • The ability to measure reliably the
Transfers are made to (or from) investment impairment loss was recognised. The reversal is
useful life of 3 years and are carried at cost less expenditure during development
property only when there is a change in limited so that the carrying amount of the asset
accumulated amortisation and impairment
Following initial recognition of the development use. The Group depreciates its investment does not exceed its recoverable amount, nor
losses. Computer licenses which are purchased
expenditure as an asset, the asset is carried at properties over the useful life which is similar to exceed the carrying amount that would have
on annual subscription basis are expensed off
cost less any accumulated amortisation and that of property, plant and equipment. been determined, net of depreciation, had no
in the year of purchase .
accumulated impairment losses. Amortisation impairment loss been recognised for the asset
9 Impairment of non-financial assets: in prior years. Such reversal is recognised in the
Trademarks are carried at historical cost. They of the asset begins when development is
have an registered finite useful life of 10 years complete, and the asset is available for use. consolidate statement of profit or loss unless
The carrying amounts of assets are reviewed
and are carried at cost less accumulated It is amortised over the period of expected the asset is carried at a revalued amount,
at each balance sheet date if there is any
amortisation and impairment losses. future benefit. Amortisation expense is in which case, the reversal is treated as a
indication of impairment based on internal/
recognised in the consolidate statement of revaluation increase.
external factors. An asset is impaired when
Brand (Nirlep) is recognised on business profit and loss unless such expenditure forms the carrying amount of the asset exceeds 10 Financial instruments:
combination and is amortised over a period of part of carrying value of another asset. During the recoverable amount. The recoverable
5 years. the period of development, the asset is tested amount is the higher of an asset’s fair value A financial instrument is any contract that
for impairment annually. less costs of disposal and value in use. For the gives rise to a financial asset of one entity
Intangible assets with finite lives are amortised
over the useful economic life and assessed for purposes of assessing impairment, assets are and a financial liability or equity instrument of
8 Investment properties:
impairment whenever there is an indication grouped at the lowest levels for which there another entity.
that the intangible asset may be impaired. Investment properties that are not intended are separately identifiable cash inflows which
are largely independent of the cash inflows I. Financial Assets
The amortisation period and the amortisation to be occupied substantially for use by, or
method for an intangible asset with a finite in the operations of the Group have been from other assets or groups of assets (cash-
A) Initial recognition and measurement
useful life are reviewed at least at the end considered as investment property. Investment generating units). Impairment loss is charged
of each reporting period. Changes in the properties are measured initially at cost, to the Statement of Profit & Loss Account All financial assets are recognised initially
expected useful life or the expected pattern including transaction costs. Subsequent to in the year in which an asset is identified as at fair value plus, in the case of financial
of consumption of future economic benefits initial recognition, investment properties are impaired. An impairment loss recognized in assets not recorded at fair value through
embodied in the asset are considered to stated at cost less accumulated depreciation the prior accounting periods is reversed if profit or loss, transaction costs that are
modify the amortisation period or method, and accumulated impairment loss, if any. there has been change in the estimates used attributable to the acquisition of the
as appropriate, and are treated as changes The Group does not charge depreciation to determine the assets recoverable amount financial asset.
in accounting estimates. The amortisation to investment property land which is held since the last impairment loss was recognised.
Corporate overview
Statutory reports
B) Subsequent measurement Fair value movements are recognized in dividends, are recognized in the OCI. There original carrying amount of the asset and
the other comprehensive income (OCI). is no recycling of the amounts from OCI to the maximum amount of consideration
For purposes of subsequent measurement, On derecognition of the asset, cumulative P&L, even on sale of investment. However, that the Group could be required to repay.
financial assets are classified in four gain or loss previously recognised in OCI is the Group may transfer the cumulative
categories: reclassified from the equity to consolidated gain or loss within equity. D) Impairment of financial assets
statement of profit and loss. Interest earned
• Debt instruments at amortised cost Equity instruments included within the The Group assesses on a forward looking
whilst holding FVTOCI debt instrument is
FVTPL category are measured at fair value basis the expected credit losses associated
A ‘debt instrument’ is measured at the reported as interest income using the EIR
with all changes recognized in the P&L. with its assets carried at amortised
amortised cost if both the following method.
cost and FVOCI debt instruments. The
conditions are met: C) Derecognition impairment methodology applied
• Debt instruments at fair value through
profit or loss (FVTPL) depends on whether there has been a
• The asset is held within a business A financial asset (or, where applicable, significant increase in credit risk. For trade
model whose objective is to hold a part of a financial asset or part of a
FVTPL is a residual category for debt receivables only, the Group applies the
assets for collecting contractual cash group of similar financial assets) is primarily
instruments. Any debt instrument, simplified approach permitted by Ind AS
flows, and derecognised (i.e., removed from the
which does not meet the criteria for 109 Financial Instruments, which requires
categorization as at amortized cost or as consolidated balance sheet) when: expected lifetime losses to be recognised
• Contractual terms of the asset give rise
on specified dates to cash flows that FVTOCI, is classified as at FVTPL. from initial recognition of the receivables.
• The rights to receive cash flows from
are solely payments of principal and the asset have expired, or
In addition, the Group may elect to II. Financial Liabilities
interest (SPPI) on the principal amount
designate a debt instrument, which
outstanding. • The Group has transferred its rights A) Initial recognition and measurement
otherwise meets amortized cost or FVTOCI
to receive cash flows from the asset
This category is the most relevant to the criteria, as at FVTPL. However, such election
or has assumed an obligation to pay Financial liabilities are classified, at initial
Group. After initial measurement, such is allowed only if doing so reduces or
the received cash flows in full without recognition, as financial liabilities at fair
financial assets are subsequently measured eliminates a measurement or recognition
material delay to a third party under value through profit or loss, loans and
at amortised cost using the effective inconsistency (referred to as ‘accounting
a ‘pass-through’ arrangement; and borrowings, payables, or as derivatives
interest rate (EIR) method. Amortised cost mismatch’). Debt instruments included
either (a) the Group has transferred designated as hedging instruments in an
is calculated by taking into account any within the FVTPL category are measured
substantially all the risks and rewards of effective hedge, as appropriate.
discount or premium on acquisition and at fair value with all changes recognized in
the asset, or (b) the Group has neither
fees or costs that are an integral part of the the consolidated statement of profit and All financial liabilities are recognised initially
transferred nor retained substantially
EIR. The EIR amortisation is included in other loss. at fair value and, in the case of loans and
all the risks and rewards of the asset
income in the consolidated statement but has transferred control of the asset. borrowings and payables, net of directly
• Equity instruments measured at fair
of profit and loss.. The losses arising from attributable transaction costs.
value through other comprehensive
impairment are recognised in the profit When the Group has transferred its rights
income (FVTOCI) B) Subsequent measurement
or loss. This category generally applies to to receive cash flows from an asset or has
trade and other receivables. All equity investments in scope of Ind AS entered into a pass through arrangement,
The measurement of financial liabilities
109 are measured at fair value. Equity it evaluates if and to what extent it has
• Debt instruments at fair value through depends on their classification, as
instruments which are held for trading and retained the risks and rewards of ownership.
other comprehensive income (FVTOCI) described below:
contingent consideration recognised by When it has neither transferred nor retained
an acquirer in a business combination to substantially all of the risks and rewards of • Financial liabilities at fair value through
A ‘debt instrument’ is classified as at the
which Ind AS103 applies are classified as the asset, nor transferred control of the profit or loss
FVTOCI if both of the following criteria are
at FVTPL. For all other equity instruments, asset, the Group continues to recognise
met:
the transferred asset to the extent of Financial liabilities at fair value through
the Group may make an irrevocable
• The objective of the business model the Group’s continuing involvement. In profit or loss include financial liabilities
election to present in other comprehensive
is achieved both by collecting that case, the Group also recognises an held for trading and financial liabilities
income subsequent changes in the fair
contractual cash flows and selling the associated liability. The transferred asset designated upon initial recognition as at
value. The Group makes such election
financial assets, and and the associated liability are measured fair value through profit or loss. Financial
on an instrument-by-instrument basis. The
on a basis that reflects the rights and liabilities are classified as held for trading
classification is made on initial recognition
• The asset’s contractual cash flows obligations that the Group has retained. if they are incurred for the purpose
and is irrevocable.
represent SPPI. of repurchasing in the near term. This
If the Group decides to classify an equity Continuing involvement that takes the category also includes derivative financial
Debt instruments included within the form of a guarantee over the transferred instruments entered into by the Group that
instrument as at FVTOCI, then all fair value
FVTOCI category are measured initially as asset is measured at the lower of the are not designated as hedging instruments
changes on the instrument, excluding
well as at each reporting date at fair value.
Corporate overview
Statutory reports
in hedge relationships as defined by Ind issuance of the guarantee. Subsequently, consolidated balance sheet where there At the inception of hedge relationship,
AS 109. Separated embedded derivatives the liability is measured at the higher of is a legally enforceable right to offset the Group formally designates and keeps
are also classified as held for trading unless the amount of loss allowance determined the recognised amounts and there is the hedge relationship to which the
they are designated as effective hedging as per impairment requirements of Ind an intention to settle on a net basis or Group wishes to apply hedge accounting
instruments. Gains or losses on liabilities AS 109 and the amount recognised less realise the asset and settle the liability and risk management objective and
held for trading are recognised in the cumulative amortisation. simultaneously. The legally enforceable strategy for undertaking the hedge. The
consolidated statement of profit and loss. right must not be contingent on future documentation includes the Group’s risk
The fair value of financial guarantees is events and must be enforceable in the management objective and strategy
Financial liabilities designated upon initial determined as the present value of the normal course of business and in the event for undertaking hedge, the hedging/
recognition at fair value through profit or difference in net cash flows between of default, insolvency or bankruptcy of economic relationship, the hedged item
loss are designated as such at the initial the contractual payments under the Group or the counterparty. or transaction, the nature of the risk by
date of recognition, and only if the criteria debt instrument and the contractual hedged, hedge ratio and how the entity will
in Ind AS 109 are satisfied. For liabilities payments that would be required without V. Derivatives and hedging activities assess the effectiveness of changes in the
designated as FVTPL, fair value gains/ the guarantee, or the estimated amount hedging instrument’s fair value in offsetting
losses attributable to changes in own that would be payable to a third party for The Group enters derivatives like forwards
exposure to changes in the hedge item
credit risk are recognized in OCI. These assuming the obligations. contracts to hedge its foreign currency
fair value or cash flow attributable to the
gains/ loss are not subsequently transferred risks. Derivatives are initially recognised at
hedge risk. Such hedges are expected to
to P&L. However, the Group may transfer C) De-recognition fair value on the date a derivative contract
be highly effective in achieving offsetting
the cumulative gain or loss within equity. is entered into and are subsequently
A financial liability is derecognised when the changes in fair value or cashflows and
All other changes in fair value of such marked to market at the end of each
obligation under the liability is discharged are assessed on an ongoing basis to
liability are recognised in the consolidated reporting period with profit/loss being
or cancelled or expires. When an existing determine that they actually have been
statement of profit and loss. recognised in consolidated statement of
financial liability is replaced by another highly effective throughout the financial
profit and loss. Derivative assets/liabilities
from the same lender on substantially reporting periods for which they were
• Loans and Borrowings are classified under “other financial assets/
different terms, or the terms of an existing designated. Hedge that meet the strict
other financial liabilities”. Profits and losses
This is the category most relevant to the liability are substantially modified, such an criteria for hedge accounting accounted
arising from cancellation of contracts are
Group. After initial recognition, interest- exchange or modification is treated as for as described below
recognised in the consolidated statement
bearing loans and borrowings are the derecognition of the original liability of profit and loss. Cash flow hedges
subsequently measured at amortised cost and the recognition of a new liability.
using the EIR method. Gains and losses The difference in the respective carrying The Group designates certain hedging The effective portion of the gain or loss
are recognised in profit or loss when the amounts is recognised in the consolidated instruments, which includes derivatives, on the hedging instrument is recognised
liabilities are derecognised as well as statement of profit or loss. embedded derivatives and non- in OCI in the Effective portion of cash
through the EIR amortisation process. derivatives in respect of foreign currency flow hedges, while any ineffective
III.
Reclassification of financial assets / and commodity risk, as either cash flow portion is recognised immediately in the
Amortised cost is calculated by taking liabilities hedge, fair value hedge or hedges or net consolidated statement of profit and loss.
into account any discount or premium investment in foreign operations. Hedges of
After initial recognition, no reclassification The Effective portion of cash flow hedges
on acquisition and fees or costs that foreign currency risk on firm commitments
is made for financial assets which are is adjusted to the lower of the cumulative
are an integral part of the EIR. The EIR are accounted for cash flow hedges.
equity instruments and financial liabilities. gain or loss on the hedging instrument and
amortisation is included as finance costs in
For financial assets which are debt the cumulative change in fair value of the
the consolidated statement of profit and For the purpose of hedge accounting,
instruments, a reclassification is made only hedged item.
loss. hedges are classified as:
if there is a change in the business model
The Group uses forward commodity
• Financial guarantee contracts for managing those assets. Changes • fair value hedge is when hedging the
contracts for its exposure to volatility in
to the business model are expected exposure to change in fair value of
Financial guarantee contracts issued by the commodity prices. The ineffective
to be infrequent. The Group’s senior a recognised asset or liability or an
the Group are those contracts that require portion relating to commodity contracts is
management determines change in the unrecognised song commitment
a payment to be made to reimburse the recognised in other income or expenses.
business model as a result of external or
holder for a loss it incurs because the internal changes which are significant to • cash flow hedges when hedging the
The amounts accumulated in OCI are
specified debtor fails to make a payment the Group’s operations. exposure to variability in cash flows
accounted for, depending on the nature
when due in accordance with the terms that is either attributable to particular
of the underlying hedged transaction.
of a debt instrument. Financial guarantee IV. Offsetting of financial instruments risk associated with a recognised asset
If the hedged transaction subsequently
contracts are recognised initially as a or liability or highly probable forecast
Financial assets and liabilities are offset, results in the recognition of a non-financial
liability at fair value, adjusted for transaction transaction or the foreign currency risk
and the net amount is reported in the item, the amount accumulated in equity
costs that are directly attributable to the in an unrecognised firm commitment.
Corporate overview
Statutory reports
is removed from the separate component would use when pricing the asset or liability, This note summarises accounting policy for fair the Group operates (‘the functional currency’).
of equity and included in the initial cost assuming that market participants act in their value. Other fair value related disclosures are The consolidated financial statements are
or other carrying amount of the hedged economic best interest. given in the relevant notes. presented in Indian Rupee (INR), which is the
asset or liability. This is not a reclassification Group functional and presentation currency.
adjustment and will not be recognised in A fair value measurement of a non-financial 12. Cash and cash equivalents:
OCI for the period. This also applies where asset takes into account a market participant’s a) On initial recognition, all foreign currency
ability to generate economic benefits by using Cash and cash equivalents in the consolidated transactions are recorded at the functional
the hedged forecast transaction of a non-
the asset in its highest and best use or by selling balance sheet and for the purpose of the currency spot rate at the date the
financial asset or non-financial liability
it to another market participant that would use consolidated statement of cash flows, include transaction first qualifies for recognition.
subsequently becomes a firm commitment
the asset in its highest and best use. cash on hand, other short-term, highly liquid
for which fair value hedge accounting is
investments with original maturities of three b) Monetary assets and liabilities in foreign
applied.
The Group uses valuation techniques that months or less that are readily convertible to currency outstanding at the close of
For any other cash flow hedges, the amount are appropriate in the circumstances and for known amounts of cash and which are subject reporting date are translated at the
accumulated in OCI is reclassified to profit which sufficient data are available to measure to an insignificant risk of changes in value. functional currency spot rates of exchange
or loss as reclassification adjustment in the fair value, maximising the use of relevant at the reporting date.
observable inputs and minimising the use of 13. Inventories:
same period or periods during which the
unobservable inputs. All assets and liabilities c) Exchange differences arising on settlement
hedged cash flows affect profit or loss. Inventories are valued at the lower of cost and
for which fair value is measured or disclosed of translation of monetary items are
net realisable value. Costs incurred in bringing recognised in the Consolidated statement
If cash flow hedge accounting is in the consolidated financial statements are
each product to its present location and of profit and loss.
discontinued, the amount that has categorised within the fair value hierarchy,
condition are accounted for as follows:
been accumulated in OCI must remain described as follows, based on the lowest
Non-monetary items that are measured in
in accumulated OCI if the hedged level input that is significant to the fair value Raw materials: cost includes cost of purchase terms of historical cost in a foreign currency
future cash flows are still expected to measurement as a whole: and other costs incurred in bringing the are translated using the exchange rates at
occur. Otherwise, the amount will be inventories to their present location and
• Level 1 — Quoted (unadjusted) market the dates of the initial transactions. Non-
immediately reclassified to profit or loss condition. Cost is determined on first in, first out
prices in active markets for identical assets monetary items measured at fair value in
as a reclassification adjustment. After basis.
or liabilities a foreign currency are translated using the
discontinuation, once the hedged cash
exchange rates at the date when the fair
flow occurs, any amount remaining in • Level 2 — Valuation techniques for which Finished goods and work in progress: cost
value is determined. The gain or loss arising on
accumulated OCI must be accounted for the lowest level input that is significant to includes cost of direct materials and labour
translation of non-monetary items measured at
depending on the nature of the underlying the fair value measurement is directly or and a proportion of manufacturing overheads
fair value is treated in line with the recognition
transaction as described above. indirectly observable based on the normal operating capacity but
of the gain or loss on the change in fair value
excluding borrowing costs. Cost is determined
11. Fair value measurements: • Level 3 — Valuation techniques for which of the item (i.e., translation differences on items
on first in, first out basis.
the lowest level input that is significant to whose fair value gain or loss is recognised in
The Group measures financial instruments at the fair value measurement is unobservable Traded goods: cost includes cost of purchase OCI or profit or loss are also recognised in OCI
fair value at each balance sheet date. Fair and other costs incurred in bringing the or profit or loss, respectively)
value is the price that would be received For assets and liabilities that are recognised
inventories to their present location and
to sell an asset or paid to transfer a liability in the consolidated financial statements on a 15. Income tax
condition. Cost is determined on weighted
in an orderly transaction between market recurring basis, the Group determines whether
average basis. The income tax expense or credit for the period
participants at the measurement date. The transfers have occurred between levels in
the hierarchy by re-assessing categorisation is the tax payable on the current period’s
fair value measurement is based on the Initial cost of inventories includes the transfer
(based on the lowest level input that is taxable income based on the applicable
presumption that the transaction to sell the of gains and losses on qualifying cash flow
significant to the fair value measurement as a income tax rate for the jurisdiction adjusted by
asset or transfer the liability takes place either: hedges, recognised in OCI, in respect of the
whole) at the end of each reporting period. changes in deferred tax assets and liabilities
purchases of raw materials. Net realisable
• In the principal market for the asset or External valuers are involved for valuation attributable to temporary differences, unused
value is the estimated selling price in the
liability, or of significant assets, such as properties and tax losses and unabsorbed depreciation.
ordinary course of business, less estimated
• In the absence of a principal market, in the unquoted financial assets. costs of completion and the estimated costs Current and deferred tax is recognized
most advantageous market for the asset necessary to make the sale. in the consolidated statement of profit
For the purpose of fair value disclosures,
or liability and loss. except to the extent, it relates to
the Group has determined classes of assets 14. Foreign currency transactions:
and liabilities on the basis of the nature, items recognized directly in equity or other
The principal or the most advantageous
characteristics and risks of the asset or liability Items included in the consolidated financial comprehensive income, in which case it is
market must be accessible by the Group. The
and the level of the fair value hierarchy as statements are measured using the currency recognized in equity or other comprehensive
fair value of an asset or a liability is measured
explained above. of the primary economic environment in which income.
using the assumptions that market participants
Corporate overview
Statutory reports
A. Current income tax transaction either in OCI or directly in passage of time is recognised as a finance measured at the higher of the amount that
equity. cost. would be recognised in accordance with
The current income tax charge is calculated
the requirements for provisions above or
on the basis of the tax laws enacted or 16. Borrowing costs The Group provides for general repairs the amount initially recognised less, when
substantively enacted at the end of the of defects that existed at the time of appropriate, cumulative amortisation
reporting period. The Group establishes General and specific borrowing costs that sale, as required by the law. Provision for recognised in accordance with the
provisions, wherever appropriate, on the are directly attributable to the acquisition, warranty related costs are recognised requirements for revenue recognition.
basis of amounts expected to be paid to construction or production of a qualifying when the product is sold to the customer.
the tax authorities. asset are capitalised during the period of time Initial recognition is based on historical C. Contingent assets
that is required to complete and prepare the experience. The estimate of warranty
Current tax assets and liabilities are offset asset for its intended use or sale. Qualifying A contingent asset is a possible asset
related costs is revised annually.
when there is a legally enforceable right assets are assets that necessarily take a that arises from past events and whose
to set off current tax assets against current substantial period of time to get ready for If the Group has a contract that is onerous, existence will be confirmed only by the
tax liabilities. their intended use or sale. Borrowing costs the present obligation under the contract occurrence or non-occurrence of one or
also include exchange difference arising from is recognised and measured as a provision. more uncertain future events not wholly
B. Deferred tax
foreign currency borrowings to the extent they However, before a separate provision for within the control of the Group.
Deferred tax is provided using the liability are regarded as an adjustment to interest an onerous contract is established, the
costs. Investment income earned on the Group recognises any impairment loss that A contingent asset is not recognised but
method, on temporary differences arising
temporary investment of specific borrowings has occurred on assets dedicated to that disclosed where an inflow of economic
between the tax bases of assets and
pending their expenditure on qualifying assets contract. An onerous contract is a contract benefit is probable.
liabilities and their carrying amounts in
the consolidated financial statements. is deducted from the borrowing costs eligible under which the unavoidable costs (i.e.,
18. Employee benefits
Deferred tax is determined using tax rates for capitalisation. Other borrowing costs are the costs that the Group cannot avoid
(and laws) that have been enacted or expensed in the period in which they are because it has the contract) of meeting A. Short-term obligations
substantially enacted by the end of the incurred. the obligations under the contract exceed
Liabilities for wages and salaries, including
reporting period and are expected to the economic benefits expected to be
17. Provisions, contingent liabilities and contingent non-monetary benefits that are expected
apply when the related deferred income received under it. The unavoidable costs
assets to be settled wholly within 12 months
tax asset is realised, or the deferred income under a contract reflect the least net
after the end of the period in which the
tax liability is settled. cost of exiting from the contract, which
A. Provisions employees render the related service are
is the lower of the cost of fulfilling it and
The carrying amount of deferred tax assets recognised in the same period in which the
A provision is recognised if any compensation or penalties arising
is reviewed at each reporting date and employees renders the related service and
from failure to fulfil it. The cost of fulfilling
adjusted to reflect changes in probability • the Group has present legal or are measured at the amounts expected to
a contract comprises the costs that
that sufficient taxable profits will be constructive obligation as a result of be paid when the liabilities are settled.
relate directly to the contract (i.e., both
available to allow all or part of the asset to an event in the past; incremental costs and an allocation of Retirement benefit in the form of provident
be recovered. costs directly related to contract activities).
• it is probable that an outflow of fund is a defined contribution plan. The
Deferred tax assets are recognised for all resources will be required to settle the Group has no obligation , other than the
B. Contingent liabilities
deductible temporary differences and obligation; and contribution payable to the provident
unused tax losses only if it is probable that Contingent liabilities are disclosed when fund. The Group recognises contribution
future taxable amounts will be available • the amount of the obligation has been there is a possible obligation arising from payable to the provident fund scheme as
to utilise those temporary differences and reliably estimated. past events, the existence of which will an expense, when an employee renders
losses. be confirmed only by the occurrence or the related services. If the Contribution
Provisions are measured at the payable to the scheme for service received
non-occurrence of one or more uncertain
Deferred tax assets and liabilities are offset management’s best estimate of the before the balance sheet date exceeds
future events not wholly within the control
when there is a legally enforceable right to expenditure required to settle the the contribution already paid, the deficit
of the Group or a present obligation that
offset current tax assets and liabilities and obligation at the end of the reporting payable to the scheme is recognised as
arises from past events where it is either
when the deferred tax balances relate to period. If the effect of the time value a liability after deducting the contribution
not probable that an outflow of resources
the same taxation authority. of money is material, provisions are already paid. If the contribution already
will be required to settle the obligation or a
discounted to reflect its present value using paid exceeds the contribution due for
reliable estimate of the amount cannot be
Deferred tax relating to items recognised a current pre-tax discount rate that reflects services received before the balance
made.
outside profit or loss is recognised outside the current market assessments of the time sheet date, then excess is recognised as
profit or loss (either in other comprehensive value of money and the risks specific to A contingent liability recognised in a an asset to the extent that the prepayment
income or in equity). Deferred tax items are the obligation. When discounting is used, business combination is initially measured will lead to a reduction in future payment
recognised in correlation to the underlying the increase in the provision due to the at its fair value. Subsequently, it is or a cash refund.
Corporate overview
Statutory reports
B.
Other long-term employee benefit value of the defined benefit obligation is D. Share based payments from which it may earn revenues and incur
obligations determined by discounting the estimated expenses, whose operating results are regularly
future cash outflows by reference to The Parent Company operates a number reviewed by the entity’s chief operating
The liabilities for earned leave and sick market yields at the end of the reporting of equity settled, employee share based decision maker to make decisions about
leave are not expected to be settled period on government bonds that have compensation plans, under which the resources to be allocated to the segment and
wholly within 12 months after the end of terms approximating to the terms of the Parent Company receives services assess its performance and for which discrete
the period in which the employees render related obligation. The net interest cost is from employees as consideration for financial information is available.
the related service. They are therefore calculated by applying the discount rate equity shares of the Parent Company.
measured as the present value of expected to the net balance of the defined benefit Equity settled share based payment to Operating segments often exhibit similar
future payments to be made in respect obligation and the fair value of plan assets. employees and other providing similar long-term financial performance if they have
of services provided by employees up to This cost is included in employee benefit services are measured at fair value of the similar economic characteristics. Two or more
the end of the reporting period using the expense in the consolidated statement of equity instrument at grant date. operating segments are aggregated by the
projected unit credit method. The benefits profit and loss. Remeasurement gains and Group into a single operating segment if
are discounted using the market yields at The fair value of the employee services aggregation is consistent with the core principle
losses arising from experience adjustments
the end of the reporting period that have received in exchange for the grant of the of Ind AS 108, the segments have similar
and changes in actuarial assumptions are
terms approximating to the terms of the options is determined by reference to the economic characteristics, and the segments
recognised in the period in which they
related obligation. Remeasurements as fair value of the options as at the Grant are similar in aspects as defined by Ind AS.
occur, directly in other comprehensive
a result of experience adjustments and Date and is recognised as an ‘employee
income. They are included in retained
changes in actuarial assumptions are benefits expense’ with a corresponding The Group reports separately, information
earnings in the consolidated statement
recognised in the consolidated statement increase in equity. The total expense is about an operating segment that meets any
of changes in equity and in the balance
of profit or loss. recognised over the vesting period which of quantitative thresholds as defined by Ind
sheet.
is the period over which the applicable AS. Operating segments that do not meet any
The obligations are presented as current Insurance policy held by the Group from vesting condition is to be satisfied. The total of the quantitative thresholds, are considered
liabilities in the balance sheet if the entity insurers who are related parties are not amount to be expensed is determined by reportable and separately disclosed, only
does not have an unconditional right to qualifying insurance policies and hence reference to the fair value of the options if management of the Group believes that
defer settlement for atleast twelve months the right to reimbursement is recognised as granted excluding the impact of any information about the segment would be
after the reporting period, regardless of a separate assets under other non-current service vesting conditions. useful to users of the consolidated financial
when the actual settlement is expected to and/or current assets as the case may be. statements
occur. At the end of each year, the entity revises
Changes in the present value of the its estimates of the number of options that Information about other business activities and
C. Post-employment obligations defined benefit obligation resulting from are expected to vest based on the service operating segments that are not reportable
plan amendments or curtailments are vesting conditions. It recognises the impact separately are combined and disclosed in an
The Group operates the following post- of the revision to original estimates, if any, ‘all other segments’ category
recognised immediately in consolidated
employment schemes in the consolidated profit or loss, with a
profit or loss as past service cost.
corresponding adjustment to equity. 20. Dividends
(a) defined benefit plans - gratuity
Defined contribution plans :
and obligation towards shortfall of If at any point of time after the vesting of The Parent Company recognises a liability
Provident Fund Trusts In respect of certain employees, the the share options, the right to the same to pay dividend to equity holders when the
Group pays provident fund contributions expires (either by virtue of lapse of the distribution is authorised and is no longer at
(b) defined contribution plans - the discretion of the Parent Company. As
to publicly administered provident funds exercise period or the employee leaving
Provident fund (RPFC Contributions), per the corporate laws in India, a distribution
as per local regulations. The Group y the Parent Company), the fair value of
superannuation and pension is authorised when it is approved by the
has no further payment obligations the options accruing in favour of the said
once the contributions have been paid. employee are written back to the retained shareholders. A corresponding amount is
Defined benefit plans :
Such contributions are accounted for earnings in the reporting period in which recognised directly in equity. Interim dividends
The liability or asset recognised in the as employee benefit expense when the right expires. are recorded as a liability on the date of
consolidated balance sheet in respect they are due. Defined contribution to declaration by the Parent Company’s Board
of defined benefit plans is the present superannuation fund is being made as The dilutive effect of outstanding options is of Directors.
value of the defined benefit obligation per the scheme of the Group. Defined reflected as additional share dilution in the
computation of diluted earnings per share 21. Assets held for sale
at the end of the reporting period less contribution to Employees Pension Scheme
the fair value of plan assets excluding 1995 is made to Government Provident The Group classifies non-current assets and
19. Segment reporting
non-qualifying asset (reimbursement Fund Authority whereas the contributions disposal groups as held for sale if their carrying
right). The defined benefit obligation is for National Pension Scheme is made to An operating segment is a component of amounts will be recovered principally through
calculated annually by actuaries using the Stock Holding Corporation of India Limited the Group that engages in business activities a sale rather than through continuing use. Non-
projected unit credit method. The present
Corporate overview
Statutory reports
current assets and disposal groups classified Property, plant and equipment and intangible contract) exceed the economic benefits In accordance with the transitional provisions,
as held for sale are measured at the lower of are not depreciated, or amortised assets once expected to be received under it. the Group applies the amendments
their carrying amount and fair value less costs classified as held for sale. Assets and liabilities prospectively, i.e., to business combinations
to sell. Costs to sell are the incremental costs classified as held for sale are presented The amendments specify that when assessing occurring after the beginning of the annual
directly attributable to the disposal of an asset separately from other items in the balance whether a contract is onerous or loss-making, reporting period in which it first applies the
(disposal group), excluding finance costs and sheet. an entity needs to include costs that relate amendments (the date of initial application).
income tax expense. directly to a contract to provide goods or
22. Earnings per share services including both incremental costs (e.g., These amendments had no impact on the
The criteria for held for sale classification is the costs of direct labour and materials) and an consolidated financial statements of the Group
Basic earnings per share is calculated by
regarded as met only when the sale is highly allocation of costs directly related to contract as there were no contingent assets, liabilities or
dividing the net profit or loss for the period
probable, and the asset or disposal group activities (e.g., depreciation of equipment contingent liabilities within the scope of these
attributable to equity shareholders by the
is available for immediate sale in its present used to fulfil the contract and costs of contract amendments that arose during the period.
weighted average number of equity shares
condition. Actions required to complete management and supervision). General and
outstanding during the period. Earnings (iii)
Property, Plant and Equipment: Proceeds
the sale/ distribution should indicate that administrative costs do not relate directly to
considered in ascertaining the Group ‘s before Intended Use – Amendments to Ind AS
it is unlikely that significant changes to the a contract and are excluded unless they are
earnings per share is the net profit for the 16
sale will be made or that the decision to sell explicitly chargeable to the counterparty
period. The weighted average number equity
will be withdrawn. Management must be under the contract.
shares outstanding during the period and all The amendments modified paragraph 17(e)
committed to the sale and the sale expected
periods presented is adjusted for events, such The Group applied the amendments to the of Ind AS 16 to clarify that excess of net sale
within one year from the date of classification.
as bonus shares, other than the conversion of contracts for which it had not fulfilled all of its proceeds of items produced over the cost of
For these purposes, sale transactions include
potential equity shares, that have changed obligations at the beginning of the reporting testing, if any, shall not be recognised in the
exchanges of non-current assets for other
the number of equity shares outstanding, period. There is no material impact on other profit or loss but deducted from the directly
non-current assets when the exchange has
without a corresponding change in resources. comprehensive income or the basic and attributable costs considered as part of cost of
commercial substance. The criteria for held for
For the purpose of calculating diluted diluted earnings per share. an item of property, plant, and equipment.
sale classification is regarded met only when
earnings per share, the net profit of loss for
the assets or disposal group is available for The amendments are effective for annual
the period attributable to equity shareholders (ii)
Reference to the Conceptual Framework –
immediate sale in its present condition, subject reporting periods beginning on or after 1 April
and the weighted average number of share Amendments to Ind AS 103
only to terms that are usual and customary for 2022. These amendments had no impact on
outstanding during the period is adjusted
sales of such assets (or disposal groups), its sale The amendments replaced the reference the consolidated financial statements of the
for the effects of all dilutive potential equity
is highly probable; and it will genuinely be sold, to the ICAI’s “Framework for the Preparation Group as there were no sales of such items
shares.
not abandoned. and Presentation of Financial Statements produced by property, plant and equipment
23. All amounts disclosed in the consolidated under Indian Accounting Standards” with the made available for use on or after the
The Group treats sale of the asset or disposal
financial statements and notes have been reference to the “Conceptual Framework for beginning of the earliest period presented.
group to be highly probable when:
rounded off to the nearest lakh (upto two Financial Reporting under Indian Accounting
decimals) as per the requirement of Schedule Standard” without significantly changing its (iv)
Ind AS 101 First-time Adoption of Indian
• The appropriate level of management is
III, unless otherwise stated. requirements. Accounting Standards – Subsidiary as a first-
committed to a plan to sell the asset (or
time adopter
disposal group),
1C NEW AND AMENDED STANDARDS The amendments also added an exception to
• An active programme to locate a buyer the recognition principle of Ind AS 103 Business The amendment permits a subsidiary that
and complete the plan has been initiated The Group applied for the first-time certain Combinations to avoid the issue of potential elects to apply the exemption in paragraph
(if applicable), standards and amendments, which are effective ‘day 2’ gains or losses arising for liabilities and D16(a) of Ind AS 101 to measure cumulative
for annual periods beginning on or after 1 April contingent liabilities that would be within the translation differences for all foreign operations
• The asset (or disposal group) is being
2022. The Ministry of Corporate Affairs has notified scope of Ind AS 37 Provisions, Contingent in its financial statements using the amounts
actively marketed for sale at a price that
Companies (Indian Accounting Standard) Liabilities and Contingent Assets or Appendix reported by the parent, based on the parent’s
is reasonable in relation to its current fair
Amendment Rules 2022 dated March 23, 2022, to C, Levies, of Ind AS 37, if incurred separately. date of transition to Ind AS, if no adjustments
value,
amend the following Ind AS which are effective The exception requires entities to apply the were made for consolidation procedures and
• The sale is expected to qualify for from April 01, 2022. criteria in Ind AS 37 or Appendix C, Levies, of Ind for the effects of the business combination in
recognition as a completed sale within AS 37, respectively, instead of the Conceptual which the parent acquired the subsidiary. This
one year from the date of classification, (i)
Onerous Contracts – Costs of Fulfilling a amendment is also available to an associate or
Framework, to determine whether a present
and Contract – Amendments to Ind AS 37 joint venture that uses exemption in paragraph
obligation exists at the acquisition date.
D16(a) of Ind AS 101.
• Actions required to complete the plan An onerous contract is a contract under which
The amendments also add a new paragraph
indicate that it is unlikely that significant the unavoidable of meeting the obligations The amendments are effective for annual
to IFRS 3 to clarify that contingent assets do not
changes to the plan will be made or that under the contract costs (i.e., the costs that reporting periods beginning on or after 1 April
qualify for recognition at the acquisition date.
the plan will be withdrawn. the Group cannot avoid because it has the
Corporate overview
Statutory reports
2022 but do not apply to the Group as it is not and changes in accounting policies and the associated with leases and decommissioning 2 Impairment allowance for trade receivables
a first-time adopter. correction of errors. It has also been clarified obligations. Consequential amendments have
how entities use measurement techniques been made in Ind AS 101. The amendments The Group makes allowances for doubtful
(v) Ind AS 109 Financial Instruments – Fees in the and inputs to develop accounting estimates. to Ind AS 12 are applicable for annual periods accounts receivable using a simplified
’10 per cent’ test for derecognition of financial The amendments are effective for annual beginning on or after 1 April 2023. approach which is a dual policy of an ageing
liabilities reporting periods beginning on or after 1 April based provision and historical / anticipated
2023 and apply to changes in accounting The amendments are not expected to have a customer experience. Management believes
The amendment clarifies the fees that an
policies and changes in accounting estimates material impact on the consolidated financial that this simplified model closely represents the
entity includes when assessing whether the
that occur on or after the start of that period. statements. expected credit loss model to be applied on
terms of a new or modified financial liability
financial assets as per Ind AS 109. Further, in case
are substantially different from the terms of the 1D
SUMMARY OF CRITICAL ESTIMATES, JUDGEMENTS
The amendments are not expected to have a of operationally closed projects, Group makes
original financial liability. These fees include AND ASSUMPTIONS
material impact on the consolidated financial specific assessment of the overdue balances
only those paid or received between the
statements. by considering the customer’s historical
borrower and the lender, including fees paid The preparation of consolidated financial
payment patterns, latest correspondences
or received by either the borrower or lender on (ii)
Disclosure of Accounting Policies - statements requires the use of accounting estimates
with the customers for recovery of the amounts
the other’s behalf. Amendments to Ind AS 1 which, by definition, will seldom equal the actual
outstanding and credit status of the significant
results. The management also needs to exercise
In accordance with the transitional provisions, counterparties where available. Accordingly,
The amendments aim to help entities provide judgment in applying the Group’s accounting
the Group applies the amendment to financial a best judgment estimate is made to record
accounting policy disclosures that are more policies. This note provides an overview of the
liabilities that are modified or exchanged on the impairment allowance in respect of
useful by replacing the requirement for entities areas that involved a higher degree of judgment
or after the beginning of the annual reporting operationally closed projects
to disclose their ‘significant’ accounting policies or complexity, and of items which are more likely
period in which the entity first applies the with a requirement to disclose their ‘material’ to be materially adjusted due to estimates and 3 Project revenue and costs
amendment (the date of initial application). accounting policies and adding guidance on assumptions turning out to be different than those
These amendments had no impact on the how entities apply the concept of materiality originally assessed. Detailed information about Revenue from construction contracts is
consolidated financial statements of the Group in making decisions about accounting policy each of these estimates and judgments is included recognised based on the stage of completion
as there were no modifications of the Group’s disclosures. The amendments to Ind AS 1 are below. determined with reference to the actual
financial instruments during the period. applicable for annual periods beginning on or costs incurred up to reporting date on the
after 1 April 2023. Consequential amendments 1 Warranty provision construction contract and the estimated cost
(vi) Ind AS 41 Agriculture – Taxation in fair value
have been made in Ind AS 107. to complete the project. The percentage-
measurements The Group generally offers 1 to 2 year
of-completion method places considerable
The Company is currently revisiting their warranties for its consumer products. Based
The amendment removes the requirement in importance on accurate estimates to the
accounting policy information disclosures on the evaluation of the past warranty trends,
paragraph 22 of Ind AS 41 that entities exclude extent of progress towards completion and
to ensure consistency with the amended management has estimated that warranty
cash flows for taxation when measuring the fair may involve estimates on the scope of
requirements. costs for 25% of sales arises in the year of sale
value of assets within the scope of Ind AS 41. deliveries and services required for fulfilling
itself, warranty costs for 50% of the sales in Year
the contractually defined obligations. These
The amendments are effective for annual (iii) Deferred Tax related to Assets and Liabilities 1 and the balance 25% in Year 2. Based on the
significant estimates include total contract
reporting periods beginning on or after 1 April arising from a Single Transaction - Amendments same, the related provision for future warranty
costs, total contract revenues, contract risks,
2022. The amendments had no impact on to Ind AS 12 claims has been determined.
including technical, political and regulatory
the consolidated financial statements of the risks, and other judgments. The Group re-
The amendments narrow the scope of the The Group also sells lighting fitting to its
Group as it did not have assets in scope of IAS assesses these estimates on periodic basis and
initial recognition exception under Ind AS 12, customers. In few lighting fittings products, the
41 as at the reporting date. makes appropriate revisions accordingly.
so that it no longer applies to transactions drivers are an essential part and are expected
STANDARDS ISSUED BUT NOT YET EFFECTIVE that give rise to equal taxable and deductible to last for a longer period. In such cases, the
4 Fair value measurement
temporary differences. Group provides warranties beyond fixing
The Ministry of Corporate Affairs has notified defects that existed at the time of sale. Basis When the fair values of financial assets and
Companies (Indian Accounting Standards) The amendments should be applied to this, the Group recognises this as a separate financial liabilities recorded in the consolidated
Amendment Rules, 2023 dated 31 March 2023 to transactions that occur on or after the performance obligation and recognises balance sheet cannot be measured based
amend the following Ind AS which are effective beginning of the earliest comparative period revenue only in the period in which such on quoted prices in active markets, their fair
from 01 April 2023. presented. In addition, at the beginning of service is provided based on time elapsed. The value is measured using appropriate valuation
the earliest comparative period presented, assumptions made in relation to serviceable techniques. The inputs for these valuations are
(i)
Definition of Accounting Estimates - a deferred tax asset (provided that sufficient sales and related standard or serviceable taken from observable sources where possible,
Amendments to Ind AS 8 taxable profit is available) and a deferred warranty provision for the current period are but where this is not feasible, a degree of
tax liability should also be recognised for all consistent with those in the prior years.
The amendments clarify the distinction judgement is required in establishing fair values.
deductible and taxable temporary differences
between changes in accounting estimates
Corporate overview
Statutory reports
Judgements include considerations of various 7
Impairment of non-financial assets and Impairment losses of continuing operations, and recognized as deferred revenue until the
inputs including liquidity risk, credit risk, volatility goodwill including impairment on inventories, are points are redeemed. Revenue is recognized
etc. Changes in assumptions/judgements recognised in the statement of profit and loss, upon redemption of products by the customer.
about these factors could affect the reported In case of non-financial assets, the Group except for properties previously revalued with When estimating the stand-alone selling price
fair value of financial instruments. Refer Note estimates asset’s recoverable amount, which the revaluation surplus taken to OCI. For such of the loyalty points, the Parent Company
34 of consolidated financial statements for the is higher of an asset’s or Cash Generating Units properties, the impairment is recognised in OCI considers the likelihood that the customer
fair value disclosures and related sensitivity. (CGU’s) fair value less costs of disposal and up to the amount of any previous revaluation will redeem the points. The Parent Company
its value in use. In assessing value in use, the surplus. considers various judgement and estimates
5 Employee benefits estimated future cash flows are discounted to like determination of fair value, redeemed
their present value using pre-tax discount rate For assets excluding goodwill, an assessment points, expiry, etc. The Parent Company
The cost of the defined benefit gratuity plan that reflects current market assessments of the is made at each reporting date to determine updates its estimates on a quarterly basis and
and other post-employment leave benefits time value of money and the risks specific to whether there is an indication that previously any adjustments to the deferred revenue are
are determined using actuarial valuations. An the asset. In determining fair value less costs of recognised impairment losses no longer exist charged against revenue.
actuarial valuation involves making various disposal, recent market transactions are taken or have decreased. If such indication exists,
assumptions that may differ from actual into account, if no such transactions can be the Group estimates the asset’s or CGU’s 9 Share based payments
developments in the future. These include identified, an appropriate valuation model is recoverable amount. A previously recognised
the determination of the discount rate, future used. impairment loss is reversed only if there has The Group initially measures the cost of cash-
salary increases and mortality rates. Due to been a change in the assumptions used to settled transactions with employees using a
the complexities involved in the valuation In assessing value in use, the estimated future determine the asset’s recoverable amount binomial model to determine the fair value of
and its long-term nature, a defined benefit cash flows are discounted to their present since the last impairment loss was recognised. the liability incurred. Estimating fair value for
obligation is highly sensitive to changes in these value using a pre-tax discount rate that The reversal is limited so that the carrying share-based payment transactions requires
assumptions. All assumptions are reviewed reflects current market assessments of the amount of the asset does not exceed its determination of the most appropriate
at each reporting date. The mortality rate is time value of money and the risks specific to recoverable amount, nor exceed the carrying valuation model, which is dependent on the
based on publicly available mortality tables. the asset. In determining fair value less costs of amount that would have been determined, terms and conditions of the grant. This estimate
Those mortality tables tend to change only at disposal, recent market transactions are taken net of depreciation, had no impairment loss also requires determination of the most
interval in response to demographic changes. into account. If no such transactions can be been recognised for the asset in prior years. appropriate inputs to the valuation model
Future salary increases are based on expected identified, an appropriate valuation model is Such reversal is recognised in the statement of including the expected life of the share option,
future inflation rates. Refer note 21 used. These calculations are corroborated by profit and loss unless the asset is carried at a volatility and dividend yield and making
valuation multiples, quoted share prices for revalued amount, in which case, the reversal is assumptions about them.
6 Leases publicly traded companies or other available treated as a revaluation increase
fair value indicators. 10 Taxes
Estimates are required to determine the
8 Retailer Bonding Program
appropriate discount rate used to measure The Group bases its impairment calculation on Deferred tax assets are recognised for unused
lease liabilities. The Group cannot readily detailed budgets and forecast calculations, The Parent Company has a loyalty points tax losses to the extent that it is probable
determine the interest rate implicit in the lease, which are prepared separately for each of the program, “Retailer Bonding Program”, which that taxable profit will be available against
therefore, it uses its incremental borrowing rate Group’s CGUs to which the individual assets allows customers to accumulate points that which the losses can be utilised. Significant
(IBR) to measure lease liabilities. The IBR is the are allocated. These budgets and forecast can be redeemed for free products upto a management judgement is required to
rate of interest that the Group would have to calculations generally cover a period of five limited time period. The loyalty points give determine the amount of deferred tax assets
pay to borrow over a similar term, and with a years. For longer periods, a long-term growth rise to a separate performance obligation as that can be recognised, based upon the likely
similar security, the funds necessary to obtain rate is calculated and applied to project future they provide a material right to the customer. timing and the level of future taxable profits
an asset of a similar value to the right-of-use cash flows after the fifth year. To estimate cash A portion of the transaction price is allocated together with future tax planning strategies.
asset in a similar economic environment. The flow projections beyond periods covered to the loyalty points awarded to customers
IBR therefore reflects what the Group ‘would 11 For judgements relating to contingent liabilities,
by the most recent budgets/forecasts, the based on relative stand-alone selling price
have to pay’, which requires estimation when refer note 40(a).
Group extrapolates cash flow projections in
no observable rates are available or when they the budget using a steady or declining growth
need to be adjusted to reflect the terms and rate for subsequent years, unless an increasing
conditions of the lease. The Group estimates rate can be justified. In any case, this growth
the IBR using observable inputs (such as market rate does not exceed the long-term average
interest rates, bank rates to the Group for a growth rate for the products, industries, or
loan of a similar tenure, etc). The Group has country or countries in which the Group
applied a single discount rate to a portfolio operates, or for the market in which the asset is
of leases of similar assets in similar economic used.
environment with a similar end date.
Notes to Consolidated Financial Statements for the year ended 31st March 2023
Note 2 : Property, plant and equipment
(H in Lakhs)
Freehold Ownership Plant & Furniture Electrical Office Dies & Leasehold Temporary Roads & IT
Particulars Building Vehicles Total
Land Premises Machinery & Fixtures Installations Equipment Jigs Improvements Structures Borewell Hardware
Opening gross block as at 1st April 2021 4,268.06 6,315.97 10,987.85 10,096.36 2,371.64 962.64 1,739.52 953.68 4,317.29 378.81 126.59 130.07 8,068.10 50,716.58
Additions – 131.35 – 1,695.46 196.31 390.51 139.74 0.81 2,094.54 72.76 – – 705.86 5,427.34

