Bajaj FY24-25

July 9, 2024
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 85th Annual General Meeting (“85th AGM”) of Bajaj Electricals Limited (“Company”)
and the Annual Report for the Financial Year 2023-24
Pursuant to 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, 2024, containing, inter-alia, the Notice convening the 85th
AGM of the Company to be held on Tuesday, August 6, 2024, at 3:00 P.M. (IST) via Video Conferencing
(VC)/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, 2024, 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, 2024, together with the report of the Auditors thereon. (Ordinary Resolution)
2. To declare a dividend of Rs. 3.00 per equity share of face value of Rs. 2.00 each for the financial year
ended March 31, 2024. (Ordinary Resolution)
3. To appoint a director in place of Mr. Anuj Poddar (DIN 01908009), who retires by rotation and being
eligible, offers himself for re-appointment. (Ordinary Resolution)
Special Businesses:
4. To appoint Ms. Pooja Bajaj (DIN 08254455) as a Director of the Company. (Ordinary Resolution)
5. To appoint Ms. Pooja Bajaj (DIN 08254455) as a Whole-time Director of the Company, with the
designation and title of ‘Executive Director’, and to approve the remuneration payable to her. (Special
Resolution)
6. To ratify the remuneration of the Cost Auditors of the Company for the financial year ended March 31,
2025. (Ordinary Resolution)
7. To approve the payment of remuneration to Non-Executive Directors. (Special Resolution)
8. To approve the Borrowing by way of Issue of Securities. (Special Resolution)
The Notice of the ensuing 85th AGM of the Company and the Annual Report for the financial year ended
March 31, 2024, are being dispatched to the Members, whose email IDs are registered with the Company
or their Depositories, through electronic mode today.
Brief details of the 85th AGM of the Company are as under:
Date and time of AGM Tuesday, August 6, 2024, at 3.00 p.m. (IST)
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
Mode VC / OAVM
Web-link for participation through VC https://instameet.linkintime.co.in
Cut-off date for e-voting July 30, 2024
E-voting start date and time August 2, 2024 at 09:00 a.m. (IST)
E-voting end date and time August 5, 2024 at 05:00 p.m. (IST)
The Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2023-24 which is a part
of the Annual Report is also uploaded on the website of the Company at
https://www.bajajelectricals.com/annual-reports/.
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 and other applicable laws, if any.
Thanking you,
Yours faithfully,
For Bajaj Electricals Limited
Prashant Digitally signed by
Prashant Anant Dalvi
Anant Dalvi Date: 2024.07.09 16:56:31

+05'30'
Prashant Dalvi
Chief Compliance Officer & Company Secretary
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
CONSUMER
FOCUS
BRAND
R E J U V E N AT I O N
MEANINGFUL
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8 5 TH A N N U A L R E P O R T 2 0 2 3 - 2 4
About the Report
We are delighted to share our 85th Annual Report, Assurance Queries regarding the report
which incorporates optional details to the fullest Our 6 capitals
To ensure the integrity of facts and Any feedback or query related to this
information, the Management has report can be communicated to
extent feasible, following the reporting guidelines reviewed the facts and qualitative
established by the International Integrated Financial Capital Human Capital statements in the Annual Report. The Mr. Prashant Dalvi
Company Secretary & Chief Compliance
Reporting Council (IIRC). statutory auditor’s S R B C & Co. LLP,
Officer legal@bajajelectricals.com
Chartered Accountants have provided
an unmodified opinion on the financial
Readers can also reach out to us at the
In addition, the GRI (Global Reporting Our approach statements and the ‘Independent
above email to provide feedback on
Initiative) Standards and Sustainable Auditor’s Report’ has been duly
Shareholders are now prioritising improving our disclosures.
Development Goals (SDGs) are mapped incorporated as a part of this report.
a company's overall value creation
to the KPIs used for reporting on the The electronic version of the report can
alongside financial performance. Bajaj
Capitals. Our main objective with this be found on our website
Electricals has embraced this shift and is
report is to fulfil the information needs
committed to sustainable value creation.
of our stakeholders. We strive to present https://www.bajajelectricals.com
This report covers governance, business
this information in a manner that is
model, strategy, risks, operations, and
meaningful and applicable to our key
performance for FY 2023-2024. Page 042 Page 060
stakeholders as well.
Reporting period
The reporting is aligned with the
following – This comprehensive report mainly
Manufactured Capital Social and Relationship Capital What's Inside
focuses on the period spanning from
The Companies Act, 2013 April 1, 2023, to March 31, 2024.
Nevertheless, specific segments of
Indian Accounting Standards this report include relevant data and Corporate Overview Statutory Reports
statistics from previous years as well. The
The Securities and Exchange About Bajaj Group 002 Notice of the Annual General 077
information presented in the Integrated
Board of India (Listing Obligations About Bajaj Electricals 004 Meeting
Report pertains to Bajaj Electricals
and Disclosure Requirements) Board's Report 089
Limited as an independent entity, unless Chairman’s Communique 006
Regulations, 2015.
stated otherwise. All financial and non- Message from the Managing 008 Report on Corporate Governance 119
financial aspects adhere to the applicable Director and Chief Executive Officer Management Discussion and 143
laws, regulations, and standards of the Analysis
Performance Highlights 010
Reporting boundary Republic of India.
Page 044 Page 066 Awards and Accolades 011 Statutory Reports (Hindi) 159
This report is for Bajaj Electricals and Board of Directors 012
the scope of this report covers its three Material issues
Our Businesses 014
manufacturing locations, its offices Bajaj Electricals has conducted a
across India, project sites, international materiality assessment to pinpoint key
Business Model 028 Financial Statements
Intellectual Capital Natural Capital
projects managed from India. It includes issues that may impact its long-term Risk Management 030
Standalone
the segments of Bajaj Electricals — value creation for stakeholders. These Materiality Assessment 032
Independent Auditor’s Report 192
issues were identified through an ESG Strategy 034
Standalone Financial Statements 202
Consumer analysis of internal and external factors,
Stakeholder Engagement 036
Products industry trends, business strategy,
and the economic landscape. The Financial Capital 042
Consolidated
management will continually review Manufactured Capital 044
Lighting Independent Auditor’s Report 288
these material issues as the company Intellectual Capital 052
Solutions Consolidated Financial Statements 296
advances in its sustainability efforts. For
Human Capital 060
a concise overview of these issues, refer
Social and Relationship Capital 066
to the Materiality section (on page 032).
Examining these topics offers valuable Natural Capital 072
Page 052 Page 072
insights into the drivers of the company's Corporate Information 076
growth.
Bajaj Electricals Limited
002 85th Annual Report 2023-24 Corporate Overview 003
The Bajaj Group
An enduring legacy
of value creation
Over ninety years ago, in 1926, Shri Jamnalal Bajaj Tribute to Our Founding Fathers
founded the Group on the core principle of prioritising
the common good above individual profit. Throughout
its history, the Bajaj Group has consistently met the
Their legacy
expectations of its customers, supporters, employees,
communities, and all stakeholders, while remaining continues to inspire
faithful to the vision and principles of its founder.
and guide us forward
Today, the vision planted by Shri appliances, fast-moving consumer Group serves as a driving force for
Jamnalal Bajaj has blossomed goods, engineering, procurement, social progress. In addition to its
into a thriving tree of collective construction, travel, tourism, and material business endeavors, the Group
prosperity and communal welfare. handling. prioritises initiatives for community
The Bajaj Group has evolved into a development, healthcare,
diverse conglomerate and is widely Despite the remarkable growth and education, arts, culture, heritage
respected as one of India's premier success of its ventures over the years, preservation, sports promotion, and
business entities. Its interests the Group remains steadfast in its environmental conservation.
commitment to ethical business practices Jamnalal Bajaj Kamalnayan Bajaj Ramkrishna Bajaj Rahul Bajaj
encompass a wide array of sectors,
and societal advancement. Beyond (1889- 1942) (1915-1972) (1923-1990) (1938-2022)
including automobiles, financial
services, insurance, steel, consumer mere commercial pursuits, the Bajaj
A visionary The captain who steered The youngest son in A former member of
philanthropist who took the Company ship the Bajaj family took the Rajya Sabha and
Industries we serve
an unprecedented step through the tumultuous over as the Head of a Padma Bhushan
to use business to serve partition era, and in the the Bajaj group and Awardee, he ably led
the society post- independence complemented his the Bajaj Group as the
period, where he deftly brother’s business Chairman for over four
Home Appliances Fans Lighting Solutions navigated changing acumen decades
industrial laws and
legalities
EPC – Power Transmission Automobile Insurance

& Distribution (2 wheelers & 3 wheelers)
NBFC / Iron and Steel Travel

Financial Services
About Bajaj Electricals
Making this a
With a keen eye on the long-term energy-efficient and sustainable lighting We continue to evolve and adapt,
horizon, we have been investing solutions aligns with global trends and staying ahead of the curve in an
significantly in research and regulations, further enhancing our ever-changing market. Our relentless
#DecadeOfBajajElectricals development, leading to the creation

of cutting-edge solutions that resonate
competitive edge in the professional
lighting market.
pursuit of consumer satisfaction,
relentless innovation, and rejuvenated
with modern consumers. Our efforts brand identity extend to all segments,
in product innovation are not only Furthermore, the company's dedication including the dynamic and growing
Bajaj Electricals, a pioneer in the Indian Fast Moving Electrical Goods and evident in the launch of technologically to brand reinvention is reflected in Professional Lighting segment.
strategic partnerships, marketing
Lighting Solutions industries, continues its transformation journey, focusing advanced appliances but also in our
campaigns, and digital initiatives
sustainable initiatives, aligning with the We’re taking strides
on consumer-centricity, product innovation, and brand reinvention. We have growing environmental consciousness aimed at enhancing brand visibility and
emphasised our commitment to enhancing consumer experiences through a among customers. relevance in a competitive landscape. towards making this a
deep understanding of their needs and preferences. This approach drives the By leveraging digital platforms and #DecadeOfBajajElectricals.
This is also mirrored in our embracing new-age marketing
development of innovative products tailored to meet evolving market demands. technologically advanced lighting techniques, we aim to engage with
solutions portfolio that caters to diverse consumers on a deeper level while
During the reporting year, we undertook the strategic demerger of our Engineering, Procurement and sectors such as commercial, industrial, staying true to our core values of trust
Construction (EPC) division into the now listed, Bajel Projects Limited, demonstrating our focus on enhancing and infrastructure projects as well as and reliability.
operational agility. This development has sharpened our focus on becoming a consumer-centric powerhouse residential users. Moreover, our focus on
in the household appliances, fans and lighting segments.
Our efforts in product

innovation are not only
evident in the launch of
technologically advanced
appliances but also in our
sustainable initiatives,
aligning with the growing
environmental consciousness
among customers.
Chairman’s Communique
During the year, we executed several

marquee projects, including lighting
of the Mumbai Coastal Road tunnel,
the airport at Ayodhya, the Golconda
Fort in Hyderabad—each of these
demonstrates our technological Dear Shareholders, Our Consumer Products business and products while maintaining
has faced demand pressures. Our uncompromised quality. During
prowess in lighting. I am writing to you for the first time premium categories and segments the year, we also soft-launched our
following the culmination of the as well as channels have witnessed new brand ‘Nex’—a premium brand
scheme of arrangement, wherein the growth. However, our dependence on offering . These are high-performance
Shekhar Bajaj EPC business has been spun off into mass segment products, rural markets fans that are a testament to our R&D
Chairman a separate company, Bajel Projects and general trade channels is high capabilities backed by sophisticated
Limited (listed in December 2023). Bajaj and these have faced headwinds. I design.
Electricals Limited is now focused on remain confident that with a pick-
the Consumer Products and Lighting up in consumption demand, our Our emphasis on financial discipline
Solutions business segments, which performance will bounce back. continues with a focus on working
marks the completion of a key milestone capital optimisation and continued
in our transformation journey. Our Lighting Solutions business has strengthening of our balance sheet.
fared relatively better. While there is
Operationally, the fiscal year 2023-24 has an overall trend of LED price erosion, Our commitment to Environmental,
been a mixed year for your Company. our order book for the Professional Social and Governance (ESG)
This reflects the overall trends observed Lighting segment remains healthy. commitment remains steadfast—in
in the broader economy. The Indian During the year, we executed several keeping with this, we have taken
GDP growth has been robust in the past marquee projects, including lighting several initiatives to drive responsible
year, but this has been primarily led by of the Mumbai Coastal Road tunnel, growth which are detailed in this
the infrastructure and select sectors, the airport at Ayodhya, the Golconda report.
aided by strong government capital Fort in Hyderabad—each of these
I would like to acknowledge our entire
expenditure. On the consumption front, demonstrates our technological
organisation and all members of our team
the premium segments and categories prowess in lighting. Our Consumer
for their contributions and perseverance.
have been witnessing healthy demand, Lighting segment is poised to grow in
I remain grateful to all our business
while mass consumption segments and the coming years.
associates, our Board of Directors and to
demand from rural areas have been
While the margins in the year gone you, our shareholders, for continuing to
under pressure. A high interest rate
by have been under pressure, we back us.
environment, coupled with an uncertain
job market, has contributed to this. remain focused on driving long-
Yours sincerely,
term value-creation. To this end, we
In this context, we have witnessed these have continued to drive investments
trends play out in our businesses. towards upgradation of our brands Shekhar Bajaj
Chairman
Message from the Managing Director

and Chief Executive Officer
Dear Shareholders, segment earned revenues of D1,037 Products: Over the past couple of measures during the current year to
crores, with segmental PBIT of D80 years, we have clearly pivoted towards make amends.
Over the last year, we have continued crores, representing a 7.7% margin investing in research and development
to drive our strategic initiatives with (versus 7.8% margin in 2022-23). Our and established a product roadmap ESG: We are advancing towards a
positive outcomes. However, the focus on Lighting Solutions has led us of exclusive products with innovative, sustainable future, underpinned by a
industry has faced headwinds and as to continually innovate and provide consumer-centric propositions and a strategic commitment to environmental
result, we have faced challenges on superior technological propositions. We more optimised portfolio mix. During stewardship and responsible business
operational performance. As explained are resisting the temptation to bid for low the previous year, we launched 467 practices. With ISO 14001:2018 certified
in the Chairman’s note, there has margin, low-end projects and focusing on SKUs in the Consumer Products systems, we ensure stringent air quality
been significant pressure on mass moving up the value chain. Our sector- segment and 553 SKUs in the Lighting monitoring and waste management based
consumption demand in the economy. focused solutions in Professional Lighting, Solutions segment. We have been on the 4R principles, achieving Zero Waste
Our total revenues from operations are helping us build a quality order book continually enhancing our product to Landfill at our facilities. Our proactive
contracted from D4,889 crores (in 2022- that will drive our future growth. Similarly, quality and aesthetics as part of our energy management includes rooftop
23) to D4,641 crores. Our Profit Before Tax in Consumer Lighting we are expanding premiumisation shift. I am happy solar installations and energy-efficient
contracted from D302 crores to our product portfolio and our distribution. to report that we have achieved technologies to effectively reduce our
D173 crores. Our PAT contracted from We expect to start realising the benefits of measurable success on this front; with carbon footprint.
D216 crores to D132 crores. However, this during 2024-25. our quality KPIs (as depicted by our
People and culture: Our people
despite the pressures on margins, your consumer complaint statistics) showing
Let me share a few operational updates. are central to our strategy. We remain
Company generated strong cash flow significant improvement towards best-
committed to being a best-in-class
from operations of D354 crores. in-class, as well as winning design
Brands: Last year I spoke about our new organisation as a professional and
awards across product categories.
Our Consumer Products segment 'House of Brands' approach and, within preferred workplace. During the previous
Over 30% of our revenue contribution
contracted by 4.3% during the reporting that, the relaunch of the BAJAJ brand year, we were rated among the Top 25
is now from our new products. As this
year, while the segmental PBIT with the BUILT FOR LIFE positioning. The Manufacturing Companies by the Great
contribution rapidly increases over the
contracted from D248 crores in 2022- uplift in BAJAJ brand health scores are Place to Work Institute. We continue to
coming years, along with the consistent
23 to D114 crores. Demand headwinds now visible, with greater ‘consideration’ invest in upgrading our talent pool. Some of
refreshed brand communication, I am
led to competitive discounting and scores and stronger association of our human resource initiatives are detailed
confident that we will see a marked
thereby impacted margins. Our current BAJAJ with ‘durability’ across key in this report.
shift in our consumer perception,
dependence on mass segments and rural product categories. Morphy Richards,
pricing power, and overall salience. I remain grateful to our team for their
markets remains higher than industry, on the back of its newer product range
and communication, is witnessing belief in our vision and contributions to
which have been under greater pressure. Operations: During the year under
wider appeal and sales growth. Nex, all the changes that we are driving to
While general trade has faced challenges, review, we have continued to roll out
our new brand, was soft launched and strengthen your Company. I would like
we have witnessed pockets of growth various initiatives across the organisation
has garnered positive early feedback to thank our Chairman, our Board, all
across modern trade and online channels, under our digital transformation
The uplift in BAJAJ brand health scores are as well as our premium brand, Morphy from consumers as well as trade. Nirlep programme, Project Nysa 2.0. Most of this
our partners and you (our shareholders)
for your continued support in our
now visible. We have also been continually Richards. I am confident that 2024-25
should see us bounce back to revenue
will see greater traction in 2024-25. I
believe, this approach is setting the
will be fully launched and adopted by
endeavours.
the end of 2024-25. This will provide the
enhancing our product quality and aesthetics growth and margins bounce back. foundation for our growth in the future. backbone for driving greater operational
As our refreshed brand communication
as part of our premiumisation shift. I am Our Lighting Solutions segment has builds up consistently over the coming
efficiencies and more informed decision-
Warm regards,
making. A couple of areas that we are
happy to report that we have measurable performed relatively better. Although
industry revenues were under pressure
few years, it will help establish strong, working to improve have been our
long-term brand salience and drive
success on this front. due to LED price erosion, we have premiumisation of our portfolio.
manufacturing and logistics capabilities.
While these have impacted our
Anuj Poddar
been able to maintain our margins. The Managing Director and Chief Executive
performance, we have taken corrective Officer
Anuj Poddar
Managing Director and Chief Executive Officer
Performance Highlights Awards and Accolades
Building on Celebrating our wins

Steady Progress
Great place to work and Top 25 list of
Key Financial Metrics Companies in Manufacturing
Winning the certification 4 years in a row
Total Income Networth / Total Equity validates our commitment to creating an
(INR in crore) (INR in crore) exceptional workplace culture where employees
thrive. It signifies our dedication to trust, respect,
and collaboration, fostering a rewarding
Good Design Award environment for all. Ranked among the Top
FY19-20 5,030 FY19-20 1,379 Good Design Award for Bajaj and Morphy 25 Manufacturing Companies, we exemplify
FY20-21 4,646 FY20-21 1,605 Richards mixer grinders and Nex Ceiling fan excellence in production, innovation, and
FY21-22 4,861 FY21-22 1,745 for innovative industrial design. industry leadership.
FY22-23 4,934* FY22-23 1,908
FY 23-24 4,728 * FY 23-24 1,441#
Golden Peacock Award

EBITDA Total Comprehensive Income for most Innovative
(INR in crore) (INR in crore) solution for Mixer Grinder
product line
The international award honors
Frost & Sullivan PERP - Quality our outstanding achievement in
FY19-20 260 FY19-20 (9)
Enterprise Leadership innovation, sustainability, and
FY20-21 374 FY20-21 192 An award that honours our dedication to excellence within the packaging
FY21-22 324 FY21-22 143 exemplary project evaluation and recognition, industry on a global scale,
FY22-23 420* FY22-23 218^ showcasing our commitment to excellence in recognising front runners in design
FY 23-24 346 * FY 23-24 132^ leadership and enterprise quality and environmental stewardship
Basic EPS
(INR in crore)
FY19-20 0.0
FY20-21 16.08
FY21-22 12
MQH Best Practices Award, 2023 DMA Asia #WeKonnect Insights
FY22-23 19^
by IMC Ramkrishna Bajaj National Echo Award Excellence Award
FY 23-24 11^ Quality Award Trust
Won for the BAJAJ - "Built For Life" Winning this award acknowledges
Our organisation's outstanding adherence transformation campaign, recognising our commitment to harnessing
to quality practices were well recognised, its ability to resonate with modern valuable insights, fostering
affirming our commitment to excellence consumers and elevate the brand connections, and driving
*
For continuing operations and continuous improvement through innovation and relevance meaningful engagement in today's
#
After giving impact of demerger pursuant to scheme dynamic digital landscape
^
For continuing & discontinued operations
Board of Directors
Steering with visionary

foresight
Shekhar Bajaj Anuj Poddar Shailesh Haribhakti Vikram Hosangady

Chairman Managing Director & CEO Independent Director Independent Director
Madhur Bajaj Rajiv Bajaj Saurabh Kumar Swati Salgaocar

Non-Executive Director Non-Executive Director Independent Director Independent Director
Pooja Bajaj Sudarshan Sampathkumar

Executive Director Independent Director
Our Businesses
Differentiating with
customer-centric offerings
Consumer products
Bajaj Electricals’ differentiating multi-

brand strategy - a first in the industry - is
rooted in Consumer Centricity, Product
Innovation, and Brand Reinvention.
This unique approach underscores Building a House of Brands
their commitment to meeting diverse
consumer needs. By curating a diverse
portfolio of brands under one roof, Bajaj
Electricals is building its competitive
edge and addressing varied consumer
preferences effectively. This approach
not only ensures relevance but
also fosters a culture of continuous
innovation, driving sustainable growth.
As Bajaj Electricals continues its
transformative journey, this strategic
framework will be instrumental in
solidifying its position as a leader in the
fast-moving electrical goods industry.
20% Higher Air Thrust*

NEX Fans
Conventional Fans
20% HIGHER AIR THRUST *
powered by
AEIROLOGY
TM
*Tested and verified by DSIR laboratory, with air thrust under the fan vs.
conventional star rated fan.
Built For Life Feel the Future Happiness Engineered Everyday Health
A Portfolio of Sharply Differentiated, Consumer-Centric Brands

Inspired by the consumer’s spirit to be unstoppable
BAJAJ is now Built for Life

BAJAJ, a distinguished name in the
consumer appliances industry, has BUILT FOR LIFE
undergone a significant repositioning
with its "Built For Life" ethos. With a
storied legacy spanning decades, BAJAJ
has garnered trust and admiration
worldwide for its unwavering focus
on quality and innovation. The "Built APPLIANCES
For Life" mantra encapsulates BAJAJ's Scan the QR
code to know
dedication to engineering appliances
more
that not only excel in performance but
also withstand the rigours of everyday
use, ensuring longevity and peace of BUILT TO
mind for consumers. This redefined
brand philosophy underscores BAJAJ's
commitment to crafting products that
BE UNSTOPPABLE
endure the test of time, resonating deeply
with consumers seeking durability and
reliability in their appliances.
BAJAJ's extensive range of consumer Scan the QR

appliances, from kitchen essentials like code to know
more
mixer grinders and microwave ovens to
Glamore Mixer Grinder
home comfort solutions such as fans and Military Grade Jars^
air coolers, embodies the "Built For Life"
DuraCut® Blades
philosophy. Each product is meticulously Arioso Plus Fan with Lifetime Warranty*
designed and rigorously tested to meet Super5TuffTM Technology*
with 5 Years
the highest standards of durability, Product Warranty
functionality, and energy efficiency,
aligning seamlessly with the evolving
needs and aspirations of modern
households.
Scan the QR
Beyond product excellence, BAJAJ's code to know
more
repositioning emphasises a holistic
approach to customer satisfaction,
encompassing a robust after-sales
service network and a steadfast
commitment to sustainability. By
prioritising durability, reliability, and
longevity, BAJAJ strives to foster
enduring relationships with consumers, Pentacle Water Heater DH90 Neo Digi Air Cooler
Bajaj DuraAceTM Inner Tank Bajaj DuraMarineTM Pump
positioning itself as a trusted companion with 10 Years Warranty with 2 Years Warranty
in their journey through life's everyday Bajaj DuraCoatTM Non-Stick
Heating Element with 6 Years Warranty
moments.
4 Years Product Warranty
In essence, BAJAJ's "Built For Life"

ethos represents a renewed promise T&C apply. Product images are representative purposes only. DuraCut is registered trademark by Bajaj Electricals. *Lifetime warranty is applicable on blade only
#
to consumers—a promise of resilience, in Dry Grinding and Chutney Jars. ^Tested as per Military Standard MIL-STD-810H at SIRO accredited Lab. Available in select Mixer Grinders.
Patent Application no. for Military Grade Jars 202221050411 & 202221050268. *Super5Tuff™ Technology* is the TRADEMARK of BAJAJ Electricals Limited.
quality, and longevity that transcends Super5Tuff™ Technology consists of SelfGuard™ Capacitor, FierroShield™ Bearing, SurgeProtekt™Motor, DuraCoat™ Copper & CorroSafe™ Lacquer.
For more details, please visit: www.bajajelectricals.com/terms-and-conditions/2024
mere functionality, embodying the Scan the QR
brand's enduring legacy and vision for code to know
more
the future of consumer appliances.
Revolutionising Home Appliances in India
Nex - The performance-backed premium brand

Nex, the latest brand from the house of
Bajaj Electricals, has stormed into the
Indian consumer market with a promise
to redefine the way consumers interact
with home appliances. Launched Our
with a vision to blend cutting-edge
technology and design to yield PHILOSOPHY
unmatched performance, Nex aims to
elevate everyday living experiences for
households across the nation.
What sets Nex apart is its relentless

pursuit of excellence in both form and
20%
function. From sleek, contemporary Scan the QR
designs that seamlessly integrate into

code to know
more
HIGHER
AIR THRUST *
any living space to intuitive features that
simplify daily tasks, Nex fans are crafted
powered by
AEIROLOGY
TM
to enhance efficiency and elevate
Tech
lifestyles. The precision of angles and
design of the blades, lead to a higher air
thrust enabling the brand to deliver a
Nex
superior experience at every touchpoint.
Moreover, Nex doesn't just stop at

providing exceptional products—it
strives to build lasting relationships
with its customers. Through a robust
customer support network and a
commitment to constant innovation, REIMAGINED FOR
HIGH-PERFORMANCE.
Nex ensures that consumers not only
enjoy the benefits of their fans today Scan the QR
but also stay ahead of the curve in code to know
more
the ever-evolving landscape of home
technology.
In a rapidly advancing digital era, Nex

emerges as a beacon of performance
DRYFT GLYDE
on the back of technology, poised to
become the go-to choice for discerning
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Morphy Richards - The Iconic British lifestyle brand

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Nirlep understands everyday health needs

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Lighting solutions and technological advancement. designs, unparalleled quality, optimal

Underpinning the success is a dual performance, and remarkable durability.
The Lighting Solutions business of Bajaj
focus on meeting consumer needs with Whether for residential, commercial,
Electricals Limited is a shining example
stylish and energy-efficient lighting or industrial applications, the lighting
of innovation and dependability in the
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combines aesthetics with reliability.
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Business Model
Blueprint for our long-term success

Stakeholders :
Channel Supplier/
Investors Lenders Employees Customers Community partners Vendors
Input Value creation process Output Stakeholders impacted SDG’s
Financial Capital Our businesses Financial Capital

Average net worth: INR 1,674 crores Total revenue: Cash flow from
Gross capital expenditure: INR 131 crores What we Consumer Products
INR 4,641 crores operations:
INR 354 crores
EBITDA: INR 346
Brand investments: INR 113 crores
aim for crores ROCE: 13.9%
PAT: INR 131 crores
Enhancing the quality of life

Manufactured Capital Manufactured Capital
and delivering happiness to our
Manufacturing sites: 4 No. of units produced Consumer Products
Warehouse footprint: 27.36 lakh sq.ft
customers responsibly 4.4 Mn Units
Installed capacity of Consumer Products: 10.64 Mn Units No. of units produced Lighting Solutions
10.28 Mn Units
Installed capacity of Lighting Solutions: 18.82 Mn Units
Factory capacity utilisation: 50%
Intellectual Capital B2C model Intellectual Capital

R&D team strength: 176 Designs accepted: 73
Patents filed: 26 Innovation/ R&D Product Procurement/ Patents accepted: 10
Designs filed: 45 development Manufacturing New SKUs launched in Consumer Products: 467
New SKUs launched in Lighting Solutions: 553
Consumer Lighting Human Capital

Human Capital Quality Distribution Logistics Average age of the workforce: 38
Total employee strength: 1,958 excellence Employee engagement score: 84
Gender diversity ratio (Male : Female ratio): 93:7 Turnover rate: ~20%
Manhours of training provided: 14,022 hours
Average amount spent per full time employees on Marketing/ Customer use After-sales
training and development: INR 5,008 Branding service
Health & Safety Management System implementation
at sites: 4
Talent acquisition during FY 2023-2024 including
trainees: 447
Social and Relationship Capital

CSR expenditure: INR 5.14 crore
Total CSR projects undertaken: 14 Social and Relationship Capital
Total partnerships for CSR activities: 18 B2B model Employee volunteering days for CSR: 2,040 days
MSME touch points excluding factories: 207 Dealer base: >700
% Of domestic sourcing for Consumer Products: >90 Retailer base: 2 lakhs+
Professional Lighting No. Of Customer Care Centers: 660
% of domestic sourcing for Lighting Solutions: >99 Design and Research and
Tendering Pin codes served: 19,356
Survey Development
Complaints resolved within 2 days: 98.4%
Product Design and Manufacturing Quality Check

Development and Distribution
Natural Capital Natural Capital

Contract and Claim After-sales
Energy consumption: 49,875 GJ Logistics Waste recovered through recycling, reusing or
Management services
Waste generation: 2,394 MT other recovery operations: 98 %
Installed Renewable Capacity: 2,096 KWp Trees planted: 9,200
Green Energy generated & Consumed: 6,231 GJ Renewable energy mix (Solar generation / Total
electricity consumption): 25%
Waste to land fill: <1%
Risk Management Risks Risk response Capitals at risk

Monitoring fluctuations in commodity prices and inflation trends.
Economic risks
Tiding over Volatile currencies, commodity prices,

and greater reliance on imports can
Implementing strategies to minimise impacts on demand and
profit margins.
challenges efficiently
affect both production levels and Closely observing market conditions to adjust business
profit margins for the Company. operations as needed.
Enhancing efficiency and performance of sales operations.

Market and channel risks
Securing new listings and executing promotional activities.
Increasing dependence on specific
At Bajaj Electricals, we remain proactive in identifying and mitigating potential
geographic regions or distribution Launching new product categories and exclusives.
risks. Our dedicated risk management team consistently tracks market trends, channels for essential product categories
regulatory changes and internal processes to ensure that we are well-prepared for and customer bases heightens
susceptibility to economic shifts and
any unforeseen circumstances. Moreover, we ensure the proper implementation
evolving consumer preferences.
of our robust risk assessment frameworks and contingency plans, which enable Adopting advanced processes and technologies for product
Technological risks
us to overcome challenges and safeguard the interests of our stakeholders. delivery.
Inability to leverage advanced
Developing an innovation ecosystem for enhanced
technologies to meet shifting
collaboration.
customer needs renders the
Company’s products obsolete. Integrating AI, ML, and analytics into internal systems.
Conducting extensive brand research to track awareness.
Reputational risks
Improving brand differentiation with a focus on durability.

Unforeseen events or social media
activities can adversely impact the Strategising to enhance overall brand perception and value.
Risk Risk Risk Risk Monitoring and Company’s reputation and brand recall.
Identification Assessment Prioritisation Response Reporting Regularly auditing compliance with safety and quality
Quality risks
standards.
Deviation from assured quality and
Investing in initiatives to identify and mitigate quality concerns.
performance expectations can
significantly affect brand perception. Ensuring continuous improvement in product safety and
quality.
Implementing strategies for mobile access and device
Cyber security risks
management.
How we approach risk mitigation Failure to safeguard data and
Protecting sensitive data and adhering to regulatory standards.
ensure security can disrupt ongoing
operations and incur legal action. Enhancing security measures for mobile applications and
devices.
Evaluating suppliers on various performance metrics including
Supply risks
ESG compliance.
Risk Risk Risk Ineffective management of the supply
Conducting regular compliance checks on critical supply
Assessment Mitigation Training chain can lead to delays in supply and
partners.
the obsolescence of inventory.
Maintaining open communication with suppliers to adapt to
business needs.
Upholding compliance with safety, quality, and environmental
Compliance risks
regulations.
The risk of failing to comply with Regularly reviewing and updating compliance strategies.
laws and regulations, along with the
challenges of poor governance. Ensuring all operations align with legal and regulatory
Risk Structured Risk Continuous Improvement
standards.
Management Reporting and Deployment of New
Framework Framework Controls Financial Capital Manufactured Capital Intellectual Capital Human Capital
Social and Relationship Capital Natural Capital

Materiality Assessment Social
Evaluating
our priorities
We follow a materiality-driven approach, which entails identifying key concerns,
engaging with stakeholders, encouraging innovation and fostering the values of
transparency and accountability, among others. Integrating materiality into our
decision-making processes helps us effectively navigate potential challenges,
create shared value and contribute to a more sustainable future for all.
Following a four-pronged
approach
Our strategy for managing Rank
crucial aspects of our business Employee Health and Safety (High) Building a safe workplace to improve productivity and operational efficiency
comprises four processes, Identification of Preparing the Key stakeholder Quality and Service Delivery (Medium) Improving brand image by ensuring customer satisfaction as well as
Prioritisation of
ranging from identification material issues materiality matrix identification customer safety
material issues
to disclosure.
Material topics identified

Governance
Environment
Rank
Fair Business Practices (Medium) Conducting our business ethically to build stakeholder trust
Corporate Governance, (High) Ensuring consistent communication to keep stakeholders well-informed
Rank Transparency and Disclosures
Environment portfolio (High) Building a greener portfolio by developing energy efficient products Regulatory Compliance and (High) Adhering to pertinent national or regional laws and regulations relevant
Energy management (High) Managing climate change risks through optimum energy utilisation Integrity to the business.
Product stewardship (High) Mitigating the harmful environmental impact of our products Business Ethics and Anti-corruption (Low) Preserving our brand value and fostering trust among our stakeholders.
Water management (Low) Emphasising prudent use of water resources Resilient Business Model and Long- (Low) Pursuing continuous growth and achievement, creating greater value for
Supply chain management (Low) Ensuring the seamless flow of quality products to customers term Profitability all shareholders.
Waste generation and recycling (High) Enabling proper disposal of waste and optimum raw material consumption Environmental Risk Management (High) Identifying areas exposed to environment-related risks and developing
mitigation strategies
ESG Strategy
Focused on driving Environment Social Governance
inclusive growth
At Bajaj Electricals, we conduct a comprehensive materiality assessment that covers all
our operational aspects. This approach provides us with a robust framework tailored
to address Environmental, Social and Governance (ESG) factors. Further, this strategy
guides us in seamlessly embedding ESG considerations into our primary business
operations; thereby facilitating the implementation of our future initiatives. We have
four strategic pillars that underpin our ESG endeavours. These pillars, in turn, are
reinforced by ten distinct focus areas.
These pillars and focus areas collectively offer us a strong framework and precise guidance for
efficiently integrating ESG factors into our daily business practices.
1 4 10
Vision – Inspiring Strategic pillars Focus areas
Sustainable Living
Strategic Pillars and focus areas with KPIs
Empowering Our Team Preserving the Environment Unlocking New Possibilities Guarding Integrity
Ensuring Safety Strengthening Human Combating Enhancing Sustainable Sustainable Product Packaging Responsibly Guarding Integrity Engaging with Respecting
Capital Climate change Circularity Supply Chain stakeholders Human Rights
o Lost Time Injury o Product Life Cycle and o Eco-friendly
Frequency Rate o Diverse and Inclusive o Energy and o Waste o ESG-specific Innovation Packaging o ESG o Community o Human Rights
workforce Emissions Management Vendor communication Development Assessments
o Workplace Safety Assessment o Sustainable Products
o ESG Training o Carbon o Reduce Single o Business Ethics o Employee
Sequestration Use Plastic Volunteering
o Employee Delight Hours
o Climate Risk
Assessment o Inspiring Trust
in Customers
o Inspiring Trust
in Suppliers
o Customer
Centricity
Stakeholder Engagement
Building collaborative
partnerships
We consider our stakeholders, Stakeholders Value proposition Importance to us Engagement activities Frequency of engagement
essential partners in our mission
Internal stakeholders
to create enduring value.
This conviction drives us to Setting objectives Through strategic planning and the Board and Committee meetings Board meetings held in FY 2023-2024: 6
execution of various processes and cross-
ensure consistent and effective Strategic planning Total Board Committee Meetings held
functional business operations, the Board
communication across various Monitoring financial health and leadership team steer the Company
in FY 2023-2024: 18
platforms and understand the Board and leadership Ensuring compliance

towards long-term success.
evolving stakeholder requirements. Building risk mitigation strategies
We also solicit their feedback on
our performance and offerings to Varied and extensive exposure to Employees play a vital role in the Employee satisfaction surveys Ongoing training and feedback
enhance our operational efficiency. skill and knowledge enhancement Company's success, enhancing
Rewards and recognition
programmes productivity, profitability, customer
Our business and ESG strategies are satisfaction, innovation, growth and Training and development
Leadership opportunities
tailored to address the most pressing brand reputation. They are essential for programmes
concerns of our stakeholders, which Employees
Professional and inclusive culture achieving our business and sustainability
objectives.
can have significant implications for Opportunities for learning and
growth
both them and our business.
Conducive work environment
Internal stakeholders External stakeholders
Consistent returns on investment Investors and lenders serve as invaluable Annual general meetings Total number of annual general
partners, offering crucial financial meetings held: 1
Transparent disclosures Investor and analyst meets and
Board and leadership Employees support for undertaking growth initiatives
conferences Total one-on-one investor meets and
Ethical business conduct and and contributing to the development and
conferences held in FY 2023-24: 65
comprehensive risk management enhancement of our reputation. Quarterly earnings call and
Investors presentations
External stakeholders
Integrated reports and press releases
Investors Customers Strong brands and differentiated Customer satisfaction, feedback and Customer satisfaction surveys Regular customer feedback
products loyalty are essential for sustaining our
Brand Campaigns (ATL and BTL) Need-based communication
leadership position and competitiveness.
Competitive pricing
Delivering on their expectations enables Social media engagements
Quality assurance us to foster customer loyalty.
Suppliers Channel partners Loyalty programmes
Customers Value for money
Premiumisation
Communities After-sales service

Stakeholders Value proposition Importance to us Engagement activities Frequency of engagement
External stakeholders
Ethical and fair business conduct Suppliers offer us operational leverage to Supplier meets Regular follow up
optimise the value chain, ensuring cost
Growth opportunities driven by Training programmes Regular audits at supplier sites
competitiveness and sustainability.
sustainability
Quality enhancement programmes
Prompt payment
Suppliers (up-stream) Feedback and surveys
Regular orders to enable business
growth
Ethical business practices Channel partners enable us to expand Retailers meet, Electrician meet, Regular follow up
our reach. They provide us with Market Placement drives, Tie up
Learning and skill enhancement
market insights and help us boost our schemes
Capacity building sales volume and revenue, while also
enhancing our cost-effectiveness.
Customised portfolio meeting
Channel partners customer needs
(down-stream)
Empowering underserved Local communities are essential for CSR activities Ongoing
communities fostering a supportive ecosystem,
Initiatives for the betterment of Need based
providing social support and facilitating
Enhancing the quality of life with society
smooth business operations.
improved healthcare facilities
Implementing safe work practices to

Communities
protect our community members
At Bajaj Electricals, we
make products that are not
just aspirational in nature,
but are made to be durable
and add value to life in a
sustained manner.
We believe, our products must reflect and resonate with the
consumers’ evolving sense of aesthetics, lifestyles and the
preferred home décor and live up to the brand promise of trust.
Hence, we deploy our capitals with the objective of creating

a differentiated value proposition for our customers, business
partners and the wider fraternity of stakeholders.
Financial Capital FY 2023-24 was characterised by The cash surpluses generated are management is to safeguard its ability
weakening rural consumer demand. A invested in income generating debt to continue as going concern, maintain
combination of prudent fiscal practices, instruments including mutual funds strong credit rating, preserve cash
operational excellence, and flexible depending on economic conditions and to ensure that it maintains an
Demonstrates our efficient business model enabled us to deliver

stable performance. This is further
enabled by our solid financial position,
in line with the guidelines set out by
the Management. Safety of capital is of
prime importance to ensure availability
efficient capital structure and maximize
shareholder value.
capital structure which assists in effectively deploying

capital in growth opportunities.
of capital for operations. Further the
objective of the Company’s capital
Cash flow generation & deployment (INR in crores)

Bajaj Electricals is
dedicated to achieving
11
354
342
346
48
sustained financial
90
growth by employing
efficient capital allocation,
208
114
optimising costs and
(3)
(130)
maintaining steady
(63)
10
operating cash flow
generation.
26
We create long-term value for our
(46)
(131)
stakeholders by leveraging growth
opportunities through strategic
(238)
investments, while bolstering risk
mitigation strategies to enhance return
Repayment of Debt &
Surplus Investments
Project Ltd pursuant

EBITDA Company
on capital and facilitate dividend
Net cash change

EBITDA Others &
Payment to Bajel
Contribution to
Opening Cash
and Non-cash
distribution.
Closing Cash
WC Releases
Adjustments
to demerger
Unallocable
EBITDA CP
Operations
EBITDA LS
exchequer
Cash from
Dividend
Balance
Interest
Others
Capex
Material topics UN SDG linkage
Resilient business
model and long-term Outcomes for the year
profitability
Corporate restructuring Generated cashflow in operations of Way forward
Demerger of EPC business into a INR 354 crore
• Maintaining flexible capital structure
new listed entity Bajel Projects Ltd Facilitated by release of working
Natural Capital Manufactured Capital
w.e.f. 1st September’ 23 capital and operating profits • Making sound investments towards
Compliance of EPR regulations by Invested INR 16 crores towards the intellectual capital
providing INR 9 crore for e-waste enhancing in-house capabilities Merger of Nirlep Appliances Pvt Ltd Strong surplus position of INR 305
collection and disposal into the Company w.e.f. from 31st crore achieved through focused • Continued focus on digitisation
Financial March’24 efforts and actions
• Focusing on shareholders’ wealth
Capital
Social and Intellectual Capital Continued capital expenditure to the maximisation
Enhancing value tune of INR 131 crore
relationship Capital Significant investments towards R&D
of 1.98% towards refreshing product Initiatives undertaken to improve
CSR spending of INR 5 crores towards Brand investment to the tune of
community development programmes portfolio working capital cycle across the
value chain (Reverse factoring, INR 113 crore to support business
Channel financing, Cooler financing growth
and Warranty insurance) Proposed dividend payout of INR
Human Capital
Closed legacy income tax 35 crore in line with Dividend
Significant investment in talent acquisition Distribution Policy
and training and development processes
assessments of INR 126 crore with
interest realisation of INR 41 crore
Our manufacturing facilities Chakan Plant
Manufactured Capital We have advanced manufacturing

facilities in Chakan, Nashik and
Aurangabad. Reiterating our
commitment to quality and excellence,
Delivering futuristic, we have developed state-of-the-art

manufacturing infrastructure to produce
sustainable products
innovative and premium products.
With a consistent focus on improving
operational efficiency, we continue
to upgrade the existing machinery
and adopt technologically advanced
With consistent focus processes. It not only helps us to adhere
on delivering cutting- to rigorous quality parameters but also
edge products that ensures optimum resource utilisation.
fulfil the promise of
aesthetics, functionality
and durability, we
continue to enhance our
Establishment year Certifications and awards
manufacturing capabilities.
Moreover, our emphasis 1998
on manufactured capital
enables us to expand Product lines ZWL
capacity, ensure optimum
(Zero waste to
production of premium LED Fans
Landfill)
products and uphold
sustainable manufacturing
practices. Aurangabad

68.67 3.92
K units /month
Lakh
units /month
Nashik
Quality and service Total installed Total installed

capacity capacity
delivery ISO 9001
Natural Capital Financial Capital

4.32 Lakh 26.1Lakh
units/annum units/annum
Chakan
Manufacturing energy-efficient Investments made to upgrade equipment
Annual Production Annual Production
products and ensuring strict adherence required for manufacturing facilities and
to environmental norms during the enhance the production capacity FY24 FY24
production process.
Manufactured
Social and
Capital
Intellectual Capital
4 Capacity utilisation
ISO 14001
relationship Capital Consistently enabling the launch of
Manufacturing units
Fulfilling customer expectations by new and improved models.
delivering durable and best-in-class
products to the market.
50% 55%
Human Capital
Upskilling our workforce with regular training
to balance cross-functional processes and Annual capacity utilisation
improve productivity. of all units
Highlights of FY2024
The Chakan plant installed and stabilised

Nashik Plant Capacity utilisation
37% Sustainable operations
Solar generation system

new paint and assembly shops in FY2024. Mixer grinders
The introduction of NEX brand featuring

53% We have integrated an 809KWp solar
generation system which ensures effective
a super-premium and premium range of energy conservation and also sets a precedent
fans in both online and offline channels
strengthened the capacity usage of the
73% towards adopting renewable energy.
Treatment plants
Certifications and awards Instant water heaters
plant. In our Nashik facility, we have implemented
Effluent Treatment Plant (ETP), Sewage
During March 2024, Chakan facility
Treatment Plant (STP) and Zero Liquid
marked its highest ever production of 3.2 During February 2024, the Nashik
Discharge (ZLD) facility during FY2024.
lakhs fans in a single month. facility achieved its highest ever
This has strengthened the process for
production of 38K units of mixer
Volume growth achieved ISO 9001 grinders for the month.
treating and discharging wastewater
generated within the plant.
37%
FAN
Productivity in terms of Equivalent Units

Per Person Hour improved from 2.4 to
3.0, compared to previous fiscal year.
Establishment year
ISO 14001
Starlite - 2000 Merged into Bajaj - Oct 2022
Sustainable operations
LPG to PNG changeover Product lines
As PNG is safer, cleaner and environment Water heaters LED Mixers

friendly than LPG with lower cost, we
have switched from LPG to PNG. It does
not require storage in tanks and are
directed through piped connections.
SWH LED
MG ISO 45001
60
Wet scrubber system
It helps in removing pollutants and
month
K units / 15 lakh units /
month
50K units /month
contaminants from exhaust gases
IWH HB
generated during the pre-treatment
30
Total installed
process, ensuring reduced emissions.
month
K units / capacity 30K units /month
Fume Extraction System
Total installed Highlights of FY2024
This helps us to capture and remove Total installed capacity
harmful fumes and gases generated capacity During FY2024, the Nashik plant
during the varnishing process. It further enhanced its capacity for storage water
helps to reduce air pollution. heaters (SWH), instant water heaters
SWH LED MG (IWH) and LED products through
3.43 98.5
CO2 flooding system
2.71
the addition of new solar equipment,
We have installed a system in our liquid Lakh Lakh Lakh replicating lines and implementing new
units/ annum units/annum units/annum production setups.
paint shop booths to improve fire safety
IWH
and minimise environmental damage.
87
Annual Production Volume growth achieved-
FY24 HB
Centralised DG set-up K units/
This ensures reliable and efficient power
annum
Annual Production
1.27
annum
Lakh/
103 %
usage by LED and fan shops, thus
enabling optimum energy usage and FY24 Annual Production FY24
LED
reduction of carbon footprint.
Aurangabad Plant Expanding capacity Also, we have taken initiatives through

engaging with external agencies to
In line with the government’s ‘Make in explore value engineering opportunities
India’ initiative, we are bolstering our 30,000 for BLDC fans. Towards this we
21,000 Units per
production capacity to manufacture have conducted pro-bono (no cost)
superior quality indigenous products. month
diagnostic study by the experts in Value
To achieve this objective, we aim Stream Engineering (VSE) at our Chakan
to enhance process efficiency and Increased production capacity of Instant plant.
introduce low-cost automation into the Water Heater
production processes. Also, during the Also, to enhance productivity, we have
next fiscal year, we aim to transition adopted new automated processes.
We have demonstrated a focused effort
to MES (Manufacturing Execution At Chakan plant, our new paint shop
to improve manufacturing capacity and
System) across all our factories to ensure has transitioned from manual to fully
productivity of fans. This has streamlined
seamless execution of our operations. automatic set-ups for executing the
operations, optimised workflow
processes involved in the pre-treatment
We have also initiated SKD (Semi and helped to integrate innovative
line, powder coating and enamel
Knocked Down) projects across all our technologies to improve efficiency and
removing process in BLDC copper wire.
manufacturing units to manufacture a output.
wide range of home appliances such as At our Nashik plant, to improve the
37%
steam irons, food processors and export efficiency in the lighting solutions
blenders. segment, we have invested
Establishment year Certifications and awards Volume growth achieved towards acquiring new equipment
Nirlep Cookware – 1968 Volume growth of fans in which includes double stroke
Nirlep Pressure Cooker - 2021 44% Improving productivity FY 2024 deep draw power presses, robotic
wielding machines and PTFE
With the growing market demand for
Both merged into Bajaj – March 2024 ZWL Pressure Cooker During the year, we have also entered (Polytetrafluoroethylene) set-ups used
convenient and energy-efficient home
for enhancing the resistance power
(Zero waste to appliances, at Bajaj Electricals we have into collaborations to drive procurement
against heat and corrosion.
Product lines During Feb 2024, the Nirlep facility transformation aimed at reducing both
Landfill) undertaken efforts to maximise our
raw material and conversion costs.
achieved its highest ever production manufacturing capacity and productivity
Non-stick Pressure of 55,000 units of pressure cooker for across all our product lines. Along with
cookware Cooker the month. the development of an extensive product
portfolio, we have expanded the number
Sustainable operations of press lines and assembly lines used in
the manufacturing process. We have also
APFC (Automatic Power Factor integrated, wielding robots to eliminate
2.5 lakh
units/month
75
month
K units /
ISO 9001 (NST) Correction) Panel manual work. Additionally, for the water
heaters segment, we have implemented
This has been installed in the NST (Non-
Standard Transformer) Plant which helps and stabilised own circle cutting
Total installed Total installed
to enhance the power factor and reduces and PTGE (Polytetrafluoroethylene)
capacity capacity
energy consumption by Avoiding heat coating facilities that lend high heat
and other losses. resistance and water repelling properties
5.74 3.92
Highlights of FY 2024 to the water heaters. Our advanced
manufacturing processes have also
Lakh units/ lakh units / The Nirlep/Aurangabad plant underwent STP plant
helped to optimise cost and has
annum annum a significant transformation by revamping
We have recently installed a Sewage significantly increased the production
its cookware segment.
Annual Production Annual Production Treatment Plant (STP) in our Aurangabad capacity during FY2024.
FY24 FY24 The plant expanded its product offerings plant in March 2024. It has been
with new stock keeping units (SKUs) streamlined with the production process,
supplied to both trade and e-commerce from the current fiscal year.
Capacity utilisation
platforms, including designer aluminium 60,000
pressure cookers (ALPC). 50,000 Units per
month
25% With renewed focus on innovation and

customer satisfaction, Nirlep has launched
Increased production capacity of Storage
Nirlep Pressure Cooker in August 2023.
Water Heater
Enhancing operational excellence Ensuring quality assurance and

safety New quality lab has
At Bajaj Electricals, we prioritise the been set up at the
assurance of quality and safety across all Chakan plant for Emergency response (Chemical
our facilities. By strictly adhering industry spill & Fire mock drill)
standards and regulations, we have
testing the quality of
Internal time and motion study Debottlenecking processes We are regularly conducting
implemented advanced procedures to luminaries. chemical spill and fire mock drill as
We conduct thorough internal time We focus on identifying and ensure the highest levels of quality and
a part of emergency preparedness
and motion studies to validate and eliminating bottlenecks in our safety. This includes rigorous quality
Steps taken to ensure safety for facilities. This type of drill
rebalance processes, ensuring processes promptly, enabling better control processes at every stage of the
helps assess the effectiveness of
optimal manpower utilisation. control over deviations from expected production process. Regular audits are
emergency response procedures,
timelines. also conducted to monitor compliance
identifies areas for improvement,
with safety standards. Additionally,
One EHS portal and ensures that our personnel are Adopting technology
we invest in continuous improvement
adequately trained to respond to
initiatives to identify and address Integrated platform to monitor safety The manufacturing processes
such critical incidents.
potential safety hazards or quality by tracking unsafe acts, hazardous have undergone significant digital
Strengthening supply chain concerns. conditions and near misses. This has transformation. From automating
helped us in identifying potential production processes to streamlining
With focused efforts to strengthen
hazards and associated risks. inventory, advanced technology has
the supply chain, we strive to ensure Nasik plant
Awareness on Personal protective been utilised to improve operational
uninterrupted supply of products
We have invested in equipment such as equipment (PPE) usage efficiency.
and enhance overall operational
efficiency. double stroke deep draw power presses,
Awareness campaign on use of The introduction of Smart QR codes
robotic welding machines, PTFE coating Digital display boards
PPE in manufacturing plants brings on finished products have enabled
setups for water heater element and tank Installed display boards to show several advantages. It enhances efficient tracking of product warranty
circle cutting setups at the Nasik plant. real-time data of environmental safety by reducing the risk of and improved dispatch controls.
conditions. workplace accidents and injuries, Also, the adoption of a Compliance
Adherence to New Product
Chakan plant- fan division ensures compliance with regulations, Monitoring System (CMS) has facilitated
Development guidelines
and lowers healthcare costs better oversight and timely closure of
We adhere to New Product We have implemented ultrasonic associated with worker injuries. compliance related endeavours. An
Our focus Development (NPD) guidelines and fusion setups, soundproof STR rooms,
Daily plant audits Attendance Management System (AMS)
automatic air delivery testing setups
areas launch timelines to ensure timely
and ESD control measures for BLDC Regular plant audits are conducted to has also been successfully deployed
entry to the market and to retain a for the contractual workforce to
fan assembly at the Chakan plant. identify gaps in the safety and quality
competitive advantage. Medical camp streamline attendance tracking. With the
Additionally, safety audits are conducted control process. It also ensures
compliance with regulations. integration of state-of-the-art technology,
regularly to ensure the safety of our Medical camps provides invaluable
we have significantly optimised our
people. benefits to workers by offering
manufacturing efficiency.
convenient access to healthcare
Quality improvement services, facilitating early detection
Way forward
We prioritise quality improvements Fan facility of Chakan Mental health check-up and stress
and prevention of health issues,
enhancing productivity, boosting • Focused effort towards augmenting
across our processes and strive plant certified with new management workshops manufacturing capabilities for
morale, and fostering a positive work
to maintain consistent quality
BEE regulations Implementing mental health environment. premium BLDC fans.
of products to ensure customer
check-ups and stress management
satisfaction. • Comprehensive resource
workshops for employees fosters
improved well-being, enhanced optimisation by strengthening
Chakan plant- lighting division supplier ecosystem and
16%
productivity, reduced absenteeism,
a positive work environment, manufacturing process.
We have arranged automated testing
Projects to enhance productivity Regular gap analysis equipment such as SCR meters, surge better retention and recruitment,
• Swift acknowledgement of priorities
testers and glow wire testing equipment and potential cost savings for the Drop in market complaint by manufacturing facilities on the
We have planned projects using Continuous benchmarking against company. for consumer products
at the lighting division of the Chakan basis of mapped strategies and
techniques such as the Maynard competitors and vendors allows us to
plant. business requirements.
Operation Sequence Technique identify and implement best practices
(MOST) to measure work, improve that encourage innovation and • 3 Years strategy roadmap set for
productivity and balance operations efficiency. taking manufacturing towards
effectively. excellence.
Intellectual Capital
Strengthened research and
development 3,489.3 sq. m.
Our dedicated R&D team with high Area of R&D centre
1,020
expertise towards product development
and technical know-how empowers New SKUs Launched in
Drives meaningful us to thrive and maintain a leadership

position, even in the rapidly changing
market landscape. We have targeted our
Innovation Ecosystem
Bajaj Electricals is developing an
FY 2024
innovation for life efforts to embrace advanced processes

and integrate high-end technologies to
innovation ecosystem of internal and
external stakeholders, which enables
553
deliver products, which are durable and collaboration and partnerships with
cater to customer requirements. research institutions, universities,
Lighting products
We are pushing the individual investors, market research
envelope of innovation consultancy and start-ups. External
across different price 176 innovators can submit their ideas either
points for various products

R&D employees
through the consultancies online portal
or through connections within our
467
to fulfil the aspirations organisation. Consumer products
of a wide spectrum of
155
The criteria for selecting innovations
customers. Our primary include factors such as novelty,
objective is to develop a business impact, technical feasibility,
diverse range of products Engineers in technical roles manufacturing feasibility and
scalability. Through this collaboration,
that stand out for their
we derive a clear understanding of
design, functionality,
durability and energy
Our extensive research to identify
market trends, bridge the gaps and
market dynamics which helps us in
addressing authentic consumer needs 73
efficiency. We are capitalise on the opportunities serves by pursuing innovative concepts.
as our growth catalyst and sustains in Number of Designs Accepted
committed to delivering the highly competitive scenario. We are
solutions that help enrich able to maintain an innovative edge over
the quality of life.
26 10
our industry peers with diligent market
surveys to understand the evolving
Material topics UN SDG linkage preferences of customers across various
product categories and tailor our Number of patents filed Patent accepted
Environmental portfolio offerings accordingly.
Product stewardship Our R&D team seamlessly manages the

Product Research Centre (PRC), Centre
of Excellence (COE), and Design Quality
Control (DQC) departments, which
Natural Capital Manufactured Capital
support innovation and operational
Innovative effort to use alternative Integration of advanced technologies
excellence. We are also leveraging
materials, which are sustainable and bio- in the manufacturing facilities and also
degradable in the product development across various range of offerings. advanced engineering, digital
and packaging process. simulations and proper Product Life-
Intellectual
cycle Management (PLM) to minimise the
Capital
Social and Financial Capital defects and developmental errors. This
relationship Capital Significant fund investment resulted
has enabled us to gain the first mover
Regular collaboration with educational in improved R&D practices and new advantage for launching any product
institutions to ensure consistent support product development. with specific designs and functionality.
on cutting-edge technologies and Additionally, our COE team focuses
research, alongside partnering with
supply partners and design houses for
on emerging technologies such as
Human Capital connected lighting and IoT-connected
developments related to design.
Strengthened team comprising individuals from esteemed appliances, enriching our portfolio in IoT,
educational institutions, having expertise in crafting
AI, and digital solutions for consumer and
innovative strategies and with technical proficiency.
lighting products.
R&D backed brand re-positioning Simulation-based predictability Extension of product lifespan Innovative technologies in new Technology Products Technology Products
We can undertake calculative actions Our innovations are supported by products
With the overarching objective of DuraCoat Heating Water heaters DuraCut Blades Mixer grinder
becoming the growth engine for Bajaj based on the predictions received for the robust product lifespans, providing us Consumer products and Military Jars
Elements and
Electricals, our R&D focus is squarely product’s future value. with the opportunity to extend product
DuraAce Tanks
aligned with the brand promise of ‘Built warranties. This, not only, enhances Technology Products Innovative qualities
for Life’ for Bajaj Electricals and ‘Feel the customer trust, but also reflects
Digital Validation Innovative qualities
our commitment to improving the BLDC Fans
Future’ for the newly introduced Nex Our mixer grinder is equipped with
This helps ensure the accuracy and durability and reliability of our offerings.
brand. The heating element has a proprietary DuraCut Blades, setting a new
correctness of the digital model and also By reducing the need for frequent Innovative qualities coating for improved heat transfer and benchmark for durability by offering
Our R&D aims to achieve two primary helps us take corrective actions. replacements, we encourage sustainable
long-term durability, ensuring a steady a lifetime warranty, guaranteeing
goals. Firstly, we strive to develop consumption patterns and contribute to Achieving a 5-star energy efficiency
hot water supply and significant cost consistent performance and reliability.
innovative technological solutions that environmental conservation efforts. rating, this technology embodies cutting-
Our key focus areas savings. Meanwhile, the tank is built Additionally, our jars are engineered to
effectively cater to consumer demands, edge energy-saving capabilities.
with advanced materials, guaranteeing adhere to MIL 810H standards, ensuring
while ensuring our products are Reduction of product weight
Usage of sustainable alternatives corrosion resistance, leak-proofing, and unmatched toughness and resilience to
launched to meet business requirements. The designing of the products is done withstand rigorous handling.
high-pressure endurance.
Secondly, we seek to integrate distinctive by giving priority to reduce the overall Incorporating alternative sustainable
features into our products that align weight. This approach aims to minimise materials across our products and
closely with our brand identity, thereby material consumption, while enhancing packaging underscores our commitment
setting them apart in the market. To energy efficiency. For this purpose, to environmental stewardship. By
achieve these goals, we are leveraging we have collaborated with external utilising bio-degradable and eco-friendly
collaborations with esteemed consultants to improve the casting materials whenever possible, we aim
educational institutions through ongoing for reaching an optimum weight and to minimise our ecological footprint
Memoranda of Understanding (MOUs). also minimise the errors in production and promote the principles of a circular
process. By employing lighter materials economy.
These collaborations are anticipated
and innovative design strategies, we
to yield significant benefits, including
seek to lower its environmental footprint
the enhancement of technical expertise
and contribute to resource conservation.
among our R&D personnel and access to
state-of-the-art facilities at the partnering
institutions for conducting crucial tests
and experiments related to various R&D Technology Products Technology Products Technology Products
projects. Moreover, these engagements
are expected to facilitate the creation of Aeirology Fans Super5Tuff Fans DuraGlide sole Irons
intellectual property rights (IPR) that will plate
further bolster and safeguard our brand
Innovative qualities
promise.
Innovative qualities Innovative qualities
Enhancing air thrust by 20%, Aeirology
technology provides swift relief Designed for longevity, our fans boast Featuring a long-lasting soleplate
Sustainable product from discomfort, demonstrating our a 5-year warranty, underpinned by coating, our irons are equipped with
development commitment to innovation and consumer innovative Super5Tuff technology. Duraglide technology, ensuring smooth
With the aim to ensure product comfort. gliding and durability over time.
stewardship we have embraced
innovative methodologies in design and
its overall development process. For
this purpose, we have employed certain
practices.
Reliability modelling
It helps us to easily understand the
functional interdependencies of the
products which streamline us to find the
appropriate design alternatives.
Lighting products Campaigns targeting specific Data security through mobile We are enhancing our operational and collaboration capabilities, DMS
sectors app efficiency by implementing Robotic synergises with SAP S/4HANA, ensuring a
Technology Products Technology Products Process Automation (RPA) to automate unified approach to managing distributor
We have executed marketing initiatives The integration of Mobile Access
essential tasks such as payment lifecycles. This integration improves
Bonded heat sink Stadium lighting UL VO Lens with Tunnel lighting targeting four priority categories- Management (MAM) and Mobile
reconciliation and cost sheet generation. information accessibility and aids in
PLCC Device Management (MDM) strategies
This initiative reduces the need for meeting compliance requirements,
Innovative qualities is harmonised with our fundamental
manual intervention, thereby increasing thereby nurturing stronger relationships
Innovative qualities business goals of safeguarding sensitive
We have innovated and developed an overall workforce productivity. This with distributors.
data, preserving intellectual property
advancement for our lighting solutions, comprehensive approach also facilitates
This technology has sparked a revolution and adhering to regulatory requirements.
which allow the construction of heat informed decision-making. Warehouse Management System
in tunnel lighting. Crafted from ULV0 Through the implementation of detailed
Fans (WMS)
sink fins of varying heights while grade polycarbonate, these lenses controls over mobile applications
maintaining a consistent base. Owing to exceed the performance of conventional and devices, we bolster security Integration of modules with SAP S/4 Integrated with S/4HANA, WMS offers
this technology we can accommodate glass, providing outstanding measures, while enabling smooth HANA real-time visibility into inventory, order
diverse wattage in the lighting panel durability and reliability. Also, the accessibility to our mobile app's features, fulfilment, and logistics processes. This
and such technological ingenuity is integration of PLCC facilitates seamless Human Capital Management (HCM)
thereby promoting user efficiency integration leads to a more agile and
particularly well-suited for retrofitting communication between lights in Water solution
and contentment. These initiatives responsive supply chain, reducing lead
stadium lighting systems, demonstrating network-deprived environments such as Heaters
underscore our dedication to upholding SuccessFactors, for Human Capital times and improving overall warehouse
our dedication towards minimising tunnels, guaranteeing efficient operation the confidentiality and integrity of our Management (HCM) solution, facilitates efficiency.
carbon footprint. and heightened safety. corporate data, ultimately contributing to streamlined HR processes. Its integration
our sustained business prosperity. with SAP S/4HANA ensures smooth data
flow, encompassing talent management, Product Lifecycle Management (PLM)
Coolers employee performance, and workforce Product Lifecycle Management
Digital transformation analytics. This integrated method of (PLM) seamlessly integrates with SAP
We have integrated our internal human resource operations enhances S/4HANA to oversee the complete
systems with Artificial Intelligence (AI), efficiency and enables strategic product development lifecycle. This
Machine Learning (ML) and advanced workforce management. collaborative approach ensures all
Mixer stakeholders, including distributors,
analytics. The adoption of AI/ML-driven
Grinders share a unified view of product-related
demand forecasting has significantly Distributor Management System (DMS)
improved national forecast accuracy. data, accelerating time-to-market and
Our incorporation of a Power BI layer The Distributor Management System enhancing compliance with industry
enriches insights, offering transparency (DMS) is seamlessly integrated to regulations.
Recent consumer research shows a into existing challenges and potential. streamline end-to-end distributor-related
Technology Products Technology Products growing connection between Bajaj processes. With secure storage, retrieval
Transportation Management System
Electricals and the 'Built for Life' ethos.
Visual Comfort Consumer PO optics Street lighting/ (TMS)
To capitalise on this association, we have
lighting area lighting The Transportation Management
launched campaigns closely tied to the
Innovative qualities 'Built for Life' philosophy, maintaining System (TMS) is intricately integrated
Innovative qualities
consistent visual language and tone. into the SAP framework to streamline
This technology ensures flicker-free Pole-to-pole optics is a technology transportation processes. By
These campaigns have been strategically
operations with high efficacy. It also has engineered to enhance the efficiency optimising route planning and logistics
rolled out across various communication
a 90 CRI (Colour Rendering Index) rating, and effectiveness of LED lighting management, TMS boosts overall
channels, including Below the Line,
which ensures superior colour rendering systems. By widening the spacing transportation efficiency. This integration
Above the Line and digital campaigns.
while minimising energy usage. between poles in installations, it ensures leads to cost reduction and improved
uniform light distribution across larger Extensive brand tracking research delivery timelines, benefiting distributors
areas, thereby minimising the need for indicates significant improvements in within the supply chain.
additional luminaires. brand awareness, consideration, and
brand power for Bajaj Electricals across
Customer Engagement
key categories. Notably, there is a clear
enhancement in brand differentiation, Customer Engagement (C4C)
particularly in terms of durability. This enhances operational efficiency
validates the effectiveness of our through integration with SAP S/4HANA.
strategic approach. This module prioritises optimising
customer interactions and relationship
management, ensuring a comprehensive
approach to business operations.
Demand Forecasting Asset monitoring Energy monitoring Go-to-market strategy

The Demand Forecasting module utilises Our emphasis towards Asset Monitoring Energy Monitoring has been a crucial In our Go-To-Market strategy, we have
advanced analytics to anticipate future has helped us to reduce Mean Time aspect of this initiative, resulting in a successfully implemented the Pragati
demand patterns. Integrated with SAP to Repair (MTTR), which resulted in significant reduction in energy cost per Dealer Management System and DSO
S/4HANA, it improves inventory planning reduced downtime and enhanced overall unit. This demonstrates our effective Apps across our distributor and sales
accuracy, minimising shortages and asset reliability. The identification and management of energy resources. network. We are now introducing
excess inventory costs. This seamless relocation of underutilised machines Additionally, a contracted demand order automation to enhance process
information flow supports distributors to other factories have also improved reduction has significantly contributed to efficiency further. Additionally, we have
in effectively managing their inventory, asset utilisation, particularly for alternate operational cost savings. completed six projects in Bajaj Electricals
responding adaptively to market product lines. Citisol and launched two products in
demands. CIoT (Consumer Internet of Things).
As part of our future roadmap, we are

Ariba, for Vendor
prioritising enhancements to sales force
Ariba for vendors simplifies procurement efficiency through several initiatives.
by linking businesses to a global supplier
network. Integrated with SAP S/4HANA,
Geo-Coordinate Integration
it improves vendor and distributor
management, automating procurement This integration will enable better
workflows and ensuring transparency. geographical tracking of sales activities,
This integration facilitates efficient and allowing for more targeted and efficient
cost-effective procurement operations for sales strategies. It ensures that sales
both vendors and distributors. teams can prioritise their efforts in
areas with higher potential, leading
to increased productivity and better
Industry 4.0
resource allocation.
Connected manufacturing
In Connected Manufacturing, the Incentive Module Order Management Optimisation • Comprehensive AI literacy
organisation is progressing with the programmes to be launched for
The introduction of an Incentive Module Optimising the order management
implementation of Industry 4.0 across our employees along with the
will motivate sales teams by offering process streamlines workflows,
additional production lines in the integration of the technology the HR
rewards and recognition based on reduces errors, and speeds up order
Chakan Plant. Additionally, a Contract practices to ensure better workforce
performance metrics. This initiative fulfilment. This leads to improved
Attendance System has been effectively management.
not only boosts morale but also customer satisfaction, increased repeat
deployed across both the Chakan and
incentivises higher productivity and sales business and ultimately higher revenue
Nashik locations. The primary emphasis • Focused technology integration
performance, ultimately driving revenue generation.
is on optimising manufacturing costs into critical operations domains to
growth.
by enhancing Overall Equipment improve sales analysis and improve
Effectiveness (OEE), production Supervisor App for Real-Time Sales supply chain and logistics from
efficiency, manpower efficiency, as Automated branch commercialisation Monitoring forecasting to final delivery.
well as maintenance and utilities orders The introduction of a supervisor app
• Improve customer care through
management. By automating branch commercialisation enables real-time monitoring of sales
chatbots which will ensure to
orders, we reduce manual errors, activities, providing us with valuable
The initiative has demonstrated provide round-the-clock assistance
accelerate order processing times and insights into team performance and
remarkable improvements in terms of and address issues raised by the
improve overall operational efficiency. customer interactions. This facilitates
OEE (Overall Equipment Effectiveness), customers.
This initiative frees up resources to prompt decision-making, coaching
OLE (Overall Line Efficiency) and plant opportunities and the ability to address
focus on strategic tasks while ensuring • Developing new innovative products
efficiency. The availability of machinery any issues promptly, leading to overall
smoother and more accurate order to enhance customer experiences
has increased leading to enhanced improved sales efficiency.
handling, ultimately contributing to through refining AI applications and
operational uptime. The performance
increased customer satisfaction and integrating IoT.
has notably improved primarily due
loyalty. Way Forward
to reduced changeover times. This • Focus on innovations which will
decline in changeover times has also • Leveraging technologies such offer superior functionalities along
resulted in a significant increase in shift as Cloud, AI, IoT, Big Data and with cost-effectiveness.
output, indicating a more efficient and cybersecurity across business
streamlined production process. operations.
Our diversity mix

Our people serve as the vital link
Human Capital bridging our present efforts with Headcount (in Nos) Gender-wise breakup (in %)
our future aspirations. They have
consistently remained some of our
most cherished stakeholders and are
1,958 93%
Putting our strategy our true differentiators. Dedicated
to creating a strong employee
Permanent employees &
workers
Male
into action
value proposition, we aim to create
a safe, flexible and inclusive work
environment where our people feel 7%
valued, engaged and have equal
opportunities for growth. We prioritise Female
At Bajaj Electricals, we ongoing learning to equip our team
believe our people members with the requisite skills
are the key drivers of to adapt to and thrive in an ever- A robust employee value
changing operating environment. proposition
organisation’s philosophy
and growth. We
consistently endeavour
Opportunities for Open and transparent Equal opportunities to
to create an inspiring innovation work culture learn and grow
workplace that empowers
our people to catapult our
transformation journey. Empowerment across Comfortable work-life
We strive to create a skilled different levels balance
and engaged workforce
by providing them with
meaningful opportunities
and implementing
progressive initiatives and
policies which cater to the
expectations of our diverse
talent pool. Employee health and safety
Business ethics and anti-

corruption
Natural Capital Financial Capital

Encouraging our team members to Judiciously investing in enhancing the skill
volunteer in environmental conservation sets and expertise of our team members
programmes thereby creating employee through rigorous training sessions and skill
engagement development programmes
Human
Capital
Social and Intellectual Capital
Relationship Capital Offering assistance to our employees
Mandating the recruitment of a diverse and leadership teams by developing
mix of candidates across various e-learning platforms that optimise their
demographic segments during the hiring training programmes
process
Manufactured Capital
Undertaking the scheduled maintenance of equipment as
well as conducting safety trainings and audits to ensure
an injury-free workplace
Hiring done right

At Bajaj Electricals, we remain resolute
96% Facilitating ongoing learning
and development Our dynamic team possesses true
intrapreneurial prowess, introducing
in nurturing a culture of innovation and Hiring has been done in-house In our endeavour to cultivate a culture innovative products and enabling us
excellence by finding the best talent of consistent learning, we undertake to delight consumers and stay true to
from diverse channels. As an equal numerous training and development our brand promise.
opportunity employer, our dedication to initiatives for our personnel. During
diversity and meritocracy hiring ensures
that we build a team that reflects a variety
52 FY2024, training sessions were conducted
to enhance both the functional and
of perspectives and diverse demographic Women employees joined in FY 2024 behavioural aspects of our employees' Ways we identify improvement
segments. (Including Trainees) development. The functional programmes areas
concentrated on equipping individuals
We conduct placement drives at Detecting training needs is a crucial
with current and future skills essential
leading management and engineering aspect of performance goal setting.
447
to their roles, while the behavioural
institutions to recruit fresh talent, Employees submit training requirements
training sessions were aligned with our
providing them with avenues for rapid to their managers for approval, who
winning culture competency framework.
career advancement into frontline and then align these needs with their annual
Talent acquisition in FY 2024 Notably, we conducted our ‘Be the
higher positions. This comprehensive performance targets. Following this,
(Including Trainees) Best’ training sessions to enhance our
recruitment strategy underscores our the Learning and Development (L&D)
core competencies. We prioritise the
commitment to attracting and nurturing team develops relevant functional
development of people managers and
top talent to drive organisational success.
Our talent acquisition team leverages ~80% have launched the ‘First Time Manager’
initiative to provide essential guidance to
and behavioural programmes to meet
the identified training requirements.
various online platforms, external Employees can choose from a range of
new managers, facilitating their successful
agencies and employee referrals to Employee retention learning options, including e-learning
transition into managerial positions.
hire candidates for specialised and courses, on-the-job training, classroom
sessions and participation in certificate
14,022
leadership roles. Also, during this year,
we have transitioned to a system hiring courses or seminars. Additionally, we
process which helps us to manage the emphasise personalising the learning
for future transitions. In the fiscal year Embracing diversity and
entire recruitment process in a seamless Man-hours of permanent employees' experience for each team member.
2023-24, we successfully facilitated the inclusion
manner. training during FY 2024 transition of an employee into leadership
As an equal opportunity employer, we
Building the next line of positions, reinforcing our commitment to
actively seek candidates from diverse
Streamlining the on-boarding leadership grooming talent from within.
backgrounds. Merit-based recruitment
process & new joiner experience
Leadership development is the practices and inclusive policies ensure
Our optimised onboarding process for compass guiding us towards our equal opportunities for all individuals,
the fiscal year 2024 dedicates two days future endeavours. It plays a pivotal regardless of background or capability.
Pygmalion
each week to welcoming and integrating role in empowering both managers
new talent. All new joiners attend weekly and employees. Our leaders uphold The Pygmalion programme aims at
HR induction sessions scheduled across our core values, inspiring teams to enhancing career development and Supportive infrastructure for
India which is followed by Managers maintain a high-performance culture. fortifying our talent pipeline. Specifically specially-abled employees is
having formal coaching conversations The human resources team facilitates designed for the top 50 candidates, available in our new Mumbai and
at 30-60-90 days. Employees are also initiatives that align with our ‘winning these programmes nurture high-potential Delhi offices
nudged to share their feedback through culture’ framework, ensuring a tangible individuals for vital roles within the
Marvel AI through onboarding surveys commitment from our leadership team. organisation. Over a duration of 10-11
and pulse surveys. Within 3 months of Moreover, we actively encourage our months, participants undergo rigorous
joining, employees are invited to Anugam people to engage in conferences, training to effectively assume essential
Corporate induction wherein they have
the opportunity to connect with leaders.
seminars and networking events within
their respective domains to enhance their
roles within the Company.
5
competencies.
160
These initiatives ensure that employees Specially-abled employees
feel valued and empowered from day We have established a structured
one, setting the stage for a successful succession planning process to ensure
journey within our organisation. that identified successors receive Employees enrolled
development opportunities to prepare
Focus areas of D&I Women-centric policies Nurturing a winning culture Bajaj Got Talent Prioritising employee well-being Great Place To Work
Our commitment to gender diversity is Fostering employee engagement Bajaj Got Talent is an employee-led Throughout the year, we organise
reflected in our women-centric policies initiative aimed at ensuring engagement various wellness sessions to ensure the
Employee engagement lies at the core of
and initiatives. From flexible work within our team members. This internal holistic well-being of our personnel. Our
our operational ethos. Through initiatives,
Employee sensitisation on arrangements to travel support during programme promotes a vibrant and EHS teams rigorously oversee safety
including the Mulya programme we
unconscious biases unconventional hours and outstation inclusive work culture, urging our people protocols for employees, whether in
organise various cross-functional
journeys to extended maternity to participate in talent shows, sports, offices or plants, implementing diverse
activities providing our personnel with
assistance, we strive to create an events and celebrations. Additionally, as programmes and trainings to ensure a
numerous opportunities for growth.
environment where every woman can part of this initiative, we conduct regular secure work environment.
Besides celebrating various festivals, we
thrive. health check-ups.
Creating inclusive policies and also conduct annual sports tournaments,
practices Currently, we offer nine months of
extended maternity support, hybrid or
such as the Bajaj Champion League.
To enhance employee satisfaction, 40
remote work during the eighth month of
pregnancy and three months of post-
we conduct frequent surveys using a
chatbot AI platform, with HR business
40 Webinars conducted for
partners addressing feedback. Further, employee well-being
maternity leave to all women employees. Employees participated in Bajaj
Travel support during prenatal and cross-functional projects are undertaken Got Talent Bajaj Electricals has once again
Creating communities
postnatal stages is provided for medical for offering employees exposure to received the Great Place to Work®
needs and a review of performance
appraisals ensures fairness for women
critical roles.
3,425 certification for the fourth year in a
row in FY 2024. Our commitment
84%
returning from maternity breaks.
Diversity and Inclusion Council Upholding human rights Hours of EHS training conducted to transparency is evident as we
work closely with GPTW partners
Our Diversity and Inclusion Council, At Bajaj Electricals, we have instituted
to conduct surveys every year and
comprising leaders from diverse Employee engagement score a Code of Conduct policy and a POSH
backgrounds, creates a culture of
inclusion and consensus-driven decision-
(Prevention of Sexual Harassment) policy
to maintain ethical standards within the
Zero share participation scores and
results with all our team members.
making. organisation. We encourage our people to
Fatal accidents reported during
voice their concerns, which are promptly
FY 2024
addressed and reviewed by the Code
Employee Resource Group
of Conduct Committee or the Internal
Women employees from various Complaints Committee. Employees also
departments collaborate to propose have the option to anonymously report
and implement initiatives enhancing the integrity-related issues to the Whistle
Way forward
working experience for women at Bajaj Blower Committee. Further, we familiarise
Electricals, serving as catalysts for our our teams with our human rights policies • Enhance recruitment and retention • Integrate the Winning Culture
D&I efforts. through an e-learning module on our strategies to ensure business framework and behaviour
Code of Conduct. continuity and minimise disruptions expectations into all HR practices,
to productivity and efficiency. with multiple awareness sessions
Employee sensitisation
planned for employees.
• Our commitment to diversity and
During the reporting year, an e-learning
Our policies inclusion remains steadfast, with a • Conduct a thorough review
module on Diversity, Equity and Inclusion
heightened emphasis on advancing of organisational design and
(DEI) engaged 800 employees, with
gender diversity to facilitate inclusive structures, transitioning to a role-
managers attending workshops aimed
workplace culture. based approach. Future efforts
at encouraging inclusive workplaces. All
will concentrate on boosting
leaders and managers also participated Code of Whistle • Invest in Learning & Development productivity and efficiency through
in a virtual session on unconscious Conduct Policy Blower Policy initiatives tailored to the diverse various initiatives.
bias, with a mandatory DEI e-learning talent pool within the organisation,
programme conducted each year. addressing specific skill
requirements.
POSH Policy
Being a responsible
organisation
Social and Relationship Capital
Our CSR strategy demonstrates our firm
commitment to social responsibility.
Environmental Women
Through our increased investment in
Our focus areas
Strengthens the foundation
Sustainability empowerment
community development initiatives,
including scaling up projects related to
environmental sustainability, education,
of our stakeholder trust healthcare, arts and culture, the creation

of innovation hub. Our employee
volunteering Programme seeks to
expand the outreach through greater Education Quality Art and Culture Innovation
At Bajaj Electricals, we connect with society and environment. and skill Healthcare hub
are evolving in step with We seek innovative ways to address development
societal needs, aligning our business
changing times and to
operations with broader environmental
better attune ourselves and societal goals and make efforts
with the evolving towards a positive impact on the
aspirations and concerns communities we serve.
Geographic spread of our CSR projects
of our customers, suppliers
and communities. With
consistent support and INR 5.14 crore
mutual trust from various Total CSR expenditure
Meerut
stakeholders, we are
creating a culture centred
Bajaj Electricals Foundation (BEF)
around focused business
Bajaj Electricals through its philanthropic
objectives. Through this
arm, the Bajaj Electricals Foundation
approach, we aim to (BEF), is dedicated to making a positive
Noida
optimise value creation impact on the community through Bhiwadi
Jaipur
for all our internal and various CSR initiatives.
external stakeholders, thus BEF collaborates closely with NGO
Mandsaur
continuing our journey as Supply chain management partners and local stakeholders to create
a responsible corporate meaningful community-based projects.
Quality service and delivery Raipur
entity. Vapi
Nashik
Navi Mumbai
Natural Capital Manufactured Capital Barwah
Procurement practices are aligned Wider range of quality products with
with the environmental regulatory greater durability is being produced, Raigad
compliances. enhancing customer experience.
Social and
relationship Chennai
Human Capital Capital Intellectual Capital

Employees volunteering to drive the Sharper focus on new product
community development projects development, based on market
surveys to meet the evolving customer
18
preferences.
Financial Capital
Increased investment towards community development CSR partnerships
programmes, sustainable procurement practices and Bangarpet
customer engagements.
Employee volunteering
The synergy between CSR projects and
1,275 aims to reduce indoor air pollution, curb
deforestation and promote sustainable
50
energy practices. Beneficiaries, primarily
employee volunteering represents a Employee participation in women and families, experience
formidable force for positive change. CSR projects Villages of Rajasthan covered
improved indoor air quality and better
Through active participation in various through cookstove project
health outcomes. Through this project,
CSR initiatives, our employees act as
we are not just addressing health and
2,040
catalysts in the transformational journey
environmental issues, we are also making
of the community.
a difference in the lives of those we
4,000
Our employees contribute their time, serve, promoting healthier homes and a
Total Employees volunteering days greener future for all.
skill and expertise to set community
development objectives, build a plan
of action and involve themselves in the Together we make a difference Women supported through
Swasth Ghar Improved Cookstove cookstove project
execution process. Their volunteering We empower our employees by engaging
Project
efforts elevate employee engagement them in tree plantation programmes,
due to the hands-on involvement in the The Swasth Ghar Improved Cookstove
cleanliness drives, education and skill
volunteering, the employees also foster a Project of Bajaj Electricals delivers
development sessions in school, helping
sense of purpose and community within more efficient and cleaner cookstoves
children in orphanages and senior citizens
the workplace. to local communities. This initiative The Bajaj Electricals Foundation has
in old age.
initiated a range of community programs
aimed at making a positive impact.
Beneficial impact of Cookstove Project Starting with improved cookstoves,
The adoption of improved cookstoves their flagship program, followed
significantly decreases indoor air by solar electrification, providing
pollution, thereby promoting better sustainable energy to remote areas. The
respiratory health among individuals. tree plantation and urban forestation
This is particularly significant in regions projects promote green spaces and fight
where traditional cooking methods deforestation. In healthcare, they’ve set
are known to exacerbate respiratory up tobacco cessation centers to help
illnesses. The users of improved people quit smoking or chewing tobacco
cookstoves witness a notable reduction through its de-addiction programme.
in dependency for forest firewood and The establishment of milk dairy centres
drudgery. The usage of the improved improved nutrition in local communities
cookstove has helped reduce the efforts and empowered the women by
of collecting firewood from the forest providing economic opportunities. Other
significantly. focus areas such as arts and culture are
continued through its dedicated arts
promotion programme and supporting
budding artists, emphasizing creativity
and heritage. Lastly, the innovation
hub supports aspiring entrepreneurs,
fostering creativity and technological
advancement with an additional focus
on women entrepreneurs and local
crafts. These initiatives have significantly
improved lives and enabled communities
across various sectors.
9,200
Trees planted
Value generation for supply Suppliers’ evaluation

partners based on the cost, quality,
compliance, delivery and
Recognising the paramount importance Operational meetings Site visits
development capability
of delivering innovative, durable and
Weekly Regular
high-quality products to our customers, Requirement/need
we acknowledge the critical contribution arousal based on the Visit of quality assurance We also organise meetings to specifically address key Frequent visits to manufacturing facilities serve as a crucial
of our value supply chain partners. supply chain strategy team in supply partner’s processes, challenges, and solutions pertaining to element in strengthening our connect with the individuals on the
The steadfast support we receive from premises new product development. Crucial events, alerts, or ground. These visits, conducted by Bajaj Electricals, play a pivotal
our partners is instrumental in our developments are communicated to our partners via role in nurturing strong relationships with our supply partners.
ability to develop exceptional products email, ensuring clarity and setting forth clear expectations. By physically engaging with the operations and personnel at
and establish long-lasting customer these facilities, we gain valuable insights into their processes,
connections. challenges and capabilities. This first-hand experience not only
creates trust and transparency, but also allows us to address any
concerns or challenges more effectively.
255
Streamlining suppliers with Mulya – A platform for innovative ideas
Total supply partners
business need We spearhead innovation and the integration of sustainable materials through Mulya
Suppliers With our ‘Make Vs. Buy’ strategy, which within our Supply Chain management framework. Introducing sustainable packaging
Commencement of on-boarding facilitates a harmonious balance between and materials represents a significant stride in our journey towards sustainable
trails for products process in-house manufacturing and contract procurement. For logistics, we have implemented Electric Vehicles for deliveries
to be manufactured manufacturing, we collaborate closely with in the NCR region, aimed at minimising the carbon footprint associated with our
and supplied our supply partners. Given the dynamic customer deliveries.
Based on the report
result, the supplier is nature of the market, forecasts, product Supplier Screening
on-boarded if qualified testing and development, as well as design
It is systematic desk research of suppliers’ risk for negative ESG impacts and their
outcomes, may necessitate adjustments
business relevance. We have conducted suppliers screening for CP business on
to our plans. Therefore, it becomes crucial
ESG grounds.
for us to ensure the timely production of
the correct quantity and type of products. Supplier Screening (CP) FY 2024
Through continuous support and regular
Total number of Tier-1 suppliers 100
Detailed assessment and analysis communication with our supply partners,
Total number of significant suppliers in Tier-1 23
of manufacturing processes, we ensure they are informed about
% of total spend on significant suppliers in Tier-1 80%
management capabilities, any changes in plans to accommodate
Findings are submitted to Total number of significant suppliers (Tier-1 and non Tier-1) 23
adherence to environmental and evolving business requirements.
the supply partner for any
social compliances
required corrections in the
Sustainable procurement Supplier Assessment (CP) FY 2024
analysis conducted
In addition to our comprehensive Total number of suppliers assessed via desk assessments/on-site assessments 40
evaluation process of supply partners, % of unique significant suppliers assessed 96%
Number of suppliers assessed with substantial actual/potential negative impacts 40
which assesses ESG regulatory
Supplier engagement % Of suppliers with substantial actual/potential negative impacts with 39%
compliance, we also conduct regular
agreed corrective action/improvement plan
We utilise various channels to engage with our supply partners across different organisational levels. assessments of our top and critical
Number of suppliers with substantial actual/potential negative impacts that 0
supply partners to verify compliance
were terminated
and qualifications. These practices
ensure that our procurement activities
adhere to environmental and regulatory Way forward
Governance meetings Connect events standards, underscoring our dedication We are in the process of implementing a vendor assessment platform. By streamlining
Semi-annually or quarterly Yearly to sustainability. the evaluation process and reducing manual tasks, we aim to save time and ensure
automated, error-free results.
Engaging in dialogue with key management personnel of We host supply partner connect events, utilising both We have transitioned to RoHS
our supply partners, we conduct comprehensive reviews online and offline formats to engage a broader spectrum (Restriction of Hazardous Substances)
of performance and delve into discussions regarding of partners across our value chain. These events serve compliant materials across all the
concerns, expectations, and emerging developments. as valuable platforms for fostering collaboration, sharing brands under Bajaj Electricals,
insights, and strengthening relationships with our partners. ensuring our products meet
regulatory standards.
We are building a sustainable future Progressive Energy Targeted Waste Management

by transitioning towards eco-friendly Management
Natural Capital alternatives. Our concerted effort not
Adhering to the 4R principles (Refuse,
Our commitment to sustainable energy Reduce, Reuse, Recycle), we are
only underscores our commitment
is evident in our GoGreen initiatives. committed to minimising waste
to environmental stewardship, but
Rooftop solar systems installed at all our generation. Waste is segregated
also positions us at the forefront of
For a sustainable responsible business practices, driving

positive change for our planet and future
facilities and R&D centre facilities boost
our renewable energy capacity and
significantly reduce our carbon footprint.
at the point of generation, and we
collaborate with authorised recyclers
for plastic, batteries, and e-waste.
future for all generations.