Asset classified as held for sale (1,900.98) (618.50) 78.00 – – – – – – – – (30.89) – (2,472.37)
Disposals – (377.26) (1,978.30) (1,354.38) (146.94) (38.44) (77.11) (146.24) (34.90) (75.48) – – (317.05) (4,546.10)
Acquired on business combinations 1,355.20 4,971.22 – 2,610.80 197.28 – 143.20 – – – – – – 9,277.70
Asset classified to investment property – (446.35) (259.12) – – – – – – – – (103.59) – (809.06)
Adjustment * – (219.81) 259.12 (258.45) (11.83) 107.11 (108.05) 0.48 123.33 – – 103.59 4.51 –
Closing gross block as at 31st March 2022 3,722.28 9,756.62 9,087.55 12,789.79 2,606.46 1,421.82 1,837.30 808.73 6,500.26 376.09 126.59 99.18 8,461.42 57,594.09
Additions – 258.22 5.21 1,460.04 131.93 287.62 106.21 260.67 1,637.88 7.83 – 97.38 693.34 4,946.35
Disposals – (6.14) (398.46) (316.00) (85.26) (1.34) (84.29) (90.55) – – – (0.94) (117.13) (1,100.11)
Closing gross block as at 31st March 2023 3,722.28 10,008.70 8,694.30 13,933.82 2,653.13 1,708.11 1,859.22 978.86 8,138.14 383.92 126.59 195.62 9,037.64 61,440.33
Opening accumulated depreciation as at 1st – 1,027.95 1,208.94 5,107.80 1,168.32 334.21 1,055.79 375.60 2,639.14 202.58 126.59 64.31 6,120.74 19,431.97
April 2021
Depreciation charge during the year – 481.25 220.01 1,094.99 363.85 83.98 258.13 84.03 951.72 26.42 – 8.47 981.64 4,554.49
Disposals – (147.23) (210.25) (596.23) (95.56) (29.14) (71.55) (65.27) (34.90) (75.48) – – (315.31) (1,640.92)
Asset classified to investment property – (241.29) (90.73) – – – – – – – – – – (332.02)
Reclassification * – 100.84 38.91 -133.88 -10.84 19.20 -22.79 0.57 4.93 – – – 3.07 –
Asset classified as held for sale – (183.35) 10.39 – – – – – – – – (16.36) – (189.32)
Closing accumulated depreciation as at – 1,038.16 1,177.27 5,472.68 1,425.77 408.25 1,219.58 394.93 3,560.89 153.52 126.59 56.42 6,790.14 21,824.20
31st March 2022
Disposal – 45.88 (100.60) (66.13) (82.25) (0.60) (73.29) (53.32) 6.76 – – – (104.04) (427.62)
Depreciation charge during the year – 334.08 168.70 1,096.59 326.43 154.71 203.46 90.40 1,250.09 33.86 – 5.51 831.40 4,495.23
Closing accumulated depreciation as at 31st – 1,418.11 1,245.37 6,503.14 1,669.94 562.36 1,349.75 432.01 4,817.74 187.38 126.59 61.93 7,517.49 25,891.81
March 2023
Impairment allowance as at March 31, 2021 – – – 704.76 – – – – – – – – – 704.76
Impairment charge / (reversal) during the year – – – (704.76) – – – – – – – – – (704.76)
Impairment allowance as at March 31, 2022 – – – – – – – – – – – – – –
Impairment reversal during the year – – – – – – – – – – – – – –
Impairment allowance as at March 31, 2023 – – – – – – – – – – – – – –
Closing Net carrying amount as at 31st March 3,722.28 8,718.46 7,910.28 7,317.11 1,180.69 1,013.57 617.72 413.80 2,939.37 222.57 – 42.76 1,671.28 35,769.89
2022
Closing Net carrying amount as at 31st March 3,722.28 8,590.59 7,448.93 7,430.68 983.19 1,145.75 509.47 546.85 3,320.40 196.54 – 133.69 1,520.15 35,548.52
2023
* Adjustment includes few assets which have been moved within various block of property, plant and equipment on accounts of business combination and system migration
Particulars
Particulars
(v) Title deeds

equipment.
(i) Leased assets
Cost / Deemed cost
Net carrying amount

Plant and Machinery
(iii) Contractual obligations
(iv) Capital work-in-progress
Additions during the year
Group on March 31, 2023.

Capitalised during the year
Accumulated depreciation
Closing at the end of the year

Opening at the start of the year
Movement of capital work-in-progress
(ii) Property, plant and equipment pledged as security
Note 2 : Property, plant and equipment (Contd..)
depreciation and net book value is as mentioned below:
lakhs (March 31, 2022 - H NIL lakhs) respectively, pending to be put to use.
4,100.11
(1,351.40)
2,631.39
2,820.12
31-Mar-23
Year ended
211.76
426.15
637.91
31-Mar-23
Refer to note 18 for information on property, plant and equipment pledged as security by the Group.
2,820.12
(706.96)
2,525.07
1,002.01
31-Mar-22
Year ended
(H in Lakhs)
265.03
372.88
637.91
31-Mar-22
(H in Lakhs)
to H 3,228.22 lakhs (March 31, 2022 - H 2,363.76 lakhs), H 376.72 lakhs (March 31, 2022 - H 25.22 lakhs) and H 236.14

The Group has given following assets on operating lease to third parties, the gross block, accumulated
Statutory reports
Corporate overview
are not individually held in the name of the Group. However the deed of merger has been registered by the
Scheme of Amalgamation approved by National Company Law Tribunal’s (NCLT) Order dated May 21, 2020,
the immovable properties, in the nature of freehold land and building, which were acquired pursuant to a
The title deeds of immovable properties are held in the name of the Group, except for certain title deeds of
Refer to note 40(b) for disclosure of contractual commitments for the acquisition of property, plant and
Capital work-in-progress mainly comprises of dies & jigs, plant and machineries and factory building amounting
Corporate overview
Statutory reports
Note 2 : Property, plant and equipment (Contd..) Note 3 : Right of use assets and Lease liabilities (Contd..)
(vi) Ageing schedule The details of the lease liabilities held by the Group is as follows:
Lease liabilities
(H in Lakhs)
(H in Lakhs)
Year ended Year ended
Amount in CWIP for a period of Particulars
31-Mar-23 31-Mar-22
1 Year 3 years Opening lease liabilities 4,587.80 3,863.29
Additions for the year 8,766.02 2,594.20
Projects in progress 2,662.77 1,415.75 14.24 7.35 4,100.11
Deletions / Modifications for the year (1,012.22) (254.83)
Projects temporarily suspended – – – – –
Finance cost for the year 544.44 544.65
TOTAL 2,662.77 1,415.75 14.24 7.35 4,100.11
Lease instalments paid for the year (2,762.40) (2,159.51)
CWIP aging schedule as at March 31, 2022 Closing lease liabilities 10,123.64 4,587.80
(H in Lakhs) - classified as current 2,939.67 1,552.76
- classified as non-current 7,183.97 3,035.04
Amount in CWIP for a period of
For maturity profile of lease liabilities, refer Note 35 (B)(ii)
1 Year 3 years Note 4: Intangible Assets
(H in Lakhs)
Projects in progress 2,525.07 83.59 211.46 – 2,820.12
Projects temporarily suspended – – – – – Distributor Customer
Trade Computer
TOTAL 2,525.07 83.59 211.46 – 2,820.12 Particulars Brand / Dealer relation- Total
Marks Software
Network ships
All the upcoming projects of the Group are within the timelines as estimated during the original plan and
Opening gross block as at 1st April 2021 0.51 963.54 1,952.33 195.57 26.10 3,138.05
the actual cost of projects are within the total cost as estimated by the management of the Group as at the
Additions – 31.36 – – – 31.36
Balance Sheet date.
Closing gross block as at 31st March 2022 0.51 994.90 1,952.33 195.57 26.10 3,169.41
Additions – 2,374.29 – – – 2,374.29
Note 3 : Right of use assets and Lease liabilities Adjustment * – 0.50 – – – 0.50
Closing gross block as at 31st March 2023 0.51 3,369.69 1,952.33 195.57 26.10 5,544.20
The details of the right-of-use asset held by the Group is as follows:
Opening accumulated amortization as at 1st April 2021 0.30 750.11 1,010.88 195.57 26.10 1,982.96
Right-of-use assets Amortisation charge for the year 0.05 130.05 390.47 – – 520.57
(H in Lakhs) Closing accumulated amortization as at 31st March 2022 0.35 880.16 1,401.35 195.57 26.10 2,503.53
Amortisation charge for the year 0.05 726.98 390.47 – – 1,117.50
Leasehold
Particulars Buildings Equipments Total Adjustment * – (0.03) – – – (0.03)
land
Closing accumulated amortization as at 31st March 2023 0.40 1,607.10 1,791.82 195.57 26.10 3,620.99
Gross block as on March 31, 2021 6,234.64 22.72 2,805.69 9,063.05 Closing Net carrying amount as at 31st March 2022 0.16 114.74 550.98 – – 665.88
Additions for the year 2,806.99 – – 2,806.99 Closing Net carrying amount as at 31st March 2023 0.11 1,762.59 160.51 – – 1,923.21
Acquired on business combination – – 670.00 670.00 * Adjustments includes changes in the value of the intangible assets due to system migration
Deletions for the year (1,764.12) – (670.00) (2,434.12) (i) Note
Gross block as on March 31, 2022 7,277.51 22.72 2,805.69 10,105.92
Intangible assets under development mainly comprises of IT softwares license and implementation cost
Additions for the year 8,875.87 – 12.93 8,888.80
amounting to H 145.91 lakhs (March 31, 2022 - H 1,546.59 lakhs).
Deletions for the year (2,323.22) – – (2,323.22)
Closing gross block as on March 31, 2023 13,830.16 22.72 2,818.62 16,671.50 (ii) Ageing schedule
Intangible asset under development aging schedule as at March 31, 2023
(H in Lakhs)
Accumulated depreciation as on March 31, 2022 2,967.19 21.27 261.78 3,250.24 Amount in IAUD for a period of
Depreciation for the year 2,409.88 0.45 37.37 2,447.70 Particulars Less than 1-2 Years 2-3 years More than Total
Deletions for the year (1,338.26) – 12.94 (1,325.32) 1 Year 3 years
Closing accumulated depreciation as on March 31, 2023 4,038.81 21.72 312.09 4,372.62 Projects in progress 145.91 – – – 145.91
Net carrying value of right of use assets as on March 31, 2022 4,310.32 1.45 2,543.91 6,855.68 Projects temporarily suspended – – – – –
Net carrying value of right of use assets as on March 31, 2023 9,791.35 1.00 2,506.53 12,298.88 TOTAL 145.91 – – – 145.91
* Adjustments includes changes in the value of the right of use assets due to system migration
Corporate overview
Statutory reports
Note 4: Intangible Assets (Contd..) Note 5.1 : Investments in associate
Intangible asset under development aging schedule as at March 31, 2022 (H in Lakhs)
(H in Lakhs) Particulars 31-Mar-23 31-Mar-22
Amount in IAUD for a period of
Investment in equity instruments of associate (fully paid up)
Particulars Less than 1-2 Years 2-3 years More than Total Measured at cost
1 Year 3 years Unquoted
Projects in progress 796.04 750.55 – – 1,546.59 Investment in an associate
Projects temporarily suspended – – – – – Non-current equity investments (unquoted) in Hind Lamps Limited. – –
TOTAL 796.04 750.55 – – 1,546.59 – 1,140,000 (March 31, 2022 - 1,140,000) equity shares of H 25 each
Accumulated impairment allowance in value of investments in Hind – –
All the upcoming projects of the Group are within the timelines as estimated during the original plan and
Lamps Limited
the actual cost of projects are within the total cost as estimated by the management of the Group as at the
– –
Balance Sheet date.
Total investments in an associate – –
(iii) Movement in intangible assets under development
(H in Lakhs)
Note 5.2 : Financial assets (Investments)
Year ended Year ended
Particulars 5.2 (a) Investment in equity instruments
31-Mar-23 31-Mar-22
(H in Lakhs)
Opening at the start of the year 1,546.59 781.50
Additions during the year 145.91 765.09 Particulars 31-Mar-23 31-Mar-22
Capitalised during the year (1,546.59) – Measured at fair value through profit and loss
Closing at the end of the year 145.91 1,546.59 Unquoted
Investment in mutual funds
Investment in equity/debt mutual funds 4,078.23 –
Note 4.1: Investment properties 4,078.23 –
(H in Lakhs)
(H in Lakhs)
Building &
No. of Units No. of Units Value as on Value as on
Particulars Ownership Land Total
AMC as on March as on March March 31, March 31,
Premises
31, 2023 31, 2022 2023 2022
Gross block as at 1st April 2021 – 12,600.00 12,600.00
ICICI Prudential - Money Market Fund 1,58,830.98 – 515.10 –
ICICI Prudential - Overnight Fund 24,860.12 – 300.43 –
Gross block as at 31st March 2022 809.06 12,600.00 13,409.06
HDFC Mutual Fund - Money Market Fund 10,469.98 – 515.30 –
Addition – – –
HDFC Mutual Fund - Overnight Fund 9,025.93 – 300.42 –
Deletion (58.59) (58.59)
LIC Mutual Fund - Liquid Fund 1.28 – 0.05 –
Gross block as at 31st March 2023 750.47 12,600.00 13,350.47
DSP Mutual Fund - Money Market Fund 11,20,166.24 – 515.14 –
Accumulated depreciation as at 1st March 2021 – – –
DSP Mutual Fund - Overnight Fund 25,022.25 – 300.43 –
SBI Mutual Fund - Money Market Fund 13,71,425.20 – 515.26 –
SBI Mutual Fund - Overnight Fund 8,232.51 – 300.42 –
Depreciation 112.87 – 112.87
Kotak Mutual Fund - Money Market Fund 13,455.57 – 515.12 –
Deletion (42.07) – (42.07)
Kotak Mutual Fund - Overnight Fund 25,123.67 – 300.54 –
Total 4,078.23 –
Aggregate value of quoted investments 4,078.23 –
Aggregate value of impairment in value of investment – –
The amounts recorded above for freehold land are fair values on acquisition date based on valuation performed
by a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The
Group has no restrictions on the realisability of its investment property. Fair value as at 31st March 2023 is H 12,600
lakhs (H 12,600 lakhs as at 31st March 2022). The fair valuation is based on current prices in the active market for
similar lands. The main inputs used are quantum, area, location, demand, etc.
Corporate overview
Statutory reports
Note 5.3 : Financial assets (Investments - Non-Current) Note 6 : Trade receivables (Contd..)
5.3 (a) Investment in equity instruments Transferred receivables
(H in Lakhs)
The carrying amount of trade receivables, include receivables which are subject to factoring arrangements and
Particulars 31-Mar-23 31-Mar-22 channel financing facilities. Under this arrangement the Group has transferred the relevant receivables to the
Measured at fair value through profit and loss factor in exchange for cash. The said facilities are with recourse to Group. The Group therefore continues to
Unquoted recognise the transferred assets in their entirety in its balance sheet. The amount repayable under the factoring
agreement is presented as other financial liabilities.
Investment in equity shares
Non-current equity investments (unquoted) in M. P. Lamps Limited * 2.40 2.40 (H in Lakhs)
– 48,000 (March 31, 2022 - 48,000) equity shares of H 10/- each; (Partly paid Particulars 31-Mar-23 31-Mar-22
shares - H 2.50/- Per share paid up, Called up H 5.00/- per share)
– 95,997 (March 31, 2022 - 95,997) equity shares of H 10/- each; (Partly paid Other financial liabilities (Note 19) 57,967.35 30,395.32
shares - H 1.25 Per share paid up, Called up H 5 per share) Total Transferred receivables 57,967.35 30,395.32
Accumulated Fair value loss recorded in value of investments M. P. (2.40) (2.40) Trade receivable are non-interest bearing and are generally received within the credit period. For trade and
Lamps Limited. other receivables due from firms or private companies in which any director is a partner, a director or a member,
– – refer note 38.
Non-current equity investments (unquoted) in Mayank Electro Ltd. 0.10 0.10
– 100 (March 31, 2022 - 100) equity shares of H 100/- each. Trade Receivables ageing schedule as at 31st March 2023
Total equity instruments 0.10 0.10 (H in Lakhs)
Outstanding for following periods from *
Particulars Not Due Less than 6 months 1-2 Years 2-3 years More than Total
5.3 (b) Investment in debt instruments 6 months -1 year 3 years
(H in Lakhs)
(i) Undisputed Trade receivables — 69,918.15 67,158.78 5,824.81 1,013.87 1,560.76 11,022.67 1,56,499.04
Particulars 31-Mar-23 31-Mar-22 considered good
(ii) Undisputed Trade Receivables — which – – – – – – –
Measured at fair value through profit and loss
have significant increase in credit risk
Unquoted (iii) Undisputed Trade Receivables — – – 253.97 653.50 57.50 6,824.95 7,789.92
Investment in venture capital fund credit impaired
Units of Bharat Innovation Fund - 4,189.470 Units as on 31st March 2023 600.11 489.26 (iv) Disputed Trade Receivables — – – – – – – –
(4,189.470 Units as on 31st March 2022) considered good
Investment in other securities (v) Disputed Trade Receivables — which – – – – – – –
Gold coins 0.37 0.37 have significant increase in credit risk
(vi) Disputed Trade Receivables — – – 0.48 1,964.35 – 681.29 2,646.12
Total debt instruments 600.48 489.63
credit impaired
Total non-current investments 600.58 489.73
TOTAL 69,918.15 67,158.78 6,079.26 3,631.72 1,618.26 18,528.91 1,66,935.08
Aggregate value of quoted investments – –
Aggregate value of unquoted investments 600.58 489.73 Trade Receivables ageing schedule as at 31st March 2022
* In respect of Investments made in M. P. Lamps Ltd., calls of H 2.50 per share on 48,000 equity shares and H 3.75 per share on 95,997 Equity Shares (H in Lakhs)
aggregating to H 4.80 Lakhs have not been paid by the Parent Company. On principles of prudence the entire investment in M.P. Lamps Ltd. is
considered as impaired and accordingly carried at H NIL. Outstanding for following periods from *
Particulars Not Due Less than 6 months 1-2 Years 2-3 years More than Total
Note 6 : Trade receivables 6 months -1 year 3 years
(H in Lakhs) (i) Undisputed Trade receivables – 60,513.65 26,579.90 12,945.20 26,758.23 7,769.17 1,495.02 1,36,061.17
considered good
(ii) Undisputed Trade Receivables – which – – – – – – –
Current 1,48,062.32 1,13,951.23 have significant increase in credit risk
Non-current 8,436.72 22,109.94 (iii) Undisputed Trade Receivables — – 190.76 93.75 349.23 306.53 7,436.47 8,376.74
1,56,499.04 1,36,061.17 credit impaired
Unsecured, considered good 1,56,499.04 1,36,061.17 (iv) Disputed Trade Receivables — – – – – – – –
Unsecured, credit impaired 10,436.04 10,571.98 considered good
Total 1,66,935.08 1,46,633.15 (v) Disputed Trade Receivables — which – – – – – – –
have significant increase in credit risk
Impairment allowance, credit impaired (allowance for bad and (10,436.04) (10,571.98)
(vi) Disputed Trade Receivables — – – 20.37 10.21 201.38 1,963.28 2,195.24
doubtful debts)
credit impaired
Total trade receivables (net of impairment allowance) 1,56,499.04 1,36,061.17
TOTAL 60,513.65 26,770.66 13,059.32 27,117.67 8,277.08 10,894.77 1,46,633.15
The above includes receivables from related parties. Refer note 38 for more details. * Outstanding from the transaction date for FY23, and from the due-date for EPC and transaction date for CP for FY22
Corporate overview
Statutory reports
Note 7 : Loans Note 9 : Deferred tax assets (net) (Contd..)
(Unsecured, considered good unless otherwise stated) Breakup and movement in deferred tax assets
(H in Lakhs)
(H in Lakhs)
Impairment Financial
Employee
Particulars 31-Mar-23 31-Mar-22 Employee allowance assets Right of
benefit Assets Carried
benefit (allowance measured use assets
Particulars obligations held for forward Total
Non Current obligations for doubtful at and
(leave sale losses
Unsecured, considered good – 22.35 (gratuity) debts and amortised Others
obligations)
advances) cost
Unsecured, credit impaired – –
Total – 22.35 As at 31st March, 2021 173.90 391.07 4,020.50 0.62 501.77 2,895.19 4,277.43 12,260.48
Impairment allowance, credit impaired – – (Charged) / Credited :
Total Non-current loans – 22.35 to statement of profit and loss (47.28) (383.69) (573.57) 0.78 26.67 5,591.49 (3,884.03) 730.37
to other comprehensive income (177.63) – – – – (1.15) – (178.78)
(H in Lakhs) On account of business combination – – – – – – 6,308.78 6,308.78
transferred to income tax asstes – – – – – – (3,880.71) (3,880.71)
Particulars 31-Mar-23 31-Mar-22 As at 31st March, 2022 (51.01) 7.38 3,446.93 1.40 528.44 8,485.53 2,821.47 15,240.14
(Charged) / Credited :
Current
to statement of profit and loss 89.02 140.07 (666.01) (0.55) 23.34 (3,415.22) 495.52 (3,333.83)
Secured, considered good 35.21 0.84
to other comprehensive income – – – – – – (68.47) (68.47)
Total current loans 35.21 0.84
transferred to income tax assets – – – – – (5,070.31) – (5,070.31)
As at 31st March, 2023 38.01 147.45 2,780.92 0.85 551.78 – 3,248.52 6,767.53
Note 8 : Other financial assets
Breakup and movement in deferred tax liabilities
(Unsecured, considered good unless otherwise stated)
(H in Lakhs)
(H in Lakhs) Financial Financial
Employee
Property, Intan- Assets Liabilities Invest-
Particulars 31-Mar-23 31-Mar-22 benefit
Particulars plant and gible measured at measured at ment Others Total
obligations
equipment Assets Amortised Amortised property
Security deposits, considered good 2,979.60 2,595.26 (gratuity)
Cost Cost
Security deposits, credit impaired 140.45 128.56
Impairment allowance for credit impaired security deposits (140.45) (128.56) As at 31st March, 2021 2,758.00 236.95 77.12 120.43 – 2,473.20 1,345.43 7,011.13
2,979.60 2,595.26 Charged / (credited) :
to Statement of Profit or Loss (361.21) (98.28) 27.30 42.61 – 95.50 379.55 85.47
Deposits with maturity more than 12 months – 109.91
As at 31st March, 2022 2,396.79 138.67 104.42 163.04 – 2,568.70 1,724.98 7,096.60
Fixed deposit under lien 92.96 1,023.14
Interest accrued on fixed deposits 7.57 55.28
to Statement of Profit or Loss (33.74) (85.21) 3.20 (163.04) 2,528.52 (789.42) (1,249.65) 210.66
Total non-current other financial assets 3,080.13 3,783.59 As at 31st March, 2023 2,363.05 53.46 107.62 – 2,528.52 1,779.28 475.33 7,307.26
For breakup of financial assets carried at amortised cost, refer note 34.
Note 10 : Other non-current assets
Note 9 : Deferred tax assets (net) (H in Lakhs)
(H in Lakhs)
Capital advances 1,966.58 468.29
Impairment allowance for credit impaired capital advances (24.94) (21.56)
Deferred tax assets 6,767.53 15,240.14 1,941.64 446.73
Deferred tax liabilities (7,307.26) (7,096.60) Sales tax recoverables 2,795.82 3,984.51
Total deferred tax assets (net) (539.73) 8,143.54 Balances with government authorities 60.77 60.77
Others 7,087.34 4,285.62
15,986.78 13,854.71
Impairment allowance for doubtful advances (403.06) (496.10)
Total other non-current assets 15,583.72 13,358.61
*Others mainly include prepaid expenses of H 3,767.88 lakhs (March 31, 2022 H 868.27 lakhs) and advances to suppliers of H 1,492.51 lakhs (March
31, 2022 H 3,377.41 lakhs).
Corporate overview
Statutory reports
Note 11 : Inventories Note 14 : Other current assets
(H in Lakhs)
(H in Lakhs)
Export benefits 789.73 809.32
Raw material 14,183.20 12,633.72 Balances with government authorities 16,109.08 16,097.55
Work-in-progress 5,665.93 2,168.06 Right to reimbursement against employee benefit obligations for insurers 2,106.21 1,753.82
Finished goods 2,292.76 2,285.97 who are related parties (Non-qualifying insurance policies)
Traded goods 78,546.34 80,746.13 Others 19,565.97 6,497.05
Material in Transit (traded goods) 4,738.79 1,450.84 Sales tax recoverables 114.87 116.23
Stores and spares 1,780.46 503.30 Total other current assets 38,685.86 25,273.97
Total Inventories 1,07,207.48 99,788.02
*Others mainly includes prepaid expenses of H 679.38 lakhs (March 31, 2022 H 1,575.42) and advances to suppliers of H 18,428.18 lakhs (March 31,
2022 H 4,159.73 lakhs)
Note 12 : Cash and cash equivalents