We leverage Variable Frequency Drives
(VFDs) to fine-tune motor speed, greatly
Our awareness and collection drives,
along with achieving Zero Waste to
Addressing Climate Change enhancing energy efficiency. Energy Landfill certification, demonstrate
consumption is monitored through our commitment to environmental
We conduct monitoring of air emissions,
Our manufacturing ambient air quality, and work zone air
sub-meters, while innovative practices— sustainability.
process is dependent quality through government-approved
such as sensor-based taps, washable
We engage suppliers in waste
alternatives to disposable cups, and
on various natural laboratories, ensuring stringent
Green Seal chemicals—further optimise management through regular audits,
resources and also has compliance and precision. To optimise
our energy usage. Additionally, we capacity-building initiatives, and
resource usage, we have implemented
its own impact on the sub-meters for electricity and water
maximise the use of natural light and collaboration with industry associations
to promote waste reduction. Our strategic
environment. Therefore, meters at key consumption points.
employ motion sensors to conserve
initiatives include developing eco-
energy.
we are continuously Our Environmental Management friendly products and packaging that
balancing sustainable System (EMS) holds ISO 14001:2018 appeal to environmentally conscious
practices and resource
efficiency to preserve
certification, and our Chakan and
Nirlep units have achieved Zero Waste 49,875 GJ consumers.
to Landfill certification. Employing a

precious resources and
minimise our ecological
proactive approach, we perform rigorous
monitoring and conduct Aspect and
Energy consumption
98 %
Impact studies along with Hazard
footprint. We are
2,096 KWp
Waste Recovered through
Identification and Risk Assessments
harnessing cutting-edge (HIRA) to pre-emptively identify and
Recycling, Reusing or other
Recovery Operations
technologies and refining mitigate potential risks.
Installed Renewable Capacity
resource allocation
strategies to streamline
waste, water and energy Energy management
management processes.
Water management
Less than 1% waste sent

to landfill
Social and Manufactured Capital

relationship Capital Installation of treatment plants in the
Focus on providing energy-efficient manufacturing units as a step towards
products to customers, enabling them to environmental stewardship.
be environment conscious. Natural
Capital
Human Capital Intellectual Capital
Creating environmental awareness Innovating and implementing methods
and promoting a culture of responsible to reduce material waste and mitigate
usage of natural resources among our environmental harm.
employees.
Financial Capital
Significant investments for efficient
management of natural resources.
Water management Pipeline maintenance within the plant. This comprehensive set- Biodiversity
up, comprising the ETP, RO system, and
Water conservation is crucial for Regular maintenance of our water At our Nashik plant, we are planning
Evaporation unit, works synergistically to
preserving our planet's precious pipelines is imperative to minimise water on a transformative initiative to enrich
treat process effluent, meeting stringent
resources, and we are implementing loss. We prioritise this proactive approach the ecological landscape through
environmental standards.
initiatives to promote responsible water to ensure that any potential leakages are the creation of a captivating butterfly
usage. This is being done through our promptly identified and addressed. By garden, aimed at enhancing biodiversity
various water conservation initiatives consistently maintaining our pipelines, in the region, while also enhancing the
that we have focused on implementing we prevent unnecessary wastage and Our manufacturing facilities are aesthetic appeal to our surroundings.
during FY2024. enhance the overall efficiency of our strategically located in regions
water distribution system. Also, we have extended our involvement
unaffected by water scarcity,
in planting native species of trees. By
showcasing our environmental
Smart water monitoring choosing indigenous flora, we not
consciousness.
Modernised water taps only enhance the natural beauty of our
The implementation of smart water
As a responsible organisation, environment, but also contribute to the
monitoring involves the strategic By embracing contemporary design
we are currently undergoing the preservation of local biodiversity.
installation of water meters at crucial and functionality, we have modernised
points where water is consumed or water footprint and risk assessment
water taps throughout our facilities.
withdrawn. These meters are equipped of our manufacturing and the
with advanced technology that enables
precise tracking and monitoring of water
This enhancement not only improves
user experience but also underscores
research facilities by an external
consultant. Post that BEL we will
9,200
our dedication to integrating the latest
usage in real-time. By collecting data be implementing the Rainwater
innovations in water conservation Native species of trees
from these meters, we gain insights into harvesting system at these facilities.
technologies. planted
consumption patterns, identify areas
We also actively collaborate with our
of high usage or potential leaks and
CSR team to aid in water harvesting
optimise our water conservation. 22 KLD Environmental audits
projects within various communities,
Total Installed Capacity of ETP thereby enhancing local water We conduct regular internal and
Zero Liquid Discharge (ZLD) resources. external audits in compliance with
At our Nashik plant, we have achieved a
systems ISO 14001 standards. These audits
significant milestone with the completion
We have installed Zero Liquid Discharge serve as thorough assessments of our
of a comprehensive Effluent Treatment
(ZLD) system in both our Chakan and Environmental Management System
Plant (ETP), which includes primary,
Nashik facilities which not only eliminate (EMS), guaranteeing our adherence
secondary and tertiary stages, along
liquid discharge but also prioritise
sustainability by repurposing recycled
with state-of-the-art Reverse Osmosis
(RO) treatment. Complementing this
6,292 kilolitres to the highest levels of environmental
responsibility.
water for landscaping purposes. set-up is an advanced Evaporation plant Wastewater recycled
Additionally, our streamlined processes seamlessly integrated into the system, Our Chakan unit is
ensure that recycled water is efficiently
redirected back to the user endpoint,
resulting in a closed-loop approach
where all ETP water is efficiently recycled ISO 14001
resulting in a significant reduction in certified by TÜV SÜD South Asia Private
overall water consumption. Limited and Nashik unit is certified by
Integral Certification Private Ltd.
105 CMD Certified

Total Installed Capacity of STP
At both our Chakan and Nashik plants, Vendor sustainability throughout the supply chain. This Way forward
we have installed state-of-the-art Sewage We have developed a comprehensive involves a thorough examination of
We plan to install rainwater harvesting
Treatment Plants (STP) to responsibly checklist for conducting Environmental, carbon footprint and their potential
systems within our facilities. Also, we
use domestic water. These advanced Social, and Governance (ESG) effects on biodiversity. Through
will be expanding the number of water
facilities not only meet stringent quality assessments of our vendors. This robust scrutinising these aspects, our aim is to
meters at consumption points to ensure
standards, but also allow us to repurpose framework emphasises evaluating minimise our environmental footprint
meticulous monitoring of water usage.
treated water efficiently. Through vigilant the supply chain impact, recognising and cultivate a supply chain that aligns
monitoring, we ensure optimal water its crucial role in shaping our overall with our commitment to preserving
usage. The treated water from our STPs sustainability endeavours. Particularly, biodiversity. We have assessed 40
is utilised in green belt development, we maintain vigilance in assessing vendors of CP business and 9 vendors
fostering a closed-loop system that greenhouse gas (GHG) emissions of lighting business during the reporting
maximises resource efficiency. period.
076 85th Annual Report 2023-24
Corporate Information
Board of Directors Chief Financial Officer Factories

Shekhar Bajaj E C Prasad Aurangabad Units | Chakan Unit |
Chairman Nashik Unit
Company Secretary and Chief
Anuj Poddar Compliance Officer
Managing Director & CEO Branch Offices
Prashant Dalvi
Madhur Bajaj Ahmedabad | Bangalore |
Non-Executive Director Bhubaneswar | Chandigarh |
Auditors Chennai | Cochin | Dehradun |
Rajiv Bajaj Delhi | Guwahati | Hyderabad |
S R B C & CO LLP,
Non-Executive Director
Chartered Accountants Indore | Jaipur | Kolkata | Kundli
Pooja Bajaj | Lucknow | Mumbai | Nagpur |
Executive Director Noida | Patna | Pune | Raipur |
Secretarial Auditor
Ranchi | Vijaywada
Shailesh Haribhakti Anant B. Khamankar & Co.
Independent Director Practicing Company Secretaries
Depots
Vikram Hosangady
Independent Director Ahmedabad | Bangalore | Coimbatore|
Cost Auditor
Guwahati | Hyderabad | Kolkata |
Saurabh Kumar R. Nanabhoy & Co. Lucknow | Mumbai | Nagpur | Noida |
Independent Director Cost Accountants Patna | Sanpka | Zirakpur
Swati Salgaocar
Bankers Central Warehouses
Independent Director
State Bank of India | Bank of India Hyderabad | Kulana | Mumbai |
Sudarshan Sampathkumar | Union Bank of India | Yes Bank Tepla | Vapi
Independent Director Ltd. | IDBI Bank Ltd. | HDFC Bank
Ltd. | ICICI Bank Ltd.
Overseas Representative /
Liaison Offices
Registered Office
China | Dubai
45/47, Veer Nariman Road,
Mumbai - 400 001
CIN: L31500MH1938PLC009887
Corporate Office
27th Floor, One Unity Center,
Senapati Bapat Marg,
Prabhadevi West, Mumbai 400013
Mulla House, 51 M. G. Road,
Fort, Mumbai 400 001
Statutory Reports 077
Notice of the Annual General Meeting

Notice is hereby given that the Eighty-fifth (85th) Annual General for a period of five (5) years, with effect from May 14, 2024 to
Meeting (AGM) of the members of Bajaj Electricals Limited (the May 13, 2029, upon such terms and conditions including
“Company”) will be held on Tuesday, August 6, 2024, at 3:00 PM remuneration as set out in the explanatory statement pursuant
(IST) via Video Conferencing (VC)/Other Audio-Visual Means (OAVM) to Section 102(1) of the Act, annexed hereto.
to transact the following business:
RESOLVED FURTHER THAT the Board of Directors of the
Company (hereinafter referred to as the “Board”, which
ORDINARY BUSINESS
term shall include, unless the context otherwise requires,
1. To receive, consider, and adopt the: any committee of the Board or any director(s) or officer(s)
A. Audited financial statements of the Company for the authorised by the Board to exercise the powers conferred
financial year ended March 31, 2024, together with the on the Board under this resolution) shall, in accordance with
reports of the Board of Directors and Auditors thereon; and the statutory limits/approvals as may be applicable, be at full
liberty to modify/amend the terms and conditions of the said
B. Audited consolidated financial statements of the appointment and/or remuneration, from time to time, as it
Company for the financial year ended March 31, 2024, may deem fit and to take such steps and do and perform all
together with the report of the Auditors thereon. such acts, deeds, matters, and things as may be considered
necessary, proper, or expedient to give effect to this Resolution
2. To declare a dividend of H 3.00 per equity share of face value of
and to settle any questions, difficulties or doubts that may arise
H 2 each for the financial year ended March 31, 2024.
in this regard.”
3. To appoint a director in place of Mr. Anuj Poddar
6. To ratify the remuneration of Cost Auditors for the financial
(DIN 01908009), who retires by rotation and being eligible,
year ending March 31, 2025, and, in this regard, to consider
offers himself for re-appointment.
and, if thought fit, pass the following resolution as an
Ordinary Resolution:
SPECIAL BUSINESS
4. To appoint Ms. Pooja Bajaj (DIN 08254455) as a Director of the “RESOLVED THAT, pursuant to the provisions of Section 148
Company, and, in this regard, to consider and, if thought fit, and all other applicable provisions, if any, of the Companies
pass the following resolution as an Ordinary Resolution: Act, 2013, and rules made thereunder (including any statutory
amendment(s), modification(s), clarification(s), substitution(s)
“RESOLVED THAT, pursuant to the provisions of Section 152 or re-enactment(s) thereof for the time being in force), the
and other applicable provisions, if any, of the Companies Act, remuneration of H 1,89,750/- (Rupees One Lakh Eighty-Nine
2013 (the “Act”) read with the Companies (Appointment and Thousand and Seven Hundred Fifty only) plus applicable taxes
Qualifications of Directors) Rules, 2014 (including any statutory and reimbursement of out-of-pocket expenses, as approved by
amendment(s), modification(s), clarification(s), substitution(s) the Board upon recommendation of the Audit Committee, to
or re-enactment(s) thereof for the time being in force), Ms. Pooja be paid to Messrs R. Nanabhoy & Co., Cost Accountants (Firm
Bajaj (DIN 08254455) who was appointed by the Board of Registration No.000010), as Cost Auditors of the Company for
Directors as an Additional Director of the Company with effect conducting the cost audit for the financial year 2024-25, be
from May 14, 2024 in terms of Section 161 of the Act and who and is hereby ratified, confirmed, and approved.”
is eligible for appointment as a Director and in respect of whom
the Company has received a notice in writing under Section 7. To approve the payment of remuneration to Non-Executive
160 of the Act from a Member proposing her candidature for Directors, and, in this regard, to consider and, if thought fit,
the office of Director, be and is hereby appointed as a Director pass the following resolution as a Special Resolution:
of the Company, liable to retire by rotation.” “RESOLVED THAT, pursuant to the provisions of Sections 197,
5. To appoint Ms. Pooja Bajaj (DIN 08254455) as a Whole-time 198, and other applicable provisions, if any, of the Companies
Director of the Company, with the designation and title of Act, 2013 (the “Act”), read with the Companies (Appointment
‘Executive Director’, and to approve the remuneration payable and Remuneration of Managerial Personnel) Rules, 2014,
to her, and, in this regard, to consider and, if thought fit, pass and Regulation 17 of the Securities and Exchange Board
the following resolution as a Special Resolution: of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, or any other prevailing law (including
“RESOLVED THAT, pursuant to the provisions of Sections any statutory amendment(s), modification(s), clarification(s),
196, 197, read with Schedule V and all other applicable substitution(s) or re-enactment(s) thereof for the time being in
provisions, if any, of the Companies Act, 2013 (the “Act”), force) approval of the members be and is hereby accorded to
and the Companies (Appointment and Remuneration of the payment of commission to Directors other than Managing
Managerial Personnel) Rules, 2014, and the Securities and Director(s) / Whole-time Director(s) (hereinafter referred to as
Exchange Board of India (Listing Obligations and Disclosure the “Non-Executive Directors”), in addition to sitting fees for
Requirements) Regulations, 2015 (including any statutory attending meetings of the Board of Directors, Independent
amendment(s), modification(s), clarification(s), substitution(s) Directors, Committee(s) of the Board, etc., or for any other
or re-enactment(s) thereof for the time being in force), the purpose whatsoever as may be decided by the Board, not
Articles of Association, and the Remuneration Policy of the exceeding in the aggregate, one per cent per annum of the
Company, as amended, Ms. Pooja Bajaj (DIN 08254455) net profits of the Company calculated in accordance with the
be and is hereby appointed as a Whole-time Director of the provisions of Section 198 and other applicable provisions,
Company, with the designation and title of ‘Executive Director’, if any, of the Act, to be paid to and distributed amongst the
Non-Executive Directors in such amounts or proportions domestic and/or international markets, in one or more series/
and in such manner as the Board of Directors (hereinafter tranches aggregating up to an amount not exceeding H 500
referred to as the “Board”, which term shall include, unless crore (Rupees Five Hundred Crore only), issuable/redeemable
the context otherwise requires, any committee of the Board or at discount/par/premium, under one or more shelf disclosure
any director(s) or officer(s) authorised by the Board to exercise documents, during the period of one year from the date of this
the powers conferred on the Board under this resolution) may Annual General Meeting, on such terms and conditions as the
determine, and such payment shall be made in respect of the Board may, from time to time, determine and consider proper
profits of the Company for each of the five years commencing and most beneficial to the Company including decisions
from April 1, 2024. regarding when the said NCDs and/or CPs be issued, the
consideration for the issue, utilisation of the issue proceeds
RESOLVED FURTHER THAT the Board be and is hereby
and all matters connected with or incidental thereto; provided
authorised to do all acts, deeds, matters and things, and to take
that the said borrowings shall be within the overall borrowing
all such steps as may be necessary, proper, or expedient to give
limit of the Company.
effect to this resolution and to settle any questions, difficulties
or doubts that may arise in this regard.” RESOLVED FURTHER THAT the Board be and is hereby
authorised to do all acts, deeds, matters and things, and to take
8. To approve borrowing by way of issue of securities and, in
all such steps as may be necessary, proper, or expedient to give
this regard, to consider and, if thought fit, pass the following
effect to this resolution and to settle any questions, difficulties
resolution as a Special Resolution:
or doubts that may arise in this regard.”
“RESOLVED THAT, pursuant to Sections 42 and 71 of the
Companies Act, 2013 (the “Act”), read with the Companies By Order of the Board of Directors
(Prospectus and Allotment of Securities) Rules, 2014, and of Bajaj Electricals Limited
all other applicable provisions of the Act and the Rules
made thereunder, as may be applicable, and other relevant
guidelines and regulations issued by the Securities and Prashant Dalvi
Exchange Board of India or any other prevailing law (including Chief Compliance Officer & Company Secretary
any statutory amendment(s), modification(s), clarification(s), ICSI Membership No. A51129
substitution(s) or re-enactment(s) thereof for the time being Mumbai, May 14, 2024
in force), and in terms of the Articles of Association of the
Company, the approval of the members of the Company be Registered Office:
accorded to authorise the Board of Directors of the Company 45/47, Veer Nariman Road, Mumbai 400001, India.
(hereinafter referred to as the “Board”, which term shall CIN: L31500MH1938PLC009887
include, unless the context otherwise requires, any committee Website: www.bajajelectricals.com
of the Board or any director(s) or officer(s) authorised by the E-mail: legal@bajajelectricals.com
Board to exercise the powers conferred on the Board under this Tel.: +91 22 6149 7000
resolution) to borrow, from time to time, by way of securities
including but not limited to secured/unsecured redeemable
Non-Convertible Debentures (“NCDs”) and/or Commercial
Papers (“CPs”) to be issued on a private placement basis, in
NOTES HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, SEBI/HO/

CFD/PoD-2/P/CIR/2023/4 dated January 5, 2023, and SEBI/
1. The Explanatory Statement pursuant to Section 102 of
HO/DDHS/P/CIR/2023/0164 dated October 6, 2023 (“SEBI
the Companies Act, 2013 (the “Act”), setting out material
Circulars”), has provided certain relaxations from compliance
facts concerning the business under Item Nos. 4 to 8 of the
with specific provisions of the SEBI Listing Regulations. In
accompanying Notice, is annexed hereto. The Explanatory
compliance with these circulars, provisions of the Act, and
Statement also contains the relevant details of the Directors
the SEBI Listing Regulations, the 85th AGM of the Company is
as required by Regulation 36(3) of the Securities and
being conducted through VC/OAVM, which does not require
Exchange Board of India (Listing Obligations and Disclosure
the physical presence of members at a common venue. The
Requirements) Regulations, 2015 (“SEBI Listing Regulations”)
deemed venue for the 85th AGM shall be the Registered Office
and Secretarial Standard – 2 (“SS-2”) on General Meetings
of the Company.
issued by the Institute of Company Secretaries of India (“ICSI”).
3. In terms of the MCA Circulars, physical attendance of members
2. The Ministry of Corporate Affairs, Government of India (“MCA”)
has been dispensed with, and therefore, there is no requirement
vide General Circular Nos. 14/2020, 17/2020, 20/2020,
for the appointment of proxies. Accordingly, the facility of
02/2021, 21/2021, 02/2022, 10/2022, and 9/2023 dated
appointment of proxies by members under Section 105 of the
April 8, 2020, April 13, 2020, May 5, 2020, January 13, 2021,
Act will not be available for the 85th AGM. However, pursuant
December 14, 2021, May 5, 2022, December 28, 2022, and
to Sections 112 and 113 of the Act, representatives of the
September 25, 2023, respectively (“MCA Circulars”), has
members may be appointed for the purpose of voting through
allowed the conducting of Annual General Meetings (“AGM”)
remote e-Voting, for participation in the 85th AGM through VC/
by companies through Video Conferencing/Other Audio-
OAVM facility, and for e-Voting during the 85th AGM.
Visual Means (“VC/OAVM”) facility up to September 30, 2024,
in accordance with the requirements provided in paragraphs 3 4. In terms of the MCA Circulars and relevant circulars issued
and 4 of MCA General Circular No. 20/2020. The Securities and by SEBI, the Notice of the 85th AGM and the Annual Report
Exchange Board of India (“SEBI”) also, vide its Circular Nos. for the financial year ended March 31, 2024 are being
SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020, SEBI/ sent only through electronic mode to those members
whose email addresses are registered with the Company/ 10. Members holding shares in electronic form are hereby informed
Depository Participants (“DPs”), and will also be available on that the bank particulars registered with their respective DPs,
the website of the Company at www.bajajelectricals.com, with whom they maintain their demat accounts, will be used by
on the website of BSE Limited at www.bseindia.com, on the the Company for the payment of dividends.
website of the National Stock Exchange of India Limited at
11. Members holding shares in physical form are required to
www.nseindia.com, and also on the website of Link Intime India
submit their KYC details as per the Circulars issued by SEBI in
Private Limited (“LinkIntime”) at www.instavote.linkintime.co.in.
this regard. In respect of physical folios wherein KYC details
Since the 85th AGM will be held through VC/OAVM facility, the
are not updated before the cut-off date, the dividend will be
Route Map is not annexed in this Notice.
held back by the Company. Members may please note that the
5. Pursuant to the provisions of Section 108 of the Act, read with dividends will get credited to their bank account only after the
Rule 20 of the Companies (Management and Administration) KYC details are updated in the folio.
Rules, 2014 as amended, SS-2 issued by the ICSI, and
12. Members holding shares in dematerialised mode are requested
Regulation 44 of the SEBI Listing Regulations read with MCA
to register complete bank account details with their DPs.
Circulars, the Company is providing a remote e-Voting facility
to its members in respect of the businesses to be transacted at 13. In case the Company is unable to pay the dividend to any
the 85th AGM, and a facility for those members participating in member by electronic mode due to non-availability of bank
the 85th AGM to cast their vote through the e-Voting system. account details, the Company shall dispatch the dividend
For this purpose, LinkIntime shall provide a facility for voting warrants to such member by post.
and participation through the VC/OAVM facility.
14. As per the Income Tax Act, 1961 ("IT Act"), dividends paid
6. Members may join the 85th AGM through the VC/OAVM facility or distributed by the Company after April 1, 2020, shall be
by following the procedure mentioned below, which shall be taxable in the hands of the members, and the Company shall
kept open for the members from 2:30 PM IST, i.e., 30 minutes be required to deduct tax at source ("TDS") at the prescribed
before the time scheduled to start the 85th AGM. rates from the dividend to be paid to the members, subject to
approval of members in the ensuing AGM. For the prescribed
7. Attendance of the members participating in the 85th AGM
rates for various categories, please refer to the Finance Act,
through the VC/OAVM facility shall be counted for the purpose
2020, and its amendments.
of reckoning the quorum under Section 103 of the Act.
15. A separate email communication has been sent to the
8. An electronic copy of the Annual Report for the financial year
members, informing them of the relevant procedure to be
ended March 31, 2024, along with the Notice of the 85th
adopted and documents to be submitted for availing the
AGM of the Company, inter alia, indicating the process and
applicable tax rate. This communication, along with drafts of
manner of e-Voting, is being sent to all the members whose
the exemption forms and other documents, has been made
email addresses are registered with the Company/DPs for
available on the Company’s website at www.bajajelectricals.
communication purposes, unless any member has requested
com. Resident and non-resident members should upload the
a hard copy of the same. In case any member is desirous of
scanned copies of the requisite documents at https://liiplweb.
obtaining a hard copy of the Annual Report for the financial
linkintime.co.in/formsreg/submission-of-form-15g-15h.html on
year ended March 31, 2024, and the Notice of the 85th AGM
or before July 19, 2024, to enable the Company to determine
of the Company, they may send a request to the Company’s
the appropriate TDS/withholding tax rate, as applicable.
email address at legal@bajajelectricals.com, mentioning their
Folio No./DP ID and Client ID. Members whose email addresses 16. Transfer of Unclaimed Dividend Amounts to the Investor
are not registered with the Company or with their respective Education and Protection Fund ("IEPF"):
DP and who wish to receive the Notice of the 85th AGM and
the Annual Report for the financial year ended March 31, 2024, a. Pursuant to the Act, read with the Investor Education and
as well as all other communications sent by the Company Protection Fund Authority (Accounting, Audit, Transfer
from time to time, can get their email addresses registered by and Refund) Rules, 2016 ("IEPF Rules"), dividends
following the steps given below: that are unpaid or unclaimed for a period of 7 (seven)
years from the date of their transfer are required to be
a) Those Members, who are holding shares in physical form transferred by the Company to the IEPF, administered
and have not updated their e-mail IDs with the Company, by the Central Government. Further, according to the
are requested to update the same by submitting a duly said IEPF Rules, shares in respect of which dividends
filled and signed Form ISR-1 along with a self-attested copy have not been claimed by the shareholders for 7 (seven)
of the PAN Card, and self-attested copy of any document consecutive years or more shall also be transferred to the
(eg.: Aadhaar Card, Driving License, Voter Identity Card, demat account of the IEPF Authority.
Passport) in support of the address of the Member, to Link
Intime at Link Intime India Private Limited, C 101, 247 Park, b. During the Financial Year 2023-24, the Company has
L B S Marg, Vikhroli West, Mumbai 400 083. transferred the following unclaimed dividends and
unclaimed shares to the IEPF:
b) Those Members, who are holding shares in demat form
are requested to register/update their email addresses Particulars Dividend (J) No. of Shares
with their respective DPs.
Interim Dividend 17,48,597.20 2,347
9. The dividend for the financial year ended March 31, 2024, as FY 2015-16
recommended by the Board of Directors, if approved/declared
by the members at the AGM, will be paid on or after August 10, c. The dividend amount and shares transferred to the
2024, to those members whose names appear in the Register IEPF can be claimed by the concerned members from
of Members of the Company or in the Register of Beneficial the IEPF Authority after complying with the procedure
Owners maintained by the Depositories as of July 19, 2024 prescribed under the IEPF Rules. Details of the unclaimed
(“Record Date”). dividends are also available on the Company’s website at
www.bajajelectricals.com, and these details have also AGM. During the 85th AGM, members may access the scanned
been uploaded to the website of the IEPF Authority, copy of these documents upon logging in to the LinkIntime
accessible through the link www.iepf.gov.in. e-Voting system at https://instavote.linkintime.co.in/.
17. SEBI has mandated the updating of PAN, contact details, bank 23. The Register of Directors and Key Managerial Personnel and
account details, specimen signature, and nomination details their shareholding maintained under Section 170 of the Act,
against each folio/demat account. PAN is also required to be and the Register of Contracts and Arrangements in which
updated for participating in the securities market, deleting the Directors are interested maintained under Section 189 of the
name of a deceased holder, and the transmission/transposition Act shall be made available at the commencement of the
of shares. As per the applicable SEBI Circular, PAN details must meeting and shall remain open and accessible to the members
be compulsorily linked to Aadhaar details by the date specified during the continuance of the 85th AGM. During the 85th AGM,
by the Central Board of Direct Taxes. Members are requested members may access the scanned copy of these documents
to submit their PAN, or intimate all changes pertaining to upon logging in to the LinkIntime e-Voting system at
their bank details, mandates, nominations, power of attorney, https://instavote.linkintime.co.in/.
change of address, change of name, email address, contact
24. Details as required under Regulation 36 of the SEBI Listing
numbers, specimen signature (as applicable), etc., to their
Regulations and SS-2 issued by ICSI, in respect of the Director
DP in the case of holdings in dematerialised form or to the
seeking re-appointment at the 85th AGM, are provided in the
Company’s RTA, LinkIntime, through Form ISR-1, Form ISR-2,
Annexure herewith and form an integral part of this Notice.
and Form ISR-3 (as applicable) available on the Company’s
Requisite declarations have been received from the Director
website at www.bajajelectricals.com and on the website of
seeking re-appointment.
LinkIntime at https://web.linkintime.co.in/.
25. General instructions for accessing and participating in the
18. Members may note that SEBI, vide its Circular no. SEBI/HO/
meeting through the VC/OAVM facility and voting through
MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25,
electronic means, including remote e-Voting:
2022, has mandated that listed companies issue securities in
dematerialised form only while processing certain prescribed A. Voting Through Electronic Means
service requests. Further, SEBI, vide its circular No. SEBI/HO/
In compliance with the provisions of Section 108 of the Act and
MIRSD/MIRSD_RTAMB/P/CIR/2022/65 dated May 18, 2022,
Rule 20 of the Companies (Management and Administration)
has simplified the procedure and standardised the format of
Rules, 2014, as amended from time to time, and the provisions
documents for the transmission of securities. Accordingly,
of Regulation 44 of the SEBI Listing Regulations, the members
members are requested to make service requests by submitting
are provided with the facility to cast their vote electronically,
a duly filled and signed Form ISR-4 & ISR-5, as the case may be,
through the remote e-voting services provided by LinkIntime
the formats of which are available on the Company’s website
on all Resolutions set forth in this Notice.
at www.bajajelectricals.com and on the website of LinkIntime
at https://web.linkintime.co.in/. Members are requested to note The remote e-voting period commences on August 2, 2024
that any service request will only be processed after the folio (9:00 A.M. IST) and ends on August 5, 2024 (5:00 P.M. IST).
is KYC Compliant. During this period members of the Company, holding shares
either in physical form or in dematerialised form, as on the
19. SEBI, vide its notification dated January 24, 2022, has
cut-off date of July 30, 2024, may cast their vote by remote
mandated that all requests for the transfer of securities,
e-voting. The remote e-voting module shall be disabled by
including transmission and transposition requests, shall be
LinkIntime for voting thereafter. Once the vote on resolution
processed only in dematerialised form. In view of this and to
is cast by the Member, the Member shall not be allowed to
eliminate all risks associated with physical shares and avail
change it subsequently.
various benefits of dematerialisation, members are advised to
dematerialise their holdings. Pursuant to SEBI circular dated December 9, 2020, on e-Voting
facility provided by Listed Companies, Individual shareholders
20. Members may note that, in terms of the SEBI Listing Regulations,
holding securities in demat mode can vote through their
equity shares of the Company can only be transferred in
demat account maintained with Depositories and DPs only.
dematerialised form.
Shareholders are advised to update their mobile number and
21. In accordance with the provisions of Section 72 of the Act email ID in their demat accounts to access e-Voting facility.
and SEBI circulars, the facility for nomination is available Remote e-Voting Instructions for shareholders:
for the members of the Company in respect of the shares
a. For Individual Shareholders holding securities in demat
held by them. Members who have not yet registered their
mode with NSDL: -
nomination are requested to register the same by submitting
Form No. SH-13. If a Member desires to opt-out or cancel the If you are already registered for NSDL IDeAS
earlier nomination and record a fresh nomination, he/she may facility, please visit the e-Services website of NSDL.
submit the same in Form No. ISR-3 or Form No. SH-14, as the Open web browser by typing the following URL:
case may be. The said forms are available on the Company’s https://eservices.nsdl.com either on a Personal
website at www.bajajelectricals.com. Members are requested Computer or on a mobile. Once the home page
to submit the said details to their respective DP, in the case of e-Services is launched, click on the “Beneficial
the shares are held by them in dematerialised form and to the Owner” icon under “Login” which is available
Company/LinkIntime, in the case the shares are held by them under ‘IDeAS’ section. A new screen will open. You
in physical form. will have to enter your User ID and Password.
22. Documents referred to in the accompanying Notice of the 85th After successful authentication, you will be able to
AGM and the Explanatory Statement shall be made available at see e-Voting services. Click on “Access to e-Voting”
the commencement of the meeting and shall remain open and under e-Voting services and you will be able to see
accessible to the members during the continuance of the 85th e-Voting page. Click on Company name or e-Voting
service provider name and you will be redirected to name or e-Voting service provider name and you
e-Voting service provider website for casting your will be redirected to e-Voting service provider
vote during the remote e-Voting period or joining website for casting your vote during the remote
virtual meeting & voting during the meeting. e-Voting period or joining virtual meeting & voting
during the meeting.
If the user is not registered for IDeAS e-Services, option
to register is available at https://eservices.nsdl.com. d. For Individual Shareholders holding securities in Physical
Select “Register Online for IDeAS Portal” or click at mode and e-voting service Provider is LINKINTIME:-
https://eservices.nsdl.com/SecureWeb/
1. Open the internet browser and launch the URL:
IdeasDirectReg.jsp.
https://instavote.linkintime.co.in. Click on “Sign Up”
Visit the e-Voting website of NSDL. Open web under ‘SHARE HOLDER’ tab and register with your
browser by typing the following URL: https://www. following details: -
evoting.nsdl.com/ either on a Personal Computer
A. User ID: Shareholders/ members holding
or on a mobile. Once the home page of e-Voting
shares in physical form shall provide Event No
system is launched, click on the icon “Login” which
+ Folio Number registered with the Company.
is available under ‘Shareholder/Member’ section.
A new screen will open. You will have to enter B. PAN: Enter your 10-digit PAN. Members
your User ID (i.e. your sixteen digit demat account who have not updated their PAN with
number held with NSDL), Password/OTP and a the DP/Company shall use the sequence
Verification Code as shown on the screen. After number as provided.
successful authentication, you will be redirected
to NSDL Depository site wherein you can see C. DOB/DOI: Enter the Date of Birth (DOB)/Date
e-Voting page. Click on Company name or e-Voting of Incorporation (DOI) (As recorded with your
service provider name and you will be redirected to DP/Company - in DD/MM/YYYY format).
e-Voting service provider website for casting your D. Bank Account Number: Enter your Bank
vote during the remote e-Voting period or joining Account Number (last four digits), as recorded
virtual meeting & voting during the meeting. with your DP/Company.
b. For Individual Shareholders holding securities in demat Shareholders/ members holding shares
mode with CDSL: - in physical form but have not recorded
Existing user who have opted for Easi / Easiest, they ‘C’ and ‘D’, shall provide their Folio
can login through their user id and password. Option number in ‘D’ above.
will be made available to reach e-Voting page without Set the password of your choice (the
any further authentication. The URL for users to password should contain minimum 8
login to Easi / Easiest are https://web.cdslindia.com/ characters, at least one special character
myeasitoken/Home/Login or www.cdslindia.com and (@!#$&*), at least one numeral, at
click on quick links for ‘Easi/Easiest’ portal. least one alphabet and at least one
After successful login of Easi/Easiest the user will capital letter).
also be able to see the e-Voting Menu. The Menu Click “confirm” (your password is
will have links of e-Voting service provider i.e. NSDL, now generated).
KARVY, LINK INTIME, CDSL. Click on e-Voting
service provider name to cast your vote. 2. Click on ‘Login’ under ‘SHARE HOLDER’ tab.
If the user is not registered for Easi/Easiest, option 3. Enter your User ID, Password and Image Verification
to register is available at https://web.cdslindia.com/ (CAPTCHA) Code and click on ‘Submit’.
myeasitoken/Registration/EasiRegistration.
4. After successful login, you will be able to see the
Alternatively, the user can directly access e-Voting notification for e-voting. Select ‘View’ icon.
page by providing demat Account Number and
5. E-voting page will appear.
PAN No. from a link in www.cdslindia.com home
page. The system will authenticate the user by 6. Refer the Resolution description and cast your vote
sending OTP on registered Mobile & Email as by selecting your desired option ‘Favour / Against’
recorded in the demat Account. After successful (If you wish to view the entire Resolution details,
authentication, user will be provided links for the click on the ‘View Resolution’ file link).
respective ESP where the e-Voting is in progress.
7. After selecting the desired option i.e., Favour /
c. For Individual Shareholders holding securities in demat Against, click on ‘Submit’. A confirmation box will
mode and login through their DPs:- be displayed. If you wish to confirm your vote, click
on ‘Yes’, else to change your vote, click on ‘No’ and
You can also login using the login credentials of your
accordingly modify your vote.
demat account through your DP registered with
NSDL/CDSL for e-Voting facility. e. For Institutional shareholders: -
Once logged in, you will be able to see e-Voting Institutional shareholders (i.e. other than Individuals, HUF,
option. Once you click on e-Voting option, you NRI, and custodians are required to log on the e-voting
will be redirected to NSDL/CDSL Depository system of LinkIntime at https://instavote.linkintime.co.in
site after successful authentication, wherein and register themselves as ‘Custodian / Mutual Fund
you can see e-Voting feature. Click on company / Corporate Body’. They are also required to upload a
scanned certified true copy of the board resolution / i. Helpdesk for Individual Shareholders holding securities
authority letter/power of attorney, etc. together with in physical mode/Institutional shareholders & e-Voting
attested specimen signature of the duly authorised service Provider is LINKINTIME:- In case shareholders/
representative(s) in PDF format in the ‘Custodian / members holding securities in physical mode/
Mutual Fund / Corporate Body’ login for the Scrutinizer to Institutional shareholders have any queries regarding
verify the same. e-Voting, they may refer the Frequently Asked Questions
(‘FAQs’) and InstaVote e-Voting manual available at
f. If Individual Shareholders (holding securities in physical
https://instavote.linkintime.co.in, under Help section or
mode, and e-Voting service provider is LINKINTIME),
send an email to enotices@linkintime.co.in or contact on:
have forgotten the password:-
- Tel: 022 –4918 6000.
Click on ‘Login’ under ‘SHARE HOLDER’ tab and
j. Process for those shareholders whose email addresses
further Click ‘forgot password?’
are not registered with the Company/Depositories for
Enter User ID, select Mode and Enter Image obtaining login credentials for e-Voting for the resolutions
Verification (CAPTCHA) Code and Click on ‘Submit’. proposed in this notice:-
In case shareholders/member is having valid email 1. For physical shareholders – Please provide necessary
address, password will be sent to his / her registered details like Folio No., Name of shareholder, scanned
e-mail address. copy of the share certificate (front and back), PAN
(self-attested scanned copy of PAN card), AADHAR
Shareholders/member can set the password of his/ (self-attested scanned copy of Aadhar Card) by email
her choice by providing the information about the to rnt.helpdesk@linkintime.co.in.
particulars of the Security Question and Answer,
PAN, DOB/DOI, Bank Account Number (last four 2. For Demat shareholders – Members are requested
digits) etc. as mentioned above. to update their email address with the DPs by
following the procedure advised by them and
The password should contain minimum 8 then follow the instructions as detailed above to
characters, at least one special character (@!#$&*), login for e-Voting.
at least one numeral, at least one alphabet and at
least one capital letter. B. Instructions for attending the AGM through VC/OAVM
g. If Individual Shareholders (holding securities in demat Shareholders/Members are entitled to attend the AGM through
mode with NSDL/ CDSL) have forgotten the password:- VC/OAVM provided by Linkintime by following the below
mentioned process:
Shareholders/Members who are unable to retrieve
User ID/Password are advised to use Forget a. Open the internet browser and launch the URL:
User ID and Forget Password option available at https://instameet.linkintime.co.in
abovementioned depository/DP website. b. Select the ‘Company’ and ‘Event Date’ and register with
It is strongly recommended not to share your your following details:
password with any other person and take utmost A. Demat Account No. or Folio No.: Enter your 16 digit
care to keep your password confidential. Demat Account No. or Folio No., as below-
For shareholders/members holding shares in Shareholders/Members holding shares in
physical form, the details can be used only for CDSL demat account shall provide 16 Digit
voting on the resolutions contained in this Notice. Beneficiary ID.
During the voting period, shareholders/members Shareholders/Members holding shares
can login any number of time till they have voted on in NSDL demat account shall provide 8
the resolution(s) for a particular “Event”. Character DP ID followed by 8 Digit Client ID.
h. Helpdesk for Individual Shareholders holding securities Shareholders/Members holding shares in
in demat mode:- physical form shall provide Folio Number
In case shareholders/members holding securities in registered with the Company.
demat mode have any technical issues related to login B. PAN: Enter your 10-digit PAN. Members who have
through Depository i.e., NSDL/CDSL, they may contact not updated their PAN with the DP/Company shall
the respective helpdesk given below: use the sequence number as provided.
Individual Shareholders holding securities in demat C. Mobile No.: Enter your mobile number.
mode with NSDL: Members facing any technical
issue in login can contact NSDL helpdesk by D. Email ID: Enter your email id, as recorded with
sending a request at evoting@nsdl.co.in or call at your DP/Company.
toll free no.: 1800 1020 990 and 1800 22 44 30.
c. Click ‘Go to Meeting’ (you are now registered for InstaMeet
Individual Shareholders holding securities in and your attendance is marked for the meeting).
demat mode with CDSL: Members facing any
C. Instructions for Shareholders/Members to register
technical issue in login can contact CDSL helpdesk
themselves as Speakers during Annual General Meeting
by sending a request at helpdesk.evoting@
cdslindia.com or contact at 022- 23058738 or a. Shareholders/Members who would like to express their
22-23058542-43. views/ask questions during the meeting may register
themselves as ‘speakers’ by sending their request Note: Shareholders/Members, who will be present in the AGM
mentioning their name, demat account number/folio through InstaMeet facility and have not casted their vote on
number, email id, mobile number at least 3 days in the Resolutions through remote e-Voting and are otherwise not
advance with the Company at legal@bajajelectricals.com. barred from doing so, shall be eligible to vote through e-Voting
facility during the meeting. Shareholders/ Members who have
b. Shareholders/Members will get confirmation on first cum
voted through Remote e-Voting prior to the AGM will be eligible
basis depending on the availability of time for the AGM.
to attend/participate in the AGM through InstaMeet. However,
c. Shareholders will receive ‘speaking serial number’ they will not be eligible to vote again during the meeting.
for the meeting.
Other Instructions
d. Shareholders/Members, who would like to ask questions,
may send their questions in advance mentioning their a. The Scrutiniser shall, immediately after the conclusion of
name, demat account number/folio number, email id, voting at the AGM, first count the votes cast during the AGM,
mobile number at legal@bajajelectricals.com. The same thereafter unblock the votes cast through remote e-Voting
will be replied by the Company suitably. and make, not later than two working days of conclusion of
the AGM, a consolidated Scrutiniser’s Report of the total votes
e. Please remember speaking serial number and start your cast in favour or against, if any, to the Chairman or a person
conversation with panelist by switching on video mode authorised by him in writing, who shall countersign the same.
and audio of your device.
b. The result declared along with the Scrutiniser’s Report shall be
f. For a smooth experience of viewing the AGM placed on the Company’s website www.bajajelectricals.com and
proceedings, Shareholders/Members who are registered on the website of LinkIntime https://instavote.linkintime.co.in
as speakers for the event are requested to download and immediately. The Company shall simultaneously forward the
install the ‘Webex Meetings’ application by clicking on results to National Stock Exchange of India Limited and BSE
the link: https://www.webex.com/downloads.html/ Limited, where the shares of the Company are listed.
g. Shareholders/Members are requested to speak only 26. The Board of Directors has appointed Messrs MMJB
when moderator of the meeting/management will & Associates LLP, Practising Company Secretaries,
announce the name and serial number for speaking. having FCS No. A43029 and CP No. 24580, as the
Scrutinizer to scrutinize the e-voting process in a fair and
Note: Those Shareholders/Members who have registered
transparent manner.
themselves as a speaker will only be allowed to express
their views/ask questions during the meeting. The Company
reserves the right to restrict the number of speakers depending
EXPLANATORY STATEMENT PURSUANT TO SECTION
on the availability of time for the AGM. Shareholders/Members
102 OF THE COMPANIES ACT, 2013
may use camera and are required to use Internet with a good Item No.4 & 5
speed (preferably 2 MBPS download stream) to avoid any
Based on the recommendation of the Nomination & Remuneration
disturbance during the meeting.
Committee (“NRC”), the Board of Directors at its meeting held on
D. Instructions for Shareholders/Members to Vote during the May 14, 2024, appointed Ms. Pooja Bajaj (DIN 08254455) as an
Annual General Meeting through InstaMeet Additional Director of the Company with effect from May 14, 2024,
pursuant to the provisions of Section 161(1) of the Companies Act,
Once the electronic voting is activated by the Scrutiniser
2013 (the “Act”).
during the meeting, Shareholders/Members who have not
already exercised their vote through the remote e-Voting can Pooja Bajaj’s professional journey is defined by a holistic blend
cast the vote as under: of academic excellence, strategic acumen, and a commitment
to corporate governance and social responsibility. Armed with a
a. On the Shareholders VC page, click on the link for
Bachelor’s Degree in Commerce with Specialisation in Foreign
e-Voting “Cast your vote”.
Trade, she also earned the prestigious Gold Medal (commerce) in
b. Enter Demat Account No. / Folio No. and OTP (received on her batch from Nasr School, Hyderabad and was the ‘Head Girl’ of
the registered mobile number/registered email Id) received the school for her leadership qualities.
during registration for InstaMeet and click on ‘Submit’.
Pooja embarked on a path of continuous learning. She did her
c. After successful login, you will see “Resolution Master’s in Management from the University of Leeds, England, and
Description” and against the same the option “Favour/ her Postgraduate Diploma in Human Resource Management from
Against” for voting. Osmania University, Hyderabad, further equipped her with the skills
necessary for navigating the complex landscape of modern business.
d. Cast your vote by selecting appropriate option i.e.
“Favour/Against” as desired. Enter the number of shares #Awarded Certificate of Merit for Academic Excellence in
(which represents no. of votes) as on the cut-off date Vocational Education
under “Favour/Against’.
#Awarded a Certificate of participation at the Fourth Commonwealth-
e. After selecting the appropriate option i.e. “Favour/ India Small Business Competitiveness Development Programme
Against” as desired and you have decided to vote, in collaboration with Exim Bank India-National Small Industries
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Since joining the board of Bajaj Electricals Ltd. in November 2018, Pooja Bajaj satisfies all the conditions set out in Part-1 of Schedule V
Pooja has been instrumental in getting trained on the company’s to the Act as also the conditions set out under Section 196(3) of the
strategic direction and learning about its culture of excellence. Act for being eligible for this appointment.
Recognizing the importance of hands-on experience, she dedicated The Board of Directors has, accordingly, considered the following
2.5 years to immersive training in the consumer durable segment, terms and conditions of Pooja Bajaj’s appointment as per the
gaining a comprehensive understanding of market dynamics, recommendations of the NRC which is in accordance with
competitive landscapes, and financial nuances. This groundwork laid Schedule V of the Act:
the foundation for her in-depth knowledge about the FMEG sector.
i. Term: 5 years with effect from May 14, 2024, till May 13, 2029.
In May 2022, she completed the ‘ISB-EY Executive Programme on
Ms. Pooja Bajaj will be liable to retire by rotation.
Board Effectiveness,’ which empowered women leaders to develop
board responsibilities and strategies to achieve corporate goals. ii. Remuneration:
Pooja’s commitment to Corporate Social Responsibility is evident a) Basic Salary: H 35,000/- per month.
through her multifaceted involvement in various initiatives. As a Trustee b) Other Allowance: H 59,050/- per month.
of the Bajaj Electricals Foundation, she worked on bringing focus to its
portfolio of projects hence make a meaningful impact in the communities c) Provident Fund: The contribution towards Provident
the company serves, while also championing the development of Fund as per the rules of the Company, will not be
various initiatives for internal employee volunteering programs. included in the computation of the ceiling on perquisites
Additionally, her role as a Trustee of the Laxmi Narayan Devasthanam to the extent not taxable under the Income Tax Act, 1961
Trust, Wardha, underscores her dedication to community development. (at present, this is limited to 12% of the Basic Salary).
d) Gratuity: As per the rules of the Company.
Beyond her corporate responsibilities, Pooja remains deeply
engaged in fostering industry best practices and promoting ethical e) Mobile Phone: Reimbursement at actual.
business conduct at her involvement as committee member in
f) Car: Provision of car for use of Company’s business with
Ladies’ Wing IMC Chamber of Commerce and Industry highlights
reimbursement of fuel, maintenance and driver salary as
her commitment to upholding the highest standards of integrity for
per the rules of the Company.
social projects on women’s rural entrepreneurship.
g) Other perquisites and emoluments, including Group
Pooja’s recent involvement in operationalizing the Khadi Exhibition
Mediclaim, Group Personal Accident Insurance
sponsored by Bajaj Electricals Ltd., aptly named Swadheen,
and Group Term Life Insurance, as per the rules
exemplifies her hands-on approach to driving initiatives that
of the Company.
resonate with the company’s ethos and values. Her gentle leadership
and dedication have allowed her to drive various such successful h) Severance fees: Not applicable.
projects for the company.
i) Notice period: Three (3) months.
Pooja Bajaj’s creativity extends beyond the boardroom, as she
is an accomplished artist. Her exhibition at Jehangir Art Gallery, j) Other terms: The terms and conditions of the said
titled ‘Unleashed—Defining the Abstract,’ defined the abstract appointment/remuneration may be altered and varied
beauty of nature and revolved around the valour of the horses, from time to time by the Board of Directors (which
tigers, and elephants. includes the Nomination & Remuneration Committee of
the Board of Directors) as it may, in its discretion, deem fit
The Company has received a notice in writing under the provisions within the minimum remuneration payable to the Whole
of Section 160 of the Act, from a Member proposing the candidature time Director in accordance with the provisions of the Act
of Ms. Pooja Bajaj for the office of Director of the Company. Ms. or any amendments made hereinafter in this regard.
Pooja Bajaj has conveyed her consent to act as a Director of the
Company and she also confirmed that she is not disqualified from k) Pooja Bajaj shall not be entitled to a sitting fee for
being appointed as such in terms of Section 164 of the Act and she attending the meetings of the Board of Directors or any
is not debarred from holding the office of Director by virtue of any committee thereof.
order passed by SEBI or any such authority. The Company has also The above terms are subject to the applicable provisions of the Act,
received other necessary disclosures from Ms. Pooja Bajaj. the Rules made thereunder and approval of the members.
Accordingly, it is proposed to appoint Ms. Pooja Bajaj as a Director of As per the provisions of Sections 152, 196 and 197 of the Act and
the Company liable to retire by rotation. the Rules thereunder, a Director / Whole-time Director can be
The Board of Directors, at the same meeting, as per the appointed with the approval of the Members in the General Meeting.
recommendations of the NRC and given the knowledge, background, Accordingly, approval of the Members is sought for the appointment
experience and past performance of Ms. Pooja Bajaj, decided that it and remuneration of Pooja Bajaj as a Director and Whole-time
would be in the best interest of the Company to appoint her on the Director of the Company.
Board as a Whole-time Director as she fulfills the requisite criteria laid As required under Regulation 36 of the SEBI Listing Regulations and
down by the Board in the Company’s Nomination & Remuneration Clause 1.2.5 of Secretarial Standard-2, other requisite information is
Policy for appointment as a Director of the Company and as required annexed as Annexure hereto, and forms a part of this Notice.
in the context of the Company’s business and sector it operates in. In
view of the same, the Board of Directors appointed Ms. Pooja Bajaj as The terms and conditions set out in Item Nos. 4 & 5 may also be
a Whole-time Director of the Company, with the designation and title treated as disclosure in compliance with the requirement of Section
of ‘Executive Director’, for a period of 5 (Five) years, commencing 190 of the Act.
from May 14, 2024, till May 13, 2029, subject to the approval of the Except Ms. Pooja Bajaj and her relative Shekhar Bajaj (father-in-law)
Members of the Company. (to the extent of their shareholding), none of the other Directors and/
or KMP’s or their relatives are concerned or interested, financially or
otherwise, in the Item Nos. 4 & 5 set out in this Notice.
The Board recommends the Ordinary and Special Resolutions The Board recommends the Special Resolution set out at Item No. 7
set out at Item Nos. 4 & 5 of the Notice respectively for approval of the Notice for approval by the members.
by the members.
Item No.8
Item No.6
In terms of Section 42 of the Companies Act, 2013 (the “Act”)
The Board of Directors, at its meeting held on May 14, 2024, upon the read with Rule 14 of the Companies (Prospectus and Allotment of
recommendation of the Audit Committee, approved the appointment Securities) Rules, 2014 (the “Rules”), a company shall not make
of Messrs R. Nanabhoy & Co., Cost Accountants (Firm Registration a private placement of its securities unless the proposed offer of
Number: 000010), to conduct the audit of the cost records of the securities or invitation to subscribe has been previously approved by
Company on a consolidated remuneration of H1,89,750/- (Rupees the members of the company by a special resolution. In the case of
One Lakh Eighty-Nine Thousand and Seven Hundred Fifty only) an offer or invitation for the offer of non-convertible debentures, the
(excluding all applicable taxes and reimbursement of out-of-pocket company can pass a special resolution once a year for all the offers
expenses incurred in connection with the audit) for the financial year or invitations to be made for such debentures during the year.
ending March 31, 2025.
In order to augment resources for, inter alia, ongoing capital
In terms of the provisions of Section 148 of the Companies Act, 2013, expenditure, long-term working capital/short-term working capital,
read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014 and for general corporate purposes, the Company may offer
(as amended from time to time), the remuneration as mentioned or invite subscription for securities including but not limited to
above, payable to the Cost Auditor, is required to be ratified by the secured/unsecured redeemable Non-Convertible Debentures and/
members of the Company. Accordingly, the members are requested or Commercial Papers, in one or more series/tranches on a private
to ratify the remuneration payable to the Cost Auditors for the placement basis, in domestic and/or international markets, issuable/
financial year ending March 31, 2025, as set out in the Ordinary redeemable at discount/par/premium.
Resolution for the aforesaid services to be rendered by them.
The Company seeks to pass an enabling resolution to borrow funds
None of the Directors, Key Managerial Personnel, and their relatives from time to time by offer of securities including but not limited to
are in any way concerned or interested, financially or otherwise, in Non-Convertible Debentures and/or Commercial Papers for an
this resolution, except to the extent of their respective shareholdings, amount not exceeding H 500 crore (Rupees Five Hundred Crore
if any, in the Company. only), at a discount, at par, or at a premium, and at such interest
as may be appropriate considering the prevailing money market
The Board recommends the Ordinary Resolution set out at Item No. 6
conditions at the time of borrowing.
of the Notice for approval by the members.
The details of the Paid-up Capital & Free Reserves and Outstanding
Item No.7
Borrowings are as under:
The Company at its 80th Annual General Meeting held on August
Particulars As at 31-Mar-24 As at 31-Mar-23
7, 2019, had sought approval from members for the payment of
remuneration by way of commission to the Non-Executive Directors Paid-up Capital and 761.67 1,243.69
(“NEDs”) of the Company, not exceeding one (1) percent per annum Free Reserves
of the Annual Net Profits of the Company computed in accordance Outstanding Borrowings 0.00 0.17
with the provisions of Section 197 read with Section 198 of the
Companies Act, 2013 (“Act”) for a period of five (5) financial years The approval sought for the offer of securities including but not
commencing from April 1, 2019, to March 31, 2024. limited to Non-Convertible Debentures and/or Commercial Papers,
shall be within the overall borrowing limit of the Company in terms
Considering the rich experience and expertise brought to the Board of Section 180 of the Act. Subject to the approval of the members,
by the NEDs, and to acknowledge their contribution to the growth the Board of Directors of the Company has approved the aforesaid
of the Company, it is proposed to continue paying commission to proposal vide its resolution dated May 14, 2024.
the NEDs of the Company based on the Annual Net Profits of the
Company for a period not exceeding five years, effective from April None of the Directors, Key Managerial Personnel, and their relatives
1, 2024, as set out in the Resolution. are in any way concerned or interested, financially or otherwise, in
this resolution, except to the extent of their respective shareholdings,
Such payment will be in addition to the sitting fees for attending the if any, in the Company.
Board/Committee meetings or for any other purpose whatsoever as
may be decided by the Board, and reimbursement of expenses for The Board recommends the Special Resolution set out at Item No. 8
participation in the Board/Committee meetings. of the Notice for approval by the members.
Pursuant to Regulation 17(6) of the SEBI (Listing Obligations

and Disclosure Requirements) Regulations, 2015, all fees or By Order of the Board of Directors
compensation (excluding sitting fees within the limits of the Act), if of Bajaj Electricals Limited
any, paid to NEDs, including Independent Directors, shall require
approval of the members in a general meeting.
Prashant Dalvi
Accordingly, the approval of the members is being sought for the Chief Compliance Officer & Company Secretary
payment of commission to the NEDs of the Company, not exceeding ICSI Membership No. A51129
one (1) percent per annum of the Annual Net Profits of the Company Mumbai, May 14, 2024
computed in accordance with the provisions of Section 197 read
with Section 198 of the Act for a period of five (5) financial years Registered Office:
commencing from April 1, 2024, to March 31, 2029, by way of a 45/47, Veer Nariman Road, Mumbai 400001, India.
Special Resolution as set out at Item No. 7 of the Notice. CIN: L31500MH1938PLC009887
Website: www.bajajelectricals.com
All the NEDs of the Company and their relatives may be deemed to
E-mail: legal@bajajelectricals.com
be concerned or interested in this resolution.
Tel.: +91 22 6149 7000
ANNEXURE
DETAILS OF DIRECTOR SEEKING RE-APPOINTMENT AT THE 85TH ANNUAL GENERAL MEETING

[Pursuant to Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Clause 1.2.5 of Secretarial Standards-2 on General Meetings]
Mr. Anuj Poddar
DIN : 01908009
Date of Birth and Age : July 15, 1974 (49 years)
Category / Designation Managing Director & Chief Executive Officer
Date of Appointment August 12, 2022
Date of first appointment on the May 30, 2016

Board of the Company
Qualifications Mr. Anuj Poddar is a rank-holding Chartered Accountant. He is a Fellow of Ananta Aspen Centre’s Kamalnayan
Bajaj Fellowship, member of Aspen Global Leadership Network, Trustee of Ananta Centre, member of BMW
Foundation’s World Responsible Leaders’ Forum, member of Confederation of Indian Industry’s Economic Affairs
Council and holds honorary positions across multiple bodies including Indian Society of Advertisers, CEAMA
(Consumer Electronics & Appliances Manufacturers Association), IFMA (Indian Fan Manufacturers Association),
Experience and Expertise ELCOMA (Electric Lamp & Component Manufacturers’ Association of India) and IMC (Indian Merchants Chamber).
Prior to joining Bajaj Electricals Limited, he was a part of the Leadership Team at Viacom18. In his over
a decade long stint with Viacom18 he had a string of accomplishments. He spearheaded the formation
of Viacom18 and has been a key architect in making it one of India’s leading media and entertainment
conglomerate. He also set-up Viacom18’s operations in USA and UK, enabled the set-up of Viacom18
Motion Pictures and has led strategy for MTV Networks Asia.
Brief Resume
Prior to joining Viacom 18, he has had over a decade of myriad professional experience in strategy
consulting, mergers & acquisitions and assurance with Arthur Andersen and KPMG, besides running his
own entrepreneurial ventures. In all his pursuits, he brings to fore a unique blend of business acumen,
diverse professional experience and deep insight into human and consumer behaviour that enable him
to build and run strong successful businesses and organisations. Details of the core skills, expertise,
Skills and capabilities required
and competencies of Board members are available on the Company’s website.
for the role and the manner in
which the proposed person He has been serving as the Managing Director & Chief Executive Officer of the Company since August 12,
meets such requirements 2022, prior to which he held the position of Executive Director of the Company since November 1, 2018.
Number of Meetings of the 6/6

Board attended during the year
(FY 2023-24)
List of Directorship on other • The Indian Society of Advertisers

Boards
List of Membership / Nil

Chairmanship of Committees on
other Boards
Listed entities from which the Nil

person has resigned in the past
3 years
Shareholding in Bajaj Electricals 8,010 equity shares

Limited
Number of Equity Shares held Nil

in the Company for any other
person on a beneficial basis
Relationship with other None.

directors, manager and other
Key Managerial Personnel of the
Company
Terms and Conditions of In terms of Section 152(6) of the Companies Act, 2013, Mr. Anuj Poddar who was appointed as the
appointment/re-appointment Managing Director & Chief Executive Officer on August 12, 2022, is liable to retire by rotation.
Details of remuneration last H 990.75 lakhs

drawn (FY 2023-24)
Details of remuneration sought As per existing approved terms and conditions.

to be paid
Justification for choosing the Not Applicable.

appointee for appointment as
an Independent Director
Ms. Pooja Bajaj
DIN : 08254455
Date of Birth and Age : May 6, 1982 (42 years)
Category / Designation Executive Director
Date of Appointment May 14, 2024
Date of first appointment on the November 1, 2018

Board of the Company
Qualifications Please refer to the Explanatory Statement forming a part of this Notice. Details of the core skills, expertise,
and competencies of Board members are available on the Company’s website.
Experience and Expertise
Brief Resume
Skills and capabilities required

for the role and the manner in
which the proposed person
meets such requirements
Number of Meetings of the 6/6

Board attended during the year
(FY 2023-24)
List of Directorship on other Nil

Boards
List of Membership / Nil

Chairmanship of Committees on
other Boards
Listed entities from which the Nil

person has resigned in the past
3 years
Shareholding in Bajaj Electricals 15,41,875 equity shares

Limited
Number of Equity Shares held Nil

in the Company for any other
person on a beneficial basis
Relationship with other Daughter-in-law of Mr. Shekhar Bajaj, Executive Chairman of the Company.
directors, manager and other
Key Managerial Personnel of the
Company
Terms and Conditions of Please refer to the Explanatory Statement forming a part of this Notice.
appointment/re-appointment
Details of remuneration last H 13.50 lakh (sitting fees and commission)

drawn (FY 2023-24)
Details of remuneration sought Please refer to the Explanatory Statement forming a part of this Notice.
to be paid
Justification for choosing the Not Applicable.

appointee for appointment as
an Independent Director
INFORMATION AT A GLANCE
Particulars Details
Day, date, and time of AGM Tuesday, August 6, 2024, at 03:00 p.m. (IST)
Mode Video conference and other audio-visual means (VC)
Weblink for participation through VC https://instameet.linkintime.co.in/
Helpline number for VC participation 022-49186175
Dividend record date Friday, July 19, 2024
Closure of register of members and share transfer books From Saturday, July 20, 2024, to Tuesday, August 6, 2024 (both days
inclusive)
Dividend payment date On or after Saturday, August 10, 2024
Cut-off date for e-Voting Tuesday, July 30, 2024
E-Voting start time and date Friday, August 2, 2024, at 09:00 A.M. IST
E-Voting end time and date Monday, August 5, 2024, at 05:00 P.M. IST
E-Voting website Refer to Point 25 in the notes to the Notice.
Name, address, and contact details of e-Voting service provider Link Intime India Private Limited
C 101, 247 Park, Lal Bahadur Shastri Rd, Surya Nagar,
Name, address, and contact details of Registrar and Transfer Agent Gandhi Nagar, Vikhroli West, Mumbai 400083.
Tel.: 022 4918 6000.
Board’s Report
Dear Members,
The Board of Directors is pleased to present the Company’s 85th Annual Report and the Company’s audited financial statements for the
financial year ended March 31, 2024.
FINANCIAL RESULTS
The highlights of the Standalone Financial Results are as under:
(H in crore, except for EPS)
Particulars FY 2023-24 FY 2022-23
Revenue from Operations & Other Income 4,727.74 4,934.28

Profit before Finance Cost and Depreciation 346.16 419.79
Less: Finance Cost 63.48 43.62
Less: Depreciation 109.58 73.78
Profit/(Loss) before Taxes 173.10 302.39
Less: Provision for Tax expenses 37.22 86.95
Profit/(Loss) after Tax from continuing operations 135.88 215.44
Profit/(Loss) after Tax from discontinued operations (4.09) 0.90
Profit/(Loss) after Tax from continuing and discontinued operations 131.79 216.34
Add: Other Comprehensive Income/(Loss) from continuing operations (0.62) 1.73
Add: Other Comprehensive Income/(Loss) from discontinued operations 0.71 -
Total Comprehensive Income 131.88 218.07
Opening Balance in Retained Earnings 760.99 576.44
Add: Total Comprehensive Income transferred to Retained Earnings 131.95 218.38
Add: Transferred to retained earnings for vested cancelled options 0.55 0.64
Amount transferred to General Reserves - -
Dividend Paid (46.04) (34.46)
Derecognized pursuant to the Scheme of Demerger (568.50) -
Balance available for appropriation 278.95 760.99
Basic EPS (H) 11.45 18.82
Diluted EPS (H) 11.42 18.79
The highlights of the Consolidated Financial Results are as under:

(H in crore, except for EPS)
Particulars FY 2023-24 FY 2022-23
Revenue from Operations & Other Income 4,727.74 4,934.28

Share of Profit/(Loss) of subsidiaries, associates & joint ventures - -
Less: Provision for Tax expenses 37.22 86.95
Profit/(Loss) for the period from continuing operations 135.88 215.44
Profit/(Loss) for the period from discontinued operations (4.80) 0.74
Profit/(Loss) for the period from continuing and discontinued operations 131.08 216.18
Basic EPS (H) 11.39 18.80
Diluted EPS (H) 11.37 18.77
Return on Net Worth, Return on Capital Employed and EPS for the financial year ended March 31, 2024, and for the last four financial years,
are given below:
Particulars FY 2023-24 FY 2022-23 FY 2021-22 FY 2020-21 FY 2019-20

Return on Net Worth (%) 7.83 11.97 9.06 12.31 (0.01)
Return on Capital Employed (%) 13.90 19.20 14.01 13.85 8.20
Basic EPS (after exceptional items) (H) 11.39 18.80 13.38 16.08 (0.01)
The financial results of the Company are elaborated in the Management Discussion and Analysis Report, which forms part of the Annual Report.
RESULTS OF OPERATIONS AND THE STATE OF year 2023-24. The amount of dividend aggregates to H 34.56 crore
COMPANY’S AFFAIRS (previous year H 46.04 crore). The dividend on equity shares, subject to
the approval of the Members at the Annual General Meeting (“AGM”)
During the financial year 2023-24:
to be held on August 6, 2024, will be paid on or after August 10, 2024
Revenue from operations on standalone basis decreased to to the Members whose names appear in the Register of Members as of
H 4,641.27 crore as against H 4,889.24 crore in the previous year the close of business hours on July 19, 2024; and, in respect of shares
- a degrowth of 5.07%. held in dematerialised form, it will be paid to Members whose names
are furnished by Depositories, as beneficial owners as of the close of
Revenue from Consumer Product Segment decreased by business hours on that date. Shares that may be allotted on exercise
4.26% to H 3,603.90 crore. of stock options granted under the Employee Stock Option Scheme
Revenue from Lighting Segment decreased by 7.79% to before the book closure date for payment of dividend will rank pari-
H 1,037.37 crore. passu with the existing shares and be entitled to receive the dividend.
The Board of Directors, at its meeting held on May 17, 2022, had last
Exports for the year was H 71.62 crore. amended the Dividend Distribution Policy of the Company. In terms of
Employee cost as a percentage to revenue from operations the amendment, and subject to the parameters/circumstances given
increased to 7.86% (H 364.93 crore) as against 7.03% (H 343.71 in the said revised Dividend Distribution Policy, the Board would
crore) in the previous year. endeavor to maintain a dividend pay-out in the range of 20-40% of
the Company’s Profit After Tax on standalone financials. The revised
Other expense as a percentage to revenue from operations Dividend Distribution Policy containing the requirements mentioned
decreased to 15.72% (H 729.60 crore) as against 16.14% in Regulation 43A of the SEBI Listing Regulations is attached as
(H 789.31 crore) in the previous year. Annexure A and forms part of this Report. This Policy can also be
accessed on the Company’s website at: https://www.bajajelectricals.
The Profit after Tax for the current year is H 131.79 crore as against
com/media/7301/dividend-distribution-policy.pdf.
H 216.34 crore in the previous year - a degrowth of 39.08%.
On a consolidated basis, the group achieved revenue of SHARE CAPITAL
H 4,641.27 crore as against H 4,889.24 crore - a degrowth The paid-up equity share capital of the Company as on March 31,
of 5.07. Net profit for the group for the current year is 2024 was H 23.04 crore. The increase in number of shares during the
H 131.08 crore as against H 216.18 crore in the previous year - a year is on account of allotment of 1,20,440 equity shares of H 2 each
degrowth of 39.37%. to the employees upon their exercise of stock options. These shares
As at March 31, 2024, the carrying value of the property, plant and were included, on a weighted average basis, for the computation
equipment, investment property, capital work-in-progress, intangible of EPS. The Company has not issued shares with differential voting
assets under development, other intangible assets, and leased rights. No disclosure is required under Section 67(3)(c) of the
assets, stood at H 789.28 crore. Net Capital Expenditure during the Companies Act, 2013 (“Act”), in respect of voting rights not exercised
year amounted to H 130.65 crore (H 56.34 crore in the previous year). directly by the employees of the Company, as the provisions of the
said Section are not applicable.
The Company’s cash and cash equivalent as at March 31, 2024 was
H 114.02 crore. The Company manages cash and cash flow processes The equity shares of the Company continue to remain listed on BSE
assiduously, involving all parts of the business. The Company Limited and National Stock Exchange of India Limited (collectively
continues to focus on judicious management of its working capital. “Stock Exchanges”). The listing fees for the financial year 2024-25
Receivables, inventories, and other working capital parameters were have been paid to the Stock Exchanges.
kept under strict check through continuous monitoring.
DEPOSITORY SYSTEM
Foreign Exchange transactions are partly covered and there are no
materially significant uncovered exchange rate risks in the context The Company’s shares are compulsorily tradable in electronic form.
of the Company’s imports and exports. The Company accounts for As on March 31, 2024, 99.72% of the Company’s total paid up capital
mark-to-market gains or losses every quarter end, in line with the representing 11,48,71,683 equity shares are in dematerialised form.
requirements of Ind AS 21. In light of the provisions of Regulation 40 of the SEBI Listing
Except for the transfer by way of demerger of the Power Transmission Regulations, read with a Circular No. SEBI/HO/MIRSD/MIRSD_
and Power Distribution Business pursuant to the effectiveness RTAMB/P/CIR/2022/8 dated January 25, 2022, as issued by
of the Scheme of Arrangement between Bajaj Electricals Limited the Securities and Exchange Board of India (“SEBI”), Members
and Bajel Projects Limited and their respective shareholders, the may please note that the transfer of shares, issue of duplicate
details of which are covered in this report, there has been no other securities certificates, claim from unclaimed suspense account,
change in the nature of the business of the Company during the renewal/ exchange of securities certificate, endorsement, sub-
year under review. division/ splitting of securities certificate, consolidation of
securities certificates/ folios, transmission and transposition will
Detailed information on the operations of the different business be in dematerialised form only. In view of the above and to avail
segments of the Company are covered in the Management Discussion advantages offered by the Depository system as well as to avoid
and Analysis Report, which forms part of the Annual Report. frauds, Members holding shares in physical mode are advised to
avail the facility of dematerialisation from either of the Depositories
TRANSFER TO RESERVES viz. National Securities Depository Limited and Central Depository
The Company has not transferred any amount to the General Services (India) Limited.
Reserves during the current financial year.
DEPOSITS
DIVIDEND & DIVIDEND DISTRIBUTION POLICY During the year under review, the Company has not accepted any
Your directors are pleased to recommend a dividend of 150% deposits covered under Chapter V of the Act. Accordingly, no disclosure
(H 3.00) on 11,51,96,078 equity shares of H 2 each for the financial or reporting is required in respect of details relating to deposits.
CREDIT RATING
The below table depicts Company’s credit ratings profile in a nutshell:
Instrument Rating Agency Rating

Short Term Debt CRISIL Ratings Limited CRISIL A1+
Bank Loan Facilities (long-term) CRISIL Ratings Limited CRISIL AA-/Stable
Bank Loan Facilities (short-term) CRISIL Ratings Limited CRISIL A1+
RELATED PARTY TRANSACTIONS MATERIAL CHANGES AND COMMITMENTS AFFECTING

In line with the requirements of the Act and SEBI Listing Regulations,
THE FINANCIAL POSITION OF THE COMPANY WHICH
the Company has formulated a Policy on Materiality of Related Party
OCCURRED BETWEEN THE END OF THE FINANCIAL
Transactions which is also available on the Company’s website at:
YEAR TO WHICH THIS FINANCIAL STATEMENT RELATE
https://www.bajajelectricals.com/media/7307/policy-on-materiality-
TILL THE DATE OF THIS REPORT
of-dealing-with-related-party-transactions.pdf. The Policy intends There are no material changes and commitments affecting the
to ensure that proper reporting, approval, and disclosure processes financial position of the Company, which occurred between the end
are in place for all transactions between the Company and its of the financial year for the Company i.e., March 31, 2024, and the
Related Parties. date of this Board’s Report i.e., May 14, 2024.
All transactions entered into with related parties for the year under
APPLICATION MADE OR ANY PROCEEDING PENDING
review were on an ordinary course of business and at arm’s length
UNDER THE INSOLVENCY AND BANKRUPTCY CODE,
basis. No Material related party transactions i.e., transactions
2016 DURING THE YEAR ALONGWITH THEIR STATUS AS
exceeding H 1,000 crore or 10% of the annual consolidated turnover
AT THE END OF THE FINANCIAL YEAR
whichever is less, as per the last audited financial statements, were
entered during the year by the Company. Accordingly, the disclosure No application has been made under the Insolvency and Bankruptcy
of related party transactions as required under Section 134(3)(h) Code against the Company; hence the requirement to disclose the
of the Act, in Form AOC-2, is not applicable. Further, there are no details of application made or any proceeding pending under the
material related party transactions during the year under review with Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the
the Promoters, Directors, or Key Managerial Personnel, which may year along with their status as at the end of the financial year is
have a potential conflict with the interest of the Company at large. not applicable.
The related party transactions are mentioned in the notes to the DIFFERENCE BETWEEN AMOUNT OF THE VALUATION
accounts. The Directors draw attention of the members to Note No. DONE AT THE TIME OF ONE TIME SETTLEMENT AND
38 to the standalone financial statements which sets out related THE VALUATION DONE WHILE TAKING LOAN FROM THE
party disclosure. BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE
The disclosures in respect of loans and advances pursuant to REASONS THEREOF
the provisions of Regulation 34(3), read with clause 2 of Part A of During the year under review, there was no instance of one-time
Schedule V of the SEBI Listing Regulations, in compliance with settlement with banks or financial institutions; hence the requirement
the Accounting Standard on Related Party Disclosures, are not to disclose the details of difference between amount of the valuation
applicable since the Company does not have any holding or done at the time of one time settlement and the valuation done while
subsidiary companies at the end of the year under review. taking loan from the Banks or Financial Institutions along with the
reasons thereof, is not applicable.
During the year under review, the following person(s) or entity(ies)
belonging to the promoter/promoter group held 10% or more shares
in the paid-up equity share capital of the Company:
CORPORATE SOCIAL RESPONSIBILITY
The Company is having a Policy on Corporate Social Responsibility
Name of the person/entity Shareholding (%) (“CSR”) and has constituted a CSR Committee as required
Jamnalal Sons Private Limited 19.57 under the Act for implementing various CSR activities. The CSR
Bajaj Holdings and Investment Limited 16.61 Committee is comprised of Ms. Pooja Bajaj, as the Chairperson of the
Committee, with Mr. Shekhar Bajaj, Mr. Sudarshan Sampathkumar
Disclosure of transactions pursuant to the provisions of Regulations and Mr. Saurabh Kumar, as the members of the Committee.
34(3) read with clause 2A of Part A of Schedule V of the SEBI Listing The CSR policy is available on the website of the Company at:
Regulations is attached as Annexure B and forms part of this Report. https://www.bajajelectricals.com/media/7071/corporate-social-
responsibility-policy.pdf.
PARTICULARS OF LOANS AND ADVANCES, GUARANTEES Other details about the CSR Committee are provided in the
OR INVESTMENTS Corporate Governance Report which forms part of this Report. The
Pursuant to the provisions of Section 186 of the Act and the rules Company has implemented various CSR projects directly and/or
framed thereunder, the particulars of the loans given, investments through implementing partners and the said projects undertaken by
made or guarantees given or security provided are given in the the Company are in accordance with its CSR Policy and Schedule VII
Notes to the standalone financial statements. to the Act. Report on CSR activities as required under the Companies
(Corporate Social Responsibility Policy) Rules, 2014, as amended, is
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE given in Annexure C, which forms part of this Report.
REGULATORS OR COURTS
There are no significant and material orders passed by the regulators/
courts/tribunal which would impact the going concern status of the
Company and its operations in the future.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY EMPLOYEES STOCK OPTION SCHEME