Note 15 : Assets classified as held for sale
Balances with banks Land and Buildings * 219.40 1,719.41

in current accounts 2,651.52 1,859.33 Total assets classified as held for sale 219.40 1,719.41
in cash credit accounts 5,490.40 3,285.38 * Upon relocation of Parent Company’s employees to new office premises in Mumbai, the erstwhile leasehold immovable property together
Deposits with maturity of less than three months 26,003.44 6,700.00 with buildings and structure standing thereon was lying vacant. Therefore, the Board of Directors of the Parent Company approved the sale and
transfer of leasehold rights therein in favour of the purchaser vide Resolution dated March 23, 2015 subject to the permissions from the appropriate
Cash on hand 30.56 36.79 authorities and accordingly the said transaction of sale and transfer of leasehold rights was to be completed within one (1) year. However, on
Total cash and cash equivalents 34,175.92 11,881.50 account of delay in getting the requisite permissions from the appropriate local / municipal authorities the transaction execution is pending. The
purchaser and the Parent Company are committed for the transaction to sail through. The asset held for sale are not attached to any reported
There are no restrictions with regards to cash and cash equivalents as at the end of the reporting period and prior business segment but part of other unallocable assets. The Parent Company has received an advance of H 800 lakhs from the purchaser in relation
to this sale and is expected to be completed in FY 2023-24. The same is shown as a liability under other current liabilities.
period.
Note 16 : Equity share capital
Note 12 : Bank balances (H in Lakhs)

Amount Amount
Authorised
Unpaid Dividend Accounts * 60.32 67.26
71,25,00,000 equity shares (March 31, 2022 - 20,00,00,000) of H 2/- each. 14,250.00 4,000.00
Fixed deposit under lien 144.75 –
Deposits with maturity of more than three months & less than twelve 2,545.67 2,138.03 i) Movement in Issued, Subscribed and Paid up Equity Share Capital
months
Others 120.94 166.97 Issued capital
Total other bank balances 2,871.68 2,372.26 (H in Lakhs)
* There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at March 31, 2023 and March 31, 2022.
Particulars No of Shares Amount
As at 31st Mar 2021 11,45,36,619 2,290.73

Note 13 : Other current financial assets Exercise of Options under employee stock option scheme (refer 3,37,495 6.75
note iv below)
(H in Lakhs)
As at 31st March 2022 11,48,74,114 2,297.48
Particulars 31-Mar-23 31-Mar-22 Exercise of Options under employee stock option scheme (refer 2,01,505 4.03
Interest accrued on fixed deposits 201.41 33.57 note iv below)
Security deposits 590.11 411.06 Issue pursuant to merger of Starlite Lighting Limited 19 0.00
Receivable from Gratuity Fund 356.67 2.33 As at 31st March 2023 11,50,75,638 2,301.51
Derivative Asset 111.85 329.43 Paid-up capital
Total other current financial assets 1,260.04 776.39 Calls in arrears @ H 2 per share, under rights issue (refer note iii (55) (0.00)
below)
As at 31st March 2023 11,50,75,583 2,301.51
412 Bajaj Electricals Limited (BEL) 84 Annual Report 2022-23 413
th
Corporate overview
Statutory reports
ii) Terms and rights attached to equity shares
The Company has only one class of equity shares having a par value of H 2/- per share. Each holder of equity
shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the shareholders. Bodies Corporate
Jamnalal Sons Private Limited 2,25,48,276 19.59% 2,24,43,275 19.54% 0.06%
iii) The Details of Shareholders holding more than 5% Shares:
Bajaj Holdings And Investment Limited 1,91,36,840 16.63% 1,87,93,840 16.36% 0.27%
(H in Lakhs) Hind Musafir Agency Limited 12,88,000 1.12% 12,88,000 1.12% 0.00%
Name of the Shareholder As at 31st March 2023 As at 31st March 2022 Baroda Industries Private Limited 14,12,738 1.23% 14,12,738 1.23% 0.00%
Nos. % Holding Nos. % Holding Bajaj International Private Limited 9,17,881 0.80% 9,17,881 0.80% 0.00%
Hercules Hoists Limited 6,24,596 0.54% 6,24,596 0.54% 0.00%
Jamnalal Sons Private Limited 2,25,48,276 19.59 2,24,43,275 19.54
Shekhar Holdings Private Limited 5,40,253 0.47% 5,40,253 0.47% 0.00%
Bajaj Holdings & Investment Limited 1,91,36,840 16.63 1,87,93,840 16.36
Rahul Securities Private Limited 4,67,093 0.41% 4,67,093 0.41% 0.00%
Kiran Bajaj 75,45,224 6.56 75,45,224 6.57
Bachhraj Factories Private Limited 1,05,466 0.09% 1,05,466 0.09% 0.00%
HDFC Small Cap Fund 64,75,269 5.63 65,18,743 5.67
Bajaj Sevashram Private Limited 5,550 0.00% 5,550 0.00% 0.00%
Smallcap World Fund, Inc 60,98,271 5.30 65,15,607 5.67
Bachhraj And Company Private Limited 66,585 0.06% 66,585 0.06% 0.00%
Kamalnayan Investment & Trading Private 1,110 0.00% 1,110 0.00% 0.00%
iv) Share reserved for issue under employee stock option scheme Limited
Madhur Securities Private Limited 1,110 0.00% 1,110 0.00% 0.00%
For details of shares reserved for issue under the employee share based payment plan of the Parent Company,
Niraj Holdings Private Limited 1,110 0.00% 1,110 0.00% 0.00%
please refer Note 33.
Rupa Equities Private Limited 1,110 0.00% 1,110 0.00% 0.00%
v) Change in promoter shareholding Sanraj Nayan Investments Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Trusts
Geetika Trust No.2 (Kiran Bajaj as a Trustee) NA NA NA NA 0.00%
Niravnayan Trust (Niraj Bajaj as a Trustee) 5,24,721 0.46% 5,24,721 0.46% 0.00%
Bajaj Swamy as a Trustee)
Promoters Nimisha Jaipuria Family Trust (Nimisha Jaipuria 6,28,043 0.55% 6,28,043 0.55% 0.00%
Mr. Shekhar Bajaj 18,14,639 1.58% 18,14,639 1.58% 0.00% as a Trustee)
Mr. Madhur Bajaj 2,00,000 0.17% 2,00,000 0.17% 0.00% Kriti Bajaj Family Trust (Minal Niraj Bajaj as a 5,00,000 0.43% 5,00,000 0.44% 0.00%
Mr. Niraj Bajaj 11,30,882 0.98% 11,30,882 0.98% 0.00% Trustee)
Mr. Sanjivnayan Bajaj * 4,28,749 0.37% 4,28,749 0.37% 0.00% Niravnayan Bajaj Family Trust (Niraj Bajaj as a 5,00,000 0.43% 5,00,000 0.44% 0.00%
Mr. Rahulkumar Bajaj ** NA NA NA NA 0.00% Trustee)
Promoter Group Rishab Family Trust 4,71,052 0.41% 4,71,052 0.41% 0.00%
Individuals : Sanjali Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00%
Mrs. Kiran Bajaj 75,45,224 6.56% 75,45,224 6.57% –0.01% Siddhant Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00%
Ms. Neelima Bajaj Swamy 2,00,000 0.17% 2,00,000 0.17% 0.00% Nimisha Bajaj Family Trust (Madhur Bajaj as a 2,06,575 0.18% 2,06,575 0.18% 0.00%
Ms. Minal Bajaj 6,94,674 0.60% 6,94,674 0.60% 0.00% Trustee)
Ms. Geetika Bajaj 21,60,084 1.88% 21,60,084 1.88% 0.00% Neelima Bajaj Family Trust (Kumud Bajaj as a 21,644 0.02% 21,644 0.02% 0.00%
Ms. Nimisha Jaipuria NA NA NA NA 0.00% Trustee)
Ms. Sunaina Kejriwal 12,40,730 1.08% 12,40,730 1.08% 0.00% Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) 10,00,000 0.87% 10,00,000 0.87% 0.00%
Mr. Niravnayan Bajaj 2,82,507 0.25% 2,82,507 0.25% 0.00% Kumud Neelima Family Trust (Madhur Bajaj as 1,25,800 0.11% 1,25,800 0.11% 0.00%
Ms. Kumud Bajaj 2,00,000 0.17% 2,00,000 0.17% 0.00% a Trustee)
Ms. Pooja Bajaj 15,41,875 1.34% 19,89,875 1.73% –0.39% Kumud Nimisha Family Trust (Madhur Bajaj as 1,25,800 0.11% 1,25,800 0.11% 0.00%
Ms. Suman Jain 1,10,700 0.10% 1,10,700 0.10% 0.00% a Trustee)
Ms. Kriti Bajaj 1,01,297 0.09% 1,01,297 0.09% 0.00% Madhur Neelima Family Trust (Kumud Bajaj as 1,25,800 0.11% 1,25,800 0.11% 0.00%
Ms. Shefali Bajaj 33,767 0.03% 33,767 0.03% 0.00% a Trustee)
Ms. Deepa Bajaj 1,126 0.00% 1,126 0.00% 0.00% Madhur Nimisha Family Trust (Kumud Bajaj as 1,25,799 0.11% 1,25,799 0.11% 0.00%
Master Vanraj Bajaj 18,43,556 1.60% 18,43,556 1.60% 0.00% a Trustee)
Total 7,23,42,279 62.86% 7,23,42,278 62.98% –0.11%
Corporate overview
Statutory reports
As at 31st March 2022 As at 31st March 2021 % change Promoter Name No of % of total No of % of total during the
Promoter Name No of % of total No of % of total during the shares shares shares shares year
Promoters Bajaj Swamy as a Trustee)
Mr. Shekhar Bajaj 18,14,639 1.58% 28,14,639 2.46% –0.88% Nimisha Jaipuria Family Trust (Nimisha Jaipuria 6,28,043 0.55% 6,28,043 0.55% 0.00%
Mr. Madhur Bajaj 2,00,000 0.17% 7,03,199 0.61% –0.44% as a Trustee)
Mr. Niraj Bajaj 11,30,882 0.98% 11,30,882 0.99% 0.00% Kriti Bajaj Family Trust (Minal Niraj Bajaj as a 5,00,000 0.44% 5,00,000 0.44% 0.00%
Mr. Sanjivnayan Bajaj * 4,28,749 0.37% 4,28,749 0.37% 0.00% Trustee)
Mr. Rahulkumar Bajaj ** – 0.00% – 0.00% 0.00% Niravnayan Bajaj Family Trust (Niraj Bajaj as a 5,00,000 0.44% 5,00,000 0.44% 0.00%
Promoter Group Trustee)
Individuals : Rishab Family Trust 4,71,052 0.41% 4,71,052 0.41% 0.00%
Mrs. Kiran Bajaj 75,45,224 6.57% 75,45,224 6.59% –0.02% Sanjali Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00%
Ms. Neelima Bajaj Swamy 2,00,000 0.17% 2,00,000 0.17% 0.00% Siddhant Family Trust 2,62,717 0.23% 2,62,717 0.23% 0.00%
Ms. Minal Bajaj 6,94,674 0.60% 6,94,674 0.61% 0.00% Nimisha Bajaj Family Trust (Madhur Bajaj as a 2,06,575 0.18% 2,06,575 0.18% 0.00%
Ms. Geetika Bajaj 21,60,084 1.88% 7,98,199 0.70% 1.18% Trustee)
Ms. Nimisha Jaipuria – 0.00% – 0.00% 0.00% Neelima Bajaj Family Trust (Kumud Bajaj as a 21,644 0.02% 21,644 0.02% 0.00%
Ms. Sunaina Kejriwal 12,40,730 1.08% 12,40,730 1.08% 0.00% Trustee)
Mr. Niravnayan Bajaj 2,82,507 0.25% 2,82,507 0.25% 0.00% Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) 10,00,000 0.87% – 0.00% 0.87%
Ms. Kumud Bajaj 2,00,000 0.17% 2,00,000 0.17% 0.00% Kumud Neelima Family Trust (Madhur Bajaj as 1,25,800 0.11% – 0.00% 0.11%
Ms. Pooja Bajaj 19,89,875 1.73% 19,89,875 1.74% –0.01% a Trustee)
Ms. Suman Jain 1,10,700 0.10% 1,10,700 0.10% 0.00% Kumud Nimisha Family Trust (Madhur Bajaj as 1,25,800 0.11% – 0.00% 0.11%
Ms. Kriti Bajaj 1,01,297 0.09% 1,01,297 0.09% 0.00% a Trustee)
Ms. Shefali Bajaj 33,767 0.03% 33,767 0.03% 0.00% Madhur Neelima Family Trust (Kumud Bajaj as 1,25,800 0.11% – 0.00% 0.11%
Ms. Deepa Bajaj 1,126 0.00% 1,126 0.00% 0.00% a Trustee)
Master Vanraj Bajaj 18,43,556 1.60% 18,43,556 1.61% 0.00% Madhur Nimisha Family Trust (Kumud Bajaj as 1,25,799 0.11% – 0.00% 0.11%
Bodies Corporate a Trustee)
Jamnalal Sons Private Limited 2,24,43,275 19.54% 2,24,43,275 19.59% –0.06% Total 7,23,42,278 62.98% 7,23,42,278 63.16% –0.19%
Bajaj Holdings And Investment Limited 1,87,93,840 16.36% 1,87,93,840 16.41% –0.05%
Hind Musafir Agency Limited 12,88,000 1.12% 12,88,000 1.12% 0.00% * Considered as a Promoter post demise of Mr. Rahulkumar Bajaj on February 12, 2022
Baroda Industries Private Limited 14,12,738 1.23% 14,12,738 1.23% 0.00% ** Ceased to be a promoter post sad demise on February 12, 2022
Bajaj International Private Limited 9,17,881 0.80% 9,17,881 0.80% 0.00%

Hercules Hoists Limited 6,24,596 0.54% 6,24,596 0.55% 0.00% Note 17 : Other Equity
Shekhar Holdings Private Limited 5,40,253 0.47% 5,40,253 0.47% 0.00% (H in Lakhs)
Rahul Securities Private Limited 4,67,093 0.41% 4,67,093 0.41% 0.00% Particulars 31-Mar-23 31-Mar-22
Bachhraj Factories Private Limited 1,05,466 0.09% 1,05,466 0.09% 0.00%
Bajaj Sevashram Private Limited 5,550 0.00% 5,550 0.00% 0.00% i) Securities premium reserve 66,594.40 65,356.13
Bachhraj And Company Private Limited 66,585 0.06% 66,585 0.06% 0.00% ii) Debenture redemption reserve – –
Kamalnayan Investment & Trading Private 1,110 0.00% 1,110 0.00% 0.00% iii) General reserve 45,967.75 45,967.75
Limited iv) Share options outstanding account 1,874.06 1,198.56
Madhur Securities Private Limited 1,110 0.00% 1,110 0.00% 0.00% v) Retained earnings 76,069.03 57,936.30
Niraj Holdings Private Limited 1,110 0.00% 1,110 0.00% 0.00% vi) Capital reserve 175.18 175.18
Rupa Equities Private Limited 1,110 0.00% 1,110 0.00% 0.00% vii) Capital redemption reserve 135.71 135.71
Sanraj Nayan Investments Private Limited 1,110 0.00% 1,110 0.00% 0.00% viii) Efective portion of cash flow hedges (68.91) 88.29
Trusts ix) Share application money pending allotment – –
Geetika Trust No.2 (Kiran Bajaj as a Trustee) – 0.00% 13,61,885 1.19% –1.19% x) Amalgamation adjustment reserve (2,327.15) –
Niravnayan Trust (Niraj Bajaj as a Trustee) 5,24,721 0.46% 5,24,721 0.46% 0.00% Total reserves and surplus 1,88,420.07 1,70,857.92
Corporate overview
Statutory reports
Note 17 : Other Equity (Contd..) Note 17 : Other Equity (Contd..)
i) Securities premium reserve (H in Lakhs)
(H in Lakhs)
Less: Fair value of non-controlling interest put option – (150.93)
Opening Balance 65,356.13 63,391.97 Add : Transfer from Debenture redemption reserve to retained – 3,750.00
Add: Exercise of share options 893.24 1,435.02 earnings
Add: Exercise of share options - transferred from shares options 344.84 529.14 Less: Transfer from minority interest on accuont of business (305.93) –
outstanding account combination
Add: Issue of share capital 0.19 Closing Balance 76,069.03 57,936.30
vi) Capital reserve
(H in Lakhs)
ii) Debenture redemption reserve
Particulars 31-Mar-23 31-Mar-22 Opening Balance 175.18 175.18

Opening Balance – 3,750.00
Less: Transfer to retained earnings – (3,750.00)
Closing Balance – – vii) Capital redemption reserve
(H in Lakhs)
iii) General Reserve
(H in Lakhs) Opening Balance 135.71 135.71
Opening Balance 45,967.75 45,967.75 viii) Effective Portion of Cashflow Hedges

Closing Balance 45,967.75 45,967.75 (H in Lakhs)
iv) Shares options outstanding account Opening Balance 88.29 –

(H in Lakhs) Add: Charge for the year (125.98) 49.98
Particulars 31-Mar-23 31-Mar-22 Add: Other comprehensive income (net of tax) (31.22) 38.31
Closing Balance (68.91) 88.29
Add : Employee stock option expense for the year 1,084.00 580.85 ix) Share application money pending allotment
Less : Transferred from share options outstanding account on lapse (63.66) (34.54) (H in Lakhs)
of vested options
Less : Exercise of options - transferred from shares options outstanding account (344.84) (529.14) Particulars 31-Mar-23 31-Mar-22
Closing Balance 1,874.06 1,198.56 Opening Balance – 12.51
Add /(less): Issue of share capital (0.19) (12.51)
Less: Transfer from minority interest on accuont of business 0.19 –
v) Retained earnings combination
(H in Lakhs) Closing Balance – –
x) Amalgamation adjustment reserve
Add: Net profit for the year 21,618.53 12,851.65 (H in Lakhs)
Add: Other comprehensive income (net of tax) 203.60 533.66 Particulars 31-Mar-23 31-Mar-22
Add: Transferred from share options outstanding account on lapse 63.66 34.54
Opening Balance – –
of vested options
Less: Transfer from minority interest on account of business combination (2,327.15) –
Less: Dividend on equity shares (3,447.13) –
Closing Balance (2,327.15) –
Corporate overview
Statutory reports
Note 17 : Other Equity (Contd..) Note 18 : Borrowings
Nature and purpose of reserves (H in Lakhs)
Note 31-Mar-23 31-Mar-22
Securities Premium Particulars
No.
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with
Non-current
the provisions of the Companies Act, 2013.
Unsecured
Debenture Redemption Reserve (DRR) Sales tax deferral liability Note a – 16.65
Rupee Loans Note b – 1,166.67
The Indian Companies Act requires companies that issue debentures to create a debenture redemption Total non-current borrowings – 1,183.32
reserve (DRR) from annual profits until such debentures are redeemed. Companies are required to maintain Current
25% as a reserve of outstanding redeemable debentures. Accordingly, the Group creates DRR at 25% in the Secured
penultimate year to the year in which the repayment obligation arises on the Group. The amounts credited Cash credits Note c – 2,033.39
to the debenture redemption reserve will not be utilised except to redeem debentures. Total secured current borrowings – 2,033.39
Unsecured
General Reserve
Current maturities of sales tax deferral liability Note a 16.65 107.62
Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net Current maturities of long term rupee loans Note b – 1,166.67
income at a specified percentage in accordance with applicable regulations. The purpose of these transfers Total unsecured current borrowings 16.65 1,274.29
was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Total current borrowings 16.65 3,307.68
Company for that year, then the total dividend distribution is less than the total distributable results for that
year. Consequent to introduction of Companies Act 2013, the requirement to mandatorily transfer a specified Note a:
percentage of the net profit to general reserve has been withdrawn. However, the amount previously Sales tax deferral liability is interest free and repayable over predefined instalments from the initial date of
transferred to the general reserve can be utilised only in accordance with the specific requirements of deferment of liability, as per the respective schemes as given below:
Companies Act, 2013. (H in Lakhs)
Share options outstanding account Particulars 31-Mar-23 31-Mar-22
The fair value of the equity-settled share based payment transactions is recognised in Statement of Profit and Non-current
Loss with corresponding credit to Employee Stock Options Outstanding Account. FY 2023-24 (June 2023) – 16.65
– 16.65
Effective Portion of Cashflow Hedges Current
FY 2022-23 (June 2022) – 107.62
The Group uses hedging instruments as part of its management of foreign currency risk and interest rate risk FY 2023-24 (June 2023) 16.65 –
associated on borrowings. For hedging foreign currency and interest rate risk, the Group uses foreign currency
16.65 107.62
forward contracts, cross currency swaps, foreign currency option contracts and interest rate swaps. To the
extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the Note b: Rupee term loan is as per the following terms
effective portion of cash flow hedges. Amounts recognised in the effective portion of cash flow hedges is
reclassified to the statement of profit and loss when the hedged item affects profit or loss. Maturity Interest rate % Liability In H Lakhs
Lending Bank
Date as on 31-Mar-22
Amalgamation adjustment reserve
The Group creates amalgamation adjustment reserve on account of business combination pursuant to any Bank of Bahrain & Kuwait B.S.C. 17-Aug-23 7.05% 1,166.67
schemes for merger/demerger, etc. Total 2,333.34
Distribution paid Note c: Cash credits are secured, repayable on demand and bear interest in the range of 7.90% to 13.00%.
(H in Lakhs)
Note d : Charge on secured borrowings is as given below
First pari passu charge by way of hypothecation of inventories, book debts and all movable assets under the
Cash dividends on equity shares declared and paid: head ‘property, plant and equipment
Final dividend paid for the year ended March 31, 2022 of 3/- per 3,447.13 –
share First pari passu charge on the Parent Company’s immovable properties at
* The proposed dividend on equity shares is subject to the approval of shareholders in the annual general meeting and hence is not – Wardha premises - Plot no. 36, Block no. 17, Mouza no. 225, Bacharaj road, Gandhi Chowk, Wardha
recognised as a liability as at the Balance Sheet date.
– Hari Kunj - Flat No. 103 and 104, ‘B’ wing, Sindhi Society, Chembur East, Mumbai - 400071
Corporate overview
Statutory reports
Note 18 : Borrowings (Contd..) Note 20 : Provisions
Second pari passu charge over present and future property, plant and equipment of the Parent Company, (H in Lakhs)
situated at 31-Mar-23 31-Mar-22
– Ranjangaon Units : Village Dhoksanghvi, Taluka Shirur, Ranjangaon, Dist. Pune - 412210; Particulars Current Non Total Current Non Total
Current Current
– Chakan Unit : Village Mahalunge, Chakan Talegaon Road, Khed, Pune - 410501;
Service warranties* 4,173.48 1,689.40 5,862.88 5,837.91 2,309.11 8,147.02
– Showroom on Ground floor and Office Premises on Second Floor at Bajaj Bhawan 226, Jamnalal Bajaj Marg,
Legal claims 302.41 – 302.41 373.42 – 373.42
Nariman Point, Mumbai 400 021.
Other matters** 400.13 – 400.13 1,643.46 – 1,643.46
– Office Premises No : 001, 502, 701 and 801, ‘Rustomjee Aspiree’, Bhanu Shankar Yagnik Marg, Off Eastern E-Waste Management – – – – – –
Highway, Sion (East), Mumbai - 400 022 Total Provisions 4,876.02 1,689.40 6,565.42 7,854.79 2,309.11 10,163.90
– R & D centre at Plot no. 27/ pt 2/ at Millennium Business Park, TTC Industrial area, Mahape, Navi Mumbai”
Movement in provisions is as given below:
The below assets of the subsidiary have been kept on charge for the secured borrowings. (H in Lakhs)
– First and exclusive charge by way of mortgage of land & building at Gut No. 16 Naigavhan, Khandewadi, Tq. Service
Particulars Legal Claims Other matters
Paithan, Paithan Road, Aurangabad. Warranties
– First and exclusive charge by way of mortgage of land at Gut No 09, situated at Naighavan Khandewadi, Tq. Opening balance as on 1st April, 2021 9,167.60 543.80 1,465.01
Paithan, Paithan Road, Aurangabad. Arising during the year 5,284.86 – 178.45
– First and exclusive charge by way of hypothecation of plant and machinery at Gut No 16, Naigavhan, Unwinding of discount (finance cost) 197.09 – –
Khandewadi, Tq. Paithan, Paithan Road, Aurangabad. Utilised during the year (6,502.53) (170.38) –
Closing balance as on 31st March, 2022 8,147.02 373.42 1,643.46
– First and exclusive charge by way of hypothecation of inventory and receivables of the subsidiary.” Arising during the year 1,005.39 – –
The Group has not defaulted on any loans which were due for repayment during the year.
Utilised during the year (3,497.55) (71.01) (1,243.33)
Note e : T he Group has used the borrowings from banks and financial institutions for the specific purpose for Closing balance as on 31st March, 2023 5,862.88 302.41 400.13
which it was taken. Further, the Group has borrowings from banks or financial institutions on the basis
*Refer note 1D(1)
of security of current assets and has filed quarterly returns / statement of current assets with banks or
**The Group has made provisions for litigation cases and pending assessments in respect of taxes, the outflow of which would depend on the
financial institutions which are in agreement with the books of accounts.
cessation of the respective events.
Note 19 : Other Financial Liabilities Note 21 : Employee Benefit Obligations

Particulars 31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Particulars Current Non Total Current Non Total
Non Current
Current Current
Employee benefit liabilities 16.52 34.48
Total other non-current financial liabilities 16.52 34.48 Leave obligations 467.43 1,449.50 1,916.93 292.71 1,345.06 1,637.77
Current 31-Mar-23 31-Mar-22 Interest rate guarantee on provident – 352.82 352.82 – 351.18 351.18
Capital creditors 379.10 404.94 fund
Unpaid dividends 60.32 67.26 Gratuity (refer note a below) 1,102.17 4,095.49 5,197.66 626.06 4,618.32 5,244.38
Trade deposits (dealers, vendors etc.) 809.60 908.70 Total employee benefit obligations 1,569.60 5,897.81 7,467.41 918.77 6,314.56 7,233.33
Interest accrued and due on borrowings – 0.59
Channel financing liability (Note 6) 57,967.35 30,395.32 Disclosure of defined benefit plans are as given below :
Derivative liability 12.62 8.97
Other payables 3,879.18 8,657.72 A. Gratuity :
Liability towards corporate social responsibility (shortfall) 175.29 296.10
The Company has a defined benefit gratuity plan in India (Funded) for its employees, which requires
Employee benefit liabilities 6,645.49 5,418.31
contribution to be made to a separately administered fund. Company had an unfunded Gratuity Liability
Total other current financial liabilities 69,928.95 46,157.91
towards employees of erstwhile HLL Demerged Undertaking, which has been completely paid off during
All the above financial liabilities are carried at amortised cost except for derivative liabilities (forward exchange FY. 2021-22 on account of their VRS from the Company. During the FY. 2022-23, the company also passed
contracts) which are fair valued through profit and loss and financial guarantee contracts which are initially a resolution to fund the liability pertaining to employees of entities joining-in under the schemes of business
recognised at fair value. combinations.
Corporate overview
Statutory reports
The gratuity benefit payable to the employees of the Company is greater of the two : (i) The provisions of the
Payment of Gratuity Act, 1972 or (ii) The Company’s gratuity scheme as described below.
Benefits as per the Company’s Gratuity Scheme for HO (Category E - Executives, Category PSG -
(i) The provisions of the Payment of Gratuity Act, 1972 : Project Services Group and Category Factory Staff - Chakan & Ranjangaon Employees)
Benefit on death in service HO Category E & PSG: GS x SER

Benefits as per the Payment of Gratuity Act, 1972
Factory Staff : Same as normal retirement benefit based on the
Salary for calculation of Gratuity (GS) Last drawn basic salary including dearness allowance (if any) service upto the date of exit.
Gratuity Service (SER) Completed years of Continuous Service with part thereof in Limit No Limit
excess of six months # Completion of 240 days during the 5th year can be treated as completion of 1 year of continuous service.
In case of employees with age above the retirement age, the retirement is assumed to happen
immediately and valuation is done accordingly.
termination / resignation / withdrawal the date of exit. Changes in the Present Value of Obligation are as given below :
Benefit on death in service Same as normal retirement benefit and no vesting period (H in Lakhs)
condition applies.
For the year ended
Limit H 20 lakhs
(ii) The Company’s gratuity scheme :
Present Value of Obligation as at the beginning 6,159.07 6,854.80
Benefits as per the Company’s Gratuity Scheme for HO Employees ( Category S - Staff ) Interest Cost 402.10 425.56
Salary for calculation of Gratuity (GS) Basic Salary + Special Pay + Personal Pay + Variable Dearness
– change in demographic assumptions (232.65) –
Allowance + Fixed Dearness Allowance
– change in financial assumptions (146.59) (124.94)
Gratuity Service (SER) Completed years of Continuous Service with part thereof in
– experience adjustments (i.e. Actual experience vs assumptions) (44.71) (287.16)
excess of six months
Benefits Paid (812.50) (1,440.90)
Acquisition Adjustment ( SLL Mfg absorbed in Merger ) (3.51) 162.84
termination / resignation / withdrawal the date of exit.
Benefit on death in service Same as normal retirement benefit and no vesting period Changes in the Fair Value of Plan Assets is as given below :
condition applies. (H in Lakhs)
Limit No Limit For the year ended
Benefits as per the Company’s Gratuity Scheme for HO (Category E - Executives, Category PSG - Fair Value of Plan Assets as at the beginning 914.70 830.35
Project Services Group and Category Factory Staff - Chakan & Ranjangaon Employees) Investment Income 60.33 51.45
Salary for calculation of Gratuity (GS) HO Category E & PSG: Basic Salary Employer’s Contribution – 2.09
Factory Staff : Basic Salary + DA, if any Benefits Paid (265.71) –
Gratuity Service (SER) Completed years of Continuous Service with part thereof in Return on plan assets , excluding amount recognised in interest 6.98 30.81
excess of six months (expense)/income
Vesting period 5 Years # Fair Value of Plan Assets as at the end 716.30 914.70
Benefit on normal retirement Service Benefits
Changes in the Fair Value of Reimbursement Right is as given below * :
(H in Lakhs)
Between 15 & 24 years 80% x GS x SER For the year ended
25 years & Above GS x SER Particulars 31-Mar-23 31-Mar-22
Benefit on early retirement / Service Benefits
Fair Value of Reimbursement Right as at the beginning 5,306.40 5,360.58
termination / resignation / withdrawal Between 5 & 9 years 60% x GS x SER
Investment Income 349.97 332.12
Employer’s Contribution – –
Benefits Paid (531.21) (630.10)
25 years & Above 90% x GS x SER
Corporate overview
Statutory reports
(H in Lakhs) The significant actuarial assumptions are as follows:
For the year ended
Financial Assumptions
Return on plan assets , excluding amount recognised in interest (226.23) 243.80 As on

(expense)/income
Fair Value of Reimbursement Right as at the end 4,898.93 5,306.40
* Reimbursement right is a non-qualifying insurance policy under Ind AS 19 as it is with Bajaj Allianz Life Insurance Co. Ltd (a related party of Discount rate (per annum) - Range 6.60% - 7.45% 6.60% - 7.25%
Bajaj Electricals Limited). The same has been disclosed in Note 10 and Note 14 of the standalone financials statements Salary growth rate (per annum) - Range 5.00% - 8.50% 5.00% - 8.50%
Amount recognised in balance sheet is as given below :
(H in Lakhs) Demographic Assumptions
As on
Particulars 31-Mar-23 31-Mar-22 As on
Present Value of Obligation 5,913.95 6,159.07
Fair Value of Plan Assets 716.30 914.70 Mortality Rate 100% of IALM 12-14 100% of IALM 12-14
Surplus / (Deficit) (5,197.65) (5,244.37) Withdrawal rates, based on age: (per annum) :
Effects of Asset Ceiling, if any – – Up to 30 years 27.00% For HLL- 4.00%
Net Actuarially Valued Asset / (Liability) (5,197.65) (5,244.37) For Others- 21.00%
Liability on an actual basis for employees at foreign branches – – 31 - 44 years 18.00% For HLL- 4.00%
Total Net Asset / (Liability) (5,197.65) (5,244.37) For Others- 14.00%
Above 44 years 18.00% For HLL- 4.00%
Amount recognised in statement of profit and loss and other comprehensive income is as given below : For Others- 12.00%
(H in Lakhs) *For the subsidiary Nirlep, it is 1.6% across all the categories
For the year ended
Summary of Membership Status
(H in Lakhs)
Costs charged to statement of profit and loss :
As on
Interest Expense or Cost 402.10 425.56
Investment Income (410.30) (383.57) Number of employees 2,552 2,406
Expense recognised in statement of profit and loss 584.53 633.26 Total monthly salary (H In Lakhs) 979.94 839.26
Re-measurement (gain) / loss arising from: Average past service (years) - Range 6.72 - 10.42 7.09 - 9.44
Change in demographic assumptions (232.65) – Average age (years) - Range 37.39 - 40.62 37.24 - 39.30
Change in financial assumptions (146.59) (124.94) Average remaining working life (years) 17.38 - 20.62 18.70 - 20.77
Experience adjustments (i.e. Actual experience vs assumptions) (44.71) (287.16) Number of completed years valued 17,678 17,405
Return on plan assets , excluding amount recognised in interest 219.25 (274.61) Decrement adjusted remaining working life (years) - Range 4.58 - 13.99 6.12 - 14.96
expense/(income) Normal retirement age 58.00 58.00
(Income) / Expense recognised in Other Comprehensive Income (204.69) (686.71)
The standard retirement date for executive employees is June 30 and the April 1st for the staff employees. In
Total Expense Recognised during the year 379.84 (53.45)
case of employees with age above the normal retirement age indicated above, the retirement is assumed to
Major categories of Plan Assets & Reimbursement Right (as percentage of Total Assets) happen immediately and valuation is done accordingly. The retirement date for Nirlep employee is the 58th
date of birth of the employee
For the year ended Sensitivity Analysis

The sensitivity analysis is determined based on reasonably possible changes of the assumptions occurring at
Funds managed by Insurer 100% 100% the end of the reporting period, while holding all other assumptions constant.
Total 100% 100%
(H in Lakhs)
As the funds are managed wholly by the insurance company, the break-up of the plan assets is unavailable
Defined Benefit Obligation (Base) 5,913.95 6,159.07
Corporate overview
Statutory reports
(H in Lakhs) d) Asset liability matching strategies
31-Mar-23 31-Mar-22 For gratuity, the Company has purchased insurance policy, which is basically a year-on-year cash
accumulation plan in which the interest rate is declared on yearly basis and is guaranteed for a period
of one year. The insurance company, as part of the policy terms, makes payment of all gratuity outgoes
decrease increase decrease increase
happening during the year (subject to sufficiency of funds under the policy). The policy, thus, mitigates
Discount Rate (- / + 1%) 6,141.29 5,706.42 6,318.10 5,708.57 the liquidity risk. However, being a cash accumulation plan, the duration of assets is shorter compared
(% change compared to base due to sensitivity) 3.84% (3.51%) 2.58% (7.31%) to the duration of liabilities. Thus, the Company is exposed to movement in interest rate (in particular, the
Salary Growth Rate (- / + 1%) 5,722.78 6,119.01 5,727.97 6,289.75 significant fall in interest rates, which should result in a increase in liability without corresponding increase
(% change compared to base due to sensitivity) (3.23%) 3.47% (7.00%) 2.12% in the asset)
Attrition Rate (- / + 50% of attrition rates) 6,360.53 5,698.31 6,574.01 5,687.14
(% change compared to base due to sensitivity) 7.55% (3.65%) 6.74% (7.66%) B. Provident Fund (Defined Benefit Plan) :
Mortality Rate (- / + 10% of mortality rates) 5,912.25 5,915.64 5,994.97 5,997.48 Bajaj Electricals Limited operates in two schemes for the compliance of provident fund statute - (i) Bajaj
(% change compared to base due to sensitivity) (0.03%) 0.03% (2.66%) (2.62%) Electricals Limited Employees’ Provident Fund Trust & Matchwel Electricals (India) Ltd Employees’ Provident
Fund Trust (defined benefit plan) and (ii) RPFC Contributions for provident fund (defined contribution plan).
The description of plans ability to affect the amount, timing and uncertainty of the entity’s future cash flows For exempt provident fund, the defined benefit obligation of the Company arises from the possibility that
during anytime in the future, the scheme may earn insufficient investment income to meet the guaranteed
a) Funding arrangements and Funding Policy interest rate declared by government / EPFO / relevant authorities as well as for fund assets shortfall as against
The scheme is managed on funded basis. Payment for present liability of future payment of gratuity is the liabilities of the Trusts
being made to approved gratuity fund, which fully covers the same under Cash Accumulation Policies The net defined benefit obligation as at the valuation date represents the excess of accumulated fund value
of the Life Insurance Corporation of India (LIC) and Bajaj Allianz Life Insurance Company Ltd. (BALIC). (determined on actuarial basis) plus interest rate guaranteed liability over the fair value of plan assets or vice-
Every year, the insurance company carries out a funding valuation based on the latest employee data a-versa
provided by the Company. Any deficit in the assets arising as a result of such valuation is funded by the
The benefit valued under PF obligation are summarised below:
Company.
Normal Retirement Age 58 Years *
b) Expected Contribution during the next annual reporting period
Benefit on normal retirement Accrued Account Value
(H in Lakhs) Benefit on early retirement / termination / resignation / withdrawal Accrued Account Value
Benefit on death in service Accrued Account Value
* The standard retirement date for executive employees is June 30th of every year and the same is April 1st of every year for the staff
The Company’s best estimate of Contribution during the next 650.03 186.16 employees.
year
The company’s compliances for provident fund is governed by Employees’ Provident Fund and Miscellaneous
Provisions Act, 1952. Responsibility for governance of the plans, including investment decisions and contribution
c) Maturity Profile of Defined Benefit Obligation schedules lies jointly with the company and the board of trustees. The board of trustees are composed of
(H in Lakhs) representatives of the company and plan participants in accordance with the plan’s regulations
Particulars 31-Mar-23 31-Mar-22 Changes in the Present Value of Obligation of Trusts are as given below :
Weighted average duration (based on discounted cashflows) 4 Years for BEL 5 Years for BEL (H in Lakhs)
and 8 Years and 8 Years For the year ended
for Nirlep for Nirlep Particulars
31-Mar-23 31-Mar-22
(H in Lakhs) Present Value of Obligation as at the beginning 18,154.10 17,128.89

Interest Cost 1,288.11 1,112.74
Expected cash flows over the next (valued on undiscounted 31-Mar-23 31-Mar-22
basis):
1 year 1,814.44 1,533.68 Transfer In / (out) of the liability 749.03 149.76
More than 1 and upto 2 years 779.95 620.53 Benefits Paid (2,343.73) (2,402.91)
More than 2 and upto 5 years 1,987.39 1,694.74 Re-measurement (gain) / loss arising from:
More than 5 and upto 10 years 2,059.47 2,241.16 – experience variance (i.e. Actual experience vs assumptions), 116.85 503.78
More than 10 years 1,590.26 3,013.33 loss if positive
– change in financial assumptions (57.87) (483.40)
Corporate overview
Statutory reports
Changes in the Fair Value of Plan Assets of Trusts are as given below : aggregate of accumulated fund value of H 19,574.05 lakhs (As on March 31, 2022 - H 17,391.82 lakhs) and
(H in Lakhs) interest rate guarantee H 305.92 lakhs (As on March 31, 2022 - H 320.92 lakhs). Of the above, the interest
rate guarantee is recognised as provision in the Company’s books, while the accumulated fund value is
For the year ended
Particulars recognised by the Trust. The interest rate guarantee so recognised in the Company’s books is considered as
31-Mar-23 31-Mar-22
non-current liability.
Fair Value of Plan Assets as at the beginning 18,146.23 16,256.04
Investment Income 1,285.57 1,054.05 Since interest rate guarantee is already accounted in BEL’s books, the liability of H 19,574.05 lakhs which
Employer’s Contributions 848.57 697.24 is Accumulated Fund Value of H 122.23 lakhs in excess of Fair Value of Plan Assets of H 19,451.82 lakhs is
accounted by BEL as payable to Trust on shortfall of plan assets. During the financial year 2021-22, out of
the liability which had arisen mainly on account of negative return on plan assets contributed by negative
Transfers In 749.03 149.76
return on Trust’s investment in IL&FS as well as DHFL in past years; the partial recovery in the form of fresh debt
Benefits Paid (2,343.73) (2,402.91)
security units and cash has happened from DHFL and the differential value is funded by BEL to the Trust. BEL
Return on plan assets , excluding amount recognised in interest 216.62 999.44
has also recorded full liability towards IL&FS which is to be paid by BEL to the Trust to the extent of unrecovered
(expense)/income
balances from IL&FS
Fair Value of Plan Assets as at the end 20,418.55 18,146.23
A deterministic approach is considered to estimate the value of Interest Rate Guarantee on the Exempt Bajaj Electricals Limited can offset an asset relating to one plan against a liability relating to another plan
Provident Fund. The per annum cost of guarantee at which Interest Rate Guarantee Liability has been valued when, and only when, Bajaj Electricals Limited has a legally enforceable right to use a surplus in one plan
is mentioned below to settle obligations under the other plan; and intends either to settle the obligations on a net basis, or to
realize the surplus in one plan and settle its obligation under the other plan simultaneously. However the
Amount recognised in balance sheet of Trusts is as given below: two trusts namely Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust (for Chakan employees)
and Bajaj Electricals Limited Employees’ Provident Fund Trust (for H.O. employees) are independent trusts.
Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust (for Chakan unit employees) : Accordingly, surplus assets of trust for Chakan employees cannot be offset against liability relating to trust for
H.O. employees
(H in Lakhs)
As on Amount recognised in statement of profit and loss and other comprehensive income of Trusts is as given
Particulars
31-Mar-23 31-Mar-22 below :
Present Value of Obligation 448.81 441.36 (H in Lakhs)

Fair Value of Plan Assets 966.73 918.30 For the year ended
Surplus / (Deficit) 517.92 476.94 Particulars
31-Mar-23 31-Mar-22
Net Asset / (Liability) 517.92 476.94 Costs charged to statement of profit and loss :
The present value of obligation of Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust represents
Interest Cost 1,288.11 1,112.74
the aggregate of accumulated fund value of H 441.90 lakhs (As on March 31, 2022 - H 433.36 lakhs) and interest
Investment Income (1,285.57) (1,054.05)
rate guarantee H 6.91 lakhs (As on March 31, 2022 - H 8.00 lakhs). Of the above, the interest rate guarantee
Expense recognised in statement of profit and loss 908.57 811.32
is recognised as provision in the Company’s books, while the accumulated fund value is recognised by the
Trust. The interest rate guarantee so recognised in the Company’s books is considered as non-current liability
– Experience variance (i.e. Actual experience vs assumptions) * 116.85 503.78
Bajaj Electricals Limited Employees’ Provident Fund Trust (for H.O. employees) : – change in financial assumptions (57.87) (483.40)
(H in Lakhs) Return on plan assets , excluding amount recognised in interest (216.62) (999.44)
expense/(income)
As on
Particulars Expense recognised in Other Comprehensive Income (157.64) (979.08)
31-Mar-23 31-Mar-22
Total Expense Recognised during the year 750.93 (167.76)
Present Value of Obligation 19,879.97 17,712.74 * included in other comprehensive income in the statement of profit and loss
Fair Value of Plan Assets 19,451.82 17,227.94
Surplus / (Deficit) (428.15) (484.80)
Net Asset / (Liability) (428.15) (484.80)
The present value of obligation of Bajaj Electricals Limited Employees’ Provident Fund Trust represents the
Corporate overview
Statutory reports
The significant actuarial assumptions are as follows : Sensitivity Analysis
Financial and Demographic Assumptions The sensitivity analysis is determined based on reasonably possible changes of the assumptions occurring at
(H in Lakhs) the end of the reporting period, while holding all other assumptions constant.
As on As on (H in Lakhs)
31-Mar-23 31-Mar-22 31-Mar-23 31-Mar-22
Particulars
HO Unit Chakan Unit HO Unit Chakan Unit Defined Benefit Obligation (Base) 20,328.78 18,154.10
Discount rate (per annum) 6.94% 6.94% 7.46% 7.46% (H in Lakhs)
Interest rate guarantee (per annum) 8.10% 8.10% 8.15% 8.15%
As on As on
Discount Rate for the Remaining Term to Maturity 6.94% 6.94% 7.46% 7.46%
31-Mar-23 31-Mar-22
of the Investment (p.a.)
Average Historic Yield on the Investment (p.a.) 7.82% 7.82% 7.93% 7.93%
Mortality Rate 100.00% 100.00% 100.00% 100.00% decrease increase decrease increase
Discount Rate (- / + 1%) 20,342.38 20,316.02 18,292.09 18,016.94