REPORT (BRSR) The Company implemented the Employees Stock Option Scheme
Pursuant to amendment in the SEBI Listing Regulations, the top (“ESOP Scheme”) in accordance with the SEBI (Share Based
1,000 listed entities based on market capitalisation are required to Employee Benefits) Regulations, 2014, read with the Securities
submit a Business Responsibility and Sustainability Report (“BRSR”) and Exchange Board of India (Share Based Employee Benefits and
with effect from the FY 2022-23. Sweat Equity) Regulations, 2021 (“SEBI SBEBSE Regulations”), as
a measure to reward and motivate employees, and also to attract
Accordingly, a detailed BRSR in the format prescribed by SEBI
and retain talent. During the financial year under review, 2,55,000
describing various initiatives, actions, and process of the Company
stock options were granted to eligible employees at the market price
in conducting its business in line with its environmental, social
prevailing on the National Stock Exchange of India Limited as of the
and governance obligations has been hosted on Company’s
date of their grant. During the year under review, there has been no
website and can be accessed at https://www.bajajelectricals.com/
change in the Company’s ESOP Scheme.
annual-reports/.
In line with Regulation 14 of the SEBI SBEB Regulations, a statement
A physical copy of the BRSR will be made available to any
giving complete details as at March 31, 2024, is available on the
shareholder on request.
Company’s website at https://www.bajajelectricals.com/annual-
reports/. The Company has obtained a Certificate from the Secretarial
CORPORATE GOVERNANCE Auditors stating that the ESOP Scheme has been implemented in
Maintaining high standards of Corporate Governance has been accordance with the SEBI SBEBSE Regulations. This Certificate will
fundamental to the business of the Company since its inception. be available for inspection through electronic mode by writing to the
As per Regulation 34(3) read with Schedule V of the SEBI Listing Company at legal@bajajelectricals.com from the date of circulation
Regulations, a separate section on corporate governance of the AGM Notice until the date of the AGM, i.e., August 6, 2024.
practices followed by the Company, together with the following Details of options vested, exercised, and cancelled are provided in
declarations/certifications forms an integral part of this Corporate the notes to the standalone financial statements.
Governance Reporting:
During the year under review, with the approval of the Nomination
a. A declaration signed by Mr. Anuj Poddar, Managing Director and Remuneration Committee and the Board of Directors at their
& Chief Executive Officer, stating that the members of board respective meetings held on November 6, 2023, and with the approval
of directors and senior management personnel have affirmed of the shareholders via a special resolution dated January 25, 2024,
compliance with the Company’s Code of Conduct. the Company adopted the new ‘Bajaj Electricals Limited - Performance
Stock Option Plan- 2023’ (“PSOP Plan”) for the issuance of equity
b. A compliance certificate from the Company’s Statutory
shares of the Company in the form of Performance Stock Options
Auditors confirming compliance with the conditions of
(“PSOP Options”) to its eligible employees, in accordance with the
Corporate Governance.
SEBI SBEB Regulations. The PSOP Plan will result in the grant of up to
c. A certificate of Non-Disqualification of Directors from the 575,510 PSOP Options in one or more tranches to eligible employees,
Secretarial Auditor of the Company. representing 0.50% of the issued share capital of the Company.
d. A certificate from the CEO and CFO of the Company, inter- SCHEME OF ARRANGEMENTS UNDER SECTIONS 230-
alia, confirming the correctness of the financial statements 232 OF THE ACT
and cash flow statements, adequacy of the internal control
measures and reporting of matters to the Audit Committee. Scheme of Arrangement between Bajaj Electricals Limited
and Bajel Projects Limited and their respective shareholders:
MANAGEMENT DISCUSSION AND ANALYSIS REPORT During the year under review, the Hon’ble National Company
The Management Discussion and Analysis Report on the operations Law Tribunal, Mumbai Bench, by its order dated June 8, 2023,
of the Company, as required under the SEBI Listing Regulations, has approved the Scheme of Arrangement between Bajaj
is provided in a separate section and forms an integral part of Electricals Limited (the “Company” / “Demerged Company”)
this Annual Report. and Bajel Projects Limited (“Bajel” / “Resulting Company”) and
their respective shareholders under Sections 230 to 232 of the
ANNUAL RETURN Act (“Demerger Scheme”), whereby and where under inter
alia, the Demerged Undertaking (as defined in the Demerger
Pursuant to the provisions of Section 134(3)(a) and Section 92(3)
Scheme), consisting of the Power Transmission and Power
of the Act read with Rule 12 of the Companies (Management and
Distribution Business (as defined in the Demerger Scheme),
Administration) Rules, 2014, the Annual Return of the Company
was transferred by way of demerger into Bajel effective
for the financial year ended March 31, 2024, can be accessed at
from August 31, 2023 (“Effective Date”). Subsequently, in
https://www.bajajelectricals.com/annual-reports/.
accordance with the provisions of the Demerger Scheme,
Bajel, at its meeting held on September 16, 2023, issued and
VIGIL MECHANISM
allotted New Equity Shares in the ratio of 1 (One) fully paid-up
The Company has a Whistle Blower Policy to report genuine equity share of Bajel having a face value of H2 (Rupees Two)
concerns or grievances about any poor or unacceptable practice each for every 1 (One) fully paid-up equity share of H2 (Rupees
and any event of misconduct and to provide adequate safeguards Two) each of the Company to the shareholders of the Company
against victimisation of persons who may use such mechanism. whose names were recorded in the register of members and/or
The Whistle Blower Policy has been posted on the website of the records of the depository as on the Record Date (i.e., Thursday,
Company at: https://www.bajajelectricals.com/media/7816/whistle- September 14, 2023), and accordingly, as per the terms of the
blower-policy.pdf. Demerger Scheme, immediately with effect from the Effective
Date and upon allotment of New Equity Shares by Bajel, the FINANCIAL STATEMENTS
entire pre-demerger paid-up equity share capital, as on the
The financial statements of the Company for the year ended March
Effective Date, of the Resulting Company stands cancelled,
31, 2024, as per Schedule III to the Act forms part of this Report.
extinguished, and annulled on and from the Effective Date, and
consequently, Bajel ceased to be a wholly owned subsidiary
of the Company.
CONSOLIDATED FINANCIAL STATEMENTS
The Directors also present the audited consolidated financial
Scheme of Merger by Absorption of Nirlep Appliances
statements incorporating the duly audited financial statements of
Private Limited with Bajaj Electricals Limited and their
the subsidiary, associate and joint venture prepared in compliance
respective shareholders:
with the Act, applicable Accounting Standards and the SEBI Listing
During the year under review, the Hon’ble National Company Regulations and they form part of this Report.
Law Tribunal, Mumbai Bench, by its order dated March 1,
2024, approved the Scheme of Merger by Absorption of Nirlep DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appliances Private Limited (“Transferor Company”) into Bajaj Appointments/Re-appointments and Director coming up for
Electricals Limited (the “Company” / “Transferee Company”) retirement by rotation
and their respective shareholders under Sections 230 to 232
of the Act (“Nirlep Merger Scheme”), whereby and where Appointment of Mr. Sudarshan Sampathkumar as an
under inter-alia the Transferor Company was merged with the Independent Director for a term of five consecutive years
Company, effective from March 31, 2024, and consequently, from May 23, 2023
the Transferor Company was dissolved (without being wound The Board of Directors based on the recommendation of
up) and ceased to be a wholly owned subsidiary of the the Nomination & Remuneration Committee, approved
Company, as per the terms of the Nirlep Merger Scheme. the appointment of Mr. Sudarshan Sampathkumar as an
Additional Director, designated as an Independent Director of
SUBSIDIARY, JOINT VENTURE AND ASSOCIATE the Company, with effect from May 23, 2023 and at the annual
As on March 31, 2024, your Company has one (1) associate company, general meeting of the Company held on August 10, 2023, the
viz. Hind Lamps Limited (“Hind Lamps”). shareholders approved his appointment as an Independent
Director of the Company for a period of five (5) consecutive
Details of subsidiary/associate companies/joint ventures of years upto May 22, 2028.
the Company
Completion of the term of Mr. Munish Khetrapal as an
% of shareholdingof Independent Director on the Board of Directors; he did not
Name the Company as Status seek re-appointment
on March 31, 2024
Mr. Munish Khetrapal, an Independent Director of the Company
Hind Lamps Limited 19.00 Associate
whose first term expired on October 31, 2023, had conveyed
Performance of Subsidiary, Joint Venture, and Associate his decision not to seek reappointment for a second term due
to increasing professional commitments. Consequently, Mr.
Hind Lamps: Total income of Hind Lamps in the financial year 2023- Khetrapal’s tenure as an Independent Director of the Company
24 stood at H 3.93 crore (Previous Year: H 3.71 crore). Profit for the concluded on October 31, 2023. The Board places on record
year was at H 0.06 crore (Previous Year Profit: H 0.05 crore). its sincere appreciation for the contribution made by him
Pursuant to the provisions of Section 129(3) of the Act, a Report on during his tenure on the Board of the Company.
the performance and financial position of the subsidiary, associate ppointment of Mr. Vikram Hosangady as an Independent
A
and joint venture are included in the Consolidated Financial Director for a term of five consecutive years from
Statement and their contribution to the overall performance of the November 6, 2023
Company in Form AOC-1 is given in Annexure D, which forms part
of this Report. The Board of Directors based on the recommendation of
the Nomination & Remuneration Committee, approved the
In accordance with the fourth proviso to Section 136(1) of the Act, appointment of Mr. Vikram Hosangady as an Additional
the Annual Report of Company, containing therein its Standalone Director, designated as an Independent Director of the
and Consolidated Financial Statements are available on the Company, with effect from November 6, 2023, and the
Company’s website at: https://www.bajajelectricals.com/annual- shareholders approved his appointment as an Independent
reports/. Further, as per fifth proviso to the said Section, the annual Director of the Company for a period of five (5) consecutive
accounts of the subsidiary, joint venture and associate of the years upto November 5, 2028, by way of resolution passed
Company are also available on the Company’s website at: https:// through postal ballot on January 25, 2024.
www.bajajelectricals.com/annual-reports/. Any member who may
be interested in obtaining a copy of the aforesaid documents may Appointment of Ms. Swati Salgaocar as an Independent
write to the Company Secretary at the Company’s Registered Office. Director for a term of five consecutive years from
Further, the said documents will be available for examination by November 6, 2023
the shareholders of the Company at its Registered Office during
The Board of Directors based on the recommendation of
all working days except Saturday, Sunday, Public Holidays and
the Nomination & Remuneration Committee, approved the
National Holidays, between 11.00 a.m. and 01.00 p.m.
appointment of Ms. Swati Salgaocar as an Additional Director,
The Policy for Determining Material Subsidiary as approved by the designated as an Independent Director of the Company, with
Board may be accessed on the Company’s website at: https://www. effect from November 6, 2023, and the shareholders approved
bajajelectricals.com/media/6127/policy-for-determining-material- her appointment as an Independent Director of the Company
subsidiary-wef-1st-april-2019.pdf. for a period of five (5) consecutive years upto November 5,
2028, by way of resolution passed through postal ballot on Independent Directors

January 25, 2024.
All Independent Directors of the Company have given declarations
Appointment of Mr. Saurabh Kumar as an Independent under Section 149(7) of the Act that they meet the criteria of
Director for a term of five consecutive years independence as laid down under Section 149(6) of the Act and
from March 20, 2024 Regulation 16(1)(b) and other applicable provisions of the SEBI
Listing Regulations. In terms of Regulation 25(8) of the SEBI Listing
The Board of Directors, based on the recommendation of Regulations, the Independent Directors have confirmed that they
the Nomination & Remuneration Committee, approved are not aware of any circumstance or situation, which exists or may
the appointment of Mr. Saurabh Kumar as an Additional be reasonably anticipated, that could impair or impact their ability
Director, designated as an Independent Director of the to discharge their duties with an objective independent judgement
Company, effective from March 20, 2024. The approval of the and without any external influence. The Independent Directors
shareholders for his appointment as an Independent Director hold office for a fixed term of five years and are not liable to retire
of the Company for a period of five (5) consecutive years up to by rotation. All Independent Directors of the Company have valid
March 19, 2029, is sought through postal ballot process. registration in the Independent Director’s databank of Indian Institute
Re-appointment of Mr. Shailesh Haribhakti as an of Corporate Affairs as required under Rule 6(1) of the Companies
Independent Director for a second term of five consecutive (Appointment and Qualification of Director) Fifth Amendment Rules,
years starting from August 7, 2024 2019. In the opinion of the Board, the Independent Directors fulfil the
conditions of independence specified in Section 149(6) of the Act
The Board of Directors, based on the recommendation of the and Regulation 16(1)(b) and other applicable provisions of the SEBI
Nomination & Remuneration Committee, approved the re- Listing Regulations.
appointment of Mr. Shailesh Haribhakti as an Independent
Director of the Company for a second term of five (5) The terms and conditions of appointment of the Independent
consecutive years starting from August 7, 2024. The approval Directors are placed on the website of the Company at: https://
of the shareholders for his re-appointment as an Independent www.bajajelectricals.com/media/6937/letter-of-appointment-to-
Director of the Company for a period of five (5) consecutive independent-directors.pdf.
years up to August 6, 2029, is sought through postal In compliance with the requirement of SEBI Listing Regulations,
ballot process. the Company has put in place a familiarisation programme for the
Appointment of Ms. Pooja Bajaj as an Executive Director for independent directors to familiarise them with their role, rights and
a term of five consecutive years from May 14, 2024 responsibility as directors, the working of the Company, nature
of the industry in which the Company operates, business model,
The Board of Directors, based on the recommendation of the etc. The details of familiarisation programme are explained in the
Nomination & Remuneration Committee and subject to the Corporate Governance Report and the same are also available on
approval of shareholders at the forthcoming AGM, approved the website of the Company at: https://www.bajajelectricals.com/
the appointment of Ms. Pooja Bajaj as a Whole-time Director media/7815/familiarization-program-for-independent-directors-
of the Company, with the designation and title of ‘Executive march-31-2024.pdf.
Director’, for a term of five (5) consecutive years starting from
May 14, 2024. The Board recommends the appointment Key Managerial Personnel
of Ms. Pooja Bajaj for the consideration of the Members of During the year under review, there has been a change in the key
the Company at the forthcoming AGM. The relevant details, managerial personnel of the Company. The Board of Directors of the
including the profile of Ms. Pooja Bajaj, are included separately Company, at its meeting held on May 23, 2023, has:
in the Notice of AGM and Report on Corporate Governance of
the Company, forming part of the Annual Report. a. Taken on record the cessation of Mr. Ajay Nagle, Company
Secretary & Chief Compliance Officer and Key Managerial
Director coming up for retirement by rotation Personnel of the Company, with effect from the close of
In accordance with the provisions of Section 152 of the Act business hours on June 30, 2023; and
and the Company’s Articles of Association, Mr. Anuj Poddar b. Considered and approved the appointment of Mr.
is the Director liable to retire by rotation at the forthcoming Prashant Dalvi, then Vertical Head - Corporate Secretarial &
AGM and being eligible offers himself for re-appointment. The Compliance of the Company, as the new Company Secretary
Board recommends the re-appointment of Mr. Anuj Poddar & Chief Compliance Officer and Key Managerial Personnel
for the consideration of the Members of the Company at the of the Company with effect from the start of business hours
forthcoming AGM. The relevant details, including the profile on July 1, 2023.
of Mr. Anuj Poddar, are included separately in the Notice of
AGM and Report on Corporate Governance of the Company, As on March 31, 2024, the Board has designated Mr. Anuj Poddar,
forming part of the Annual Report. Managing Director & Chief Executive Officer, Mr. E C Prasad, Chief
Financial Officer, and Mr. Prashant Dalvi, Chief Compliance Officer &
As on the date of this Report, the Company’s Board comprises of ten Company Secretary, as Key Managerial Personnel of the Company,
(10) Directors, out of which, seven (7) are Non-Executive Directors pursuant to the provisions of Sections 2(51) and 203 of the Act, read
(NEDs) including one (1) Woman Director. NEDs represent 70% of with the Rules framed thereunder.
the total strength. Further, out of the said seven (7) NEDs, five (5) are
independent directors representing 50% of the total strength of the
Board. The composition of the Board is in conformity with Regulation
17 of the SEBI Listing Regulations and with the provisions of the Act.
NUMBER OF MEETINGS OF THE BOARD control environment and monitors the implementation of audit
recommendations, including those relating to strengthening of the
Six (6) Board meetings were held during the financial year 2023-24.
Company’s risk management policies and systems.
The intervening gap between the meetings was within the period
prescribed under the Act and SEBI Listing Regulations. The details of Based on the report of the Statutory Auditors, the internal financial
meetings of the Board held during the financial year 2023-24 forms controls with reference to the standalone financial statements were
part of the Corporate Governance Report. adequate and operating effectively.
COMMITTEES OF THE BOARD COMPLIANCE WITH SECRETARIAL STANDARDS

As on March 31, 2024, the Board of Directors had the The Company has complied with the applicable Secretarial
following Committees: Standards issued by the Institute of Company Secretaries of India.
a. Audit Committee;
REPORTING OF FRAUD
b. Nomination and Remuneration Committee;
There was no instance of fraud reported during the year under review,
c. Stakeholders’ Relationship Committee;
which required the Statutory Auditors, Cost Auditor or Secretarial
d. Risk Management Committee; Auditor to report the same to the Audit Committee of the Company
e. Corporate Social Responsibility Committee; and under Section 143(12) of the Act and Rules framed thereunder.
f. Finance Committee.
RISK MANAGEMENT
The details of the Committees along with their composition, number
of meetings and attendance at the meetings are provided in the The Company has formulated a risk management policy and has in
Corporate Governance Report which forms part of this Annual Report. place a mechanism to inform the Board about risk assessment and
minimisation procedures along with a periodical review to ensure
BOARD EVALUATION that executive management controls risk by means of a properly
designed framework.
Pursuant to the provisions of the Act and the SEBI Listing Regulations,
the Board has carried out the annual performance evaluation of the The Risk Management Framework is reviewed periodically by
Directors individually as well as evaluation of the working of the the Risk Management Committee, which includes discussing
Board and of the Committees of the Board, by way of individual the Management submissions on risks, prioritising key risks and
and collective feedback from Directors. The manner in which the approving action plans to mitigate such risks.
evaluation was conducted by the Company and evaluation criteria
Detailed discussion on risk management forms part of the
has been explained in the Corporate Governance Report which
Management Discussion and Analysis, which forms part of this
forms part of this Annual Report.
Annual Report. At present, in the opinion of the Board of Directors,
The Board of Directors has expressed its satisfaction with the there are no risks which may threaten the existence of the Company.
evaluation process.
AUDIT COMMITTEE
POLICY ON DIRECTORS’ APPOINTMENT AND The Audit Committee comprises of three Directors viz. Mr. Shailesh
REMUNERATION Haribhakti as the Chairman of the Committee, with Mr. Sudarshan
The Board of Directors has framed a Nomination and Remuneration Sampathkumar, and Mr. Vikram Hosangady, as the members
Policy which lays down a framework in relation to appointment of the Committee.
and remuneration of Directors, Key Managerial Personnel, Senior During the year under review all the recommendations of the Audit
Management and other employees of the Company (“Policy”). The Committee were accepted by the Board. Details of the role and
Policy broadly lays down the guiding principles, philosophy and the responsibilities of the Audit Committee, the particulars of meetings
basis for payment of remuneration to Executive and Non-executive held, and attendance of the Members at such Meetings are given
Directors (by way of sitting fees and commission), Key Managerial in the Report on Corporate Governance, which forms part of
Personnel, Senior Management and other employees. The Policy the Annual Report.
also provides for the Board Diversity, the criteria for determining
qualifications, positive attributes and independence of Director AUDITORS AND AUDITOR’S REPORT
and criteria for appointment of Key Managerial Personnel/Senior
Statutory Auditors
Management and performance evaluation which are considered
by the Nomination and Remuneration Committee and the Board of The Members at their 83rd Annual General Meeting (“83rd AGM”) of
Directors whilst taking a decision on the potential candidates. the Company held on August 12, 2022, had appointed Messrs S R B
C & Co. LLP, Chartered Accountants (ICAI Registration No.324982E/
The above Policy is given in Annexure E, which forms part of this E300003) as the Statutory Auditors of the Company to hold office
Report, and has also been posted on the website of the Company for a second term of five years i.e. from the conclusion of 83rd AGM
at: https://www.bajajelectricals.com/media/6722/nomination-and- till the conclusion of 88th Annual General Meeting of the Company
remuneration-policy.pdf. to be held in 2027.
RISK AND INTERNAL CONTROLS ADEQUACY The Auditors’ Report on financial statements forms part of this
Annual Report. There has been no qualification, reservation, adverse
The Company’s internal control systems are commensurate remark, or disclaimer given by the Auditors in their Report.
with the nature of its business and the size and complexity of its
operations. These are routinely tested and certified by Statutory Cost Auditors
as well as Internal Auditors and cover all offices, factories, and key Pursuant to the provisions of Section 148 of the Act read with the
business areas. Significant audit observations and follow-up actions Rules framed thereunder, the cost audit records maintained by the
thereon are reported to the Audit Committee. The Audit Committee Company in respect of its manufacturing activities are required to be
reviews the adequacy and effectiveness of the Company’s internal audited. Messrs R. Nanabhoy & Co. (Firm Registration No.000010),
Cost Accountants, carried out the cost audit for applicable of which dividend was not paid or claimed by the members for seven
businesses during the year. consecutive years or more, have been transferred by the Company
Based on the recommendation of the Audit Committee, the Board of to IEPF during the year. Details of shares transferred have been
Directors has appointed Messrs R. Nanabhoy & Co. (Firm Registration uploaded on the website of IEPF as well as the Company.
No.000010), Cost Accountants, as the Cost Auditors for the financial
year 2024-25. The Company has received a certificate from Messrs R. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
Nanabhoy & Co., confirming that they are not disqualified from being AND FOREIGN EXCHANGE EARNINGS AND OUTGO
appointed as the Cost Auditors of the Company. The remuneration The information on conservation of energy, technology absorption and
payable to the Cost Auditors is required to be placed before the foreign exchange earnings and outgo stipulated under Section 134(3)
members in the general meeting for their ratification. Accordingly, (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014,
a resolution seeking members’ ratification for the remuneration is annexed herewith as Annexure G which forms part of this Report.
payable to Messrs R. Nanabhoy & Co., Cost Accountants, is included
at Item No. 6 of the Notice of the ensuing AGM. HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The particulars of the Cost Auditors and cost audit conducted by The Company takes pride in the commitment, competence and
them for financial year 2022-23 are furnished below: dedication shown by its employees in all areas of its business. The
Company considers people as its biggest assets and hence has put
ICWA Membership No. 7464 in concerted efforts in talent management and succession planning
Registration No. of Firm 000010 practices, strong performance management and learning, coupled
Address Jer Mansion, 70, August Kranti with training initiatives to ensure that it consistently develops inspiring,
Marg, Mumbai 400036. strong, and credible leadership. Apart from continued investment in
Cost Audit Report Financial year 2022-23 skill and leadership development of its people, the Company has also
Due date of filing of Report September 30, 2023 focused on employee engagement initiatives and drives aimed at
increasing the culture of innovation and collaboration across all strata
Actual date of filing of Report August 30, 2023
of the workforce. These are discussed in detail in the Management
As per Section 148 of the Act read with the Companies (Cost Records Discussion and Analysis Report forming part of the Annual Report.
and Audit) Rules, 2014, the Company is required to maintain cost The relations with the employees of the Company have continued
records and accordingly, such accounts and records are maintained. to remain cordial.
Secretarial Auditors
KEY INITIATIVES WITH RESPECT TO STAKEHOLDER
The Board had appointed Messrs Anant B. Khamankar & Co., RELATIONSHIP, CUSTOMER RELATIONSHIP,
Practicing Company Secretaries (Membership No. FCS 3198; CP No. ENVIRONMENT, SUSTAINABILITY, HEALTH, SAFETY AND
1860) as the Secretarial Auditors to conduct the secretarial audit of WELFARE OF EMPLOYEES
the Company for the financial year ended March 31, 2024, as per
The key initiatives taken by the Company with respect to stakeholder
the provisions of Section 204 of the Act read with Rules framed
relationship, customer relationship, environment, sustainability,
thereunder. The Secretarial Audit Report in Form MR-3 is given as
health, and safety are provided separately under various Capitals in
Annexure F and forms part of this Report. The Secretarial Audit
this Annual Report.
Report does not contain any qualification, reservation, adverse
remark or disclaimer. The Environment, Health and Safety Policy and Human
Rights Policy are available on the website of the Company viz.
Pursuant to the provisions of Regulation 24A of the SEBI Listing
www.bajajelectricals.com
Regulations read with SEBI Circulars issued in this regard, the
Company has undertaken an audit for the financial year 2023-24
for all applicable compliances as per SEBI Listing Regulations and
PROTECTION OF WOMEN AT WORKPLACE
Circulars/Guidelines issued thereunder. The Annual Secretarial In compliance with the provisions of the Sexual Harassment of
Compliance Report duly signed by Messrs Anant B. Khamankar & Women at Workplace (Prevention, Prohibition and Redressal) Act,
Co., Practicing Company Secretaries (Membership No. FCS 3198; 2013 and Rules framed thereunder (“POSH Act”), the Company has
CP No. 1860) has been submitted to the Stock Exchanges within 60 formulated and implemented a policy on prevention, prohibition and
days of the end of the financial year. redressal of complaints related to sexual harassment of women at
the workplace. All women employees either permanent, temporary,
TRANSFER TO INVESTOR EDUCATION AND PROTECTION or contractual are covered under the above policy. The said policy
FUND has been uploaded on the internal portal of the Company for
information of all employees. This has been widely disseminated. An
Transfer of Unpaid/Unclaimed Dividend to Investor
Internal Complaint Committee (ICC) has been set up in compliance
Education and Protection Fund
with the said provisions.
Pursuant to the provisions of Sections 124 and 125 of the Act read
with Investor Education and Protection Fund Authority (Accounting, Number of cases filed and their disposal under Section 22 of the
Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”), as amended, POSH Act, as at March 31, 2024, is as follows:
unpaid and/or unclaimed dividend of H 17,48,597.20 pertaining to
Particulars Numbers
the financial year ended on March 31, 2016, were transferred during
the year to the Investor Education and Protection Fund (“IEPF”). Number of complaints pending as on the beginning of Nil
the financial year
Transfer of shares to IEPF
Number of complaints filed during the financial year 1
Pursuant to the provisions of Section 124 of the Act read with the Number of complaints pending as on the end of the Nil
IEPF Rules, 2,347 equity shares of face value of H 2/- each, in respect financial year
PARTICULARS OF EMPLOYEES d. The disclosure pertaining to an explanation for any deviation

or variation in connection with certain terms of a public
Disclosures relating to remuneration and other details as required
issue, rights issue, preferential issue, etc. is not applicable
in terms of the provisions of Section 197(12) of the Act read with
to the Company.
Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are given in Annexure H, which e. The Company’s securities were not suspended during the
forms part of this Report. year under review.
Further, in accordance with the provisions of Sections 197(12) f. There was no revision of financial statements and Board’s
& 136(1) of the Act read with the Companies (Appointment and Report of the Company during the year under review.
Remuneration of Managerial Personnel) Rules, 2014, the list
pertaining to the names and other particulars of employees drawing ANNEXURES
remuneration in excess of the limits set out in the aforesaid Rules,
a. Dividend Distribution Policy – Annexure A;
is kept open for inspection during working hours at the Registered
Office of the Company. Any member who is interested in obtaining b. Disclosures of transactions pursuant to the provisions of
these, may write to the Company Secretary at the Registered Office Regulation 34(3) read with clause 2A of Part A of Schedule V of
of the Company. the SEBI Listing Regulations – Annexure B;
DIRECTORS’ RESPONSIBILITY STATEMENT c. Annual Report on CSR Activities – Annexure C;
The Directors confirm that: d. Statement containing salient features of the financial
statement of subsidiaries/associate companies/joint
a. in the preparation of the Annual Accounts for the year ended ventures – Annexure D;
March 31, 2024, the applicable accounting standards have
been followed along with proper explanation relating to e. Nomination and Remuneration Policy of the
material departures, if any; Company – Annexure E;
b. they have selected such accounting policies and applied them f. Secretarial Audit Report – Annexure F;
consistently and made judgements and estimates that are g. Report on Conservation of Energy, Technology Absorption
reasonable and prudent so as to give a true and fair view of the and Foreign Exchange Earnings and Outgo – Annexure G; and
state of affairs of the Company at the end of the financial year
and of the profit of the Company for that period; h. Disclosures under Section 197(12) of the Act read with the
Companies (Appointment and Remuneration of Managerial
c. they have taken proper and sufficient care for the maintenance Personnel) Rules, 2014 – Annexure H.
of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the APPRECIATION AND ACKNOWLEDGEMENT
Company and for preventing and detecting frauds and other
irregularities; The Directors place on record their deep appreciation to employees
at all levels for their hard work, dedication and commitment.
d. they have prepared the annual accounts on a
going concern basis; The Board places on record its appreciation for the support and
co-operation the Company has been receiving from its suppliers,
e. they have laid down internal financial controls to be followed distributors, business partners and others associated with it as its trading
by the Company and that such internal financial controls are partners. The Company looks upon them as partners in its progress and
adequate and were operating effectively; and has shared with them the rewards of growth. It will be the Company’s
f. they have devised proper systems to ensure compliance with endeavour to build and nurture strong links with trade based on mutuality
the provisions of all applicable laws and that such systems of benefits, respect for and co-operation with each other, consistent
were adequate and operating effectively. with consumer interests. The Directors also take this opportunity to
thank all Shareholders, Clients, Vendors, Banks, Government Regulatory
OTHER DISCLOSURES / CONFIRMATIONS Authorities and Stock Exchanges, for their continued support.
a. Neither the Chairman nor the Managing Director & Chief

Executive Officer of the Company received any remuneration
or commission from any of the subsidiaries of the Company. For and on behalf of
b. The Company has not issued any sweat equity shares to its the Board of Directors of Bajaj Electricals Limited
directors or employees.
Shekhar Bajaj
c. The Company has not failed to implement any corporate action Mumbai Chairman
during the year under review. May 14, 2024 DIN: 00089358
Annexure A
DIVIDEND DISTRIBUTION POLICY
1. PREAMBLE 2. DIVIDEND DISTRIBUTION PHILOSOPHY AND

As per the provisions of Regulation 43A of the Securities and
OBJECTIVE
Exchanges Board of India (Listing Obligations and Disclosure This Dividend Policy of the Company aims to strike a balance
Requirements) Regulations, 2015 (“SEBI Listing Regulations”), between the dual objectives of rewarding shareholders
as amended, the Company is required to formulate and through Dividends and ploughing back earnings to support
disclose its Dividend Distribution Policy. Accordingly, the sustained growth.
Board of Directors (the “Board”) of Bajaj Electricals Limited
The management endeavours to divide ‘net earnings’ into
(the “Company”) had approved the Company’s first Dividend
dividends and retained earnings in an optimum way to achieve
Distribution Policy at its meeting held on March 29, 2017.
the objective of wealth maximisation for shareholders.
In the endeavour to provide more clarity to stakeholders on
the Company’s dividend distribution framework, this revised 3. DIVIDEND
Dividend Distribution Policy (“Dividend Policy”) has been
The dividend represents the profit of the Company, which is
framed for adoption by the Board of the Company. This
distributed to shareholders in proportion to the amount of the
Dividend Policy shall supersede the earlier policy and shall be
paid-up shares they hold. Dividend includes Interim Dividend.
effective from May 17, 2022.
4. PARAMETERS FOR DECLARATION OF DIVIDEND

External and Internal factors (strategic and financial) that would be considered for declaration of dividend includes:
External Factors Internal Factors

State of Economy- in case of uncertain or recessionary Distributable surplus available and liquidity
economic and business conditions; position of the Company
Market conditions and consumer trends; Present & future capital requirements of the existing businesses
including any acquisition;
Prevailing taxation policy or any amendments expected
thereof, with respect to dividend distribution; Expansion / Modernisation of existing businesses;
Statutory Obligations, Government Regulations and Outstanding Borrowings and covenants thereof;
Taxation policies;
Likelihood of crystallisation of contingent liabilities, if any; and
Dividend pay-out ratios of companies in the same industry; and
Other internal factors.
Other external factors.
Circumstances under which shareholders may not on standalone financials. However, the Board, at its sole
expect a dividend includes: discretion, may pay dividend which is higher or lower than this
dividend pay-out range.
Adverse market conditions & business uncertainty;
The Board may also consider declaring or recommending
Inadequacy of profits earned during the fiscal year;
special dividends or one or more Interim dividends during
Inadequacy of cash balance; the year. Additionally, the Board may recommend final
dividend for the approval of the shareholders at the Annual
Large forthcoming capital requirements which are
General Meeting.
funded through internal accruals;
The date of the Board meeting in which the dividend proposal
Changing Government regulations; and
will be considered shall be intimated to the stock exchanges
Any other relevant circumstances. and post-board meeting, the outcome of the meeting shall also
be provided to the stock exchanges, as required under the
Even under such (unfavorable) circumstances, the Board may, SEBI Listing Regulations.
at its sole discretion, and subject to applicable rules, choose to
recommend a dividend, including out of accumulated profits 6. UTILISATION OF RETAINED EARNINGS
of any previous financial year(s) in accordance with provisions
of the Companies Act, 2013 and SEBI Listing Regulations, as Subject to the applicable provisions, the retained earnings of
may be applicable. the Company shall be applied for:
Funding Inorganic and Organic Growth needs including
5. DIVIDEND PAYOUT working capital requirement, capital expenditure,
The Board would endeavor to maintain a Dividend pay-out repayment of the debt, etc. The Company can consider
in the range of 20-40% of the Company’s Profit After Tax venturing into new markets/geographies/verticals;
Research and Development of new products, investment 9. DISCLOSURES

in emerging technologies, etc. to increase market share;
The Dividend Policy shall be disclosed on the website of the
Capital Expenditure by way of state of art factories, Company i.e., www.bajajelectricals.com.
technology upgradation, platform development, etc.
10. REVIEW AND AMENDMENT
Mergers and acquisitions;
Any or all provisions of this Dividend Policy would be subject
Buyback of shares subject to applicable limits; to the revision/amendment to the SEBI Listing Regulations
Payment of dividends in future years; or related circular, notification, guidance notes issued by the
Securities and Exchange Board of India or relevant authority,
Issue of Bonus Shares; and on the subject from time to time.
Any other permissible purpose. Any such amendment shall automatically have the effect
of amending this Dividend Policy without the need for any
7. PARAMETERS THAT SHALL BE ADOPTED WITH approval by the Board or any of its Committees. This Dividend
REGARD TO VARIOUS CLASSES OF SHARES Policy is subject to review from time to time.
The Company has only one class of shares at this point.
11. DISCLAIMER
8. DIVIDEND POLICY EXCLUSION This Dividend Policy neither solicits investment in
The Dividend Policy shall not be applicable in the the Company’s securities nor gives any assurance of
following circumstances: guaranteed returns (in any form) for investments in the
Company’s equity shares.
(a) Any distribution of cash as an alternative to payment of
dividend by way of buyback of equity shares.
(b) Distribution of dividend in kind i.e. by the issue of fully or
partly paid bonus shares or other securities.
(c) Determination and declaring dividends on preference Shekhar Bajaj
shares, if any. Mumbai, May 17, 2022 Chairman
Annexure B
DISCLOSURES OF TRANSACTIONS OF THE COMPANY WITH ANY PERSON OR ENTITY BELONGING TO THE PROMOTER/
PROMOTER GROUP WHICH HOLD(S) 10% OR MORE SHAREHOLDING IN THE COMPANY PURSUANT TO THE PROVISIONS
OF REGULATION 34(3) AND 53(F) READ WITH CLAUSE 2A OF PART A OF SCHEDULE V OF THE SECURITIES AND
EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015:
(Amount: H in lakh)
FY 2023-24 FY 2022-23
Outstanding Outstanding
Name of the person or entity Nature of Transaction Transaction receivable Transaction receivable
Value for / (payable) Value for / (payable)
the Year carried in the the Year carried in the
Balance Sheet Balance Sheet
Jamnalal Sons Private Limited Rent Paid 49.56 - 49.56 -
Rent Deposit Advanced - 200.00 - 200.00
Reimbursement of Expenses 4.79 - 4.79 -
Dividend Paid 901.93 - 676.45 -
Bajaj Holdings and Investment Limited Dividend Paid 765.47 - 574.11 -
For and on behalf of

the Board of Directors of Bajaj Electricals Limited
Shekhar Bajaj
Mumbai Chairman
May 14, 2024 DIN: 00089358
Annexure C
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITIES (CSR) ACTIVITIES FOR THE FINANCIAL YEAR 2023-24
1. Brief outline on CSR Policy of the Company: CSR Policy: A detailed CSR Policy was last amended by
the Company on May 25, 2021, with approvals of the CSR
The Corporate Social Responsibility (CSR) policy of the Bajaj
Committee and Board of Directors. The Policy, inter alia,
Group is deeply rooted in the visionary philosophy of its
covers the following:
Founding Father, late Shri Jamnalal Bajaj. Guided by the
principle of Trusteeship, the Company believes in utilizing Philosophy
business as a tool for societal welfare and common good,
Preamble / Objective of the CSR Policy
placing emphasis on the collective benefit over individual
gain. This philanthropic ethos, established over a century ago, Vision
has endured through successive generations, propelling the
Company to greater heights of success and esteem. Beyond Corporate Social Responsibility Committee
conventional measures of corporate achievement, the Bajaj Responsibilities of the Board
Group views true progress as synonymous with the positive
impact it makes on people's lives. Through strategic social CSR Programmes/Projects
investments, the Company addresses community needs in
Implementation and Monitoring
areas such as health, education, environment conservation,
infrastructure, and disaster response. Recognizing society Engagement of International Organisations
as a critical stakeholder, the Company's CSR policy reflects
CSR Annual Action Plan
its commitment to ethical business practices, environmental
stewardship, and enhancing the well-being of all stakeholders, Information Dissemination
especially the marginalized and underprivileged. Additionally,
the policy underscores the Company's dedication to regulatory The CSR Policy is placed on the Company’s website at:
compliance and diligent adherence to all CSR-related laws https://www.bajajelectricals.com/media/7071/corporate-social-
and regulations. responsibility-policy.pdf
2. Composition of CSR Committee*:
Number of
Number of
meetings of
Sr. meetings of CSR
Name of Director Designation / Nature of Directorship CSR Committee
No. Committee held
attended during
during the year
the year
1. Mr. Shekhar Bajaj Chairperson – Executive Chairman 2/2
2. Dr. Indu Shahani Member – Independent Director 2/2
2
3. Dr. Rajendra Prasad Singh Member – Independent Director 2/2
4. Ms. Pooja Bajaj* Member – Non-Executive Director 1/1
*
Note: Ms. Pooja Bajaj was appointed as a member of the Corporate Social Responsibility Committee in the Board Meeting held on May 23, 2023. As of
March 31, 2024, the Corporate Social Responsibility Committee was composed of four Directors, namely Mr. Shekhar Bajaj as the Chairperson, with Dr. Indu
Shahani, Dr. Rajendra Prasad Singh, and Ms. Pooja Bajaj as its members. Further, effective April 1, 2024, the Corporate Social Responsibility Committee was
reconstituted with Ms. Pooja Bajaj as the Chairperson, and Mr. Shekhar Bajaj, Mr. Sudarshan Sampathkumar, and Mr. Saurabh Kumar as its members.
3. The web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website
of the company: https://www.bajajelectricals.com/miscellaneous/
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 Social responsibility Policy)
Rules, 2014 and amount required for set off for the financial year, if any:
Sr. Amount available for set-off from Amount required to be set-off for
Financial Year
No. preceding financial years (in J) the financial year, if any (in J)
Nil
6. Average net profit of the Company as per Section 135(5): H 25,701.91 lakh.
7. (a) Two percent of average net profit of the Company as per section 135(5): H 514.04 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.
(d) Total CSR obligation for the financial year (7a+7b-7c): H 514.04 lakh.
8. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (J in lakh)

Total Amount Spent for the Financial Year Total Amount transferred to Amount transferred to any fund specified
Unspent CSR Account as per under Schedule VII as per second proviso to
(J in lakh)
section 135(6) section 135(5)
Name of the
Amount Date of transfer Amount Date of transfer
Fund
396.24 117.78 April 25, 2024 Not Applicable Nil Not Applicable
0.02 April 30, 2024
(b) Details of CSR amount spent against ongoing projects for the financial year:
Amount Mode of Implementation

Location of the project transferred – Through Implementing
Amount
Local to Unspent Agency
Item from Amount spent
area CSR
the list of allocated in the Mode of
Sr. Name of the Project Account
activities in (Yes / for the current
No. Project duration for the Implementation
Schedule VII No) project financial CSR
project as - Direct (Yes/No)
to the Act State District year Name Registration
(J in lakh) per Section
number
(J in lakh) 135(6)
(J in lakh)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1. Scholarship Education No Maharashtra Wardha 2023-2024 18.36 6.12 No BEF CSR00003537

12.24
Program
2. Urban Environment Yes Maharashtra Mumbai and 2023-2024 44.05 29.24 14.81 No BEF CSR00003537
Forestation Sustainability other near
locations
3. Environmental Environment Yes Maharashtra Mumbai 2023-2024 29.00 26.10 2.90 No BEF CSR00003537
Awareness and Sustainability
education
4. Solar Environment Yes Maharashtra Mumbai and 2023-2024 46.94 37.42 9.52 No BEF CSR00003537
electrification Sustainability other near
project locations
5. Swasth Ghar Environment No Rajasthan Karauli 2023-2024 100.95 72.28 28.67 No BEF CSR00003537
Improved Sustainability
Cookstove
Project
6. Tobacco Control Health Yes Maharashtra Mumbai 2023-2024 21.05 13.77 7.27 No BEF CSR00003537
among Railway
Police
7. Mobile Van Health Yes Maharashtra Khalapur, 2023-2024 28.31 26.96 1.35 No BEF CSR00003537
for tobacco Raigad
cessation
8. Setting up Health Yes Delhi New Delhi 2023-2024 22.11 11.06 11.06 No BEF CSR00003537
of Tobacco
Cessation Center
9. Tobacco Health Yes Maharashtra Mumbai and 2023-2024 38.00 11.57 26.43 No BEF CSR00003537
cessation center other near
locations
10. Livelihood Woman No Maharashtra Beed, 2023-2024 12.32 11.09 1.23 No BEF CSR00003537
Creation Empowerment Osmanabad
11. Sadanand, Art and Culture Yes Maharashtra Mumbai and 2023-2024 23.00 20.70 2.30 No BEF CSR00003537
Kalanand and other near
Balanand locations
Total 384.09 266.31 117.78
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
Mode of
Amount
Item from Implementation –
Local Location of the project spent
the list of Mode of Through Implementing
Sr. Name of the area for the
activities in Implementation Agency
No. Project (Yes / Project
Schedule VII - Direct (Yes/No)
No) (J in CSR
to the Act
State District lakh) Name Registration
number
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
1. School Education Yes Maharashtra Mumbai 52.00 No BEF CSR00003537
refurbishment
project
2. Sports Yes Telangana Hyderabad 11.00 No BEF CSR00003537
3. Creation of Yes Rajasthan Jaipur 41.25 No BEF CSR00003537
Innovation
Hub for Social
Entrepreneurs
– Anant Bajaj
Limitless Ideas
Hub
Total 104.25
(d) Amount spent in Administrative Overheads: H 25.68 lakh.

(e) Amount spent on Impact Assessment, if applicable: Not Applicable.
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): H 396.24 lakh.
(g) Excess amount for set off, if any:
Sr. Amount (J in
Particulars
No. lakh)
(i) Two percent of average net profit of the company as per section 135(5) 514.04
(ii) Total amount spent for the Financial Year 396.24
(iii) Excess amount spent for the financial year [(ii)-(i)] Not Applicable
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any. Nil
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Amount
Amount Amount
Amount spent transferred to any
transferred to Amount spent remaining to
till the start fund specified
Sr. Unspent CSR in the reporting be spent in
Preceding Financial Year of reporting under Schedule
No. Account under Financial Year succeeding
Financial Year VII as per section
section 135 (6) (J in lakh) financial years
(J in lakh) 135(6), if any
(J in lakh) (J in lakh)
(J in lakh)
(1) (2) (3) (4) (5) (6) (7)
1. 2020-21 204.59 131.28 73.31 Nil Nil
2. 2021-22 129.18 81.59 44.76 Nil 2.83
3. 2022-23 54.39 Nil 52.89 Nil 1.50
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
Amount Cumulative
Total spent on amount
Financial amount the project spent at Status
Year in allocated in the the end of of the
Sr. Project
Project ID Name of the Project which the for the reporting reporting project –
No. Duration
project was project Financial Financial Completed
commenced Year Year / Ongoing
(J in lakh)
(J in lakh) (J in lakh)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1. TC/20-21/002 Model Tobacco Cessation 2020-21 2020-2024 114.40 52.88 114.40 Completed
Centers, Maharashtra
2. TC/20-21/003 Tobacco Cessation 2020-21 2020-2024 14.45 7.23 14.45 Completed
Program, Navi Mumbai
3. TC/20-21/004 Training and Capacity 2020-21 2020-2024 26.40 13.20 26.40 Completed
Building on Tobacco
Cessation and Tobacco
Free Workplace,
Bengaluru
4. SV/21-22/006 Scholarship program 2021-22 2021-2025 56.54 28.27 53.41 Ongoing
5. GI/21-22/003 Urban Forestation Project 2021-22 2021-2024 24.75 7.25 24.75 Completed
8. CI/21-22/003 Project Cloth Bag - 2021-22 2021-2024 10.15 1.02 10.15 Completed
Alternate to plastics
9. DR/21-22/013a Post COVID-19 Livelihood 2021-22 2021-2024 16.22 1.62 16.22 Completed
Support to women
entrepreneurs
10. DR/21-22/013c Post COVID-19 Response 2021-22 2021-2024 4.16 0.87 4.16 Completed
- support for education to
students
11. DR/21-22/013d Post COVID-19 response 2021-22 2021-2024 8.55 1.53 8.55 Completed
school refurbishment and
education support for
students
12. GI/22-23/006 Farmer Livelihood 2022-23 2022-2025 15.00 2.00 13.50 Ongoing
Enhancement Project
13. GI/22-23/007 Environmental 2022-23 2022-2024 26.85 2.55 26.85 Completed
Rejuvenation Project
14. GI/22-23/008 Urban forestation project 2022-23 2022-2024 30.13 9.06 30.13 Completed
15. GI/22-23/009 Environmental Awareness 2022-23 2022-2024 33.85 3.39 33.85 Completed
and education
16. AC/22-23/003 Balanand, Sadanand, 2022-23 2022-2024 23.00 2.30 23.00 Completed
Kalanand Program
17. TC/22-23/007 Tobacco Cessation in IPD 2022-23 2022-2024 9.45 4.22 9.45 Completed
patients
18. TC/22-23/008 Tobacco Control among 2022-23 2022-2024 19.80 9.28 19.80 Completed
Railway Police
19. TC/22-23/009 Capacity Building for 2022-23 2022-2024 30.28 20.08 30.28 Completed
Tobacco Cessation and
Intervention
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.
(asset-wise details).
(a) Date of creation or acquisition of the capital asset(s). – Not Applicable.
(b) Amount of CSR spent for creation or acquisition of capital asset. - Not Applicable.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc. -
Not Applicable.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset). -
Not Applicable.
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5)- Not Applicable.
Anuj Poddar Shekhar Bajaj Pooja Bajaj

Managing Director & CEO Chairman Chairperson of CSR Committee
Mumbai, May 14, 2024 (DIN: 01908009) (DIN: 00089358) (08254455)
Annexure D
FORM AOC-1
[Pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 read with Rule 5 of the Companies
(Accounts) Rules, 2014]
Statement containing salient features of the financial statement of subsidiary, associate, and joint venture:
Part A: Subsidiary
Sr.
Particulars
No.
1. Reporting period for the subsidiary concerned, if different from the holding company’s reporting period
2. Reporting currency and exchange rate as on the last date of the relevant financial year in the case of
foreign subsidiaries
3. Share capital
4. Reserves & surplus
5. Total assets
6. Total liabilities
Not applicable.
7. Investments
8. Turnover
9. Profit before taxation
10. Provision for taxation
11. Profit after taxation
12. Proposed dividend
13. % of shareholding of the Company in the subsidiary
Names of subsidiaries which are yet to commence operation: Not Applicable.

Names of subsidiaries which have been liquidated or sold during the year: (i) Bajel Projects Limited, which ceased to be a wholly owned
subsidiary of the Company effective from August 31, 2023; and (ii) Nirlep Appliances Private Limited, which dissolved without undergoing the
winding-up process effective from March 31, 2024.
Part B: Associate and Joint Venture
Sr.
Particulars Hind Lamps Limited (Associate)
No.
1. Date on which the associate or joint venture was associated or acquired January 7, 1952
2. Latest audited Balance Sheet date March 31, 2024
3. Shares of associate/joint venture held by the Company on the year end:
Number of equity shares 11,40,000
Amount of investment in associate / joint venture Nil
Extent of holding % 19.00
4. Description of how there is significant influence As per Section 2(6) of the Act, “associate company”, in
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 a joint venture company.
For the purposes of this clause, “significant influence”
means control of at least 20% of total share capital, or of
business decisions under an agreement.
Since the Company is in a position to influence the
operating and financial policies of this company, its
financial statements are consolidated with the Company’s
financial statements.
Sr.
Particulars Hind Lamps Limited (Associate)
No.
5. Reason why the associate / joint venture is not consolidated Impaired post Demerger
6. Net worth attributable to Shareholding as per latest audited Balance Sheet H 23.91 lakh
7. Profit / (Loss) for the year
i. Considered in Consolidation -
ii. Not Considered in Consolidation H 0.89 lakh
Names of associates or joint ventures which are yet to commence operations: Nil.
Names of associates or joint ventures which have been liquidated or sold during the year: Nil.

Shekhar Bajaj
Mumbai Chairman
May 14, 2024 DIN: 00089358
Annexure E
NOMINATION AND REMUNERATION POLICY
1. REGULATORY FRAMEWORK director. The Committee may consider this Policy and the
below provisions of this Policy as guidance.
1.1. This policy (“Policy”) of Bajaj Electricals Limited
(“Company”/“BEL”) has been prepared and adopted in 4.2. The person to be appointed as a Director, KMP or in the
accordance with the Companies Act, 2013 (“Act”) and the senior management should possess adequate qualification,
Securities and Exchange Board of India (Listing Obligations experience and expertise for the position he or she is
and Disclosure Requirements) Regulations, 2015 (“SEBI considered for, considering various factors including the
LODR Regulations”) alongwith circulars issued thereunder, Company’s strategy and requirements.
including any statutory modifications or re-enactments thereof
for the time being in force. 4.3. The Committee shall have the discretion to decide whether
such qualification, experience and expertise of the person is
1.2. Section 178(3) of the Act and Part D of Schedule II of sufficient for him or her to effectively discharge duties of the
SEBI LODR Regulations requires the Nomination and concerned position.
Remuneration Committee (“Committee”) to formulate the
criteria for determining qualifications, positive attributes and 4.4. The person to be appointed as Director, KMP or in the senior
independence of a director, recommend to the Board a policy management, should possess impeccable reputation for
relating to the remuneration for the directors, key managerial integrity, efficiency, expertise and insight in sectors or areas
personnel and other employees, criteria for evaluation of relevant to the Company’s industry or otherwise demonstrate
performance, board diversity etc. relevant qualities.
1.3. The Committee shall review the Policy periodically and may 4.5. In case of a Director, such person’s personal and professional
amend the same from time to time, as deemed necessary. standing must be such that it helps him or her to best
complement the other Board members thereby contributing
2. OBJECTIVES OF THIS POLICY effectively towards Company’s growth.
This policy aims to formulate certain criteria for the following 4.6. The Committee shall consider the potential candidates
activities with regards to its directors, key managerial on merit alone.
personnel, senior management and employees: 4.7. In case of a Director, such person must also fulfil the minimum
2.1. Selection, appointment and removal; and/or maximum age criteria as applicable under the
provisions of the Act and SEBI LODR Regulations and take
2.2. Remuneration; necessary approvals from the shareholders in this regard in
2.3. Evaluation of performance; case of directors above the maximum age criteria as well as
comply with other requirements of law at the time.
2.4. Board diversity.
4.8. In case of an Independent Director, he or she should meet
3. DEFINITIONS the requirements of the Act and SEBI LODR Regulations
concerning independence of directors.
3.1. “Key Managerial Personnel” or “KMP” in relation to the
Company, means- 5. APPOINTMENT AND REMOVAL OF DIRECTORS, KMP
3.1.1. the Chief Executive Officer or the managing director AND SENIOR MANAGEMENT
or the manager; 5.1. The Committee shall ensure that the size and composition of
the Board satisfies the applicable law including provisions of
3.1.2. the company secretary;
the Act and SEBI LODR Regulations.
3.1.3. the whole-time director;
5.2. The Committee shall identify persons who are qualified to
3.1.4. the Chief Financial Officer; become directors, KMP’s and who may be appointed in the
senior management with regard to the attributes as specified
3.1.5. such other officer, not more than one level below the under clause 4 of this Policy and such other qualifications or
directors who is in Whole-time employment, designated attributes as the Committee or board may deem necessary
as key managerial personnel by the Board; and from time to time.
3.1.6. such other officer as may be prescribed. Explanation – For the purpose of this clause, “appointed in the
3.2. “Net Profit” shall be calculated as per section 198 of the Act. senior management” means:
3.3. “Senior Management” shall comprise officers/personnel (i) induction/appointment of persons/officers/personnel

of the Company who meet the criteria established under the of the Company as members of the core management
provisions of the Act and SEBI LODR Regulations, pertaining to team of the Company as on date called as the ‘Executive
the definition of senior management. Committee’; and
(ii) appointment of person/officer/personnel as the company
4. CRITERIA FOR APPOINTMENT OF DIRECTORS, KMP secretary or chief financial officer of the Company.
AND SENIOR MANAGEMENT
5.3. The Committee while considering a person for appointment as
4.1. The Committee shall formulate criteria for determining
director, shall verify that the said person has not been debarred
qualifications, positive attributes and independence of a
or disqualified from being appointed as directors of companies 6.1.3. The directors retiring by rotation at every annual general
by the Securities and Exchange Board of India (“SEBI”) and/or meeting shall be those who have been longest in the
Ministry of Corporate Affairs or any other statutory authority. office since last appointment; the retiring director
amongst directors appointed on the same day shall be
5.4. The Committee shall then recommend the identified
determined by a lot.
candidates to the Board for final selection and appointment.
6.1.4. At the annual general meeting at which a director retires
5.5. In case of directors, the Committee shall ensure that the
by rotation, the Company may fill up the vacancy either
number of directorships held by each director in other
by appointing the retiring director or some other person
companies is below the specified limit under the Act and SEBI
as may be deemed fit.
LODR Regulations and amendments made from time to time.
6.2. Independent Director
5.6. The Committee shall also ensure that any person appointed
as independent director does not have any material pecuniary 6.2.1. The term of appointment of an Independent Director
relationship with the Company, its holding, subsidiary or shall be up to five (5) years but he or she shall be eligible
associate company, or company’s promoters or directors, for re-appointment on passing of a special resolution by
except receiving remuneration as a director or having the Company and disclosure of such appointment shall
transaction not exceeding 10% of his total income or such be made in the Board’s Report.
amount as prescribed, during the current financial year or
6.2.2. No independent director shall hold office for more than
two immediately preceding financial years and also satisfies
two consecutive terms but shall become eligible for
other criteria for determining independence as specified
appointment after expiration of three years (3 years) cool
under the Act, SEBI LODR Regulations and amendments made
off period, provided that he or she shall not be appointed
from time to time.
or associated with the Company in any other capacity,
5.7. A whole-time KMP of the Company shall not hold office at the either directly or indirectly during such period.
same time in more than one Company except in its subsidiary
6.3. KMP and senior management
company. However, a whole-time KMP can be appointed as a
director in any company subject to the provisions of the Act 6.3.1. The term of appointment and subsequent retirement
and/or SEBI LODR Regulations and in accordance with the of KMPs and senior management shall be as per the
policy of the Company. provisions of the law including the Act, SEBI LODR
Regulations, and prevailing policy of the Company.
5.8. The Committee shall review the performance of the Board
from time to time. 7. CRITERIA FOR RECOMMENDATION OF
5.9. The Board shall ensure and satisfy itself that plans are in REMUNERATION
place for orderly succession of the board of directors and 7.1. Executive Directors / Whole- Time Directors / Managing
senior management. Directors
5.10. The Committee may recommend removal of any director or 7.1.1. The remuneration to the Managing Director and other
KMP to the Board with reasons in writing explaining the breach Executive directors shall be broadly divided into fixed
of company policy or any disqualifications or other such and variable components. The fixed components shall
criteria for removal in line with the provisions of the Act and/or comprise of monthly salary, allowances, perquisites,
SEBI LODR Regulations or for other reasons. amenities and other retirement benefits. The variable
component shall comprise of performance based annual
5.11. The Board will have the discretion to retain the whole-time
commission and/or incentives. The performance criteria
directors, KMP and senior management personnel in the same
are individual performance based on annual targets,
position/remuneration or otherwise, even after attaining the
Company’s performance and recent compensation
retirement age, if they deem fit for the benefit of the Company.
trends in the industry.
6. TERMS OF APPOINTMENT 7.1.2. Subject to provisions of the Act and SEBI LODR
Regulations, the remuneration payable shall be approved
6.1. Managing Director / Whole – Time Director / Executive
by the Board of Directors at the time of appointment
Director / Non-executive Director
subject to approval by shareholders of the Company.
6.1.1. The Board shall appoint or re-appoint any person as
a managing director, whole-time director, executive 7.1.3. The overall remuneration payable to all the directors of
director or manager for a term not exceeding five years (5 the Company including managing director and whole-
years) at a time subject to approval by the members at the time directors in respect of any financial year shall not
next general meeting. exceed 11% of the net profits of the Company.
6.1.2. Not less than two-thirds of the total number of directors 7.1.4. Remuneration payable to any one managing director; or
(excluding independent directors) shall be persons whole-time director or manager shall not exceed 5% of
whose period of office is liable to determination by the net profits of the Company and if there is more than
retirement of directors by rotation and be appointed by one such director, the remuneration shall not exceed
the Company in general meeting; and at every annual 10% of the net profits of all such directors and manager
general meeting, one-third of such of the directors for taken together.
the time being as are liable to retire by rotation, or if their 7.1.5. Payment of remuneration in excess of the above statutory
number is neither three nor a multiple of three, then, the limits shall be done by recording of clear reason and
number nearest to one-third, shall retire from office as per justification and obtaining approval of shareholders
the provisions of the Act. through special resolution as per the provisions of the
Act, SEBI LODR Regulations and amendments made shall be eligible for Stock Options pursuant to Employee Stock
thereto from time to time. Option Scheme of the Company.
7.1.6. The fees and compensation payable to executive 7.5. Other common criteria
directors who are promoters or members of the promoter
The Committee shall also consider the following criteria with
group, shall be subject to the approval of the shareholders
regards to recommendation of remuneration:
by special resolution in general meeting if –
7.5.1. the level and composition of remuneration shall be
i. The annual remuneration payable to such executive
reasonable and sufficient to attract, retain and motivate
director exceeds rupees five crore (5 crore) or 2.5
potential candidates of the quality required to run the
percent (2.5%) of the net profits of the Company,
Company successfully;
whichever is higher; or
7.5.2. relationship of remuneration to performance shall be clear
ii. Where there is more than one such director, and able to meet appropriate performance benchmarks;
the aggregate annual remuneration to such
directors exceeds 5 percent (5%) of the net profits 7.5.3. in line with best governance practices and
of the Company. legal requirements;
7.5.4. remuneration to directors, KMPs and senior management
Such approval shall be valid only till the expiry of the term
shall involve a balance between fixed and incentive
of such director.
pay reflecting short and long-term performance
7.1.7. In any financial year, if the Company has no profits or objectives appropriate to the working of the Company
its profits are inadequate, the remuneration payable to and its goals; and
its directors, including Managing Director and/or other
7.5.5. ensure high quality of work.
Executive Director(s), shall be governed by the provisions
of Schedule V to the Act subject to the approval of the
shareholders of the Company.
8. CRITERIA FOR EVALUATION OF PERFORMANCE OF
DIRECTORS
7.2. Independent Directors / Non-executive Directors 8.1. The evaluation process for performance of the Board, its
7.2.1. The remuneration to Non-Executive Directors shall Committees and directors shall be carried out as per the
consist of sitting fees for attending Board/ Committee provisions of the Act and the SEBI LODR Regulations.
meetings, commission and other reimbursements.
8.2. The Committee shall specify the manner for effective
7.2.2. Non-Executive Directors shall be paid commission upto evaluation of performance of Board, its committees and
an aggregate amount not exceeding 1 % of the net profits individual directors to be carried out by the Board and also
of the Company for the year. The payment of commission review its implementation and compliance.
shall be based on their attendance at the board and the
8.3. Each director shall be provided with a questionnaire to be filed
committee meetings as member.
up, providing feedback on the overall functioning of the Board
7.2.3. All the Non-executive Directors shall be paid commission and its committees.
on uniform basis.
8.4. The questionnaire shall cover various parameters such
7.2.4. The Independent directors shall not be entitled to as composition structure with independent directors and
any stock options under the stock option scheme woman director with relevant skills, experience, knowledge
of the Company. and diversity, understanding of members on their respective
roles and responsibilities, discharge of key functions & other
7.2.5. The Company shall undertake Directors and Officers
responsibilities under the law, etc.
insurance (‘D and O insurance’) for all their independent
directors of such quantum and for such risks as may be 8.5. The directors shall also be asked to provide their suggestions
determined by the board of directors. for areas of improvements to ensure higher degree of
engagement with the management.
7.3. KMP, Senior Management and other employees
8.6. The Independent Directors shall have a meeting at least once
7.3.1. In respect KMPs, senior management and other
in a year to review the performance and evaluation of the
employees the remuneration shall be payable based
non-independent directors and the entire Board as a whole
on the person’s performance, Company’s performance,
including the Chairman.
targets achieved, industry benchmark and compensation
trends in the industry. 8.7. The evaluation of individual directors shall be carried out
considering factors such as their attendance & participation,
7.3.2. The remuneration shall consist of monthly salary, bonus,
approach to board & senior management especially for risk
perquisites, KPI and other retirement benefits as per the
management & meeting competition challenges, maintaining
prevailing policy of the Company.
confidentiality and other related factors as may be deemed
7.3.3. The Committee shall recommend to the Board and necessary in this exercise.
finalise the salary and other perks remuneration in
8.8. The evaluation of independent directors shall be done by
whatever form payable to the senior management.
the entire board of directors (excluding the directors being
7.4. Employee Stock Options evaluated) with respect to –
As permissible under the provisions of the SEBI (Share Based 8.8.1. performance of the directors; and
Employee Benefits) Regulations, 2014 (as re-enacted), the
eligible permanent employees and directors (other than 8.8.2. fulfillment of the independence criteria as per the
promoter directors and independent directors) of the Company provisions of the Act and SEBI LODR Regulations and
their independence from the management.
9. BOARD DIVERSITY independent directors fulfill the conditions specified in SEBI

LODR Regulations and are independent of the management.
9.1. Board diversity is an important aspect that makes use of
differences in the skills, regional and industrial experience, 10.3. The Corporate Governance Report shall also include detailed
background, gender and other distinctions to gain competitive reasons for the resignation of any independent director who
advantage in the market. resigns before the expiry of his or her tenure along with a
confirmation by such director that there are no other material
9.2. Board diversity shall be such that it ensures that the Board
reasons other than those provided.
is comprised of adequate number of members with diverse
experience and skills, such that it best serves the governance 10.4. This policy shall be uploaded on the website of the Company
and strategic needs of the Company. i.e. www.bajajelectricals.com.
9.3. The Committee shall periodically review the size and 10.5. The salient features of this policy and any changes made
composition of the Board to ensure its structure in terms of therein in brief along with a weblink to the policy shall be
different perspectives, skills and expertise in the board room. provided in the Board’s Report.
9.4. The Committee shall strive to maintain a proper balance
11. LIMITATION AND AMENDMENT
in terms of diversity in gender, thought, experience,
knowledge and perspective when recommending persons for 11.1. In the event of any conflict between the provisions of this policy
appointment to the Board. and the Act or SEBI LODR Regulations or any other statutory
requirements, rules, regulations, enactments, the provisions
10. DISCLOSURE REQUIREMENTS of such Act or SEBI LODR Regulations or any other statutory
requirements, rules, regulations, enactments, the provisions
10.1. The Company shall disclose in its Corporate Governance
shall prevail over this policy.
Report, a chart or a matrix setting out the skills/expertise/
competence of the board of directors specifying the following: 11.2. Any subsequent amendment/modification in SEBI LODR
Regulations, Act and/ or applicable laws in this regard shall
10.1.1.The list of core skills/ expertise/ competencies identified
automatically apply to this policy.
by the board of directors as required in the context of its
business(es) and sector(s) for it to function effectively
and those actually available with the board; and
10.1.2.The names of directors who have such skills/
expertise/ competence.
10.2. The Company shall also disclose in its Corporate Governance Shekhar Bajaj
Report a confirmation that in the opinion of the board, the Mumbai, May 17, 2022 Chairman
Annexure F
FORM NO. MR - 3
SECRETARIAL AUDIT REPORT
For the Financial Year Ended March 31, 2024
[Pursuant to Section 204(1) of The Companies Act, 2013 & Rule 9 of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
BAJAJ ELECTRICALS LIMITED
Mumbai – 400001.
We have conducted the secretarial audit of the compliance f) The Securities and Exchange Board of India (Registrars
of applicable statutory provisions and the adherence to good to an Issue and Share Transfer Agents) Regulations, 1993
corporate practices by Bajaj Electricals Limited (hereinafter regarding the Companies Act and dealing with client;
called the “Company”). Secretarial Audit was conducted in a
g) The Securities and Exchange Board of India (Delisting of
manner that provided us with a reasonable basis for evaluating
Equity Shares) Regulations, 2021 – Not applicable as the
the corporate conducts/statutory compliances and expressing our
Company has not delisted / proposed to delist its equity
opinion thereon.
shares from any stock exchange during the financial
Based on our verification of the Company’s books, papers, minute year under review;
books, forms and returns filed and other records maintained by the
h) The Securities and Exchange Board of India (Buyback
Company and also the information provided by the Company, its
of Securities) Regulations, 2018 – Not applicable as the
officers, agents and authorized representatives during the conduct
Company has not bought back / proposed to buyback its
of the Secretarial Audit, we hereby report that in our opinion, the
securities during the financial year under review; and
Company has, during the audit period covering the financial year
ended on March 31, 2024 complied with the statutory provisions i) The Securities and Exchange Board of India
listed hereunder and also that the Company has proper Board (Listing Obligations and Disclosure Requirements)
processes and compliance mechanism in place to the extent, in the Regulations, 2015.
manner and subject to the reporting made hereinafter.
6. OTHER APPLICABLE LAWS :
We have examined the books, papers, minute books, a. The Factories Act, 1948 & the Central Rules or concerned
forms and returns filed and other records maintained by State Rules, made thereunder;
the Company for the financial year ended on March 31,
2024 according to the provisions of: b. The Environment (Protection) Act,1986;
1. The Companies Act, 2013 (the ‘Act’) and the Rules c. The Water (Prevention & Control of Pollution) Act,
made thereunder; 1974 read with water (Prevention & Control of
Pollution) Rules, 2011;
2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
the Rules made thereunder; d. The Legal Metrology Act, 2009 read with the Legal
Metrology (Packaged Commodity) Rules, 2011;
3. The Depositories Act, 1996 and the Regulations and Bye-laws
framed thereunder; e. The Indian Copyright Act, 1957;
4. Foreign Exchange Management Act, 1999 and the Rules and f. The Patents Act, 1970;
Regulations made there under;
g. The Trade Marks Act, 1999;
5. The following Regulations and Guidelines prescribed under the
h. The Contract Labour (Regulations and Abolition) Act,
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):
1970 & its Central Rules / concerned State Rules;
a) The Securities and Exchange Board of India (Substantial
i. Employees Provident Fund and Miscellaneous Provisions
Acquisition of Shares and Takeovers) Regulations, 2011;
Act, 1952 and Rules/ Scheme thereunder;
b) The Securities and Exchange Board of India (Prohibition
j. Employers Liability Act, 1938;
of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of k. Equal Remuneration Act, 1976;
Capital and Disclosure Requirements) Regulations, 2018; l. Employees State Insurance Act, 1948 and Rules
d) The Securities and Exchange Board of India (Share Based made thereunder;
Employee Benefits and Sweat Equity) Regulations, 2021;
m. The Minimum Wages Act, 1948 & its Central Rules /
e) The Securities and Exchange Board of India (Issue and concerned State Rules/ Notification of Minimum Wages
Listing of Non-Convertible Securities) Regulations, 2021; applicable to various class of industries /Trade;
n. The Payment of Wages Act, 1936 & its Central Rules / We further report that there are adequate systems and
concerned State Rules, if any; processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance
o. The Payment of Bonus Act, 1965 & its Central Rules /
with applicable laws, rules, regulations and guidelines.
concerned State Rules, if any;
We further report that during the audit period, following are
p. The Payment of Gratuity Act, 1972 & its Central Rules /
the events/actions:
concerned State Rules, if any;
1. The Hon’ble National Company Law Tribunal, Mumbai
q. The Maternity Benefit Act, 1961 & its Rules; Bench (“NCLT, Mumbai”), vide its order dated June 08,
r. The Industrial Employment (Standing Orders) Act, 2023 has approved the Scheme of Arrangement between
1946 & its Rules; Bajaj Electricals Limited (“Demerged Company”) and
Bajel Projects Limited (“Resulting Company”) and their
s. The Apprentices Act, 1961 & its Rules; respective Shareholders (“Scheme”) under Sections
230 to 232 (read with other applicable provisions) of
t. The Workmen’s Compensation Act, 1923;
the Companies Act, 2013, and rules framed thereunder
u. The Industrial Disputes Act, 1947; (which was approved by the Board in its meeting held on
February 8, 2022). The said scheme became operative on
v. The Sexual Harassment of Women at Workplace
September 01, 2023.
(Prevention, Prohibition and Redressal) Act, 2013;
2. The Company during the financial year 2023-2024 has
w. The Information Technology Act, 2000;
allotted 1,20,440 (One Lakh Twenty Thousand Four
x. The Competition Act, 2002; Hundred and Forty) equity shares of H 2 each, fully paid
up, on the following dates, to the employees of the
y. The Goods and Services Tax, 2017; Company on their exercise of stock options granted to
z. The Customs Act, 1972; them under the Company’s ESOP 2011 / ESOP 2015
Schemes and vested in their favour:
aa. The Income Tax Act, 1961 and
bb. The Central Excise Act, 1944. Sr.
Date of Allotment No of Equity Shares
No.
We have relied on the representations made by the Company,
its Officers and Reports of the Statutory Auditor for the systems 1. June 13, 2023 26,315
and mechanism framed by the Company for compliances under 2. February 29, 2024 94,125
other Acts, Laws and Regulations applicable to the Company.
3. The Hon’ble National Company Law Tribunal, Mumbai
We have also examined compliance with the applicable Bench (“NCLT, Mumbai”), vide its order dated March 1,
clauses of the Secretarial Standards issued by The Institute of 2024, approved the Scheme of Merger by Absorption of
Company Secretaries of India. Nirlep Appliances Private Limited (“Transferor Company”)
During the period under review the Company has complied with Bajaj Electricals Limited (“Transferee Company”)
with the provisions of the Act, Rules, Regulations, Guidelines, and their respective shareholders under Sections 230 to
Standards, etc. mentioned above. 232 and other applicable provisions of the Companies
Act, 2013, and the rules framed thereunder (which
We further report that: was approved by the Board in its meeting held on
The Board of Directors of the Company is duly constituted with September 29, 2022). This scheme became effective on
proper balance of Executive Directors, Non-Executive Directors, March 31, 2024.
Independent Directors and a Woman Director. The Changes in
the Composition of Board of Directors that took place during
the period under review were carried out in compliance with
the provisions of the Act.
Adequate notice is given to all directors to schedule the FOR ANANT B KHAMANKAR & CO.
Board Meetings, agenda and detailed notes on agenda were COMPANY SECRETARIES.
sent at least seven days in advance, and a system exists for
seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful ANANT B. KHAMANKAR
participation at the meeting. PROPRIETOR
All decisions at Board Meetings and Committee Meetings are DATE: MAY 06, 2024 FCS No. – 3198 |CP No. – 1860
carried out unanimously as recorded in the minutes book. PLACE: MUMBAI UDIN: F003198F000314289
Annexure to Secretarial Auditors’ Report
To,
The Members,
BAJAJ ELECTRICALS LIMITED
Mumbai – 400001.
Our Secretarial Audit Report for the Financial Year ended March 31, 2024, of even date is to be read along with this letter.
Management’s Responsibility
1. It is the responsibility of the management of the Company to maintain secretarial records, devise proper systems to ensure compliance
with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate effectively.
Auditor’s Responsibility
2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the Company with respect
to secretarial compliances.
3. We believe that audit evidence and information obtained from the Company’s management is adequate and appropriate for us to
provide a basis for our opinion.
4. Wherever required, we have obtained the management’s representation about the compliance of laws, rules and regulations and
happening of events etc.
Disclaimer
5. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
6. We have not verified the correctness and appropriateness of the financial records and books of accounts of the Company.
FOR ANANT B KHAMANKAR & CO.

COMPANY SECRETARIES.
ANANT B. KHAMANKAR
PROPRIETOR
DATE: MAY 06, 2024 FCS No. – 3198 |CP No. – 1860
PLACE: MUMBAI UDIN: F003198F000314289
Annexure G
REPORT ON CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
[Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3)
of the Companies (Accounts) Rules, 2014]
A. Conservation of Energy (iii) The capital investment on energy conservation equipments:

(i) The steps taken or impact on conservation of energy: • At Chakan Unit, capital investment of H 42 lakh was made
during the year under review.
• At Chakan Unit, added a new air compressor of 75 kW
with a VFD-controlled system, which automatically • At Nashik Unit, capital investment of H 35 lakh was made
reduces compressor speed based on demand. during the year under review.
• At Chakan Unit, installed motion sensors in the mezzanine (iv) Total energy consumption and energy consumption per
floor storage area; lights turn off automatically when no unit of production:
motion is detected, saving energy.
• The total energy consumption at the Chakan Unit was
• At Chakan Unit, installed an APFC (Automatic Power 18,52,381 kWh, with an energy consumption of 0.61
Factor Control) panel to improve the power factor kWh per unit of production.
and save energy.
• The total energy consumption at the Nashik Unit was
• At Chakan Unit, replaced a normal HT transformer with 18,37,820 kWh, with an energy consumption of 0.16
a new transformer featuring an OLTC (On Load Tap kWh per unit of production.
Changer), reducing power failures and saving on diesel
consumption for the DG set. • The total energy consumption at the Aurangabad (NST)
Unit was 6,06,149 kWh, with an energy consumption of
• At Nashik Unit, an average of 1,800 units of renewable 1.06 kWh per unit of production.
energy is utilised in-house, thereby reducing
overall energy consumption. Training regarding • The total energy consumption at the Aurangabad (PC)
energy conservation and efficient use is provided Unit was 2,33,574 kWh, with an energy consumption of
to all employees. 0.60 kWh per unit of production.
• At Aurangabad (NST) Unit, Air Compressors are switched (v) Impact of the energy conservation measures for reduction of
to ON/OFF mode during lunch breaks and shift changes energy consumption and consequent impact on the cost of
to conserve energy. production of goods:
• At Aurangabad (NST) Unit, a Variable Frequency Drive • Roof-Top Solar Panels: Energy savings achieved through
(VFD) has been installed on the Finishing Line to the installation of roof-top solar panels.
optimise energy usage. • APFC Panel: Reduced energy consumption by
• At Aurangabad (NST) Unit, regular monitoring and maintaining the power factor.
surveys are conducted to identify and repair air leakages, • Air Monitoring: Improved compressor efficiency
ensuring efficient energy use. and performance.
• At Aurangabad (NST) Unit, an APFC Panel has been • VFD: Reduced maintenance requirements and
installed to maintain the power factor within the range of extended motor life.
0.970 to 0.980, thus improving energy efficiency.
• Smart LED Street Light: Reduced energy consumption.
• At Aurangabad (PC) Unit, Air Compressors are switched
to ON/OFF mode during lunch breaks and shift changes • Contract Demand: Energy consumption savings resulting
to conserve energy. in reduced billing amounts.
• At Aurangabad (PC) Unit, installation of smart LED B. Technology Absorption

streetlights with automatic ON/OFF scheduling.
(i) The efforts made towards technology absorption:
• At Aurangabad (PC) Unit, adjustment of contract demand
based on actual power consumption monitoring from • At Aurangabad (PC) Unit, technical analysis and
the previous year. feasibility studies for the automatic pressure cooker line
were conducted at the Pressure Cooker Plant.
• At Aurangabad (PC) Unit, regular monitoring and surveys
are conducted to identify and repair air leakages, • At Nashik Unit, multiple automation initiatives were
ensuring efficient energy use. implemented, including an AI tool for duplicate invoice
booking controls, the Vendor Management Portal (DICE),
(ii) The steps taken by the Company for utilizing alternate and AP Booking and Invoice storage.
sources of energy:
• At Nashik Unit, multiple cost-saving projects were
• Rooftop solar panels are installed at Chakan, Nashik, undertaken, including process improvements such as
Aurangabad (NST), and Aurangabad (PC) units.
line balancing of SWH lines and efficiency enhancements C. Foreign Exchange Earnings and Outgo
in mixer lines.
The foreign exchange earned in terms of actual inflows and
• At Nashik Unit, low-cost automation projects and space the foreign exchange outgo during the year in terms of actual
utilisation improvements, such as the installation of a outflows during the year.
mezzanine floor, were also implemented. (Amount: H in lakh)
• At Nashik Unit, backward integration efforts in water heater Particulars Amount
production included press shop capacity enhancement Earned (Export) 6,749.72
and the installation of a circle cutting machine. Used (Import) 20,211.11
(ii) The benefits derived like product improvement, cost reduction,
product development or import substitution: Improvement in
production and reduction in the cost.
(iii) In case of imported technology (imported during the last
three years reckoned from the beginning of the financial year):
Not applicable.
(iv) The expenditure incurred on Research and Development (R&D):
(Amount: H in lakh)
Particulars Amount
(a) Capital 5,162.28 For and on behalf of
(b) Recurring 4,034.00 the Board of Directors of Bajaj Electricals Limited
(C) Total 9,196.28
Shekhar Bajaj
(d) Total R&D expenditure as a percentage Mumbai Chairman
1.98
of turnover (in %) May 14, 2024 DIN: 00089358
Annexure H
INFORMATION PURSUANT TO THE PROVISIONS OF SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE
5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
Sr.
Requirements Particulars
No.
1. Ratio of the remuneration of each director to the median Ratio to median
remuneration of the employees of the Company for the Name of the Director Category
Remuneration
financial year
Mr. Shekhar Bajaj Executive 67.75 : 1
Mr. Anuj Poddar 78.43 : 1
Mr. Madhur Bajaj Non-Executive 0.95 : 1
Mr. Rajiv Bajaj 0.63 : 1
Ms. Pooja Bajaj 1.07 : 1
Mr. Shailesh Haribhakti Independent 2.18 : 1
Mr. Sudarshan Sampathkumar* 0.83 : 1
Ms. Swati Salgaocar* 0.67 : 1
Mr. Vikram Hosangady* 0.67 : 1
Mr. Saurabh Kumar* 0.16 : 1
Mr. Munish Khetrapal* 0.36 : 1
Mr. Harsh Vardhan Goenka* 0.47 : 1
Dr. Indu Shahani* 2.41 : 1
Dr. Rajendra Prasad Singh* 2.26 : 1
2. Percentage increase/(decrease) in remuneration of each Name of the Director, Chief Financial Percentage increase
Director, Chief Financial Officer, Chief Executive Officer, Officer, Chief Executive Officer, / (decrease) in
Company Secretary or Manager, if any, in the financial year Company Secretary remuneration
Mr. Shekhar Bajaj (26.81)
Mr. Anuj Poddar (3.32)
Mr. Madhur Bajaj 0.00
Mr. Rajiv Bajaj (33.33)
Ms. Pooja Bajaj (3.57)
Mr. Shailesh Haribhakti 5.77
Mr. Sudarshan Sampathkumar* N.A.
Ms. Swati Salgaocar* N.A.
Mr. Vikram Hosangady* N.A.
Mr. Saurabh Kumar* N.A.
Mr. Munish Khetrapal* (65.38)
Mr. Harsh Vardhan Goenka* (33.33)
Dr. Indu Shahani* 15.09
Dr. Rajendra Prasad Singh* 32.56
Mr. E C Prasad (CFO) 31.92
Mr. Prashant Dalvi (CS)* N.A.
Mr. Ajay Nagle (CS)* (56.71)
3. Percentage increase in the median remuneration of employees

20.31%
in the financial year
4. Number of permanent employees on the rolls of Company 1,958
5. Average percentile increase/(decrease) already made in the Average increase in remuneration of Managerial Personnel - (12.72)%
salaries of employees other than the managerial personnel in
Average increase in remuneration of employees other than the
the last financial year and its comparison with the percentile
Managerial Personnel – 17.13%
increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances The Managerial Personnel compensation is linked to Profit Before
for increase in the managerial remuneration. Tax and linked to the performance of the Company.
Sr.
Requirements Particulars
No.
6. Affirmation that the remuneration is as per the remuneration The remuneration is as per the Nomination and Remuneration Policy
policy of the Company 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.
*
Note: During the financial year 2023-24, Mr. Sudarshan Sampathkumar was appointed as an Independent Director of the Company with effect
from May 23, 2023. Mr. Vikram Hosangady and Ms. Swati Salgaocar were appointed as Independent Directors with effect from November 6,
2023. Mr. Saurabh Kumar was appointed as an (Additional) Independent Director with effect from March 20, 2024. Further, the tenure of Mr.
Munish Khetrapal as an Independent Director concluded on October 31, 2023. The tenures of Mr. Harsh Vardhan Goenka, Dr. Indu Shahani,
and Dr. Rajendra Prasad Singh as Independent Directors also concluded on March 31, 2024. Also, the Board of Directors of the Company, at its
meeting held on May 23, 2023, recorded the cessation of Mr. Ajay Nagle, Chief Compliance Officer & Company Secretary and Key Managerial
Personnel, effective from the close of business on June 30, 2023, and in the same meeting, the Board also considered and approved the
appointment of Mr. Prashant Dalvi, then Vertical Head - Corporate Secretarial & Compliance, as the new Chief Compliance Officer & Company
Secretary and Key Managerial Personnel of the Company, effective from the start of business on July 1, 2023.