As on
Interest rate guarantee (- / + 1%) 20,015.95 21,761.17 17,825.18 19,349.12
31-Mar-23 31-Mar-22
(% change compared to base due to sensitivity) (1.54%) 7.05% (1.81%) 6.58%
Live Employees Live Employees
The description of plans ability to affect the amount, timing and uncertainty of the entity’s future cash flows
Attrition Rate, based on ages:
– Upto 30 years 4.99% 4.99% a) Funding arrangements and Funding Policy
– 31 to 44 years 3.63% 3.63%
– 45 to 57 years 3.62% 3.62% The scheme is managed on funded basis. Payment for present liability of future payment of PF is made by
– Above 57 years 0.38% 0.38% the Company towards shortfall of Bajaj Electricals Limited Employees’ Provident Fund Trust and Matchwel
Electricals (India) Ltd Employees’ Provident Fund Trust. The investments for the same are managed by
Summary of Membership Status : Trustees as per advice and recommendations of a professional consultant and in compliance of obligatory
pattern of investments as per government notification in official gazette for the pattern of investment
As on for EPF exempted establishments. Any deficit in the assets of PF Trusts is funded by the Company. The
31-Mar-23 31-Mar-22 provident fund for certain employees is a defined contribution plans covered under RPFC Contributions
Dormant/Inoperative Employees 3,871 3,523 b) Expected contribution during the next annual reporting period
Live Number of employees 1,852 1,705 (H in Lakhs)
Total Number of employees 5,723 5,228 Particulars 31-Mar-23 31-Mar-22
Major categories of Plan Assets (as percentage of Total Plan Assets) The Trusts’ best estimate of Contribution during the next year 889.17 790.26
This has been calculated assuming that the employer’s contribution next year shall increase by 5%.
As on
31-Mar-23 31-Mar-22 c) Asset liability matching strategies
Government of India securities 3.70% 4.40% For PF Trust Investments, the same are managed by Trustees as per advice and recommendations of a
State Government securities 38.60% 38.50% professional consultant. The Employees’ Provident Fund Organisation, Ministry of Labour, Government
High quality corporate bonds 33.60% 31.30% of India, vide its notification in official gazette notified the pattern of investment for EPF exempted
Equity shares of listed companies 0.00% 0.00% establishments, which depicts the obligatory pattern of investments of PF contributions and interests. The
Special Deposit Scheme 7.50% 8.40% pattern mandates to invest as below :
Funds managed by Insurer 0.00% 0.00%
Bank balance 0.50% 0.30% Category / Sub-Category Percentage of amount to be invested
Other Investments 16.10% 17.10%
Total 100.00% 100.00% Government Securities and Related Investments Minimum 45% and upto 50%
Debt Instruments and Related Investments Minimum 35% and upto 45%
Short-Term Debt Instruments and Related Investments Upto 5%
Equity and Related Investments Minimum 5% and upto 15%
Asset Backed, Trust Structured and Miscellaneous Investments Upto 5%
Corporate overview
Statutory reports
Note 21 : Employee Benefit Obligations (Contd..) Note 22 : Trade Payables (Contd..)
C. Expenses Recognised during the year (Defined Contribution Plan) : Trade Payables aging schedule as at March 31, 2022
For the year ended Outstanding for following periods from due date of payment
Particulars
31-Mar-23 31-Mar-22 Particulars Not Due Less than 1 1-2 Years 2-3 years More than Total
Year 3 years
Provident Fund 225.43 139.00
Superannuation 226.11 238.04 (i) MSME 4,641.24 1,939.57 29.35 209.61 0.01 6,819.78
Pension 560.53 542.13 (ii) Others 71,521.95 25,049.20 5,133.06 3,186.80 10,728.74 1,15,619.75
(iii) Disputed Dues - MSME – – – – 1,085.45 1,085.45
(iv) Disputed Dues – Others – 7.84 – 1.83 12.04 21.71
Note 22 : Trade Payables
TOTAL 76,163.19 26,996.61 5,162.41 3,398.24 11,826.24 1,23,546.69
(H in Lakhs)
Note 23 : Other Current Liabilities
Current (H in Lakhs)
Trade payable due to others 1,51,402.77 1,15,641.46 Particulars 31-Mar-23 31-Mar-22
Dues to micro, small and medium enterprises * 5,498.99 7,905.23
Total current trade payables 1,56,901.76 1,23,546.69 Statutory liabilities payable 3,655.69 3,404.49
* Information as required to be furnished as per Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) is
Deferred revenue * 3,123.44 17,087.79
given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Group. Others 975.81 1,109.73
Total other current liabilities 7,754.94 21,602.01
Principal amount and interest due thereon remaining unpaid to any supplier covered under MSMED Act, 2006: * Deferred revenue includes H 2,773.74 lakhs (March 31, 2022 - H 16,738.10 lakhs) for accrual of points under the Retailer Bonding Program and
H 349.70 lakhs (March 31, 2022 - H 349.70) for warranty provision considered as a separate performance obligation. The reduction in deferred
(H in Lakhs) revenue of H 10,493.85 lakhs towards retailer bonding program has been accounted in revenue from operations.
Note 24 : Revenue from operations
Principal 4,942.80 7,535.91 (H in Lakhs)
Interest 556.20 369.32
The amount of interest paid by the buyer in terms of Section 16, of the 369.32 328.05
MSMED Act, 2006 along with the amounts of the payment made to the Sale of products 4,32,468.04 4,27,231.47
supplier beyond the appointed day during each accounting year. Contract Revenue 1,01,500.77 45,537.77
The amount of interest due and payable for the period of delay in – – Other operating revenue
making payment (which have been paid but beyond the appointed Scrap sales 2,436.62 6,686.34
day during the year) but without adding the interest specified under Insurance claims 79.28 364.85
MSMED Act, 2006. Writeback of provisions – 463.64
The amount of interest accrued and remaining unpaid at the end of 556.20 369.32 Others 6,441.77 1,017.38
each accounting year. Total revenue from operations (Refer Note 41(i)) 5,42,926.48 4,81,301.45
The amount of further interest remaining due and payable even in the – –
succeeding years, until such date when the interest dues as above are Note 25 : Other income
actually paid to the small enterprise for the purpose of disallowance as (H in Lakhs)
a deductible expenditure under section 23 of the MSMED Act, 2006.
Trade Payables aging schedule as at March 31, 2023
Interest income on bank deposits and others 866.93 217.95
(H in Lakhs) Interest income from financial assets at amortised cost 60.32 71.36
Outstanding for following periods from transaction date Interest on income tax refund – 476.30
Particulars Not Due Less than 1-2 Years 2-3 years More than Total Rental income 251.57 254.70
Net gain on disposal of property, plant & equipment 279.91 1,070.09
1 Year 3 years
Net gain from sale of investment 310.56 –
(i) MSME 720.78 3,145.62 50.58 2.65 49.11 3,968.74 Others
(ii) Others 55,191.88 42,353.22 41,850.46 2,421.22 9,582.61 1,51,399.39 Impairment allowance on trade receivables and others written back 1,015.12 2,716.69
(iii) Disputed Dues - MSME 279.59 – – – 1,250.66 1,530.25 Credit balance written back 3,493.97 1,760.51
Gain on termination of right-of-use assets 27.24 16.79
(iv) Disputed Dues – Others – 0.13 0.07 0.42 2.76 3.38
Others 1,279.31 249.25
TOTAL 56,192.25 45,498.97 41,901.11 2,424.29 10,885.14 1,56,901.76 Total other income 7,584.93 6,833.64
Corporate overview
Statutory reports
Note 26 : Cost of raw materials consumed Note 29 : Depreciation and amortisation expense
Raw materials at the beginning of the year 12,633.72 10,007.74 Depreciation of property, plant and equipment and investment 4,608.10 4,554.49
Add : Purchases 58,663.28 62,440.63 property (Note 2 & 4.1)
Less : Raw materials at the end of the year 14,183.20 12,633.72 Amortisation of intangible assets (Note 4) 1,117.50 520.57
Total cost of raw material consumed 57,113.80 59,814.65 Depreciation of Right of Use assets (Note 3) 2,447.70 1,848.38
Total depreciation and amortisation expense 8,173.30 6,923.44
Note 26 : Changes in inventories of work-in-progress, finished goods, traded goods
Note 30 : Other expenses
(H in Lakhs)
Particulars 31-Mar-23 31-Mar-22 (H in Lakhs)
Opening balance
Work in progress 2,168.06 1,666.70 Consumption of stores & spares 1,908.61 1,007.98
Finished Goods 2,285.97 2,124.07 Packing material consumed 3,056.07 1,437.02
Traded goods 82,196.97 84,571.28 Power and fuel 1,314.14 1,742.24
Total opening balance 86,651.00 88,362.05 Rent (refer note 42) 977.83 2,313.58
Closing balance Repairs and maintenance
Work in progress 5,665.93 2,168.06 Plant and machinery 761.34 1,236.79
Finished Goods 2,292.76 2,285.97 Buildings 35.69 13.74
Traded goods 83,285.13 82,196.97 Others 361.06 464.19
Total Closing balance 91,243.82 86,651.00 Telephone and communication charges 823.25 806.02
Total Changes in inventories of work in progress, traded goods and (4,592.82) 1,711.05 Rates and taxes 105.88 199.52
finished goods Travel and conveyance 4,467.61 2,972.06
Insurance 2,103.84 1,082.98
Printing and stationery 123.52 127.64
Note 27 : Erection & subcontracting expenses
Directors fees 77.00 117.68
(H in Lakhs) Non executive directors commission 57.00 85.00
Advertisement & publicity 13,481.05 11,772.84
Freight & forwarding 13,264.95 9,439.04
Erection and subcontracting expense 5,419.48 13,395.21 Product promotion & service charges (net) 21,796.93 11,495.59
Total Erection and subcontracting expense 5,419.48 13,395.21 Sales commission 1,126.20 1,168.26
Provision for Service warranties (net) (2,491.91) –
Impairment allowance for doubtful debts and advances (net of 1,477.97 877.16
Note 28 : Employee benefits expenses
reversals)
(H in Lakhs) Bad debts and other irrecoverable debit balances written off 570.90 1,570.71
Payments to auditors 234.57 240.25
Corporate social responsibility expenditure (refer note 49) 300.93 329.58
Salaries, wages and bonus 37,893.04 36,120.84 Impairment of property, plant and equipment – 845.00
Contribution to provident and other funds (Note 21) 1,941.53 1,787.63 Legal and Professional Fees 3,089.66 2,595.28
Employees share based payment expense (Note 33) 1,084.00 580.85 Site support charges 520.76 1,849.22
Gratuity (Note 21) 584.53 633.26 Sales tax expenses (28.34) 237.40
Staff welfare expenses 1,126.26 1,017.50 Security service charges 949.32 1,324.01
Total employee benefit expense 42,629.36 40,140.08 Software expenses (AMC) 2,897.25 2,442.27
Warehouse Management Services 5,493.75 4,255.14
Miscellaneous expenses 9,064.52 9,572.00
Total other expenses 87,921.35 73,620.19
Corporate overview
Statutory reports
Note 31 : Finance costs Note 33 : Employee stock options :
(H in Lakhs) A. Summary of Status of ESOPs Granted :
Particulars 31-Mar-23 31-Mar-22 The position of the existing schemes is summarized as under :
Interest expense on borrowings and financing activities 2,218.22 5,108.69

Interest expense on mobilization advances 1,706.55 939.26 Sr.
Particulars BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
Interest expense on lease liability (refer note 3) 544.44 544.65 No.
Unwinding of discount on provisions 214.11 187.74 I. Details of the ESOS :
Exchange differences regarded as an adjustment to borrowing costs – 2.18
1 Date of Originally approved in AGM held on 26 Jul 2007 As per the Postal Ballot dated 21
Other borrowing costs 155.71 203.27
Shareholder’s and revised in AGM held on 28 Jul 2010 Jan 2016
Total 4,839.03 6,985.79
Approval
Finance cost capitalised – (11.43)
Finance cost expensed in profit and loss 4,839.03 6,974.36 2 Total Number of Bajaj Growth 2007 Scheme approved 4,321,440 30,27,073 shares of face value
Options approved shares of face value H2 each (erstwhile 864,288 H2 each equivalent to 3% of
shares of H10 each prior to share-split) equivalent paid up equity i.e. 100,902,426
Note 32 : Income Tax Expense to 5% of paid up equity shares i.e. 86,428,800 shares as at the date of the
shares as at the date of the announcement of
announcement of scheme.
(a) Income Tax Expense scheme. The ESOP 2011 being the modified ESOP
2007 Scheme approved aggregate of 78,03,560
(H in Lakhs) shares of face value H2 each equivalent to 8%
of paid up equity shares i.e. 97,544,495 as at the
date of the announcement of scheme.
Current Tax 3 Vesting Options’ vesting happen only on continuation of employment being the vesting
Current income tax charge 5,178.79 5,321.86 Requirements & requirement. The options are granted to employees with grade Assistant General
Adjustments of tax relating to earlier periods – (489.34) Exercise Period Manager and above. As per Securities and Exchange Board of India (Share
Total Current tax expense 5,178.79 4,832.52 Based Employee Benefits) Regulations, 2014, SEBI (Share Based Employee Benefits)
Total deferred tax expense / (benefit) 3,544.49 (644.92) (Amendment) Regulations, 2015 and SEBI (Share Based Employee Benefits and
Income tax expense in the statement of profit and loss 8,723.28 4,187.60 Sweat Equity) Regulations, 2021, there is a minimum period of one year between
the grant of options and vesting of option observed by the Company. As per the
(b) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate: Company Policy, the vested options can be exercised anytime upto 3 years from
(H in Lakhs) date of vesting. Options granted under the plan carry no dividend or voting rights till
Particulars 31-Mar-23 31-Mar-22 the options are excercised and duly allotted to the employees. When exercisable,
each option is convertible into one equity share.
Profit from continuing operations before income tax expense 30,341.81 16,628.26 4 The Pricing Formula Closing price on the stock exchange where there is highest traded volume on
Income Tax @ standard tax rate of 25.168% (March 31, 2022 - 7,636.43 4,185.00 working day prior to the date of grant.
25.168%)
5 Maximum term of 7 Years 7 Years 7 Years
Permanent differences due to:
Options granted
Corporate social responsibility 67.21 132.71
(years)
Interest on micro, small & medium enterprises 128.29 92.96
Donation expenses 6.48 19.89 6 Method of Equity settled Equity settled Equity settled
Settlement
Adjustment of tax relating to earlier periods – (489.34)
Deferred tax written off on account of utilisation of business losses 393.95 – 7 Source of shares Fresh Issue Fresh Issue Fresh Issue
Loss on impairment of capital assets 214.09 – 8 Variation in terms Nil Nil The Nomination & Remuneration
Deferred tax not created on subsidiary’s losses 356.05 – of ESOP Committee of the Company at
Others (79.22) 246.38 its meeting held on 12 November
Income Tax Expense reported in statement of profit and loss 8,723.28 4,187.60 2021 amended the Scheme to
align it with the requirements of
the SEBI (Share Based Employee
Benefits and Sweat Equity)
Regulations, 2021
Corporate overview
Statutory reports
III. Weighted Average remaining contractual life
(H in Lakhs)
Sr.
Particulars BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015 BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
No. Range of Exercise Price
9 Equity Shares The Company has 10,830,633 Equity Shares of H2/- each available to issue as
reserved for issue Employees Stock Options as its Total Pool Size as of March 31, 2023, of which number 0 to 100 Nil Nil Nil
under Employee of stock options not yet granted under ESOP 2015 scheme are 85,913, number No. of Options Outstanding Nil Nil Nil
Stock Options of stock options vested & exercisable under ESOP 2011 & ESOP 2015 schemes 101 to 200 Nil Nil Nil
outstanding as at are 296,790 and number of stock options unvested under ESOP 2015 scheme No. of Options Outstanding Nil Nil Nil
March 31, 2023 are 850,750. Thus, total equity shares reserved for issuance under ESOP Scheme 201 to 300 Nil Nil 0.40
outstanding as at March 31, 2023 are 1,233,453. No. of Options Outstanding Nil Nil 5,250
301 to 400 Nil Nil 2.93
No. of Options Outstanding Nil Nil 1,40,725
II. Option Movement during the year ended March 31, 2023
401 to 500 Nil Nil 3.18
(H in Lakhs)
BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015 501 to 600 Nil Nil 1.89
Sr. No. of Wt. avg No. of Wt. avg No. of Wt. avg No. of Options Outstanding Nil Nil 42,250
Particulars
No. options exercise options exercise options exercise 601 to 700 Nil Nil 1.78
price price price No. of Options Outstanding Nil Nil 48,815
701 to 800 Nil Nil 3.67
1 No. of Options Outstanding at the – – 1,900 257.81 11,72,520 752.14
beginning of the year
2 Options Granted during the year – – – – 3,27,500 1,138.71
3 Options Forfeited / Surrendered – – – – 1,48,750 806.79
during the year 901 to 1000 Nil Nil 5
4 Options Expired (Lapsed) during – – 1,250 257.81 2,875 361.28 No. of Options Outstanding Nil Nil 25,000
the year 1001 to 1100 Nil Nil 4.02
5 Options Exercised during the year – – 650 257.81 2,00,855 445.97 No. of Options Outstanding Nil Nil 55,000
6 Number of options outstanding at – – – – 11,47,540 909.95 1101 to 1200 Nil Nil 4.67
the end of the year No. of Options Outstanding Nil Nil 6,31,800
7 Number of options exercisable at – – – – 2,96,790 688.66 1201 to 1300 Nil Nil 4.51
the end of the year No. of Options Outstanding Nil Nil 37,500
Option Movement during the year ended March 31, 2022 (H in Lakhs)
(H in Lakhs) BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015 Weighted average contractual life (years) as on March 31, 2022
Sr. No. of Wt. avg No. of Wt. avg No. of Wt. avg
Particulars 0 to 100 Nil Nil Nil
No. options exercise options exercise options exercise
price price price
1 No. of Options Outstanding at the – – 28,400 290.26 11,03,140 466.01 No. of Options Outstanding Nil Nil Nil
beginning of the year 201 to 300 Nil 0.35 0.99
2 Options Granted during the year – – – – 5,17,500 1,116.35 No. of Options Outstanding Nil 1,900 13,125
3 Options Forfeited / Surrendered – – 2,750 257.81 1,24,625 558.84 301 to 400 Nil Nil 3.42
during the year No. of Options Outstanding Nil Nil 2,85,900
4 Options Expired (Lapsed) during – – 3,250 261.44 6,500 347.76 401 to 500 Nil Nil 3.76
the year No. of Options Outstanding Nil Nil 1,20,500
5 Options Exercised during the year – – 20,500 302.19 3,16,995 435.28 501 to 600 Nil Nil 2.58
6 Number of options outstanding at – – 1,900 257.81 11,72,520 752.14 No. of Options Outstanding Nil Nil 58,750
7 Number of Options exercisable at – – 1,900 257.81 2,32,895 464.43 No. of Options Outstanding Nil Nil 92,795
the end of the year
Corporate overview
Statutory reports
(H in Lakhs) The Assumptions used in the model are as follows:

701 to 800 Nil Nil 4.60 Variables Weighted Average Weighted Average Weighted Average
1. Risk Free Interest Rate 6.98%
2. Expected Life (in years) 4.15
3. Expected Volatility No options 42.99%
901 to 1000 Nil Nil Nil No options granted
No. of Options Outstanding Nil Nil Nil during the year
1001 to 1100 Nil Nil 5.02
6. Price of the underlying share in market 1138.71
at the time of the option grant. (H)
1101 to 1200 Nil Nil 5.27
No. of Options Outstanding Nil Nil 3,97,500 Method and Assumptions used to estimate the fair value of options granted during the year ended March 31,
1201 to 1300 Nil Nil 5.51 2022:
IV Weighted average Fair Value of Options Granted during the year ended March 31, 2023 whose
The Assumptions used in the model are as follows:
(H in Lakhs)
(a) Exercise price equals market price No options were No options were 481.74
Variables Weighted Average Weighted Average Weighted Average
(b) Exercise price is greater than granted during the granted during None
market price year the year 1. Risk Free Interest Rate 5.44%
(c) Exercise price is less than market None 2. Expected Life (in years) 4.15
price 3. Expected Volatility No options 42.92%
No options granted
Weighted average Fair Value of Options Granted during the year ended March 31, 2022 whose during the year
6. Price of the underlying share in market 1116.35
(H in Lakhs)
at the time of the option grant. (H)
Assumptions:
(a) Exercise price equals market price No options were No options were 458.10
(b) Exercise price is greater than granted during the granted during the None Stock Price: Closing price on National Stock Exchange on the date of grant has been considered
market price year year
(c) Exercise price is less than market None Volatility: The expected price volatility is based on the historic volatility, adjusted for any expected changes to
price future volatility due to publicly available information. The volatility is calculated considering the daily volatility
of the stock prices on National Stock Exchange of India Ltd. (NSE), over a period prior to the date of grant
V The weighted average market price of options exercised : corresponding with the expected life of the options.
(H in Lakhs) Risk-free rate of return: The risk-free interest rate being considered for the calculation is the interest rate
applicable for a maturity equal to the expected life of the options based on the zero-coupon yield curve for
Government Securities
During the year ended March 31, 2023 NIL 989.70 1,135.93
During the year ended March 31, 2022 Nil 1,088.36 1,094.25 Exercise Price: Exercise Price of each specific grant has been considered.
VI Method and Assumptions used to estimate the fair value of options granted during the year ended March 31, 2023: Time to Maturity: Time to Maturity / Expected Life of options is the period for which the Company expects the
options to be live.
Corporate overview
Statutory reports
Note 33 : Employee stock options : (Contd..) Note 34 : Fair value measurements (Contd..)
Expected divided yield: Expected dividend yield has been calculated as an average of dividend yields for (ii) Set out below, is a fair value measurement hierarchy and comparison by class of carrying amounts and fair
five financial years preceding the date of the grant value of the Group’s financial instruments, other than those with carrying amounts which are reasonable
approximations of their fair values:
VII Effect of Share-Based Payment Transactions on the Entity’s Profit or Loss for the year :
(H in Lakhs)
(H in Lakhs)
Fair Values Measurement using
Valuation Carrying
Particulars Fair Values Level 1 Level 2 Level 3
1 Employee Stock Option Plan Expense 1,084.00 580.85 Techniques values
2 Total ESOP Reserve at the end of the year 1,874.06 1,198.56
As at March 31, 2023
Other Financial Assets
- Forward contracts Mark to 111.85 111.85 – 111.85 –
Note 34 : Fair value measurements
Market
(i) Financial instruments by category Investments Net Asset 4,678.81 4,678.81 – – 4,678.81
Value (note a)
The carrying amounts of financial instruments by class are as follows Other Financial Liabilities
(H in Lakhs) - Forward contracts Mark to (12.62) (12.62) – (12.62) –
As at As at Market
Particulars 4,778.04 4,778.04 – 99.23 4,678.81
31-Mar-23 31-Mar-22
As at March 31, 2022
A. Financial assets Other Financial Assets
I. Measured at amortized cost - Forward contracts Mark to 329.43 329.43 – 329.43 –
Trade Receivables 1,56,499.04 1,36,061.17 Market
Loans 35.21 23.19 Investments Net Asset 489.73 489.73 – – 489.73
Cash and Cash Equivalents 34,175.92 11,881.50 Value (note a)
Bank Balances other than above 2,871.68 2,372.26 Other Financial Liabilities
Other Financial Assets 4,228.32 4,230.55 - Forward contracts Mark to (8.97) (8.97) – (8.97) –
II. Measured at fair value through profit and loss (FVTPL) Market
Other Financial Assets 810.19 810.19 – 320.46 489.73
- Forward contracts 111.85 329.43
Investments 4,678.81 489.73 There have been no transfers between Level 1 and Level 2 during the period.
2,02,600.83 1,55,387.83
Note a
B. Financial liabilities
I. Measured at amortized cost In case of Bharat Innovation Fund, the fair value has been determined based on the NAV (net asset value) as
Borrowings 16.65 4,491.00 per the statement issued by Bharat Innovation Fund.
Trade Payables 1,56,901.76 1,23,546.69
Other Financial Liabilities 69,932.85 46,183.42 (iii) Reconciliation of level 3 fair value measurement
Lease Liabilities 10,123.64 4,587.80
II. Measured at fair value through profit and loss (FVTPL) (H in Lakhs)
Other Financial Liabilities Particulars Amount
- Forward contracts 12.62 8.97
Balance as on 31st March 2021 1,444.47
2,36,987.52 1,78,817.88
Change during the year (974.73)
Loss recognised in statement of profit and loss 19.99
Change during the year 4,610.49
Profit recognised in statement of profit and loss (421.41)
Balance as on 31st March 2023 4,678.81
Corporate overview
Statutory reports
Note 35: Financial risk management objectives and policies Note 35: Financial risk management objectives and policies (Contd..)
The maximum exposure to credit risk as at March 31, 2023 and March 31, 2022 is the carrying value of such
The Group’s principal financial liabilities comprise of trade payables, borrowings, lease liabilities and other
trade and other receivables as shown in note 6, 8 and 13 of the consolidated financials statements.
financial liabilities. The main purpose of these financial liabilities is to finance the entity’s operations and to provide
guarantees to support its operations. The Group’s principal financial assets include trade receivables, cash and Reconciliation of impairment allowance on trade and other receivables
cash equivalents and bank balances and other financial assets, that derive directly from its operations. (H in Lakhs)
The risk management committee of the Parent Company lays down appropriate policies and procedures to Particulars Amount
ensure that financial risks are identified, measured and managed in accordance with the entity’s policies and Impairment allowance on March 31, 2021 13,493.30
risk objectives. Additions during the year 4,774.19
The Group is exposed to credit risk, liquidity risk and market risk, which are explained in detail below: Reversals during the year since amounts are written off (3,838.23)
Reversal during the year since provision no longer required (3,211.05)
A) Credit risk Impairment allowance on March 31, 2022 11,218.21
Additions during the year 2,049.51
Credit risk is the risk of financial loss to the Group if a customer or counter-party fails to meet its contractual Reversals during the year since amounts are written off (688.56)
obligations. Credit risk encompasses the direct risk of default, the risk of deterioration of creditworthiness as Reversal during the year since provision no longer required (1,574.67)
well as concentration risks. The Group is exposed to credit risk from its operating activities mainly in relation to Impairment allowance on March 31, 2023 11,004.49
trade and other receivables and bank deposits. Further, the Group is also exposed to credit risk arising from its
loans, advances and investment in preference shares of its affiliate companies.
Bank deposits
Trade and other receivables
The Group maintains its cash and bank balances with credit worthy banks and financial institutions and reviews
Trade and other receivables of the Group are typically unsecured and credit risk is managed through credit it on an on-going basis. Moreover, the interest-bearing deposits are with banks and financial institutions of
approvals and periodical monitoring of the creditworthiness of customers to which the Group grants credit reputation, good past track record and high-quality credit rating. Hence, the credit risk is assessed to be low.
terms. The maximum exposure to credit risk as at 31 March 2023 and 31 March 2022 is the carrying value of such cash
and cash equivalents and deposits with banks as shown in note 8 and 12 of the financials.
In respect of trade receivables, the Group typically operates in two segments:
B) Liquidity risk
Consumer products and Lighting Solutions
The Group has a central treasury department, which is responsible for maintaining adequate liquidity in the
The Group sells the products mainly through three channels i.e. dealers and distributors, institutions and system to fund business growth, capital expenditures, as also ensure the repayment of financial liabilities. The
e-commerce and through government sector. The appointment of dealers, distributors, institutions is strictly department obtains business plans from business units including the capex budget, which is then consolidated
driven as per the standard operating procedures and credit policy followed by the Group. In case of and borrowing requirements are ascertained in terms of Long term funds and short-term funds. Considering
government sector, the credit risk is low. the peculiar nature of EPC business, which is very working capital intensive, treasury maintains flexibility in
funding by maintaining availability under committed credit lines in the form of fund based and non-fund
Engineering and projects
based (LC and BG) limits.
The Group undertake projects for government institutions (including local bodies) and private institutional
customers. The credit concentration is more towards government institutions. These projects are normally of The limits sanctioned and utilised are then monitored monthly, fortnightly and daily basis to ensure that
long term duration of two to three years. Such projects normally are regular tender business with the terms and mismatches in cash flows are taken care of, all operational and financial commitments are honoured on time
conditions agreed as per the tender. These projects are fully funded by the government of India through Rural and there is proper movement of funds between the banks from cashflow and interest arbitrage perspective.
Electrification Corporation, Power Finance Corporation, and Asian Development Bank etc. The Group enters
(i) Financing arrangements
into such projects after careful consideration of strategy, terms of payment, past experience etc.
The Group had access to the following undrawn borrowing facilities at the end of the reporting period
In case of private institutional customers, before tendering for the projects Group evaluate the creditworthiness,
(H in Lakhs)
general feedback about the customer in the market, past experience, if any with customer, and B1accordingly
negotiates the terms and conditions with the customer. Particulars 31-Mar-23 31-Mar-22
The Group assesses its trade and other receivables for impairment at the end of each reporting period. In Floating / Fixed Rate
determining whether an impairment loss should be recorded in profit or loss, the Group makes judgements - Expiring within One year (Bank overdraft and other facilities) 1,31,751.33 2,72,054.61
as to whether there is observable data indicating a measurable decrease in the estimated future cash flows
Bank overdraft facilities are sanctioned for a period of one year which are then enhanced / renewed from
from such trade and other receivables. In respect of trade receivables the Group has a provisioning policy
time to time. Though the Bank overdrafts are repayable on demand as per the terms of sanction, these
that is commensurate to the expected losses. The provisioning policy is based on past experience, customer
are usually renewed by all banks in normal circumstances. Hence Bank overdraft facilities are available
creditability, and also on the nature and specifics of business especially in the engineering and projects
for use throughout the year.
division. In case of engineering projects, the Group also provides on more case-to-case basis, since they are
large projects in individuality.
Corporate overview
Statutory reports
(ii) Maturities of financial liabilities (a) Foreign currency risk exposure:
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual The Group’s exposure to foreign currency risk at the end of the reporting period expressed in INR, are
undiscounted payments: as follows :
Carrying value upto 1 year Between Between More Total As at March 31, 2023 As at March 31, 2022
Particulars as at March 1 and 2 2 and 5 than 5 Particulars Financial Financial Financial Financial
31, 2023 years years years assets liabilities assets liabilities
Borrowings (refer note 18) 16.65 16.65 – – – 16.65 USD 304.63 2,841.08 1,150.95 664.80
Trade payables 1,56,901.76 1,56,901.76 – – – 1,56,901.76 EUR – 13.82 1.81 11.33
Lease liabilities (including 10,123.64 3,694.68 2,808.28 4,780.07 868.08 12,151.11 CFA 63.55 9.33 68.34 188.05
expected interest payable) GBP – 1.29 61.57 –
Other financial liabilities 69,945.47 69,928.95 16.52 – – 69,945.47 RMB 67.82 41.68 114.76 170.21
Total 2,36,987.52 2,30,542.04 2,824.80 4,780.07 868.08 2,39,014.99 KES 253.18 71.00 1,138.50 261.28
ZMW – 95.01 146.49 167.91
(H in Lakhs) SGD – 0.41 – 0.41
Carrying value upto 1 year Between Between More Total AED 9.46 2.62 17.49 17.37
Particulars as at March 1 and 2 2 and 5 than 5
Further, the Company has open foreign exchange forward contracts amounting to USD 37.01 lakhs
31, 2022 years years years
(March 31, 2022 - USD 24.48 lakhs)
Borrowings (refer note 18) 4,491.00 3,307.68 1,183.32 – – 4,491.00
Trade payables 1,23,546.69 1,23,546.69 – – – 1,23,546.69 b) Sensitivity
Lease liabilities (including 4,587.80 1,898.60 1,575.84 1,393.06 582.30 5,449.80 The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency
expected interest payable) denominated financial instruments is given below
Other financial liabilities 46,192.39 46,157.91 34.48 – – 46,192.39
(H in Lakhs)
Total 1,78,817.88 1,74,910.88 2,793.64 1,393.06 582.30 1,79,679.88
Impact on profit after tax & Equity
(C) Market Risk Particulars 31-Mar-23 31-Mar-22
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of USD sensitivity
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other INR appreciates by 5% (31 March 2022 - 5%) 126.82 (24.31)
price risk such as commodity risk. INR depreciated by 5%(31 March 2022 - 5%) (126.82) 24.31
(i) Foreign currency risk In respect of exposure in other currencies, the impact of sensitivity of which is very negligible.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because (ii) Interest rate risk
of changes in foreign exchange rates.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
The Group operates in the global market and is therefore exposed to foreign exchange risk arising from because of changes in market interest rates. Incase of short term borrowings, the interest rates is fixed in
foreign currency transactions, primarily with respect to the US Dollar (‘USD’), Euro (‘EUR’), Great Britain a large number of cases, hence the interest rate risk is negligible.
Pound (‘GBP’), Chinese Yuan Renminbi (‘RMB’), United Arab Emirates Dirham (‘AED’), Kenyan Shillings
(‘KES’), Zambian Kwacha (‘ZMW’) and Canadian Dollar (‘CAD’). Exposure is largely in exports receivables (iii) Commodity Price risk
and Imports payables arising out of trade in the normal course of business. As these commercial
transactions are recorded in currency other than the functional currency (INR), the Group is exposed to The Parent Company’s revenue is exposed to market risk of price fluctuations related to the sales of its
Foreign Exchange risk arising from future commercial transactions and recognised assets and liabilities. products. Market forces generally determine the prices for the products sold by the Parent Company.
The Group is a net importer as its imports and other forex liabilities exceeds the exports. It ascertains This prices may be influenced by the factors such as supply, demand, production cost (including the
its forex exposure and bifurcates the same into forex receivables and payables. These exposures are cost of raw materials) , regional and global economic conditions and growth. Adverse changes in any
covered by taking appropriate forward cover from the banks. of the factors may reduce the revenue that Parent Company earns from sale of its products. The Parent
Company is therefore subject to fluctuations in prices for the purpose of raw materials like Aluminium,
The Group takes a forward cover for the period which matches the maturity date of the forex liability Copper and other raw material inputs.
which is proposed to be hedged. On maturity date, the forward contracts are utilized for settlement of
the underlying transactions.
Corporate overview
Statutory reports
Commodity hedging is used primarily as a risk management tool to secure the future cash flow in case of B. The impact of hedged items on the balance sheet is, as follows
volatility by entering into commodity forward contracts. The Parent Company has entered into commodity
forward contracts for aluminium and Copper. Hedging the price volatility of forecast aluminium and
Change in fair value used for Effective portion of cost of cash
copper purchases is in accordance with the risk management strategy outlined by the Board of Directors. Particulars
measuring ineffectiveness cash flow hedges flow hedges
Hedging commodity is based on procurement schedule and price risk. Commodity is undertaken as a
risk offsetting exercise and depending upon market conditions, hedges may extend beyond the financial As at 31st March 2023
year. Commodity future contracts 9.47 9.47 6.87
There is an economic relationship between the hedged items and the hedging instruments as the terms Commodity future contracts 51.20 51.20 2.88
of the foreign exchange and commodity forward contracts match the terms of the expected highly
probable forecast transactions (i.e., notional amount and expected payment date). The Parent Company C. The effect of the cash flow hedge in the statement of profit and loss is, as follows
has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign
exchange and commodity forward contracts are identical to the hedged risk components. To test the Total Ineffectiveness Line item in Cost of Amount Line
hedge effectiveness, the Parent Company uses the hypothetical derivative method and compares the hedging recognised in statement of hedging reclassified item in
changes in the fair value of the hedging instruments against the changes in fair value of the hedged items Particulars gain/(loss) profit or loss profit and loss recognised from OCI statement
attributable to the hedged risks. recognised in OCI to profit or of profit
in OCI* loss and loss
The hedge ineffectiveness can arise from:
• Differences in the timing of the cash flows of the hedged items and the hedging instruments Commodity future contracts 9.47 – Other 6.87 8.35 1.40
comprehensive
(income) / loss
• Different indexes (and accordingly different curves) linked to the hedged risk of the hedged items
and hedging instruments
Commodity future contracts 51.20 – Other 2.88
• The counterparties’ credit risk differently impacting the fair value movements of the hedging comprehensive
(income) / loss
instruments and hedged items
*This represents total unrealised gain/(loss) net of charges and net of taxes
• Changes to the forecasted amount of cash flows of hedged items and hedging instruments”
Note 36: Capital Management
A. The Parent Company is holding the following commodity future contracts
(H in Lakhs) For the purposes of Group’s capital management, Capital includes equity attributable to the equity holders of the
Group’s and all other equity reserves.
Maturity
Less than 1 1 to 3 3 to 6 6 to 9 9 to 12 Total The primary objective of the Group’s capital management is to safeguard its ability to continue as going concern
Particulars
month months months months months and to ensure that it maintains an efficient capital structure and maximize shareholder value. The Group manages
its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants.
Aluminium
Notional Qty (in MT) 140.00 140.00 To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders or issue
Notional amount (in H Lacs) 287.03 287.03 new shares. The Group is not subject to any externally imposed capital requirements. No changes were made in
Average hedged rates (per MT) 2.05 2.05 the objectives, policies or processes for managing capital during the year ended March 31, 2023 and March 31,
Copper 2022.
Notional Qty (in MT) 25.00 25.00
Notional amount (in H Lacs) 192.53 192.53 Consistent with others in the industry, the Group monitors capital on the basis of the following gearing ratio
Average hedged rates (per MT) 7.70 7.70
Total debt (total borrowings including current maturities of long term borrowings and excluding lease liabilities)
divided by total equity (as shown in the balance sheet)”
Aluminium
Notional Qty (in MT) 195.00 – – – – 195.00 (H in Lakhs)
Notional amount (in H Lacs) 546.86 – – – – 546.86
Average hedged rates (per MT) 2.80 – – – – 2.80
Copper Total debt 16.65 4,491.00
Notional Qty (in MT) 22.50 – – – – 22.50 Total equity 1,90,721.58 1,70,521.42
Notional amount (in H Lacs) 183.32 – – – – 183.32 Total debt to equity ratio (in times) 0.00 0.03
Average hedged rates (per MT) 8.15 – – – – 8.15
Corporate overview
Statutory reports
NOTE 37: Segment reporting NOTE 37: Segment reporting (Contd..)
3) Segment Assets:
The Group w.e.f. July 1, 2022, pursuant to the provisions of Ind AS 108, identified its business segments as its primary
reportable segments, which comprises of Consumer Products, Lighting Solutions and EPC. “Consumer Products” Segment assets are measured on the same principles as they have been for the purpose of these consolidated
includes Appliances, Fans and Morphy Richards. “Lighting Solutions” includes Professional Lighting (B2B) and financial statements. These assets are allocated based on the operations of the segment and the physical
Consumer Lighting (B2C) and “EPC” includes Power Transmission and Power Distribution. location of the asset.
(H in Lakhs)
1) Segment Results As at As at
(H in Lakhs) Particulars
March 31, 2023 March 31, 2022
a) Consumer Products 24,714.94 22,638.00 b) Lighting 55,734.09 45,602.00
b) Lighting 8,703.64 5,884.00 c) EPC 71,866.19 99,452.00
c) EPC 713.83 (3,971.00) Total Segment Assets 3,74,858.12 3,28,116.00
Operating Segment Profit 34,132.41 24,551.00 Unallocated
Unallocated income / (expenses) Deferred tax assets – 8,143.54
Finance Cost (4,839.04) (6,974.36) Income tax assets (net) 12,802.45 10,405.17
Investments 4,678.81 489.73
Interest income on financial assets measured at amortised cost 413.97 502.93
Investment properties 12,600.00 12,600.00
Profit / (Loss) on sale of Property, plant & equipment 120.11 455.86
Property, Plant & Equipments, Capital work in progress, Intangible 15,122.36 15,385.93
Rent received 4.91 244.08
assets and Intangible assets under development
Impairment on property, plant & equipment – (850.65)
Cash & cash equivalents and other bank balances 37,047.60 14,253.76
Others 509.45 22.09
Others 10,606.76 9,763.06
Profit before income tax and exceptional items 30,341.81 17,950.95 Total assets as per balance sheet 4,67,716.10 3,99,157.19
Exceptional items – 1,322.69
Profit before income tax 30,341.81 16,628.26 The total of non-current assets other than financial instruments, investments and deferred tax assets, broken
down by location of the assets, is shown below:
The operating segment results includes depreciation and amortization of H 6,329.70 lakhs (March 31, 2022 – H (H in Lakhs)
4,717.86 lakhs) for consumer products, H 1,183.14 lakhs (March 31, 2022 – H 896.39 lakhs) for lighting solutions As at As at
and H 660.46 lakhs (March 31, 2022 – H 689.91 lakhs) for EPC. Particulars
March 31, 2023 March 31, 2022
2) Segment Revenue: India 1,01,471.23 93,060.64
(H in Lakhs) Outside India 77.87 27.23
Particulars 31-Mar-23 31-Mar-22 Total 1,01,549.10 93,087.87
The capital expenditure incurred for consumer products is H 3,217.05 lakhs (March 31, 2022 – H 2,118.57 lakhs),
for lighting solutions is H 177.07 lakhs (March 31, 2022 - H 191.74 lakhs), for EPC is H 178.95 lakhs (March 31, 2022
b) Lighting 1,12,500.34 1,08,071.55
– H 93.01 lakhs) and for Unallocable is H 3,747.57 lakhs (March 31, 2022 – H 1,066.64 lakhs).
c) EPC 54,001.96 41,704.72
Sub-total 5,42,926.48 4,81,301.45 4) Segment Liabilities:
Less: Inter Segment Revenue – – Segment liabilities are measured on the same principles as they have been for the purpose of these financial
Net Sales / Income from Operations 5,42,926.48 4,81,301.45 statements. The Group’s borrowings and derivative financial instruments are not considered to be segment
liabilities but are managed by the treasury function
There is no single customer which is more than 10% of the entity’s revenues. The amount of revenue from (H in Lakhs)
external customers broken down by location of the customers is shown in table below:
As at As at
(H in Lakhs) Particulars
March 31, 2023 March 31, 2022
India 5,36,303.66 4,69,100.06 b) Lighting 44,611.58 28,066.04
Outside India 6,622.82 12,201.39 c) EPC 50,067.41 44,659.39
Total 5,42,926.48 4,81,301.45 Total Segment Liabilities 2,71,812.36 2,16,347.69
Unallocated
Borrowings 16.65 4,491.00
Others 5,165.51 7,797.08
Total liabilities as per balance sheet 2,76,994.52 2,28,635.77
Corporate overview
Statutory reports
Note 38: Disclosure of transactions with related parties Note 38: Disclosure of transactions with related parties (Contd..)
2022-23 2021-22 2022-23 2021-22
Name of Transaction Outstanding Transaction Outstanding Name of Transaction Outstanding Transaction Outstanding
Related Party Value for receivable Value for receivable Related Party
Nature of Transaction Nature of Transaction Value for receivable Value for receivable
and Nature of the year / (payable) the year / (payable) and Nature of the year / (payable) the year / (payable)
relationship carried in the carried in the relationship carried in the carried in the
Balance Sheet Balance Sheet Balance Sheet Balance Sheet
(A) Parent Entities Services Received 40.91 (0.59) 13.65 0.00
Not Applicable Rent Received 1.64 0.11 1.62 0.11
(B) Associate - Hind Lamps Limited (F) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures
Loan given – – 10.00 10.00 has significant influence over the entities
Interest on loan and advance – – 0.17 – Services Received 50.30 (3.52) 40.44 (2.79)
Sales 300.59 34.77 264.98 32.34 Deposits Given/Refund 0.42 3.36 (0.42) 3.78
Rent Received 2.77 – 1.80 3.15 Sales 3.86 2.67 3.23 0.52
(C) Key Management Personnel # (G) T ransactions with the entities which are the post employment benefit plans as identified in para 9 (b) (v) of
Short-term employee benefits 2,529.08 (1,199.07) 1,979.20 (648.39)
Ind AS 24 - Related Party Disclosures
Post- employment benefits (contri- 55.99 – 55.99 –
Trustees Bajaj Electricals Ltd 2,380.12 (200.48) 2,351.60 (173.35)
bution to super annunation fund)
Employees Provident Fund
Long-term employee benefits 60.01 – 58.63 –
Matchwel Electrical India Limited 57.57 (6.21) 45.42 (3.97)
(contribution to provident fund)
Employees Provident Fund Trust
Perquisite value of ESOPs excercised 31.41 – 95.48 –
(H) Transactions with the persons identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures
during the year Refund of Advance Rent – (15.00) – (15.00)
Total Compensation 2,676.49 (1,199.07) 2,189.30 (648.39) Sales 4.40 0.08 – (0.81)
Sale of car proceeds 17.20 – – Purchase of Capital Asset 3.90 (0.52)
Sales – – 0.03 Services Recd 0.07 – – –
Purchase Of TV 7.30 – – (I) Dividend to Related Parties
Purchase of Car 186.91 – – Dividend Paid 2,203.14 – – –
Sale of car proceeds 12.50 – – (J) Material transactions with related parties
(D) Transactions with the Entities which is Controlled or Jointly Controlled by a person identified in para 9 (a) of Ind Spencer Retail Limited
AS 24 - Related Party Disclosures Sales 633.38 268.72 498.22 230.03
Reimbursement of Expenses 177.70 (3.27) 91.57 (8.14) Services Received 25.56 (49.10) 30.80 (44.08)
Services Received 205.93 (18.97) 5.85 (0.22) Bajaj Allianz General Insurance
Interest Received 0.23 3.68 0.72 3.68 Company Limited
Rent Paid (net) 57.30 – 44.10 – Insurance Premium paid 5,527.63 (32.02) 636.27 –
Deposits given – 27.00 – 28.24 Advance Insurance Premium (Deposit) 680.54 680.54 749.63 749.63
Donations Given 25.00 – 50.00 – Claims Received 1,169.81 408.08 19.28 –
Deposits Refund 1.24 – – – Bajaj Allianz Life Insurance Co Ltd.
Sales 68.52 3.38 45.66 20.03 Insurance Premium paid 249.47 – 44.79 –
Purchases 90.17 (7.58) 135.65 (37.15) Advance Insurance Premium for 132.61 132.61 215.49 215.49
(E) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures
next year
is a member of the KMP of the entity Employee Benefit Obligations and/ – 6,207.41 1,500.00 6,830.91
Other Expenses – – 7.97 (0.63)
or Retiremental Benefits
Employee Benefit Obligations and/ – – – –
Bajaj Finance Ltd
or Retiremental Benefits Sales 19.92 (2.87) – 3.91
CSR Contribution 408.33 – 233.49 – Services Received 17.16 (5.42) 6.25 (0.46)
Sales 0.33 1.38 3.75 2.35 Fixed Deposit Placed 7,000.00 7,000.00 – –
Advance Insurance Premium (Deposit) – – – – Interest Received on Fixed Deposit 53.58 48.22 – –
Reimbursement of Expenses 4.79 – 4.79 –
Rent Deposit Advanced – 200.00 50.00 200.00 “# As the future liability for defined benefit obligations and other long term employment benefits is provided on an actuarial basis for the Group
Rent Paid 49.56 – 44.84 (6.30) as a whole, the amounts pertaining to key managerial personnel is not ascertainable and hence not included above.
Advance given – – 2.00 – There are no loans or advances granted to promoters, directors, KMPs and the related parties) that are repayable
Purchase of asset 6.11 – – – on demand or without any terms or period of repayment.
Corporate overview
Statutory reports
Note 39. Earnings per share: Note 40. Commitments and contingencies (Contd..)
There is no further update on this matter in the current year.
The Parent Company has been granted EPR authorization under E-Waste (Management) Rules, 2016 by
Profit for the year (A) (H In Lakhs) - before exceptional items 21,618.53 13,431.16 Central Pollution Control Board for Electricals and Electronic Equipment with a collection target of 986.67
Profit for the year (A) (H In Lakhs) - after exceptional items 21,618.53 12,440.66 MT for FY 2019-20. The Parent Company has entered into agreements with Trans Thane Creek Waste
Weighted average number of equity shares for basic EPS ( B ) 11,49,62,035 11,47,02,038 Management Association and GATI Logistics for collection and disposal of E-waste”
Add: Effect of dilution (employee stock options - Refer Note 33) 2,38,771 4,19,325
x. These represent legal claims filed against the Group by various parties and these matters are in litigation.
Weighted average number of equity shares for diluted EPS ( C ) 11,52,00,806 11,51,21,363
Management has assessed that in all these cases the outflow of resources embodying economic benefits
Earnings Per Share in H :- - after exceptional items
is not probable.
(a) Basic EPS (A/B) 18.80 10.85
(b) Diluted EPS (A/C) 18.77 10.81 xi. The Parent Company had in earlier years terminated employment agreements of few die casting
Earnings Per Share in H :- before exceptional items workmen at the Chakan plant. On 3rd July, 2018, the Honourable Hight Court of Bombay had awarded
(a) Basic EPS (A/B) 18.80 11.71 the appeal in favour of the Parent Company. On 27th June, 2019, the appeal on the matter has been
(b) Diluted EPS (A/C) 18.77 11.67 admitted in the Honourable Supreme Court. Management has assessed that the outflow of resources
embodying economic benefits is not probable and has accordingly considered the claim of H 323.22
Note 40. Commitments and contingencies lakhs as contingent liability.
a. Contingent liabilities b. Commitments