Shekhar Bajaj
Mumbai Chairman
May 14, 2024 DIN: 00089358
Report on Corporate Governance

The Directors present the Company’s Report on Corporate Governance for the financial year ended March 31, 2024, in terms of Regulation
34(3) read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“SEBI Listing Regulations”).
“Business should be pursued with a view to benefit the poor, not just to
become a millionaire or a billionaire.”
- Jamnalal Bajaj
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE are placed before the Board. Additionally, he ensures that all Directors
Ethical values are the foundation of the Company’s governance are encouraged to provide their expert guidance on the issues raised
philosophy, which, over the past eight decades of the Company’s in the meetings of the Board. He is also responsible for formulating
existence, has become a part of its culture. We are proud to belong the corporate strategy along with other members of the Board.
to a company whose visionary founders laid the foundation stone for Managing Director & Chief Executive Officer: The Managing
good governance long ago and made it an integral principle of the Director & Chief Executive Officer, as a member of the Board and Core
business. We strongly believe that in business, there is something Management Committee, contributes to the strategic management
more important than just the top line and the bottom line; hence, of the Company’s businesses within the Board-approved direction
each of us needs to strive towards producing our very best in all we and framework. He assumes overall responsibility for the strategic
do, so that we not only fulfil the needs of each and every consumer management of business and corporate functions, including its
but also far exceed their expectations. This is what has set us apart, governance processes and top management effectiveness.
and this may be the very reason that we have been able to enjoy a
very special relationship with our consumers. After all, when you Non-Executive Directors including Independent Directors:
strive, with every sinew, to be the best you can be, it will show. Non-Executive Directors play a critical role in balancing the
functioning of the Board by providing independent judgments on
Corporate Governance is about commitment to values and ethical various issues raised in the Board meetings, such as the formulation
business conduct. Our actions are governed by our values and of business strategies, monitoring of performances, etc.
principles, which are reinforced at all levels within the Company. We
are committed to doing things the right way, which means making Core Management Committee: The main function of the Core
business decisions and acting in a manner that is ethical and in Management Committee is the strategic management of the
compliance with applicable legislation. Company’s businesses within the Board-approved direction
and framework. It ensures that effective systems are in place for
The Company emphasises the need for complete transparency and appropriate reporting to the Board on important matters. The Core
accountability in all its dealings to protect stakeholders’ interests. Management Committee, headed by the Executive Chairman
The governance framework encourages the efficient utilisation of and comprising functional heads, manages the day-to-day affairs
resources and accountability for stewardship. The Board considers of the Company.
itself the custodian of trust and acknowledges its responsibilities
towards stakeholders for sustainably and responsibly creating wealth. BOARD OF DIRECTORS
GOVERNANCE STRUCTURE The Company’s Board comprises people of eminence and repute
who bring the required skills, competence, and expertise that enable
The Corporate Governance structure of the Company is as follows: them to make effective contributions to the Board and its Committees.
Board of Directors: The Board is entrusted with the ultimate The Board safeguards the business and stakeholders’ interests. The
responsibility for the management, direction, and performance of the Non-Executive Directors, including the Independent Directors, are
Company. As its primary role is fiduciary in nature, the Board provides well-qualified, experienced, and renowned individuals from the fields
leadership, strategic guidance, objective, and independent views to of industry, manufacturing, general corporate management, finance,
the Company’s management while discharging its responsibilities. law, media, corporate strategy, technical expertise, marketing, and
This ensures that the management adheres to ethics, transparency, other allied backgrounds. The Board Members actively participate
and disclosure. in Board and Committee Meetings and provide valuable guidance
Committees of the Board: The Board has constituted the to the Management on various aspects of business, governance,
following Committees: Audit Committee, Nomination and and compliance, among others. The Board’s guidance provides
Remuneration Committee, Stakeholders’ Relationship Committee, foresight, enhances transparency, and adds value to decision-
Risk Management Committee, Corporate Social Responsibility making. The Company is managed by the Board in coordination with
Committee, and Finance Committee. Each of these committees is the senior management team.
mandated to operate within a given framework. None of the Non-Executive Directors have attained the age of
Executive Chairman: The primary role of the Executive Chairman seventy-five (75) years.
is to provide leadership to the Board in achieving the goals of the Composition and Category of the Board as of March 31, 2024
Company. He is responsible for transforming the Company into a
world-class organisation. Among other duties, he is responsible for As per Regulation 17(1)(b) of the SEBI Listing Regulations, where the
the functioning of the Board and for ensuring that all relevant issues Chairman is an executive or a promoter, at least one half of the Board
of the Company should consist of independent directors.
The composition and strength of the Board are reviewed from Policy of the Company ensures diversity of the Board in terms of
time to time to ensure that it remains aligned with statutory and experience, knowledge, perspective, background, gender, age,
business requirements. and culture. The Policy is available on the Company’s website at:
https://www.bajajelectricals.com/media/6722/nomination-and-
During the financial year 2023-24, the following appointments and
remuneration-policy.pdf.
conclusions of tenure occurred within the Company: Mr. Sudarshan
Sampathkumar was appointed as an Independent Director effective Directors’ Profile
May 23, 2023; Mr. Vikram Hosangady and Ms. Swati Salgaocar were
The brief profiles of all the members of the Board are available
appointed as Independent Directors effective November 6, 2023;
on the Company’s website: https://www.bajajelectricals.com/
Mr. Saurabh Kumar was appointed as an Additional Independent
board-of-directors/.
Director effective March 20, 2024; and Mr. Shailesh Haribhakti was
reappointed as an Independent Director for a second term of five Core skills/expertise/competencies
years starting from August 7, 2024. Additionally, the tenure of Mr.
As stipulated under Schedule V of the SEBI Listing Regulations, the
Munish Khetrapal as an Independent Director concluded on October
core skills, expertise, and competencies required in the context of the
31, 2023, and the tenures of Mr. Harsh Vardhan Goenka, Dr. Indu
business and sector for effective function, as well as those possessed
Shahani, and Dr. Rajendra Prasad Singh as Independent Directors
by the Board, have been identified by the Board of Directors.
also concluded on March 31, 2024. There were no instances of an
independent director resigning before the expiry of his or her tenure As a green initiative, a chart/matrix of these core skills, expertise,
during the year under review. and competencies, along with the names of directors who possess
them, has been placed on the Company’s website at: https://www.
The Board of Directors, as at the end of March 31, 2024, comprised
bajajelectricals.com/miscellaneous/.
ten (10) Directors: one (1) Executive Director - Promoter, one
(1) Executive Director – Non-Promoter, three (3) Non-Executive Board meetings
Directors – Promoter and Promoter Group, including one Woman
The Board meets at regular intervals to discuss and decide on
Director, and five (5) Non-Executive Directors – Independent,
business strategies/policies and review the financial performance of
including one (1) Independent Woman Director. Accordingly, it has
the Company and its subsidiaries. Board meetings are pre-scheduled,
the following composition:
and a tentative annual calendar of board meetings is circulated to
the directors well in advance to enable them to plan their schedules
No. of
Category of Directors % accordingly. In case of business exigencies, approval is sought from
Directors
the board through circular resolutions, which are then noted at the
Executive Directors 2 20.00 subsequent Board meeting.
Non-Executive Directors, 3 30.00
Non-Independent The notice and detailed agenda, along with the relevant notes and
Non-Executive Directors, 5 50.00 other material information, are sent in advance to each director and,
Independent in exceptional cases, tabled at the meeting with the approval of the
Board. This ensures timely and informed decisions by the Board.
The Chairman of the Board is an Executive Director. Independent The Board reviews the performance of the Company vis-à-vis the
Directors constitute half of the total Board strength. budgets/targets.
Board Diversity Number of meetings of the Board

Over the years, the Company has been fortunate to have eminent During the financial year 2023-24, the Board met six times, viz. May
persons from diverse fields serve as Directors on its Board. Pursuant 23, 2023, August 10, 2023, November 6, 2023, December 21, 2023,
to the SEBI Listing Regulations, the Nomination and Remuneration February 5, 2024, and March 20, 2024. The gap between any two
meetings has been less than one hundred and twenty days.
Attendance record of directors

Composition of the Board and attendance record of directors for the financial year 2023-24:
No. of Board
Whether attended
Relationship with other meetings attended
Name of the director Category last annual general
directors out of the total
meeting (AGM)
eligible meetings
Mr. Shekhar Bajaj Executive Chairman Brother of Madhur 6/6 Yes
Bajaj, father-in-law of
Pooja Bajaj
Mr. Anuj Poddar Managing Director & Chief - 6/6 Yes
Executive Officer
Mr. Madhur Bajaj Non-executive Brother of Shekhar 6/6 Yes
Bajaj
Mr. Rajiv Bajaj Non-executive - 4/6 Yes
Ms. Pooja Bajaj Non-executive Daughter-in-law of 6/6 Yes
Shekhar Bajaj
Mr. Shailesh Haribhakti Non-executive, independent - 6/6 Yes
Mr. Sudarshan Sampathkumar* Non-executive, independent - 5/6 Yes
Ms. Swati Salgaocar* Non-executive, independent - 4/4 N.A.
Mr. Vikram Hosangady* Non-executive, independent - 4/4 N.A.
Mr. Saurabh Kumar* Non-executive, independent - 1/1 N.A.
No. of Board
Whether attended
Relationship with other meetings attended
Name of the director Category last annual general
directors out of the total
meeting (AGM)
eligible meetings
Mr. Munish Khetrapal* Non-executive, independent - 2/2 Yes
Mr. Harsh Vardhan Goenka* Non-executive, independent - 3/6 Yes
Dr. Indu Shahani* Non-executive, independent - 6/6 Yes
Dr. Rajendra Prasad Singh* Non-executive, independent - 6/6 Yes
*
Note: During the financial year 2023-24, Mr. Sudarshan Sampathkumar was appointed as an Independent Director of the Company with effect from May 23, 2023.
Mr. Vikram Hosangady and Ms. Swati Salgaocar were appointed as Independent Directors with effect from November 6, 2023. Mr. Saurabh Kumar was appointed
as an (Additional) Independent Director with effect from March 20, 2024. Further, the tenure of Mr. Munish Khetrapal as an Independent Director concluded
on October 31, 2023. The tenures of Mr. Harsh Vardhan Goenka, Dr. Indu Shahani, and Dr. Rajendra Prasad Singh as Independent Directors also concluded on
March 31, 2024.
Information placed before the Board

The Company provides the information as set out in Regulation 17, read with Part A of Schedule II, of the SEBI Listing Regulations to the Board
and the Board Committees, to the extent it is applicable and relevant. Such information is submitted either as part of the agenda papers in
advance of the respective meetings or through presentations and discussions during the meetings.
Post meeting mechanism
The important decisions taken at the Board/Committee meetings are communicated to the concerned department/division.
Board support
The Company Secretary attends the Board meetings and advises the Board on compliance with applicable laws and governance.
Duties and functions of the Board
The duties of the Board of Directors have been enumerated in the SEBI Listing Regulations, as well as Section 166 (read with Schedule IV) of
the Companies Act, 2013 (the “Act”) — Schedule IV is specifically for Independent Directors. There is a clear demarcation of responsibility and
authority amongst the Board of Directors.
Meeting of Independent Directors
During the financial year 2023-24, the independent directors met on May 23, 2023, and March 20, 2024, inter alia, to discuss: (i) the evaluation
of the performance of Non-Independent Directors and the Board of Directors as a whole; (ii) the evaluation of the performance of the
Chairman of the Company, taking into account the views of the Executive and Non-Executive Directors; (iii) the evaluation of the quality,
content, and timeliness of the flow of information between the Management and the Board, which is necessary for the Board to effectively and
reasonably perform its duties; and (iv) other related matters. All the eligible independent directors, except Mr. Harsh Vardhan Goenka, attended
these meetings.
Directorships and Memberships of Committees
Number of directorships/committee positions of directors as on March 31, 2024:
Committee positions held in listed and

Directorships
unlisted public limited companies
Name of the director In unlisted In private As Member
In equity listed
public limited limited (including as As Chairman
companies
companies companies Chairman)
Mr. Shekhar Bajaj 4 4 5 4 2
Mr. Anuj Poddar 1 1 - - -
Mr. Madhur Bajaj 3 - 4 - -
Mr. Rajiv Bajaj 5 2 6 1 1
Ms. Pooja Bajaj 1 - - 1 1
Mr. Shailesh Haribhakti 6 4 12 10 5
Mr. Sudarshan Sampathkumar 1 - 1 - -
Ms. Swati Salgaocar 1 1 18 - 1
Mr. Vikram Hosangady 5 - - - -
Mr. Saurabh Kumar 1 - 1 - -
Note:
None of the directors hold office as a director, including as an alternate director, in more than twenty companies at the same time. None of
them has directorships in more than ten public companies. For reckoning the limit of public companies, directorships of private companies
that are either holding or subsidiary company of a public company are included and directorships in dormant companies are excluded. No
Independent Director holds any alternate directorship.
As per declarations received, none of the directors serves as an independent director in more than seven equity listed companies. Further,
the Managing Director and Executive Director of the Company does not serve as an independent director in more than three equity listed
companies and in fact not even in a single entity.
None of the directors was a member in more than ten committees, nor a chairperson in more than five committees across all companies in
which he/she was a director.
For the purpose of considering the limit of the committees on which a director can serve, all public limited companies, whether listed or not,
have been included and all other companies including private limited companies, foreign companies and companies under Section 8 of
the Act have been excluded. Only audit committee and stakeholders’ relationship committee are considered for the purpose of reckoning
committee positions.
Directorships in equity listed companies
Name of equity listed entities where directors of the Company held directorships as on March 31, 2024:
Name of the director Name of listed entities Category

Mr. Shekhar Bajaj Bajaj Electricals Limited Chairman, Executive Director-Chairperson related to
Promoter
Bajel Projects Limited Chairman, Non-Executive - Non-Independent-
Chairperson related to Promoter
Hercules Hoists Limited Chairman, Non-Executive - Non-Independent-
Bajaj Holdings & Investments Limited Chairman, Non-Executive, Non-Independent-
Mr. Anuj Poddar Bajaj Electricals Limited Managing Director & Chief Executive Officer, Executive
Mr. Madhur Bajaj Bajaj Electricals Limited Non-Executive, Non-Independent
Bajaj Holdings & Investment Limited Non-Executive, Non-Independent
Bajaj Finserv Limited Non-Executive, Non-Independent
Mr. Rajiv Bajaj Bajaj Electricals Limited Non-Executive, Non-Independent
Bajaj Holdings & Investments Limited Non-Executive, Non-Independent
Bajaj Finance Limited Non-Executive, Non-Independent
Bajaj Finserv Limited Non-Executive, Non-Independent
Bajaj Auto Limited Managing Director and CEO, Executive
Ms. Pooja Bajaj Bajaj Electricals Limited Non-Executive, Non-Independent
Mr. Shailesh Haribhakti Bajaj Electricals Limited Non-Executive, Independent
Torrent Pharmaceuticals Limited Non-Executive, Independent
Blue Star Limited Non-executive, Independent- Chairperson
Adani Total Gas Limited Non-executive, Independent
L&T Finance Holdings Limited Non-executive, Independent
Protean eGov Technologies Limited Non-Executive - Non-Independent- Chairperson
Mr. Sudarshan Sampathkumar Bajaj Electricals Limited Non-Executive, Independent
Ms. Swati Salgaocar Bajaj Electricals Limited Non-Executive, Independent
Mr. Vikram Hosangady Bajaj Electricals Limited Non-Executive, Independent
MRF Limited Non-Executive, Independent
Rane (Madras) Limited Non-Executive - Non-Independent
Chemplast Sanmar Limited Non-Executive - Non-Independent
Rane Engine Valve Limited Non-Executive - Non-Independent
Mr. Saurabh Kumar Bajaj Electricals Limited Non-Executive, Independent
D&O Insurance made to the Independent Directors, covering various matters

including the Company’s and its subsidiaries’, associates’, and joint
The Company has taken Directors and Officers Insurance (D&O) for
venture companies’ operations, industry and regulatory updates,
all its directors and senior management members, covering amounts
strategy, finance, risk management framework, and the roles, rights,
and risks as determined by the Board.
and responsibilities of the Independent Directors under various
Familiarisation Programme for Independent Directors statutes, among other relevant topics.
At the time of appointing an Independent Director, a formal letter of Details of the familiarisation programme for Directors are available
appointment is given to them, which, inter alia, explains the roles, on the Company’s website: https://www.bajajelectricals.com/
functions, duties, and responsibilities expected of them as a Director media/7815/familiarization-program-for-independent-directors-
of the Company. The Director is also thoroughly briefed on the march-31-2024.pdf.
compliances required under the Act, the SEBI Listing Regulations, Plans for orderly succession for appointments
and other statutes, and an affirmation is obtained. The Chairman The Company believes that sound succession plans for the senior
and the Managing Director & Chief Executive Officer also have one- leadership are very important for creating a robust future for the
to-one discussions with the newly appointed Director to familiarise Company. The Nomination and Remuneration Committee works
them with the Company’s operations. Additionally, as part of the along with the Human Resources team of the Company to develop a
agenda of Board/Committee meetings, presentations are regularly structured leadership succession plan.
Opinion of the Board scope are in accordance with Section 177 of the Act and the
provisions of Regulation 18 of the SEBI Listing Regulations.
The Board hereby confirms that, in its opinion, the independent
As of March 31, 2024, the Audit Committee was composed
directors on the Board fulfil the conditions specified in the SEBI Listing
of three Directors, namely Mr. Shailesh Haribhakti as the
Regulations and the Act and are independent of the management.
Chairperson, with Dr. Indu Shahani and Dr. Rajendra Prasad
A formal letter of appointment given to independent directors as
Singh as its members. Further, effective April 1, 2024, the Audit
provided in the Act has been issued and disclosed on website of the
Committee was reconstituted with Mr. Shailesh Haribhakti as
Company: https://www.bajajelectricals.com/media/6937/letter-of-
the Chairperson, and Mr. Sudarshan Sampathkumar and Mr.
appointment-to-independent-directors.pdf.
Vikram Hosangady as its members.
COMMITTEES OF THE BOARD All members of the Audit Committee are financially literate and
The Board of Directors has constituted Board Committees to deal bring expertise in finance, taxation, economics, legal, risk, and
with specific areas and activities which concern the Company and international finance. The Committee functions in accordance
require closer review. The Board Committees are formed with the with its terms of reference, which define its authority,
approval of the Board, and they function under their respective responsibilities, and reporting functions. The Company
Charters. These Committees play an important role in the overall Secretary acts as the convener of the Audit Committee.
management of the day-to-day affairs and governance of the Meetings and Attendance
Company. The Board Committees meet at regular intervals and
take necessary steps to perform the duties entrusted to them by the The Audit Committee met six times during the financial year
Board. The minutes of the Committee meetings are presented to the 2023-24. The maximum gap between two meetings was not
Board for review. more than 120 days. The Committee met on May 23, 2023,
August 10, 2023, November 6, 2023, December 21, 2023,
(A) Audit Committee February 5, 2024, and March 20, 2024. The requisite quorum
The Audit Committee is entrusted with the responsibility of was present at all meetings. The Chairperson of the Audit
supervising the Company’s financial reporting process and Committee was present at the last AGM of the Company held
internal controls. The composition, quorum, powers, role, and on August 10, 2023.
The attendance of the Audit Committee members:
No. of meetings attended out of

Sr. No. Name of Directors Position Category
the total eligible meetings
1. Mr. Shailesh Haribhakti Chairperson Independent Director 6/6
2. Dr. Indu Shahani Member Independent Director 6/6
3. Dr. Rajendra Prasad Singh Member Independent Director 6/6
Terms of reference and functions of Audit Committee d. Significant adjustments made in the financial
The terms of reference of the Audit Committee as stated below statements arising out of audit findings.
is in line with what is mandated in Regulation 18 of the SEBI e. Compliance with listing and other legal
Listing Regulations and Section 177 of the Act: requirements relating to financial statements.
1. Oversight of the Company’s financial reporting process f. Disclosure of any related party transactions.
and the disclosure of its financial information to ensure that
the financial statement is correct, sufficient and credible; g. Modified Opinion(s) in the draft audit report.
2. Recommendation for appointment, remuneration and 5. Reviewing, with the management, the quarterly financial
terms of appointment of auditors of the Company; statements before submission to the Board for approval
including the financial statements, in particular, the
3. Approval of payment to statutory auditors for any other investments made by unlisted subsidiary(ies);
services rendered by the statutory auditors;
6. Reviewing, with the management, the statement of uses
4. Reviewing, with the management, the annual / application of funds raised through an issue (public
financial statements and auditor’s report thereon issue, rights issue, preferential issue, etc.), the statement
before submission to the Board for approval, with of funds utilized for purposes other than those stated in
particular reference to: the offer document / prospectus / notice and the report
a. Matters required to be included in the Director’s submitted by the monitoring agency monitoring the
Responsibility Statement to be included in the utilisation of proceeds of a public or rights issue, and
Board’s report in terms of clause (c) of sub-section 3 making appropriate recommendations to the Board to
of section 134 of the Companies Act, 2013. take up steps in this matter;
b. Changes, if any, in accounting policies and 7. Review and monitor the auditor’s independence and
practices and reasons for the same. performance, and effectiveness of audit process;
c. Major accounting entries involving estimates based 8. Approval or any subsequent modification of the related
on the exercise of judgment by management. party transactions;
9. Scrutiny of inter-corporate loans and investments; 2. Statement of significant related party

transactions (as defined by the audit committee)
10. Valuation of undertakings or assets of the Company,
submitted by management;
wherever it is necessary;
3. Management letters / letters of internal control
11. Evaluation of internal financial controls and risk
weaknesses issued by the statutory auditors;
management systems;
4. Internal audit reports relating to internal
12. Reviewing, with the management, performance of
control weaknesses;
statutory and internal auditors, adequacy of the internal
control systems; 5. Appointment, removal and terms of remuneration of the
Chief Internal Auditor;
13. Reviewing the adequacy of internal audit function, if any,
including the structure of the internal audit department, 6. Statement of deviations:
staffing and seniority of the official heading the
(a) quarterly statement of deviation(s) including report
department, reporting structure coverage and frequency
of monitoring agency, if applicable, submitted to
of internal audit;
stock exchange(s) in terms of Regulation 32(1) of
14. Discussion with internal auditors of any significant SEBI Listing Regulations, 2015; and
findings and follow up there on;
(b) annual statement of funds utilized for purposes
15. Reviewing the findings of any internal investigations by other than those stated in the offer document /
the internal auditors into matters where there is suspected prospectus /notice in terms of Regulation 32(7) of
fraud or irregularity or a failure of internal control systems SEBI Listing Regulations, 2015.
of a material nature and reporting the matter to the Board;
7. Compliance with the provisions of Regulation 9 of
16. Discussion with statutory auditors before the audit SEBI (Prohibition of Insider Trading) Regulations,
commences, about the nature and scope of audit as well 2015 at least once in a financial year and verify that
as post-audit discussion to ascertain any area of concern; the systems for internal control are adequate and are
operating effectively.
17. To look into the reasons for substantial defaults in
the payment to the depositors, debenture holders, Internal Controls and Governance Processes
shareholders (in case of non-payment of declared
The Company continuously invests in strengthening its internal
dividends) and creditors;
controls and processes. The Audit Committee formulates a
18. To review the functioning of the Whistle detailed audit plan for the year for the internal auditor. The
Blower mechanism; Internal Auditors attend the meetings of the Audit Committee,
submit their recommendations, and provide a roadmap
19. Approval of appointment of CFO (i.e., the whole-time for the future.
Finance Director or any other person heading the finance
function or discharging that function) after assessing (B) Nomination and Remuneration Committee
the qualifications, experience and background, etc. As of March 31, 2024, the Nomination and Remuneration
of the candidate; Committee was composed of four directors, namely Dr. Indu
20. Carrying out any other function as is mentioned in the Shahani as the Chairperson, with Mr. Shekhar Bajaj, Mr.
terms of reference of the Audit Committee. Shailesh Haribhakti, and Dr. Rajendra Prasad Singh as its
members. Further, effective April 1, 2024, the Nomination
21. To review the utilization of loans, advances or both in the and Remuneration Committee was reconstituted with Mr.
subsidiary company(ies) which shall not exceed H100 Sudarshan Sampathkumar as the Chairperson, and Mr. Shekhar
crore or 10% of the asset size of the subsidiary, whichever Bajaj, Mr. Shailesh Haribhakti, and Mr. Vikram Hosangady as
is lower including existing loans / advances / investments; its members. The Company Secretary acts as the convener
of the Committee.
22. Consider and comment on rationale, cost benefits
and impact of schemes involving merger, demerger, Meetings and Attendance
amalgamation etc., on the listed entity and
The Nomination and Remuneration Committee met five times
its shareholders.
during the financial year 2023-24. The Committee met on May
The Audit Committee shall mandatorily review the 23, 2023, August 10, 2023, November 6, 2023, February 5,
following information: 2024, and March 20, 2024. The requisite quorum was present
at all meetings. The Chairperson of the Nomination and
1. Management discussion and analysis of financial
Remuneration Committee was present at the last AGM of the
condition and results of operations;
Company held on August 10, 2023.
The attendance of the Nomination and Remuneration Committee members:
Sr. No. of meetings attended out

Name of Directors Position Category
No. of the total eligible meetings
1. Dr. Indu Shahani Chairperson Independent Director 5/5
2. Mr. Shekhar Bajaj Member Executive Chairman 5/5
3. Mr. Shailesh Haribhakti Member Independent Director 5/5
Terms of reference and functions of Nomination and 11. To act as the Compensation Committee under SEBI (Share
Remuneration Committee Based Employee Benefits) Regulations, 2014 (including
amendment thereof) to determine the quantum of
The broad terms of reference of the Nomination and
Employee Stock Options to be granted to the employees
Remuneration Committee, as stated below, are in compliance
under Company’s ESOP Plans; determine eligibility for
with Section 178 of the Act and Regulation 19 of the SEBI
grant of ESOPS; decide the procedure for making a fair
Listing Regulations:
and reasonable adjustment in case of corporate actions;
1. To identify persons who are qualified to become directors procedure and terms for the grant, vest and exercise of
and who may be appointed in senior management in Employee Stock Option; procedure for cashless exercise
accordance with the criteria laid down, recommend of Employee Stock Options, etc.
to the Board their appointment and removal, and
12. To undertake specific duties as may be prescribed by the
shall specify the manner for effective evaluation of
Board from time to time.
performance of Board, its Committees, Chairperson
and individual directors to be carried out by the Board, Performance Evaluation
by the Nomination and Remuneration Committee or
Pursuant to the provisions of the Act and the SEBI Listing
by an independent external agency and review its
Regulations, the Board has carried out the annual evaluation
implementation and compliance.
of its own performance, as well as that of its Committees and
2. To formulate the criteria for determining qualifications, Directors individually. A structured questionnaire was prepared,
positive attributes and independence of a director covering various aspects of the Board’s functioning such as the
and recommend to the Board a policy, relating to the adequacy of the composition of the Board and its Committees,
remuneration for the directors, key managerial personnel Board culture, and the execution and performance of specific
and other employees. duties, obligations, and governance.
3. While formulating the policy, to ensure that: The performance evaluation of independent directors was
conducted by the entire Board, excluding the director being
a. the level and composition of remuneration is
evaluated. A separate exercise was undertaken to evaluate
reasonable and sufficient to attract, retain and
the performance of individual Directors. The Chairman of the
motivate directors of the quality required to run the
Board of Directors interacted with all Directors individually to
Company successfully;
get an overview of the functioning of the Board/Committees,
b. relationship of remuneration to performance inter alia, on the following broad criteria: attendance and level
is clear and meets appropriate performance of participation in meetings of the Board and committees,
benchmarks; and independence of judgment exercised by independent
directors, interpersonal relationships, and so on. The detailed
c. remuneration to directors, key managerial personnel criterion for such an evaluation is available on the Company’s
and senior management involves a balance website at: https://www.bajajelectricals.com/media/7069/
between fixed and incentive pay reflecting short evaluation-criteria-of-directors-and-committee.pdf.
and long term performance objectives appropriate
to the working of the Company and its goals. The performance evaluation of the Non-Independent
Directors and the Board as a whole was conducted by the
4. To take into account financial position of the Company, Independent Directors. The performance evaluation of the
trend in the industry, appointees qualifications, Executive Chairman of the Company was also carried out by
experience, past performance, past remuneration, the Independent Directors, taking into account the views of the
etc., and bring about objectivity in determining the Executive and Non-Executive Directors.
remuneration package while striking a balance between
the interest of the Company and the shareholders while A consolidated summary of the ratings given by each Director
approving the remuneration payable to managing was then prepared. The report of the performance evaluation
director, whole time director or manager. was discussed and noted by the Board.
5. To lay down / formulate the evaluation criteria Based on the inputs received from the Directors, an action
for performance evaluation of independent plan is being drawn up in consultation with the Directors to
directors and the Board. encourage their greater engagement with the Company.
6. To devise a policy on Board diversity. (C) Stakeholders’ Relationship Committee
7. To ensure ‘Fit & Proper’ status of the proposed/ As of March 31, 2024, the Stakeholders’ Relationship
existing directors. Committee was composed of three directors, namely Ms.
8. To recommend to Board, whether to extend or continue Pooja Bajaj as the Chairperson, with Dr. Indu Shahani and Mr.
the term of appointment of the independent director, Shekhar Bajaj as its members. Further, effective April 1, 2024,
on the basis of the report of performance evaluation of the Stakeholders’ Relationship Committee was reconstituted
independent directors. with Ms. Pooja Bajaj as the Chairperson, and Mr. Sudarshan
Sampathkumar and Mr. Shekhar Bajaj as its members. The
9. To review and approve the remuneration and change in Company Secretary acts as the convener of the Committee.
remuneration payable to whole-time directors. The Committee is governed by a Charter.
10. To recommend to Board, all remuneration payable
Mr. Prashant Dalvi, Chief Compliance Officer & Company
to senior management (i.e., members of the core
Secretary, has been designated as the Compliance Officer of
management team one level below the chief executive
the Company. He has also been appointed as the nodal officer
officer/managing director/whole time director and
in line with statutory requirements.
shall specifically include Company Secretary and Chief
Financial Officer).
Meetings and Attendance

The Stakeholders’ Relationship Committee met twice during the financial year 2023-24, on June 13, 2023, and February 29, 2024. The
requisite quorum was present at all meetings. The Chairperson of the Stakeholders’ Relationship Committee was present at the last AGM
of the Company held on August 10, 2023.
The attendance of the Stakeholders’ Relationship Committee members is as follows:
Sr. No. of meetings attended out of

No. the total eligible meetings
1. Ms. Pooja Bajaj Chairperson Non-Executive Director 1/2
2. Mr. Shekhar Bajaj Member Executive Chairman 2/2
Terms of reference of Stakeholders’ Relationship Committee meetings are

circulated to and noted by the Board.
The terms of reference of Stakeholders’ Relationship
Committee are as under: Continuous efforts are made to ensure that grievances
are resolved more quickly to the complete satisfaction of
1. To resolve the grievances of the security holders of the
the investors. Shareholders are requested to furnish their
Company including complaints related to transfer/
updated telephone numbers and e-mail addresses to
transmission of shares, non-receipt of annual report, non-
facilitate prompt action.
receipt of declared dividends, issue of new / duplicate
certificates, general meetings, etc. Details of Shareholders’ complaints received, resolved, and
pending during the financial year 2023-24 are as follows:
2. Review of measures taken for effective exercise of voting
rights by shareholders.
No. of
Investors Complaints
3. Review of adherence to the service standards adopted Complaints
by the Company in respect of various services being Pending at the beginning of the year Nil
rendered by the Registrar & Share Transfer Agent. Received during the year 9
4. Review of various measures and initiatives taken by Disposed-off during the year 9
the Company for reducing the quantum of unclaimed Remaining unresolved at the end of the year Nil
dividends and ensuring timely receipt of dividend
warrants / annual reports / statutory notices by the (D) Risk Management Committee
shareholders of the Company. As of March 31, 2024, the Risk Management Committee was
composed of three Directors and two management personnel,
5. Issue and allotment of equity and/or preference shares.
namely Mr. Shekhar Bajaj as the Chairperson, with Mr. Anuj
6. Issue of new share certificate on allotment. Poddar, Dr. Indu Shahani, Mr. E C Prasad (Chief Financial
Officer), and Mr. Rishiraj Haldankar (Head of Department -
7. Issue of duplicate / split / consolidated share certificates.
Audit) as its members. Further, effective April 1, 2024, the
8. To settle any question, difficulty or doubts of the Risk Management Committee was reconstituted with Mr.
shareholders that may arise with regards to the issue and Shekhar Bajaj as the Chairperson, and Mr. Anuj Poddar, Ms.
allotment of shares. Swati Salgaocar, Mr. E C Prasad, and Mr. Rishiraj Haldankar
as its members. The composition of the Committee conforms
9. Reference to Board of Directors in case of any question, to the SEBI Listing Regulations, with the majority of members
doubts or difficulty in respect of issue, allotment, transfer being Directors of the Company. The Committee is governed
of shares and any shareholders grievances, if necessary. by a Charter. The Company Secretary acts as the convener
The Corporate Secretarial Department of the Company and the of the Committee.
Registrar and Share Transfer Agent, Link Intime India Private During the financial year 2023-24, the Committee met twice,
Limited, attend to all grievances of shareholders received on August 17, 2022, and February 5, 2024. The requisite
directly or through SEBI, Stock Exchanges, the Ministry of quorum was present at all meetings. The gap between any two
Corporate Affairs, the Registrar of Companies, etc. The minutes meetings was less than one hundred and eighty days.
The attendance of the Risk Management Committee members is as follows:

1. Mr. Shekhar Bajaj Chairperson Executive Chairman 2/2
2. Mr. Anuj Poddar Member Managing Director & Chief 2/2
Executive Officer
4. Mr. E C Prasad Member Management Personnel 2/2
5. Mr. Rishiraj Haldankar Member Management Personnel 2/2
Terms of reference 9. To regularly review and update the current list of material
business risks.
The terms of reference of Risk Management Committee
are as under: 10. To make regular reports to the Board, including with
respect to risk management and minimization procedures.
1. To identify, assess, mitigate and monitor the existing
as well as potential risks to the Company (including 11. To perform such other activities related to the Risk
risks associated with cyber security and financial risk), Management Plan as requested by the Board or to
to recommend the strategies to the Board to overcome address issues related to any significant, subject within
them and review key leading indicators in this regard. its term of reference.
2. to periodically review and approve the Risk Management The role and responsibilities of the risk management
framework including the risk management processes committee shall include such other items as may be prescribed
and practices of the Company. by applicable law or the Board in compliance with applicable
law, from time to time.
3. to evaluate significant risk exposures of the Company and
assess management’s actions to mitigate the exposures (E) Corporate Social Responsibility Committee
in a timely manner.
The Corporate Social Responsibility Committee was
4. To develop and implement action plans to constituted to undertake various activities as envisaged in the
mitigate the risks. Company’s Corporate Social Responsibility Policy. As of March
31, 2024, the Corporate Social Responsibility Committee was
5. to coordinate its activities with the Audit Committee in
composed of four Directors, namely Mr. Shekhar Bajaj as the
instances where there is any overlap with audit activities
Chairperson, with Dr. Indu Shahani, Dr. Rajendra Prasad Singh,
(e.g. internal or external audit issue relating to risk
and Ms. Pooja Bajaj as its members. Further, effective April 1,
management policy or practice).
2024, the Corporate Social Responsibility Committee was
6. To oversee at such intervals as may be necessary, the reconstituted with Ms. Pooja Bajaj as the Chairperson, and Mr.
adequacy of Company’s resources to perform its risk Shekhar Bajaj, Mr. Sudarshan Sampathkumar, and Mr. Saurabh
management responsibilities and achieve its objectives. Kumar as its members.
7. To review and periodically assess the Company’s During the financial year 2023-24, the Committee met twice,
performance against the identified risks of the Company. on May 23, 2023, and March 20, 2024. The requisite quorum
was present at all meetings.
8. to review and periodically reassess the adequacy of this
Charter and recommend any proposed changes to the
Board for approval.
The attendance of the Corporate Social Responsibility Committee members is as follows:

1. Mr. Shekhar Bajaj Chairperson Executive Chairman 2/2
4. Ms. Pooja Bajaj* Member Non-Executive Director 1/1
Note: Ms. Pooja Bajaj was appointed as a member of the Corporate Social Responsibility Committee in the Board Meeting held on May 23, 2023.
*
(F) Finance Committee During the year under review, the Committee met once on July
4, 2023. The meeting was attended by Mr. Shekhar Bajaj, Mr.
The Company has a Finance Committee which oversees
Anuj Poddar, and Ms. Pooja Bajaj, while a leave of absence was
matters related to the borrowings of the Company, if any,
granted to Dr. Rajendra Prasad Singh.
including fund-based and non-fund-based limits for business
and working capital requirements, reviews the Company’s
SENIOR MANAGEMENT
insurance program, and authorises or withdraws authority
given to officers of the Company to open, operate, or close As of March 31, 2024, the senior management personnel of the
bank accounts, in addition to other powers granted by the Company comprise Mr. Shekhar Bajaj, Executive Chairman; Mr. Anuj
Board from time to time. Poddar, Managing Director & Chief Executive Officer; Mr. Ravindra
Singh Negi, Chief Operating Officer & Business Head – Consumer
As of March 31, 2024, the Finance Committee was composed Products; Mr. Rajesh Naik, Business Head – Lighting; Mr. Suman
of four directors, namely Mr. Shekhar Bajaj as the Chairperson, Kumar Ghosh, Chief Human Resource Officer; Mr. E C Prasad, Chief
with Mr. Anuj Poddar, Dr. Rajendra Prasad Singh, and Ms. Financial Officer; and Mr. Prashant Dalvi, Chief Compliance Officer &
Pooja Bajaj as its members. Further, effective April 1, 2024, the Company Secretary.
Finance Committee was reconstituted with Mr. Anuj Poddar
as the Chairperson, and Mr. Shekhar Bajaj and Ms. Pooja Bajaj During the year under review, the Board of Directors of the Company,
as its members. The Company Secretary acts as the convener at its meeting held on May 23, 2023, recorded the cessation of
of the Committee. Mr. Ajay Nagle, Chief Compliance Officer & Company Secretary and
Key Managerial Personnel, effective from the close of business on
June 30, 2023, and in the same meeting, the Board also considered c) evaluation of performance; and d) promoting board diversity.
and approved the appointment of Mr. Prashant Dalvi, then Vertical The Policy is directed towards rewarding performance, based
Head - Corporate Secretarial & Compliance, as the new Chief on a review of achievements. It aims to attract and retain high-
Compliance Officer & Company Secretary and Key Managerial caliber talent. The Policy is displayed on the Company’s website
Personnel of the Company, effective from the start of business at: https://www.bajajelectricals.com/media/6722/nomination-and-
on July 1, 2023. Also, Mr. Sanjay Bhagat, Business Head – Power remuneration-policy.pdf.
Transmission and Power Distribution (‘PTPD’), was transferred from
Criteria for recommendation of remuneration
the Company’s payroll to that of Bajel Projects Limited (the “Resulting
Company”), following the transfer and demerger of the PTPD a) Non-Executive Directors remuneration:
Business from the Company into the Resulting Company, under the
The remuneration of Non-Executive Directors is determined
Scheme of Arrangement between the Company and the Resulting
within the limits prescribed under Section 197 of the Act,
Company and their respective shareholders under Sections 230-232
read with the Rules framed thereunder, and the SEBI Listing
of the Companies Act, 2013 with effect from August 31, 2023. Further,
Regulations. The Non-Executive Directors of the Company
on April 22, 2024, Mr. Ravindra Singh Negi, Chief Operating Officer &
receive remuneration by way of sitting fees for attending
Business Head – Consumer Products tendered his resignation from
the Board and Committee meetings and commission, as
the Company, effective at the close of business on May 29, 2024,
detailed below:
citing personal and professional reasons. Apart from these, there
have been no changes in the senior management. (i) Sitting fees of H100,000 for each meeting of the Board and
Audit Committee, and H50,000 for each meeting of other
GOVERNANCE CODES Committees attended by the Director, as approved by the
Board within the overall limits prescribed under the Act.
Code of conduct for Directors and Senior Management
The Company has adopted a Code of Conduct (the “Code”), which (ii) Payment of commission on an annual basis of H100,000
is applicable to the Board of Directors and senior management of for each meeting of the Board and Audit Committee
the Company. The Board of Directors and members of the senior attended by the Director, subject to the ceiling of 1% of
management team are required to affirm compliance with this Code the net profit of the Company as prescribed under the
on an annual basis. A declaration signed by the Managing Director Act and approved by the Members at the Eightieth (80th)
& Chief Executive Officer of the Company to this effect is placed at AGM held on August 7, 2019.
the end of this report. The Code requires Directors and employees (iii) Reimbursement of travelling and other related expenses
to act honestly, fairly, ethically, and with integrity, and to conduct incurred by the Non-Executive Directors for attending
themselves in a professional, courteous, and respectful manner. Board and Committee meetings.
The Code is displayed on the Company’s website: https://www.
bajajelectricals.com/media/7614/code-of-conduct-for-directors- (iv) Independent Directors and any employee/director of the
and-senior-management.pdf. Company, who is a promoter or belongs to the promoter
group, are not entitled to participate in the ESOPs
Disclosure on conflict of interests of the Company.
Each Director informs the Company on an annual basis about the
The service contract, notice period, and severance fees are not
Board and Committee positions they occupy in other companies,
applicable to Non-Executive Directors.
including as Chairman, and notifies of any changes during the year.
The members of the Board, while discharging their duties, avoid b) Executive Directors’ remuneration:
conflicts of interest in the decision-making process. The members of The appointment and remuneration of Executive Directors,
the Board restrict themselves from participating in any discussions namely the Executive Chairman, and Managing Director & Chief
and voting on transactions in which they have a concern or interest. Executive Officer, are governed by the recommendation of the
Insider Trading Code Nomination and Remuneration Committee and resolutions
passed by the Board and Shareholders of the Company.
The Company has adopted a ‘Code of Conduct to Regulate, Monitor,
and Report Trading by Designated Persons and their Immediate The terms and conditions of appointment and the
Relatives’ (“the IT Code”) in accordance with the SEBI (Prohibition of remuneration payable to:
Insider Trading) Regulations, 2015, as amended (“PIT Regulations”).
(i) Mr. Shekhar Bajaj, Executive Chairman, as approved
The IT Code is applicable to promoters, members of the promoter
by the Members of the Company through a special
group, all Directors, and such designated persons who are expected
resolution dated October 12, 2022, passed by postal
to have access to unpublished price sensitive information relating
ballot, can be accessed at the following weblink: https://
to the Company. The Company Secretary is the Compliance Officer
www.bajajelectricals.com/media/7408/intimation-wrt-
for monitoring adherence to the said PIT Regulations. The Company
notice-of-the-postal-ballot.pdf.
has also formulated ‘The Code of Practices and Procedures for
Fair Disclosure of Unpublished Price Sensitive Information (UPSI)’ (ii) Mr. Anuj Poddar, Managing Director & Chief Executive
(“Fair Disclosure Code”) in compliance with the PIT Regulations. Officer, as approved by the Members of the Company
This Fair Disclosure Code is displayed on the Company’s website: through a special resolution dated October 12, 2022,
https://www.bajajelectricals.com/media/6125/fair-disclosure-code- passed by postal ballot, can be accessed at the following
wef-1st-april-2019.pdf. weblink: https://www.bajajelectricals.com/media/7408/
intimation-wrt-notice-of-the-postal-ballot.pdf.
REMUNERATION POLICY
The remuneration package for Executive Directors comprises
The Board, on the recommendation of the Nomination and salary, commission, perquisites and allowances, contributions
Remuneration Committee, has framed a Nomination and to the provident fund, and other retirement benefits as
Remuneration Policy (‘the Policy’), which provides for: a) selection, approved by the shareholders at the general meetings.
appointment, and removal of personnel; b) remuneration strategies; Annual increments, linked to performance, are decided by the
Nomination and Remuneration Committee and recommended pay policy links the performance pay of each employee to their
to the Board for approval. The Company does not have stock individual, business unit, and overall company performance on
option plans for promoter executive directors/non-executive parameters aligned with the Company’s objectives.
directors, and only non-promoter executive directors are
eligible for stock option plans. REMUNERATION OF DIRECTORS
During the financial year 2023-24, the Company did not Remuneration drawn by the Directors during the financial
advance any loans to any of the directors. year 2023-24
The tenure of office for the Executive Chairman and Managing The remuneration paid to the Directors is in accordance with the
Director & Chief Executive Officer is for five years from their provisions of the Act and has been duly approved by Members
respective dates of appointment and can be terminated by of the Company. During the year, there were no other pecuniary
either party by giving three months’ notice in writing. There is relationships or transactions of Non-Executive Directors with the
no separate provision for the payment of severance fees. Company The remuneration paid to the Non-Executive Directors
does not exceed the threshold specified in Regulation 17(6)(ca) of
c) Remuneration Criteria for the Key Managerial Personnel the SEBI Listing Regulations and no approval of the shareholders
(KMP) and other employees: by Special Resolution was called for. Also, the remuneration of
Remuneration for KMP and other employees largely consists Executive Chairman and Managing Director & Chief Executive
of basic salary, perquisites, allowances, and performance Officer were paid as per the terms of their remuneration approved
incentives. The components of total remuneration vary for by shareholders by way of respective special resolutions under
different grades and are governed by industry patterns, Sections 196, 197, 198, 203, Schedule V and any other applicable
qualifications and experience of the employee, responsibilities provisions of the Act or SEBI Listing Regulations.
handled by them, their annual performance, etc. The performance
The remuneration drawn by the Directors during the year is set out below:
Executive Directors
(Amount: H in lakh)
Salary and Commission
Name of Directors Perquisites Retiral Benefits Total
allowances payable
Mr. Shekhar Bajaj 253.09 118.74 84.79 399.19 855.82
Mr. Anuj Poddar *
637.51 18.01 35.83 299.39 990.75
*
Includes performance linked incentive of H 225.00 lakh.
As of March 31, 2024, Mr. Shekhar Bajaj held 18,14,639 equity shares in the Company, while Mr. Anuj Poddar held 8,010 equity shares.
Additionally, Mr. Poddar had 1,92,000 stock options under the Company’s ESOP Scheme.
Non-Executive Directors
Number of equity
Commission provided
shares and convertible
Name of the Non-Executive Director(s) Sitting Fees (J) for financial year Total (J)
instruments held as of
2023-24 (J)
March 31, 2024
Mr. Madhur Bajaj 6,00,000 6,00,000 12,00,000 2,00,000
Mr. Rajiv Bajaj 4,00,000 4,00,000 8,00,000 Nil
Ms. Pooja Bajaj 7,50,000 6,00,000 13,50,000 15,41,875
Mr. Shailesh Haribhakti 15,50,000 12,00,000 27,50,000 Nil
Mr. Sudarshan Sampathkumar 5,50,000 5,00,000 10,50,000 Nil
Ms. Swati Salgaocar 4,50,000 4,00,000 8,50,000 Nil
Mr. Vikram Hosangady 4,50,000 4,00,000 8,50,000 Nil
Mr. Saurabh Kumar 1,00,000 1,00,000 2,00,000 Nil
Mr. Munish Khetrapal 2,50,000 2,00,000 4,50,000 Nil
Mr. Harsh Vardhan Goenka 3,00,000 3,00,000 6,00,000 Nil
Dr. Indu Shahani 18,50,000 12,00,000 30,50,000 Nil
Dr. Rajendra Prasad Singh 16,50,000 12,00,000 28,50,000 Nil
SUBSIDIARY COMPANIES
The minutes of the Board Meetings of the subsidiary companies are shared with the Board of Directors on a quarterly basis. The financial
statements of the subsidiary companies are presented to the Audit Committee.
The Company has a Policy for determining Material Subsidiaries, which is in line with the SEBI Listing Regulations, and this policy has been
uploaded to the Company’s website at: https://www.bajajelectricals.com/media/6127/policy-for-determining-material-subsidiary-wef-1st-
april-2019.pdf. There is no material subsidiary of the Company; hence, the requirements relating to the composition of the Board of Directors
of an unlisted material subsidiary do not apply to the Company.
GENERAL BODY MEETINGS

Details of last three AGMs held:
Financial Date and

AGM Venue Details of Special Resolution Passed
Year Time
82nd 2020-21 Wednesday, Meeting through Video Conferencing / Other Audio a. Revision in the remuneration of Mr.
August 11, 2021, Visual Means that was anchored at the registered office Anuj Poddar, Executive Director
at 03.00 P.M. of the company at 45-47, Veer Nariman Road, Mumbai- of the Company;
400001 (the deemed venue) b. Amendments in the ‘Bajaj Electricals
Limited Employee Stock Option
Plan 2015’; and
c. Borrowing by way of Issue of Securities.
83rd 2021-22 Friday, August Meeting through Video Conferencing / Other Audio Visual a. Borrowing by way of Issue of Securities.
12, 2022, Means that was anchored at the registered office of the
at 3.00 P.M. company at 45-47, Veer Nariman Road, Mumbai- 400001 (the
deemed venue)
84th 2022-23 Thursday, Meeting through Video Conferencing / Other Audio Visual a. Borrowing by way of Issue of Securities.
August 10, 2023, Means that was anchored at the registered office of the
b. Appointment of Mr. Sudarshan
at 3.00 P.M. company at 45-47, Veer Nariman Road, Mumbai- 400001
Sampathkumar as an
(the deemed venue)
Independent Director.
Details of special resolution passed through postal ballot, the persons who conducted the postal ballot exercise and details of
the voting pattern and procedure of postal ballot.
Details of special resolutions passed through postal ballot during FY 2023-24:
The Company sought the approval of its shareholders on a specific matter through a special resolution by postal ballot by utilizing a remote
e-voting process only. The notice of this postal ballot, dated November 6, 2023, was circulated. Remote e-voting began on December 27, 2023,
and concluded on January 25, 2024. On the final day of remote e-voting, i.e. January 25, 2024, the resolutions were passed with the necessary
majority, and the outcomes were declared on January 25, 2024. Please see the information below for a description of the resolutions and
details on the voting pattern.
Sr. Number of Votes

Description of Resolution and Type of resolution
No. For % Against %
1. Appointment of Mr. Vikram Hosangady as an Independent Director. 96547903 99.87 124094 0.13
2. Appointment of Ms. Swati Salgaocar as an Independent Director. 96653568 99.98 18432 0.02
3. Approval of the ‘Bajaj Electricals Limited Performance Stock Option Plan 2023’ 86653058 89.64 10018938 10.36
Procedure for the postal ballot: newspaper), within forty-eight (48) hours of their approval.
Currently, these are not sent separately to shareholders.
The aforementioned Postal Ballot was conducted solely through
the Remote E-Voting process in accordance with the regulations set (iii) The Company’s financial results and official press releases
forth in Sections 108 and 110, as well as other applicable provisions are displayed on the Company’s website at: https://www.
of the Companies Act, 2013 and its corresponding Rules. Mr. Anant B. bajajelectricals.com/financial-results/ and https://www.
Khamankar of Messrs Anant B. Khamankar & Co., Practicing Company bajajelectricals.com/press-releases/, respectively.
Secretary (FCS: 3198 & COP No. 1860), was appointed as Scrutinizer,
for conducting the above Postal Ballot through the Remote E-Voting (iv) All financial and other significant official news releases and
process fairly and transparently and following the provisions of the documents under the SEBI Listing Regulations, including
Companies Act, 2013 and the rules made thereunder. presentations made to institutional investors or analysts, are
communicated to the concerned stock exchanges and also
Details of the special resolution proposed to be conducted placed on the Company’s website.
through postal ballot:
(v) The quarterly results, shareholding patterns, quarterly
There are no special resolutions proposed to be conducted through compliances, and all other corporate communications to the
a postal ballot regarding any of the matters to be discussed at the Stock Exchanges, namely BSE Limited (“BSE”) and National
forthcoming AGM. Stock Exchange of India Limited (“NSE”), are filed electronically.
The Company has complied with filing submissions through
MEANS OF COMMUNICATION TO SHAREHOLDERS BSE’s BSE Listing Centre. Similarly, this information is also filed
(i) The unaudited quarterly/half-yearly results are announced electronically with NSE through NSE’s NEAPS and Parivartan
within forty-five (45) days of the quarter’s end. The audited portals, as applicable.
annual results are announced within sixty (60) days from the
(vi) A separate dedicated section under “Investors Relation” on
financial year’s end, as required by the SEBI Listing Regulations.
the Company’s website provides information on unclaimed
(ii) The approved financial results are sent to the Stock Exchanges dividends, shareholding patterns, quarterly/half-yearly results,
immediately and published in the ‘Free Press Journal’ (an and other relevant information of interest to investors/public.
English newspaper) and ‘Navshakti’ (a local language Marathi
(vii) The link to access the Online Dispute Resolution (ODR) Portal, b. Information on General Body Meetings
as well as modalities and operational guidelines of the ODR
AGM for the financial year 2023-24
Portal including timelines for review/resolution of complaints,
manner of proceedings by the ODR institutions, roles and Day and date Tuesday, August 6, 2024, at 03:00 P.M. IST
responsibilities of Market Infrastructure Intermediaries, and the Time Venue via video conferencing / other audio-visual
Code of Conduct for Conciliators and Arbitrators as provided in means.
the SEBI Circular(s), are hosted on our website at: https://www. Financial year April 1, 2023, to March 31, 2024.
bajajelectricals.com/online-dispute-resolution/
c. Dividend
(viii) The Company has designated the email id: legal@
bajajelectricals.com for investor relations, and this is The Board of Directors at its Meeting held on May 14, 2024,
prominently displayed on the Company’s website at www. has recommended dividend payout, subject to approval of the
bajajelectricals.com. shareholders at the ensuing AGM, of H 3.00 per equity share for
FY 2023-24. The dividend shall be paid to the members whose
GENERAL SHAREHOLDER INFORMATION names appear on Company’s Register of Members as of the
closing hours on Friday, July 19, 2024, in respect of physical
a. Company Information
shareholders and whose name appear in the list of Beneficial
The Company is registered in the State of Maharashtra, Owner as of the close of business hours on Friday, July 19,
India. The Corporate Identity Number (CIN) allotted to the 2024, furnished by National Securities Depository Limited
Company by the Ministry of Corporate Affairs (MCA) is (NSDL) and Central Depository Services (India) Limited (CDSL)
L31500MH1938PLC009887. for this purpose. The dividend, if declared at the AGM, shall be
paid on or after August 10, 2024.
Dividend history for the last 10 Financial Years

Table below gives the history of dividend declared and paid by the Company in the last 10 financial years:
Sr.
Financial year Date of declaration of Dividend Dividend Per Share (in J)
No.
1. 2013-14 July 31, 2014 1.50
2. 2014-15 August 6, 2015 1.50
3. 2015-16 March 10, 2016 2.80
4. 2016-17 August 3, 2017 2.80
5. 2017-18 August 9, 2018 3.50
6. 2018-19 August 7, 2019 3.50
7. 2019-20 No dividend recommended
9. 2021-22 August 12, 2022 3.00
10. 2022-23 August 10, 2023 4.00
d. Unclaimed Dividend/Shares In terms of Section 124(6) of the Act, read with Rule 6 of the
Investor Education and Protection Fund Authority (Accounting,
Pursuant to the provisions of Section 124(5) of the Act, if the
Audit, Transfer and Refund) Rules, 2016 (as amended from
dividend transferred to the Unpaid Dividend Account of the
time to time) (IEPF Rules), shares on which a dividend has not
Company remains unpaid or unclaimed for a period of seven
been paid or claimed by a shareholder for a period of seven
consecutive years from the date of transfer, then the said
consecutive years or more shall be credited to the Investor
unclaimed or unpaid dividend amount, along with any accrued
Education and Protection Fund (IEPF) within a period of
interest, shall be transferred by the Company to the Investor
thirty days of such shares becoming due to be so transferred.
Education and Protection Fund (‘IEPF’), a fund established
Upon the transfer of such shares, all benefits (like bonuses,
under sub-section (1) of Section 125 of the Act.
dividends, etc.), if any, accruing on such shares shall also be
Before transferring the unclaimed dividends to the IEPF, credited to the IEPF, and the voting rights on such shares shall
individual letters are sent to those members whose unclaimed remain frozen until the rightful owner claims the shares.
dividends are due for transfer, to enable them to claim the
dividends before the due date for such transfer. Details of Shares which are transferred to the IEPF can be claimed
unclaimed/unpaid dividends are available on the company’s back by the shareholders from the Investor Education and
website, viz., www.bajajelectricals.com. Protection Fund Authority (IEPFA) by following the procedure
prescribed under the aforementioned rules. The detailed
In terms of SEBI Circular No. SEBI/HO/MIRSD/DOP1/
procedure is also available on the company’s website, i.e.,
CIR/P/2018/73 dated April 20, 2018, the bankers to the
www.bajajelectricals.com.
dividend accounts opened by the Company for earlier
years have credited back the amount of dividend lying The Company has sent reminders to all the concerned
unpaid in demand drafts beyond the validity period into the members, and simultaneously published a notice in the Free
relevant bank accounts. Press Journal (an English newspaper) and Navshakti (a local
language Marathi newspaper), requesting them to claim their
Share Transfer to the Investor Education and Protection Fund
dividend amount to avoid the transfer of the said unclaimed
Account (IEPF) where Dividend is Unpaid or Unclaimed for
dividend and respective shares to the IEPF.
Seven or More Consecutive Years
Details of Unclaimed Dividend as of March 31, 2024, and due dates for transfer are as follows:
Sr. Due Date for transfer to IEPF

Financial Year Date of Declaration of Dividend Unclaimed Amount (J)
No. Account
1. 2016-17 August 3, 2017 16,23,277.60 September 9, 2024
During the year under review, the Company transferred Unclaimed Dividend Amount of H 17,48,597.20 to Investor Education and
Protection Fund which was declared in FY 2015-16.
e. Tentative calendar of Board meeting for financial year ending March 31, 2025
Financial Year – 1 April to 31 March.
The tentative dates for Board Meetings for consideration of quarterly financial results are as follows:
Particulars of Quarter Tentative dates

Q1 Results First week of August 2024
Q2 and Half Yearly Results First week of November 2024
Q3 Results First week of February 2025
Q4 and Annual Results Second week of May 2025
The Board Meetings for approval of financial results during the year ended March 31, 2024, were held on the following dates:
Particulars of Quarter Tentative dates

Q1 Results August 10, 2023
Q2 and Half Yearly Results November 6, 2023
Q3 Results February 5, 2024
Q4 and Annual Results May 14, 2024
f. Listing on stock exchanges & stock code

Equity Shares of the Company are currently listed on the following stock exchanges:
Name of the Stock Exchange(s) Address Stock Code

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 500031
National Stock Exchange of India Limited Exchange Plaza, Bandra - Kurla Complex, Bandra (East), BAJAJELEC
Mumbai 400 051
The ISIN Number allotted to the Company’s equity shares of face value of H 2 each under the depositories (NSDL and CDSL) system
is INE193E01025.
For the financial year 2024-25, the Company has paid annual listing fees to both the stock exchanges and annual custody/issuer fees to
both the depositories.
g. The details of NCDs issued by the Company
Not applicable.
h. Outstanding Global Depository Receipts (GDRs)/Warrants and Convertible Bonds, conversion date and likely impact on equity
Not applicable.
i. Market Price Data

BEL Share Price on BSE vis-à-vis BSE Sensex April 2023-March 2024
BEL Share Price

Number of shares
BSE Sensex Turnover
Month traded during the
Close High (H) Low (H) Close (H) (H in crore)
month
Apr-23 61,112.44 1,110.00 1,035.65 1,095.05 30,24,690 318.76

May-23 62,622.24 1,258.00 1,100.00 1,144.95 7,39,727 85.76
Jun-23 64,718.56 1,283.35 1,145.20 1,272.6 13,17,696 155.43
Jul-23 66,527.67 1,325.90 1,199.95 1,261.55 1,09,658 13.83
Aug-23 64,831.41 1,272.45 1,094.45 1,163.45 1,04,153 12.16
Sep-23 65,828.41 1,222.55 994.00 1,102.75 1,15,876 13.28
Oct-23 63,874.93 1,167.95 1,006.75 1,023.05 1,25,334 13.77
Nov-23 66,988.44 1,063.50 978.15 994.55 78,180 7.88
Dec-23 72,240.26 1,034.15 980.00 989.05 81,650 8.22
Jan-24 71,752.11 1,066.55 989.00 1,046.2 87,893 9.04
Feb-24 72,500.30 1,081.75 992.00 996.35 60,773 6.27
Mar-24 73,651.35 1,024.95 898.85 905.6 58,894 5.58
BEL Share Price on BSE & BSE Sensex
130.00
125.00
120.00
115.00
110.00
105.00
100.00
95.00
90.00
85.00
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
Bajaj Electricals BSE Sensex
Note: Share price of Bajaj Electricals Limited and BSE Sensex have been indexed to 100 on April 1, 2023.
BEL Share Price on NSE vis-à-vis NSE Nifty April 2023-March 2024
BEL Share Price Number of

NSE Nifty shares traded Turnover
Month
Close High (H) Low (H) Close (H) during the (H in crore)
month
Apr-23 18,065.00 1,110.95 1,036.00 1,098.00 70,703 124.04
May-23 18,534.40 1,259.30 1,100.00 1,143.20 2,09,987 411.19
Jun-23 19,189.05 1,284.00 1,144.05 1,271.35 1,79,776 316.58
Jul-23 19,753.80 1,327.70 1,201.50 1,261.70 1,86,689 298.43
Aug-23 19,347.45 1,274.00 1,095.40 1,161.20 1,55,969 195.07
Sep-23 19,638.30 1,224.00 959.45 1,102.40 99,424 177.63
Oct-23 19,079.60 1,148.00 1,007.00 1,020.45 1,30,149 153.70
Nov-23 20,133.15 1,064.85 975.00 995.45 1,24,536 113.59
Dec-23 21,731.40 1,034.00 976.95 988.3 1,09,156 114.43
Jan-24 21,725.70 1,069.90 987.50 1,047.85 1,59,247 159.43
Feb-24 21,982.80 1,082.70 992.00 995.8 1,22,879 138.75
Mar-24 22,326.90 1,024.90 900.00 907.65 94,882 113.63
BEL Share Price on NSE & NSE Nifty
130.00
125.00
120.00
115.00
110.00
105.00
100.00
95.00
90.00
85.00
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
Bajaj Electricals NSE Nifty
Note: Share price of Bajaj Electricals Limited and NSE Nifty have been indexed to 100 on April 1, 2023.
j. Distribution of Shareholding as on March 31, 2024

No. of equity Shares No. of shareholders % of shareholders No. of shares held % of Shareholding
1 to 500 61,010 95.17 24,07,572 2.09
501 to 1000 1,182 1.84 8,70,751 0.76
1001 to 2000 845 1.32 12,20,762 1.06
2001 to 3000 316 0.49 7,88,813 0.68
3001 to 4000 168 0.26 5,94,547 0.52
4001 to 5000 87 0.14 4,00,038 0.35
5001 to 10000 210 0.33 14,82,225 1.29
10001 and above 288 0.45 10,74,31,370 93.26
Total 64,106 100.00 11,51,96,078 100.00
Distribution of shareholding across categories
March 31, 2024 March 31, 2023

Categories
No. of shares % of total capital No. of shares % of total capital
Promoters and Promoter Group 7,23,42,279 62.79 7,23,42,279 62.87
Mutual Funds 1,39,51,488 12.11 1,32,71,362 11.53
FIIs 1,17,06,935 10.16 1,29,00,627 11.21
Individuals (including HUF) 1,07,90,926 9.37 98,53,704 8.56
Trusts 31,53,898 2.74 31,89,832 2.78
Indian Bodies Corporates 14,28,827 1.24 13,65,510 1.19
NRIs and OCBs 4,67,907 0.41 4,13,153 0.36
Alternate Investment Funds 2,80,117 0.24 1,42,793 0.12
Insurance Companies 2,94,487 0.26 8,50,563 0.74
IEPF 3,02,725 0.26 3,09,378 0.27
Clearing Members 182 0.00 873 0.00
Banks, NBFCs and FIs 17,355 0.02 20,213 0.02
Foreign Nationals 4,58,952 0.40 4,15,263 0.36
Central Government - - 88 0.00
Total 11,51,96,078 100.00 11,50,75,638 100.00
k. Dematerialization of Shares and Liquidity m. Share Transfer System

As on March 31, 2024, 11,48,71,683 (99.72%) of the equity Trading in equity shares of the Company is permitted only in
shares of the Company were in dematerialized form. The dematerialized form. In terms of the requirements of Regulation
Company has entered into agreements with National Securities 40 of the SEBI Listing Regulations w.e.f. April 1, 2019, transfer
of securities in physical form, except in case of request received
Depository Limited (NSDL) and Central Depository Services
for transmission or transposition of securities, shall not be
(India) Limited (CDSL) whereby shareholders have an option processed. Accordingly, shareholders holding equity shares
to dematerialize their shares with either of the Depositories. in physical form are urged to have their shares dematerialized
Shareholders who continue to hold shares in physical form are to be able to freely transfer them and participate in various
corporate actions.
requested to dematerialize their shares at the earliest and avail
benefits of dealing in shares in demat form. For convenience of n. Nomination
shareholders, the process of getting the shares dematerialized Individual shareholders holding shares in physical form either
is given hereunder: singly or jointly can nominate a person in whose name the
shares shall be transferable in case of death of the registered
a) Demat account should be opened with a Depository
Shareholder(s). The nomination facility in respect of shares
Participant (“DP”). held in electronic form is also available with the Depository
b) Shareholders should submit the Dematerialization Participants as per the by-laws and business rules applicable
Request Form (“DRF”) along with share certificates in to NSDL and CDSL. Nomination forms can be obtained from
original, to their DP. the Company’s Registrar and Share Transfer Agent.
c) DP will process the DRF and will generate a o. Reconciliation of Share Capital Audit Report
Dematerialization Request Number (“DRN”). As stipulated by SEBI, a qualified Practicing Company
Secretary carries out Share Capital Audit to reconcile the total
d) DP will submit the DRF and original share certificates to admitted capital with National Securities Depository Limited
the Registrar and Transfer Agents (“RTA”), i.e. Link Intime (“NSDL”) and Central Depository Services (India) Limited
India Private Limited. (“CDSL”) and the total issued and listed capital. This audit is
carried out every quarter and the report thereon are submitted
e) RTA will process the DRF and update the status to to the Stock Exchanges where the Company’s shares are listed.
DP/depositories. The audit confirms that the total Listed and Paid-up Capital is
in agreement with the aggregate of the total number of shares
f) Upon confirmation of request, the shareholder will get in dematerialized form (held with NSDL and CDSL) and total
credit of the equivalent number of shares in his demat number of shares in physical form.
account maintained with the DP.
p. Service of documents through electronic mode
g) As required under SEBI Circular no. SEBI/HO/MIRSD/
As a part of Green Initiative, the members who wish to receive
MIRSD_RTAMB/P/CIR/2022/8 and to enhance ease of
the notices/documents through e-mail, may kindly intimate
dealing in securities markets by investors, listed companies their e-mail addresses to the Company’s Registrar and Share
are required to issue securities in dematerialized form Transfer Agent, Link Intime India Private Limited at: rnt.
only. As per the referred circular Form ISR-4 required to be helpdesk@linkintime.co.in.
submitted by securities holder/claimant has been hosted on
the website of the Company at: https://www.bajajelectricals. q. Demat Suspense Account
com/media/7232/form-isr-4-request-for-issue-of-duplicate- Regulation 39(4) of the SEBI Listing Regulations, read with
certificate-and-other-service-requests.pdf Schedule VI ‘Manner of Dealing with Unclaimed Shares’, directs
companies to dematerialise shares that have been returned as
The Company has further authorised its RTA to issue ‘Letter of
‘undelivered’ by the postal authorities and to hold these shares
confirmation’ in lieu of physical securities certificate(s) within
in an ‘Unclaimed Suspense Account’ to be opened with one
30 days of its receipt of such request after removing objections
of the depositories, viz., National Securities Depository Limited
and complied with other requirements as stated in the Circular.
(NSDL) or Central Depository Services (India) Ltd. (CDSL).
l. Consolidation of Folios and Avoidance of Multiple Mailing
All corporate benefits on such shares, viz. bonus, dividend,
In order to enable the Company to reduce costs and duplicity etc., shall be credited to the unclaimed suspense account
of efforts for providing services to investors, members who
as applicable, for a period of seven (7) years and thereafter
have more than one folio in the same order of names are
requested to consolidate their holdings under one folio. transferred in accordance with the provisions of the Investor
Members may write to the RTA indicating the folio numbers to Education and Protection Fund Authority (Accounting, Audit,
be consolidated along with the original share certificates. Transfer, and Refund) Rules, 2016 (IEPF Rules), read with
Section 124(6) of the Act.
Pursuant to Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, the details of the shares in the Suspense Account
are as follows:
Aggregate Number of Shareholders and the Outstanding Shares in the 24 number of shareholders and 4,908 Equity Shares.
suspense account lying at the beginning of the year
Number of shareholders who approached the Company for transfer of shares 4 number of shareholder and 613 Equity Shares.
from suspense account during the year
Number of shareholders to whom shares were transferred from suspense 4 number of shareholder and 613 Equity Shares.
account during the year
Number of shareholders and aggregate number of shares transferred to -
unclaimed suspense account
Number of shareholders and aggregate number of shares transferred to IEPF Authority -
Aggregate number of shareholders and the outstanding shares in the suspense 20 number of shareholders and 4,295 Equity Shares.
account lying at the end of the year
That the voting rights on these shares shall remain frozen till the rightful owner 20 number of shareholders and 4,295 Equity Shares.
of such shares claims the shares
r. Address for Correspondence

Compliance Officer Registrar and Share Transfer Agent Company
Mr. Prashant Dalvi Link Intime India Private Limited Bajaj Electricals Limited
Chief Compliance Officer & Company Secretary Unit: Bajaj Electricals Limited Corporate Secretarial Department
Bajaj Electricals Limited C-101, 247 Park, L.B.S Marg, Mulla House, 51 Mahatma Gandhi Road,
Mulla House, 51 Mahatma Gandhi Road, Fort, Vikhroli (West), Fort, Mumbai 400001
Mumbai 400001 Mumbai - 400 083 Tel: 022 6149 7000
Tel: 022 6149 7000 Tel: 022-49186000/ 49186200 Email: legal@bajajelectricals.com
Email: legal@bajajelectricals.com Fax: 022-49186060
rnt.helpdesk@linkintime.co.in
s. Plant locations
The Company has the following manufacturing and operating Divisions:
Chakan Village Mahalunge, Chakan, Chakan Talegaon Road, Taluka: Khed, District: Pune, Maharashtra – 410501.
Nashik Gat No. 423 to 426, Wadivarhe Mumbai Agra Highway, Taluka- Igatpuri, District Nashik, Maharashtra – 422403.
Aurangabad Gut No. 16, Naigavhan, Khandewadi, Paithan Road, Tq. Paithan Dist. Aurangabad, Maharashtra – 431105.
Gut No. 9, Naigavhan, Khandewadi, Paithan Road, Tq. Paithan Dist. Aurangabad, Maharashtra – 431105.
t. Credit Ratings
The Company has obtained credit ratings from CRISIL Ratings Limited. During the financial year 2023-24, there has been an upgrade in
rating of the Company, the details of which are given below:
Rating Agency Particulars of Debt Particulars of Change

CRISIL Ratings Limited Short Term Debt Reaffirmed to [CRISIL A1+]
Bank Loan Facilities (long-term) Revised to AA-/Stable from CRISIL A+/Watch Positive
Bank Loan Facilities (short-term) Reaffirmed to [CRISIL A1+]
AFFIRMATIONS AND DISCLOSURES matter related to capital markets, during the last three
financial years
a. Related Party Transactions
There have been no instances of non-compliance by the
All transactions entered into with related parties as defined
Company necessitating the imposition of penalties or strictures
under the Act and Regulation 23 of the SEBI Listing Regulations
by Stock Exchanges, SEBI, or any statutory authority on any
during the financial year were in the ordinary course of business
matter related to capital markets in the last three years.
and on an arm’s length basis, and are in compliance with the
provisions of Section 188 of the Act. There were no materially c. Vigil Mechanism / Whistle Blower Policy
significant transactions with related parties during the financial
Pursuant to the provisions of Section 177(9) and (10) of the
year. Related party transactions have been disclosed under
Act, the rules framed thereunder, and Regulation 22 of the
significant accounting policies and notes forming part of
SEBI Listing Regulations, as amended, the Company has
the financial statements in accordance with “IND AS”. A
formulated a Whistle Blower Policy. This policy applies to all
statement of transactions entered into with related parties in
employees and other persons dealing with the Company to,
the ordinary course of business and at an arm’s length basis is
inter alia, report unacceptable or improper practices, unethical
periodically placed before the Audit Committee for review and
practices, and genuine concerns.
recommendation to the Board for approval. As required under
Regulation 23(1) of the SEBI Listing Regulations, the Company The whistleblower shall address all protected disclosures
has formulated a policy on dealing with related party transactions. to the Chief Compliance Officer & Company Secretary of the
The Policy is available on the website of the Company at: https:// Company. Protected disclosures against the Chief Compliance
www.bajajelectricals.com/media/7307/policy-on-materiality-of- Officer & Company Secretary should be addressed to the
dealing-with-related-party-transactions.pdf. Chairman or Managing Director of the Company. Protected
disclosures against the Chairman or Managing Director should
The transactions are carried out on an arm’s length or fair value be addressed to the Chairman of the Audit Committee.
basis and have no potential conflict with the interests of the
Company at large. The policy provides for adequate safeguards against victimisation
of all whistleblowers who use this mechanism. During the year
b. Details of non-compliance by the Company, penalties, under review, none of the personnel of the Company were
and strictures imposed on the Company by Stock denied access to the Audit Committee. The Whistle Blower
Exchanges, SEBI, or any statutory authority, on any Policy is displayed on the Company’s website at: https://www.
bajajelectricals.com/media/7816/whistle-blower-policy.pdf.
d. Compliances with Governance Framework j. Disclosure by listed entity and its subsidiaries of ‘Loans
and advances in the nature of loans to firms/companies
The Company is in compliance with all mandatory requirements
in which directors are interested by name and amount
under the SEBI Listing Regulations.
Details are given in Note No. 38 to the Standalone
u.
Commodity price risk or foreign exchange risk and
Financial Statements and Note No. 38 to the Consolidated
hedging activities
Financial Statements.
The Company has managed the foreign exchange risk
k.
Details of material subsidiary of the listed entity;
with appropriate hedging activities in accordance with the
including the date and place of incorporation and the
policies of the Company. The Company has an adequate risk
name and date of appointment of the statutory auditors
assessment and minimisation system in place, including for
of such subsidiary
commodities. The Company does not have material exposure
to any particular commodity. Accordingly, there is no disclosure Not applicable.
to offer in terms of the SEBI circular no. SEBI/HO/CFD/CMD1/
l.
Non-compliance of any requirement of corporate
CIR/P/2018/0000000141 dated November 15, 2018.
governance report with reasons thereof
e. Details of utilisation of funds raised through preferential
Not applicable.
allotment or qualified institutions placement as
specified under Regulation 32(7A) m. Details of Adoption of Non-Mandatory (Discretionary)
Requirements
Not Applicable.
The status of compliance with the non-mandatory
f. A certificate from a Company Secretary in practice that
requirements under Regulation 27 of the SEBI Listing
none of the directors on the board of the Company have
Regulations is as follows:
been debarred or disqualified from being appointed
or continuing as directors of companies by the Board The Board - The requirement relating to the maintenance of
/ Ministry of Corporate Affairs or any such statutory an office and reimbursement of expenses for a Non-Executive
authority Chairman is not applicable to the Company, as the Chairman is
an Executive Director.
The Company has received a certificate from Anant
B. Khamankar & Co., Practicing Company Secretaries Shareholders’ rights - The Company has not adopted the
(Membership No. FCS 3198; CP No. 1860), stating that none practice of sending out half-yearly declarations of financial
of the directors on the Board of the Company has been performance to shareholders. Instead, quarterly results,
debarred or disqualified from being appointed or continuing as approved by the Board, are disseminated to the Stock
as directors of companies by the Board/Ministry of Corporate Exchanges and updated on the Company’s website.
Affairs or any other statutory authority. This certificate forms
part of this report. Modified opinion(s) in audit report - There are no modified
opinions in the audit reports.
g. Where the Board had not accepted any recommendation
of any committee of the Board which is mandatorily Separate posts of Chairperson and the Managing Director
required, in the relevant financial year or the Chief Executive Officer (such that the Chairperson
shall be a non-executive director and not be related to the
During the year under review, all recommendations made Managing Director or the Chief Executive Officer) - The
by any of the committees of the Board that were mandatorily Company does not have separate posts for the Chairperson
required have been accepted by the Board. and the Managing Director or Chief Executive Officer, since
h. Fees paid to the Statutory Auditors paid by the Company compliance with this requirement is voluntary.
and its subsidiary Reporting of Internal Auditor - In accordance with the
Total fees for all services, paid on a consolidated basis by the provisions of Section 138 of the Act, the Company has
Company and its subsidiary to S R B C & CO LLP, statutory appointed an Internal Auditor who reports directly to the Audit
auditors of the Company, having ICAI Registration number Committee. Internal audit reports, submitted on a quarterly
324982E/E300003, and other firms in the network entity of basis, are reviewed by the Audit Committee, and suggestions/
which the statutory auditors are a part, for the year ended directions, if any, are given for necessary action.
March 31, 2024, are as follows:
n. Disclosure of Compliance with Corporate Governance
Requirements specified in Regulation 17 to 27 and
(Amount: H in lakh)
Regulation 46(2) of the SEBI Listing Regulations
S R B C & CO LLP and
Particulars The Company has complied with all the mandatory corporate
their network entities
governance requirements under the SEBI Listing Regulations.
Fees for audit and related services 163.17 The Company confirms compliance with corporate governance
Other fees 103.82 requirements specified in Regulation 17 to 27 and sub-
Total 266.99 regulation (2) of Regulation 46 of the SEBI Listing Regulations.
i. Disclosures in relation to the Sexual Harassment of o. Disclosure of certain types of agreements binding listed
Women at Workplace (Prevention, Prohibition and entities
Redressal) Act, 2013 During the year under review, the Company has neither
The details of the number of complaints filed, disposed of entered into nor been a party to any agreements specified in
during the year, and pending as of March 31, 2024, are given clause 5A of para A of part A of schedule III to the SEBI Listing
in the Board’s Report. Regulations, nor has it received any intimation regarding
such agreements.
Compliance with Code of Conduct

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, 2024.
For Bajaj Electricals Limited
Anuj Poddar
Managing Director & Chief Executive Officer
Mumbai, May 14, 2024 DIN: 01908009
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]
To,
The Members,
Mumbai - 400001
Maharashtra, India
We have examined the relevant registers, records, forms, returns, and disclosures received from the Directors of Bajaj Electricals Limited, having
CIN: L31500MH1938PLC009887 and registered office at 45/47, Veer 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 Sub-clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion, 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 and 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 March 31, 2024, have been debarred
or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, the Ministry of
Corporate Affairs, or any other statutory authority.
Date of appointment at current

Sr. No Name of Director DIN
designation in the Company
1. Mr. Shekhar Bajaj 00089358 12/08/2022
2. Mr. Anuj Vishnukumar Poddar 01908009 12/08/2022
3. Mr. Sudarshan Sampathkumar 01875316 23/05/2023
4. Mr. Shailesh Vishnubhai Haribhakti 00007347 07/08/2019
5. Mr. Madhur Bajaj 00014593 28/11/1994
6. Mr. Rajivnayan Rahulkumar Bajaj 00018262 07/08/2019
7. Mr. Vikram Taranath Hosangady 09757469 06/11/2023
8. Mr. Saurabh Kumar 06576793 20/03/2024
9. Mrs. Pooja Bajaj 08254455 07/08/2019
10. Ms. Swati Shivanand Salgaocar 03500612 06/11/2023
Note: The tenure of Mr. Munish Khetrapal (DIN 08263282) as an Independent Director concluded on October 31, 2023, and the tenures
of Mr. Harsh Vardhan Goenka (DIN 00026726), Dr. (Mrs.) Indu Shahani (DIN 00112289), and Dr. Rajendra Prasad Singh (DIN 00004812) as
Independent Directors concluded on March 31, 2024.
Ensuring the eligibility for the appointment or continuity of each Director on the Board is the responsibility of the management of the Company.
Our responsibility is to express an opinion on this based on our verification. This certificate is neither an assurance of 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.
ANANT B. KHAMANKAR
PROPRIETOR
DATE: MAY 06, 2024 FCS No. – 3198 |CP No. – 1860
PLACE: MUMBAI UDIN: F003198F000314289
Chief Executive Officer (CEO) and Chief Financial Officer

(CFO) Certification
To,
The Board of Directors
Mumbai
Dear Sirs/Madam,
We, the undersigned, in our respective capacities as Managing Director & Chief Executive Officer and Chief Financial Officer of Bajaj Electricals
Limited (“the Company”), pursuant to Regulation 17(8) [read with Part B of Schedule II] of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, to the best of our knowledge and belief certify that:
A. We have reviewed the financial statements for the year ended March 31, 2024, and to the best of our knowledge and belief, we state that:
a. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be
misleading; and
b. These statements together present a true and fair view of the Company’s affairs and are in compliance with the existing accounting
standards, applicable laws and regulations.
B. We further state that to the best of our knowledge and belief, there are no transactions entered into by the Company during the said
period, which are fraudulent, illegal, or violative of the Company’s Code of Conduct.
C. We are responsible for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness
of internal control systems of the Company pertaining to financial reporting of the Company and have disclosed to the Auditors and the
Audit Committee, deficiencies, in the design or operation of internal controls, if any, of which we are aware and the steps we have taken
or propose to take to rectify these deficiencies.
D. We have disclosed, based on our most recent evaluation of the Company’s internal control over financial reporting, wherever applicable,
to the Auditors and Audit Committee:
a. Any significant changes in internal controls during the said period;
b. Any significant changes in accounting policies during the said period, if any, and the same have been disclosed in the notes to the
financial statements; and
c. Any instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an
employee having a significant role in the Company’s internal control system over financial reporting.
Anuj Poddar EC Prasad

Managing Director & Chief Executive Officer Chief Financial Officer
Mumbai, May 14, 2024
Compliance Certificate of the Auditors