(H in Lakhs)
i. Estimated amounts of contracts remaining to be executed in capital account (net of capital advances)
Particulars 31-Mar-23 31-Mar-22 is H 2,876.60 lakhs (March 31, 2022, H 787.45 lakhs).
Contingent Liabilities not provided for :
ii. During the previous year the Parent Company has successfully won bidding for the Transmission line
i) Claims against the Group not acknowledged as debts (Refer 1,753.31 1,582.71
package of Ghatampur, Hapur and Indirapuram with Substation at Mohanlalganj. The cost estimated to
Note x, xi below)
complete the project has significant exceeded the cost expected at the time of bidding on account of
ii) Guarantees on behalf of Subsidiaries H 2,000 Lakhs (Previous – –
Year H 7,200 Lakhs) • Delay in awarding the project;
iii) Excise and Customs duty matters under dispute 73.55 15.49
iv) Service Tax matters under dispute 149.40 178.89 • increase in metal prices,
v) Income Tax matters under dispute 625.73 4,266.70
Considering the foreseeable loss on the project basis March 31, 2022 rates, the parent Company had
vi) Sales Tax matters under dispute 5,020.21 5,150.43
recorded a loss of H 2,213 lakhs in the year ended March 31, 2022. During the current year, the Parent
vii) Uncalled liability in respect of partly paid Shares held as 7.20 7.2
Company has reversed the loss if H 2,034.65 lakhs towards the same project”
investments
viii) Others 1,062.60 1,359.42
Note 41: Disclosures of revenue from contracts with customers
ix) The Parent Company’s fluorescent and mercury containing lamps (CFL/FTL) fall within the purview of The disclosures as required for revenue from contracts with customers are as given below
the E-waste (Management) Rules, 2016 (the “E-waste Rules”) which has come in force with effect from
October 01, 2016. Under the E-waste Rules the parent Company is responsible for collection and safe (i) Disaggregation of revenue
disposal of end of life CFL/FTL in terms of Extended Producer Responsibility (EPR) obligation set out therein.
In the 57th meeting of Technical Review Committee of Central Pollution Control Board (“CPCB”), the Disaggregation of the Group’s revenue from contracts with customers and reconciliation of amount of
compliances and implementation of EPR Authorisation conditions including targets under the E-waste revenue recognised in the statement of profit and loss with the contracted price is as given below.
Rules for the existing producers of CFL/ FTL were deferred till May 01, 2017. Electric Lamp and Component
(H in Lakhs)
Manufacturers Association of India (ELCOMA), on behalf of all its members, has filed the Writ Petition (C)
5461 of 2016 (“Writ Petition”) in the Hon’ble Delhi High Court challenging the inclusion of ‘fluorescent Particulars 31-Mar-23 31-Mar-22
and mercury containing lamps’ under E-waste Rules. The Hon’ble Delhi High Court by its order dated
A. Revenue from contracts with customers
September 28, 2016, directed the producers of CFL/FTL, to apply for EPR Authorisation without prejudice
Consumer products (includes appliances, lighting and fans) 3,76,267.33 3,30,613.40
to their rights and contentions in the said Writ Petition. Subsequently, vide a later order (dated August 5,
Lighting solutions (includes professional and consumer lighting) 1,12,464.25 1,08,025.69
2019) the Hon’ble Delhi High Court directed that the said interim order (dated September 28, 2016) shall
Engineering, procurement and construction (EPC) (includes 53,872.00 41,336.72
continue to be operative during the pendency of the Writ.
power distribution, transmission line towers and illumination)
5,42,603.58 4,79,975.81
Corporate overview
Statutory reports
Note 41: Disclosures of revenue from contracts with customers (Contd..) Note 41: Disclosures of revenue from contracts with customers (Contd..)
(H in Lakhs) Consumer Product & Lighting Solutions Segment:
Particulars 31-Mar-23 31-Mar-22 a) Delivery of goods:
B. Reconciliation of contracted price with (A) above The Group sells fans, appliances and lighting products to the customers. The performance obligation is
Revenue at contracted price 5,51,198.42 4,86,087.64 satisfied and revenue is recognised on dispatch of the goods to the customers. The stand alone selling
Unbilled on account of work under certification (693.35) (1,516.96) price of the performance obligation is determined after taking the variable consideration and right to
Billing in excess of contract revenue 10,493.85 1,523.54 return. The contracts do not have a significant financing component. The Group offers standard warranty
Revenue deferred on customer loyalty program 1,636.31 10,634.21 on selected products. The Group makes provision for same as per the principles laid down under Ind AS
Discounts (22,405.15) (13,131.02) 37. The payment is generally due within 30 to 60 days across various streams of customers.
Others 2,373.50 (3,621.60)
Revenue from contracts with customers (a) 5,42,603.58 4,79,975.81 b) Loyalty program:
Add: Other operating income (b)
The Group operates a customer loyalty program (for retailers), where the customer is awarded certain
Claims received, export incentives, etc 322.90 1,325.64 points on purchase of selected products from the Group. The customer (retailer) can redeem these
Revenue from operations (a+b) 5,42,926.48 4,81,301.45 points in future. The Group treats the redemption of customer loyalty points as a separate performance
obligation. Accordingly, the revenue is recognised by allocating the total transaction price on the stand
(H in Lakhs) alone selling prices of sale of goods and loyalty points.
For the year ended
c) Extended warranties:
The Group provides a warranty beyond fixing defects that existed at the time of sale. These service-type
Timing of revenue recognition
warranties are bundled together with the sale of products. Contracts for bundled sales of products and
At a point in time 4,88,924.52 4,39,596.73
a service-type warranty comprise two performance obligations because the product and service-type
Over a period of time 54,001.96 41,704.72
warranty are both sold on a stand-alone basis and are distinct within the context of contract. Using the
Revenue from operations 5,42,926.48 4,81,301.45
relative stand-alone selling price method, a portion of the transaction price is allocated to the service-
(ii) Contract balances type warranty and recognised as deferred revenue. Revenue for service-type warranties is recognised
over the period in which the service is provided based on the time elapsed.
The details of the contract assets, contract liabilities and receivables are as under
(H in Lakhs) Engineering, procurement and construction:
Particulars 31-Mar-23 31-Mar-22 The performance obligations in EPC segment is the supply of materials and erection services. The supply
of materials and erection services are promised goods and services which are not individually distinct.
Contract assets 4,650.98 5,344.34
Hence both of them are counted as a single performance obligation under the contract. The satisfaction
Contract liabilities 15,764.36 9,117.44
of this performance obligation happens over time, as the performance or enhancement of the obligation is
Accounts receivables 1,56,499.04 1,36,061.17
controlled by the customer. Also, the performance of the obligation creates an asset without any alternative
Revenue recognised in the period from:
use to the customer. The Group uses the input method to determine the progress of the satisfaction of the
Amounts included in contract liability at the beginning of the period 7,752.74 11,826.15
performance obligation and accordingly recognises revenue.
The contract assets and contract liabilities balances mentioned above pertain to the EPC segment of the The standalone selling price of the performance obligation is determined after taking the variable consideration
Group. The Group executes the work as per the terms and agreements mentioned in the contracts. The and significant financing component .
Group receives payments from the customers based on the milestone achievement and billing schedule as
iv) Unsatisfied performance obligations
established in the contracts.
The transaction price allocated to the unsatisfied performance obligations are as below:
Contract assets are initially recognised for revenue earned from supply of materials and erection services
(H in Lakhs)
provided when the performance obligation is met. Upon achievement and acceptance of milestones
mentioned by the customer, the amounts recognised as contract assets are reclassified to trade receivables. Particulars 31-Mar-23 31-Mar-22
Contract liabilities are relates to payments received in advance of performance under the contract and Consumer products 2,773.74 16,738.10
billing in excess of contract revenue recognised. Contract liabilities are recognised as revenue when the EPC 1,61,476.99 77,994.94
Group satisfies the performance obligation under the contract.” Total 1,64,250.73 94,733.04
iii) Performance obligations v) Assets recognised from the costs to obtain or fulfil a contract
Information about the Group’s performance obligations under CP and EPC segment are summarised below: The incremental costs of obtaining a contract with a customer are recognised as an asset if the Group expects
to recover them. The Group incurs costs such as bank guarantee charges and insurance charges. The Group
Corporate overview
Statutory reports
Note 41: Disclosures of revenue from contracts with customers (Contd..) Note 43: Corporate Social Responsibility
amortizes the same over the period of the contract. The total unamortised balances towards such cost is as
As per section 135 of the Companies Act, 2013, the gross amount to be spent by the Parent Company during
below.
financial year 22-23 is H 300.63 lakhs (Previous year H 329.58 Lakhs). The Parent Company has spent H 246.24 lakhs
(H in Lakhs) (Previous year H 200.40 Lakhs) on various CSR initiatives as below:
(H in Lakhs)
Unamortised portion of cost to obtain a contract – 17.21
Amount recognised in the profit and loss account 1,209.28 1,578.86 Two percent of average net profit of the Parent Company as per 300.63 329.58
section 135(5)
Note 42: Leases: Spent on ongoing projects 231.21 175.22
Spent on other than ongoing projects – 19.98
The Group for the consumer products segment, generally takes godowns on lease to store the goods at various Administrative expenses 15.03 5.20
locations. These godowns generally have a term of 1 year to 3 years. There are few godowns with a longer lease Total Amount Spent for the Financial Year. (in H) (a) * 246.24 200.40
period of 5 years or more also. Similarly, the Group also takes on lease, storage places at various EPC sites to store Total Amount transferred to Unspent CSR Account as per section 135(6) (b) 54.39 129.18
the inventories which are used for construction. These leases are generally short term in nature, with very few Total (a + b) 300.63 329.58
contracts having a tenure of 1-2 years. Further, the Group has few guest houses, residential premises and office * The amount has been spent on purposes other than construction / acquisition of asset and no amounts are yet to be paid in cash
premises also on leases which generally for a longer period ranging from 2-5 years.
Out of the above unspent amount for FY21 and FY22, of H 204.58 lakhs, and H 129.18 lakhs, the Parent Company
The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Upon adoption of Ind has already spent H 131.27 lakhs and H 81.59 lakhs so far on various ongoing projects.
AS 116, the Group applied a single recognition and measurement approach for all leases for which it is the lessee,
except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease Note 44: Business combination on acquisition and subsequent merger of Starlite Lighting Limited
payments and right-of-use assets representing the right to use the underlying assets, on the commencement of into the Group
the lease. There are several lease contracts that include extension and termination options. The Group determines
the lease term as the non-cancellable term of the lease, together with any periods covered by an option to During the previous year, the Parent Company at its meeting held on April 30, 2021, executed the Control Transfer
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate Agreement (“CTA”) with (i) Shri Ravindra Bharati and Shri Arvind Bharati (collectively, the “Outgoing Promoters”),
the lease, if it is reasonably certain not to be exercised. The leases which the Group enters, does not have any who, along with the Company, were promoters / joint promoters of Starlite Lighting Limited (“SLL”), (ii) some other
variable payments. The lease rents are fixed in nature with gradual escalation in lease rent. shareholders of SLL (related to the outgoing promoters or belonging to their business group), and (iii) SLL
Apart from the above, the Group also has various leases which are either short term in nature or the assets which • to terminate the Shareholders Agreement dated February 22, 2007 by and between the outgoing promoters,
are taken on the leases are generally low value assets (e.g. printers). Lease payments on short-term leases and company and SLL; and
leases of low-value assets are recognised as expense on a straight-line basis over the lease term. • to record the agreed terms and conditions for the relinquishment and transfer of the joint control and
management rights of SLL by the outgoing promoters in favour of the Company such that the Company shall
The Group has determined leasehold lands also as, right of use assets and hence the same has been classified
have the sole control and management rights of SLL from the start of the business hours on the Effective Date.
from property, plant and equipment to right of use assets.
In consideration of the said relinquishment and transfer of joint control and management rights of SLL by outgoing
Disclosures under Ind AS 116
promoters in favour of the Company, the Company has paid an aggregate control premium of H1,480 lakhs, plus
(H in Lakhs) GST as applicable, to the outgoing promoters, subject to the terms and conditions of the said CTA. Subsequently,
SLL was consolidated as a subsidiary from April 1, 2021.
Further with the approval granted by the Board of Directors at its meeting, the Share Subscription Agreement
Amortization charge for right of use assets 2,447.70 1,848.38
(“SSA”) has been executed on April 30, 2021 (after the execution of CTA) by and amongst: (i) the Company,
Interest expense on lease liabilities 544.44 544.65
(ii) SLL, (iii) Shri Ravindra Bharati, and (iv) Shri Arvind Bharati, for subscribing to the 4,50,00,000 Equity Shares of SLL
Lease rent expenses for short term leases 977.83 2,313.58
(“Subscription Shares”) by the Parent Company and/or by its identified purchaser(s) at a price of H10/- per Equity
Cash outflow towards lease liabilities 2,762.40 2,326.85
Share, which are issued on a private placement / preferential allotment basis.
- as principal 2,217.96 1,781.85
- as interest 544.44 545.00 Subsequently, in the current financial year, the Mumbai Bench of the Hon’ble National Company Law Tribunal
Carrying amount of right of use assets 12,298.88 6,855.68 has passed an order dated August 25, 2022 (“Order”), approving the Scheme of Merger by Absorption of Starlite
Carrying amount of lease liabilities 10,123.64 4,587.80 Lighting Limited (“Transferor Company”) with Bajaj Electricals Limited (“Company” /“Transferee Company”) and
their respective shareholders (“Scheme”).
For movement of right of use assets, refer note 3
Accordingly, the Group has accounted for the merger under the pooling of interest method retrospectively for
For movement of lease liability, refer note 3. For maturity profile of lease liabilities, refer note 35 (liquidity risk)
all periods presented as prescribed in IND AS 103 Business Combinations of entities under common control. This
For significant judgements used for accounting right of use assets and lease liabilities, refer note 1D(6) combination has no impact on the consolidated financial statements.”
Corporate overview
Statutory reports
Note 45: Goodwill Note 47: Disclosure of interest in entities(Contd..)
Disclosure in terms of Schedule III of the Companies Act, 2013 as at and for the year ended March 31, 2022.
(H in Lakhs)
Particulars Amount (H in Lakhs)
Net Assets (i.e. Total Share in Profit or Share in other Share in total
Goodwill on acquisition of Nirlep Appliances Private Limited 2,644.36 Particulars assets minus total (loss) comprehensive comprehensive
Goodwill on acquisition of Business 16,356.74 liabilities) income income
TOTAL 19,001.10
1. Parent
During the year ended March 31, 2023, the Group has performed its annual impairment test and determined that Bajaj Electricals Limited 104.66% 1,78,460.84 123.38% 15,349.80 101.37% (577.70) 122.42% 15,927.50
there is no impairment. The recoverable amounts of the CGU’s have been determined on the basis of the value 2. Subsidiaries
in use calculations. The calculation uses cash flow projections based on budgets approved by the management, Nirlep Appliances Private Limited –2.00% (3,408.47) –5.64% (701.75) –2.51% 14.28 –5.50% (716.03)
Starlite Lighting Limited –20.33% (34,659.94) –32.02% (3,983.23) 1.51% (8.62) –30.55% (3,974.61)
discounting rate and terminal growth rate. Management believes that any reasonably possible change in the
Bajel Projects Limited 0.02% 40.50 –0.08% (9.50) 0.00% – –0.07% (9.50)
key assumptions on which the specific CGU’s recoverable amount is based would not cause its carrying amount
3. Associate
to exceed its recoverable amount.
Hind Lamps Limited – – 0.00% – 0.00% – 0.00% –
4. Intercompany eliminations and 17.64% 30,088.49 14.35% 1,785.34 –0.38% 2.17 13.71% 1,783.17
Note 46: Non-Controlling Interest consolidation adjustments
Total 100.00% 1,70,521.42 100.00% 12,440.66 100.00% (569.87) 100.00% 13,010.53
Starlite Lighting Limited
Movement in non-controlling interest is as given below: Note 48: Exceptional Items
(H in Lakhs) During the previous year, the Group has paid H 1,322.69 lakhs as voluntary retirement scheme to the employees
of the Shikohabad factory.
Particulars Amount
Non-controlling interest as at April 1, 2021 (date of acquisition) (2,326.97) Note 49: Other statutory information
Share in profit / loss attributable to NCI as per the statement of profit and loss for the year (308.00)
Share in other comprehensive income attributable to NCI for the year 0.99 1. The Group does not have any Benami property, where any proceeding has been initiated or pending against
Non-controlling interest as at March 31, 2022 (2,633.98) the Group for holding any Benami property.
Transferred to amalgamation adjustment reserve on merger 2327.15
Transferred to equity share capital (19 shares @ H 2 per share) (0.00) 2. The Group does not have any charges or satisfaction which is yet to be registered with Registrar of Companies
Transferred to securities premium (0.19) beyond the statutory period,
Transferred to retained earnings on merger 307.01 3. The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Non-controlling interest as at March 31, 2023 0.00
4. The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:
Note 47: Disclosure of interest in entities
Disclosure in terms of Schedule III of the Companies Act, 2013 as at and for the year ended March 31, 2023. behalf of the Group (Ultimate Beneficiaries) or
(H in Lakhs)
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Net Assets (i.e. Total Share in Profit or Share in other Share in total
Particulars assets minus total (loss) comprehensive comprehensive
5. The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
liabilities) income income
Party) with the understanding (whether recorded in writing or otherwise) that the Group shall
1. Parent 102.82% 1,96,104.67 106.62% 23,050.54 101.91% 175.67 106.59% 23,226.21
Bajaj Electricals Limited
2. Subsidiaries
behalf of the Funding Party (Ultimate Beneficiaries) or
Nirlep Appliances Private Limited -2.31% (4,411.90) -4.63% (1,000.10) -1.91% (3.29) -4.60% (1,003.39) b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
Bajel Projects Limited 0.01% 19.89 -0.10% (20.61) 0.00% – -0.09% (20.61)
3. Associate 6. The Group has not any such transaction which is not recorded in the books of accounts that has been
Hind Lamps Limited 0.00% – 0.00% - 0.00% – 0.00% - surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
4. Intercompany eliminations and -0.52% (991.08) -1.90% (411.30) 0.00% – -1.89% (411.30) (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961
consolidation adjustments
Total 100.00% 1,90,721.58 100.00% 21,618.53 100.00% 172.38 100.00% 21,790.91 7. The Group has not granted any loans or advances in nature of loans to promoters, directors and KMPs either
severally or jointly with any other person during the year ended March 31, 2023 and March 31, 2022.
Note 49: Other statutory information (Contd..)
8. The Group has not been declared wilful defaulter by any bank, financial institution, government or government
authority.
9. The Group has not revalued its property, plant and equipment (including right-to-use assets) or intangible
assets during the year ended March 31, 2023.”
10. Transactions with the companies which are struck off are as under
(H in Lakhs)
Count (FY23) Count (FY22) As on As on
Nature of Transaction March 31, March 31, 2022
2023
Receivables from customers – 2 – 33.60

Receivables / (Payable) from /(to) 59 32 71.43 6.92
vendors
Note 50: Subsequent events
The Group has evaluated subsequent events from the balance sheet date through May 23, 2023, the date at
which the consolidated financial statements were available to be issued, and determined that there are no
material items to disclose.
Note 51:
Previous year’s figures have been regrouped / reclassed wherever necessary to correspond with the current
year’s classification / disclosure.
Partner
Mumbai, May 23, 2023 DIN: 00007347

45/47, Veer Nariman Road, Mumbai – 400 001 | CIN: L31500MH1938PLC009887
www.bajajelectricals.com

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July 15, 2023

National Stock Exchange of India Limited : BAJAJELEC - Series: EQ

Brief details of the 84th AGM of the Company are as under:

BAJAJ Date: 2023.07.15 17:36:02

KI SUCCESS ASAANI SE MILEGI. This year has been exceptional as we

SO, LET'S PULL OURSELVES UP AND STAND FREE

Corporate Overview About the Report

Indian Accounting Standards

Our approach to reporting Human Capital

to evaluating corporations. Instead trust and legacy transformation

Standalone details about Bajaj Electricals determined by considering internal

The Bajaj Group has consistently exceeded

Fans Travel Insurance

04 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 05

in India. With a rich Procurement, and Construction

86,000+ 91% 15,507 GJ

06 Bajaj Electricals Limited (BEL) 84 Annual Report 2022-23

We are taking initiatives through We are undertaking initiatives We practice responsible

We have adopted renewable

08 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 09

10 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 11

12 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 13

14 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 15

BAJAJ offers a diverse range

16 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 17

We have a diverse range of

18 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 19

Engineering, Procurement and Construction (EPC)

As a prominent player in the seamless and secure transmission

20 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 21

3B SS Glass cook BAJAJ183680 BAJAJ42790 Grill Ultra 2-Slice

Robusta Mantilla Soleiza Maestro Fans and coolers

Adonis Air Plus Stylo Ceiling Cresent Classico Ceiling

Alluro Micro Wave Esteem DMH 90 Neo TMH 36 SKIVE PMH18

22 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 23

Street Light Area Light Industrial

AutoPresso Luxe Beauty SteamPro Belleza 2000W AT 205

24 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 25

Shekhar Bajaj Anuj Poddar Harsh Vardhan Goenka Shailesh Haribhakti

Madhur Bajaj Rajiv Bajaj Munish Khetrapal Dr. Indu Shahani

Scan to our website for profile of our Board of

26 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 27

Considered the world’s largest award for product innovation,

Mr. Anuj Poddar, MD & CEO, Bajaj Electricals Limited was

Chief Financial Officer

28 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 29

30 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 31

Morphy Richards KUBE Water Heater was recognised by the

32 Bajaj Electricals Limited (BEL) 84th Annual Report 2022-23 33

Financial Manufactured Intellectual Human Social & Natural

Page Page Page Page Page Page

46-49 50-57 58-71 72-81 82-91 92-96

Adding Value to Life

Attrition excluding factories 25% with career growth

Intellectual Capital Intellectual Capital Improved quality of products

Continuous innovation of new, energy

Widening of product spectrum

Natural Capital EPC Natural Capital Continuous focus on increasing

Trees Plantation 86,000 trees

36 Bajaj Electricals Limited (BEL) 84 Annual Report 2022-23