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
The Members of
Mumbai – 400 001
1. The Corporate Governance Report prepared by Bajaj i. Read and understood the information prepared
Electricals Limited (hereinafter the “Company”), contains by the Company and included in its Corporate
details as specified in regulations 17 to 27, clauses (b) to (i) Governance Report;
and (t) of sub – regulation (2) of regulation 46 and para C, D,
ii. Obtained and verified that the composition of the Board
and E of Schedule V of the Securities and Exchange Board
of Directors with respect to executive and non-executive
of India (Listing Obligations and Disclosure Requirements)
directors has been met throughout the reporting period;
Regulations, 2015, as amended (“the Listing Regulations”)
(‘Applicable criteria’) for the year ended March 31, 2024 iii. Obtained and read the Register of Directors as on March
as required by the Company for annual submission to the 31, 2024 and verified that atleast one independent
Stock exchange. woman director was on the Board of Directors
throughout the year;
Management’s Responsibility
iv. Obtained and read the minutes of the following committee
2. The preparation of the Corporate Governance Report is the meetings held from April 01, 2023 to March 31, 2024
responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting (a) Board of Directors;
records and documents. This responsibility also includes the (b) Audit Committee;
design, implementation and maintenance of internal control
relevant to the preparation and presentation of the Corporate (c) Annual General Meeting (AGM);
Governance Report.
(d) Nomination and Remuneration Committee;
3. The Management along with the Board of Directors are also
(e) Stakeholders Relationship Committee;
responsible for ensuring that the Company complies with
the conditions of Corporate Governance as stipulated in the (f) Risk Management Committee;
Listing Regulations, issued by the Securities and Exchange
Board of India. (g) Corporate Social Responsibility Committee;
(h) Separate meeting of Independent Director;
Auditor’s Responsibility
(i) Finance Committee.
4. Pursuant to the requirements of the Listing Regulations, our
responsibility is to provide a reasonable assurance in the v. Obtained necessary declarations from the directors
form of an opinion whether, the Company has complied with of the Company.
the conditions of Corporate Governance as specified in the
vi. Obtained and read the policy adopted by the Company
Listing Regulations.
for related party transactions.
5. We conducted our examination of the Corporate Governance
vii. Obtained the schedule of related party transactions
Report in accordance with the Guidance Note on Reports
during the year and balances at the year- end. Obtained
or Certificates for Special Purposes and the Guidance Note
and read the minutes of the audit committee meeting
on Certification of Corporate Governance, both issued by
where in such related party transactions have been pre-
the Institute of Chartered Accountants of India (“ICAI”). The
approved prior by the audit committee.
Guidance Note on Reports or Certificates for Special Purposes
requires that we comply with the ethical requirements of the viii. Performed necessary inquiries with the management
Code of Ethics issued by ICAI. and also obtained necessary specific representations
from management.
6. We have complied with the relevant applicable requirements
of the Standard on Quality Control (SQC) 1, Quality Control 8. The above-mentioned procedures include examining evidence
for Firms that Perform Audits and Reviews of Historical supporting the particulars in the Corporate Governance Report
Financial Information, and Other Assurance and Related on a test basis. Further, our scope of work under this report
Services Engagements. did not involve us performing audit tests for the purposes of
expressing an opinion on the fairness or accuracy of any of
7. The procedures selected depend on the auditor’s judgement,
the financial information or the financial statements of the
including the assessment of the risks associated in compliance
Company taken as a whole.
of the Corporate Governance Report with the applicable
criteria. Summary of procedures performed include:
Opinion or for any other purpose. Accordingly, we do not accept

or assume any liability or any duty of care or for any other
9. Based on the procedures performed by us, as referred in
purpose or to any other party to whom it is shown or into
paragraph 7 above, and according to the information and
whose hands it may come without our prior consent in writing.
explanations given to us, we are of the opinion that the
We have no responsibility to update this report for events and
Company has complied with the conditions of Corporate
circumstances occurring after the date of this report.
Governance as specified in the Listing Regulations, as
applicable for the year ended March 31, 2024, referred to in
paragraph 4 above.
Other matters and Restriction on Use

10. This report is neither an assurance as to the future viability of For S R B C & CO LLP
the Company nor the efficiency or effectiveness with which the Chartered Accountants
management has conducted the affairs of the Company. ICAI Firm Registration Number: 324982E/E300003
11. This report is addressed to and provided to the members of the
per Vikram Mehta
Company solely for the purpose of enabling it to comply with
its obligations under the Listing Regulations with reference Partner
to compliance with the relevant regulations of Corporate Membership Number: 105938
Governance and should not be used by any other person Mumbai, May 14, 2024 UDIN: 24105938BKELXV8177
Management
Discussion and
Analysis
Global Economic Overview1

The global economy has encountered several challenges, such as
slow growth, high debt and prolonged geopolitical conflicts during
FY 2024. However, moderating inflation due to favourable market
shifts, including a decline in energy and food prices, contributed to
stronger-than-anticipated global economic growth.
Economic growth in the United States and several major emerging

markets and developing economies has exceeded expectations
during the second half of 2023. This upturn was driven by both
public and private investments, sustaining consumption amid tight
labour markets. With an overall spike in labour force participation
and unwinding global supply chains, supply-side growth has also
gained momentum.
According to the IMF, global growth, which was estimated to be 3.2%

in CY 2023, is expected to remain the same in CY 2024 and CY 2025.
Outlook
World Economic Outlook April 2024
In the years ahead, a strong labour force, a surge in manufacturing
Growth Projections activity, higher household incomes and favourable fiscal policies will
Global Advanced Emerging Market & drive the growth of the global economy.2 The emerging market and
Economy Economies Developing Economies developing economies (EMDEs) are expected to witness a growth
4.3 4.2 4.2 rate of 4.2% in CY 2024. Global headline inflation is expected to
3.2 3.2 3.2 remain anchored, falling from an estimated 6.8% in 2023 (the annual
1.6 1.7 1.8 average) to 5.9% in 2024 and 4.5% in 2025.
Indian Economy3
The Indian economy has demonstrated macroeconomic resilience
amid global headwinds. Buoyed by a robust financial system that is
supporting its growth dynamics, India has maintained its position as
one of the fastest-growing major economies.
As per the final estimate of National Statistical Office, the GDP of India
2023
2024
2025
2023
2024
2025
2023
2024
2025
has grown by 8.2% in India for FY 2024; which is the highest among
major advanced and emerging market economies.4 This rebound in
International Monetary Fund growth can be attributed to sound macroeconomic fundamentals,
[Source: IMF World Economic Outlook, April 2024]
1
https://www.imf.org/en/Publications/WEO/Issues/2024/04/16/world-economic-outlook-april-2024
2
https://www.goldmansachs.com/intelligence/pages/gs-research/macro-outlook-2024-the-hard-part-is-over/report.pdf
3
https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1249
4
https://pib.gov.in/PressReleseDetailm.aspx?PRID=2022323
moderation of inflationary pressure and prudent public policies. 2027.6 The sector’s long-term outlook remains promising, supported
Further, the easing of supply-side bottlenecks and the thrust on by the steady momentum in construction activity and housing sector
infrastructural capital expenditure have enabled economic growth. demand, increasing penetration levels, greater premiumisation
and faster churn of products. As the industry prioritises research,
Outlook innovation, consumer-centricity, premiumisation, and sustainability,
Going forward, India is expected to emerge as the third largest it is transitioning from a ‘Make in India’ to an ‘Innovate in India’
economy across the world by fortifying the financial system, paradigm, poised to unlock opportunities for growth.
promoting responsible innovation and driving inclusive growth
as per the government’s key priorities.5 The emphasis will remain Fans
on prioritising capital expenditure, infrastructure improvement,
sustainable livelihood practices and the promotion of green energy. The ceiling fan industry in India is witnessing growth driven by
The Reserve Bank of India (RBI) will continue to focus on ensuring several factors, including a shift towards energy efficiency, home
durable price stability and driving medium-term debt sustainability; renovations, technological advancements and rural electrification.
thereby, further strengthening the financial sector’s resilience and
These factors, combined with mandatory regulations for star
spurring new growth opportunities.
ratings of fans (based on energy efficiency) are leading to a churn
in and upgrade of installed fans. In recent years, market players
Industry Overview
have introduced a wide range of energy-efficient fans, offering a
Consumer Products plethora of choices to buyers. These include induction and BLDC
Appliances motor-based models.
The confluence of several factors, including growing consumer Moreover, the increasing spends on home interiors have led to
aspirations, increasing demand for products that seamlessly a preference for premium and aesthetically pleasing products,
integrate technology and modern design, and the continued including fans. Consumers are now seeking fans that not only
evolution towards time-scarce contemporary lifestyles, has led to a provide functionality but also seamlessly integrate into interior
shift in the consumer appliances industry in India. A notable trend design trends, leading to a demand for stylish and innovative fan
is the faster growth of premium segments, wherein consumers seek models. Technological advancements include the increasing
products that offer innovative features, sleek aesthetics and superior integration of IoT in fans to provide smart products that provide
performance. On the other hand, we are witnessing structural seamless connectivity in modern, smart homes. Prolonged and more
changes on the supply side as well, led by government incentives intense summers with rising temperatures are another factor that will
to boost domestic manufacturing. This in turn is leading to industry continue to boost overall fan usage and sales over the coming years.
players (including contract manufacturers) investing in expanding
their production capacity and a growth in indigenous component The ceiling fan market in India is anticipated to achieve a milestone
manufacturing. of 50.9 million units by 2032. 7
The consumer electronics and home appliances market in India is
expected to increase in its market size by USD 2.3 billion from 2022 to
5
https://economictimes.indiatimes.com/news/economy/policy/india-will-surpass-japan-germany-to-emerge-as-3rd-largest-economy-in-5-years-says-amitabh-
kant/articleshow/108684696.cms?from=mdr
6
https://www.technavio.com/report/consumer-electronics-and-home-appliances-market-in-india-industry-analysis#:~:text=India%20Consumer%20
Electronics%20and%20Home,increase%20by%20USD%202.3%20billion.
7
https://www.imarcgroup.com/india-ceiling-fan-market#:~:text=Market%20Overview%3A,2.11%25%20during%202024%2D2032
Opportunities and Threats

Opportunities
Focus on energy efficiency Shift to e-commerce and Premiumisation IoT integration

and sustainability digital-first brands
Energy efficiency is Increased internet The growing purchasing Consumer appliances that
becoming a focus area accessibility and higher power of the affluent can communicate with each
among global consumers smartphone adoption have segment of the population other and be controlled
as it not only reduces led to greater awareness is driving faster offtake and through a central hub
electricity consumption but of the latest models of growth for products that or smartphone app are
also curbs environmental appliances and fans, thereby meet their evolved needs. becoming popular. Creating
impact. Consumer appliance fuelling the growth of Greater innovation, styling, appliances that seamlessly
players can develop and online shopping. Consumer superior features and better integrate into the Internet
promote products with product companies can product experience will of Things (IoT) ecosystem
high star ratings denoting now leverage this wider, enable companies to not enables enhanced
high energy efficiency and connected consumer base just grow their market share automation and remote
sustainable materials. to spread more effective but also rise up the value monitoring, all while offering
messaging and reach for chain with stronger pricing personalised experiences
their products and brands. power and brand salience. tailored to users’
A continuous shift in their individual preferences.
business models and
go-to-market strategies
including riding on the rise
of quick-commerce will drive
significant growth.
Threats
Pressure on mass Competition from Supply chain

consumption unorganised players disruptions
While demand for the premium segment The presence of several unorganised and The consumer appliances industry
augurs well, demand trends for the regional players in the market presents a relies on complex supply chains for
mass segment has been under pressure notable challenge for consumer electrical sourcing raw materials, components
in recent times. Meaningful volumes brands. These competitors typically and finished products. While there is
and scale in a country with India’s provide low-cost alternatives, many of clearly rising indigenisation of these
demographic structure is only achieved which do not meet stringent quality chains, the industry is unlikely to be
by growth in the mass segment. Unless standards or the fast-changing regulatory completely independent of global
this picks up in the near term, this could norms that larger players comply with. sourcing for certain critical items.
continue to bear pressure on the industry In an ecosystem where enforcement Challenges such as natural disasters,
as well as economy as a whole. of regulations is lax and consumers’ trade disputes, or geopolitical conflicts
willingness to pay more for better quality can disrupt the supply chain, leading to
can be swayed, this poses a threat to the production delays, increased costs and
larger organised players. inventory shortages.
Lighting Solutions to reduce electricity usage. These lighting systems can also be
Consumer Lighting integrated with smart home devices and platforms for added
convenience; they also provide innovative functionalities such as
The residential lighting sector is undergoing a notable shift towards
voice control and stronger home security.
sustainability and energy efficiency, with LED technology enjoying
dominance due to its lower energy consumption and extended Along with the evolution of lighting technology, and greater maturity
lifespan. Additionally, smart lighting systems are becoming of the market, there is a shift towards higher value and superior
increasingly popular as they offer ease of use and automation propositions in the lighting products.
Human-Centric Lighting (HCL) is emerging as a key trend, The thrust on urbanisation, rejuvenation and beautification of
optimising lighting to support circadian rhythms and improve well- urban centres, monuments, tourist places, religious centres
being. Consumers are beginning to become aware of the concept and public architecture is also leading to a spike in demand for
of differing ‘quality’ of light emitted from various LED products in architectural and facade lighting solutions.
terms of its glare, flickering, consistency, etc. All of these elements
Technological evolution and smart lighting, allow for greater
have a bearing on our eyes and overall well-being.
use cases of lighting integration with overall digitisation and
Additionally, customisable lighting solutions are gaining traction adoption of smart and sustainable systems across industries, be
by providing aesthetic appeal and options for personalisation to it manufacturing, retail, real estate or several others. This is not
complement diverse home decor and moods. Lighting products just enhancing the overall lighting value proposition and industry
are taking on various form factors with an increased shift towards size but in due course will also lead to business model evolution –
battens, recessed lighting panels and other fittings. towards end-to-end solutions and service-based pricing.
Alongside these consumer-front changes, the industry is also
witnessing supply-side changes. On one hand, there is a large
segment of median players that have been getting squeezed
out by competitive pressures, constant technological changes
and price erosion. On the other hand, newer, smaller players
continue to emerge as ankle-biters that use low pricing to pull
away consumers.
Currently, the industry is estimated to be worth USD 4.70 billion
in FY 2024; it is projected to reach USD 6.77 billion by FY 2030,
growing at a CAGR of 6.29% between 2024-2030.8
Professional lighting
The market for professional lighting solutions is expanding in
tandem with infrastructural growth and new constructions and
projects. With India witnessing a strong infrastructural capex
cycle, professional lighting will continue to ride that wave.
This transcends several user industries and applications such
as stadiums, highways, tunnels, airports, metros, commercial
buildings, logistics, data centres, etc.
Opportunities and Threats

Opportunities
Increasing health Integrating smart

awareness technologies
Research into the effects of lighting on human health Integration of artificial intelligence (AI) and IoT-based
and well-being has led to better products and greater technologies into lighting systems can enable predictive
awareness. This, in turn, provides a lever for countering the maintenance and offer adaptive lighting control and
forces of LED price erosion that are driven by commoditised personalised user experiences. Both AI and IoT-powered
base level products. It provides scope for better innovation lighting platforms that optimise energy usage, enhance
and pricing power. comfort and anticipate user needs will be gaining
traction going forward.
Lighting as a Service (LaaS) Smart city development
The shift towards service-based business models presents Governments worldwide are investing in smart city
opportunities for industry players to offer lighting as a initiatives to enhance the quality of life in urban regions.
service, where customers pay for lighting functionality Lighting is a key component of the smart city infrastructure,
rather than owning the fixtures outright. LaaS models offering functions such as adaptive street lighting, smart
can include installation, maintenance and upgrades, poles, traffic management and environmental monitoring.
providing predictable costs and reducing upfront capital Partnerships with government agencies can help industry
expenditures for customers. players implement smart city lighting solutions and
contribute to urban innovation.
8
https://www.mordorintelligence.com/industry-reports/india-led-lighting-market/market-size
Threats
Market saturation Regulatory uncertainty Environmental challenges
The lighting industry is highly competitive, Changes in government regulations, Increasing awareness of environmental
with numerous manufacturers and energy efficiency standards and issues, including light pollution,
suppliers offering a wide range of environmental policies can impact the electronic waste, and the presence
products. Market saturation can lead lighting industry by requiring companies of hazardous materials in lighting
to irrational price competition, margin to adapt their products and processes products, is affecting consumer
erosion and the commoditisation of to new compliance requirements. preferences and purchasing
lighting products, making it challenging Uncertainty in regulations may also lead behaviours. Industry players that fail to
for businesses to differentiate themselves to market volatility and raise compliance address these environmental concerns
and maintain profitability. Product costs for businesses. or adopt sustainable practices are set
diversification and innovation play a to face both reputational loss as well as
crucial role in maintaining market shares regulatory scrutiny.
in the face of such competitive intensity.
Company overview Business segment overview

Bajaj Electricals belongs to the well-known and reputed Bajaj Group. Consumer products
The Company upholds a rich legacy spanning over eight decades.
The consumer products business of Bajaj Electricals features an
Since its inception in 1938, the Company has remained steadfast
extensive selection of appliances, fans and non-electrical kitchen
in its mission to enrich the quality of life. A leading player in the
aids meticulously crafted to align with changing consumer
fast-moving electronic goods (FMEG) sector, Bajaj Electricals offers
preferences. From everyday kitchen essentials to an assortment
an array of Consumer Products (Appliances, Fans, Non-electrical
of home appliances, under four brands, the Company offers a
kitchen aids) and Lighting Solutions (Professional and Consumer
diverse range of products. Committed to staying at the forefront of
Lighting). Through a network comprising over 700 distributors,
technological advancements and emerging trends, it consistently
nearly 2,00,000 retail outlets and more than 600 consumer care
elevates and enhances its offerings. This dedication to innovation
centres across India, the Company strives to enhance the quality of
has enabled the Company to consistently meet customer
life of its consumers from the moment they wake up to the moment
expectations for years.
they end their day.
Bajaj Electricals has employed a multi-brand strategy known as
With a focus on innovation and customer centricity, Bajaj Electricals
the ‘house of brands’ approach, wherein each brand presents a
continues to raise the bar on meeting the needs of all segments of
distinct and compelling consumer proposition. This signifies the
India’s diverse consumers and their varied needs and aspirations.
new Bajaj Electricals with plans to consolidate all recent launches
and improve communication around these brands.
Our consumer product brands
During the fiscal year 2024, the revenue generated from the
consumer products business stood at H 3,604 crore. The Company
is maintaining its steady performance on the basis of innovation
in the product portfolio, consumer trust and revamped brand
positioning strategies, along with its stringent product quality
assurance. The Company consistently focuses on diversifying
its portfolio through new product launches that prioritise
premiumisation and energy efficiency.
467
SKUs launched under Consumer Products
BAJAJ
Awards received
BAJAJ- Built for Life
Consumer trends indicate that individuals today are characterised Good Design Award 2023 for
by their ambition and resilience, demonstrating a consistent drive
to outperform and achieve their dreams. Their dynamic and fast-
paced lifestyles demand home appliances that seamlessly integrate
into their routines and provide reliable performance without
any disruptions.
Recognising this, BAJAJ has introduced a unique and targeted
positioning that focuses on the promise of durability, articulated
as ‘BUILT FOR LIFE’, offering a compelling value proposition to its
customers. The new brand positioning underscores the brand’s
promise of durability and endurance through industry-best durability- BAJAJ Arioso (Ceiling fan) BAJAJ Finesse (Mixer grinder)
centric features in new models, coupled with superior aesthetics and
DMA Asia Echo Award 2023
functionality. These tough-built appliances are engineered to keep
going and deliver an uninterrupted experience, causing little or no Recognition of the BAJAJ “Built For Life”
friction to the consumer’s life, so that they’re always unstoppable. campaign, for elevating the relevance of the
brand with modern consumers
The latest product launches are built on the attributes of ‘Durable’, ‘contemporary’ and ‘modern’, the brand’s revised portfolio features cutting-
edge technology that resonates with consumers. These innovations have garnered widespread acceptance from both consumers and channel
partners, setting new industry standards.
Mixer Grinders with DuraCut ™ blades for Water heaters with Ceiling fans Air Coolers are
military-grade jars Mixer Grinders that DuraAce ™ tanks now incorporate equipped with
that comply with the have undergone a with additional Super5Tuff ™ DuraMarine ™ pumps
globally recognised grinding stress test features like Swirl technology with with better-grade
MIL-STD 810H by effortlessly and Flow Technology, features like insulation that
military standard for successfully crushing Titanium Armour SelfGuard ™ Capacitor, provide greater
rugged testing ice and grinding Technology and FierroShield ™ protection and life
walnut shells, raw Child Safety Mode Bearing, DuraCoat
rajma and many ™ Copper Motor,
more ingredients SurgeProtekt ™ Motor,
without any and CorroSafe ™
damage to the blade Lacquer, an Anti-
Corrosive Protection
These advancements, accompanied by a proactive marketing with consumers, and increased subscriber bases through various
approach including online launches, retail activations, and digital campaigns. At retail outlets, the focus was on strengthening last-
campaigns, have driven significant growth, with new launches mile conversions and leveraging collateral to make the brand more
contributing over 30% to total revenue basis last 2 years’ launches. visible and accessible.
Through comprehensive research, the Company has tailored
products to meet diverse consumer needs, ensuring broad market Nex – Feel the Future
coverage across various price points and segments.
The Company launched a new brand of premium fans, Nex, marking
Brand positioning efforts this as a key milestone in the evolution of Bajaj Electricals as an
organisation into a ‘House of Brands’. The Nex brand and products
The brand’s nationwide positioning was reinforced through
will plug a key need-gap in the marketplace and complement the
multimedia campaigns targeting key product categories like fans,
existing portfolio. Nex puts human experience at the forefront by
air coolers, water heaters, and mixer grinders, emphasizing product
combining intelligence with human intuition. The brand promise of
efficiency and durability. Also leveraging digital platforms, the brand
performance rests on the three pillars of Air Experience, Differentiated
promoted its new proposition, expanded online presence, engaged
Technology, and a Fluidic Design Language. After considerable
investments in R&D over the last few of years, the Company launched
a unique and differentiated offering that addresses the core needs of
Indian consumers.
The focused commitment to innovation
and design excellence has resulted
in Nex receiving the esteemed
‘Good Design’ award, notably for its
Glyde A40 CF model.
The Nex portfolio currently offers a range of ceiling fans including

the Dryft Series, the highlight of which is its low-noise ABS, and the
Glyde Series crafted with premium aluminium blade. Going forward,
Nex will expand its product offering to include IoT-enabled ceiling
fans, a diverse range of TPW fans, and air coolers.
Morphy Richards – Happiness Engineered

The iconic British brand - Morphy Richards redefines the way
consumers interact with their home appliances. The brand’s
thoughtfully crafted luxury kitchen and home appliance portfolio
comes with a blend of cutting-edge technology and contemporary
design enabling the brand to offer more than just appliances – it
delivers an elevated lifestyle.
Sophisticated designs, sleek form factors and advanced
functionalities differentiate the Morphy Richards range of products.
The products are priced at a premium to reflect their quality and
Nex marked its presence in the Indian market with the introduction exclusivity. The marketing endeavours for the brand are directed
of a range of premium ceiling fans that deliver a remarkable 20% towards affluent consumers who value intuitive, well- engineered
higher air thrust under the fan, as compared to its conventional and aesthetic appliances.
counterparts. This heightened performance of Nex products is
attained by leveraging an advanced technology platform known
as Aeirology™. This technological innovation enhances the
performance of the fan by optimising the design of the motor and
blade, for added user convenience. Morphy Richards coffee makers have
solidified their position as a top-selling
Do you
? know
brand nationwide.
Aeirology is a discipline that merges the elements of air and

the suffix “-logy,” denoting the study thereof. Nex built a
technology platform called Aeirology (TM). This enables the
two vital components of a ceiling fan, i.e. blade and motor, to
work harmoniously and deliver an impactful Air Experience.
Nex fans are equipped with a PeakTorq (TM) Motor for higher
torque and custom-designed Airfluence (TM) Blades for low
drag, higher efficiency and low noise. This heady combination
creates a differentiated technology that offers 20% higher air
thrust while still being energy- efficient.
To gauge the preliminary response to the brand and its products,

Bajaj Electricals launched Nex on e-commerce during the calendar
year 2023. Following the debut of Nex ceiling fans on various
e-commerce platforms, the Company has received exceptional
reviews, highlighting the outstanding quality, performance
and designs of its products. All the fans have also achieved a
commendable 4-star rating on Amazon.
After witnessing strong online channel reviews, the Company
launched the brand across various offline formats towards the end of
FY 2024. The brand garnered positive responses from dealers both
in terms of product design and performance.
The brand has consistently launched a slew of new products through

the year, offering consumers with user-friendly options for modern
households. Morphy Richards launched digital toasters and kettles
in the breakfast and beverage segment, thereby enhancing its
portfolio to meet consumer demand in this category. In FY 2024, the
brand further diversified its portfolio with the introduction of stand
mixers, multicookers, air ovens, zero-oil radiators and its flagship
product, the Café Artisan as a top selling brand, hence catering to
diverse culinary needs.
Morphy Richards also unveiled its two-in-one manual and digital
air fryers. Notably, these air fryers have also earned the distinction
of being products of ‘Amazon’s Choice’ garnering high ratings from
delighted customers. The brand also introduced the Grind Pro Maxx,
a 1000-Watt mixer grinder tailored to the preferences of consumers
in South markets.
The Grind Pro Maxx 1000W mixer

grinder has won the ‘Good Design’
award in FY 2024.
Additionally, the Company expanded its home appliance offerings

to include garment steamers and induction cooktops, catering to
various household needs. During the reporting period, Morphy Nirlep – Everyday Health
Richards entered the personal grooming market by introducing In keeping with the increasing consumer focus on adopting healthy
an extensive range of grooming products tailored for both men eating, the brand positioned itself as a facilitator of these lifestyle
and women. This product line includes hair straighteners, hair choices. This involved the introduction of an innovative line of
dryers and trimmers. pressure cookers with stainless steel, aluminium and hard-anodised
variants. These pressure cookers are equipped with a unique
‘Nutrivent Technology’ that delivers optimised nutrient retention
rates during cooking. The product launch was accompanied by a
The Kingsman Pro grooming set targeted digital marketing campaign in key markets such as Mumbai,
Thane, Kolhapur and Indore.
received the 2nd position among
In the fiscal year, Nirlep launched its innovative, differentiated
Amazon’s bestselling grooming sets. cookware range with ‘Silver Ion Technology’. Most consumers
are unaware that bacteria accumulation continues even after a
As part of its endeavour to position itself as a premium lifestyle brand, thorough wash of their cooking utensils. The unique ‘Silver Ion
Morphy Richards has leveraged collaborations with mainstream Technology’ prevents bacteria accumulation on cooking utensils
celebrities, chefs, lifestyle influencers and vloggers for greater stored in cabinets.
visibility and engagement. The brand’s concerted efforts during This technology is available with the Nutrihealth Pro and Nutrihealth
festive quarters have significantly elevated brand recall among ranges of cookware and also boasts multiple other features such
affluent audiences, with campaigns resulting in a remarkable as sturdy handles, induction cooking compatibility, and PFOA free
190% increase in digital engagements. Throughout the year, 5-layer coating. Nirlep Cookware with ‘Silver Ion Technology’ is
Morphy Richards maintained a robust digital footprint, present slated to be in stores in 8 markets.
with campaigns across various digital channels securing over 200
million views. These campaigns have effectively redirected nearly To drive long-term growth, Nirlep consistently enhances its product
eight lakh potential consumers to Amazon, showcasing strong efficiency and production capacity through its state-of-the-art
purchase intent. manufacturing facilities and well-integrated supply and distribution
channels. Simultaneously, the Company is taking significant strides
The new line of male and female grooming products, accompanied to foray into newer geographies and cater to underserved markets.
by the ‘Oh So Rich!’ campaign, has achieved over 100 million
views, driving strong demand and e-commerce traffic. The brand’s Furthermore, Nirlep underwent a strategic repositioning during
personalised grooming campaign reached a high traction of over the year under review. It is now emphasising ‘Everyday Health’, in
10 million men and five million women consumers. Delighted by collaboration with renowned chef Kunal Kapur, who serves as a
the success of these products, Morphy Richards intends to include brand advocate to foster consumer engagement. This message
innovative products like cordless hair straighteners and BLDC hair has been conveyed through digital channels and in-store retail
dryers to reinforce its commitment to meeting the diverse grooming networks in targeted markets, ensuring heightened visibility and
needs of consumers. subsequent purchases.
Review of distribution channels The institutional channels witnessed steady 10% year-on-year
growth. There has been a steady expansion in the government
Trade sales channel channel, including the canteen stores department (CSD) and
The trade sales channel continues to be a core competitive Government e-Marketplace (GeM), registering a year-on-year
distribution channel in strengthening market share. With a network growth of 11% during FY 2024. The surge in demand was driven by
of over 700 distributors and a retailer base of over 2 lakhs, the government initiatives, such as the introduction of ‘Made in India’
Company has implemented network optimisation initiatives among SKUs, one-to-one replacement of imported and phased-out items,
channel partners to facilitate targeted distribution and expand its and ground-level activations.
market footprint.
Consumer care
By leveraging advanced technological tools such as Power BI for
internal sales teams, SFA apps for frontline sales teams, and retailer At Bajaj Electricals, nurturing enduring consumer relationships
apps for retailers, the Company has enhanced the efficiency and remains a foremost priority. To that end, the Company consistently
performance of its sales operations. These efforts have not only implements a plethora of consumer care initiatives. This consumer-
enabled portfolio diversification but also generated improved returns first approach enables the Company to improve its products in
on investment. The adoption of a commercialisation process for new response to changing consumer preferences. In FY 2024, the
products ensures tracking and governance of the seeding plan Company has implemented the Online Call Resolution (OCR)
for all newly launched products. In December 2023, the Company process within its call centre, leveraging digital tools to enhance
introduced the new Nex premium range of fans in the trade channel. the efficiency and speed of resolving consumer complaints. The
digitisation of customer interactions for service purposes will
significantly streamline processes, leading to customer loyalty and
700+ 2 Lakhs+ increased brand value.
Distributors Retailer-base
Alternate channels 98.4%

In FY 2024, the alternate channels accounted for approximately 43% Complaints resolved within 2 days
of the total revenues of the consumer products segment, registering
a year-on-year growth of around 19%. This growth can be attributed
to shifting consumer buying behaviour. Consistent implementation The Company has also made efforts to expand its service network
of key strategic initiatives across both, retail (online and modern to expedite the service delivery and grievance handling processes.
trade) and institutional (corporate and government) channels The recent expansion of the Company’s service network has yielded
contributed to this growth. notable improvements in call resolution, surpassing 98% within a
timeframe of less than two days.
~43% 19% 19,356 630

Revenues from Alternate
Alternate Channels Channel Y-o-Y growth Pin-codes covered Customer care centres
~3,000
The e-commerce channel reported year-over-year growth of Technicians pan-India
approximately 22%. Bajaj Electricals maintained its leadership in the
Small Home Appliances (SHA) segment through strategic platform While digital engagement tools such as chatbots and WhatsApp
mix adjustments and effective vendor flex implementation. The call registration have gained acceptance among contemporary
Different Model Different Channel (DMDC) structure also helped customers, there remains a preference for voice communication
sustain growth. Throughout the year under review, targeted digital among many consumers. The Company has also introduced
marketing campaigns were executed to enhance visibility, which digital interaction channels, including video chat, which has
resulted in good growth for fans, air coolers, and personal grooming positively impacted the Company’s ability to address and resolve
products. To top it all, the exclusive launch of the Nex brand on customer concerns.
e-commerce platforms and the success of personal grooming
products under Morphy Richards have been the key highlights. The invaluable feedback received from consumers has played
a crucial role in refining the soft skills of the Company’s service
The growth in the modern trade channel was driven by strong engineers. This, in turn, has facilitated their professional
contributions from both National Format Retail (NFR) and Regional development, ultimately enhancing the quality of customer
Format Retail (RFR) stores. Throughout the year, various in-store interactions. These initiatives have helped Bajaj Electricals achieve
activations such as bulk outs, stacking displays, drop shots, aisle a notable increase in customer satisfaction, as evidenced by an
optimisation, cross promotions, and combo offers were promoted impressive Net Promoter Score.
to stimulate purchases. The Company effectively capitalised on
the festive market to further enhance growth. Total sales in this Outlook
channel experienced a year-on-year growth of approximately 25%. Bajaj Electricals has embarked upon a rejuvenation of its Consumer
In FY 2024, the focus remained on securing new listings, executing Products business. This is being strategically driven under a ‘House
promotional activities as well as launching new product categories of Brands’ approach, constituting its 4 brands viz. Bajaj, Nex, Morphy
and exclusives. Richards, and Nirlep, with each brand being sharply defined to
cater to diverse consumer needs and segments. Under the brands, Expanding its footprint within smart cities, the Company has
the entire product portfolio is being revamped to fill in the white bolstered its network of installed smart light points and achieved
spaces, deliver superior features and propositions, and include more successful implementation of smart and connected streetlights in
premium offerings. The next two to three years will see the Company Durg. The Company is currently engaged in the commissioning of
continuously launching new products as a part of this revamp. the marquee Mumbai Coastal Road Tunnel project. With innovative
Alongside this portfolio revamp the Company is enhancing its go- connected solution, adhering to the international lighting standards,
to-market to strengthen its presence across faster-growing channels ensuring efficiency and compliance with global guidelines.
such as e-commerce (including quick commerce) and modern trade Motorists will now experience the apt amount of light during transit
while reinforcing its trade channels presence. through this tunnel as our lighting system automatically adapts to
the ambient sunlight during entry and exit of the tunnel. This gives
The Company remains committed to growing its Consumer Products
confidence to drivers and also aides energy savings.
business through meaningful innovation that enriches the lives
of its consumers. Overall, FY2024 marked a period of innovation for us in the Indian
professional lighting market, as we led the charge in driving
Lighting solutions advancements and meeting evolving industry demands.
In order to drive long-term profitable growth in a hyper-competitive
sector, the Company is focused on innovation to rise up the value
chain. Across its professional and consumer lighting segments,
the Company leveraged its R&D capabilities to develop and
launch new products that cater to the differing needs of various
customer segments.
Professional Lighting
In FY2024, India’s professional lighting industry experienced robust
growth, fuelled by technological advancements, urbanisation, and
a shift towards energy efficiency. LED lighting solutions gained
prominence owing to an increased awareness about environmental
sustainability and government initiatives for promoting energy
conservation. Aesthetic and functional lighting solutions became
sought after, with both, businesses and consumers emphasising on
ambiance enhancement alongside illumination.
The year also saw intensified competition among domestic and
international players, leading to product innovation and strategic
partnerships. With continued investments in infrastructure and
regulatory support, the professional lighting market is poised for
sustained growth, catering to diverse sector-specific needs and
driving further advancements in the industry. Consumer lighting
The consumer lighting landscape has undergone a transformation,
marked by a decline in value growth as a result of technological
advancements and the extension of LED product life cycles. There is
also a noticeable shift in consumer behaviour from viewing lighting
solely as a functional necessity to embracing it as an essential
element in improving the aesthetic appeal and ambiance of their
living spaces. To effectively address these changing consumer
preferences and market dynamics, the Company is focussing
on product categories that reflect the evolution. The strategic
imperative will be to expand offerings in the ceiling category,
electrical accessories and inverter solutions. This strategy not only
promises to increase the realisation per light point, but also works
seamlessly with the current overall premiumisation strategy.
The strategic blueprint of the business places a strong emphasis
on innovation and consumer-centric product development. The
determination to conceptualise and deliver superior products
that seamlessly integrate cutting-edge technology with deep-
rooted consumer insights exemplifies the Company’s commitment
to pioneering excellence. Recognising the critical role of the
go-to-market strategy in driving long-term growth and market
Throughout the year, the Company launched a range of innovative penetration, the business is steadily increasing engagement
lighting products, including visually comfortable office lighting with key stakeholders throughout the value chain. The outreach
solutions and stylish linear lights for captivating ceiling designs, efforts take a multifaceted approach, ranging from deepening
expanding our market presence into previously underserved collaborations with key retailers to increasing engagement with
segments. Also, the Company reinforced its dedication to sports influential stakeholders like electricians. Initiatives like the Shining
lighting excellence with the introduction of lightweight, high- Star Programme and targeted engagements with key retailers
wattage sports lights suitable for upgrading existing stadiums. and influencers demonstrate our commitment to building long-
These lights quickly gained traction and secured notable term partnerships that yield tangible rewards. In line with market
installations, such as at the Hyderabad Cricket Stadium. expansion efforts, the Company is dedicated to increasing brand
visibility and salience in key markets. The aim is to strengthen the

market positioning and deepen resonance with consumers by
making strategic investments in brand building and increasing
brand presence.
Given the critical role that our sales force plays in driving revenue
growth and market expansion, the Company is redoubling down
efforts to build capability and talent within the sales teams. By
providing the sales force with the necessary tools, resources,
and expertise, the Company aims to increase their efficacy and
effectiveness in navigating the complexities of the marketplace.
Finally, to ensure operational excellence, Bajaj Electricals remains
committed to increasing efficiencies and optimising demand
and supply-side operations. The Company intends to streamline
operational processes, improve agility and strengthen supply chain
resilience by judiciously implementing operational best practices
and leveraging technology.
Integrating digitisation into BAJAJ’s lighting solutions

In the past year, BAJAJ has significantly innovated in the smart lighting solutions sector, targeting B2B clients with a blend of new-
age technologies. Its achievements include deploying Smart Utility Poles, Connected Poles, and pioneering NBIoT and LoRa-based
outdoor lighting, alongside tunnel lighting innovations. The Company has also ventured into consumer markets with BLE + WiFi-
enabled smart bulbs and battens, emphasizing commitment to energy efficiency and intelligent lighting.
Central to its advancements is the CITISOL SAAS platform, which leverages AI-based edge computing for superior lighting
management. This platform offers clients insights into usage patterns, optimizing energy consumption, and enhancing operational
efficiency. As the Company continues integrating IoT and AI into its offerings, it aims to be at the forefront of the smart lighting solutions
industry, delivering value to its clients.
Outlook retain a competitive edge but, also opens new opportunities for
sustainable progress.
In the consumer lighting sector, the Company’s focus remains
on launching smart lighting products across various categories. During FY2024, the Company continued to invest in the laboratory
Additionally, the Company is exploring several technologies aimed infrastructure and computing infrastructure to develop more
at enhancing the connectivity of the products and making them durable, efficient, and novel products. By enhancing the research
more accessible to consumers in the B2C market. capabilities, we were able to launch highly competitive products
with faster time to market.
In the professional lighting sector, the Company aims to introduce
high technology solutions meeting the unique needs of its customers We are enhancing the culture of innovation, with the vision of
across various sectors. enhancing the quality of life and ensuring sustainability.
Overall, the Company intends to continue to pursue the path of
leveraging innovation to move up the lighting value chain and
thereby provide enhanced value to its consumers and customers. Innovation Ecosystem
Bajaj Electricals has entered into an MOU with IIT Bhubaneswar
Research and development to support the 100-Cube startup initiative at the IIT Bhubaneswar
At Bajaj Electricals, the tireless efforts of the R&D team empower us Research and Entrepreneur Park. This initiative aims to establish
to sustain our performance in a dynamic market. Keeping product 100 startups, each with a valuation of Rs 100 crore by 2036,
innovation at the core, we are adapting to new-age processes, coinciding with the centenary celebrations of Odisha’s
adopting advanced technologies, and sharpening our skillset to state formation.
render functionally superior products. It not only enables us to
IP contributions:
26 45 30
Patents applications filed Design registrations Claims
New innovations in FY2024
Consumer products
BLDC: Energy-efficient Military Jars: Tough jars for DuraGlide soleplate for irons for
5-Star Ceiling Fans rough handling as per MIL long-lasting sole plate coating
810H standard
DuraCut Blades: Super5Tuff Ceiling Fan Aeirology with 20% higher air
Lifetime warranty on technology for a five-year thrust fans for providing quicker
mixer grinder blades warranty on ceiling fans relief to consumers
Lighting products
UL V0 lens with PLCC Visual comfort UL V0 lens with PLCC technology

technology in tunnel lights luminaire in Tunnel light
Bonded heat sink in PO optics for higher pole-

Stadium light pole distance
In keeping with the brand’s positioning strategy of ‘Built for Life’ for
the consumer products category, Bajaj has employed top-tier design Awards won for innovation
and development practices. This is helping us in First time-right,
reduced design and development time with faster time to market of ‘Good Design’ award under product category: Mixer
best-in-class products. These methodologies also help to mitigate Grinder and Ceiling Fans
development risks, resulting in new products with remarkably ‘Golden Peacock’ award : under the most
extended lifespan and energy efficiency. innovative products/services category: Military-grade
Mixer Grinder jar
IoT-based innovations
To identify opportunities for enhancing quality, reducing costs, and
In the past year, the Company has continued on its journey delivering greater value to consumers in both existing and new
towards consumer centricity, leveraging cutting-edge products, the Company’s R&D team regularly conducts competitive
technologies such as IoT and AI to redefine the electrical goods benchmarking across technology, features, and trends. Competitive
industry. The innovative approach has led to the creation benchmarking is also a standard procedure that the Company
of a suite of smart products, including IoT-enabled fans, follows for any new product development, enabling optimisation of
coolers, geysers, and lighting solutions to enhance customer performance at a minimal cost.
experience and serviceability.
The product offerings are designed not just for functionality Human resources
but to enrich the customer’s product ecosystem, providing Bajaj Electricals prioritises the continual improvement and
unprecedented control, convenience, and insight into their advancement of its employees’ abilities across essential roles. The
usage patterns. Through the integration of IoT, the customers organisation holds a steadfast conviction that a motivated and
can monitor and manage their appliances seamlessly, proficient workforce, coupled with an accommodating workplace
experiencing a degree of interaction and connectivity. atmosphere, is essential for sustained prosperity. Additionally,
the Company has established a stringent Human Rights Policy,
As per our continued commitment towards sustainable development, demonstrating its dedication to fostering a compliant business
we have identified areas such as energy efficiency, packaging, atmosphere, preventing instances of child and forced labour,
product life, and alternative materials to achieve the ESG goals. eliminating discrimination, upholding freedom of association, and
Overall, the Company running multiple projects for sustainability ensuring a safe and healthy working environment for all stakeholders.
solutions under the Energy Efficiency, Packaging, Product life, and
Materials domains.
14,022 hours
Training Hours
(Man-hours of permanent employees)
All learning and development initiatives are integrated through

a digital platform named the Learning Management System
(LMS), featuring an extensive array of over 500 learning courses.
Bajaj Electricals actively encourages employees to pursue higher
education through its Executive Education Policy. Depending on
the nature of their roles, the Company also supports or facilitates
Certified as a ‘Great Place to Work’ certification courses from recognised institutes
Fourth consecutive year
1,958 500+
Learning courses available through Learning
Permanent employees and workers Management System (LMS)
447 Bajaj Electricals offers diverse platforms to its employees to express

their opinions on organisational successes and areas requiring
Talent acquisition in FY 2024 (Including Trainees) improvement such as Townhall meetings, the Annual Engagement
Survey, an AI chatbot, HR connect sessions, All Hands Meetings,
Bajaj Electricals has been recognised as a ‘Great Place to Work’ for the and Face-to-Face sessions with leaders. Working in tandem with
fourth year consecutively with Company level score increasing year the HR department, leaders within the Company diligently review
after year, and increased participation from employees. This indicates the feedback received and take proactive steps to implement
a higher confidence amongst employees to voice their opinion. The necessary changes. This collaborative effort ensures that employee
engagement score of women employees and newly hired employees suggestions and viewpoints are not only acknowledged but also
have also seen an improvement over the years. acted upon effectively. There is a noticeable year-on-year increase
Fostering diversity and inclusivity remains an ongoing endeavour in employee participation in surveys and an improvement in
across all tiers and departments within the Company. In the fiscal engagement scores.
year 2024, the Diversity and Inclusion (D&I) Council directed its
efforts toward initiatives geared towards empowering women, raising
awareness among managers and employees, hosting engagement
84%
sessions, and enhancing the percentage of women within the Employee engagement score
organisation. Additionally, to cultivate a conducive working
atmosphere, we have introduced women-focused initiatives like The Company ensures that all employees have abundant
flexible work schedules and maternity support, aiming to bolster their opportunities to excel and showcase their capabilities to the fullest
skills and enable them to contribute equally to the Company’s growth. extent. Those who demonstrate exceptional performance and
uphold the Company’s values are duly acknowledged and rewarded
across all levels.
7% In acknowledgment of outstanding contributions, the Company
Women employees at the organisation level has launched the ‘Achieverz’ programme, a tri-annual initiative
focused on rewarding and recognising excellence. This programme
commemorates the remarkable achievements of employees through
To ensure the continuous growth of its employees, Bajaj Electricals
quarterly, semi-annual, and annual accolades.
has instituted a learning and development programme focusing on
both functional and behavioural training. In the fiscal year 2023-
24, the Company introduced a comprehensive learning portal, Bajaj Electricals has established the ‘Sarvottam Club’ to recognise
providing employees easy access to all learning and development- exceptional achievers. This distinguished club grants its members
related resources. Among the initiatives launched during this the privilege of a fully sponsored international excursion in order to
period was the refreshed ‘Pygmalion’ (high potential identification motivate its outstanding employees.
& development) programme, tailored to align talent requirements Employee safety
with individual employee aspirations. The ‘Pygmalion’ programme,
saw the participation of 160 employees, aimed at identifying their Bajaj Electricals has devised an EHS & ESG Annual Training Plan
developmental needs, ultimately aiming to nurture a talent pipeline aimed at enhancing employee safety. This comprehensive plan
and offer career advancement opportunities to top-performing identifies training needs for all staff and workers, encompassing
individuals within the organisation. both routine and specialised activities. New employees and workers
undergo EHS induction training, while activity-specific EHS training
The SPRINT programme has brought fresh perspectives and is provided to all employees.
innovative solutions to business challenges. Following a year-long
training period, participants have transitioned into roles previously These EHS training initiatives have significantly contributed to
managed by lateral hires, with the benefits of these programmes set fostering a culture of safety within the organisation. An incident-
to be realised in the forthcoming financial year. reporting culture has been cultivated, encouraging all employees
to proactively report near misses, unsafe acts, and conditions. edge technologies to ensure the uninterrupted processing of
Reported incidents are tracked with a comprehensive action plan, products without any compromise on quality.
resulting in improved closure rates for open EHS actions, particularly
Moreover, the Company adheres to industry best practices and
concerning high-risk activities such as machine safety, work at
automation to streamline its operations. The Company has also
height, and electrical safety.
undertaken Lakshya Projects primarily to guarantee that process
controls and existing processes are continuously improved. Bajaj
Zero Electricals deploys advanced measurement techniques while

concurrently developing its facilities to ascertain rigorous product
testing. To further enhance its competencies and strengthen
Fatal Accidents reported in FY 2024
collaborative relationships with its supply partners, the Company is
also investing in their training and empowerment.
148
Safety training conducted in FY 2024
Integrated supply chain management & manufacturing

Certified for
Throughout FY 2024, global geopolitical challenges persisted, all business units
prompting adjustments within supply chains to mitigate against
the consequent volatility and complexity. The Company diligently
monitored the situation, assessing the impact on sourced items
from various regions and their interdependencies. Updated risk Bajaj Electricals’ commitment to quality has ensured-
management plans were implemented, while close intra-team
communication facilitated prompt responses. Energy-efficient,
Higher Greater
As part of Bajaj Electricals’ supply chain strategy, the Company product reliability star-rated products product durability
initiated programmes such as ‘Hello Local’ for import localisation,
aligned geographical sourcing, supplier consolidation, and vendor Enhanced consumer
development. Additionally, proactive measures were taken to stock Cost-competitive
perception due to
items susceptible to disruptions, with input from a cross-functional quality products
better fit and finish
team. These endeavours aimed to bolster resilience through
localised sourcing, mitigating reliance on single sources where
feasible and fostering closer proximity to customers.
Bajaj Electricals has implemented process automation, leading to the
The ‘hello Local’ programme has significantly reduced import
delivery of higher-quality products with fewer defects. Automation
reliance, in the past three years, driven by ‘Make in India’ and efforts
has further facilitated predictive process monitoring, resulting in
to de-risk imports from China. Quality control measures and a
substantial cost savings with a year-on-year reduction in the Cost of
growing base of local players have accelerated progress. Exploring
Poor Quality (COPQ) by 35% in the last two years.
SKD/CKD assembly, the Company has also adopted a ‘Glocalisation’
approach to source global-quality products locally. To further enhance customer satisfaction, the Company has
introduced innovative and energy-efficient products that comply
Transitioning to Mulya 2.0
with statutory and regulatory requirements. Offering quality
A platform for supplier innovation products at affordable prices remains a priority. Timely responses
Over the past three years, the Company has been diligently working to customer feedback and concerns underscore the Company’s
on a significant initiative called ‘Mulya’ aimed at recognising dedication to customer satisfaction. Moreover, periodic audits and
and rewarding suppliers and employees for their cost-saving reviews of the Quality Management System (QMS) are conducted
contributions within the supply chain. Under the Mulya initiative, the to continuously maintain and improve standards. Additionally, the
supply chain team has conducted various activities such as Value Company evaluates the performance of its supply partners, ensuring
Addition Value Engineering, negotiations, optimisation of bought- reliability and accountability throughout its supply chain.
out components, packaging and volume consolidation.
The platform Mulya has transitioned to Mulya 2.0, marked by a
heightened emphasis on value creation, operational enhancements,
and cost-efficiency initiatives. Throughout FY 2024, the Company
has solicited and analysed the ideas of both its dedicated workforce
and valued partners within its ecosystem. The implementation
of these concepts has led it to achieve significant savings,
surpassing H 80 crore.
Quality assurance
With in-house manufacturing of technologically advanced premium
products, there have been significant quality enhancements in Bajaj
Electricals’ products. The Company has adopted various cutting-
that lays the groundwork for further digital advancements leveraging

Awards received in FY2024 for Quality Review Cloud, AI, IoT, Big Data, and cybersecurity enhancements.
Winner in the Manufacturing category in the MQH Modules integrated with SAP S/4 HANA
Best Practice Competition 2023, organised by the IMC • SuccessFactors (Human Capital Management)
Ramkrishna Bajaj National Quality Award Trust.
• Distributor Management System
Winner under the Quality Enterprise Leadership Award
• Warehouse Management System
- Manufacturing Sector by well-recognised Frost
and Sullivan’s Project Evaluation and Recognition • Product Lifecycle Management
Programme 2023.
• Transportation Management System
• Demand Forecasting
• Ariba (Vendor Management)
Information technology
• Customer Engagement
Over the past year, Bajaj Electricals’ digital transformation has
significantly deepened, with strategic enhancements in Artificial In its go-to-market strategy, Bajaj Electricals has rolled out the Pragati
Intelligence (AI), Machine Learning (ML), Advanced Analytics, Dealer Management System and DSO Apps across a broad network of
and Robotic Process Automation (RPA). These technologies have distributors and sales representatives. The ongoing implementation
been successfully deployed across essential systems such as the of order automation is poised to further refine our processes. These
Transport Management System (TMS), Warehouse Management steps underscore our relentless pursuit of optimising customer
System (WMS), and Demand Forecasting. A cornerstone of our experiences and operational productivity, focusing on AI-driven
digital infrastructure is the seamless integration with SAP S/4HANA innovation, IoT for product development, and robust data-driven
across vital modules, forming a cohesive, agile business ecosystem decision-making facilitated by advanced analytics and Power BI.
Financial analysis (on consolidated financials)

(H in crore)
Revenues EBITDA EBIT Finance cost PBT PAT

4,889
420
302
216
346
4,641
63
346
237
44
131
173
FY 2023
FY 2024
FY 2023
FY 2024
FY 2023
FY 2024
FY 2023
FY 2024
FY 2023
FY 2024
FY 2023
FY 2024
Particulars FY 2024 FY 2023 YoY Change

EBITDA margin 7.5% 8.6% -13.1%
EBIT margin 5.1% 7.1% -28.0%
PBT margin 3.7% 6.2% -39.7%
PAT margin 2.8% 4.4% -36.1%
Debtors turnover 3.47 3.42 +1.5%
Inventory turnover 3.80 3.43 +10.7%
Interest coverage ratio 3.73 7.93 -53.0%
Current ratio 1.21 1.32 -8.2%
Return on net worth 7.83% 11.97% -34.6%
Risk management
areas. The design, adequacy and operational efficiency of the
The Board of Directors at Bajaj Electricals shoulders the responsibility
Company’s Internal Financial Controls are reviewed by both the
for overseeing risk management and internal control functions. This
external consultant (Internal Auditor) and the statutory auditor.
involves establishing the Company’s risk tolerance, consistently
evaluating and overseeing major risks, and examining internal audit These controls were developed in accordance with the requirements
reports concerning internal controls and risk assessments. outlined in the Companies Act, 2013 and the Guidance Note issued
by the Institute of Chartered Accountants of India. The Company
For a comprehensive understanding of the risk management
maintains written Standard Operating Procedures (SOPs) and risk
process, the key risks of the Company, and the strategies employed
& control registers for all business divisions and functions, outlining
for risk mitigation, please refer to page 030 of the report.
process flows, key risks and critical controls. These SOPs and risk &
control registers are regularly reviewed and adjusted by the business
Internal control in response to changes in workflow, process and controls. The
The Company has established and maintained well-defined internal external consultant (Internal Auditor) assessed the internal financial
controls that are tailored to suit the size, scope and complexity of its controls and found certain non-significant automated controls not
operations. The key internal controls were found to be functioning configured which were mitigated by compensating manual controls.
effectively throughout the year. An external consultant was engaged Any control weaknesses identified were promptly communicated
as an Internal Auditor to assess the strength of internal controls, to the process owner and remedial actions were implemented or
covering all business units, offices, factories and critical operational agreed upon in a timely manner.
Disclaimer
The statements within this management discussion and analysis outlining the Company’s objectives, projections, estimates, and
expectations are deemed ‘forward-looking statements’ according to relevant laws and regulations. It is important to note that actual
results may differ significantly or materially from those stated or implied. Key developments that could impact the Company’s operations
encompass competition, employee expenditures, substantial shifts in India’s political and economic landscape, environmental
regulations, tax legislation, legal proceedings, and labour relations.
These statements do not guarantee future performance and should not be excessively relied upon. Forward-looking statements
inherently encompass both known and unknown risks and uncertainties that may result in future performance and financial outcomes
differing significantly from any projected future performance or results expressed or implied in such forward-looking statements.
Readers are cautioned against placing excessive reliance on forward-looking statements. Unless required by applicable securities
laws, the Company does not commit to updating forward-looking statements in the event of changes in circumstances or alterations to
management’s estimates or opinions.
Independent Auditor’s Report
To the Members of Bajaj Electricals Limited report. We are independent of the Company in accordance with the
‘Code of Ethics’ issued by the Institute of Chartered Accountants
Report on the Audit of the Standalone Financial of India together with the ethical requirements that are relevant to
Statements our audit of the financial statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical
Opinion
responsibilities in accordance with these requirements and the
We have audited the accompanying standalone financial statements Code of Ethics. We believe that the audit evidence we have obtained
of Bajaj Electricals Limited (“the Company”), which comprise the is sufficient and appropriate to provide a basis for our audit opinion
Balance sheet as at March 31 2024, the Statement of Profit and on the standalone financial statements.
Loss, including the statement of Other Comprehensive Income, the
Cash Flow Statement and the Statement of Changes in Equity for the Key Audit Matters
year then ended, and notes to the standalone financial statements, Key audit matters are those matters that, in our professional judgment,
including a summary of material accounting policies and other were of most significance in our audit of the standalone financial
explanatory information. statements for the financial year ended March 31, 2024. These
matters were addressed in the context of our audit of the standalone
In our opinion and to the best of our information and according
financial statements as a whole, and in forming our opinion thereon,
to the explanations given to us, the aforesaid standalone financial
and we do not provide a separate opinion on these matters. For each
statements give the information required by the Companies Act,
matter below, our description of how our audit addressed the matter
2013, as amended (“the Act”) in the manner so required and give
is provided in that context.
a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at We have determined the matters described below to be the key
March 31, 2024, its profit including other comprehensive income, its audit matters to be communicated in our report. We have fulfilled the
cash flows and the changes in equity for the year ended on that date. responsibilities described in the Auditor’s responsibilities for the audit
of the standalone financial statements section of our report, including
Basis for Opinion
in relation to these matters. Accordingly, our audit included the
We conducted our audit of the standalone financial statements performance of procedures designed to respond to our assessment of
in accordance with the Standards on Auditing (SAs), as specified the risks of material misstatement of the standalone financial statements.
under section 143(10) of the Act. Our responsibilities under those The results of our audit procedures, including the procedures performed
Standards are further described in the ‘Auditor’s Responsibilities to address the matters below, provide the basis for our audit opinion on
for the Audit of the Standalone Financial Statements’ section of our the accompanying standalone financial statements.
Keyaudit matters How our audit addressed the key audit matters
A. Timing of revenue recognition for Consumer Product business (Refer Notes 1B(3)(1) and 24 of the standalone financial statements)
Revenue from contracts with customers is recognised upon Audit procedures included the following:
transfer of control of promised goods and is measured at the
Assessed the Company’s revenue recognition policy and its
transaction price of the consideration received or receivable, net
compliance in terms of Ind AS 115 ‘Revenue from contracts
of returns, schemes and rebates, based on contractually defined
with customers’;
terms.
Assessed the design and tested the operating effectiveness of
The timing of transfer of control in case of sales to distributors
internal financial controls related to timing of revenue recognition;
is basis the arrangements including delivery speciﬁcations and
incoterms, payment terms and ability of customers to return For sample customers, obtained and assessed the arrangements
the goods if unsold in the market which create complexity and with the Company and impact on revenue recognition including
judgment in determining the timing of recognition of revenues. their payment terms and right to returns;
The risk is, therefore, that revenue is not recognized in the correct Performed sample tests of individual sales transaction based on
period and accordingly, it was determined to be a key audit matter sales invoices and other related documents. In respect of the
in our audit of the standalone financial statements. samples selected, tested the timing of revenue recognition in
accordance with Ind AS 115;
Selected sample of sales transactions made pre- and post-year
end, agreed the period of revenue recognition to underlying
documents and the terms of sale;
Performed analytical procedures on sales and sales return trend
including subsequent sales returns;
For sample customer balances, obtained direct confirmation
and tested the reconciliations if any.
Financial Statements 193
B. Accounting of scheme of de-merger of Engineering Procurement and Construction (EPC) business into Bajel Projects Limited
(Resulting Company) (‘Scheme’) (Refer note 45 for disclosure of the accompanying standalone financial statements)
The Company in the current year has given effect to the scheme of Audit procedures included the following:
demerger of Engineering Procurement and Construction business
Obtained and read the Scheme and final order passed by the
(demerged business) into a separate company Bajel Projects
Hon’ble National Company Law Tribunal and submitted with the
Limited (BPL). The scheme was approved by the Hon’ble National
ROC to understand its key terms and conditions;
Company Law Tribunal, Mumbai bench (‘‘the Tribunal’’) vide its
order dated July 05, 2023 and the effective date of the scheme is Evaluated the design and tested the operating effectiveness of
September 01, 2023. In virtue of this scheme being effective in the the internal financial controls relevant for recording the impact
current year, the said demerged business has been disclosed as of the Scheme and related disclosures;
a discontinuing operations till the effective date of the demerger.
At the effective date, all assets and liabilities pertaining to the Assessed the appropriateness of accounting policy of
demerged business has been transferred to Bajel Projects Limited accounting of this de-merger and comparing with applicable
in accordance with the approved scheme. accounting standards and the approved accounting
treatment in the scheme;
Due to the complexity of the transaction, and considering the
assumptions and estimates required to be made by management Tested the Management’s working for identification of specific
as part of identifying assets and liabilities to be de-recognised, assets and liabilities of the demerged business including
including presentation and disclosures in the standalone financial apportionment of common assets and liabilities to the
statements we have reported this to be a key audit matter in the demerged business and relevant impact in the reserves as per
current year audit. the Scheme; and
Assessed the adequacy and appropriateness of the disclosures
made with respect to the accounting of the transaction under
the Scheme in note 45 to the accompanying standalone
financial statements, as required by the applicable Indian
Accounting Standards.
C. Inventory existence and allowance for inventory (Refer note 1B(13) and 11 for disclosure of the accompanying standalone
financial statements)
As at 31 March 2024, the carrying amount of inventories amounted Audit procedures included the following:
to H 75,664.03 lakhs, after considering allowance for inventory
Obtained an understanding, evaluated the design and tested
obsolescence of H 4,553.96 lakhs. These inventories are kept at
the operating effectiveness of internal financial controls that
Factories, Warehouses and Branches of the Company.
the Company has in relation to the inventory count process and
Inventory valuation and existence was an audit focus area allowance for inventory;
because of the additional risks assessed due to the number of
We have obtained the physical verification reports of the third
locations that the inventory was held at, and the judgement
party appointed by the Company and have reconciled the same
applied in the provision of inventory. Additionally during the year
with books of accounts;
the Company has discontinued end-to-end logistics arrangement
(including warehousing and pre-primary, primary and secondary We performed testing on the Company’s controls over the
transportation) with a third party provider in a phased manner inventory count process. In testing these controls we observed
leading to relocation of inventory to new warehouses and the inventory count process at selected Factory, Warehouse and
locations. Branches on a sample basis near to period end, inspected the
results of the inventory count and confirmed variances were
The spread of inventory and the hand over from the third-
accounted for and approved by management;
party warehouse management system in the current year has
significantly increased our focus on the inventory management We evaluated whether the provisions towards ageing and
including the existence of inventory as at the year end. Further obsolete inventory has been made in accordance with the
there are judgements applied in assessing the level of provision approved policy. On a sample basis, we tested the aging of
for stock basis ageing and obsolescence. Hence this matter has inventory. For our sample we agreed the purchase date recorded
been considered as a key audit matter in the current year. in the inventory aging report to supplier invoices.
We assessed whether there were inventories which were sold
with a (consistent) negative margin by evaluating recent sales
invoices to validate management’s assessment and decision
whether inventories should or should not be provided for.
Furthermore we analyzed the inventory turnaround
and compared that to management’s estimates on
obsolete inventories.
We assessed the adequacy and appropriateness of
the Company’s disclosures in Note 1B(13) on material
accounting policy and Note 11 Inventories to the standalone
financial statements, as required by the applicable Indian
Accounting Standards.
D. Impairment testing of Goodwill (Refer Note 46 of the standalone financial statements)
As at March 31, 2024, the Company has carrying amount of Our audit procedures included the following:
Goodwill of H 19,001.09 lakhs pertaining to Starlite Lighting
Obtained an understanding of the process followed by the
Limited and Nirlep Appliances Private Limited, wholly owned
management to determine the recoverable amounts of cash
subsidiaries which has been merged into the Company.
generating units determined by the Company.
In accordance with the requirements of Ind AS 36 Impairment of
Evaluated the design and implementation and tested the
Assets, the Company performs an annual impairment assessment
operating effectiveness of key internal controls related to
of Goodwill and the corresponding cash generating units to
the Company’s process relating to review of the annual
determine whether the recoverable value is below the carrying
impairment analysis.
amount as at March 31, 2024.
Assessed Company’s valuation methodology applied in
For this purpose, the recoverable value of the cash generating
determining recoverable value including the reasonableness
unit is based on the value in use model, which has been derived
of identification of cash generating units around the key
from the discounted cash flow model. The model requires the
drivers (cash flow forecasts, discount rates, expected growth
Company to make significant assumptions such as discount rate,
rates, forecasted margins and terminal growth rates) based
near and long-term revenue growth rate and projected margins
on our knowledge of the Company and Industry. Compared
which involves inherent uncertainty since they are based on
the historical accuracy by comparing past forecasts to actual
future business prospects and economic outlook.
results achieved.
Changes in certain methodologies and assumptions can lead to
Assessed the recoverable value headroom by performing
significant changes in the assessment of the recoverable value.
sensitivity testing of key assumptions used.
Due to the level of judgments involved and its significance to the
Tested the arithmetical accuracy of the computation of
Company’s financial position, this is considered to be a key audit
recoverable amounts of cash generating units
matter.
Assessed the disclosures made in the standalone
financial statements
We have determined that there are no other key audit matters to amended. This responsibility also includes maintenance of adequate
communicate in our report. accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
Information Other than the Standalone Financial detecting frauds and other irregularities; selection and application of
Statements and Auditor’s Report Thereon appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and the design, implementation
The Company’s Board of Directors is responsible for the other
and maintenance of adequate internal financial controls, that were
information. The other information comprises the information
operating effectively for ensuring the accuracy and completeness of
included in the Annual report, but does not include the standalone
the accounting records, relevant to the preparation and presentation
financial statements and our auditor’s report thereon.
of the standalone financial statements that give a true and fair view
Our opinion on the standalone financial statements does not cover and are free from material misstatement, whether due to fraud or error.
the other information and we do not express any form of assurance
In preparing the standalone financial statements, management is
conclusion thereon.
responsible for assessing the Company’s ability to continue as a
In connection with our audit of the standalone financial statements, going concern, disclosing, as applicable, matters related to going
our responsibility is to read the other information and, in doing so, concern and using the going concern basis of accounting unless
consider whether such other information is materially inconsistent management either intends to liquidate the Company or to cease
with the financial statements or our knowledge obtained in the operations, or has no realistic alternative but to do so.
audit or otherwise appears to be materially misstated. If, based on
Those Board of Directors are also responsible for overseeing the
the work we have performed, we conclude that there is a material
Company’s financial reporting process.
misstatement of this other information, we are required to report that
fact. We have nothing to report in this regard.
Auditor’s Responsibilities for the Audit of the Standalone
Responsibilities of Management for the Standalone Financial Statements
Financial Statements Our objectives are to obtain reasonable assurance about whether
the standalone financial statements as a whole are free from material
The Company’s Board of Directors is responsible for the matters
misstatement, whether due to fraud or error, and to issue an auditor’s
stated in section 134(5) of the Act with respect to the preparation
report that includes our opinion. Reasonable assurance is a high
of these standalone financial statements that give a true and fair
level of assurance, but is not a guarantee that an audit conducted
view of the financial position, financial performance including
in accordance with SAs will always detect a material misstatement
other comprehensive income, cash flows and changes in equity
when it exists. Misstatements can arise from fraud or error and are
of the Company in accordance with the accounting principles
considered material if, individually or in the aggregate, they could
generally accepted in India, including the Indian Accounting
reasonably be expected to influence the economic decisions of
Standards (Ind AS) specified under section 133 of the Act read
users taken on the basis of these standalone financial statements.
with the Companies (Indian Accounting Standards) Rules, 2015, as
As part of an audit in accordance with SAs, we exercise professional Report on Other Legal and Regulatory Requirements
judgment and maintain professional skepticism throughout the
1. As required by the Companies (Auditor’s Report) Order, 2020
audit. We also:
(“the Order”), issued by the Central Government of India in
Identify and assess the risks of material misstatement of the terms of sub-section (11) of section 143 of the Act, we give
standalone financial statements, whether due to fraud or error, in the “Annexure 1” a statement on the matters specified in
design and perform audit procedures responsive to those risks, paragraphs 3 and 4 of the Order.
and obtain audit evidence that is sufficient and appropriate
2. As required by Section 143(3) of the Act, we report, to the
to provide a basis for our opinion. The risk of not detecting a
extent applicable, that:
material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, (a) We have sought and obtained all the information and
intentional omissions, misrepresentations, or the override of explanations which to the best of our knowledge and
internal control. belief were necessary for the purposes of our audit;
Obtain an understanding of internal control relevant to the (b) In our opinion, proper books of account as required by
audit in order to design audit procedures that are appropriate law have been kept by the Company so far as it appears
in the circumstances. Under section 143(3)(i) of the Act, we from our examination of those books except for the
are also responsible for expressing our opinion on whether matters stated in the paragraph (i).(vi) below on reporting
the Company has adequate internal financial controls with under Rule 11(g);
reference to financial statements in place and the operating
effectiveness of such controls. (c) The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive Income,
Evaluate the appropriateness of accounting policies used the Cash Flow Statement and Statement of Changes in
and the reasonableness of accounting estimates and related Equity dealt with by this Report are in agreement with the
disclosures made by management. books of account;
Conclude on the appropriateness of management’s use of (d) In our opinion, the aforesaid standalone financial
the going concern basis of accounting and, based on the statements comply with the Accounting Standards
audit evidence obtained, whether a material uncertainty exists specified under Section 133 of the Act, read with
related to events or conditions that may cast significant doubt Companies (Indian Accounting Standards) Rules,
on the Company’s ability to continue as a going concern. If we 2015, as amended;
conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures (e) On the basis of the written representations received from
in the financial statements or, if such disclosures are the directors as on March 31, 2024 taken on record by the
inadequate, to modify our opinion. Our conclusions are based Board of Directors, none of the directors is disqualified as
on the audit evidence obtained up to the date of our auditor’s on March 31, 2024 from being appointed as a director in
report. However, future events or conditions may cause the terms of Section 164 (2) of the Act;
Company to cease to continue as a going concern. (f) With respect to the adequacy of the internal financial
Evaluate the overall presentation, structure and content of the controls with reference to these standalone financial
standalone financial statements, including the disclosures, statements and the operating effectiveness of such controls,
and whether the standalone financial statements represent the refer to our separate Report in “Annexure 2” to this report;
underlying transactions and events in a manner that achieves (g) In our opinion, the managerial remuneration for the
fair presentation. year ended March 31, 2024 has been paid / provided
We communicate with those charged with governance regarding, by the Company to its directors in accordance with the
among other matters, the planned scope and timing of the audit and provisions of section 197 read with Schedule V to the Act;
significant audit findings, including any significant deficiencies in (h) The modification relating to the maintenance of accounts
internal control that we identify during our audit. and other matters connected therewith are as stated in
We also provide those charged with governance with a statement the paragraph (b) above on reporting under Section
that we have complied with relevant ethical requirements regarding 143(3)(b) and paragraph (i)(vi) below on reporting
independence, and to communicate with them all relationships under Rule 11(g).
and other matters that may reasonably be thought to bear on our (i) With respect to the other matters to be included in the
independence, and where applicable, related safeguards. Auditor’s Report in accordance with Rule 11 of the
From the matters communicated with those charged with Companies (Audit and Auditors) Rules, 2014, as amended
governance, we determine those matters that were of most in our opinion and to the best of our information and
significance in the audit of the standalone financial statements for according to the explanations given to us:
the financial year ended March 31, 2024 and are therefore the key i. The Company has disclosed the impact of pending
audit matters. We describe these matters in our auditor’s report litigations on its financial position in its standalone
unless law or regulation precludes public disclosure about the financial statements – Refer Note 40 to the
matter or when, in extremely rare circumstances, we determine that standalone financial statements;
a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected ii. The Company did not have any long-term contracts
to outweigh the public interest benefits of such communication. including derivative contracts for which there were
any material foreseeable losses;
iii. There has been no delay in transferring amounts, v. As stated in note 17 to the standalone financial
required to be transferred, to the Investor Education statements, the final dividend paid by the Company
and Protection Fund by the Company during the year in respect of the same declared for
the previous year is in accordance with section
iv. a) The management has represented that,
123 of the Act to the extent it applies to payment
to the best of its knowledge and belief,
of dividend. Further, the Board of Directors of the
no funds have been advanced or loaned
Company have proposed final dividend for the year
or invested (either from borrowed funds
which is subject to the approval of the members at
or share premium or any other sources or
the ensuing Annual General Meeting. The dividend
kind of funds) by the Company to or in any
declared is in accordance with section 123 of the
other person(s) or entity(ies), including
Act to the extent it applies to declaration of dividend.
foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing vi. Based on our examination which included test
or otherwise, that the Intermediary shall, checks, except for the instances discussed in note
whether, directly or indirectly lend or invest 48(11) to the standalone financial statements,
in other persons or entities identified in the Company has used accounting software for
any manner whatsoever by or on behalf of maintaining its books of account which has a
the Company (“Ultimate Beneficiaries”) or feature of recording audit trail (edit log) facility and
provide any guarantee, security or the like on the same has operated throughout the year for
behalf of the Ultimate Beneficiaries; all relevant transactions recorded in the software
except that we are unable to comment on whether
b) The management has represented that,
certain features of the audit trail of the said software
to the best of its knowledge and belief, no
has operated from the period April 01, 2023 to June
funds have been received by the Company
04, 2023 and from October 08, 2023 to November
from any person(s) or entity(ies), including
12, 2023 or whether there were any instances of
foreign entities (“Funding Parties”), with
audit trail feature being tampered during the said
the understanding, whether recorded in
period in the absence of log of changes to certain
writing or otherwise, that the Company shall,
audit features.
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on For S R B C & CO LLP
behalf of the Ultimate Beneficiaries; and Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
c) Based on such audit procedures performed
that have been considered reasonable and per Vikram Mehta
appropriate in the circumstances, nothing Partner
has come to our notice that has caused Membership No.: 105938
us to believe that the representations UDIN: 24105938BKELXT7463
under sub-clause (a) and (b) contain any
material misstatement. Mumbai, May 14, 2024
Annexure ‘1’
of our report of even date
referred to in paragraph under the heading “Report on other legal and regulatory requirements”
Re: Bajaj Electricals Limited (“the Holding Company”) of the Company and the nature of its assets. No material
discrepancies were noted on such verification.
In terms of the information and explanations sought by us and given
by the Company and the books of account and records examined (i) (c) The title deeds of immovable properties as disclosed in
by us in the normal course of audit and to the best of our knowledge note 2 to the standalone financial statements included
and belief, we state that: in property, plant and equipment are held in the name
of the Company. Certain title deeds of the immovable
(i) (a) (A) The Company has maintained proper
properties, in the nature of freehold land and building,
records showing full particulars, including
as indicated in the below mentioned cases which
quantitative details and situation of Property,
were acquired pursuant to a Scheme of Amalgamation
Plant and Equipment
approved by National Company Law Tribunal’s (NCLT)
(i) (a) (B) The Company has maintained proper records Order dated May 21st 2020 for Hind Lamps Limited, dated
showing full particulars of Intangible assets August 25th 2022 for Starlite Lighting Limited and dated
March 07th 2024 for Nirlep Appliances Private Limited
(i) (b) All property, plant and equipment have not been are not individually held in the name of the Company,
physically verified by the management during the year however the deed of merger has been registered by the
but there is a regular programme of verification which, Company on March 31, 2024.
in our opinion, is reasonable having regard to the size
Whether
Gross
Description of Promoter, Director Period held- indicate range,
carrying value Held in name of
Property or their relative or where appropriate
(J in lakhs)
employee
Freehold land 12,600.00 Hind Lamps Limited No May 21, 2020 to March 31, 2024
Building 729.71 Hind Lamps Limited No May 21, 2020 to March 31, 2024
Freehold land 1,355.20 Starlite Lighting Limited No August 25, 2022 to March 31, 2024
Building 4,971.22 Starlite Lighting Limited No August 25, 2022 to March 31, 2024
Freehold land 540.00 Nirlep Appliances Private Limited No March 07, 2024 to March 31, 2024
Building 1,327.12 Nirlep Appliances Private Limited No March 07, 2024 to March 31, 2024
In case of 1 lease agreements of immovable property as indicated below as at March 31, 2024 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
Gross Whether Promoter,

Description of Period held- indicate range,
carrying value Held in name of Director or their
Property where appropriate
(J in lakhs) relative or employee
Leasehold Building 0.31 Not applicable No September 01, 2023 to March 31, 2024
(i) (d) The Company has not revalued its Property, Plant and capital limits in excess of. Rs. five crores in aggregate from
Equipment (including Right of use assets) or intangible banks during the year on the basis of security of current
assets during the year ended March 31, 2024. assets of the Company. Based on the records examined
by us in the normal course of audit of the standalone
(i) (e) There are no proceedings initiated or are pending against
financial statements, the quarterly returns/statements
the Company for holding any benami property under the
filed by the Company with such banks and financial
Prohibition of Benami Property Transactions Act, 1988
institutions are in agreement with the books of accounts
and rules made thereunder.
of the Company.
(ii) (a) The management has conducted physical verification
(iii) (a) During the year the Company has not provided loans,
of inventory at reasonable intervals during the year.
advances in the nature of loans, stood guarantee or
In our opinion the coverage and the procedure of
provided security to Companies, Firms, Limited Liability
such verification by the management is appropriate.
Partnerships or any other parties. Accordingly, the
Discrepancies on such physical verification were less
requirement to report on clause 3(iii)(a) of the Order is not
than 10% in aggregate for each class of inventory
applicable to the Company.
and have been properly dealt with in the books of
account. Inventories lying with third parties have (iii) (b) During the year the Company has not made investments,
been confirmed by them as at March 31, 2024 and no provided guarantees, provided security and granted
discrepancies were noticed. loans and advances in the nature of loans to Companies,
Firms, Limited Liability Partnerships or any other parties.
(ii) (b) As disclosed in note 18 to the standalone financial
Accordingly, the requirement to report on clause 3(iii)(b)
statements, the Company has been sanctioned working
of the Order is not applicable to the Company.
(iii) (c) The Company has not granted loans and advances in (v) The Company has neither accepted any deposits from the
the nature of loans to companies, firms, Limited Liability public nor accepted any amounts which are deemed to
Partnerships or any other parties. Accordingly, the be deposits within the meaning of sections 73 to 76 of the
requirement to report on clause 3(iii)(c) of the Order is not Companies Act and the rules made thereunder, to the extent
applicable to the Company. applicable. Accordingly, the requirement to report on clause
3(v) of the Order is not applicable to the Company.
(iii) (d) The Company has not granted loans and advances in the nature
of loans to companies, firms, Limited Liability Partnerships or (vi) We have broadly reviewed the books of account maintained
any other parties. Accordingly, the requirement to report on by the Company pursuant to the rules made by the Central
clause 3(iii)(d) of the Order is not applicable to the Company. Government for the maintenance of cost records under
section 148(1) of the Companies Act, 2013, related to the
(iii) (e) The Company has not granted loans and advances in
manufacture of its products, and are of the opinion that prima
the nature of loans to companies, firms, Limited Liability
facie, the specified accounts and records have been made
Partnerships or any other parties. Accordingly, the
and maintained. We have not, however, made a detailed
requirement to report on clause 3(iii)(e) of the Order is not
examination of the same.
(vii) (a) The Company is generally regular in depositing with
(iii) (f) The Company has not granted any loans or advances in
appropriate authorities undisputed statutory dues
the nature of loans, either repayable on demand or without
including goods and service tax, provident fund,
specifying any terms or period of repayment to companies.
employees’ state insurance, income-tax, sales-tax, service
Accordingly, the requirement to report on clause 3(iii)(f) of
tax, duty of customs, duty of excise, value added tax, cess
the Order is not applicable to the Company.
and other statutory dues applicable to it. According to
(iv) There are no loans, investments, guarantees, and security the information and explanations given to us and based
in respect of which provisions of sections 185 and 186 of on audit procedures performed by us, no undisputed
the Companies Act, 2013 are applicable and accordingly, amounts payable in respect of these statutory dues were
the requirement to report on clause 3(iv) of the Order is not outstanding, at the year-end, for a period of more than six
applicable to the Company. months from the date they become payable.
(vii) (b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of custom,
duty of excise, value added tax, cess, and other statutory dues have not been deposited on account of any dispute, are as follows:
Forum where dispute is pending (Amount in J in lakhs)

Dy. Commissioner /
Matter Appellate/ High
Year Commissioner / Jt. Tribunal Total*
Revision court
Commissioner Appeals
Goods and Service Tax- Maharashtra 2017-2020 881.06 - - - 881.06
Goods and Service Tax- Gujarat 2017-2018 to 788.39 - - - 788.39
2018-2019
Goods and Service Tax- 2017-2018 to 317.11 - - - 317.11
Madhya Pradesh 2020-2021
Goods and Service Tax-Chattisgarh 2017-2018 4.65 - - - 4.65
Goods and Service Tax- Bihar 2017-2018 210.78 - - - 210.78
Goods and Service Tax- Rajasthan 2017-2018 560.97 - - - 560.97
Goods and Service Tax- Assam 2017-2018 11.28 - - - 11.28
Goods and Service Tax- Jharkhand 2017-2018 26.94 - - - 26.94
Goods and Service Tax- Odisha 2017-2018 141.24 - - - 141.24
Goods and Service Tax- Punjab 2017-2018 1,105.31 - - - 1,105.31
Goods and Service Tax- Tamil Nadu 2017-2018 256.73 - - - 256.73
Goods and Service Tax- West Bengal 2017-2018 579.92 - - - 579.92
Goods and Service Tax- Karnataka 2018-2019 25.90 - - - 25.90
Sales Tax – Bihar 2005-2006 9.30 - - - 9.30
Sales Tax- Delhi 2007-2008 56.21 - - - 56.21
2009-2010
2010-2011
Sales Tax – Gujarat 2001-2002 95.14 - - - 95.14
Sales Tax – Odisha 2005-2006 28.50 12.51 1.125.59 6.40 1,173.00
2010-2011 to
2015-2016
Sales Tax – Punjab 2015-2016 to 956.84 - - - 956.84
2016-2017
Forum where dispute is pending (Amount in J in lakhs)

Dy. Commissioner /
Matter Appellate/ High
Year Commissioner / Jt. Tribunal Total*
Revision court
Commissioner Appeals
Sales Tax – Uttar Pradesh 2008-2009 335.46 - - 335.46
2009-2010
2011-2012
2014-2015
2015-2016
2017-2018
Sales Tax – Uttarakhand 2015-2016 1.62 1.62
Sales Tax – West Bengal 2006-2007 - 8.19 - 8.19
Entry Tax – Uttar Pradesh 2010-2011 2.86 - - - 2.86
2015-2016
Customs Act 2016-2017 - - 63.05 - 63.05
Service Tax 2005-2010 - - 139.14 - 139.14
Total (A+B) 6,396.21 12.51 1,335.97 6.40 7,751.09
* The unpaid amount mentioned above is net of H 373.84 lakhs paid under protest
(viii) The Company has not surrendered or disclosed any (xi) (a) No fraud by the Company or no material fraud on the
transaction, previously unrecorded in the books of account, in Company has been noticed or reported during the year.
the tax assessments under the Income Tax Act, 1961 as income
(xi) (b) During the year, no report under sub-section (12) of
during the year. Accordingly, the requirement to report on
section 143 of the Companies Act, 2013 has been filed
clause 3(viii) of the Order is not applicable to the Company.
by cost auditor/ secretarial auditor or by us in Form ADT
(ix) (a) The Company did not have any outstanding loans or – 4 as prescribed under Rule 13 of Companies (Audit and
borrowings or interest thereon due to any lender during Auditors) Rules, 2014 with the Central Government.
the year. Accordingly, the requirement to report on clause
(xi) (c) As represented to us by the management, there are no
ix(a) of the Order is not applicable to the Company.
whistle blower complaints received by the Company
(ix) (b) The Company has not been declared wilful defaulter by during the year.
any bank or financial institution or government or any
(xii) The Company is not a nidhi Company as per the provisions of
government authority.
the Companies Act, 2013. Therefore, the requirement to report
(ix) (c) The Company did not have any term loans outstanding on clause 3(xii)(a), (b) and (c) of the Order is not applicable
during the year hence, the requirement to report on clause to the Company.
(ix)(c) of the Order is not applicable to the Company.
(xiii) Transactions with the related parties are in compliance
(ix) (d) The Company did not raise any funds during the year with sections 177 and 188 of Companies Act, 2013 where
hence, the requirement to report on clause (ix)(d) of the applicable and the details have been disclosed in the notes
Order is not applicable to the Company. to the standalone financial statements, as required by the
applicable accounting standards.
(ix) (e) On an overall examination of the standalone financial
statements of the Company, the Company has not taken (xiv) (a) The Company has an internal audit system commensurate
any funds from any entity or person on account of or to with the size and nature of its business.
meet the obligations of its subsidiary and an associate.
(xiv) (b) The internal audit reports of the Company issued till the
(ix) (f) The Company has not raised loans during the year on date of the audit report, for the period under audit have
the pledge of securities held in its subsidiary and an been considered by us.
associate Hence, the requirement to report on clause (ix)
(xv) The Company has not entered into any non-cash transactions
(f) of the Order is not applicable to the Company.
with its directors or persons connected with its directors and
(x) (a) The Company has not raised any money during the hence requirement to report on clause 3(xv) of the Order is not
year by way of initial public offer / further public offer applicable to the Company.
(including debt instruments) hence, the requirement to
(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India
report on clause 3(x)(a) of the Order is not applicable
Act, 1934 (2 of 1934) are not applicable to the Company.
to the Company.
Accordingly, the requirement to report on clause (xvi)(a)
(x) (b) The Company has not made any preferential allotment or of the /Order is not applicable to the Company.
private placement of shares /fully or partially or optionally
(xvi) (b) The Company is not engaged in any Non-Banking
convertible debentures during the year under audit and
Financial or Housing Finance activities. Accordingly, the
hence, the requirement to report on clause 3(x)(b) of the
requirement to report on clause (xvi)(b) of the Order is not
Order is not applicable to the Company,
(xvi) (c) The Company is not a Core Investment Company as state that this is not an assurance as to the future viability of
defined in the regulations made by Reserve Bank of the Company. We further state that our reporting is based on
India. Accordingly, the requirement to report on clause the facts up to the date of the audit report and we neither give
3(xvi) of the Order is not applicable to the Company. any guarantee nor any assurance that all liabilities falling due
within a period of one year from the balance sheet date, will get
(xvi) (d) In our opinion, and according to the information and
discharged by the Company as and when they fall due.
explanation given to us, in the group (in accordance
with Core Investment Companies (Reserve Bank) (xx) (a) In respect of other than ongoing projects, there are no
Directions, 2016) there are 16 companies forming part unspent amounts that are required to be transferred to a
of the promoter/promoter group of the Company which fund specified in Schedule VII of the Companies Act (the
are CICs (These are unregistered CICs as per Para 9.1 of Act), in compliance with second proviso to sub section 5
Notification No. RBI/2020-21/24 dated 13th August 2020 of section 135 of the Act. This matter has been disclosed
of the Reserve Bank of India). in note 43 to the standalone financial statements.
(xvii) The Company has not incurred cash losses in the current (xx) (b) All amounts that are unspent under section (5) of section
financial year. The Company has not incurred cash losses in 135 of Companies Act, pursuant to any ongoing project,
the immediately preceding financial year. has been transferred to special account in compliance of
with provisions of sub section (6) of section 135 of the
(xviii) There has been no resignation of the statutory auditors during
said Act. This matter has been disclosed in note 43 to the
the year and accordingly requirement to report on Clause
standalone financial statements.
3(xviii) of the Order is not applicable to the Company.
(xix) On the basis of the financial ratios disclosed in note 47 to the
standalone financial statements, ageing and expected dates
of realization of financial assets and payment of financial For S R B C & CO LLP
liabilities, other information accompanying the standalone Chartered Accountants
financial statements, our knowledge of the Board of Directors ICAI Firm Registration Number: 324982E/E300003
and management plans and based on our examination of the
evidence supporting the assumptions, nothing has come to per Vikram Mehta
our attention, which causes us to believe that any material Partner
uncertainty exists as on the date of the audit report that Membership No.: 105938
Company is not capable of meeting its liabilities existing at UDIN: 24105938BKELXT7463
the date of balance sheet as and when they fall due within a
period of one year from the balance sheet date. We, however, Mumbai, May 14, 2024
Annexure ‘2’
Re: Bajaj Electricals Limited (“the Company”) Meaning of Internal Financial Controls With Reference to
these Standalone Financial Statements
Report on the Internal Financial Controls under Clause
A Company's internal financial controls with reference to standalone
(i) of Sub-section 3 of Section 143 of the Companies Act,
financial statements is a process designed to provide reasonable
2013 (“the Act”)
assurance regarding the reliability of financial reporting and
We have audited the internal financial controls with reference to the preparation of financial statements for external purposes in
standalone financial statements of Bajaj Electricals Limited (“the accordance with generally accepted accounting principles. A
Company”) as of March 31, 2024 in conjunction with our audit of company's internal financial controls with reference to standalone
the standalone financial statements of the Company for the year financial statements includes those policies and procedures that
ended on that date. (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of
Management’s Responsibility for Internal Financial the assets of the company; (2) provide reasonable assurance that
Controls transactions are recorded as necessary to permit preparation
The Company’s Management is responsible for establishing of financial statements in accordance with generally accepted
and maintaining internal financial controls based on the internal accounting principles, and that receipts and expenditures of the
control over financial reporting criteria established by the Company company are being made only in accordance with authorisations
considering the essential components of internal control stated in the of management and directors of the company; and (3) provide
Guidance Note on Audit of Internal Financial Controls Over Financial reasonable assurance regarding prevention or timely detection of
Reporting issued by the Institute of Chartered Accountants of India unauthorised acquisition, use, or disposition of the company's assets
(“ICAI”). These responsibilities include the design, implementation that could have a material effect on the financial statements.
and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct Inherent Limitations of Internal Financial Controls With
of its business, including adherence to the Company’s policies, the Reference to Standalone Financial Statements
safeguarding of its assets, the prevention and detection of frauds Because of the inherent limitations of internal financial controls
and errors, the accuracy and completeness of the accounting with reference to standalone financial statements, including the
records, and the timely preparation of reliable financial information, possibility of collusion or improper management override of controls,
as required under the Companies Act, 2013. material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial
Auditor’s Responsibility controls with reference to standalone financial statements to future
Our responsibility is to express an opinion on the Company's periods are subject to the risk that the internal financial control
internal financial controls with reference to these standalone with reference to standalone financial statements may become
financial statements based on our audit. We conducted our audit in inadequate because of changes in conditions, or that the degree of
accordance with the Guidance Note on Audit of Internal Financial compliance with the policies or procedures may deteriorate.
Controls Over Financial Reporting (the “Guidance Note”) and the
Standards on Auditing, as specified under section 143(10) of the Act, Opinion
to the extent applicable to an audit of internal financial controls, both In our opinion, the Company has, in all material respects, adequate
issued by ICAI. Those Standards and the Guidance Note require that internal financial controls with reference to standalone financial
we comply with ethical requirements and plan and perform the audit statements and such internal financial controls with reference
to obtain reasonable assurance about whether adequate internal to standalone financial statements were operating effectively as
financial controls with reference to these standalone financial at March 31, 2024, based on the internal control over financial
statements was established and maintained and if such controls reporting criteria established by the Company considering the
operated effectively in all material respects. essential components of internal control stated in the Guidance
Note issued by the ICAI.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
with reference to these standalone financial statements and their
operating effectiveness. Our audit of internal financial controls with
reference to standalone financial statements included obtaining
an understanding of internal financial controls with reference to
these standalone financial statements, assessing the risk that a
material weakness exists, and testing and evaluating the design and For S R B C & CO LLP
operating effectiveness of internal control based on the assessed Chartered Accountants
risk. The procedures selected depend on the auditor’s judgement, ICAI Firm Registration Number: 324982E/E300003
including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. per Vikram Mehta
Partner
We believe that the audit evidence we have obtained is sufficient Membership No.: 105938
and appropriate to provide a basis for our audit opinion on the UDIN: 24105938BKELXT7463
Company’s internal financial controls with reference to these
standalone financial statements. Mumbai, May 14, 2024
Standalone Balance Sheet as at March 31, 2024
(H in Lakhs)
As at As at
Particulars Notes 31-Mar-24 31-Mar-23
(Restated) (refer note 44)
ASSETS
Non-Current Assets
Property, plant and equipment 2 35,236.25 31,136.03
Capital work in progress 2 6,183.96 4,058.82
Right-of-use assets 3 22,221.90 11,947.22
Intangible assets 4 1,541.99 1,923.22
Intangible assets under development 4 161.71 130.94
Investment properties 4.1 13,582.07 12,947.65
Goodwill on business combination 46 19,001.09 19,001.09
Investments in subsidiary and associate 5.1 – 50.00
Financial Assets
i) Investments 5.3 493.14 600.58
ii) Trade receivables 6 1,293.37 1,975.05
iii) Other financial assets 8 5,027.53 2,495.18
Deferred tax assets (net) 9 530.33 –
Income tax assets (net) 8,334.12 12,802.46
Other non-current assets 10 8,496.85 12,020.19
Total Non-Current Assets 122,104.31 111,088.43
Current Assets
Inventories 11 75,664.03 97,559.70
Financial Assets
i) Investments 5.2 3,004.50 4,078.23
iii) Cash and cash equivalents 12 11,402.15 34,151.52
iv) Bank balances other than (iii) above 12.1 16,066.44 2,871.68
v) Loans 7 50.38 34.59
vi) Other current financial assets 13 1,084.28 1,119.49
Other current assets 14 36,837.50 28,627.68
Contract assets 41 325.07 350.37
260,751.85 279,923.52
Assets classified as held for sale 15 & 45 460.09 108,264.99
Total Current Assets 261,211.94 388,188.51
Total Assets 383,316.25 499,276.94
EQUITY & LIABILITIES
EQUITY
Equity share capital 16 2,303.92 2,301.51
Other Equity 17 141,818.08 188,450.28
Total Equity 144,122.00 190,751.79
LIABILITIES
Non-Current Liabilities
Financial Liabilities
ia) Lease liabilities 3 17,261.23 7,166.35
ii) Other financial liabilities 19 16.35 16.52
Provisions 20 969.70 1,689.40
Employee benefit obligations 21 5,190.51 4,881.66
Deferred tax liabilities (net) 9 – 539.73
Total Non-Current Liabilities 23,437.79 14,293.66
Current Liabilities
i) Borrowings 18 – 16.65
ii) Trade credits 22.1 128,272.38 118,689.14
iii) Trade payables 22
Total Outstanding dues of micro enterprises & small enterprises 3,781.66 3,768.20
Total Outstanding dues of other than micro enterprises & small enterprises 52,117.97 57,145.80
iv) Other current financial liabilities 19 6,519.57 40,142.66
Provisions 20 5,227.62 4,882.33
Current tax liabilities (net) 2,687.45 1,886.08
Contract liabilities 41 4,496.46 6,108.33
Other current liabilities 23 7,100.23 7,325.86
215,756.46 244,110.07
Liabilities directly associated with the assets held for sale 45 – 50,121.42
Total Current Liabilities 215,756.46 294,231.49
Total Liabilities 239,194.25 308,525.15
Total Equity & Liabilities 383,316.25 499,276.94
Summary of material accounting policies 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
For S R B C & CO LLP of Bajaj Electricals Limited
ICAI Firm Registration No. 324982E/E300003
Chartered Accountants Shekhar Bajaj Anuj Poddar
Chairman Managing Director & Chief Executive Officer
per Vikram Mehta DIN: 00089358 DIN: 01908009
Partner
Prashant Dalvi EC Prasad Shailesh Haribhakti
Membership No.105938 Company Secretary Chief Financial Officer Chairman - Audit Committee
Mumbai, May 14, 2024 Mumbai, May 14, 2024 DIN: 00007347
Statement of Standalone Profit and Loss for the year ended 31st March 2024
(H in Lakhs , unless otherwise stated)

For the year ended For the year ended
Particulars Notes 31-Mar-24 31-Mar-23
Continuing operations
Income:
Revenue from operations 24 464,126.83 488,924.49
Other income 25 8,647.07 4,503.75
Total Income 472,773.90 493,428.24
Expenses:
Cost of raw materials consumed 26 51,349.38 49,239.36
Purchases of traded goods 256,674.51 291,698.35
Changes in inventories of work-in-progress, finished goods and traded goods 26 18,060.24 (4,676.74)
Erection and subcontracting expenses 27 2,621.02 1,887.07
Employee benefits expenses 28 36,492.85 34,370.61
Depreciation and amortisation expense 29 10,958.49 7,377.88
Other expenses 30 72,960.02 78,930.79
Finance costs 31 6,347.88 4,361.51
Total Expenses 455,464.39 463,188.83
Profit before tax for the year from continuing operations 17,309.51 30,239.41
Tax expense / (credit):
Current tax 32 5,719.86 5,150.76
Deferred tax 9 (2,009.37) 3,544.49
Adjustment of tax relating to earlier periods 32 11.31 –
Total tax expenses from continuing operations 3,721.80 8,695.25
Profit for the year from continuing operations 13,587.71 21,544.16
Discontinued operations 45
Profit / (loss) before tax for the year from discontinued operations (553.45) 123.96
Tax expense / (Credit) from discontinued operations 32 (144.54) 34.03
Profit / (loss) for the year from discontinued operations (408.91) 89.93
Profit for the year 13,178.80 21,634.09
Other comprehensive (income) / loss
Items that will be reclassified to profit and loss in subsequent periods
Cash flow hedge reserve 35c 9.47 41.72
Income tax effect (2.38) (10.50)
Items that will not be reclassified to profit and loss in subsequent periods
Remeasurement (gains)/losses on defined benefit plans 21 75.94 (272.20)
Income tax effect 9 (21.09) 68.47
Other comprehensive (income) / loss net of tax from continuing operations 61.94 (172.51)
Remeasurement (gains)/losses on defined benefit plans (94.41) –
Income tax effect 23.76 –
Other comprehensive (income) / loss net of tax from discontinued operations (70.65) –
Total Comprehensive Income for the year net of tax 13,187.51 21,806.60
Earnings Per Share from Continuing operations
Earnings per equity share after exceptional items (face value per share H 2) 39
Basic computed on the basis on profit from continuing operations 11.81 18.74
Diluted computed on the basis on profit from continuing operations 11.79 18.71
Earnings Per Share Discontinued operations 39
Earnings per equity share after exceptional items (face value per share H 2)
Basic computed on the basis on profit / (loss) from discontinued operations (0.36) 0.08
Diluted computed on the basis on profit / (loss) from discontinued operations (0.36) 0.08
Earnings Per Share 39
Earnings per equity share after exceptional items (face value per share H 2)
Basic computed on the basis of profit for the year 11.45 18.82
Diluted computed on the basis of profit for the year 11.43 18.79
Partner
204
Standalone Statement of changes in equity for the year ended 31st March 2024
A. Equity share capital (Note 16)

(H in Lakhs)
Year Ended Year Ended
Particulars
31-Mar-24 31-Mar-23
Equity shares of Rs 2 each issued, subscribed and fully paid-up
At the beginning of the year 2,301.51 2,297.48
Changes in Equity Share Capital due to prior period errors – –
Restated balance at the beginning of the year 2,301.51 2,297.48
Issue of equity share capital during the year 2.41 4.03

85th Annual Report 2023-24
At the end of the year 2,303.92 2,301.51
B. Other equity (Note 17)

(H in Lakhs)
Reserves
Share and surplus
Application
Name of the person or entity Money Amalga- Effective
Securities Shares Retained Capital
Pending mation Portion of General Capital
premium Option earnings Redemption Total
Allotment Adjustment Cashflow Reserve Reserve
reserve Outstanding * Reserve
Reserve Hedges
Restated Balance as at 31st March 2023 – (2,327.15) (68.91) 66,594.40 1,874.06 45,967.75 76,099.24 135.71 175.18 188,450.28
(refer note 44)
Profit for the year – – – – – – 13,178.80 – – 13,178.80
Other comprehensive income/ (loss) – – (7.09) – – – 15.80 – – 8.71
Total – (2,327.15) (76.00) 66,594.40 1,874.06 45,967.75 89,293.84 135.71 175.18 201,637.79
Exercise of share options – – – 505.92 – – – – – 505.92
Exercise of options - transferred from shares – – – 207.14 (207.14) – – – – –
options outstanding account
Employee stock option expense for the year – – – – 1,087.46 – – – – 1,087.46
Transferred from share options outstanding – – – – (55.44) – 55.44 – – –
account on lapse of vested options
Dividend on equity shares – – – – – – (4,604.08) – – (4,604.08)
Share application monies received 3.03 – – – – – – – – 3.03
Derecognised pursuant to discontinued – – – – – – (56,849.73) – – (56,849.73)
operations (refer note 45)
Charge for the year – – 37.69 – – – – – – 37.69
Balance at 31st March 2024 3.03 (2,327.15) (38.31) 67,307.46 2,698.94 45,967.75 27,895.47 135.71 175.18 141,818.08
Standalone Statement of changes in equity for the year ended 31st March 2024
* Retained earnings includes revaluation reserve of H 808.60 lakhs subsumed during transition to Ind AS

(H in Lakhs)
Reserves and surplus
Share
Amalga- Effective
Particulars Application Securities Shares Retained Capital
mation Portion of General Capital
Money premium Option earnings Redemption Total
Adjustment Cashflow Reserve Reserve
Pending reserve Outstanding * Reserve
Reserve Hedges
Allotment
Restated Balance as at 31st March 2022 0.19 (2,327.15) 88.29 65,356.13 1,198.56 45,967.75 57,643.79 135.71 175.18 168,238.45
(Refer note 44)
Profit for the year – – – – – 21,634.09 – – 21,634.09
Total 0.19 (2,327.15) 57.07 65,356.13 1,198.56 45,967.75 79,481.61 135.71 175.18 190,045.05
Exercise of options - transferred from shares – – – 344.84 (344.84) – – – – –
options outstanding account
Issue of share capital (0.19) 0.19 – – – – – –
Charge for the year – – (125.98) – – – – – – (125.98)
Dividend on equity shares – – – (3,446.03) – – (3,446.03)
Balance as at 31st March 2023 – (2,327.15) (68.91) 66,594.40 1,874.06 45,967.75 76,099.24 135.71 175.18 188,450.28
Summary of material accounting policies (Note 1B)

Partner
Financial Statements
205
Standalone Cash Flow Statement for the year ended 31st March 2024
(H in in Lakhs)
Year ended Year ended
Particulars 31-Mar-24 31-Mar-23
Cash flow from operating activities

Profit before income tax from contnuing operations 17,309.51 30,239.41
Adjustments for:
Depreciation and amortisation expense 10,958.49 7,377.88
Employee share-based payment expense 1,032.97 1,084.00
(Gain) / loss on disposal of property, plant and equipment (net) 79.76 (279.91)
Measurement of financial assets held at fair value through Profit or Loss (73.20) (110.85)
Measurement of financial assets and liabilities held at amortised cost (123.65) (58.37)
Finance costs 6,347.88 4,361.51
Interest income (5,560.20) (658.17)
Credit balance written back (1,341.65) (776.38)
Impairment allowance for doubtful debts & advances (net of write back) 633.88 (208.70)
Bad debts and other irrecoverable debit balances written off (379.28) (526.90)
28,884.51 40,443.52
Change in operating assets and liabilities:
(Increase)/decrease in trade receivables (current & non-current) (4,870.16) (49,532.60)
(Increase)/decrease in financial and other assets (current & non-current) (6,025.72) (11,425.94)
(Increase)/decrease in inventories 21,895.67 (6,487.63)
Increase/(decrease) in trade payables, provisions, employee benefit obligations, other financial (3,952.69) 73,534.04
liabilities and other liabilities (current & non-current)
Cash generated from operations 35,931.61 46,531.39
Income taxes paid (net of refunds) (253.98) (2,281.33)
Net cash inflow from operating activities from continuing operations 35,677.63 44,250.06
Net cash inflow / (outflow) from operating activities from discontinued operations (298.83) 688.77
Net cash inflow from operating activities from continuing and discontinued operations (A) 35,378.80 44,938.83
Cash flows from investing activities
Purchase of property, plant and equipment including capital work in progress and capital (12,365.70) (7,160.79)
advances
Purchase of intangible assets including intangible assets under development (750.99) (958.59)
Proceeds from sale of property, plant and equipment including advances received 43.77 968.93
Proceeds from sale of assets held for sale – 1,500.00
Proceeds from sale of investment properties 7.71 16.52
Loans repaid by an associate – 10.00
Purchase of mutual funds (10,445.63) (4,078.23)
Proceeds from sale of mutual funds 11,700.00 –
Investments / (realisations) in bank deposits (14,295.93) 534.16
Interest received 5,083.65 538.34
Net cash used in investing activities for continuing operations (21,023.12) (8,629.66)
Net cash used in investing activities for discontinued operations – (172.29)
Net cash used in investing activities for continued and discontinued operations (B) (21,023.12) (8,801.95)
Cash flows from financing activities
Proceeds from issues of shares 511.35 897.27
Repayment of borrowings (16.65) (4,474.35)
Payment of principal portion of lease liabilities (2,916.86) (1,604.66)
Interest paid on lease liabilities (1,551.30) (544.44)
Interest paid (4,685.00) (4,143.79)
Dividend paid to equity shareholders (4,604.08) (3,447.13)
Net cash used in financing activities for continuing operations (13,262.54) (13,317.10)
Net cash used in financing activities for discontinued operations – (550.17)
Net cash used in financing activities for continuing and discontinued operations (C) (13,262.54) (13,867.27)
Net increase in cash and cash equivalents (A+B+C) 1,093.14 22,269.61
Standalone Cash Flow Statement for the year ended 31st March 2024
(H in in Lakhs)
Cash and cash equivalents at the beginning of the year 34,151.52 11,881.91
Less: Cash transferred pursuant to demerger (refer note 45) (23,842.51) –
Cash and cash equivalents at the end of the year 11,402.15 34,151.52
Cash and cash equivalents from continuing operations 11,402.15 34,151.52
Cash and cash equivalents from discontinued operations – –
Cash and cash equivalents from continuing and discontinued operations 11,402.15 34,151.52
(H in in Lakhs)
Borrowings as on the beginning of the year 16.65 4,491.00
Borrowings as on the end of the year – 16.65

Partner
Notes to Standalone Financial Statements for the year ended March 31, 2024
1A GENERAL INFORMATION. The Company has prepared the standalone financial
statements on the basis that it will continue to operate as
Bajaj Electricals Limited (‘the Company’) (CIN :
a going concern.
L31500MH1938PLC009887) is an existing public limited
company incorporated on 14th July 1938 under the provisions An asset is treated as current when it is:
of the Indian Companies Act, 1913 and deemed to exist within
the purview of the Companies Act, 2013, having its registered • Expected to be realised or intended to be sold or
office at 45/47, Veer Nariman Road, Mumbai-400 001. consumed in normal operating cycle
The Company deals in Consumer Products (CP) (which • Expected to be realised within twelve months after
includes domestic appliances, kitchen appliances, and electric the reporting period, or
Fans). The Company also deals in Lighting Solutions (which • Cash or cash equivalent unless restricted from
includes consumer and professional lighting). The equity being exchanged or used to settle a liability for at
shares of the Company are listed on Bombay Stock Exchange least twelve months after the reporting period
Limited (“BSE”) and National Stock Exchange of India Limited
(“NSE”). The standalone financial statements are presented in All other assets are classified as non-current.
Indian Rupee (INR). A liability is current when:
The standalone financial statements have been recommended • It is expected to be settled in normal operating cycle
for approval by the audit committee and is approved and
adopted by their Board in their meeting held in Mumbai • It is due to be settled within twelve months after the
on May 14, 2024. reporting period, or
• There is no unconditional right to defer the
1B MATERIAL ACCOUNTING POLICIES
settlement of the liability for at least twelve months
This note provides a list of the material accounting policies after the reporting period
adopted in the preparation of these standalone financial
statements. These policies have been consistently applied to All other liabilities are classified as non-current.
all the years presented The operating cycle is the time between the acquisition
1 Statement of Compliance and basis of preparation of assets for processing and their realisation in cash and
cash equivalents. The Company has identified twelve
The standalone financial statements of the Company months as its operating cycle.
have been prepared in accordance with Indian
Accounting Standards (hereinafter referred to as Ind 2 Business combination and goodwill
AS) as notified by Ministry of Corporate Affairs pursuant Business combinations are accounted for using
to Section 133 of the Companies Act, 2013 (‘the Act’) the acquisition method. The cost of an acquisition
read with the Companies (Indian Accounting Standards) is measured as the aggregate of the consideration
Rules, as amended from time to time and other relevant transferred measured at acquisition date fair value
provisions of the Act. and the amount of any non-controlling interests in the
The standalone financial statements are prepared under acquiree. For each business combination, the Company
the historical cost convention except for the following: elects whether to measure the non-controlling interests
in the acquiree at fair value or at the proportionate share
• certain financial assets and liabilities of the acquiree’s identifiable net assets. Acquisition-
(including derivative instruments) that are related costs are expensed as incurred.
measured at fair value;
At the acquisition date, the identifiable assets acquired,
• assets held for sale which are measured at lower of and the liabilities assumed are recognised at their
carrying value and fair value less cost to sell; acquisition date fair values (including related deferred
• defined benefit plans where plan assets are tax). For this purpose, the liabilities assumed include
measured at fair value; and contingent liabilities representing present obligation
and they are measured at their acquisition fair values
• share-based payments at fair value as on the grant
irrespective of the fact that outflow of resources
date of options given to employees.
embodying economic benefits is not probable.
Estimates, judgements and assumptions used in the
Goodwill is initially measured at cost, being the excess
preparation of the standalone financial statements and
of the aggregate of the consideration transferred and
disclosures are based upon management’s evaluation
the amount recognised for non-controlling interests, and
of the relevant facts and circumstances as of the date
any previous interest held, over the net identifiable assets
of the standalone financial statements, which may differ
acquired and liabilities assumed.
from the actual results at a subsequent date. The critical
estimates, judgements and assumptions are presented After initial recognition, goodwill is measured at cost less
in Note no. 1D. any accumulated impairment losses. For the purpose
of impairment testing, goodwill acquired in a business
The Company presents assets and liabilities in
combination is, from the acquisition date, allocated to
the balance sheet based on current / non-current
each of the Company’s cash-generating units that are
classification. Deferred tax assets and liabilities are
expected to benefit from the combination, irrespective
classified as non-current.
of whether other assets or liabilities of the acquiree are from the carrying value of assets and liabilities as
assigned to those units. appearing in its books. The Company derecognises the
carrying amount of investments. Loans and advances,
A cash generating unit to which goodwill has been
receivables, payables and other dues outstanding
allocated is tested for impairment annually, or more
relating to the demerged undertaking are cancelled and
frequently when there is an indication that the unit
there are no further obligation / outstanding in that behalf.
may be impaired. If the recoverable amount of the cash
The excess/deficit if any, of the net assets transferred are
generating unit is less than its carrying amount, the
adjusted with the retained earnings of the Company.
impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then 3 Revenue from contract with customers:
to the other assets of the unit pro rata based on the
Revenue from contracts with customers is recognized
carrying amount of each asset in the unit. Any impairment
when control of the goods or services are transferred to
loss for goodwill is recognised in profit or loss. An
the customer at an amount that reflects the consideration
impairment loss recognised for goodwill is not reversed
to which the Company expects to be entitled in
in subsequent periods.
exchange for those goods or services. The Company has
If the initial accounting for a business combination generally concluded that it is the principal in its revenue
is incomplete by the end of the reporting period in arrangements, because it typically controls the goods or
which the combination occurs, the Company reports services before transferring them to the customer.
provisional amounts for the items for which the
The recognition criteria for sale of products and
accounting is incomplete. Those provisional amounts
construction contracts is described below
are adjusted through goodwill during the measurement
period, or additional assets or liabilities are recognised, (1) Sale of products
to reflect new information obtained about facts and
Revenue from sale of products is recognized
circumstances that existed at the acquisition date that, if
at the point in time when control of the asset is
known, would have affected the amounts recognized at
transferred to the customer, generally on dispatch
that date. These adjustments are called as measurement
of the product to the customer’s destination.
period adjustments. The measurement period does not
The Company considers whether there are
exceed one year from the acquisition date
other promises in the contract that are separate
A change in the ownership interest of a subsidiary, without performance obligations to which a portion
a loss of control, is accounted for as an equity transaction. of the transaction price needs to be allocated
If the Company loses control over a subsidiary, it: (e.g. customer loyalty points and warranties). In
determining the transaction price for the sale of
• Derecognises the assets (including goodwill) and product, the Company considers the effects of
liabilities of the subsidiary at their carrying amounts variable consideration, the existence of significant
at the date when control is lost financing components, and consideration payable
• Derecognises the carrying amount of any non- to the customer (if any).
controlling interests The Company provides volume rebates to certain
• Derecognises the cumulative translation customers once the quantity of products purchased
differences recorded in equity during the period exceeds a threshold specified in
the contract. Rebates are offset against amounts
• Recognises the fair value of the payable by the customer. To estimate the variable
consideration received consideration for the expected future rebates, the
Company applies the most likely amount method.
• Recognises the fair value of any investment retained
The selected method that best predicts the amount
• Recognises any surplus or deficit in profit or loss of variable consideration is primarily driven by
the number of volume thresholds contained
• Recognise that distribution of shares of subsidiary
in the contract.
to Company in Company’s capacity as owners
Generally, the Company receives short-term
• Reclassifies the parent’s share of components
advances from its customers. Using the practical
previously recognised in OCI to profit or loss
expedient in Ind AS 115, the Company does not
or transferred directly to retained earnings, if
adjust the promised amount of consideration for
required by other Ind ASs as would be required if
the effects of a significant financing component
the Company had directly disposed of the related
if it expects, at contract inception, that the period
assets or liabilities
between the transfer of the promised good or
Policy for demerger transactions service to the customer and when the customer
pays for that good or service will be one year or less.
The accounting for demerger transactions are
applicable from the date on which all substantive The Company has a loyalty points program, “Retailer
approvals are received. Bonding Program”, which allows customers to
accumulate points that can be redeemed for free
The Company derecognises the carrying value of assets
products. The loyalty points give rise to a separate
and liabilities pertaining to the demerged undertaking,
performance obligation as they provide a material
right to the customer. A portion of the transaction goods or services to a customer before the
price is allocated to the loyalty points awarded to customer pays consideration or before payment is
customers based on relative stand-alone selling due, a contract asset is recognised for the earned
price and recognized as deferred revenue until consideration that is conditional.
the points are redeemed. Revenue is recognized
Trade receivables
upon redemption of products by the customer.
When estimating the stand-alone selling price A receivable represents the Company’s right to an
of the loyalty points, the Company considers the amount of consideration that is unconditional (i.e.,
likelihood that the customer will redeem the points. only the passage of time is required before payment
The Company updates its estimates of the points of the consideration is due).
that will be redeemed on a quarterly basis and any
Contract liabilities
adjustments to the deferred revenue are charged
against revenue. A contract liability is the obligation to transfer goods
or services to a customer for which the Company
The Company provides a warranty beyond fixing
has received consideration (or an amount of
defects that existed at the time of sale. These
consideration is due) from the customer. If a
service-type warranties are bundled together with
customer pays consideration before the Company
the sale of products. Contracts for bundled sales of
transfers goods or services to the customer, a
products and a service-type warranty comprise two
contract liability is recognized when the payment is
performance obligations because the product and
made or the payment is due (whichever is earlier).
service-type warranty are both sold on a stand-alone
Contract liabilities are recognised as revenue when
basis and are distinct within the context of contract.
the Company performs under the contract.
Using the relative stand-alone selling price method,
a portion of the transaction price is allocated to the 4 Leases:
service-type warranty and recognised as deferred
As a lessee:
revenue. Revenue for service-type warranties is
recognised over the period in which the service is Right-of-use assets
provided based on the time elapsed. The Company recognises right-of-use assets at the
(2) Construction contracts commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
Performance obligation in case of construction assets are measured at cost, less any accumulated
contracts is satisfied over a period of time, as depreciation and impairment losses, and adjusted
the Company creates an asset that the customer for any remeasurement of lease liabilities. The
control and the Company has an enforceable right cost of right-of-use assets includes the amount
to payment for performance completed to date if of lease liabilities recognised, initial direct costs
it meets the agreed specifications. Revenue from incurred, and lease payments made at or before
construction contracts is recognised based on the the commencement date less any lease incentives
stage of completion determined with reference received. Unless the Company is reasonably certain
to the actual costs incurred up to reporting date to obtain ownership of the leased asset at the end
on the construction contract and the estimated of the lease term, the recognised right-of-use assets
cost to complete the project. Cost estimates are depreciated on a straight-line basis over the
involves judgments including those relating to shorter of its estimated useful life and the lease term.
cost escalations; assessment of technical, political, Right-of-use assets are subject to impairment test.
regulatory and other related contract risks and
their financial estimation; scope of deliveries and The Company determines the lease term as the
services required for fulfilling the contractually non-cancellable term of the lease, together with
defined obligations and expected delays, if any. any periods covered by an option to extend the
Provision for foreseeable losses/ construction lease if it is reasonably certain to be exercised, or
contingencies on said contracts is made based any periods covered by an option to terminate the
on technical assessments of costs to be incurred lease, if it is reasonably certain not to be exercised.
and revenue to be accounted for. The Company
Leases are capitalised at the commencement
has long-term receivables from customers. The
of the lease at the inception date fair value of the
transaction price for such contracts is discounted,
leased property or, if lower, at the present value
using the rate that would be reflected in a separate
of the minimum lease payments. Lease payments
financing transaction between the Company and
are apportioned between finance charges and
its customers at contract inception, to take into
reduction of the lease liability so as to achieve a
consideration the significant financing component
constant rate of interest on the remaining balance
(3) Contract balances of the liability. Finance charges are recognised in
finance costs in the statement of profit and loss,
Contract asset
unless they are directly attributable to qualifying
A contract asset is the right to consideration in assets, in which case they are capitalized in
exchange for goods or services transferred to the accordance with the Company’s general policy
customer. If the Company performs by transferring on the borrowing costs. Contingent rentals are
recognised as expenses in the periods in which 6 Property, plant and equipment :
they are incurred.
A) Asset class:
Lease liabilities i) Freehold land is carried at historical cost
At the commencement date of the lease, the including expenditure that is directly
Company recognises lease liabilities measured at attributable to the acquisition of the land.
the present value of lease payments to be made over
ii) All other items of property, plant and
the lease term. The lease payments include fixed
equipment (including capital work
payments (including in-substance fixed payments)
in progress) are stated at historical
less any lease incentives receivable, variable lease
cost less accumulated depreciation
payments that depend on an index or a rate, and
and impairment losses, if any.
amounts expected to be paid under residual value
Historical cost includes expenditure
guarantees. The variable lease payments that do
that is directly attributable to the
not depend on an index or a rate are recognised
acquisition of the items.
as expense in the period on which the event or
condition that triggers the payment occurs. iii) Capital goods manufactured by the
Company for its own use are carried
In calculating the present value of lease payments,
at their cost of production (including
the Company uses the incremental borrowing rate
duties and other levies, if any) less
at the lease commencement date if the interest rate
accumulated depreciation and
implicit in the lease is not readily determinable.
impairment losses if any.
Short-term leases and leases of low-value assets
iv) Subsequent costs are included in the
The Company applies the short-term lease asset’s carrying amount or recognised
recognition exemption to its short-term leases (i.e., as a separate asset, as appropriate, only
those leases that have a lease term of 12 months when it is probable that future economic
or less from the commencement date and do not benefits associated with the item will
contain a purchase option). It also applies the flow to the Company and the cost of
lease of low-value assets recognition exemption to the item can be measured reliably. The
leases that are considered of low value (i.e., below carrying amount of any component
H 5,00,000). Lease payments on short-term leases accounted for as a separate asset is
and leases of low-value assets are recognised as derecognised when replaced. All other
expense on a straight-line basis over the lease term. repairs and maintenance are charged to
the statement of profit or loss during the
5 Other income:
year in which they are incurred.
(1) Interest income on financial asset is
v) Losses arising from the retirement of,
recognised using the effective interest rate
and gains or losses arising from disposal
method. The effective interest rate is the rate
of property, plant and equipments
that exactly discounts estimated future cash
which are carried at cost are recognised
receipts through the expected life of the
in the statement of profit and loss.
financial asset to the gross carrying amount
of the financial asset. When calculating the vi) Capital work-in-progress, property,
effective interest rate, the Company estimates plant and equipment is stated at cost,
the expected cash flows by considering all the net of accumulated depreciation. Such
contractual terms of the financial instruments. cost includes the cost of replacing part
of the property, plant and equipment
(2) Others:
and borrowing cost for long-term
The Company recognises other income construction projects if the recognition
(including income from sale of power criteria are met. When significant parts
generated, income from scrap sales, etc.) of property, plant and equipment are
on accrual basis. However, where the required to be replaced at intervals, the
ultimate collection of the same is uncertain, Company depreciates them separately
revenue recognition is postponed to the based on their specific useful lives.
extent of uncertainty. Rental income arising Likewise, when a major inspection is
from operating leases is accounted for on a performed, its cost is recognised in the
straight line basis over lease terms unless the carrying amount of the property, plant
receipts are structured to increase in line with and equipment as a replacement if the
expected general inflation to compensate for recognition criteria are satisfied. All
the expected inflationary cost increases and is other repairs and maintenance costs are
included in the Statement of profit or loss due recognised in profit or loss as incurred.
to its operating nature. Capital work-in-progress comprises
cost of property, plant and equipment
(including related expenses), that are 7 Intangible assets:
not yet ready for their intended use at
An intangible asset shall be recognised if, and only if:
the reporting date.
(a) it is probable that the expected future
B) Depreciation:
economic benefits that are attributable to the
i) Depreciation is calculated using the asset will flow to the Company; and
straight-line method to allocate their
(b) the cost of the asset can be measured reliably.
cost, net of their residual values, over
their estimated useful lives. Premium Intangible assets are stated at cost less accumulated
of Leasehold land and leasehold amortization and impairment. Intangible assets are
improvements cost are amortised over amortized over their respective individual estimated
the primary period of lease. useful lives on a straight-line basis, from the date
that they are available for use.
ii) 100% depreciation is provided in
the month of addition for temporary Asset class & depreciation:
structure cost at project site
Computer software / licenses are carried at
iii) Where a significant component (in historical cost. They have an expected finite
terms of cost) of an asset has an useful life of 3 years and are carried at cost less
economic useful life different than accumulated amortisation and impairment losses.
that of it’s corresponding asset, the Computer licenses which are purchased on
component is depreciated over it’s annual subscription basis are expensed off in the
estimated useful life. year of purchase .
iv) The Company, based on internal Trademarks are carried at historical cost. They have
technical assessments and management an registered finite useful life of 10 years and are
estimates, depreciates certain items of carried at cost less accumulated amortisation and
property, plant & equipment over the impairment losses.
estimated useful lives and considering
Intangible assets with finite lives are amortised
residual value which are different from
over the useful economic life and assessed for
the one prescribed in Schedule II of the
impairment whenever there is an indication that the
Companies Act, 2013. The management
intangible asset may be impaired. The amortisation
believes that these estimated useful
period and the amortisation method for an
lives and residual values are realistic
intangible asset with a finite useful life are reviewed
and reflect fair approximation of the
at least at the end of each reporting period.
period over which the assets are
Changes in the expected useful life or the expected
likely to be used.
pattern of consumption of future economic benefits
v) Useful life of asset is as given below: embodied in the asset are considered to modify the
amortisation period or method, as appropriate, and
Useful Life are treated as changes in accounting estimates.
Asset block
(in years) The amortisation expense on intangible assets with
Building – Office 1 to 70 finite lives is recognised in the statement of profit
Building – Factory 1 to 60 and loss unless such expenditure forms part of
Ownership Premises 60 carrying value of another asset.
Plant & Machinery 1 to 22 Research and development costs
Furniture & Fixtures 1 to 15
Research costs are expensed as incurred.
Electric Installations 1 to 25 Development expenditures on an individual project
Office Equipment 1 to 16 are recognised as an intangible asset when the
Vehicles 8 to 10 Company can demonstrate:
Dies & Jigs 1 to 16
• The technical feasibility of completing the
Leasehold Improvements 5 to 10
intangible asset so that the asset will be
Roads & Borewell 3 to 21
available for use or sale
IT hardware 1 to 10
Laboratory equipment’s 1 to 15 • Its intention to complete and its ability and
intention to use or sell the asset
vi) The residual values, useful lives and • How the asset will generate future
methods of depreciation of property, economic benefits
plant and equipment are reviewed
• The availability of resources to
at each financial year and adjusted
complete the asset
prospectively, if appropriate.
• The ability to measure reliably the expenditure the purposes of assessing impairment, assets are
during development Companyed at the lowest levels for which there
are separately identifiable cash inflows which are
Following initial recognition of the development
largely independent of the cash inflows from other
expenditure as an asset, the asset is carried at
assets or Companys of assets (cash-generating
cost less any accumulated amortisation and
units). Impairment loss is charged to the Statement
accumulated impairment losses. Amortisation of
of Profit & Loss Account in the year in which an
the asset begins when development is complete,
asset is identified as impaired. An impairment
and the asset is available for use. It is amortised over
loss recognized in the prior accounting periods is
the period of expected future benefit. Amortisation
reversed if there has been change in the estimates
expense is recognised in the statement of profit
used to determine the assets recoverable amount
and loss unless such expenditure forms part
since the last impairment loss was recognised
of carrying value of another asset. During the
period of development, the asset is tested for In assessing value in use, the estimated future cash
impairment annually. flows are discounted to their present value using
a pre-tax discount rate that reflects current market
8 Investment properties:
assessments of the time value of money and the
Investment properties that are not intended to risks specific to the asset. In determining fair value
be occupied substantially for use by, or in the less costs of disposal, recent market transactions
operations of the Company have been considered are taken into account.
as investment properties. Investment properties
Impairment losses are recognised in the statement
are measured initially at cost, including transaction
of profit and loss, except for properties previously
costs. Subsequent to initial recognition, investment
revalued with the revaluation surplus taken to OCI.
properties are stated at cost less accumulated
depreciation and accumulated impairment loss, if For assets, an assessment is made at each reporting
any. The Company does not charge depreciation date to determine whether there is an indication
to investment property land which is held for that previously recognised impairment losses no
future undetermined use. Though the Company longer exist or have decreased. If such indication
measures investment property using cost-based exists, the Company estimates the asset’s or CGU’s
measurement, the fair value of investment property recoverable amount. A previously recognised
is disclosed in the notes. Fair values are determined impairment loss is reversed only if there has been
based on an annual evaluation performed by an a change in the assumptions used to determine
accredited external independent valuer applying a the asset’s recoverable amount since the last
valuation model. impairment loss was recognised. The reversal is
limited so that the carrying amount of the asset
Investment properties are derecognised either
does not exceed its recoverable amount, nor
when they have been disposed of or when they
exceed the carrying amount that would have been
are permanently withdrawn from use and no future
determined, net of depreciation, had no impairment
economic benefit is expected from their disposal.
loss been recognised for the asset in prior years.
The difference between the net disposal proceeds
Such reversal is recognised in the statement of
and the carrying amount of the asset is recognised
profit or loss unless the asset is carried at a revalued
in profit or loss in the period of derecognition. In
amount, in which case, the reversal is treated as a
determining the amount of consideration from the
revaluation increase.
derecognition of investment property the Company
considers the effects of variable consideration, 10 Financial instruments:
existence of a significant financing component,
A financial instrument is any contract that gives
non-cash consideration, and consideration payable
rise to a financial asset of one entity and a financial
to the buyer (if any).
liability or equity instrument of another entity.
Transfers are made to (or from) investment property
I. Financial Assets
only when there is a change in use.
A) Initial recognition and measurement
The Company depreciates its investment
properties over the useful life which is similar to that All financial assets are recognised initially at
of property, plant and equipment. fair value plus, in the case of financial assets
not recorded at fair value through profit or
9 Impairment of non-financial assets: loss, transaction costs that are attributable to
The carrying amounts of assets are reviewed at the acquisition of the financial asset.
each balance sheet date if there is any indication
B) Subsequent measurement
of impairment based on internal/external factors.
An asset is impaired when the carrying amount of For purposes of subsequent measurement,
the asset exceeds the recoverable amount. The financial assets are classified in four categories:
recoverable amount is the higher of an asset’s fair
• Debt instruments at amortised cost
value less costs of disposal and value in use. For
A ‘debt instrument’ is measured at the FVTOCI criteria, as at FVTPL. However,
amortised cost if both the following such election is allowed only if doing so
conditions are met: reduces or eliminates a measurement
or recognition inconsistency (referred
• The asset is held within a business
to as ‘accounting mismatch’). Debt
model whose objective is to hold
instruments included within the FVTPL
assets for collecting contractual
category are measured at fair value with
cash flows, and
all changes recognized in the statement
• Contractual terms of the asset give of profit and loss.
rise on specified dates to cash flows
• Equity instruments measured at fair
that are solely payments of principal
value through other comprehensive
and interest (SPPI) on the principal
income (FVTOCI)
amount outstanding.
All equity investments in scope of Ind
This category is the most relevant to the
AS 109 are measured at fair value.
Company. After initial measurement, such
Equity instruments which are held for
financial assets are subsequently measured at
trading and contingent consideration
amortised cost using the effective interest rate
recognised by an acquirer in a business
(EIR) method. Amortised cost is calculated by
combination to which Ind AS103
taking into account any discount or premium
applies are classified as at FVTPL. For all
on acquisition and fees or costs that are an
other equity instruments, the Company
integral part of the EIR. The EIR amortisation
may make an irrevocable election to
is included in other income in the statement
present in other comprehensive income
of profit and loss. The losses arising from
subsequent changes in the fair value.
impairment are recognised in the profit or
The Company makes such election
loss. This category generally applies to trade
on an instrument-by-instrument basis.
and other receivables.
The classification is made on initial
•
Debt instruments at fair value through recognition and is irrevocable.
other comprehensive income (FVTOCI)
If the Company decides to classify an
A ‘debt instrument’ is classified as at equity instrument as at FVTOCI, then all
the FVTOCI if both of the following fair value changes on the instrument,
criteria are met: excluding dividends, are recognized
in the OCI. There is no recycling of the
• The objective of the business model
amounts from OCI to P&L, even on sale
is achieved both by collecting
of investment. However, the Company
contractual cash flows and selling the
may transfer the cumulative gain or
financial assets, and
loss within equity.
•
The asset’s contractual cash flows
represent SPPI. Equity instruments included within
the FVTPL category are measured
Debt instruments included within the at fair value with all changes
FVTOCI category are measured initially as recognized in the P&L.
well as at each reporting date at fair value.
Fair value movements are recognized in C) Derecognition
the other comprehensive income (OCI). A financial asset (or, where applicable, a
On derecognition of the asset, cumulative part of a financial asset or part of a Company
gain or loss previously recognised in OCI is of similar financial assets) is primarily
reclassified from the equity to statement of derecognised (i.e. removed from the
profit and loss. Interest earned whilst holding Company’s balance sheet) when:
FVTOCI debt instrument is reported as interest
income using the EIR method. • The rights to receive cash flows from the
asset have expired, or
• Debt instruments at fair value through
profit or loss (FVTPL) • The Company has transferred its rights
to receive cash flows from the asset
FVTPL is a residual category for debt or has assumed an obligation to pay
instruments. Any debt instrument, the received cash flows in full without
which does not meet the criteria for material delay to a third party under
categorization as at amortized cost or as a ‘pass-through’ arrangement and
FVTOCI, is classified as at FVTPL. either (a) the Company has transferred
In addition, the Company may elect substantially all the risks and rewards of
to designate a debt instrument, which the asset, or (b) the Company has neither
otherwise meets amortized cost or transferred nor retained substantially all
the risks and rewards of the asset, but held for trading and financial liabilities
has transferred control of the asset. designated upon initial recognition
as at fair value through profit or loss.
When the Company has transferred its rights
Financial liabilities are classified as
to receive cash flows from an asset or has
held for trading if they are incurred
entered into a pass through arrangement,
for the purpose of repurchasing in the
it evaluates if and to what extent it has
near term. This category also includes
retained the risks and rewards of ownership.
derivative financial instruments entered
When it has neither transferred nor retained
into by the Company that are not
substantially all of the risks and rewards
designated as hedging instruments
of the asset, nor transferred control of the
in hedge relationships as defined by
asset, the Company continues to recognise
Ind AS 109. Separated embedded
the transferred asset to the extent of the
derivatives are also classified as held for
Company’s continuing involvement. In
trading unless they are designated as
that case, the Company also recognises an
effective hedging instruments. Gains or
associated liability. The transferred asset and
losses on liabilities held for trading are
the associated liability are measured on a
recognised in the profit or loss.
basis that reflects the rights and obligations
that the Company has retained. Financial liabilities designated upon
initial recognition at fair value through
Continuing involvement that takes the form
profit or loss are designated as such at
of a guarantee over the transferred asset is
the initial date of recognition, and only if
measured at the lower of the original carrying
the criteria in Ind AS 109 are satisfied. For
amount of the asset and the maximum
liabilities designated as FVTPL, fair value
amount of consideration that the Company
gains/ losses attributable to changes in
could be required to repay.
own credit risk are recognized in OCI.
D) Impairment of financial assets These gains/ loss are not subsequently
transferred to P&L. However, the Company
The Company assesses on a forward looking
may transfer the cumulative gain or loss
basis the expected credit losses associated
within equity. All other changes in fair
with its assets carried at amortised cost and
value of such liability are recognised in the
FVOCI debt instruments. The impairment
statement of profit or loss.
methodology applied depends on whether
there has been a significant increase in credit • Loans and Borrowings
risk. For trade receivables only, the Company
This is the category most relevant to
applies the simplified approach permitted
the Company. After initial recognition,
by Ind AS 109 Financial Instruments,
interest-bearing loans and borrowings
which requires expected lifetime losses to
are subsequently measured at
be recognised from initial recognition of
amortised cost using the EIR method.
the receivables.
Gains and losses are recognised in
II. Financial Liabilities profit or loss when the liabilities are
derecognised as well as through the EIR
A) Initial recognition and measurement
amortisation process.
Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value Amortised cost is calculated by taking
through profit or loss, loans and borrowings, into account any discount or premium
payables, or as derivatives designated as on acquisition and fees or costs that
hedging instruments in an effective hedge, are an integral part of the EIR. The EIR
as appropriate. amortisation is included as finance
costs in the statement of profit and loss.
All financial liabilities are recognised initially
at fair value and, in the case of loans and • Financial guarantee contracts
borrowings and payables, net of directly Financial guarantee contracts issued
attributable transaction costs. by the Company are those contracts
B) Subsequent measurement that require a payment to be made
to reimburse the holder for a loss it
The measurement of financial liabilities incurs because the specified debtor
depends on their classification, as fails to make a payment when due
described below: in accordance with the terms of a
• Financial liabilities at fair value debt instrument. Financial guarantee
through profit or loss contracts are recognised initially as
a liability at fair value, adjusted for
Financial liabilities at fair value through transaction costs that are directly
profit or loss include financial liabilities attributable to the issuance of the
guarantee. Subsequently, the liability is on the date a derivative contract is entered
measured at the higher of the amount into and are subsequently marked to market
of loss allowance determined as per at the end of each reporting period with
impairment requirements of Ind AS profit/loss being recognised in statement of
109 and the amount recognised less profit and loss. Derivative assets/liabilities are
cumulative amortisation. classified under “other financial assets/other
financial liabilities”. Profits and losses arising
The fair value of financial guarantees is
from cancellation of contracts are recognised
determined as the present value of the
in the statement of profit and loss.
difference in net cash flows between
the contractual payments under the The company designates certain hedging
debt instrument and the contractual instruments, which includes derivatives,
payments that would be required embedded derivatives and non-derivatives in
without the guarantee, or the estimated respect of foreign currency and commodity
amount that would be payable to a third risk, as either cash flow hedge, fair value
party for assuming the obligations. hedge or hedges or net investment in foreign
operations. Hedges of foreign currency risk
C) De-recognition
on firm commitments are accounted for
A financial liability is derecognised when the cash flow hedges.
obligation under the liability is discharged
For the purpose of hedge accounting, hedges
or cancelled or expires. When an existing
are classified as:
financial liability is replaced by another from
the same lender on substantially different • fair value hedge is when hedging the
terms, or the terms of an existing liability are exposure to change in fair value of
substantially modified, such an exchange or a recognised asset or liability or an
modification is treated as the derecognition unrecognised song commitment
of the original liability and the recognition of a
new liability. The difference in the respective • cash flow hedges when hedging the
carrying amounts is recognised in the exposure to variability in cash flows
statement of profit or loss. that is either attributable to particular
risk associated with a recognised asset
III.
Reclassification of financial assets / or liability or highly probable forecast
liabilities transaction or the foreign currency risk
After initial recognition, no reclassification in an unrecognised firm commitment.
is made for financial assets which are equity At the inception of hedge relationship, the
instruments and financial liabilities. For Company formally designates and keeps the
financial assets which are debt instruments, hedge relationship to which the Company
a reclassification is made only if there is a wishes to apply hedge accounting and risk
change in the business model for managing management objective and strategy for
those assets. Changes to the business model undertaking the hedge. The documentation
are expected to be infrequent. The Company’s includes the company’s risk management
senior management determines change in objective and strategy for undertaking hedge,
the business model as a result of external or the hedging/economic relationship, the
internal changes which are significant to the hedged item or transaction, the nature of the
Company’s operations. risk by hedged, hedge ratio and how the entity
IV. Offsetting of financial instruments will assess the effectiveness of changes in the
hedging instrument’s fair value in offsetting
Financial assets and liabilities are offset and exposure to changes in the hedge item fair
the net amount is reported in the balance value or cash flow attributable to the hedge
sheet where there is a legally enforceable risk. Such hedges are expected to be highly
right to offset the recognised amounts and effective in achieving offsetting changes in
there is an intention to settle on a net basis fair value or cashflows and are assessed on an
or realise the asset and settle the liability ongoing basis to determine that they actually
simultaneously. The legally enforceable right have been highly effective throughout the
must not be contingent on future events and financial reporting periods for which they
must be enforceable in the normal course were designated. Hedge that meet the strict
of business and in the event of default, criteria for hedge accounting accounted for
insolvency or bankruptcy of Company or as described below
the counterparty.
Cash flow hedges
V. Derivatives and hedging activities
The effective portion of the gain or loss on the
The Company enters derivatives like forwards hedging instrument is recognised in OCI in the
contracts to hedge its foreign currency risks. Effective portion of cash flow hedges, while any
Derivatives are initially recognised at fair value
ineffective portion is recognised immediately • In the absence of a principal market, in
in the statement of profit and loss. The Effective the most advantageous market for the
portion of cash flow hedges is adjusted to the asset or liability
lower of the cumulative gain or loss on the hedging
The principal or the most advantageous market
instrument and the cumulative change in fair value
must be accessible by the Company. The
of the hedged item.
fair value of an asset or a liability is measured
The Company uses forward currency contracts using the assumptions that market participants
as hedges of its exposure to foreign currency risk would use when pricing the asset or liability,
in forecast transactions and firm commitments, assuming that market participants act in their
as well as forward commodity contracts for its economic best interest.
exposure to volatility in the commodity prices.
A fair value measurement of a non-financial asset
The ineffective portion relating to foreign currency
takes into account a market participant’s ability to
contracts is recognised in finance costs and the
generate economic benefits by using the asset in
ineffective portion relating to commodity contracts
its highest and best use or by selling it to another
is recognised in other income or expenses.
market participant that would use the asset in its
The Company designates only the spot element of highest and best use.
a forward contract as a hedging instrument. The
The Company uses valuation techniques that
forward element is recognised in OCI.
are appropriate in the circumstances and for
The amounts accumulated in OCI are accounted for, which sufficient data are available to measure fair
depending on the nature of the underlying hedged value, maximising the use of relevant observable
transaction. If the hedged transaction subsequently inputs and minimising the use of unobservable
results in the recognition of a non-financial item, the inputs. All assets and liabilities for which fair
amount accumulated in equity is removed from the value is measured or disclosed in the financial
separate component of equity and included in the statements are categorised within the fair value
initial cost or other carrying amount of the hedged hierarchy, described as follows, based on the
asset or liability. This is not a reclassification lowest level input that is significant to the fair value
adjustment and will not be recognised in OCI for the measurement as a whole:
period. This also applies where the hedged forecast
• Level 1 — Quoted (unadjusted) market
transaction of a non-financial asset or non-financial
prices in active markets for identical
liability subsequently becomes a firm commitment
assets or liabilities
for which fair value hedge accounting is applied.
• Level 2 — Valuation techniques for which
For any other cash flow hedges, the amount
the lowest level input that is significant to
accumulated in OCI is reclassified to profit or loss
the fair value measurement is directly or
as reclassification adjustment in the same period or
indirectly observable
periods during which the hedged cash flows affect
profit or loss. • Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair
If cash flow hedge accounting is discontinued, the
value measurement is unobservable
amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future For assets and liabilities that are recognised in
cash flows are still expected to occur. Otherwise, the financial statements on a recurring basis, the
the amount will be immediately reclassified to Company determines whether transfers have
profit or loss as a reclassification adjustment. occurred between levels in the hierarchy by re-
After discontinuation, once the hedged cash flow assessing categorisation (based on the lowest
occurs, any amount remaining in accumulated OCI level input that is significant to the fair value
must be accounted for depending on the nature of measurement as a whole) at the end of each
the underlying transaction as described above. reporting period. External valuers are involved for
valuation of significant assets, such as properties
11 Fair value measurements
and unquoted financial assets.
The Company measures financial instruments at
fair value at each balance sheet date. Fair value is For the purpose of fair value disclosures, the
the price that would be received to sell an asset or Company has determined classes of assets and
paid to transfer a liability in an orderly transaction liabilities on the basis of the nature, characteristics
between market participants at the measurement and risks of the asset or liability and the level of the
date. The fair value measurement is based on the fair value hierarchy as explained above.
presumption that the transaction to sell the asset or This note summarises accounting policy for fair
transfer the liability takes place either: value. Other fair value related disclosures are given
• In the principal market for the asset in the relevant notes.
or liability, or
12 Cash and cash equivalents: value in a foreign currency are translated using the
exchange rates at the date when the fair value is
Cash and cash equivalents in the balance sheet
determined. The gain or loss arising on translation
and for the purpose of the statement of cash flows,
of non-monetary items measured at fair value is
include cash on hand, other short-term, highly
treated in line with the recognition of the gain or
liquid investments with original maturities of three
loss on the change in fair value of the item (i.e.,
months or less that are readily convertible to known
translation differences on items whose fair value
amounts of cash and which are subject to an
gain or loss is recognised in OCI or profit or loss are
insignificant risk of changes in value.
also recognised in OCI or profit or loss, respectively)
13 Inventories:
15 Income tax
Inventories are valued at the lower of cost and net
The income tax expense or credit for the year
realisable value. Costs incurred in bringing each
is the tax payable on the current year’s taxable
product to its present location and condition are
income based on the applicable income tax
accounted for as follows:
rate for the jurisdiction adjusted by changes in
Raw materials: cost includes cost of purchase and deferred tax assets and liabilities attributable to
other costs incurred in bringing the inventories temporary differences, unused tax losses and
to their present location and condition. Cost is unabsorbed depreciation.
determined on first in, first out basis.
Current and deferred tax is recognized in the
Finished goods and work in progress: cost includes Statement of Profit and Loss except to the
cost of direct materials and labour and a proportion extent it relates to items recognized directly
of manufacturing overheads based on the normal in equity or other comprehensive income, in
operating capacity but excluding borrowing costs. which case it is recognized in equity or other
Cost is determined on first in, first out basis. comprehensive income.
Traded goods: cost includes cost of purchase and A. Current income tax
other costs incurred in bringing the inventories
The current income tax charge is calculated
to their present location and condition. Cost is
on the basis of the tax laws enacted or
determined on weighted average basis.
substantively enacted at the end of the
Initial cost of inventories includes the transfer of reporting period. The Company establishes
gains and losses on qualifying cash flow hedges, provisions, wherever appropriate, on the
recognised in OCI, in respect of the purchases of basis of amounts expected to be paid to the
raw materials. Net realisable value is the estimated tax authorities.
selling price in the ordinary course of business, less
Current tax assets and liabilities are offset
estimated costs of completion and the estimated
when there is a legally enforceable right
costs necessary to make the sale.
to set off current tax assets against current
14 Foreign currency transactions: tax liabilities.
Items included in the standalone financial B. Deferred tax
statements are measured using the currency of
Deferred tax is provided using the liability
the primary economic environment in which the
method, on temporary differences arising
Company operates (‘the functional currency’). The
between the tax bases of assets and liabilities
standalone financial statements are presented
and their carrying amounts in the financial
in Indian Rupee (INR), which is the Company’s
statements. Deferred tax is determined
functional and presentation currency.
using tax rates (and laws) that have been
a) On initial recognition, all foreign currency enacted or substantially enacted by the end
transactions are recorded at the functional of the reporting period and are expected to
currency spot rate at the date the transaction apply when the related deferred income tax
first qualifies for recognition. asset is realised or the deferred income tax
liability is settled.
b) Monetary assets and liabilities in foreign
currency outstanding at the close of reporting The carrying amount of deferred tax assets is
date are translated at the functional currency reviewed at each reporting date and adjusted
spot rates of exchange at the reporting date. to reflect changes in probability that sufficient
taxable profits will be available to allow all or
c) Exchange differences arising on settlement of part of the asset to be recovered.
translation of monetary items are recognised
in the Statement of Profit and Loss. Deferred tax assets are recognised for all
deductible temporary differences and unused
Non-monetary items that are measured in terms of tax losses only if it is probable that future
historical cost in a foreign currency are translated taxable amounts will be available to utilise
using the exchange rates at the dates of the initial those temporary differences and losses.
transactions. Non-monetary items measured at fair
Deferred tax assets and liabilities are offset required by the law. Provision for warranty
when there is a legally enforceable right to related costs are recognised when the product
offset current tax assets and liabilities and is sold to the customer. Initial recognition is
when the deferred tax balances relate to the based on historical experience. The estimate
same taxation authority. of warranty related costs is revised annually.
Deferred tax relating to items recognised If the Company has a contract that is onerous,
outside profit or loss is recognised outside the present obligation under the contract
profit or loss (either in other comprehensive is recognised and measured as a provision.
income or in equity). Deferred tax items are However, before a separate provision for an
recognised in correlation to the underlying onerous contract is established, the Company
transaction either in OCI or directly in equity. recognises any impairment loss that has
occurred on assets dedicated to that contract.
16 Borrowing costs
An onerous contract is a contract under
General and specific borrowing costs that are which the unavoidable costs (i.e., the costs
directly attributable to the acquisition, construction that the Company cannot avoid because it
or production of a qualifying asset are capitalised has the contract) of meeting the obligations
during the period of time that is required to under the contract exceed the economic
complete and prepare the asset for its intended benefits expected to be received under it. The
use or sale. Qualifying assets are assets that unavoidable costs under a contract reflect
necessarily take a substantial period of time to the least net cost of exiting from the contract,
get ready for their intended use or sale. Borrowing which is the lower of the cost of fulfilling it and
costs also include exchange difference arising any compensation or penalties arising from
from foreign currency borrowings to the extent failure to fulfil it. The cost of fulfilling a contract
they are regarded as an adjustment to interest comprises the costs that relate directly to
costs. Investment income earned on the temporary the contract (i.e., both incremental costs
investment of specific borrowings pending their and an allocation of costs directly related to
expenditure on qualifying assets is deducted from contract activities).
the borrowing costs eligible for capitalisation.
B. Contingent liabilities
Other borrowing costs are expensed in the period
in which they are incurred. Contingent liabilities are disclosed when
there is a possible obligation arising from
17 Provisions, contingent liabilities and contingent past events, the existence of which will be
assets confirmed only by the occurrence or non-
A. Provisions occurrence of one or more uncertain future
events not wholly within the control of
A provision is recognised if
the Company or a present obligation that
• the Company has present legal or arises from past events where it is either not
constructive obligation as a result of an probable that an outflow of resources will be
event in the past; required to settle the obligation or a reliable
estimate of the amount cannot be made.
• it is probable that an outflow of
resources will be required to settle the A contingent liability recognised in a
obligation; and business combination is initially measured
at its fair value. Subsequently, it is measured
• the amount of the obligation has been at the higher of the amount that would
reliably estimated. be recognised in accordance with the
Provisions are measured at the management’s requirements for provisions above or the
best estimate of the expenditure required amount initially recognised less, when
to settle the obligation at the end of the appropriate, cumulative amortisation
reporting period. If the effect of the time recognised in accordance with the
value of money is material, provisions are requirements for revenue recognition.
discounted to reflect its present value using C. Contingent assets
a current pre-tax discount rate that reflects
A contingent asset is a possible asset that
the current market assessments of the time
arises from past events and whose existence
value of money and the risks specific to the
will be confirmed only by the occurrence or
obligation. When discounting is used, the
non-occurrence of one or more uncertain
increase in the provision due to the passage
future events not wholly within the control
of time is recognised as a finance cost.
of the entity. A contingent asset is not
The Company provides for general repairs recognised but disclosed where an inflow of
of defects that existed at the time of sale, as economic benefit is probable.
18 Employee benefits (b) defined contribution plans -
Provident fund (RPFC Contributions),
A. Short-term obligations
superannuation and pension
Liabilities for wages and salaries, including
non-monetary benefits that are expected to Defined benefit plans :
be settled wholly within 12 months after the The liability or asset recognised in the balance
end of the period in which the employees sheet in respect of defined benefit plans
render the related service are recognised is the present value of the defined benefit
in the same period in which the employees obligation at the end of the reporting period
renders the related service and are measured less the fair value of plan assets excluding
at the amounts expected to be paid when the non-qualifying asset (reimbursement right).
liabilities are settled. The defined benefit obligation is calculated
Retirement benefit in the form of provident annually by actuaries using the projected
fund is a defined contribution plan. The unit credit method. The present value of the
Company has no obligation , other than defined benefit obligation is determined
the contribution payable to the provident by discounting the estimated future cash
fund. The Company recognises contribution outflows by reference to market yields at the
payable to the provident fund scheme as end of the reporting period on government
an expense, when an employee renders the bonds that have terms approximating to
related services. If the Contribution payable the terms of the related obligation. The net
to the scheme for service received before the interest cost is calculated by applying the
balance sheet date exceeds the contribution discount rate to the net balance of the defined
already paid, the deficit payable to the scheme benefit obligation and the fair value of plan
is recognised as a liability after deducting the assets. This cost is included in employee
contribution already paid. If the contribution benefit expense in the statement of profit and
already paid exceeds the contribution due for loss. Remeasurement gains and losses arising
services received before the balance sheet from experience adjustments and changes in
date, then excess is recognised as an asset to actuarial assumptions are recognised in the
the extent that the prepayment will lead to a period in which they occur, directly in other
reduction in future payment or a cash refund. comprehensive income. They are included in
retained earnings in the statement of changes
B.
Other long-term employee benefit in equity and in the balance sheet.
obligations
Insurance policy held by the Company from
The liabilities for earned leave and sick leave insurers who are related parties are not
are not expected to be settled wholly within qualifying insurance policies and hence the
12 months after the end of the period in which right to reimbursement is recognised as a
the employees render the related service. separate assets under other non-current and/
They are therefore measured as the present or current assets as the case may be.
value of expected future payments to be made
in respect of services provided by employees Changes in the present value of the
up to the end of the reporting period using defined benefit obligation resulting from
the projected unit credit method. The benefits plan amendments or curtailments are
are discounted using the market yields at the recognised immediately in profit or loss as
end of the reporting period that have terms past service cost.
approximating to the terms of the related
Defined contribution plans :
obligation. Remeasurements as a result of
experience adjustments and changes in In respect of certain employees, the Company
actuarial assumptions are recognised in the pays provident fund contributions to publicly
statement of profit or loss. administered provident funds as per local
regulations. The Company has no further
The obligations are presented as current payment obligations once the contributions
liabilities in the balance sheet if the entity have been paid. Such contributions are
does not have an unconditional right to defer accounted for as employee benefit expense
settlement for atleast twelve months after when they are due. Defined contribution
the reporting period, regardless of when the to superannuation fund is being made as
actual settlement is expected to occur. per the scheme of the Company. Defined
C. Post-employment obligations contribution to Employees Pension Scheme
1995 is made to Government Provident
The Company operates the following post- Fund Authority whereas the contributions for
employment schemes National Pension Scheme is made to Stock
(a) defined benefit plans - gratuity Holding Corporation of India Limited8
and obligation towards shortfall of
Provident Fund Trusts
D. Share based payment the transaction is determined to be operating in
nature and these are recognised as operational
The Company operates a number of equity
suppliers’ credit and disclosed on the face of the
settled, employee share based compensation
balance sheet under trade credits. Payments made
plans, under which the Company receives
to vendors are treated as cash item and disclosed
services from employees as consideration for
as cash flow from operating activity depending on
equity shares of the Company. Equity settled
the nature of the underlying transaction.
share based payment to employees and other
providing similar services are measured at fair Customers’ credit
value of the equity instrument at grant date.
Customer credits include receivables which are
The fair value of the employee services subject to factoring arrangements and channel
received in exchange for the grant of the financing facilities. Under this arrangement the
options is determined by reference to the Company has transferred the relevant receivables
fair value of the options as at the Grant Date to the factor in exchange for cash. The Company
and is recognised as an ‘employee benefits continues to recognise the transferred assets in their
expense’ with a corresponding increase in entirety in its balance sheet with the corresponding
equity. The total expense is recognised over liability under customer credits.
the vesting period which is the period over
20 Segment reporting
which the applicable vesting condition is to
be satisfied. The total amount to be expensed An operating segment is a component of the
is determined by reference to the fair value of Company that engages in business activities from
the options granted excluding the impact of which it may earn revenues and incur expenses,
any service vesting conditions. whose operating results are regularly reviewed by
the entity’s chief operating decision maker to make
At the end of each year, the entity revises
decisions about resources to be allocated to the
its estimates of the number of options that
segment and assess its performance and for which
are expected to vest based on the service
discrete financial information is available.
vesting conditions. It recognises the impact
of the revision to original estimates, if any, Operating segments often exhibit similar long-term
in profit or loss, with a corresponding financial performance if they have similar economic
adjustment to equity. characteristics. Two or more operating segments
are aggregated by the Company into a single
If at any point of time after the vesting of the
operating segment if aggregation is consistent with
share options, the right to the same expires
the core principle of Ind AS 108, the segments have
(either by virtue of lapse of the exercise period
similar economic characteristics, and the segments
or the employee leaving the Company), the
are similar in aspects as defined by Ind AS.
fair value of the options accruing in favour
of the said employee are written back to the The Company reports separately, information
retained earning in the reporting period in about an operating segment that meets any of
which the right expires. quantitative thresholds as defined by Ind AS.
Operating segments that do not meet any of the
The dilutive effect of outstanding options is
quantitative thresholds, are considered reportable
reflected as additional share dilution in the
and separately disclosed, only if management
computation of diluted earnings per share
of the Company believes that information about
19 Trade credits the segment would be useful to users of the
Suppliers’ credit
Information about other business activities and
Supplier’s credit also includes amounts payable
operating segments that are not reportable
towards vendor financing entered into with the
separately are combined and disclosed in an ‘all
suppliers. Under this arrangement, the supplier is
other segments’ category
eligible to receive payment prior to the expiry of
extended credit period by assigning such invoices 21 Dividends
to a third-party purchaser bank based on security in
The Company recognises a liability to pay
the form of an undertaking issued by the Company
dividend to equity holders when the distribution
to the bank. Further, the supplier charges interest to
is authorised and is no longer at the discretion of
the Company for the extended credit period which
the Company. As per the corporate laws in India,
has been presented under Finance Cost.
a distribution is authorised when it is approved
These are normally settled up to four months. Where by the shareholders. A corresponding amount is
these arrangements are for goods used in the recognised directly in equity. Interim dividends are
normal operations of the Company with a maturity recorded as a liability on the date of declaration by
of up to four months, the economic substance of the Company’s Board of Directors.
22 Assets held for sale and discontinued operations Discontinued operations are excluded from the
results of continuing operations and are presented
The Company classifies non-current assets and
as a single amount as profit or loss after tax from
disposal Companys as held for sale if their carrying
discontinued operations in the statement of profit
amounts will be recovered principally through a sale
and loss. All other notes to the financial statements
rather than through continuing use. Non-current
mainly include amounts for continuing operations,
assets and disposal Companys classified as held
unless otherwise mentioned.
for sale are measured at the lower of their carrying
amount and fair value less costs to sell. Costs to sell 23 Earnings per share
are the incremental costs directly attributable to the
Basic earnings per share is calculated by dividing
disposal of an asset (disposal Company), excluding
the net profit or loss for the year attributable to
finance costs and income tax expense.
equity shareholders by the weighted average
The criteria for held for sale classification is regarded number of equity shares outstanding during the
as met only when the sale is highly probable, and year. Earnings / (loss) considered in ascertaining
the asset or disposal Company is available for the Company’s earnings per share is the net profit
immediate sale in its present condition. Actions / (loss) for the year. The weighted average number
required to complete the sale/ distribution should equity shares outstanding during the year and all
indicate that it is unlikely that significant changes to year presented is adjusted for events, such as bonus
the sale will be made or that the decision to sell will shares, other than the conversion of potential equity
be withdrawn. Management must be committed shares, that have changed the number of equity
to the sale and the sale expected within one year shares outstanding, without a corresponding
from the date of classification. For these purposes, change in resources. For the purpose of calculating
sale transactions include exchanges of non- diluted earnings per share, the net profit of loss for
current assets for other non-current assets when the period attributable to equity shareholders and
the exchange has commercial substance. The the weighted average number of share outstanding
criteria for held for sale classification is regarded during the year is adjusted for the effects of all
met only when the assets or disposal Company is dilutive potential equity shares.
available for immediate sale in its present condition,
24 Investment in Subsidiaries
subject only to terms that are usual and customary
for sales of such assets (or disposal Companys), Investment in subsidiaries are accounted at cost in
its sale is highly probable; and it will genuinely be accordance with Ind AS 27.
sold, not abandoned.
25 All amounts disclosed in the standalone financial
The Company treats sale of the asset or disposal statements and notes have been rounded off to
Company to be highly probable when: the nearest lakh (upto two decimals) as per the
requirement of Schedule III, unless otherwise stated.
• The appropriate level of management is
committed to a plan to sell the asset (or
1C NEW AND AMENDED STANDARDS
disposal Company),
The Ministry of Corporate Affairs has notified Companies
• An active programme to locate a buyer (Indian Accounting Standards) Amendment Rules, 2023 dated
and complete the plan has been initiated 31 March 2023 to amend the following Ind AS which are
(if applicable), effective for annual periods beginning on or after 1 April 2023.
• The asset (or disposal Company) is being The Company applied for the first-time these amendments.
actively marketed for sale at a price that is (i) Definition of Accounting Estimates - Amendments
reasonable in relation to its current fair value, to Ind AS 8
• The sale is expected to qualify for recognition The amendments clarify the distinction between changes
as a completed sale within one year from the in accounting estimates and changes in accounting
date of classification, and policies and the correction of errors. It has also been
clarified how entities use measurement techniques and
• Actions required to complete the plan
inputs to develop accounting estimates.
indicate that it is unlikely that significant
changes to the plan will be made or that the The amendments had no impact on the Company’s
plan will be withdrawn. standalone financial statements.
Property, plant and equipment and intangible are (ii) Disclosure of Accounting Policies - Amendments
not depreciated, or amortised assets once classified to Ind AS 1
as held for sale. Assets and liabilities classified as
The amendments aim to help entities provide accounting
held for sale are presented separately from other
policy disclosures that are more useful by replacing the
items in the balance sheet.
requirement for entities to disclose their ‘significant’ loss account and warranty insurance assets is created on
accounting policies with a requirement to disclose their an estimated basis. The insurance claims received are
‘material’ accounting policies and adding guidance on then netted against the said warranty insurance assets.
how entities apply the concept of materiality in making
The Company also sells certain lighting fitting to its
decisions about accounting policy disclosures.
customers. In few lighting fittings products, the drivers
The amendments have had an impact on the Company’s are an essential part and are expected to last for a longer
disclosures of accounting policies, but not on the period. In such cases, the Company provides warranties
measurement, recognition or presentation of any items in beyond fixing defects that existed at the time of sale.
the Company’s standalone financial statements. Basis this, the Company recognises this as a separate
performance obligation and recognises revenue only
(iii)
Deferred Tax related to Assets and Liabilities
in the period in which such service is provided based
arising from a Single Transaction - Amendments to
on time elapsed.
Ind AS 12
2 Impairment allowance for trade receivables
The amendments narrow the scope of the initial
recognition exception under Ind AS 12, so that it no longer The Company makes allowances for doubtful accounts
applies to transactions that give rise to equal taxable and receivable using a simplified approach which is a dual
deductible temporary differences such as leases. policy of an ageing based provision and historical
/ anticipated customer experience. Management
The amendments had no impact on the Company’s
believes that this simplified model closely represents
the expected credit loss model to be applied on financial
STANDARDS ISSUED BUT NOT YET EFFECTIVE assets as per Ind AS 109. Further, in case of operationally
closed projects, Company makes specific assessment
There are no standards that are notified and not yet effective
of the overdue balances by considering the customer’s
as on the date.
historical payment patterns, latest correspondences with
CLIMATE RELATED MATTERS the customers for recovery of the amounts outstanding
and credit status of the significant counterparties where
The Company considers climate-related matters in estimates
available. Accordingly, a best judgment estimate is
and assumptions, where appropriate. This assessment includes
made to record the impairment allowance in respect of
a wide range of possible impacts on the Company due to
operationally closed projects
both physical and transition risks. Even though the Company
believes its business model and products will still be viable 3 Project revenue and costs
after the transition to a low-carbon economy, climate-related
Revenue from construction contracts is recognised
matters increase the uncertainty in estimates and assumptions
based on the stage of completion determined with
underpinning several items in the financial statements.
reference to the actual costs incurred up to reporting
Even though climate-related risks might not currently have a
date on the construction contract and the estimated cost
significant impact on measurement, the Company is closely
to complete the project. The percentage-of-completion
monitoring relevant changes and developments, such as new
method places considerable importance on accurate
climate-related legislation.
estimates to the extent of progress towards completion
and may involve estimates on the scope of deliveries
1D SUMMARY OF CRITICAL ESTIMATES, JUDGEMENTS and services required for fulfilling the contractually
AND ASSUMPTIONS defined obligations. These significant estimates include
The preparation of standalone financial statements requires total contract costs, total contract revenues, contract
the use of accounting estimates which, by definition, will risks, including technical, political and regulatory risks,
seldom equal the actual results. The management also needs and other judgments. The Company re-assesses these
to exercise judgment in applying the Company’s accounting estimates on periodic basis and makes appropriate
policies. This note provides an overview of the areas that revisions accordingly.
involved a higher degree of judgment or complexity, and of
items which are more likely to be materially adjusted due to
4 Fair value measurement
estimates and assumptions turning out to be different than When the fair values of financial assets and financial
those originally assessed. Detailed information about each of liabilities recorded in the balance sheet cannot be
these estimates and judgments is included below. measured based on quoted prices in active markets,
their fair value is measured using appropriate valuation
1 Warranty provision
techniques. The inputs for these valuations are taken from
The Company generally offers 1-2 years standard observable sources where possible, but where this is not
warranties for its consumer products. The Company feasible, a degree of judgement is required in establishing
has taken warranty insurance under which most of the fair values. Judgements include considerations of
products are covered. The Company recognises warranty various inputs including liquidity risk, credit risk, volatility
provision basis assumptions, on serviceable sales and cost etc. Changes in assumptions/judgements about these
to service those serviceable sales. The warranty insurance factors could affect the reported fair value of financial
premium paid is charged off to the statement of profit and instruments. Refer Note 34 of financial statements for the
fair value disclosures and related sensitivity.
5 Employee benefits market transactions are taken into account. If no such
transactions can be identified, an appropriate valuation
The cost of the defined benefit gratuity plan and other
model is used. These calculations are corroborated by
post-employment leave benefits are determined using
valuation multiples, quoted share prices for publicly
actuarial valuations. An actuarial valuation involves
traded companies or other available fair value indicators.
making various assumptions that may differ from
actual developments in the future. These include the The Company bases its impairment calculation on
determination of the discount rate, future salary increases detailed budgets and forecast calculations, which are
and mortality rates. Due to the complexities involved prepared separately for each of the Company’s CGUs to
in the valuation and its long-term nature, a defined which the individual assets are allocated. These budgets
benefit obligation is highly sensitive to changes in these and forecast calculations generally cover a period of
assumptions. All assumptions are reviewed at each five years. For longer periods, a long-term growth rate is
reporting date. The mortality rate is based on publicly calculated and applied to project future cash flows after
available mortality tables. Those mortality tables tend the fifth year. To estimate cash flow projections beyond
to change only at interval in response to demographic periods covered by the most recent budgets/forecasts,
changes. Future salary increases are based on expected the Company extrapolates cash flow projections in
future inflation rates. Refer note 21 of financial statements the budget using a steady or declining growth rate for
for disclosure. subsequent years, unless an increasing rate can be
justified. In any case, this growth rate does not exceed
6 Leases
the long-term average growth rate for the products,
Estimates are required to determine the appropriate industries, or country or countries in which the Company
discount rate used to measure lease liabilities. The operates, or for the market in which the asset is used.
Company cannot readily determine the interest rate
implicit in the lease, therefore, it uses its incremental Impairment losses of continuing operations, including
borrowing rate (IBR) to measure lease liabilities. The IBR impairment on inventories, are recognised in the
is the rate of interest that the Company would have to pay statement of profit and loss, except for properties
to borrow over a similar term, and with a similar security, previously revalued with the revaluation surplus taken to
the funds necessary to obtain an asset of a similar value to OCI. For such properties, the impairment is recognised in
the right-of-use asset in a similar economic environment. OCI up to the amount of any previous revaluation surplus.
The IBR therefore reflects what the Company ‘would For assets excluding goodwill, an assessment is made
have to pay’, which requires estimation when no at each reporting date to determine whether there is an
observable rates are available or when they need to be indication that previously recognised impairment losses
adjusted to reflect the terms and conditions of the lease. no longer exist or have decreased. If such indication
The Company estimates the IBR using observable inputs exists, the Company estimates the asset’s or CGU’s
(such as market interest rates, bank rates to the Company recoverable amount. A previously recognised impairment
for a loan of a similar tenure, etc). The Company has loss is reversed only if there has been a change in the
applied a single discount rate to a portfolio of leases of assumptions used to determine the asset’s recoverable
similar assets in similar economic environment with a amount since the last impairment loss was recognised.
similar end date. The reversal is limited so that the carrying amount of
7 Impairment of non-financial assets the asset does not exceed its recoverable amount, nor
The Company assesses, at each reporting date, whether determined, net of depreciation, had no impairment loss
there is an indication that an asset may be impaired. If any been recognised for the asset in prior years. Such reversal
indication exists, or when annual impairment testing for is recognised in the statement of profit and loss unless
an asset is required, the Company estimates the asset’s the asset is carried at a revalued amount, in which case,
recoverable amount. An asset’s recoverable amount is the reversal is treated as a revaluation increase.
the higher of an asset’s or cash-generating unit’s (CGU)
fair value less costs of disposal and its value in use. The 8 Retailer Bonding Program
recoverable amount is determined for an individual The Company has a loyalty points program, “Retailer
asset, unless the asset does not generate cash inflows Bonding Program”, which allows customers to
that are largely independent of those from other assets accumulate points that can be redeemed for free
or Companys of assets. When the carrying amount of products, upto a limited time period. The loyalty points
an asset or CGU exceeds its recoverable amount, the give rise to a separate performance obligation as they
asset is considered impaired and is written down to its provide a material right to the customer. A portion of the
recoverable amount. transaction price is allocated to the loyalty points awarded
In assessing value in use, the estimated future cash flows to customers based on relative stand-alone selling price
are discounted to their present value using a pre-tax and recognized as deferred revenue until the points are
discount rate that reflects current market assessments of redeemed. Revenue is recognized upon redemption of
the time value of money and the risks specific to the asset. products by the customer. When estimating the stand-
In determining fair value less costs of disposal, recent alone selling price of the loyalty points, the Company
considers the likelihood that the customer will redeem most appropriate inputs to the valuation model including
the points. The Company considers various judgement the expected life of the share option, volatility and
and estimates like determination of cost of redemption, dividend yield and making assumptions about them.
redeemed points, expiry date, etc. The Company updates
10 Taxes
its estimates on a quarterly basis and any adjustments to
the deferred revenue are charged against revenue. Deferred tax assets are recognised for unused tax losses
to the extent that it is probable that taxable profit will
9 Share based payments
be available against which the losses can be utilised.
The Company initially measures the cost of cash-settled Significant management judgement is required to
transactions with employees using a binomial model to determine the amount of deferred tax assets that can
determine the fair value of the liability incurred. Estimating be recognised, based upon the likely timing and the
fair value for share-based payment transactions requires level of future taxable profits together with future tax
determination of the most appropriate valuation model, planning strategies.
which is dependent on the terms and conditions of the
11 For judgements relating to contingent liabilities,
grant. This estimate also requires determination of the
refer note 40(a).
226
Note 2 : Property, plant and equipment
(H in 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 2022 3,182.28 8,431.93 9,087.55 10,952.68 2,566.57 1,063.06 1,827.82 808.73 6,246.58 376.09 126.59 99.18 8,437.04 53,206.10
Acquired on business combination (refer 540.00 1,324.70 – 1,837.11 39.89 358.76 9.51 – 253.68 – – – 24.36 4,388.01
note 44)
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 4,946.33
Disposals – (6.14) (398.46) (316.00) (85.26) (1.34) (84.29) (90.55) – – – (0.94) (117.13) (1,100.11)
Discontinued operations (refer note 45) – (1,274.47) (2,422.76) (4,232.60) (246.34) (350.67) (217.72) (586.18) (0.01) – (95.55) (36.18) (324.08) (9,786.56)
Closing gross block as at 31st March 2023 3,722.28 8,734.24 6,271.54 9,701.23 2,406.79 1,357.43 1,641.53 392.67 8,138.13 383.92 31.04 159.44 8,713.53 51,653.77
Additions – 304.17 (16.62) 1,628.50 419.16 190.42 334.21 20.84 5,047.72 1,021.26 – 78.14 1,552.17 10,579.97
Disposals – (2.49) – (651.74) (80.12) (1.28) (53.43) (22.79) – – (2.83) – (3,164.93) (3,979.61)
Classified as asset held for sale – – (277.77) – – – – – – – – – – (277.77)
Classified as investment property (refer note 4.1) – – (862.61) – – – – – – – – – – (862.61)
Discontinued operations (refer note 45) – 49.14 – (154.64) (7.63) (82.71) (6.86) 13.56 0.01 – 2.83 – (5.06) (191.36)
Closing gross block as at 31st March 2024 3,722.28 9,085.06 5,114.54 10,523.35 2,738.20 1,463.86 1,915.45 404.28 13,185.86 1,405.18 31.04 237.58 7,095.71 56,922.39
Opening accumulated depreciation as at – 926.25 1,177.27 5,026.36 1,415.69 375.89 1,228.38 394.93 3,507.32 153.52 126.59 56.42 6,766.92 21,155.54
1st April 2022
Acquired on business combination (refer – 111.92 – 446.32 10.08 32.35 (8.81) – 53.58 – – – 23.24 668.68
note 44)
Depreciation charge during the year – 334.08 168.70 487.32 326.43 154.71 203.47 90.40 1,250.09 33.86 – 5.51 831.38 3,885.95
Disposals – 45.88 (100.60) (66.13) (82.25) (0.60) (73.29) (53.32) 6.76 – – 0.00 (103.98) (427.53)
Discontinued operations (refer note 45) – (481.88) (347.43) (2,715.37) (192.06) (66.20) (196.99) (333.58) (0.01) – (95.55) (32.05) (303.78) (4,764.90)
Closing accumulated depreciation as at – 936.25 897.94 3,178.50 1,477.89 496.15 1,152.76 98.43 4,817.74 187.38 31.04 29.88 7,213.78 20,517.74
31st March 2023
Disposals – – – (472.79) (71.75) (0.65) (46.62) (17.23) – – (2.83) – (3,095.75) (3,707.62)
Classified as asset held for sale – – (36.87) – – – – – – – – – – (36.87)
Discontinued operations (refer note 45) – (27.44) (18.19) 91.98 (11.77) (28.60) (8.82) (12.17) (0.00) – 2.83 (0.24) 41.12 28.70
Closing accumulated depreciation as at – 1,245.72 836.28 3,730.79 1,752.00 625.69 1,286.53 134.84 6,630.00 283.78 31.04 56.58 5,072.89 21,686.14
31st March 2024
Restated Closing Net carrying amount as at 3,722.28 7,797.99 5,373.60 6,522.73 928.90 861.28 488.77 294.24 3,320.39 196.54 – 129.56 1,499.75 31,136.03
31st March 2023
Closing Net carrying amount as at 31st 3,722.28 7,839.34 4,278.26 6,792.56 986.20 838.17 628.92 269.44 6,555.86 1,121.40 – 181.00 2,022.82 35,236.25
March 2024
Note 2 : Property, plant and equipment (Contd..)
(i) Leased assets
The Company has given few assets on operating lease to third parties. The gross block, accumulated depreciation and net book value is
as mentioned below:
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Plant and Machinery
Cost / Deemed cost – 637.91
Accumulated depreciation – 426.15
Net carrying amount – 211.76
(ii) Property, plant and equipment pledged as security

Refer to note 18 for information on property, plant and equipment pledged as security by the Company.
(iii) Contractual obligations
Refer to note 40(b) for disclosure of contractual commitments for the acquisition of property, plant and equipment.
(iv) Capital work-in-progress
Capital work-in-progress mainly comprises of dies & jigs, plant and machineries and factory building amounting to H 5,840.46 lakhs
(March 31, 2023 - H 3,228.22 lakhs), H 23.50 lakhs (March 31, 2023 - H 376.72 lakhs) and H 37.87 lakhs (March 31, 2023 - Rs 236.14 lakhs)
respectively, pending to be put to use.
Movement of capital work-in-progress
(H in Lakhs)
(Restated)
Opening at the start of the year 4,058.82 2,820.12
Additions during the year 5,796.29 2,590.10
Capitalised during the year (3,671.15) (1,351.40)
Closing at the end of the year 6,183.96 4,058.82
(v) Title deeds

The title deeds of immovable properties are held in the name of the Company. Certain title deeds of the immovable properties, in the
nature of freehold land and building, which were acquired pursuant to a Scheme of Amalgamation approved by National Company Law
Tribunal’s (NCLT) Order dated May 21st 2020 for Hind Lamps Limited, dated August 25th 2022 for Starlite Lighting Limited and dated
March 07th 2024 for Nirlep Appliances Private Limited are not individually held in the name of the Company, however the deed of merger
has been registered by the Company on March 31, 2024.
(vi) Ageing schedule
CWIP aging schedule as at March 31, 2024
(H in Lakhs)
Amount in CWIP for a period of
Particulars Less than More than
1-2 Years 2-3 years Total
1 Year 3 years
Projects in progress 5,721.36 103.55 351.70 7.35 6,183.96
Projects temporarily suspended – – – – –
TOTAL 5,721.36 103.55 351.70 7.35 6,183.96
CWIP aging schedule as at March 31, 2023 (H in Lakhs)
(Restated)
1 Year 3 years
Projects in progress 2,621.48 1,415.75 14.24 7.35 4,058.82
TOTAL 2,621.48 1,415.75 14.24 7.35 4,058.82
All the upcoming projects of the Company are within the timelines as estimated during the original plan and the actual cost of projects
are within the total cost as estimated by the management of the Company as at the Balance Sheet date.
Note 3 : Right of use assets and Lease liabilities

The details of the right-of-use asset held by the Company is as follows:
Right-of-use assets
(H in Lakhs)
Particulars Buildings Equipments Leasehold land Total
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
Deletions for the year (2,323.22) – – (2,323.22)
Discontinued operations (refer note 45) (440.81) – – (440.81)
Additions for the year 19,327.08 – – 19,327.08
Discontinued operations (refer note 45) – – (324.30) (324.30)
Closing gross block as on March 31, 2024 25,791.16 22.72 2,494.32 28,308.20
Accumulated depreciation as on March 31, 2022 2,967.19 21.27 261.78 3,250.24
Depreciation for the year 2,339.56 0.45 37.37 2,377.38
Deletions for the year (1,338.26) – 12.94 (1,325.32)
Depreciation for the year 4,717.27 – 35.08 4,752.35
Discontinued operations (refer note 45) 25.08 – (33.17) (8.09)
Closing accumulated depreciation as on March 31, 2024 5,750.58 21.72 314.00 6,086.30
Restated net carrying value of right of use assets as on March 9,439.69 1.00 2,506.53 11,947.22
31, 2023
Net carrying value of right of use assets as on March 31, 2024 20,040.58 1.00 2,180.32 22,221.90
The details of the lease liabilities held by the Company is as follows:
Lease liabilities
(H in Lakhs)
(Restated)
Opening lease liabilities 10,051.52 4,587.80
Additions for the year 18,958.89 8,766.02
Deletions / Modifications for the year (4,180.91) (1,625.52)
Discontinued operations (refer note 45) (423.08) (72.12)
Finance cost for the year 1,551.30 544.44
Lease instalments paid for the year (4,468.16) (2,149.10)
Closing lease liabilities 21,489.56 10,051.52
- classified as current 4,228.33 2,885.17
- classified as non-current 17,261.23 7,166.35
For maturity profile of lease liabilities, refer Note 35 (B)(ii)
Note 4: Intangible Assets
(H in Lakhs)
Distributor Customer Trade Computer Brand Total
Particulars / Dealer relation- Marks Software
Network ships
Opening gross block as at 1st April 2022 – – 0.51 988.33 – 988.84

Acquired on account of business combination (refer note 44) 195.57 26.10 – 6.57 1,952.33 2,180.57
Additions – – – 2,374.79 – 2,374.79
Closing gross block as at 31st March 2023 195.57 26.10 0.51 3,369.69 1,952.33 5,544.20
Additions – – – 720.25 – 720.25
Disposals – – – (465.75) – (465.75)
Closing gross block as at 31st March 2024 195.57 26.10 0.51 3,624.19 1,952.33 5,798.70
Opening accumulated amortization as at 1st April 2022 – – 0.35 873.59 – 873.94
Acquired on account of business combination (refer note 44) 195.57 26.10 – 6.57 1,401.34 1,629.58
Amortisation charge for the year – – 0.05 611.16 390.47 1,001.68
Adjustments * – – – 115.78 – 115.78
Closing accumulated depreciation as at 31st March 2023 195.57 26.10 0.40 1,607.10 1,791.81 3,620.98
Amortisation charge for the year – – 0.06 940.90 160.52 1,101.48
Disposals – – – (465.75) – (465.75)
Closing accumulated amortization as at 31st March 2024 195.57 26.10 0.46 2,082.25 1,952.33 4,256.71
Restated Closing Net carrying amount as at 31st March 2023 – – 0.11 1,762.59 160.52 1,923.22
Closing Net carrying amount as at 31st March 2024 – – 0.05 1,541.94 – 1,541.99
* Adjustments includes changes in the value of the intangible assets due to system migration
(i) Note
Intangible assets under development mainly comprises of IT softwares license and implementation cost amounting to Rs 161.71 lakhs
(March 31, 2023 - Rs 130.94 lakhs).
(ii) Ageing schedule
Intangible asset under development (IAUD) ageing schedule as at March 31, 2024
(H in Lakhs)
Amount in IAUD for a period of
1 Year 3 years
Projects in progress 161.71 161.71
Projects temporarily suspended –
TOTAL 161.71 – – – 161.71
Intangible asset under development ageing schedule as at March 31, 2023

(H in Lakhs)
(Restated)
1 Year 3 years
Projects in progress 130.94 – – – 130.94
TOTAL 130.94 – – – 130.94
All the upcoming projects of the Company are within the timelines as estimated during the original plan and the actual cost of projects
are within the total cost as estimated by the management of the Company as at the Balance Sheet date.
Note 4: Intangible Assets (Contd..)
(iii) Movement in intangible assets under development
(H in Lakhs)
(Restated)
Opening at the start of the year 130.94 1,546.59
Additions during the year 161.71 130.94
Capitalised during the year (130.94) (1,546.59)
Closing at the end of the year 161.71 130.94
Note 4.1: Investment properties

(H in Lakhs)
Building & Land Total
Particulars Ownership
Premises
Gross block as at 1st April 2022 809.06 12,600.00 13,409.06

Disposals (58.59) – (58.59)
Gross block as at 31st March 2023 750.47 12,600.00 13,350.47
Disposals (20.76) – (20.76)
Transferred from property, plant and equipment (refer note 2) 862.61 – 862.61
Gross block as at 31st March 2024 1,592.32 12,600.00 14,192.32
Accumulated depreciation as at 1st April 2022 332.02 – 332.02
Depreciation 112.87 – 112.87
Disposals (42.07) – (42.07)
Accumulated depreciation as at 31st March 2023 402.82 – 402.82
Disposals (13.05) – (13.05)
Restated Net carrying amount as at 31st March 2023 347.65 12,600.00 12,947.65
Net carrying amount as at 31st March 2024 982.07 12,600.00 13,582.07
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 Company has no restrictions on the realisability of its
investment property. Fair value of land as at 31st March 2024 is H12,600 lakhs (H 12,600 lakhs as at 31st March 2023). 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.
Note 5.1 : Investments in subsidiary and an associate

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Investment in equity instruments of subsidiaries and an associate (fully paid up)
Measured at cost
Unquoted
Investment in subsidiary
Non-current equity investments (unquoted) in Bajel Projects Ltd. * – 50.00
– NIL (March 31, 2023 - 2,500,000) equity shares of Rs 2 each
Investment in associate
Non-current equity investments (unquoted) in Hind Lamps Limited. – –
– 1,140,000 (March 31, 2023 - 1,140,000) equity shares of Rs 25 each
Accumulated impairment allowance in value of investments in Hind Lamps Limited – –
– –
Total investments in subsidiary and an associate – 50.00
Note 5.1 : Investments in subsidiary and an associate (Contd..)
Information about investment made in a subsidiary and an associate
(Amount: H in lakh)
Principal Ownership interest (%)
Name of Investee Relationship with the Company place of As at As at
business March 31, 2024 March 31, 2023
Bajel Projects Limited Subsidiary (till August 31, 2023) India 0.00 100.00
Hind Lamps Limited Associate India 19.00 19.00
Note 5.2 : Financial assets (Investments - Current)

(a) Investment in equity instruments
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Measured at fair value through profit and loss
Unquoted
Investment in mutual funds
Investment in equity/debt mutual funds 3,004.50 4,078.23
(H in Lakhs)
No. of Units as on No. of Units as on Value as on March Value as on March
Particulars
March 31, 2024 March 31, 2023 31, 2024 31, 2023
ICICI Prudential - Money Market Fund – 158,830.98 – 515.10
ICICI Prudential - Overnight Fund 38,828.39 24,860.12 501.09 300.43
HDFC Mutual Fund - Money Market Fund – 10,469.98 – 515.30
HDFC Mutual Fund - Liquid Fund 1.20 – 0.06
HDFC Mutual Fund - Overnight Fund 14,087.24 9,025.93 500.54 300.42
LIC Mutual Fund - Liquid Fund – 1.28 – 0.05
DSP Mutual Fund - Money Market Fund – 1,120,166.24 – 515.14
DSP Mutual Fund - Overnight Fund – 25,022.25 – 300.43
SBI Mutual Fund - Money Market Fund – 1,371,425.20 – 515.26
SBI Mutual Fund - Overnight Fund 12,848.31 8,232.51 500.53 300.42
Tata Mutual Fund - Overnight Fund 39,625.06 – 500.56 –
Mirae Asset Mutual Fund - Overnight Fund 40,816.84 – 501.09 –
Kotak Mutual Fund - Money Market Fund – 13,455.57 – 515.12
Kotak Mutual Fund - Liquid Fund – – 0.06 –
Kotak Mutual Fund - Overnight Fund 39,189.49 25,123.67 500.57 300.56
Total 3,004.50 4,078.23
Aggregate value of quoted investments 3,004.50 4,078.23
Aggregate value of impairment in value of – – – –
investment
Note 5.3 : Financial assets (Investments - Non-Current)

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Unquoted
Investment in equity shares
Non-current equity investments (unquoted) in M. P. Lamps Limited ** 2.40 2.40
– 48,000 (March 31, 2023 - 48,000) equity shares of H 10/- each; (Partly paid shares - H
2.50/- Per share paid up, Called up H 5.00/- per share)
– 95,997 (March 31, 2023 - 95,997) equity shares of H 10/- each; (Partly paid shares - H 1.25
Per share paid up, Called up H 5 per share).
Note 5.3 : Financial assets (Investments - Non-Current) (Contd..)
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Accumulated Fair value loss recorded in value of investments M. P. Lamps Limited. (2.40) (2.40)
– –
Non-current equity investments (unquoted) in Mayank Electro Ltd. 0.10 0.10
– 100 (March 31, 2023 - 100) equity shares of H 100/- each.
Total equity instruments 0.10 0.10
(b) Investment in debt instruments

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Unquoted
Investment in venture capital fund
Units of Bharat Innovation Fund - 4,189.470 Units as on 31st March 2024 (4,189.470 Units as 492.67 600.11
on 31st March 2023)
Investment in other securities
Gold coins 0.37 0.37
Total debt instruments 493.04 600.48
Total non-current investments 493.14 600.58
Aggregate value of quoted investments – –
Aggregate value of unquoted investments 493.14 600.58
* During the current year, Hon’ble National Company Law Tribunal, Mumbai Bench (“”NCLT””) had approved the Scheme of Arrangement between Bajaj
Electricals Limited “Demerged Company”) and Bajel Projects Limited (“Resulting Company”) and their respective shareholders (“”Scheme””). On July 5,
2023, the Company had received a certified true copy of the order dated June 8, 2023 (“”Order””) passed by the Hon’ble NCLT approving the Scheme. The
Company has completed the the process of obtaining the requisite consent, approval or permission of the appropriate authorities, which by applicable law
or contract, agreement, were necessary for the effective transfer of business and/or implementation of the Scheme. The Scheme, has been made effective
from September 1, 2023.
Accordingly, effect of the de-merger has been considered in the standalone financial statements for the year ended March 31, 2024. The assets and
liabilities relating to the demerged undertaking have been de-recognised from the books and have been adjusted against the retained earnings in the
said standalone financial statements. For the previous year, the same has been shown as discontinued operations and previous year numbers have been
accordingly restated (refer note 45).”
** 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
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.
Note 6 : Trade receivables

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Current 116,317.50 111,130.26
Non-current 1,293.37 1,975.05
117,610.87 113,105.31
Unsecured, considered good 117,610.87 113,105.31
Unsecured, credit impaired 6,649.85 6,224.83
Total 124,260.72 119,330.14
Impairment allowance, credit impaired (allowance for bad and doubtful debts) (6,649.85) (6,224.83)
Total trade receivables (net of impairment allowance) 117,610.87 113,105.31
The above includes receivables from related parties. Refer note 38 for more details.
Note 6 : Trade receivables (Contd..)
Transferred receivables
The carrying amount of trade receivables, include receivables which are subject to factoring arrangements and channel financing facilities.
Under this arrangement the Company has transferred the relevant receivables to the factor in exchange for cash. The Company continues to
recognise the transferred assets in their entirety in its balance sheet. The amount repayable under the factoring agreement is presented as
trade credits in note 22.1
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Trade credits (Note 22.1) 59,442.37 57,967.35
Total transferred receivables 59,442.37 57,967.35
Trade receivable are non-interest bearing and are generally received within the credit period. For trade and other receivables due from firms or
private companies in which any director is a partner, a director or a member, refer note 38.
Trade Receivables ageing schedule as at 31st March 2024
(H in Lakhs)
Outstanding for following periods from *
Particulars Less than 6 6 months More than
Not Due 1-2 Years 2-3 years Total
months -1 year 3 years
(i) Undisputed Trade receivables — considered – 106,872.00 7,666.85 508.28 736.82 1,826.92 117,610.87
good
(ii) Undisputed Trade Receivables — which have – – – – – – –
significant increase in credit risk
(iii) Undisputed Trade Receivables — credit impaired – – 384.21 328.61 766.57 2,621.97 4,101.36
(iv) Disputed Trade Receivables — considered good – – – – – – –
(v) Disputed Trade Receivables — which have – – – – – – –
(vi) Disputed Trade Receivables — credit impaired – – 0.01 1,825.89 0.01 722.58 2,548.49
TOTAL – 106,872.00 8,051.07 2,662.78 1,503.40 5,171.47 124,260.72

(H in Lakhs)
(Restated)
Particulars Less than 6 6 months More than
months -1 year 3 years
(i) Undisputed Trade receivables — considered – 99,968.66 6,403.76 2,630.43 766.21 3,336.25 113,105.31
good
(iii) Undisputed Trade Receivables — credit – – 253.97 653.50 57.50 2,613.75 3,578.72
impaired
(vi) Disputed Trade Receivables — credit impaired – – 0.47 1,964.35 – 681.29 2,646.11
TOTAL – 99,968.66 6,658.20 5,248.28 823.71 6,631.29 119,330.14
* Outstanding from the transaction date for FY24 & FY23

Note 7 : Loans
(Unsecured, considered good unless otherwise stated)
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Current
Unsecured, considered good 50.38 34.59
Total current loans 50.38 34.59
Note 8 : Other financial assets

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Security deposits, considered good 3,295.41 2,394.65
Security deposits, credit impaired 97.13 140.45
Impairment allowance for credit impaired security deposits (97.13) (140.45)
3,295.41 2,394.65
Long term deposits with banks with maturity period of more than 12 months (provided as security 1,182.43 92.96
for various regulatory registrations)
Interest accrued on bank deposits 549.69 7.57
Total non-current other financial assets 5,027.53 2,495.18
For breakup of financial assets carried at amortised cost, refer note 34. For deposits with related parties, refer note 38
Note 9 : Deferred tax assets / (liabilities) (net)

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Deferred tax assets 6,627.66 6,767.53
Deferred tax liabilities (6,097.33) (7,307.26)
Total deferred tax assets/ (liabilities) (net) 530.33 (539.73)
Breakup and movement in deferred tax assets

(H in Lakhs)
Employee Employee Impairment Financial Assets Carried Lease Total
benefit benefit allowance assets held for forward liabilities
Particulars obligations obligations (allowance for measured at sale losses* and Others
(gratuity) (leave doubtful debts amortised
obligations) and advances) cost
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 :
to statement of profit and loss 89.02 140.07 (666.01) (0.55) 23.34 (3,415.22) 495.52 (3,333.83)
to other comprehensive income – – – – – – (68.47) (68.47)
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
to statement of profit and loss 93.19 47.78 141.55 (0.85) 28.34 1,414.71 (571.20) 1,153.52
to other comprehensive income 2.67 – – – – – – 2.67
to discontinued operations (56.13) (28.76) (1,126.02) – – – (85.15) (1,296.06)
As at 31st March, 2024 77.74 166.47 1,796.45 – 580.12 1,414.71 2,592.17 6,627.66
*Movement for FY 23-24 of H 1,414.71 lakhs pertains to deferred tax assets created on the losses of the subsidiary (Nirlep Appliances Private Limited) pursuant to
the merger, which were not earlier accounted as there was no reasonable certainty.
Note 9 : Deferred tax assets / (liabilities) (net) (Contd..)
Breakup and movement in deferred tax liabilities
(H in Lakhs)
Property, Intangible Financial Financial Employee Investment Right of Total
plant and Assets Assets Liabilities benefit properties Use assets
Particulars equipment measured at measured at obligations and Others
Amortised Amortised (gratuity)
Cost Cost
As at 31st March, 2022 2,396.79 138.67 104.42 163.04 – 2,568.70 1,724.98 7,096.60
Charged / (credited) :
to Statement of Profit or Loss (33.74) (85.21) 3.20 (163.04) – (789.42) 1,278.87 210.66
As at 31st March, 2023 2,363.05 53.46 107.62 – – 1,779.28 3,003.85 7,307.26
to Statement of Profit or Loss (109.71) (53.46) (32.47) – – 868.93 (1,529.14) (855.85)
to discontinued operations (354.08) – – – – – – (354.08)
As at 31st March, 2024 1,899.26 – 75.15 – – 2,648.21 1,474.71 6,097.33
Note 10 : Other non-current assets

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Capital advances 1,871.48 1,966.58
Impairment allowance for credit impaired capital advances (6.63) (24.94)
1,864.85 1,941.64
Sales tax recoverables 2,499.17 389.69
Balances with government authorities 80.83 –
Right to reimbursement against employee benefit obligations for insurers who are related parties 3,047.26 3,454.58
(Non-qualifying insurance policies)
Others 1,263.54 6,501.52
8,755.65 12,287.43
Impairment allowance for doubtful advances (258.80) (267.24)
Total other non-current assets 8,496.85 12,020.19
Note 11 : Inventories
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Raw material 7,266.08 10,668.73
Work-in-progress 2,872.34 3,210.20
Finished goods 1,789.40 1,467.85
Traded goods 60,428.07 77,202.72
Material in Transit (traded goods) 2,261.77 3,531.06
Others (majorly stores & spares) 1,046.37 1,479.14
Total Inventories 75,664.03 97,559.70
The above includes provision of inventories of H 4,553.96 lakhs and H 3,814.46 lakhs for March 31, 2024 and March 31, 2023 respectively.
Note 12 : Cash and cash equivalents
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Balances with banks
in current accounts 2,111.23 2,619.41
in cash credit accounts 5,776.30 5,482.47
Deposits with orignal maturity of less than three months 3,513.45 26,041.44
Cash on hand 1.17 8.20
Total cash and cash equivalents 11,402.15 34,151.52
There are no restrictions with regards to cash and cash equivalents as at the end of the reporting period and prior period.
Note 12.1 : Bank balances

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Unpaid Dividend Accounts * 48.62 60.32
Fixed deposit under lien – 144.75
Deposits with maturity of more than three months & less than twelve months 16,013.45 2,545.67
Others 4.37 120.94
Total other bank balances 16,066.44 2,871.68
* There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at March 31, 2024 and March 31, 2023.
Note 13 : Other current financial assets

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Security deposits 948.27 590.11
Receivable from gratuity fund – 192.14
Derivative asset – 135.83
Total other current financial assets 1,084.28 1,119.49
For deposits with related parties, refer note 38
Note 14 : Other current assets

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Export benefits receivable 58.16 683.34
Balances with government authorities 13,627.71 14,694.93
Others* 21,087.98 11,361.72
Sales tax recoverables 113.53 113.53
Total other current assets 36,837.50 28,627.68
*Others mainly includes warranty insurance assets of Rs 5,715.82 lakhs (March 31, 2023 Rs NIL lakhs), insurance claims receivable of Rs 3,378.22 lakhs (March 31,
2023 Rs 416.03 lakhs) and advances to suppliers of Rs 11,454.96 lakhs (March 31, 2023 Rs 10,376.73 lakhs)
Note 15 : Assets classified as held for sale
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Leasehold premises * 219.40 219.40
Ownership premises ** 240.69
Discontinued operations (EPC segment of the Company), pursuant to the scheme of demerger – 108,045.59
(refer note 45)
Total assets classified as held for sale 460.09 108,264.99
* Upon relocation of Company’s employees to new office premises in Mumbai, the erstwhile leasehold immovable property together with buildings 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 accordingly the said transaction of sale and
transfer of leasehold rights was to be completed within one (1) year. However, on account of delay 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 consummated.
The asset held for sale of H 219.40 lakhs are not attached to any reported business segment but part of other unallocable assets. The Company has received an
advance of Rs 800 lakhs from the purchaser in relation to this sale and is expected to be completed in near future. The same is shown as a liability under other
current liabilities.
** H 240.69 lakhs pertains to an ownership office premise at Mohali, for which the Board of Directors of the Company have approved the sale in favour of the
purchaser vide Resolution dated October 27, 2023. The said transaction is expected to be completed in FY24-25.
Note 16 : Equity share capital

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Authorised
75,50,00,000 *** equity shares (March 31, 2023 - 71,25,00,000) of H 2/- each. 15,100.00 14,250.00
i) Movement in Issued, Subscribed and Paid up Equity Share Capital

Issued capital
(H in Lakhs)
Particulars No of Shares Amount
As at 31st March 2022 114,874,114 2,297.48
Exercise of Options under employee stock option scheme (refer note iv below) 201,505 4.03
Issue pursuant to merger of Starlite Lighting Limited 19 0.00
As at 31st March 2023 115,075,638 2,301.51
As at 31st March 2024 115,196,078 2,303.92
Paid-up capital
Calls in arrears @ Rs 2 per share, under rights issue (55) (0.00)
As at 31st March 2024 115,196,023 2,303.92
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.
iii) The Details of Shareholders holding more than 5% Shares:
(H in Lakhs)
As at 31st March 2024 As at 31st March 2023
Name of the Shareholder
Nos. % Holding Nos. % Holding
Jamnalal Sons Private Limited 22,548,276 19.57 22,548,276 19.59
Bajaj Holdings & Investment Limited 19,136,840 16.61 19,136,840 16.63
Kiran Bajaj 7,545,224 6.55 7,545,224 6.56
HDFC Small Cap Fund 6,793,915 5.90 6,475,269 5.63
Smallcap World Fund, Inc – – 6,098,271 5.30
Note 16 : Equity share capital (Contd..)
iv) Share reserved for issue under employee stock option scheme
For details of shares reserved for issue under the employee share based payment plan of the Company, please refer Note 33.
v) Change in promoter shareholding
(H in Lakhs)
As at 31st March 2024 As at 31st March 2023 % change during
Promoter Name
No of shares % of total shares No of shares % of total shares the year
Promoters
Mr. Shekhar Bajaj 1,814,639 1.58% 1,814,639 1.58% 0.00%
Mr. Madhur Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Mr. Niraj Bajaj 1,130,882 0.98% 1,130,882 0.98% 0.00%
Mr. Sanjivnayan Bajaj * 428,749 0.37% 428,749 0.37% 0.00%
Mr. Rahulkumar Bajaj ** NA NA NA NA 0.00%
Mr. Rajivnayan Bajaj **** 0 0.00% NA NA 0.00%
Promoter Group
Individuals :
Mrs. Kiran Bajaj 7,545,224 6.55% 7,545,224 6.56% (0.01%)
Ms. Neelima Bajaj Swamy 200,000 0.17% 200,000 0.17% 0.00%
Ms. Minal Bajaj 694,674 0.60% 694,674 0.60% 0.00%
Ms. Geetika Bajaj 2,160,084 1.88% 2,160,084 1.88% 0.00%
Ms. Nimisha Jaipuria 0 0.00% NA NA 0.00%
Ms. Sunaina Kejriwal 1,240,730 1.08% 1,240,730 1.08% 0.00%
Mr. Niravnayan Bajaj 282,507 0.25% 282,507 0.25% 0.00%
Ms. Kumud Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Ms. Pooja Bajaj 1,541,875 1.34% 1,541,875 1.34% 0.00%
Ms. Suman Jain 110,700 0.10% 110,700 0.10% 0.00%
Ms. Kriti Bajaj 101,297 0.09% 101,297 0.09% 0.00%
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%
Master Vanraj Bajaj 1,843,556 1.60% 1,843,556 1.60% 0.00%
Bodies Corporate
Jamnalal Sons Private Limited 22,548,276 19.57% 22,548,276 19.59% (0.02%)
Bajaj Holdings And Investment Limited 19,136,840 16.61% 19,136,840 16.63% (0.02%)
Hind Musafir Agency Limited 1,288,000 1.12% 1,288,000 1.12% 0.00%
Baroda Industries Private Limited 1,412,738 1.23% 1,412,738 1.23% 0.00%
Bajaj International Private Limited 917,881 0.80% 917,881 0.80% 0.00%
Hercules Hoists Limited 624,596 0.54% 624,596 0.54% 0.00%
Shekhar Holdings Private Limited 540,253 0.47% 540,253 0.47% 0.00%
Rahul Securities Private Limited 467,093 0.41% 467,093 0.41% 0.00%
Bachhraj Factories Private Limited 105,466 0.09% 105,466 0.09% 0.00%
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 1,110 0.00% 1,110 0.00% 0.00%
Limited
Madhur Securities Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Niraj Holdings Private Limited 472,162 0.41% 1,110 0.00% 0.41%
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%
Trusts
Geetika Trust No.2 (Kiran Bajaj as a Trustee) NA NA NA NA 0.00%
Niravnayan Trust (Niraj Bajaj as a Trustee) 524,721 0.46% 524,721 0.46% 0.00%
Neelima Bajaj Swamy Family Trust 812,973 0.71% 812,973 0.71% 0.00%
(Neelima Bajaj Swamy as a Trustee)
Nimisha Jaipuria Family Trust (Nimisha 628,043 0.55% 628,043 0.55% 0.00%
Jaipuria as a Trustee)
(H in Lakhs)
Promoter Name
Kriti Bajaj Family Trust (Minal Niraj Bajaj as 500,000 0.43% 500,000 0.43% 0.00%
a Trustee)
Niravnayan Bajaj Family Trust (Niraj Bajaj 500,000 0.43% 500,000 0.43% 0.00%
as a Trustee)
Rishab Family Trust 0 0.00% 471,052 0.41% (0.41%)
Sanjali Family Trust 262,717 0.23% 262,717 0.23% 0.00%
Siddhant Family Trust 262,717 0.23% 262,717 0.23% 0.00%
Nimisha Bajaj Family Trust (Madhur Bajaj 206,575 0.18% 206,575 0.18% 0.00%
as a Trustee)
Neelima Bajaj Family Trust (Kumud Bajaj 21,644 0.02% 21,644 0.02% 0.00%
as a Trustee)
Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) 1,000,000 0.87% 1,000,000 0.87% 0.00%
Kumud Neelima Family Trust (Madhur 125,800 0.11% 125,800 0.11% 0.00%
Bajaj as a Trustee)
Kumud Nimisha Family Trust (Madhur 125,800 0.11% 125,800 0.11% 0.00%
Bajaj as a Trustee)
Madhur Neelima Family Trust (Kumud 125,800 0.11% 125,800 0.11% 0.00%
Bajaj as a Trustee)
Madhur Nimisha Family Trust (Kumud 125,799 0.11% 125,799 0.11% 0.00%
Bajaj as a Trustee)
Total 72,342,279 62.82% 72,342,279 62.86% (0.04%)
(H in Lakhs)
Promoter Name
Promoters
Mr. Shekhar Bajaj 1,814,639 1.58% 1,814,639 1.58% 0.00%
Mr. Madhur Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Mr. Niraj Bajaj 1,130,882 0.98% 1,130,882 0.98% 0.00%
Promoter Group
Individuals :
Mrs. Kiran Bajaj 7,545,224 6.56% 7,545,224 6.57% (0.01%)
Ms. Minal Bajaj 694,674 0.60% 694,674 0.60% 0.00%
Ms. Geetika Bajaj 2,160,084 1.88% 2,160,084 1.88% 0.00%
Ms. Nimisha Jaipuria NA NA NA NA 0.00%
Ms. Kumud Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Ms. Pooja Bajaj 1,541,875 1.34% 1,989,875 1.73% (0.39%)
Ms. Suman Jain 110,700 0.10% 110,700 0.10% 0.00%
Ms. Kriti Bajaj 101,297 0.09% 101,297 0.09% 0.00%
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%
Bodies Corporate
Jamnalal Sons Private Limited 22,548,276 19.59% 22,443,275 19.54% 0.06%
Bajaj Holdings And Investment Limited 19,136,840 16.63% 18,793,840 16.36% 0.27%
(H in Lakhs)
Promoter Name

Kamalnayan Investment & Trading Private 1,110 0.00% 1,110 0.00% 0.00%
Limited
Trusts
Geetika Trust No.2 (Kiran Bajaj as a NA NA NA NA 0.00%
Trustee)
Neelima Bajaj Swamy Family Trust 812,973 0.71% 812,973 0.71% 0.00%
(Neelima Bajaj Swamy as a Trustee)
Nimisha Jaipuria Family Trust (Nimisha 628,043 0.55% 628,043 0.55% 0.00%
Jaipuria as a Trustee)
Kriti Bajaj Family Trust (Minal Niraj Bajaj as 500,000 0.43% 500,000 0.44% 0.00%
a Trustee)
Niravnayan Bajaj Family Trust (Niraj Bajaj 500,000 0.43% 500,000 0.44% 0.00%
as a Trustee)
Rishab Family Trust 471,052 0.41% 471,052 0.41% 0.00%
Nimisha Bajaj Family Trust (Madhur Bajaj 206,575 0.18% 206,575 0.18% 0.00%
as a Trustee)
Neelima Bajaj Family Trust (Kumud Bajaj 21,644 0.02% 21,644 0.02% 0.00%
as a Trustee)
Kumud Neelima Family Trust (Madhur 125,800 0.11% 125,800 0.11% 0.00%
Bajaj as a Trustee)
Kumud Nimisha Family Trust (Madhur 125,800 0.11% 125,800 0.11% 0.00%
Bajaj as a Trustee)
Madhur Neelima Family Trust (Kumud 125,800 0.11% 125,800 0.11% 0.00%
Bajaj as a Trustee)
Madhur Nimisha Family Trust (Kumud 125,799 0.11% 125,799 0.11% 0.00%
Bajaj as a Trustee)
Total 72,342,279 62.86% 72,342,278 62.98% (0.11%)
* Considered as a Promoter post demise of Mr. Rahulkumar Bajaj on February 12, 2022
** Ceased to be a promoter post sad demise on February 12, 2022
*** Amended with effect from March 31, 2024, pursuant to the Scheme of Merger by Absorption of Nirlep Appliances Private Limited with Bajaj Electricals
Limited and their respective Shareholders under Section 230-232 of the Companies Act, 2013 (which was sanctioned by the Hon’ble National Company Law
Tribunal, Mumbai Bench, vide its order dated March 1, 2024, having reference number as C.P.(CAA)/250(MB)2023 connected with C.A.(CAA)/246(MB)2022).
**** Rajivnayan Bajaj classified in Promoter category from June, 2023 quarter
Note 17 : Other Equity
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
i) Securities premium reserve 67,307.46 66,594.40
ii) General reserve 45,967.75 45,967.75
iii) Share options outstanding account 2,698.94 1,874.06
iv) Retained earnings 27,895.47 76,099.24
v) Capital reserve 175.18 175.18
vi) Capital redemption reserve 135.71 135.71
vii) Effective Portion of Cashflow Hedges (38.31) (68.91)
viii) Share application money pending allotment 3.03 –
ix) Amalgamation adjustment reserve (2,327.15) (2,327.15)
Total reserves and surplus 141,818.08 188,450.28
i) Securities premium reserve

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Opening Balance 66,594.40 65,356.13
Add: Exercise of share options 505.92 893.24
Add: Exercise of options - transferred from shares options outstanding account 207.14 344.84
Add: Issue of share capital – 0.19
Closing Balance 67,307.46 66,594.40
ii) General Reserve

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
iii) Shares options outstanding account

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Add : Employee stock option expense 1,087.46 1,084.00
Less : Transferred to retained earnings on account on lapse of vested options (55.44) (63.66)
Less : Exercise of options - to securities premium (207.14) (344.84)
iv) Retained earnings

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Add : Net profit for the year 13,178.80 21,634.09
Add : Other comprehensive income 15.80 203.73
Add : Transferred from share options reserve for vested cancelled options 55.44 63.66
Less: Dividend on equity shares (4,604.08) (3,446.03)
Less: Derecognised pursuant to discontinued operations (refer note 45) (56,849.73) –
Note 17 : Other Equity (Contd..)
v) Capital reserve
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Opening Balance 175.18 175.18
Closing Balance 175.18 175.18
vi) Capital redemption reserve

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
vii) Effective Portion of Cashflow Hedges

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Opening Balance (68.91) 88.29
Add / (less): Charge for the year 37.69 (125.98)
Add / (less): Other comprehensive loss (7.09) (31.22)
Closing Balance (38.31) (68.91)
viii) Share application money pending allotment

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Opening Balance – 0.19
Add / (less) : (Issue of share capital) / share application monies received 3.03 (0.19)
Closing Balance 3.03 –
ix) Amalgamation adjustment reserve

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Opening Balance (2,327.15) (2,327.15)
Closing Balance (2,327.15) (2,327.15)
Nature and purpose of reserves

Securities Premium
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Companies Act, 2013.
General Reserve
Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage
in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more
than 10% of the paid-up capital of the 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 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.
Share options outstanding account
The fair value of the equity-settled share based payment transactions is recognised in Statement of Profit and Loss with corresponding credit
to Employee Stock Options Outstanding Account.
Effective Portion of Cashflow Hedges
The Company uses hedging instruments as part of its management of foreign currency risk and interest rate risk associated on borrowings.
For hedging foreign currency and interest rate risk, the Company uses foreign 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 the 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.
Amalgamation adjustment reserve
The Company creates amalgamation adjustment reserve on account of business combination pursuant to any schemes for merger/demerger, etc.
Retained earnings
Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other
distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit plans, net of taxes that will not
be reclassified to Statement of Profit and Loss.
Capital reserve
In case of business combinations,if the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the
Company re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures
used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net
assets acquired over the aggregate consideration transferred, then the gain is recognised in OCI and accumulated in equity as capital reserve.
However, if there is no clear evidence of bargain purchase, the entity recognises the gain directly in equity as capital reserve, without routing
the same through OCI.
Capital redemption reserve
The Company in the past had redeemed certain preference shares of Rs 1,000.00 lakhs. The Company had set aside an equal amount from
retained earnings into capital redemption reserve. Further, the said capital redemption reserve was used for issue of bonus shares in the year
ended March 31, 2008 and an amount of H 864.29 lakhs was utilised from the said reserve.
Distribution paid and proposed
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Dividend proposed
Final dividend proposed for the year ended March 31, 2024 of 3/- per share pending shareholder’s 3,455.88 –
approval
Dividend paid:
Final dividend paid for the year ended March 31, 2023 of 4/- per share and March 31, 2022 of 3/- 4,604.08 3,446.03
per share
Note 18 : Borrowings
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars Note No.
(Restated)
Current
Unsecured
Sales tax deferral liability (payable in June 2023) Note a – 16.65
Total unsecured current borrowings – 16.65
Total current borrowings – 16.65
Note a:
Sales tax deferral liability is interest free and repayable over predefined instalments from the initial date of deferment of liability, as per the
respective schemes. There are no amounts outstanding as on March 31, 2024.
Note 18 : Borrowings (Contd..)
Note b : Below are the details of the assets hypothecated and immovable properties charged towards the facility of fund and
non-fund based limits with the Company
First pari passu charge by way of hypothecation of inventories, book debts and all movable assets under the head ‘property, plant and equipment
First pari passu charge on the Company’s immovable properties at
– Wardha premises - Plot no. 36, Block no. 17, Mouza no. 225, Bacharaj road, Gandhi Chowk, Wardha
– Hari Kunj - Flat No. 103 and 104, ‘B’ wing, Sindhi Society, Chembur East, Mumbai - 400071
Second pari passu charge over present and future property, plant and equipment of the Company, situated at
– Chakan Unit : Village Mahalunge, Chakan Talegaon Road, Khed, Pune - 410501;
– Showroom on Ground floor and Office Premises on Second Floor at Bajaj Bhawan 226, Jamnalal Bajaj Marg, Nariman Point,
Mumbai 400 021.
– Office Premises No : 001, 502 and 701, ‘Rustomjee Aspiree’, Bhanu Shankar Yagnik Marg, Off Eastern Highway, Sion (East),
Mumbai - 400 022
– R & D centre at Plot no. 27/ pt 2/ at Millennium Business Park, TTC Industrial area, Mahape, Navi Mumbai
The below assets of the Aurangabad factory have been kept on charge for the secured borrowings.
– First and exclusive charge by way of mortgage of land & building at Gut No. 16 Naigavhan, Khandewadi, Tq. Paithan, Paithan
Road, Aurangabad.
– First and exclusive charge by way of mortgage of land at Gut No 09, situated at Naighavan Khandewadi, Tq. Paithan, Paithan
Road, Aurangabad.
– First and exclusive charge by way of hypothecation of plant and machinery at Gut No 16, Naigavhan, Khandewadi, Tq. Paithan, Paithan
Road, Aurangabad.
– First and exclusive charge by way of hypothecation of inventory and receivables of the subsidiary.”
The Company has not defaulted on any loans which were due for repayment during the year.
Note c : The Company has funded and non-funded borrowing limits from banks and financial institutions and has utilised the same for the
specific purpose for which it was taken. Further, these limits are on the basis of security of current assets and the Company has filed quarterly
returns / statement of current assets with banks or financial institutions which are in agreement with the books of accounts.
Note 19 : Other Financial Liabilities

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Non Current
Employee benefit liabilities 16.35 16.52
Total other non-current financial liabilities 16.35 16.52
Current
Capital creditors 312.34 379.10
Unpaid dividends 48.62 60.32
Trade deposits (dealers, vendors etc.) 664.65 808.95
Derivative liability 2.18 –
Other payables * 968.64 32,720.37
Liability towards corporate social responsibility (shortfall) (refer note 43) 122.13 175.29
Employee benefit liabilities 4,401.01 5,998.63
Total other current financial liabilities 6,519.57 40,142.66
* includes Rs 31,558.99 lakhs payable to Bajel Projects Limited purusant to the scheme of demerger.
All the above financial liabilities are carried at amortised cost except for derivative liabilities (forward exchange contracts) which are fair valued
through profit and loss and financial guarantee contracts which are initially recognised at fair value.
Note 20 : Provisions
(H in Lakhs)
(Restated)
FY 2023-24 FY 2022-23
Particulars
Current Non Current Total Current Non Current Total
Service warranties* 4,477.05 969.70 5,446.75 4,173.48 1,689.40 5,862.88
Legal claims 302.41 – 302.41 200.69 – 200.69
Other matters** 448.16 – 448.16 508.16 – 508.16
Total Provisions 5,227.62 969.70 6,197.32 4,882.33 1,689.40 6,571.73
Movement in provisions is as given below:

(H in Lakhs)
Particulars Service Warranties Legal Claims Other matters
Opening balance as on 1st April, 2022 8,147.02 373.42 1,643.46
Utilised during the year (2,284.14) (172.73) (1,135.30)
Closing balance as on 31st March, 2023 5,862.88 200.69 508.16
Provision for the year – 101.72 –
Utilised during the year (416.13) – (60.00)
*Refer note 1D(1)
**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.
Note 21 : Employee Benefit Obligations

(H in Lakhs)
(Restated)
31-Mar-24 31-Mar-23
Particulars
Leave obligations 458.03 1,356.61 1,814.64 374.57 1,165.79 1,540.36
Interest rate guarantee on provident fund – 547.58 547.58 – 311.23 311.23
Gratuity (refer note a below) 866.76 3,286.32 4,153.08 885.28 3,404.64 4,289.92
Total employee benefit obligations 1,324.79 5,190.51 6,515.30 1,259.85 4,881.66 6,141.51
Disclosure of defined benefit plans are as given below :

A. Gratuity :
The Company has a defined benefit gratuity plan in India (Funded) for its employees, which requires contribution to be made to a
separately administered fund.
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.
(i) The provisions of the Payment of Gratuity Act, 1972 :
Benefits as per the Payment of Gratuity Act, 1972
Salary for calculation of Gratuity (GS) Last drawn basic salary including dearness allowance (if any)
Gratuity Service (SER) Completed years of Continuous Service with part thereof in
excess of six months
Vesting period 5 Years #
Benefit on normal retirement 15/26 * GS * SER
Benefit on early retirement / termination / resignation / Same as normal retirement benefit based on the service upto
withdrawal the date of exit.
Benefit on death in service Same as normal retirement benefit and no vesting period
condition applies.
Limit H 20 lakhs
Note 21 : Employee Benefit Obligations (Contd..)
(ii) The Company’s gratuity scheme :
Benefits as per the Company’s Gratuity Scheme for HO Employees ( Category S - Staff )
Salary for calculation of Gratuity (GS) Basic Salary + Special Pay + Personal Pay + Variable Dearness
Allowance + Fixed Dearness Allowance
condition applies.
Limit No Limit
Benefits as per the Company’s Gratuity Scheme for HO (Category E - Executives, Category PSG - Project Services Group and
Category Factory Staff - Chakan & Ranjangaon Employees)
Salary for calculation of Gratuity (GS) HO Category E & PSG: Basic Salary
Factory Staff : Basic Salary + DA, if any
Benefit on normal retirement Service Benefits
Between 5 & 9 years 60% x GS x SER
25 years & Above GS x SER
Benefit on early retirement / termination / resignation / Service Benefits
withdrawal Between 5 & 9 years 60% x GS x SER
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
service upto the date of exit.
Limit No Limit
# 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.
Changes in the Present Value of Obligation are as given below (Amounts in INR Lakhs) :
(H in Lakhs)
(Restated)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Present Value of Obligation as at the beginning 4,490.07 4,501.91
Current Service Cost 480.21 460.40
Interest Cost 326.52 303.54
Re-measurement (gain) / loss arising from: – –
– change in demographic assumptions – (184.59)
– change in financial assumptions 19.83 (90.69)
– experience adjustments (i.e. Actual experience vs assumptions) 25.09 (130.64)
Benefits Paid (425.51) (369.86)
Present Value of Obligation as at the end 4,916.21 4,490.07
Changes in the Fair Value of Plan Assets is as given below (Amounts in INR Lakhs) :
(Restated)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Fair Value of Plan Assets as at the beginning 200.15 682.36
Adjustment on account on merger 516.14 –
Investment Income 52.04 45.00
Employer’s Contribution – –
Benefits Paid (67.94) (124.05)
Return on plan assets , excluding amount recognised in interest (expense)/income 62.74 (403.16)
Fair Value of Plan Assets as at the end 763.13 200.15
Changes in the Fair Value of Reimbursement Right is as given below * (Amounts in INR Lakhs) :
(Restated)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Fair Value of Reimbursement Right as at the beginning 4,232.55 3,958.57
Adjustment on account on merger 666.37 –
Less : Assets transferred to BAJEL as per Arrangement of Scheme of demerger (1,408.76) –
Benefits Paid (436.98) (389.56)
Return on plan assets , excluding amount recognised in interest (expense)/income 435.07 402.46
Fair Value of Reimbursement Right as at the end 3,844.18 4,232.55
* 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 Bajaj Electricals
Limited). The same has been disclosed in Note 10 and Note 14 of the standalone financials statements
Amount recognised in balance sheet is as given below (Amounts in INR Lakhs) :

(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Present Value of Obligation 4,916.21 4,490.07
Fair Value of Plan Assets 763.13 200.15
Surplus / (Deficit) 4,153.08 4,289.92
Effects of Asset Ceiling, if any – –
Net Actuarially Valued Asset / (Liability) 4,153.08 4,289.92
Liability on an actual basis for employees at foreign branches – –
Total Net Asset / (Liability) 4,153.08 4,289.92
Amount recognised in statement of profit and loss and other comprehensive income is as given below (Amounts in INR Lakhs) :
(Restated)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Costs charged to statement of profit and loss :
Interest Expense or Cost 326.52 303.54
Investment Income (375.88) (306.09)
Expense recognised in statement of profit and loss 430.85 457.85
Re-measurement (gain) / loss arising from:
Change in demographic assumptions – (184.59)
Change in financial assumptions 19.83 (90.69)
Experience adjustments (i.e. Actual experience vs assumptions) 25.09 (137.88)
Adjustment due to corporate action / de-merger 132.61 –
Return on plan assets , excluding amount recognised in interest expense/(income) (352.06) 0.70
(Income) / Expense recognised in Other Comprehensive Income (174.53) (412.46)
Total Expense Recognised during the year 256.32 45.39
Major categories of Plan Assets & Reimbursement Right (as percentage of Total Assets)
(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Funds managed by Insurer 100% 100%
Total 100% 100%
As the funds are managed wholly by the insurance company, the break-up of the plan assets is unavailable
The significant actuarial assumptions are as follows:
Financial Assumptions
(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Discount rate (per annum) 7.15% 7.25%
Salary growth rate (per annum) 8.50% 8.50%
Demographic Assumptions
(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Mortality Rate 100% of IALM 100% of IALM
12-14 12-14
Withdrawal rates, based on age: (per annum) :
Up to 30 years 27.00% 27.00%
31 - 44 years 18.00% 18.00%
Above 44 years 18.00% 18.00%
Summary of Membership Status

(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Number of employees 2,040 2,406
Total monthly salary (H In Lakhs) 908.79 953.50
Average past service (years) 5.83 6.72
Average age (years) 37.27 37.39
Average remaining working life (years) 20.74 20.62
Number of completed years valued 11,044 16,157
Decrement adjusted remaining working life (years) 4.54 4.58
Normal retirement age 58 58
* 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.
Sensitivity Analysis
The sensitivity analysis is determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period,
while holding all other assumptions constant.
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Defined Benefit Obligation (Base) 4,916.19 5,913.95
(H in Lakhs)
(Restated)
31-Mar-24 31-Mar-23
Particulars Result of Result of Result of Result of
decrease increase decrease increase
Discount Rate (- / + 1%) 5,101.33 4,753.18 6,139.49 5,702.07
(% change compared to base due to sensitivity) 3.77% (3.32%) 24.88% 15.99%
Salary Growth Rate (- / + 1%) 4,766.20 5,083.58 5,718.42 6,117.18
(% change compared to base due to sensitivity) (3.05%) 3.40% 16.32% 24.43%
Attrition Rate (- / + 50% of attrition rates) 5,320.02 4,714.47 6,357.45 5,695.06
Mortality Rate (- / + 10% of mortality rates) 4,917.75 4,920.99 5,912.39 5,912.47
(% change compared to base due to sensitivity) 0.03% 0.10% 20.26% 20.27%
The description of plans ability to affect the amount, timing and uncertainty of the entity’s future cash flows
a) Funding arrangements and Funding Policy
The scheme is managed on funded basis. Payment for present liability of future payment of gratuity is being made to approved
gratuity fund, which fully covers the same under Cash Accumulation Policies of the Life Insurance Corporation of India (LIC)
and Bajaj Allianz Life Insurance Company Ltd. (BALIC). Every year, the insurance company carries out a funding valuation based
on the latest employee data provided by the Company. Any deficit in the assets arising as a result of such valuation is funded
by the Company.
b) Expected Contribution during the next annual reporting period (Amounts in INR Lakhs)
(Restated)
The Company’s best estimate of Contribution during the next year 607.52 650.03
c) Maturity Profile of Defined Benefit Obligation (Amounts in INR)

(Restated)
Weighted average duration (based on discounted cashflows) 4 Years 4 Years
Expected cash flows over the next (valued on undiscounted basis):(Amounts in INR Lakhs):
(Restated)
1 year 1,629.89 1,775.19
More than 1 and upto 2 years 575.27 775.69
More than 2 and upto 5 years 1,628.98 1,954.24
More than 10 years 1,223.51 1,421.97
d) Asset liability matching strategies

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 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 to the
duration of liabilities. Thus, the Company is exposed to movement in interest rate (in particular, the significant fall in interest rates,
which should result in a increase in liability without corresponding increase in the asset)
B. Provident Fund (Defined Benefit Plan) :
Bajaj Electricals Limited operates in two schemes for the compliance of provident fund statute - (i) Bajaj 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).
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 interest rate declared by government / EPFO / relevant
authorities as well as for fund assets shortfall as against the liabilities of the Trusts
The net defined benefit obligation as at the valuation date represents the excess of accumulated fund value (determined on actuarial
basis) plus interest rate guaranteed liability over the fair value of plan assets or vice-a-versa
The benefit valued under PF obligation are summarised below:
Normal Retirement Age 58 Years *

Benefit on normal retirement Accrued Account Value
Benefit on early retirement / termination / resignation / withdrawal Accrued Account Value
Benefit on death in service Accrued Account Value
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 schedules lies jointly with the company
and the board of trustees. The board of trustees are composed of representatives of the company and plan participants in accordance
with the plan’s regulations
Changes in the Present Value of Obligation of Trusts are as given below (Amounts in INR Lakhs) :
(Restated)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Interest Cost 1,551.07 1,288.11
Current Service Cost 1,028.10 906.03
Employee’s Contributions 1,639.11 1,516.25
Transfer In / (out) of the liability 875.49 749.03
Benefits Paid (2,619.42) (2,343.73)
– experience variance (i.e. Actual experience vs assumptions), loss if positive 52.31 116.85
Changes in the Fair Value of Plan Assets of Trusts are as given below (Amounts in INR Lakhs) :
(Restated)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Fair Value of Plan Assets as at the beginning 20,418.54 18,146.23
Investment Income 1,555.74 1,285.57
Employer’s Contributions 973.59 848.57
Transfers In 875.49 749.03
Benefits Paid (2,619.42) (2,343.73)
Fair Value of Plan Assets as at the end 23,505.39 20,418.54
A deterministic approach is considered to estimate the value of Interest Rate Guarantee on the Exempt Provident Fund. The per annum
cost of guarantee at which Interest Rate Guarantee Liability has been valued is mentioned below
Amount recognised in balance sheet of Trusts is as given below:
Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust (for Chakan unit employees) (Amounts in INR Lakhs) :
(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Present Value of Obligation 440.67 448.81
Fair Value of Plan Assets 1,018.38 966.73
Surplus / (Deficit) 577.71 517.92
Net Asset / (Liability) 577.71 517.92
The present value of obligation of Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust represents the aggregate of
accumulated fund value of H 430.98 lakhs (As on March 31, 2023 - H 441.90 lakhs) and interest rate guarantee H 9.70 lakhs (As on
March 31, 2023 - H 6.91 lakhs). Of the above, the interest rate guarantee 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
Bajaj Electricals Limited Employees’ Provident Fund Trust (for H.O. employees) (Amounts in INR Lakhs) :
(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Fair Value of Plan Assets 22,487.02 19,451.82
Surplus / (Deficit) (117.17) (428.15)
Net Asset / (Liability) (117.17) (428.15)
The present value of obligation of Bajaj Electricals Limited Employees’ Provident Fund Trust represents the aggregate of accumulated
fund value of H 22,106.9 lakhs (As on March 31, 2023 - H 19,574.05 lakhs) and interest rate guarantee H 497.33 lakhs (As on March
31, 2023 - H 305.92 lakhs). Of the above, the interest rate guarantee 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.
Since interest rate guarantee is already accounted in BEL’s books, the liability of H 22,106.86 lakhs (As on Mar 31, 2023 - H 19,574.05
lakhs) which is Accumulated Fund Value of H 380.17 lakhs (As on Mar 31, 2023 - H 122.23) in excess of Fair Value of Plan Assets of H
22,487.02 (As on Mar 31, 2023 - 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 return
on Trust’s investment in IL&FS as well as DHFL in past years; the partial recovery in the form of fresh debt security units and cash has
happened from DHFL and the differential value is funded by BEL to the Trust. BEL has also recorded full liability towards IL&FS which is
to be paid by BEL to the Trust to the extent of unrecovered balances from IL&FS.
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 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 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. Accordingly, surplus assets of trust for
Chakan employees cannot be offset against liability relating to trust for H.O. employees.
Amount recognised in statement of profit and loss and other comprehensive income of Trusts is as given below (Amounts
in INR Lakhs) :
(Restated)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Interest Cost 1,551.07 1,288.11
Investment Income (1,555.74) (1,285.57)
Expense recognised in statement of profit and loss 1,023.43 908.57
– Experience variance (i.e. Actual experience vs assumptions) * 52.31 116.85
Return on plan assets , excluding amount recognised in interest expense/(income) (662.34) (216.62)
Expense recognised in Other Comprehensive Income (420.62) (157.64)
* included in other comprehensive income in the statement of profit and loss

The significant actuarial assumptions are as follows :
Financial and Demographic Assumptions
(Restated)
As on 31-Mar-24 As on 31-Mar-23
Particulars
HO Unit Chakan Unit HO Unit Chakan Unit
Discount rate (per annum) 7.17% 7.17% 6.94% 6.94%
Interest rate guarantee (per annum) 8.25% 8.25% 8.10% 8.10%
Discount Rate for the Remaining Term to Maturity of the Investment (p.a.) 6.94% 6.94% 6.94% 6.94%
Average Historic Yield on the Investment (p.a.) 7.91% 7.82% 7.82% 7.82%
Mortality Rate 100.00% 100.00% 100.00% 100.00%
(Restated)
As on
Live Employees Live Employees
Attrition Rate, based on ages:
– Upto 30 years 4.99% 4.99%
– 31 to 44 years 3.63% 3.63%
– 45 to 57 years 3.62% 3.62%
– Above 57 years 0.38% 0.38%
Summary of Membership Status :

(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Dormant/Inoperative Employees 2,815 2,501
Live Number of employees 1,650 1,747
Total Number of employees 4,465 4,248
Major categories of Plan Assets (as percentage of Total Plan Assets)

(Restated)
As on
Particulars
31-Mar-24 31-Mar-23
Government of India securities 3.20% 3.70%
State Government securities 37.50% 38.60%
High quality corporate bonds 34.40% 33.60%
Equity shares of listed companies 0.00% 0.00%
Special Deposit Scheme 6.50% 7.50%
Funds managed by Insurer 0.00% 0.00%
Bank balance 0.40% 0.50%
Other Investments 18.00% 16.10%
Total 100.00% 100.00%
The sensitivity analysis is determined based on reasonably possible changes of the assumptions occurring at the end of the reporting
period, while holding all other assumptions constant.
(Amounts in INR Lakhs)
(Restated)
(H in Lakhs)
(Restated)
Discount Rate (- / + 1%) 23,065.04 23,025.85 20,342.38 20,316.02
(% change compared to base due to sensitivity) 0.09% (0.08%) 0.07% (0.06%)
Interest rate guarantee (- / + 1%) 22,537.83 24,614.39 20,015.95 21,761.17
(% change compared to base due to sensitivity) (2.20%) 6.81% (1.54%) 7.05%
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 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 for EPF exempted establishments. Any deficit in the assets of PF Trusts is funded by the Company. The provident
fund for certain employees is a defined contribution plans covered under RPFC Contributions
b) Expected contribution during the next annual reporting period (Amounts in INR Lakhs)
(Restated)
The Trusts’ best estimate of Contribution during the next year 1,017.39 889.17
This has been calculated assuming that the employer’s contribution next year shall increase by 5%.
c) Asset liability matching strategies
For PF Trust Investments, the same are managed by Trustees as per advice and recommendations of a professional consultant. The
Employees’ Provident Fund Organisation, Ministry of Labour, Government of India, vide its notification in official gazette notified
the pattern of investment for EPF exempted establishments, which depicts the obligatory pattern of investments of PF contributions
and interests. The pattern mandates to invest as below :
Category / Sub-Category Percentage of amount to be invested

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%
C. Expenses Recognised during the year (Defined Contribution Plan) :

(Restated)
For the year ended
Provident Fund 2,041.00 1,757.22
Superannuation 213.04 201.75
Pension 519.58 455.62
Note 22 : Trade Payables
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Current
Trade payable due to others 52,117.97 57,145.80
Dues to micro, small and medium enterprises * 3,781.66 3,768.20
Total current trade payables 55,899.63 60,914.00
For payables to related parties, refer note 38

* 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.
Principal amount and interest due thereon remaining unpaid to any supplier covered under MSMED Act, 2006:
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Principal 3,454.50 3,212.00
Interest 327.16 556.20
The amount of interest paid by the buyer in terms of Section 16, of the MSMED Act, 2006 along 133.19 369.32
with the amounts of the payment made to the supplier beyond the appointed day during each
accounting year.
The amount of interest due and payable for the period of delay in making payment (which have – –
been paid but beyond the appointed day during the year) but without adding the interest specified
under MSMED Act, 2006.
The amount of interest accrued and remaining unpaid at the end of each accounting year. 327.16 556.20
The amount of further interest remaining due and payable even in the succeeding years, until such – –
date when the interest dues as above are actually paid to the small enterprise for the purpose of
disallowance as a deductible expenditure under section 23 of the MSMED Act, 2006.
Trade Payables aging schedule as at March 31, 2024

(H in Lakhs)
Outstanding for following periods from transaction date
1 Year 3 years
(i) Micro, small and medium enterprises (MSME) 3,381.61 330.78 16.55 22.47 15.03 3,766.44
(ii) Others 21,694.67 28,392.50 841.33 743.66 444.88 52,117.04
(iii) Disputed Dues - MSME – – – – 15.22 15.22
(iv) Disputed Dues – Others – – – 0.12 0.81 0.93
TOTAL 25,076.28 28,723.28 857.88 766.25 475.94 55,899.63

(H in Lakhs)
(Restated)
1 Year 3 years
(ii) Others 18,271.23 31,120.00 3,729.96 3,536.19 486.73 57,144.11
(iv) Disputed Dues – Others – 0.12 0.07 0.50 1.00 1.69
TOTAL 21,540.01 31,533.80 3,739.19 3,564.16 536.84 60,914.00
Note 22.1 : Trade credits
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Customer credits * 59,442.37 57,967.35
Supplier credits ** 68,830.01 60,721.79
Total trade credits 128,272.38 118,689.14
Considering the emerging practices in India and globally, the Company has certain obligations on behalf of suppliers or customers and in
certain cases bears portion of interest cost. The company has treated the same as a separate line item as trade credit arrangements on the
face of the balance sheet under financial liabilities to provide users to assess impact on liabilities, cash flows and liquidity risks more clearly.
Suppliers credit was hitherto included in trade payables and customer channel financing was included in other financial liabilities. These are
not due as on the date of the balancesheet.
* Customer credits include receivables which are subject to factoring arrangements and channel financing facilities. Under this arrangement the Company has
transferred the relevant receivables to the factor in exchange for cash. The Company continues to recognise the transferred assets in their entirety in its balance
sheet with the corresponding liability under customer credits.
** Supplier’s credit also includes amounts payable towards vendor financing entered into with the suppliers. Under this arrangement, the supplier is eligible to receive
payment prior to the expiry of extended credit period by assigning such invoices to a third-party purchaser bank based on security in the form of an undertaking issued by
the Company to the bank. Further, the supplier charges interest to the Company for the extended credit period which has been presented under Finance Cost
Note 23 : Other Current Liabilities

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Statutory liabilities payable 2,817.72 3,198.42
Deferred revenue * 3,449.45 3,123.44
Others 833.06 1,004.00
Total other current liabilities 7,100.23 7,325.86
* Deferred revenue includes H 3,099.75 lakhs (March 31, 2023 - H 2,773.74 lakhs) for accrual of points under the Retailer Bonding Program and H 349.70 lakhs
(March 31, 2023 - H 349.70 lakhs) for extended warranty provision considered as a separate performance obligation.
Note 24 : Revenue from operations

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Sale of products 453,623.31 459,612.33
Contract Revenue 8,611.29 27,164.95
Other operating revenue
Scrap sales 1,604.58 2,010.71
Insurance claims 36.80 110.09
Others 250.85 26.41
Total revenue from operations (Refer Note 41(i)) 464,126.83 488,924.49
Note 25 : Other income

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Interest income on bank deposits and others 1,446.59 601.58
Interest income from financial assets at amortised cost 123.65 56.58
Interest on income tax refund 4,113.61 –
Rental income 152.85 251.57
Net gain on disposal of property, plant & equipment – 282.82
Net gain from sale of investment 180.63 310.56
Impairment allowance on trade receivables and others written back 705.08 927.87
Credit balance written back 1,341.65 776.38
Gain on termination of right-of-use assets 148.45 27.24
Others 434.56 1,269.15
Total other income 8,647.07 4,503.75
Note 26 : Cost of raw materials consumed
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Raw materials at the beginning of the year 10,668.73 9,878.17
Add : Purchases 47,946.73 50,029.92
Less : Raw materials at the end of the year (refer note 11) 7,266.08 10,668.73
Total cost of raw material consumed 51,349.38 49,239.36
Note 26 : Changes in inventories of work-in-progress, finished goods, traded goods

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Opening balance
Work in progress 3,210.20 2,241.77
Finished Goods 1,467.85 1,587.28
Traded goods 80,733.78 76,906.04
Total opening balance 85,411.83 80,735.09
Closing balance
Work in progress (refer note 11) 2,872.34 3,210.20
Finished Goods (refer note 11) 1,789.40 1,467.85
Traded goods (refer note 11) 62,689.85 80,733.78
Total Closing balance 67,351.59 85,411.83
Total Changes in inventories of work in progress, traded goods and finished goods 18,060.24 (4,676.74)
Note 27 : Erection and subcontracting expenses

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Erection and subcontracting expense 2,621.02 1,887.07
Total Erection and subcontracting expense 2,621.02 1,887.07
Note 28 : Employee benefits expenses

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Salaries, wages and bonus 32,729.65 30,534.74
Contribution to provident and other funds (refer note 21) 1,882.68 1,640.42
Employees share based payment expense (refer note 33) 1,087.46 1,084.00
Gratuity (refer note 21) 430.85 457.85
Staff welfare expenses 362.21 653.60
Total employee benefit expense 36,492.85 34,370.61
Note 29 : Depreciation and amortisation expense

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Depreciation of property, plant and equipment (Note 2) 5,021.89 3,885.95
Depreciation on investment properties (Note 4.1) 82.78 112.87
Amortisation of intangible assets (Note 4) 1,101.47 1,001.68
Depreciation of Right of Use assets (Note 3) 4,752.35 2,377.38
Total depreciation and amortisation expense 10,958.49 7,377.88
Note 30 : Other expenses
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Consumption of stores and spares 648.99 1,148.25
Packing material consumed 3,763.17 3,050.52
Power and fuel 1,434.43 1,147.28
Rent (refer note 42) 2,083.70 685.46
Repairs and maintenance
Plant and machinery 525.45 635.09
Buildings 9.74 29.66
Others 261.18 214.69
Telephone and communication charges 662.23 688.32
Rates and taxes 227.41 89.52
Travel and conveyance 3,987.57 3,554.04
Insurance 502.71 535.30
Printing and stationery 46.87 73.43
Directors fees 80.15 64.72
Non executive directors commission 68.00 47.91
Advertisement and publicity 11,264.96 13,443.80
Freight and forwarding 12,401.22 12,605.93
Product promotion, demonstration and installation charges 9,719.30 15,781.37
Sales commission 1,731.77 1,048.38
Impairment allowance for doubtful debts and advances (net of reversals) 1,338.96 718.57
Bad debts and other irrecoverable debit balances written off 379.45 526.89
Payments to auditors (refer note 30(a)) 150.72 194.56
Corporate social responsibility expenditure (refer note 43) 514.04 300.63
E-Waste Management 850.83 –
Legal and professional fees 2,477.15 2,080.47
Site support charges 59.95 58.73
Sales tax expenses (net) 224.28 (23.53)
Security service charges 1,246.49 574.38
Software expenses (AMC) 2,335.18 2,897.25
Warehouse Management Services 3,892.98 5,493.75
Warranty expenses (net of insurance premium and claims) 2,843.79 4,633.37
Miscellaneous expenses 7,227.35 6,632.05
Total other expenses 72,960.02 78,930.79
Note 30(a) : Details of payment to auditors

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Payment to Auditors
As Auditor
Audit fee 88.31 124.74
Tax audit fee 3.70 6.00
Limited review fees 40.82 53.85
In other capacities
Certification fees 6.75 6.10
Re-imbursement of expenses 11.14 3.86
Total payment to auditors 150.72 194.55
Note 31 : Finance costs
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Interest expense on financing activities including trade credits 3,631.00 2,003.07
Interest expense on mobilization advances 677.29 1,536.70
Interest expense on lease liability (refer note 3) 1,551.30 544.44
Unwinding of discount on provisions 110.74 192.77
Other borrowing costs 377.55 84.53
Total finance cost 6,347.88 4,361.51
Note 32 : Income Tax Expense

(a) Income Tax Expense
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Current Tax
Current income tax charge 5,719.86 5,150.76
Adjustments of tax relating to earlier periods 11.31 –
Total Current tax expense 5,731.17 5,150.76
Total deferred tax expense / (benefit) (2,009.37) 3,544.49
Income tax expense in the statement of profit and loss for continuing operations 3,721.80 8,695.25
Income tax expense in the statement of profit and loss for discontinued operations (144.54) 34.03
Income tax expense in the statement of profit and loss for continuing and discontinued 3,577.26 8,729.28
operations
(b) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate:
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Profit from continuing operations before income tax expense 17,309.51 30,239.41
Profit / (loss) from discontinued operations before income tax expense (553.45) 123.96
Profit from continuing and discontinued operations before income tax expense 16,756.06 30,363.37
Income Tax @ standard tax rate of 25.168% (March 31, 2023 - 25.168%) 4,217.17 7,641.85
Permanent differences due to:
Corporate social responsibility 164.28 67.21
Interest on micro, small & medium enterprises 98.57 128.29
Donation expenses 18.37 6.48
Adjustment of tax relating to earlier periods 11.31 –
Deferred tax written off on account of utilisation of business losses – 393.95
Loss on impairment of capital assets – 214.09
Deferred tax (created) / not created on subsidiary’s losses (1,414.71) 356.05
Block of depreciable assets for subsidiary’ property, plant & equipment not recognised 405.17 –
earlier
Others 77.10 (78.64)
Income Tax Expense reported in statement of profit and loss 3,577.26 8,729.28
Note 33 : Employee stock options :
A. Summary of Status of ESOPs Granted :
The position of the existing schemes is summarized as under :
I. Details of the ESOS :
Sr.
Particulars BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015
No.
1 Date of Shareholder’s Originally approved in AGM held on 26 Jul 2007 and As per the Postal Ballot dated 21 Jan 2016
Approval revised in AGM held on 28 Jul 2010
2 Total Number of Options Bajaj Growth 2007 Scheme approved 4,321,440 shares 30,27,073 shares of face value H2 each
approved of face value H2 each (erstwhile 864,288 shares of H10 equivalent to 3% of paid up equity i.e.
each prior to share-split) equivalent to 5% of paid up 100,902,426 shares as at the date of the
equity shares i.e. 86,428,800 shares as at the date of announcement of scheme.
the announcement of scheme. The ESOP 2011 being
the modified ESOP 2007 Scheme approved aggregate
of 78,03,560 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.
3 Vesting Requirements & Options’ vesting happen only on continuation of employment being the vesting requirement.
Exercise Period The options are granted to employees with grade Assistant General Manager and above. As per
Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014, SEBI
(Share Based Employee Benefits) (Amendment) Regulations, 2015 and SEBI (Share Based Employee
Benefits and 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 Company Policy, the
vested options can be exercised anytime upto 3 years from date of vesting. Options granted under
the plan carry no dividend or voting rights till the options are excercised and duly allotted to the
employees. When exercisable, each option is convertible into one equity share.
4 The Pricing Formula Closing price on the stock exchange where there is highest traded volume on working day prior to
the date of grant.
5 Maximum term of Options 7 Years 7 Years 7 Years
granted (years)
6 Method of Settlement Equity settled Equity settled Equity settled
7 Source of shares Fresh Issue Fresh Issue Fresh Issue
8 Variation in terms of ESOP Nil Nil The Nomination & Remuneration
Committee of the Company at its meeting
held on 12 November 2021 amended the
Scheme to align it with the requirements of
the SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021
9 Equity Shares reserved The Company has 3,027,073 Equity Shares of H2/- each available to issue as Employees Stock
for issue under Employee Options as its Total Pool Size as of March 31, 2024 under ESOPs 2015 Scheme, of which number
Stock Options outstanding of stock options not yet granted under ESOP 2015 scheme are 841,348, number of stock options
as at March 31, 2024 vested & exercisable under ESOP 2015 schemes are 439,225 and number of stock options unvested
under ESOP 2015 scheme are 729,250. Thus, total equity shares reserved for issuance under ESOP
Scheme outstanding as at March 31, 2024 are 2,009,823.
II. Option Movement during the year ended March 31, 2024
BAJAJ GROWTH
ESOP 2011 ESOP 2015
2007
Sr.
Particulars Wt. avg Wt. avg Wt. avg
No. No. of No. of No. of
exercise exercise exercise
options options options
price price price
1 No. of Options Outstanding at the beginning of the year – – – – 1,147,540.00 909.95
2 Options Granted during the year – – – – 255,000.00 1,063.20
3 Options Forfeited / Surrendered during the year – – – – 112,250.00 1,059.00
4 Options Expired (Lapsed) during the year – – – – 1,375.00 291.68
5 Options Exercised during the year – – – – 120,440.00 422.06
6 Number of options outstanding at the end of the year – – – – 1,168,475.00 875.16
7 Number of options exercisable at the end of the year – – – – 439,225.00 698.73
Note 33 : Employee stock options : (Contd..)
Option Movement during the year ended March 31, 2023
BAJAJ GROWTH
ESOP 2011 ESOP 2015
2007
Sr.
price price price
1 No. of Options Outstanding at the beginning of the year – – 1,900 257.81 1,172,520 752.14
2 Options Granted during the year – – – – 327,500 1,138.71
3 Options Forfeited / Surrendered during the year – – – – 148,750 806.79
4 Options Expired (Lapsed) during the year – – 1,250 257.81 2,875 361.28
5 Options Exercised during the year – – 650 257.81 200,855 445.97
6 Number of options outstanding at the end of the year – – – – 1,147,540 909.95
7 Number of Options exercisable at the end of the year – – – – 296,790 688.66
III. Weighted Average remaining contractual life
BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015

Range of Exercise Price
Weighted average contractual life (years) as on March 31, 2024
0 to 100 Nil Nil Nil
No. of Options Outstanding Nil Nil Nil
101 to 200 Nil Nil 0.41
No. of Options Outstanding Nil Nil 1,500.00
201 to 300 Nil Nil 2.26
No. of Options Outstanding Nil Nil 76,250
301 to 400 Nil Nil 2.78
401 to 500 Nil Nil 1.22
501 to 600 Nil Nil 1.25
601 to 700 Nil Nil 2.87
701 to 800 Nil Nil 3.86
901 to 1000 Nil Nil 4
1001 to 1100 Nil Nil 4.56

201 to 300 Nil Nil 0.40
301 to 400 Nil Nil 2.93

401 to 500 Nil Nil 3.18
501 to 600 Nil Nil 1.89
601 to 700 Nil Nil 1.78
701 to 800 Nil Nil 3.67
901 to 1000 Nil Nil 5
1001 to 1100 Nil Nil 4.02
1101 to 1200 Nil Nil 4.67
1201 to 1300 Nil Nil 4.51
IV Weighted average Fair Value of Options Granted during the year ended March 31, 2024 whose

(a) Exercise price equals market price No options were granted No options were granted 481.74
(b) Exercise price is greater than market price during the year during the year None
(c) Exercise price is less than market price None
Weighted average Fair Value of Options Granted during the year ended March 31, 2023 whose

V The weighted average market price of options exercised :

During the year ended March 31, 2024 NIL NIL 1,047.08
During the year ended March 31, 2023 NIL 989.70 1,135.93
VI Method and Assumptions used to estimate the fair value of options granted during the year ended March 31, 2024:
The fair value has been calculated using the Black Scholes Option Pricing model
The Assumptions used in the model are as follows:

Variables Weighted
Weighted Average Weighted Average
Average
1. Risk Free Interest Rate 6.98%
2. Expected Life (in years) 4.15
3. Expected Volatility 38.83%
No options granted No options granted
4. Dividend Yield 0.27%
during the year during the year
5. Exercise Price (H) 1193.95
6. Price of the underlying share in market at the time of 1193.95
the option grant. (H)
Method and Assumptions used to estimate the fair value of options granted during the year ended March 31, 2023:

Variables Weighted
Average
Assumptions:
Stock Price: Closing price on National Stock Exchange on the date of grant has been considered
Volatility: The expected price volatility is based on the historic volatility, adjusted for any expected changes to 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 corresponding with the expected life of the options.
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
Exercise Price: Exercise Price of each specific grant has been considered.
Time to Maturity: Time to Maturity / Expected Life of options is the period for which the Company expects the options to be live.
Expected divided yield: Expected dividend yield has been calculated as an average of dividend yields for five financial years
preceding the date of the grant
VII Effect of Share-Based Payment Transactions on the Entity’s standalone financial statement (H In Lakhs) :

1 Employee share based payment expense (refer note 28) 1,087.46 1,084.00
2 Share option outstanding reserve (refer note 17) 2,698.94 1,874.06
Note 34 : Fair value measurements

(i) Financial instruments by category
The carrying amounts of financial instruments by class are as follows
(H in Lakhs)
As at As at
(Restated)
A. Financial assets
I. Measured at amortized cost
Trade Receivables 117,610.87 113,105.31
Loans 50.38 34.59
Cash and Cash Equivalents 11,402.15 34,151.52
Bank Balances other than above 16,066.44 2,871.68
Other Financial Assets 6,111.81 3,478.84
II. Measured at fair value through profit and loss (FVTPL)
Other Financial Assets
– Forward contracts – 135.83
Investments 3,497.64 4,678.81
154,739.29 158,456.58
Note 34 : Fair Value Measurements : (Contd..)
(H in Lakhs)
As at As at
(Restated)
B. Financial liabilities
Borrowings – 16.65
Trade Payables 55,899.63 60,914.00
Other Financial Liabilities 6,533.74 40,159.18
Lease Liabilities 21,489.56 10,051.52
Trade credits 128,272.38 118,689.14
Other Financial Liabilities
– Forward contracts 2.18 –
212,197.49 229,830.49
* Includes investment in preference shares of Starlite Lighting Limited (joint venture), where fair value is NIL
(ii) Set out below, is a fair value measurement hierarchy and comparison by class of carrying amounts and fair value of the
Company’s financial instruments, other than those with carrying amounts which are reasonable approximations of their
fair values:
(H in Lakhs)
Carrying Fair Values Fair Values Measurement using
Particulars Valuation Techniques
values Level 1 Level 2 Level 3
As at March 31, 2024
Investments Net Asset Value (note a) 3,497.64 3,497.64 – 3,497.64
- Forward contracts Mark to Market (2.18) (2.18) – (2.18) –
3,495.46 3,495.46 – (2.18) 3,497.64
- Forward contracts Mark to Market 135.83 135.83 – 135.83 –
4,814.64 4,814.64 – 135.83 4,678.81
There have been no transfers between Level 1 and Level 2 during the year.
Note a
In case of investments, the fair value has been determined based on the NAV (net asset value).
(iii) Reconciliation of Level 3 fair value measurement
Particulars Amount
Balance as on 31st March 2022 489.73
Change during the year 4,610.49
Loss recognised in statement of profit and loss (421.41)
Balance as on 31st March 2023 4,678.81
Change during the year (1,254.37)
Profit recognised in statement of profit and loss 73.20
Note 35: Financial risk management objectives and policies
The Company’s principal financial liabilities comprise of trade payables, trade credits, lease liabilities and other 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, investments, cash and cash equivalents and bank balances, loans and other financial assets, that
derive directly from its operations.
The Company lays down appropriate policies and procedures to ensure that financial risks are identified, measured and managed in
accordance with the entity’s policies and risk objectives.
The Company is exposed to credit risk, liquidity risk and market risk, which are explained in detail below:”
(A) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. Credit risk
encompasses the direct risk of default, the risk of deterioration of creditworthiness as well as concentration risks. The Company is
exposed to credit risk from its operating activities mainly in relation to trade and other receivables and bank deposits and investments.
Trade and other receivables
Trade and other receivables of the Company are typically unsecured and credit risk is managed through credit approvals and periodical
monitoring of the creditworthiness of customers to which the Company grants credit terms. In respect of trade receivables, the Company
typically operates in two segments:
Consumer products
The Company sells the products mainly through various channels i.e. dealers and distributors, institutions and e-commerce and through
government sector. The appointment of dealers, distributors, institutions is strictly driven as per the standard operating procedures and
credit policy followed by the Company. In case of government sector, the credit risk is low.
Lighting Solutions
In case of Business to Consumer (B2C) sub-segment, the credit risk of the receivables are similar to consumer products.
In case of Busienss to Business (B2B) sub-segment, the Company undertakes projects for government institutions (including local
bodies) and private institutional customers. The credit concentration is more towards government institutions. These projects are
normally of duration of 6 months to 1 year. Such projects normally are regular tender business with the terms and conditions agreed as
per the tender. The Company enters into such projects after careful consideration of strategy, terms of payment, past experience etc.
In case of private institutional customers, before tendering for the projects company evaluate the creditworthiness, general feedback
about the customer in the market, past experience, if any with customer, and accordingly negotiates the terms and conditions
with the customer.
The Company assesses its trade and other receivables for impairment at the end of each reporting period. In determining whether an
impairment loss should be recorded in profit or loss, the Company makes judgements 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 that is commensurate to the expected losses. The provisioning policy is based on past experience,
customer creditability, and also on the nature and specifics of business. In case of B2B sub-segment in Lighting Solutions, the Company
also provides on more case-to-case basis.
The maximum exposure to credit risk as at March 31, 2024 and March 31, 2023 is the carrying value of such trade and other receivables
as shown in note 6, 8 and 13 of the standalone financial statements.
Reconciliation of impairment allowance on trade and other receivables
(H in Lakhs)
Particulars Amount
Impairment allowance on March 31, 2022 11,218.21
Additions during the year 2,049.51
Reversals during the year since amounts are written off (688.56)
Reversal during the year since provision no longer required (1,574.67)
Reversal during the year since provision no longer required (705.08)
Derecognised purusant to discontinued operations (refer note 45) (4,347.03)
Bank deposits & Investments

The Company maintains its cash and bank balances with credit worthy banks and financial institutions and reviews it on an on-
going basis. Moreover, the interest-bearing deposits are with banks and financial institutions of reputation, good past track record
Note 35: Financial risk management objectives and policies (Contd..)
and high-quality credit rating. Hence, the credit risk is assessed to be low. The maximum exposure to credit risk as at March 31, 2024
and March 31, 2023 is the carrying value of such cash and cash equivalents and deposits with banks as shown in note 8 and 12 of
the financials.
B) Liquidity risk
The Company has a central treasury department, which is responsible for maintaining adequate liquidity in the system to fund business
growth, capital expenditures, as also ensure the repayment of financial liabilities.The department obtains business plans from business
units including the capex budget, which is then consolidated and borrowing requirements are ascertained in terms of long term funds
and short-term funds. Treasury maintains flexibility in funding by maintaining availability under committed credit lines in the form of fund
based and non-fund based (LC and BG) limits.
The limits sanctioned and utilised are then monitored monthly, fortnightly and daily basis to ensure that mismatches in cash flows are
taken care of, all operational and financial commitments are honoured on time and there is proper movement of funds between the
banks from cashflow and interest arbitrage perspective.
(i) Financing arrangements
The Company had access to the following undrawn borrowing facilities at the end of the reporting period
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Floating / Fixed Rate
– Expiring within One year (Bank overdraft and other facilities) 131,118.48 131,751.33
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 are usually renewed by all banks in normal
circumstances. Hence Bank overdraft facilities are available for use throughout the year.
(ii) Maturities of financial liabilities
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments:
(H in Lakhs)
Carrying value upto 1 year Between Between More than Total
Particulars as at March 31, 1 and 2 2 and 5 5 years
2024 years years
Trade payables 55,899.63 55,899.63 – – – 55,899.63
Lease liabilities (including expected 21,489.56 5,916.16 5,620.13 12,450.66 2,540.60 26,527.55
interest payable)
Other financial liabilities 6,535.92 6,519.57 16.35 – – 6,535.92
Trade credits 128,272.38 128,272.38 – – – 128,272.38
Total 212,197.49 196,607.74 5,636.48 12,450.66 2,540.60 217,235.48
(H in Lakhs)
(Restated)
2023 years years
Borrowings (refer note 18) 16.65 16.65 – – – 16.65
Trade payables 60,914.00 60,914.00 – – – 60,914.00
Lease liabilities (including expected 10,051.52 3,622.56 2,808.28 4,780.07 868.08 12,078.99
interest payable)
Trade credits 118,689.14 118,689.14 – – – 118,689.14
Total 229,830.49 223,385.01 2,824.80 4,780.07 868.08 231,857.96
(C) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk such as commodity risk.
(i) Foreign currency risk
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.
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 Britain Pound (‘GBP’), Chinese Yuan Renminbi
(‘RMB’), United Arab Emirates Dirham (‘AED’), and Canadian Dollar (‘CAD’). Exposure is largely in exports receivables 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 Company is exposed to Foreign Exchange risk arising from future commercial transactions
and recognised assets and liabilities. The Company is a net importer as its imports and other forex liabilities exceeds the exports. It
ascertains its forex exposure and bifurcates the same into forex receivables and payables. These exposures are covered by taking
appropriate forward cover from the banks.
The Company takes a forward cover based on the underlying liability for the estimated period which would be closed to the likely
maturity date of the forex liability proposed to be hedged. On maturity date, the forward contracts are utilized for settlement of the
underlying transactions or cancelled.
(a) Foreign currency risk exposure:
The Company’s exposure to foreign currency risk at the end of the reporting period expressed in INR, are as follows :
(H in Lakhs)
As at March 31, 2024 As at March 31, 2023
Particulars Financial Financial Financial Financial
assets liabilities assets liabilities
USD 1,260.65 2,731.91 304.63 2,841.08
EUR – 37.97 – 13.82
CFA – – 63.55 9.33
GBP – 1.29 – 1.29
RMB – – 67.82 41.68
KES – – 253.18 71.00
ZMW – – – 95.01
SGD – 0.41 – 0.41
CNY 8.70 9.12 17.49 17.37
AED 0.45 5.41 9.46 2.62
Further, the Company has open foreign exchange forward contracts amounting to USD 33.31 lakhs (March 31, 2023 -
USD 37.01 lakhs)
b) Sensitivity
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial
instruments is given below
(H in Lakhs)
Impact on profit after tax & Equity
Particulars 31-03-24 31-03-23
(Restated)
USD sensitivity
INR appreciates by 5% (31 March 2023 - 5%) 73.56 126.82
INR depreciated by 5%(31 March 2023 - 5%) (73.56) (126.82)
In respect of exposure in other currencies, the impact of sensitivity of which is very negligible.
(ii) Interest rate risk
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 in a large number of cases. Hence, interest rate risk
is assessed to be low. Accordingly, the sensitivity / exposure to change in interest rate is insignificant
(iii) Commodity Price risk
The Company’s revenue is exposed to market risk of price fluctuations related to the sales of its products. Market forces generally
determine the prices for the products sold by the Company. This prices may be influenced by the factors such as supply, demand,
production cost (including the cost of raw materials) , regional and global economic conditions and growth. Adverse changes
in any of the factors may reduce the revenue that Company earns from sale of its products. The Company is therefore subject to
fluctuations in prices for the purpose of raw materials like Aluminium, Copper and other raw material inputs.
Commodity hedging is used primarily as a risk management tool to secure the future cash flow in case of volatility by entering into
commodity forward contracts. The Company has entered into commodity forward contracts for aluminium and Copper. Hedging
the price volatility of forecast aluminium and copper purchases is in accordance with the risk management strategy outlined by
the Board of Directors. 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 year.
There is an economic relationship between the hedged items and the hedging instruments as the terms 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 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
effectiveness, the Company uses the hypothetical derivative method and compares the changes in the fair value of the hedging
instruments against the changes in fair value of the hedged items attributable to the hedged risks.
The hedge ineffectiveness can arise from:
• Differences in the timing of the cash flows of the hedged items and the hedging instruments
• Different indexes (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments
• The counterparties’ credit risk differently impacting the fair value movements of the hedging instruments and hedged items
• Changes to the forecasted amount of cash flows of hedged items and hedging instruments
A. The company is holding the following commodity future contracts:
(H in Lakhs)
Maturity
Particulars Less than 1 1 to 3 3 to 6 6 to 9 9 to 12 Total
month months months months months
As at 31st March 2024
Aluminium
Notional Qty (in MT) – – – – – –
Notional amount (in INR Lacs) – – – – – –
Average hedged rates (per MT) – – – – – –
Copper
Aluminium
Notional Qty (in MT) 140.00 – – – – 140.00
Notional amount (in INR Lacs) 287.03 – – – – 287.03
Average hedged rates (per MT) 2.05 – – – – 2.05
Copper
B. The impact of hedged items on the balance sheet is, as follows
Change in fair value Effective portion cost of cash flow

Particulars used for measuring of cash flow hedges
ineffectiveness hedges
Commodity future contracts – – –
Commodity future contracts 9.47 9.47 6.87
C. The effect of the cash flow hedge in the statement of profit and loss is, as follows
Total hedging Ineffectiveness Line item in Cost of Amount Line item in

gain/(loss) recognised in statement of hedging reclassified statement
Particulars
recognised in profit or loss profit and loss recognised from OCI to of profit
OCI* in OCI profit or loss and loss
Commodity future contracts – – Other – – –
comprehensive
(income) / loss
Commodity future contracts 9.47 – Other 6.87 8.35 1.40
comprehensive
(income) / loss
*This represents total unrealised gain/(loss) net of charges and net of taxes
Note 36: Capital Management

The Company has cash surplus and has no capital other than equity and reserves.
The cash surpluses are currently invested in income generating debt instruments (including through mutual funds) and money market
instruments depending on economic conditions in line with the guidelines set out by the Management. Safety of capital is of prime importance
to ensure availability of capital for operations. Further the objective of the Company’s capital management is to safeguard its ability to continue
as going concern, maintain strong credit rating, preserve cash and to ensure that it maintains an efficient capital structure and maximize
shareholder value.
The Company does not have any borrowings and does not borrow funds unless circumstances require. 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 made in the objectives, policies or processes for managing capital during the year ended
March 31, 2024 and March 31, 2023.
The cash surplus position as on March 31, 2024 and March 31, 2023 are as below.
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Cash and cash equivalents 11,402.15 34,151.52
Balances other than cash and cash equivalents 16,066.44 2,871.68
Investments 3,004.50 4,078.23
Total 30,473.09 41,101.43
NOTE 37: Segment reporting

The Company has identified its business segments as its primary reportable segments, which comprises of Consumer Products and Lighting
Solutions. “Consumer Products” includes Appliances, Fans and Morphy Richards. “Lighting Solutions” includes Professional Lighting (B2B)
and Consumer Lighting (B2C).
1) Segment Results
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
a) Consumer Products 11,422.04 24,757.99
b) Lighting 7,961.32 8,793.56
Operating Segment and Profit 19,383.36 33,551.55
Unallocated income / (expenses)
Depreciation and amortisation expenses (510.73) –
Finance Cost (6,347.88) (4,361.51)
Interest income on financial assets measured at amortised cost 1,525.06 413.97
Profit / (Loss) on disposal of Property, plant & equipment (228.21) 120.11
NOTE 37: Segment reporting (Contd..)
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Rent received 41.35 4.91
Interest on Income Tax refund 4,113.61 –
Others (667.05) 510.38
Profit / (loss) before tax for the year from discountined operations (553.45) 123.96
Profit before tax for the year from continuing operations and discountined operations 16,756.06 30,363.37
The operating segment results of continuing operations includes depreciation and amortization of Rs 9,377.37 lakhs (March 31, 2023 –
Rs 6,286.66 lakhs) for consumer products and Rs 1,070.39 lakhs (March 31, 2023 – Rs 1,091.21 lakhs) for lighting solutions.
2) Segment Revenue:
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
b) Lighting 103,736.79 112,500.31
Sub-total 464,126.83 488,924.49
Less: Inter Segment Revenue – –
Net Sales / Revenue from Operations 464,126.83 488,924.49
There is no single customer which is more than 10% of the entity’s revenues. The amount of revenue from external customers broken
down by location of the customers is shown in table below:
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
India 456,964.47 482,485.78
Outside India 7,162.36 6,438.71
Total 464,126.83 488,924.49
3) Segment Assets:
Segment assets are measured on the same principles as they have been for the purpose of these standalone financial statements. These
assets are allocated based on the operations of the segment and the physical location of the asset.
(H in Lakhs)
As at As at
Particulars March 31, 2024 March 31, 2023
(Restated)
b) Lighting 51,416.14 54,835.21
Total Segment Assets 298,203.46 302,093.05
Unallocated
Deferred tax assets 530.33 –
Investments in subsidiaries and an associates – 50.00
Investments 3,497.64 4,678.81
Investment properties 13,324.91 12,600.00
Property, Plant and Equipments, Capital work in progress, Intangible assets and Intangible 12,889.51 15,122.36
assets under development
Cash and cash equivalents and other bank balances 27,468.59 37,023.20
Assets held for sale 460.09 108,264.99
Others 18,607.60 6,642.07
Total assets as per balance sheet 383,316.25 499,276.94
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:
(H in Lakhs)
As at As at
(Restated)
India 106,425.81 93,130.89
Outside India – –
Total 106,425.81 93,130.89
The capital expenditure incurred for consumer products is Rs 6,038.80 lakhs (March 31, 2023 – Rs 3,217.05 lakhs), for lighting solutions
is Rs 169.54 lakhs (March 31, 2023 - H 177.07 lakhs) and for Unallocable is Rs 4,764.90 lakhs (March 31, 2023 – Rs 3,747.57 lakhs).
4) Segment Liabilities:
Segment liabilities are measured on the same principles as they have been for the purpose of these financial statements. The Company’s
borrowings and derivative financial instruments are not considered to be segment liabilities but are managed by the treasury function
(H in Lakhs)
As at As at
(Restated)
b) Lighting 50,680.34 44,611.58
Total Segment Liabilities 226,068.93 221,744.95
Unallocated
Liabilities directly associated with assets classified as held for sale – 50,121.42
Current tax liabilities 2,687.45 1,886.08
Others * 10,437.87 34,756.05
Total liabilities as per balance sheet 239,194.25 308,525.15
* includes Rs 31,558.99 lakhs payable to Bajel Projects Limited purusant to the scheme of demerger.
Note 38: Disclosure of transactions with related parties

(H in Lakhs)
(Restated)
2023-24 2022-23
Name of Related Outstanding Outstanding

Party and Nature of Nature of Transaction Transaction receivable Transaction receivable
relationship Value for / (payable) Value for / (payable)
the year carried in the the year carried in the
(A) Parent Entities
Not Applicable
(B) Subsidiary - Bajel Projects Ltd (till August 31, 2023) ##

As a Subsidiary (till August 31, 2023)
Contribution to Equity (50.00) – – 50.00
Reimbursement of Expenses 139.18 – 0.01 4.14
Cancellation of inter company receivable / (143.32) – – –
(payable) before demerger
Net payable created on demerger (22,135.61) – – –
Transactions pursuant to the scheme of
demerger (post Sep 1, 2023, i.e effective date)
Payment / adjustment of Payables (includes 21,590.56 (545.05) – –
bank transfers and settlement of LC paid on
behalf of them (property in trust))
Net Purchases 5,287.30 2,061.10 – –
Note 38: Disclosure of transactions with related parties (Contd..)
(H in Lakhs)
(Restated)
2023-24 2022-23

Shared services 186.68 186.68 – –
Reimbursements of expenses 351.63 351.63 – –
Rent received 48.79 48.79 – –
(C) Associate - Hind Lamps Limited

Sales 283.40 5.34 300.59 34.77
Rent Received 2.23 – 2.77 –
(D) Key Management Personnel #

Short-term employee benefits 2,210.63 (774.56) 2,529.08 (1,199.07)
Post- employment benefits (contribution to 69.27 – 55.99 –
super annunation fund)
Long-term employee benefits (contribution to 61.16 – 60.01 –
provident fund)
Perquisite value of ESOPs excercised during – – 31.41 –
the year
Total Compensation 2,341.06 (774.56) 2,676.49 (1,199.07)
Sale of car proceeds – – 17.20 –
Reimbursment of Expenses 0.81 – – –
Purchase Of CCTV (part of Furnished 1.14 – – –
accomodation)
Received from chairman for advance rent of (30.93) 28.18 – –
Metaoxide (Hill Park Residence)
Sale of Asset (Laptop) 0.05 – – –
Purchase Of TV – – 7.30 –
Purchase of Car – – 186.91 –
(E) Transactions with the Entities which is Controlled or Jointly Controlled by a person identified in para 9 (a) of Ind AS 24 - Related
Party Disclosures
Reimbursement of Expenses 303.24 (19.76) 177.70 (3.27)

Services Received 737.56 (527.23) 205.93 (18.97)
Interest Received – – 0.23 3.68
Rent Paid 57.00 – 57.30 –
Deposits given – 27.00 – 27.00
Donations Given 29.28 – 25.00 –
Deposits Refund – – 1.24 –
Sales – 2.29 68.52 3.38
Purchases – – 90.17 (7.58)
(F) Dividend to Other Related Parties

Dividend Paid 2,937.94 – 2,203.14 –
(G) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures is a member of
the KMP of the entity
CSR Contribution 550.97 (0.19) 408.33 –
Sales (0.55) 0.83 0.33 1.38
Reimbursement of Expenses 4.79 – 4.79 –
Rent Deposit Advanced – 200.00 – 200.00
Rent Paid 49.56 – 49.56 –
Purchases 0.46 – – –
(H in Lakhs)
(Restated)
2023-24 2022-23

Purchase of Asset – – 6.11 –
Rent Received 1.65 0.12 1.64 0.11
(H) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures has significant
influence over the entities
Services Received 49.79 0.44 50.30 (3.52)
Deposits Given/Refund 0.42 2.94 0.42 3.36
Sales 4.26 (0.19) 3.86 2.67
(I) Transactions with the entities which are the post employment benefit plans as identified in para 9 (b) (v) of Ind AS 24 - Related
Party Disclosures
Trustees Bajaj Electricals Ltd Employees 2,588.83 (208.67) 2,380.12 (200.48)
Provident Fund
Matchwel Electrical India Limited Employees 74.20 (6.72) 57.57 (6.21)
Provident Fund Trust
(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)
Sales – 0.08 4.40 0.08
Purchase of Capital Asset – – 3.90 (0.52)
Services Recd – – 0.07 –
(K) Material transactions with related parties

Spencer Retail Limited
Sales 625.57 231.02 633.38 268.72
Services Received (6.45) (25.44) 25.56 (49.10)
Bajaj Allianz General Insurance Company
Limited
Insurance Premium paid 9,087.46 (17.02) 5,527.63 (32.02)
Advance Insurance Premium (Deposit) 1,001.22 1,001.22 680.54 680.54
Claims Received 7,462.98 3,378.22 1,169.81 408.08
Bajaj Allianz Life Insurance Co Ltd.
Insurance Premium paid 143.16 – 249.47 –
Claims Received 585.49 –
Advance Insurance Premium for next year 90.00 90.00 132.61 132.61
Employee Benefit Obligations and/or – 4,997.38 – 6,207.41
Retiremental Benefits
Bajaj Finance Ltd
Sales 23.08 22.37 19.92 (2.87)
Fixed Deposit Placed 9,500.00 6,000.00 7,000.00 7,000.00
Interest Received on Fixed Deposit 419.12 146.31 53.58 48.22
# As the future liability for defined benefit obligations and other long term employment benefits is provided on an actuarial basis for the Company as a whole, the
amounts pertaining to key managerial personnel is not ascertainable and hence not included above.
There are no loans or advances granted to promoters, directors, KMPs and the related parties that are repayable on demand or without any terms or
period of repayment
## Refer note 40(xii) and 40(xiii) for transactions entered between Bajaj Electricals Limited and Bajel Projects Limited pursuant to the scheme of demerger.
### The Company has certain employee welfare funds which incurs expenses towards the benefit and welfare of the employees of the Company. The Company
does not control these funds and hence the same is not disclosed as a related party.
Note 39. Earnings per share:
31-Mar-24 31-Mar-23
Particulars
(Restated)
Profit / (loss) for the year (A) (H In Lakhs) - continuing operations 13,587.71 21,544.16
Profit / (loss) for the year (B) (H In Lakhs) - discontinued operations (408.91) 89.93
Profit for the year (A+B) (H In Lakhs) - continuing and discontinued operations 13,178.80 21,634.09
Weighted average number of equity shares for basic EPS ( C ) 115,104,879 114,962,035
Add: Effect of dilution (employee stock options - Refer Note 33) 175,578 238,771
Weighted average number of equity shares for diluted EPS ( D ) 115,280,457 115,200,806
Earnings Per Share in H :- continuing operations
(a) Basic EPS (A/C) 11.81 18.74
(b) Diluted EPS (A/D) 11.79 18.71
Earnings Per Share in H :- discontinued operations
(a) Basic EPS (B/C) (0.36) 0.08
(b) Diluted EPS (B/D) (0.36) 0.08
Earnings Per Share in H :- continuing and discontinued operations
(a) Basic EPS (A+B/C) 11.45 18.82
(b) Diluted EPS (A+B/D) 11.43 18.79
Note 40. Commitments and contingencies

a. Contingent liabilities
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Contingent Liabilities not provided for :
i) Claims against the Company not acknowledged as debts (Refer Note x and xi below) 1,406.17 1,753.31
ii) Guarantees / Letter of Comfort given on behalf of Companies H Nil – 31.34
(Previous Year H 2,000.00 Lacs)
iii) Excise and Customs duty matters under dispute 65.55 73.55
iv) Service Tax matters under dispute 149.40 149.40
v) Income Tax matters under dispute – 625.73
vi) Sales Tax and Goods and Service Tax matters under dispute 7,910.00 5,020.21
vii) Uncalled liability in respect of partly paid Shares held as investments 7.20 7.20
viii) Others 1,062.60 1,062.60
ix) The E-waste Rules, 2022 replaced E-waste (Management) Rules, 2016 and became effective from April 1, 2023. The Company
manufactures wide range of products like, consumer electrical and electronics and photovoltaic panels, and large and small
electrical and electronic equipment, which are covered under the E-waste Rules, 2022. The Company has tied-up with various
E-waste collection providers for achieving the collection target and accordingly has provided around Rs 932.20 lakhs for the
current financial year for recycling due in current year.
x) These represent legal claims filed against the Company by various parties and these matters are in litigation. Management has
assessed that in all these cases the outflow of resources embodying economic benefits is not probable.
xi) The Company had in earlier years terminated employment agreements of few die casting workmen at the Chakan plant. On 3rd July,
2018, the Honourable Hight Court of Bombay had awarded the appeal in favour 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 is not probable and has accordingly considered the claim of Rs 328.70 lakhs as contingent liability.
xii) For certain customer contracts that formed part of the demerged undertaking (erstwhile EPC Segment of the Company), the
Company had provided certain performance bank guarantees. For smooth transitioning, the Company had allowed these
guarantees to remain in place for a limited period post the effective date (September 1, 2023) until such time as Bajel Projects
Limited (BPL) is able to have them replaced by its own bank guarantees. In turn, BPL and the Company has entered into a back-to-
back indemnity arrangement by way of an Undertaking cum Corporate Guarantee (“UGC”), whereby BPL shall, inter alia, agree to
indemnify the Company for any loss, if any, suffered in the event that any Guarantee is invoked by a customer during this interim
period. The open exposure as on March 31, 2024 is Rs 14,101.96 lakhs.
xiii) Before the Scheme of Demerger between the Company and Bajel Projects Limited (‘BPL’) (erstwhile EPC segment of the Company),
took effect, the Company had secured a contract for developing the electric supply infrastructure in Sasaram and Munger, Bihar, by
South Bihar Power Distribution Company Limited (“Contract”). Following the Scheme, this Contract stands transferred and vested
in Bajel Projects Limited.
Note 40. Commitments and contingencies (Contd..)
To facilitate this transition of the Contract smoothly, it was proposed to form a Tripartite Agreement among Bajel Projects Limited,
the Company, and South Bihar Power Distribution Company Limited, alongside an Irrevocable Indemnity Cum Undertaking
between Bajel Projects Limited and the Company.”
b. Commitments
i. Estimated amounts of contracts remaining to be executed in capital account (net of capital advances) is Rs 755.58 lakhs (March 31,
2023, Rs 2876.60 lakhs).
Note 41: Disclosures of revenue from contracts with customers

The disclosures as required for revenue from contracts with customers are as given below
(i) Disaggregation of revenue
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)
31-Mar-24 31-Mar-23
Particulars
(Restated)
A. Revenue from contracts with customers
Consumer products (includes appliances, lighting and fans) 360,196.55 376,323.94
Lighting solutions (includes professional and consumer lighting) 103,676.22 112,532.45
463,872.77 488,856.39
B. Reconciliation of contracted price with (A) above
Revenue at contracted price 497,028.52 500,437.60
Unbilled on account of work under certification (25.30) 173.54
Billing in excess of contract revenue (14.10) 287.36
Revenue deferred on customer loyalty program (1,421.01) 10,493.85
Discounts (31,545.59) (22,405.15)
Others (149.75) (130.81)
Revenue from contracts with customers (a) 463,872.77 488,856.39
Add: Miscellaneous other operating income (b)
Claims received, export incentives, etc 254.06 68.10
Revenue from operations (a+b) 464,126.83 488,924.49
(H in Lakhs)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Timing of revenue recognition
At a point in time 402,008.81 421,467.33
Over a period of time 62,118.02 67,457.16
Revenue from operations 464,126.83 488,924.49
(ii) Contract balances

The details of the contract assets, contract liabilities and receivables are as under
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Contract assets 325.07 350.37
Contract liabilities 4,496.46 6,108.33
Trade receivables 117,610.87 113,105.31
The contract assets and contract liabilities balances mentioned above pertain to the B2B sub-segment Lighting Solutions Unit of the
Company. The Company executes the work as per the terms and agreements mentioned in the contracts. The Company receives
payments from the customers based on the milestone achievement and billing schedule as established in the contracts.
Contract assets are initially recognised for revenue earned from supply of materials and erection services 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.
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 billing in excess of contract revenue
recognised. Contract liabilities are recognised as revenue when the Company satisfies the performance obligation under the contract.
(iii) Performance obligations
Information about the Company’s performance obligations under Consumer Products & Lighting Solutions segment are
summarised below:
Consumer Product and B2C sub-segment of Lighting Solutions Segment:
a) Delivery of goods:
The Company sells fans, appliances and lighting products to the customers. The performance obligation is satisfied and revenue is
recognised on dispatch of the goods to the customers. The stand alone selling price of the performance obligation is determined
after taking the variable consideration and right to return. The contracts do not have a significant financing component. The
Company offers standard warranty on selected products. The Company makes provision for same as per the principles laid down
under Ind AS 37. The payment is generally due within 30 to 60 days across various streams of customers.
b) Loyalty program:
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 points in future. The Company 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 alone selling prices of sale of goods and loyalty points.
c) Extended warranties:
The Company provides a warranty beyond fixing defects that existed at the time of sale. These service-type warranties are bundled
together with the sale of products. Contracts for bundled sales of products and a service-type warranty comprise two performance
obligations because the product and service-type warranty are both sold on a stand-alone basis and are distinct within the context
of contract. Using the relative stand-alone selling price method, a portion of the transaction price is allocated to the service-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.
B2B sub-segment of Lighting Solutions:
The performance obligations 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. Hence both of them are counted as a single performance obligation under the
contract. The satisfaction 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 use to the customer.
The Company uses the input method to determine the progress of the satisfaction of the performance obligation and accordingly
recognises revenue.
The standalone selling price of the performance obligation is determined after taking the variable consideration and significant
financing component .”
iv) Unsatisfied performance obligations
The transaction price allocated to the unsatisfied performance obligations are as below:
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Consumer products 3,099.76 2,773.74
Lighting solutions 349.70 349.70
Total 3,449.46 3,123.44
v) Assets recognised from the costs to obtain or fulfil a contract

The incremental costs of obtaining a contract with a customer are recognised as an asset if the Company expects to recover them. The
Company incurs costs such as bank guarantee charges and insurance charges. The Company amortizes the same over the period of the
contract. The total unamortised balances towards such cost is as below.
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Unamortised portion of cost to obtain a contract 170.02 113.39
Amount recognised in the profit and loss account 260.18 217.71
Note 42: Leases:
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 lease period of 5 years or more also. Further, the Company has
few guest houses, residential premises and office premises also on leases which generally for a longer period ranging from 2-5 years.
The Company’s obligations under its leases are secured by the lessor’s title to the leased assets. Upon adoption of Ind AS 116, the Company
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 Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
underlying assets, on the commencement of the lease. There are several lease contracts that include extension and termination options. 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 option to terminate the lease, if it is reasonably certain not to
be exercised. The leases which the Company enters, does not have any variable payments. The lease rents are fixed in nature with gradual
escalation in lease rent.
Apart from the above, the Company also has various leases which are either short term in nature or the assets which are taken on the leases
are generally low value assets (e.g. printers). Lease payments on short-term leases and leases of low-value assets are recognised as expense
on a straight-line basis over the lease term.
Disclosures under Ind AS 116
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Amortization charge for right of use assets 4,752.35 2,377.38
Interest expense on lease liabilities 1,551.30 544.44
Lease rent expenses for short term leases 2,083.70 685.46
Cash outflow towards lease liabilities 4,468.16 2,149.10
- as principal 2,916.86 1,604.66
- as interest 1,551.30 544.44
Carrying amount of right of use assets 22,221.90 11,947.22
Carrying amount of lease liabilities 21,489.56 10,051.52
For movement of right of use assets, refer note 3

For movement of lease liability, refer note 3. For maturity profile of lease liabilities, refer note 35 (liquidity risk)
For significant judgements used for accounting right of use assets and lease liabilities, refer note 1D(6)
Note 43: Corporate Social Responsibility

As per section 135 of the Companies Act, 2013, the gross amount to be spent by the Company during financial year 23-24 is H 514.04 lakhs
(Previous year H 300.63 Lakhs). The Company has spent H 396.24 lakhs (Previous year H 246.24 Lakhs) on various CSR initiatives as below:
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Two percent of average net profit of the company as per section 135(5) 514.04 300.63
Spent on ongoing projects 370.56 231.21
Spent on other than ongoing projects – –
Administrative expenses 25.68 15.03
Total Amount Spent for the Financial Year. (in H) (a) * 396.24 246.24
Total Amount transferred to Unspent CSR Account as per section 135(6) (b) 117.80 54.39
Total (a + b) 514.04 300.63
* The amount has been spent on purposes other than construction / acquisition of asset and no amounts are yet to be paid in cash
Details of amounts lying in unspent CSR

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Financial year 2020-21 – 73.31
Financial year 2021-22 2.83 47.59
Financial year 2022-23 1.50 54.39
Financial year 2023-24 117.80 –
Total (refer note 19) 122.13 175.29
Note 44: Business combinations
Merger of Nirlep Appliances Private Limited (NAPL) into the Company
The Hon’ble National Company Law Tribunal, Mumbai Bench, vide its order dated March 01, 2024 (“Order”) [passed in the matter of Company
Scheme Petition No. C.P (C.A.A)/250(MB)2023 connected with C.A. (CAA)/246(MB)2022) (“Petition”) in respect of the Scheme], has inter-alia
approved the Scheme of Merger by Absorption of Nirlep Appliances Private Limited (“Transferor Company”) with Bajaj Electricals Limited
(“Transferee Company”) and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act,
2013 (“Scheme”).
Accordingly, the Company had accounted for the merger under the pooling of interest method retrospectively for all periods presented as
prescribed in IND AS 103 Business Combinations of entities under common control. The previous year numbers have been accordingly restated.
The Company has recorded the assets and liabilities, of the Transferor Company vested in it pursuant to this Scheme, at the carrying values
as appearing in the consolidated financial statements of the Transferee Company. The identity of the reserves of the Transferor Company
has been preserved and the Transferee Company has recorded the reserves of the Transferor Company in the same form and at the carrying
amount as appearing in the consolidated financial statements of Transferee Company. The Impact of the merger on these standalone financial
statements is as under:
(H in Lakhs)
As on
Particulars
April 1, 2022
Total assets (A) 11,079.77
Total liabilities (B) 10,679.86
Net assets acquired (A+B) 399.91
Investment elimination (4,333.20)
Net reserves acquired (3,933.29)
Demerger of EPC segment

During the current year, Hon’ble National Company Law Tribunal, Mumbai Bench (“”NCLT””) had approved the Scheme of Arrangement
between Bajaj Electricals Limited “Demerged Company”) and Bajel Projects Limited (“Resulting Company”) and their respective shareholders
(“”Scheme””). On July 5, 2023, the Company had received a certified true copy of the order dated June 8, 2023 (“”Order””) passed by the
Hon’ble NCLT approving the Scheme. The Company has completed the the process of obtaining the requisite consent, approval or permission
of the appropriate authorities, which by applicable law or contract, agreement, were necessary for the effective transfer of business and/or
implementation of the Scheme. The Scheme, has been made effective from September 1, 2023.
Accordingly, effect of the de-merger has been considered in the standalone financial statements for the year ended March 31, 2024. The
assets and liabilities relating to the demerged undertaking have been de-recognised from the books and have been adjusted against the
retained earnings in the said standalone financial statements. For the previous year, the same has been shown as discontinued operations.
Below is the reconciliation of the reported numbers of Balance Sheet of April 1, 2022 with the restated numbers of April 1, 2022
(H in Lakhs)
Balance Sheet as at April 1,2022 Reported Merger Impact on April 1, 2022 Restated
BEL Standalone Assets and InterCo BEL Restated Standalone
Particulars
as on April 1, 2022 Liabilities of NAPL Eliminations as on April 1, 2022
ASSETS
Non -Current Assets
Property, plant and equipment 32,050.56 3,719.33 – 35,769.89
Capital work in progress 2,788.74 31.38 – 2,820.12
Right-of-use assets 6,855.68 – – 6,855.68
Intangible assets 114.90 550.99 – 665.89
Intangible Assets under development 1,546.59 – – 1,546.59
Investment properties 13,077.04 – – 13,077.04
Goodwill on business combination 16,356.73 2,644.36 – 19,001.09
Investments in associates and joint ventures 4,383.20 (4,333.20) – 50.00
Financial Assets
i) Investments 489.73 – – 489.73
ii) Trade receivables 22,109.94 – – 22,109.94
iii) Loans 3,789.35 0.00 (3,767.00) 22.35
Note 44: Business combinations (Contd..)
(H in Lakhs)
Balance Sheet as at April 1,2022 Reported Merger Impact on April 1, 2022 Restated
BEL Standalone Assets and InterCo BEL Restated Standalone
Particulars
as on April 1, 2022 Liabilities of NAPL Eliminations as on April 1, 2022
iv) Other financial assets 3,735.08 48.31 – 3,783.39
Deferred tax assets (net) 8,143.54 – – 8,143.54
Income tax assets (net) 10,385.55 19.63 – 10,405.18
Other non-current assets 13,250.86 107.78 – 13,358.64
Total Non-Current Assets 139,077.49 2,788.58 (3,767.00) 138,099.07
Current Assets
Inventories 97,594.62 2,193.41 – 99,788.03
Financial Assets
i) Trade receivables 113,657.11 655.64 (361.52) 113,951.23
ii) Cash and cash equivalents 11,834.91 1.99 – 11,836.90
iii) Bank balances other than (ii) above 2,352.64 19.62 – 2,372.26
iv) Loans 1,000.84 – (1,000.00) 0.84
v) Other current financial assets 776.35 0.04 – 776.39
Other current assets 26,795.77 1,087.29 (2,610.00) 25,273.06
Contract assets 5,344.33 – – 5,344.33
Assets classified as held for sale 1,719.41 – – 1,719.41
Total Current Assets 261,075.98 3,957.99 (3,971.52) 261,062.45
Total Assets 400,153.47 6,746.57 (7,738.52) 399,161.52
Equity
Equity share capital 2,297.48 – – 2,297.48
Other Equity 172,171.74 (3,933.29) – 168,238.45
Total Equity 174,469.22 (3,933.29) – 170,535.93
LIABILITIES
i) Borrowings 1,183.32 3,767.00 (3,767.00) 1,183.32
ia) Lease liabilities 3,035.04 – – 3,035.04
ii) Other financial liabilities 16.36 18.12 – 34.48
Provisions 2,254.73 54.38 – 2,309.11
Employee Benefit Obligations 6,175.68 138.88 – 6,314.56
Total Non-Current Liabilities 12,665.13 3,978.38 (3,767.00) 12,876.51
Current Liabilities
i) Borrowings 2,398.58 1,909.10 (1,000.00) 3,307.68
ia) Lease liabilities 1,552.76 – – 1,552.76
ii) Trade payables
Total Outstanding dues of micro enterprises & 7,138.94 766.29 – 7,905.23
small enterprises
Total Outstanding dues of other than micro 115,257.85 697.07 (318.67) 115,636.25
enterprises & small enterprises
iii) Other current financial liabilities 46,039.88 160.90 (42.85) 46,157.93
Provisions 7,853.75 1.04 – 7,854.79
Employee Benefit Obligations 913.80 4.98 – 918.78
Current Tax Liabilities (net) 1,701.21 – – 1,701.21
Other Current Liabilities 21,044.91 552.10 – 21,597.01
Contract liabilities 9,117.44 2,610.00 (2,610.00) 9,117.44
Total Current Liabilities 213,019.12 6,701.48 (3,971.52) 215,749.08
Total Liabilities 225,684.25 10,679.86 (7,738.52) 228,625.59
Total Equity & Liabilities 400,153.47 6,746.57 (7,738.52) 399,161.52
Below is the reconciliation of the reported numbers of Statement of Changes in equity of March 31, 2022 with the restated
numbers of March 31, 2022
Reported Merger Impact Restated

Particulars BEL Standalone as BEL Restated Standalone
Merger Impact
on March 31, 2022 as on March 31, 2022
Retained earnings 61,577.08 (3,933.29) 57,643.79
General Reserve 45,967.75 – 45,967.75
Securities premium reserve 65,356.13 – 65,356.13
Shares Option Outstanding 1,198.56 – 1,198.56
Capital Reserve 175.18 – 175.18
Capital Redemption Reserve 135.71 – 135.71
Effective Portion of Cashflow Hedges 88.29 – 88.29
Share Application Money Pending Allotment 0.19 – 0.19
Amalgamation Adjustment Reserve (2,327.15) – (2,327.15)
Total 172,171.74 (3,933.29) 168,238.45
Below is the reconciliation of the reported numbers of Balance sheet of March 31, 2023 with the restated numbers of March 31, 2023
(H in Lakhs)
Balance Sheet as at March 31,2023 Reported Demerger Impact Merger Impact Restated
BEL Standalone BEL Restated
Discontinued Impact of InterCo
Particulars as on March 31, Standalone as on
Operations NAPL Merger Eliminations
2023 March 31, 2023
ASSETS
Non-Current Assets
Property, plant and equipment 31,981.99 (4,412.45) 3,566.49 – 31,136.03
Capital work in progress 4,049.97 (41.29) 50.14 – 4,058.82
Right-of-use assets 12,298.88 (351.66) – – 11,947.22
Intangible assets 1,762.70 (0.01) 160.53 – 1,923.22
Intangible assets under development 145.91 (14.97) – – 130.94
Investment properties 12,947.65 – – – 12,947.65
Goodwill on business combination 16,356.73 – 2,644.36 – 19,001.09
Investments in subsidiaries and associate 4,383.20 – (4,333.20) – 50.00
Financial Assets – – – –
i) Investments 600.58 – – – 600.58
ii) Trade receivables 8,436.72 (6,461.67) – – 1,975.05
iii) Loans 3,460.50 – – (3,460.50) –
iv) Other financial assets 3,032.24 (584.75) 47.69 – 2,495.18
Income tax assets (net) 12,750.19 (0.00) 52.27 – 12,802.46
Other non-current assets 15,676.61 (3,563.53) 97.69 (190.58) 12,020.19
Total Non-Current Assets 127,883.87 (15,430.33) 2,285.97 (3,651.08) 111,088.43
Current Assets
Inventories 104,957.82 (9,647.80) 2,249.68 – 97,559.70
Financial Assets – – – –
i) Investments 4,078.23 – – – 4,078.23
ii) Trade receivables 148,047.02 (36,932.06) 464.87 (449.57) 111,130.26
iii) Cash and cash equivalents 34,047.35 15.64 88.53 – 34,151.52
iv) Bank balances other than (iii) above 2,871.68 – – – 2,871.68
v) Loans 2,897.71 (0.62) – (2,862.50) 34.59
vi) Other current financial assets 1,260.04 (140.55) – – 1,119.49
Other current assets 40,563.90 (10,050.27) 1,114.05 (3,000.00) 28,627.68
Contract assets 4,650.98 (4,300.61) – – 350.37
343,374.73 (61,056.27) 3,917.13 (6,312.07) 279,923.52
Assets classified as held for sale 219.40 108,045.59 – – 108,264.99
Total Current Assets 343,594.13 46,989.32 3,917.13 (6,312.07) 388,188.51
Total Assets 471,478.00 31,558.99 6,203.10 (9,963.15) 499,276.94
(H in Lakhs)
Balance Sheet as at March 31,2023 Reported Demerger Impact Merger Impact Restated
BEL Standalone BEL Restated
Discontinued Impact of InterCo
Particulars as on March 31, Standalone as on
Operations NAPL Merger Eliminations
2023 March 31, 2023
EQUITY
Equity share capital * 2,301.51 – – – 2,301.51
Other Equity 193,803.16 – (5,352.88) – 188,450.28
Total Equity 196,104.67 – (5,352.88) – 190,751.79
LIABILITIES
i) Borrowings – – 3,460.50 (3,460.50) –
ia) Lease liabilities 7,183.97 (17.62) – – 7,166.35
ii) Other financial liabilities 5.69 – 10.83 – 16.52
Provisions 1,689.40 – – – 1,689.40
Employee benefit obligations 5,770.24 (1,016.16) 127.58 – 4,881.66
Deferred tax liabilities (net) 539.73 – – – 539.73
Total Non-Current Liabilities 15,189.03 (1,033.78) 3,598.91 (3,460.50) 14,293.66
Current Liabilities
i) Borrowings 16.65 – 2,862.50 (2,862.50) 16.65
ia) Lease liabilities 2,939.67 (54.50) – – 2,885.17
ii) Trade credits 124,257.14 (5,568.00) – – 118,689.14
iii) Trade payables – – – –
Total Outstanding dues of micro enterprises & 5,268.10 (1,730.78) 230.88 – 3,768.20
small enterprises
Total Outstanding dues of other than micro 84,471.38 (27,940.95) 1,255.52 (640.15) 57,145.80
enterprises & small enterprises
iv) Other current financial liabilities 11,899.37 28,181.07 62.22 – 40,142.66
Provisions 4,873.21 6.30 2.82 – 4,882.33
Employee benefit obligations 1,526.90 (309.75) 42.70 – 1,259.85
Current tax liabilities (net) 1,915.14 (29.06) – – 1,886.08
Contract liabilities 15,764.36 (9,656.03) 3,000.00 (3,000.00) 6,108.33
Other current liabilities 7,252.38 (426.95) 500.43 – 7,325.86
Liabilities directly associated with the assets held – 50,121.42 – – 50,121.42
for sale
Total Current Liabilities 260,184.30 32,592.77 7,957.07 (6,502.65) 294,231.49
Total Liabilities 275,373.33 31,558.99 11,555.98 (9,963.15) 308,525.15
Total Equity & Liabilities 471,478.00 31,558.99 6,203.10 (9,963.15) 499,276.94
Below is the reconciliation of the reported numbers of Profit & Loss Account of March 31, 2023 with the restated numbers of March 31, 2023
(H in Lakhs)
Profit & Loss account for the year ended March Merger Impact on March
Reported Demerger Impact Restated
31,2023 31, 2023
BEL BEL Restated
Standalone Discontinued Profit & Loss InterCo Standalone as
Particulars
as on March Operations of NAPL Eliminations on March 31,
31, 2023 2023
Income:
Revenue from operations 541,740.91 (54,001.96) 7,076.20 (5,890.66) 488,924.49
Other income 8,331.98 (3,080.17) 8.57 (756.63) 4,503.75
Total Income 550,072.89 (57,082.13) 7,084.77 (6,647.29) 493,428.24
(H in Lakhs)
Profit & Loss account for the year ended March Merger Impact on March
Reported Demerger Impact Restated
31,2023 31, 2023
BEL BEL Restated
Standalone Discontinued Profit & Loss InterCo Standalone as
Particulars
as on March Operations of NAPL Eliminations on March 31,
31, 2023 2023
Expenses:
Cost of raw materials consumed 51,677.76 (7,874.43) 5,436.03 – 49,239.36
Purchases of traded goods 324,303.04 (26,967.76) 212.87 (5,849.80) 291,698.35
Changes in inventories of work-in-progress, (4,556.20) (83.91) (36.63) – (4,676.74)
finished goods, traded goods
Erection and subcontracting expenses 5,409.03 (3,532.40) 10.44 – 1,887.07
Employee benefits expenses 41,909.08 (8,258.76) 720.29 – 34,370.61
Depreciation and amortisation expense 7,541.87 (795.43) 631.44 – 7,377.88
Other expenses 87,245.30 (8,969.96) 696.31 (40.86) 78,930.79
Finance costs 4,770.32 (475.52) 823.34 (756.63) 4,361.51
Total Expenses 518,300.20 (56,958.17) 8,494.09 (6,647.29) 463,188.83
Profit before tax 31,772.69 (123.96) (1,409.32) – 30,239.41
Current tax 5,178.79 (34.03) 6.00 – 5,150.76
Deferred tax 3,543.38 – 1.11 – 3,544.49
Total tax expenses 8,722.17 (34.03) 7.11 – 8,695.25
Profit / (loss) for the year 23,050.52 (89.93) (1,416.43) – 21,544.16
Profit / (loss) before tax for the year from – 123.96 – – 123.96
discontinued operations
Tax expense / (Credit) from discontinued – 34.03 – – 34.03
operations
Net profit / (loss) for the year from discontinued – 89.93 – – 89.93
operations
Profit / (loss) for the year 23,050.52 – (1,416.43) – 21,634.09
Items that will be reclassified to profit and loss in
subsequent periods
Cash flow hedge reserve 41.72 – – – 41.72
Tax impacts on above (10.50) – – – (10.50)
Items that will not be reclassified to profit and loss
in subsequent periods
Remeasurement (gains)/losses on defined (276.47) – 4.27 – (272.20)
benefit plans
Tax impacts on above 69.58 – (1.11) – 68.47
Other comprehensive income / (loss) net of tax (175.67) – 3.16 – (172.51)
Total Comprehensive Income / (loss) net of tax 23,226.19 – (1,419.59) – 21,806.60
Below is the reconciliation of the reported numbers of Statement of Changes in equity of March 31, 2023 with the restated
numbers of March 31, 2023

Merger Impact
Retained earnings 81,452.12 (5,352.88) 76,099.24
General Reserve 45,967.75 – 45,967.75
Securities premium reserve 66,594.40 – 66,594.40
Shares Option Outstanding 1,874.06 – 1,874.06
Capital Reserve 175.18 – 175.18
Capital Redemption Reserve 135.71 – 135.71
Effective Portion of Cashflow Hedges (68.91) – (68.91)

Merger Impact
Amalgamation Adjustment Reserve (2,327.15) – (2,327.15)
Total 193,803.16 (5,352.88) 188,450.28
Below is the reconciliation of the reported numbers of Cash flow statement of March 31, 2023 with the restated numbers of
March 31, 2023

Merger Impact
Net cash inflow / (outflow) from operating activities from continuing 45,028.51 (89.68) 44,938.83
and discontinued operations
Net cash from / (used in) investing activities for continued and (9,927.90) 1,125.95 (8,801.95)
Net cash from / (used in) financing activities for continuing and (12,888.17) (979.10) (13,867.27)
Net increase / (decrease) in cash and cash equivalents 22,212.44 57.17 22,269.61
Note 45: Discontinued operations

The statement of profit and loss of EPC segment (discontinued operations) for the year are presented below:
(H in Lakhs)
For the period For the year
Particulars ended ended
31-Aug-2023 31-Mar-2023
Revenue from contracts with customers 34,037.96 54,001.96
Expenses net of other income 34,222.07 53,402.48
Finance costs 369.34 475.52
Profit/(loss) before tax from a discontinued operation (553.45) 123.96
Tax (expenses)/income: (144.54) 34.03
Profit/(loss) for the year from a discontinued operation (408.91) 89.93
Other comprehensive income 70.65 –
Total comprehensive income (338.26) 89.93
The major classes of assets and liabilities of EPC segment held for sale to Bajel Projects limited as at 31 March 2023 and as at
31 August 2023 are, as follows:
(H in Lakhs)
As at As at
Particulars
31-Aug-2023 31-Mar-2023
Assets
Property, plant and equipment 4,449.04 4,412.45
Capital work in progress 37.46 41.29
Right of use assets 700.76 351.66
Intangible assets under development – 14.97
Other non-current assets 3,217.24 4,148.29
Inventories 12,618.05 9,647.80
Trade receivable 45,447.89 43,393.73
Cash and cash equivalents, including cash attributable to the segment, pursuant to the scheme of 23,842.51 31,558.99
demerger
Other current assets 9,723.34 14,476.41
Assets held for sale 100,036.29 108,045.59
Liabilities
Trade credits 9,952.04 5,568.00
Note 45: Discontinued operations (Contd..)
Trade payable 17,664.89 29,671.73
Employee benefit obligations 1,369.91 1,325.91
Others liabilities 2,532.75 3,899.75
Liabilities directly associated with assets held for sale 43,236.56 50,121.42
Net assets directly associated with disposal group 56,799.73 57,924.17
Add: Investments knocked off 50.00
Net debited to retained earnings 56,849.73
The net cash flows of discontinued operations are, as follows

(H in Lakhs)
For the period ended For the year ended
Particulars
31-Aug-2023 31-Mar-2023
Operating (298.83) 688.77
Investing – (172.29)
Financing – (550.17)
Net cash (outflow)/inflow (298.83) (33.69)
Note 46: Goodwill

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
(Restated)
Goodwill on merger of Nirlep Appliances Private Limited 2,644.36 2,644.36
Goodwill on merger of Starlite Lighting Limited 16,356.73 16,356.73
TOTAL 19,001.09 19,001.09
During the year ended March 31, 2024, the Company has performed its annual impairment test and determined that there is no impairment.
The recoverable amounts of the CGU’s have been determined on the basis of the value in use calculations. The calculation uses cash flow
projections based on budgets approved by the management, discounting rate and terminal growth rate. Management believes that any
reasonably possible change in the key assumptions on which the specific CGU’s recoverable amount is based would not cause its carrying
amount to exceed its recoverable amount.
Significant unobservable inputs used in Level 3 fair values as at March 31, 2024
Particulars Significant Unobservable Inputs Sensitivity

Goodwill on business BEL Nashik Unit BEL Nashik Unit
combinations Discount rate – 15.50% The enterprise value is greater than the value of the goodwill plus WDV of
Terminal value growth rate – 3% CGU of Nashik Unit and considering the sensitivity around the assumptions
used, there is no impairment required as on March 31, 2024
BEL Aurangabad Unit
0.50% increase in discount rate will decrease fair value by H 320.52 lakhs.
Discount rate – 15.0%
0.50% decrease in discount rate will increase the fair value by H 347.59 lakhs
Terminal value growth rate – 3%
0.50% increase in terminal value growth rate will increase fair value by H
217.52 lakhs.
0.50% decrease in terminal value growth rate will decrease the fair value by
H 200.79 lakhs
BEL Aurangabad Unit
The enterprise value is greater than the value of the goodwill plus WDV of CGU
of Aurangabad Unit and considering the sensitivity around the assumptions
0.50% increase in discount rate will decrease the fair value by H 67.97 lakhs.
0.50% increase in terminal value growth rate will increase fair value by H 48.79
lakhs.
H 44.89 lakhs
Note 47: Ratios
(Restated) (H in Lakhs)
Ratio Numerator Denominator 31-Mar-24 31-Mar-23 % Change Reasons for variance > 25%
Current ratio Total current assets Total current liabilities 1.21 1.32 (8.24%) NA
(in times)
Debt equity Total borrowings Total equity – 0.00 (100.00%) Opening borrowings were only
ratio (in times) (excluding lease H 16.65 lakhs pertaining to sales
liabilities) tax deferral, which has now been
paid in full
Debt service (Net Profit / (Loss) for Finance Costs + Long 5.04 5.89 (14.43%) NA
coverage ratio the year + Finance term borrowings
(in times) Costs + Depreciation scheduled principal
and amortisation repayments during
expense + Non-cash the year, excluding
operating expenses lease liabilities
Return on Profit / (loss) for the Average total equity 7.87% 11.85% (33.56%) Reduction in profit after tax of 39%
equity ratio year due to weak consumer sentiment
(%) and operating deleverage is the
reason for drag in the overall
return on net worth ratio.
Inventory Cost of raw materials Average inventory 3.80 3.47 9.51% NA
turnover ratio consumed + Purchases
(in times) of traded goods +
Changes in inventories
of work-in-progress,
finished goods, traded
goods + Erection
& subcontracting
expenses
Trade receivables Revenue from Average receivables 4.02 3.93 2.40% NA
turnover ratio operations (including
(in times) other operating
income)
Trade Cost of raw materials Average payables 5.63 4.86 15.86% NA
payables consumed + Purchases
turnover ratio of traded goods +
(in times) Changes in inventories
of work-in-progress,
finished goods, traded
goods + Erection
& subcontracting
expenses
Net capital Revenue from Net capital (current 10.21 5.20 96.22% Reduction of around 5,924 lakhs
turnover ratio operations (including assets - current in overall current assets due to
(in times) other operating liabilities) derecognition of assets pertaining
income) to discountinued operations.
Net profit ratio Profit for the year Revenue from 2.84% 4.42% (35.83%) Revenues are down by 5% due
(%) operations to weak economic scenario in
the consumer durable space and
profit after tax has reduced by
39%, thereby affecting the overall
operating leverage. The Company
is in an investment stage whereby
there are investments made for
new and refreshed products,
which has resulted in higher
depreciation.
This has resulted in the overall
drag in the PAT margins.
Note 47: Ratios (Contd..)
(Restated) (H in Lakhs)
Ratio Numerator Denominator 31-Mar-24 31-Mar-23 % Change Reasons for variance > 25%
Return on Finance cost + Profit Average capital 14.02% 19.09% (26.56%) EBIT reduction of 33% has
capital before tax employed resulted in an overall reduction in
employed (%) the return on capital employed
Return on Interest / income on Average bank 5.60% 4.07% 37.54% Investments have been made in
investment bank deposits / mutual deposits / mutual high yielding financial products,
(%) funds funds thereby resulting in higher returns
Note 48: Other statutory information

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.
2. The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the
statutory period,
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 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
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
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on 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 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 either severally or jointly with
any other person during the year ended March 31, 2024 and March 31, 2023.
8. The Company has not been declared wilful defaulter by any bank, financial institution, government or government authority.
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, 2024 and March 31, 2023.”
10. Transactions with the companies which are struck off are as under
(H in Lakhs)
Count (FY24) Count (FY23) As on As on
Nature of Transaction
March 31, 2024 March 31, 2023
Receivables from customers 1 – 53.12 –
Receivables / (Payable) from /(to) vendors 11 59 0.39 71.43
11. The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the software except that the Company is
unable to assess on whether certain features of the audit trail of the said software has operated from the period April 01, 2023 to June 04,
2023 and from October 08, 2023 to November 12, 2023 or whether there were any instances of audit trail feature being tampered during
the said period in the absence of log of changes to certain audit features. The same has been remediated as on date of adoption of these
Note 49: Subsequent events
The Company has evaluated subsequent events from the balance sheet date through May 14, 2024, the date at which the standalone financial
statements were available to be issued, and determined that there are no material items to disclose.
Note 50:
Previous year’s figures have been regrouped / reclassed wherever necessary to correspond with the current year’s classification / disclosure.
Partner
Consolidated
Financial
Statements
Independent Auditor’s Report
To the Members of Bajaj Electricals Limited section 143(10) of the Act. Our responsibilities under those Standards
are further described in the ‘Auditor’s Responsibilities for the Audit
Report on the Audit of the Consolidated Financial of the Consolidated Financial Statements’ section of our report. We
Statements are independent of the Group and associate in accordance with the
‘Code of Ethics’ issued by the Institute of Chartered Accountants
Opinion
of India together with the ethical requirements that are relevant to
We have audited the accompanying consolidated financial our audit of the financial statements under the provisions of the Act
statements of Bajaj Electricals Limited (hereinafter referred to as and the Rules thereunder, and we have fulfilled our other ethical
“the Holding Company”), its subsidiary (the Holding Company and responsibilities in accordance with these requirements and the
its subsidiary together referred to as “the Group”) and its associate Code of Ethics. We believe that the audit evidence we have obtained
comprising of the consolidated Balance sheet as at March 31 2024, is sufficient and appropriate to provide a basis for our audit opinion
the consolidated Statement of Profit and Loss, including other on the consolidated financial statements.
comprehensive income, the consolidated Cash Flow Statement
and the consolidated Statement of Changes in Equity for the year Key Audit Matters
then ended, and notes to the consolidated financial statements, Key audit matters are those matters that, in our professional
including a summary of material accounting policies and other judgment, were of most significance in our audit of the consolidated
explanatory information (hereinafter referred to as “the consolidated financial statements for the financial year ended March 31, 2024.
financial statements”). These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our
In our opinion and to the best of our information and according to
opinion thereon, and we do not provide a separate opinion on these
the explanations given to us and based on the separate financial
matters. For each matter below, our description of how our audit
statements and on the other financial information of an associate,
addressed the matter is provided in that context.
the aforesaid consolidated financial statements give the information
required by the Companies Act, 2013, as amended (“the Act”) in We have determined the matters described below to be the key
the manner so required and give a true and fair view in conformity audit matters to be communicated in our report. We have fulfilled
with the accounting principles generally accepted in India, of the the responsibilities described in the Auditor’s responsibilities for
consolidated state of affairs of the Group and its associate as at March the audit of the consolidated financial statements section of our
31, 2024, their consolidated profit including other comprehensive report, including in relation to these matters. Accordingly, our audit
income, their consolidated cash flows and the consolidated included the performance of procedures designed to respond to our
statement of changes in equity for the year ended on that date. assessment of the risks of material misstatement of the consolidated
financial statements. The results of audit procedures performed by
Basis for Opinion
us, including those procedures performed to address the matters
We conducted our audit of the consolidated financial statements in below, provide the basis for our audit opinion on the accompanying
accordance with the Standards on Auditing (SAs), as specified under consolidated financial statements.
Key audit matters How our audit addressed the key audit matters
A. Timing of revenue recognition for Consumer Product business (Refer Notes 1B(3)(1) and 24 of the consolidated Ind financial statements)
Revenue from contracts with customers is recognised upon Audit procedures included the following:
transfer of control of promised goods and is measured at the
Assessed the Holding Company’s revenue recognition policy
transaction price of the consideration received or receivable,
and its compliance in terms of Ind AS 115 ‘Revenue from
net of returns, schemes and rebates, based on contractually
contracts with customers’;
defined terms.
Assessed the design and tested the operating effectiveness of
The timing of transfer of control in case of sales to distributors
internal financial controls related to timing of revenue recognition;
is basis the arrangements including delivery speciﬁcations and
incoterms, payment terms and ability of customers to return For sample customers, obtained and assessed the arrangements
the goods if unsold in the market which create complexity and with the Holding Company and impact on revenue recognition
judgment in determining the timing of recognition of revenues. including their payment terms and right to returns;
The risk is, therefore, that revenue is not recognized in the correct Performed sample tests of individual sales transaction based on
period and accordingly, it was determined to be a key audit matter sales invoices and other related documents. In respect of the
in our audit of the consolidated financial statements. samples selected, tested the timing of revenue recognition in
accordance with Ind AS 115;
Selected sample of sales transactions made pre- and post-year
end, agreed the period of revenue recognition to underlying
documents and the terms of sale;
Performed analytical procedures on sales and sales return trend
including subsequent sales returns;
For sample customer balances, obtained direct confirmation
and tested the reconciliations if any.
Key audit matters How our audit addressed the key audit matters
B. Inventory existence and allowance for inventory (Refer note 1B(13) and 11 disclosure of the accompanying consolidated
financial statements)
As at 31 March 2024, the carrying amount of inventories amounted Audit procedures included the following:
to Rs 75,664.03 lakhs, after considering allowance for inventory
Obtained an understanding, evaluated the design and tested
obsolescence of Rs 4,553.96 lakhs. These inventories are kept at
the operating effectiveness of internal financial controls that the
Factories, Warehouses and Branches of the Holding Company.
Holding Company has in relation to the inventory count process
Inventory valuation and existence was an audit focus area and allowance for inventory;
because of the additional risks assessed due to the number of
We have obtained the physical verification reports of the third
locations that the inventory was held at, and the judgement
party appointed by the Holding Company and have reconciled
applied in the provision of inventory. Additionally during the year
the same with books of accounts;
the Company has discontinued end-to-end logistics arrangement
(including warehousing and pre-primary, primary and secondary We performed testing on the Holding Company’s controls
transportation) with a third party provider in a phased manner over the inventory count process. In testing these controls we
leading to relocation of inventory to new warehouses and locations. observed the inventory count process at selected Factory,
Warehouse and Branches on a sample basis near to period
The spread of inventory and the hand over from the third-
end, inspected the results of the inventory count and confirmed
party warehouse management system in the current year has
variances were accounted for and approved by management;
significantly increased our focus on the inventory management
including the existence of inventory as at the year end. Further We evaluated whether the provisions towards ageing and
there are judgements applied in assessing the level of provision obsolete inventory has been made in accordance with the
for stock basis ageing and obsolescence. Hence this matter has approved policy. On a sample basis, we tested the aging of
been considered as a key audit matter in the current year. inventory. For our sample we agreed the purchase date recorded
in the inventory aging report to supplier invoices.
We assessed whether there were inventories which were sold
with a consistent negative margin by evaluating recent sales
invoices to validate management’s assessment and decision
whether inventories should or should not be provided for.
Furthermore we analyzed the inventory turnaround
and compared that to management’s estimates on
obsolete inventories.
We assessed the adequacy and appropriateness of the Group’s
disclosures in Note 1B(13) on material accounting policy and
Note 11 Inventories to the consolidated financial statements, as
required by the applicable Indian Accounting Standards.
C. Impairment testing of Goodwill (Refer Note 1B(2) and 46 of the consolidated financial statements)
As at March 31, 2024, the Group has carrying amount of Goodwill Our audit procedures included the following:
of Rs 19,001.09 lakhs pertaining to Starlite Lighting Limited and Obtained an understanding of the process followed by the
Nirlep Appliances Private Limited management to determine the recoverable amounts of cash
In accordance with the requirements of Ind AS 36 Impairment of generating units determined by the Group.
Assets, the Group performs an annual impairment assessment Evaluated the design and implementation and tested the
of Goodwill and the corresponding cash generating units to operating effectiveness of key internal controls related
determine whether the recoverable value is below the carrying to the Group’s process relating to review of the annual
amount as at March 31, 2024. impairment analysis.
For this purpose, the recoverable value of the cash generating unit Assessed Group’s valuation methodology applied in determining
is based on the value in use model, which has been derived from recoverable value including the reasonableness of identification
the discounted cash flow model. The model requires the Group of cash generating units around the key drivers (cash flow
to make significant assumptions such as discount rate, near and forecasts, discount rates, expected growth rates, forecasted
long-term revenue growth rate and projected margins which margins and terminal growth rates) based on our knowledge of
involves inherent uncertainty since they are based on future the Group and Industry. Compared the historical accuracy by
business prospects and economic outlook. comparing past forecasts to actual results achieved.
Changes in certain methodologies and assumptions can lead to Assessed the recoverable value headroom by performing
significant changes in the assessment of the recoverable value. sensitivity testing of key assumptions used.
Due to the level of judgments involved and its significance to Tested the arithmetical accuracy of the computation of
the Group’s financial position, this is considered to be a key recoverable amounts of cash generating units
audit matter.
Assessed the disclosures made in the consolidated
Information Other than the Financial Statements and report that includes our opinion. Reasonable assurance is a high
Auditor’s Report Thereon level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement
The Holding Company’s Board of Directors is responsible for the
when it exists. Misstatements can arise from fraud or error and are
other information. The other information comprises the information
considered material if, individually or in the aggregate, they could
included in the Annual report, but does not include the consolidated
reasonably be expected to influence the economic decisions of
financial statements and our auditor’s report thereon.
users taken on the basis of these consolidated financial statements.
Our opinion on the consolidated financial statements does not cover
As part of an audit in accordance with SAs, we exercise professional
the other information and we do not express any form of assurance
judgment and maintain professional skepticism throughout the
conclusion thereon.
audit. We also:
In connection with our audit of the consolidated financial statements,
Identify and assess the risks of material misstatement of the
our responsibility is to read the other information and, in doing so,
consolidated financial statements, whether due to fraud or
consider whether such other information is materially inconsistent
error, design and perform audit procedures responsive to
with the consolidated financial statements or our knowledge
those risks, and obtain audit evidence that is sufficient and
obtained in the audit or otherwise appears to be materially misstated.
appropriate to provide a basis for our opinion. The risk of
If, based on the work we have performed, we conclude that there is
not detecting a material misstatement resulting from fraud is
a material misstatement of this other information, we are required to
higher than for one resulting from error, as fraud may involve
report that fact. We have nothing to report in this regard.
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
Responsibilities of Management for the Consolidated
Financial Statements Obtain an understanding of internal control relevant to the
The Holding Company’s Board of Directors is responsible for the audit in order to design audit procedures that are appropriate
preparation and presentation of these consolidated financial in the circumstances. Under section 143(3)(i) of the Act, we are
statements in terms of the requirements of the Act that give a true also responsible for expressing our opinion on whether the
and fair view of the consolidated financial position, consolidated Holding Company has adequate internal financial controls with
financial performance including other comprehensive income, reference to financial statements in place and the operating
consolidated cash flows and consolidated statement of changes in effectiveness of such controls.
equity of the Group including its associate in accordance with the Evaluate the appropriateness of accounting policies used
accounting principles generally accepted in India, including the and the reasonableness of accounting estimates and related
Indian Accounting Standards (Ind AS) specified under section 133 disclosures made by management.
of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. The respective Board of Directors of the Conclude on the appropriateness of management’s use of
company included in the Group and of its associate are responsible the going concern basis of accounting and, based on the
for maintenance of adequate accounting records in accordance audit evidence obtained, whether a material uncertainty exists
with the provisions of the Act for safeguarding of the assets of their related to events or conditions that may cast significant doubt
respective companies and for preventing and detecting frauds on the ability of the Group and its associate to continue as a
and other irregularities; selection and application of appropriate going concern. If we conclude that a material uncertainty
accounting policies; making judgments and estimates that are exists, we are required to draw attention in our auditor’s
reasonable and prudent; and the design, implementation and report to the related disclosures in the consolidated financial
maintenance of adequate internal financial controls, that were statements or, if such disclosures are inadequate, to modify
operating effectively for ensuring the accuracy and completeness of our opinion. Our conclusions are based on the audit evidence
the accounting records, relevant to the preparation and presentation obtained up to the date of our auditor’s report. However, future
of the consolidated financial statements that give a true and fair view events or conditions may cause the Group and its associate to
and are free from material misstatement, whether due to fraud or cease to continue as a going concern.
error, which have been used for the purpose of preparation of the Evaluate the overall presentation, structure and content of the
consolidated financial statements by the Directors of the Holding consolidated financial statements, including the disclosures,
Company, as aforesaid. and whether the consolidated financial statements represent
In preparing the consolidated financial statements, the respective the underlying transactions and events in a manner that
Board of Directors of the companies included in the Group and achieves fair presentation.
of its associate are responsible for assessing the ability of their Obtain sufficient appropriate audit evidence regarding the
respective companies to continue as a going concern, disclosing, financial information of the entity or business activities within
as applicable, matters related to going concern and using the going the Group and its associate of which we are the independent
concern basis of accounting unless management either intends auditors, to express an opinion on the consolidated financial
to liquidate the Group or to cease operations, or has no realistic statements. We are responsible for the direction, supervision
alternative but to do so. and performance of the audit of the financial statements of
Those respective Board of Directors of the company included in the such entities included in the consolidated financial statements
Group and of its associate are also responsible for overseeing the of which we are the independent auditors. We communicate
financial reporting process of their respective companies. with those charged with governance of the Holding Company
and such other entity included in the consolidated financial
Auditor’s Responsibilities for the Audit of the Consolidated statements of which we are the independent auditors
Financial Statements regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
Our objectives are to obtain reasonable assurance about whether the any significant deficiencies in internal control that we identify
consolidated financial statements as a whole are free from material during our audit.
misstatement, whether due to fraud or error, and to issue an auditor’s
We also provide those charged with governance with a statement Other Comprehensive Income, the Consolidated Cash
that we have complied with relevant ethical requirements regarding Flow Statement and Consolidated Statement of Changes
independence, and to communicate with them all relationships in Equity dealt with by this Report are in agreement with
and other matters that may reasonably be thought to bear on our the books of account maintained for the purpose of
independence, and where applicable, related safeguards. preparation of the consolidated financial statements;
From the matters communicated with those charged with (d) In our opinion, the aforesaid consolidated financial
governance, we determine those matters that were of most statements comply with the Accounting Standards
significance in the audit of the consolidated financial statements specified under Section 133 of the Act, read with
for the financial year ended March 31, 2024 and are therefore the Companies (Indian Accounting Standards) Rules,
key audit matters. We describe these matters in our auditor’s report 2015, as amended;
unless law or regulation precludes public disclosure about the
(e) On the basis of the written representations received from
matter or when, in extremely rare circumstances, we determine that
the directors of the Holding Company as on March 31,
a matter should not be communicated in our report because the
2024 taken on record by the Board of Directors of the
adverse consequences of doing so would reasonably be expected
Holding Company and the report of the statutory auditor
to outweigh the public interest benefits of such communication.
who are appointed under Section 139 of the Act, of its
associate company, none of the directors of the Group’s
Other Matter
companies and its associate, incorporated in India, is
The consolidated financial statements also include the Group’s share disqualified as on March 31, 2024 from being appointed
of net profit of Rs. 0.00 lakhs for the year ended March 31, 2024, as as a director in terms of Section 164 (2) of the Act;
considered in the consolidated financial statements, in respect of one
associate, whose financial statements, other financial information (f) With respect to the adequacy of the internal financial
have not been audited and whose unaudited financial statements, controls with reference to consolidated financial
other unaudited financial information have been furnished to us statements of the Holding Company and its subsidiary
by the Management. Our opinion, in so far as it relates amounts company and associate company, incorporated in India,
and disclosures included in respect of this associate and our report and the operating effectiveness of such controls, refer to
in terms of sub-sections (3) of Section 143 of the Act in so far as it our separate Report in “Annexure 2” to this report;
relates to the aforesaid associate, is based solely on such unaudited (g) In our opinion, the managerial remuneration for
financial statements and other unaudited financial information. the year ended March 31, 2024 has been paid /
In our opinion and according to the information and explanations provided by the Holding Company, its subsidiary and
given to us by the Management, these financial statements and associate incorporated in India to their directors in
other financial information are not material to the Group. accordance with the provisions of section 197 read with
Our opinion above on the consolidated financial statements, and our Schedule V to the Act;
report on Other Legal and Regulatory Requirements below, is not (h) The modification relating to the maintenance of accounts
modified in respect of the financial statements and other financial and other matters connected therewith are as stated in
information certified by the Management. the paragraph (b) above on reporting under Section
143(3)(b) and paragraph (i)(vi) below on reporting
Report on Other Legal and Regulatory Requirements under Rule 11(g).
1. As required by the Companies (Auditor’s Report) Order, 2020
(i) With respect to the other matters to be included in
(“the Order”), issued by the Central Government of India
the Auditor’s Report in accordance with Rule 11 of
in terms of sub-section (11) of section 143 of the Act, based
the Companies (Audit and Auditors) Rules, 2014, as
on our audit and on the consideration of separate financial
amended, in our opinion and to the best of our information
statements and the other financial information of the associate
and according to the explanations given to us and based
company, incorporated in India, as noted in the ‘Other Matter’
on the consideration on separate financial statements as
paragraph we give in the “Annexure 1” a statement on the
also the other financial information of the subsidiary and
matters specified in paragraph 3(xxi) of the Order.
an associate, as noted in the ‘Other matter’ paragraph:
2. As required by Section 143(3) of the Act, based on our audit
i. The consolidated financial statements disclose the
and on the consideration of separate financial statements and
impact of pending litigations on its consolidated
the other financial information of subsidiary and associate, as
financial position of the Group and its associate in
noted in the ‘other matter’ paragraph we report, to the extent
its consolidated financial statements – Refer Note
applicable, that:
40 to the consolidated financial statements;
(a) We have sought and obtained all the information and
ii. The Group and its associate did not have any
explanations which to the best of our knowledge and
material foreseeable losses in long-term contracts
belief were necessary for the purposes of our audit of the
including derivative contracts during the year
aforesaid consolidated financial statements;
ended March 31, 2024;
(b) In our opinion, proper books of account as required by
iii. There has been no delay in transferring amounts,
law relating to preparation of the aforesaid consolidation
required to be transferred, to the Investor Education
of the financial statements have been kept so far as it
and Protection Fund by the Holding Company, its
appears from our examination of those books except
subsidiary and associate, incorporated in India
for the matters stated in the paragraph (i)(vi) below on
during the year ended March 31, 2024.
reporting under Rule 11(g);
iv. a) The respective managements of the Holding
(c) The Consolidated Balance Sheet, the Consolidated
Company and its subsidiary and associate
Statement of Profit and Loss including the Statement of
which are companies incorporated in India
that, to the best of its knowledge and belief, v) As stated in note 17 to the consolidated financial
no funds have been advanced or loaned statements, The final dividend paid by the
or invested (either from borrowed funds or Holding Company, its subsidiary and an associate
share premium or any other sources or kind companies incorporated in India during the year
of funds) by the Holding Company or any in respect of the same declared for the previous
of such subsidiary and associate to or in year is in accordance with section 123 of the Act
any other person(s) or entity(ies), including to the extent it applies to payment of dividend.
foreign entities (“Intermediaries”), with Further, the respective Board of Directors of
the understanding, whether recorded in the Holding Company and its subsidiary and
writing or otherwise, that the Intermediary associate company, incorporated in India have
shall, whether, directly or indirectly lend or proposed final dividend for the year which is
invest in other persons or entities identified subject to the approval of the members of the
in any manner whatsoever by or on behalf respective companies at the respective ensuing
of the respective Holding Company or Annual General Meeting. The dividend declared
any of such subsidiary and, associate is in accordance with section 123 of the Act to the
(“Ultimate Beneficiaries”) or provide any extent it applies to declaration of dividend.
guarantee, security or the like on behalf of the
vi) Based on our examination which included test
Ultimate Beneficiaries;
checks, except for the instances discussed in note
b) The respective managements of the Holding 48(11) to the consolidated financial statements, the
Company and its subsidiary and associate Holding Company, subsidiary and associate has
which are companies incorporated in used accounting software for maintaining its books
India that, to the best of its knowledge and of account which has a feature of recording audit
belief, no funds have been received by the trail (edit log) facility and the same has operated
respective Holding Company or any of such throughout the year for all relevant transactions
subsidiary and associate from any person(s) recorded in the software except that we are unable
or entity(ies), including foreign entities to comment on whether certain features of the
(“Funding Parties”), with the understanding, audit trail of the said software has operated from
whether recorded in writing or otherwise, period April 01, 2023 to June 04, 2023 and from
that the Holding Company or any of such October 01, 2023 to November 12, 2023 or whether
subsidiary and an associate shall, whether, there were any instances of audit trail feature being
directly or indirectly, lend or invest in other tampered during the said period in the absence of
persons or entities identified in any manner log of changes to certain audit features.
whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the For S R B C & CO LLP
Ultimate Beneficiaries; and Chartered Accountants
c) Based on the audit procedures that have
been considered reasonable and appropriate per Vikram Mehta
in the circumstances performed by us, Partner
nothing has come to our notice that has Membership No.: 105938
caused us to believe that the representations UDIN: 24105938BKELXU6962
under sub-clause (a) and (b) contain any
material mis-statement. Mumbai, May 14, 2024
Annexure ‘1’
Re: Bajaj Electricals Limited (“the Holding Company”)

(xxi) Qualifications or adverse remarks in the Companies (Auditors Report) Order (CARO) report of the Company included in the consolidated
financial statements are:
Sr Holding company/ subsidiary/ Clause number of the CARO report

Name CIN
no associate/ joint venture which is qualified or is adverse
1 Bajaj Electricals Limited L31500MH1938PLC009887 Holding Company Paragraph 3(i)(c)
For S R B C & CO LLP

Chartered Accountants
per Vikram Mehta

Partner
Membership No.: 105938
UDIN: 24105938BKELXU6962
Mumbai, May 14, 2024

Annexure ‘2’
Re: Bajaj Electricals Limited (“the Holding Company”) Our audit involves performing procedures to obtain audit evidence
about the adequacy of the internal financial controls with reference to
Report on the Internal Financial Controls under Clause consolidated financial statements and their operating effectiveness.
(i) of Sub-section 3 of Section 143 of the Companies Act, Our audit of internal financial controls with reference to consolidated
2013 (“the Act”) financial statements included obtaining an understanding of
internal financial controls with reference to consolidated financial
In conjunction with our audit of the consolidated financial statements
statements, assessing the risk that a material weakness exists, and
of Bajaj Electricals Limited (hereinafter referred to as the “Holding
testing and evaluating the design and operating effectiveness of
Company”) as of and for the year ended March 31, 2024, we have
internal control based on the assessed risk. The procedures selected
audited the internal financial controls with reference to consolidated
depend on the auditor’s judgement, including the assessment of the
financial statements of the Holding Company and its subsidiary (the
risks of material misstatement of the financial statements, whether
Holding Company and its subsidiary together referred to as “the
due to fraud or error.
Group”) and its associate, which are companies incorporated in
India, as of that date. We believe that the audit evidence we have obtained, is sufficient
and appropriate to provide a basis for our audit opinion on
Management’s Responsibility for Internal Financial the internal financial controls with reference to consolidated
Controls financial statements.
The respective Board of Directors of the company included in the
Group and its associate, which are companies incorporated in India, Meaning of Internal Financial Controls With Reference to
are responsible for establishing and maintaining internal financial Consolidated Financial Statements
controls based on the internal control over financial reporting A company's internal financial control with reference to consolidated
criteria established by the Holding Company considering the financial statements is a process designed to provide reasonable
essential components of internal control stated in the Guidance assurance regarding the reliability of financial reporting and
Note on Audit of Internal Financial Controls Over Financial the preparation of financial statements for external purposes in
Reporting issued by the Institute of Chartered Accountants of India accordance with generally accepted accounting principles. A
(ICAI). These responsibilities include the design, implementation company's internal financial control with reference to consolidated
and maintenance of adequate internal financial controls that were financial statements includes those policies and procedures that
operating effectively for ensuring the orderly and efficient conduct (1) pertain to the maintenance of records that, in reasonable detail,
of its business, including adherence to the respective company’s accurately and fairly reflect the transactions and dispositions of
policies, the safeguarding of its assets, the prevention and detection the assets of the company; (2) provide reasonable assurance that
of frauds and errors, the accuracy and completeness of the transactions are recorded as necessary to permit preparation
accounting records, and the timely preparation of reliable financial of financial statements in accordance with generally accepted
information, as required under the Companies Act, 2013. accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorisations
Auditor’s Responsibility of management and directors of the company; and (3) provide
Our responsibility is to express an opinion on the Holding reasonable assurance regarding prevention or timely detection of
Company's internal financial controls with reference to consolidated unauthorised acquisition, use, or disposition of the company's assets
financial statements based on our audit. We conducted our audit in that could have a material effect on the financial statements.
accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the “Guidance Note”) and the Inherent Limitations of Internal Financial Controls With
Standards on Auditing, specified under section 143(10) of the Act, to Reference to Consolidated Financial Statements
the extent applicable to an audit of internal financial controls, both, Because of the inherent limitations of internal financial controls
issued by ICAI. Those Standards and the Guidance Note require with reference to consolidated financial statements, including the
that we comply with ethical requirements and plan and perform possibility of collusion or improper management override of controls,
the audit to obtain reasonable assurance about whether adequate material misstatements due to error or fraud may occur and not be
internal financial controls with reference to consolidated financial detected. Also, projections of any evaluation of the internal financial
statements was established and maintained and if such controls controls with reference to consolidated financial statements to future
operated effectively in all material respects. periods are subject to the risk that the internal financial controls
with reference to consolidated financial statements may become
inadequate because of changes in conditions, or that the degree of reference to consolidated financial statements of the Holding
compliance with the policies or procedures may deteriorate. Company, in so far as it relates to an associate, which is company
incorporated in India, is based on the unaudited financial statements
Opinion and other unaudited financial information which have been
furnished to us by the Management.
In our opinion, the Group and its associate, which are companies
incorporated in India, have, maintained in all material respects,
adequate internal financial controls with reference to consolidated
financial statements and such internal financial controls with
reference to consolidated financial statements were operating For S R B C & CO LLP
effectively as at March 31,2024, based on the internal control over Chartered Accountants
financial reporting criteria established by the Holding Company ICAI Firm Registration Number: 324982E/E300003
considering the essential components of internal control stated in
per Vikram Mehta
the Guidance Note issued by the ICAI.
Partner
Membership No.: 105938
Other Matters
UDIN: 24105938BKELXU6962
Our report under Section 143(3)(i) of the Act on the adequacy
and operating effectiveness of the internal financial controls with Mumbai, May 14, 2024
Consolidated Balance Sheet as at March 31, 2024
(H in Lakhs)
As at As at
Particulars Notes
31-Mar-24 31-Mar-23
ASSETS
Non-Current Assets
Property, plant and equipment 2 35,236.25 31,136.03
Capital work in progress 2 6,183.96 4,058.82
Right-of-use assets 3 22,221.90 11,947.22
Intangible assets 4 1,541.99 1,923.22
Intangible assets under development 4 161.71 130.94
Investment properties 4.1 13,582.07 12,947.65
Goodwill 46 19,001.09 19,001.09
Investments in associate 5.1 – –
Financial Assets
i) Investments 5.3 493.14 600.58
iii) Other financial assets 8 5,027.53 2,495.18
Deferred tax assets (net) 9 530.33 –
Other non-current assets 10 8,496.85 12,020.19
Total Non-Current Assets 122,104.31 111,038.43
Current Assets
Inventories 11 75,664.03 97,559.70
Financial Assets
i) Investments 5.2 3,004.50 4,078.23
iii) Cash and cash equivalents 12 11,402.15 34,151.52
iv) Bank balances other than (iii) above 12.1 16,066.44 2,871.68
v) Loans 7 50.38 34.59
vi) Other current financial assets 13 1,084.28 1,119.49
Other current assets 14 36,837.50 28,627.68
Contract assets 41 325.07 350.37
260,751.85 279,923.52
Assets classified as held for sale 15 & 45 460.09 108,311.18
Total Current Assets 261,211.94 388,234.70
Total Assets 383,316.25 499,273.13
EQUITY
Equity share capital 16 2,303.92 2,301.51
Other Equity 17 141,818.08 188,420.07
Total Equity 144,122.00 190,721.58
LIABILITIES
ii) Other financial liabilities 19 16.35 16.52
Provisions 20 969.70 1,689.40
Deferred tax liabilities (net) 9 – 539.73
Total Non-Current Liabilities 23,437.79 14,293.66
Current Liabilities
i) Borrowings 18 – 16.65
ii) Trade credits 22.1 128,272.38 118,689.14
iii) Trade payables 22
Total Outstanding dues of micro enterprises & small enterprises 3,781.66 3,768.20
Total Outstanding dues of other than micro enterprises & small enterprises 52,117.97 57,145.80
iv) Other current financial liabilities 19 6,519.57 40,142.66
Provisions 20 5,227.62 4,882.33
Current tax liabilities (net) 2,687.45 1,886.08
Contract liabilities 41 4,496.46 6,108.33
Other current liabilities 23 7,100.23 7,325.86
215,756.46 244,110.07
Liabilities directly associated with the assets held for sale 45 – 50,147.82
Total Current Liabilities 215,756.46 294,257.89
Total Liabilities 239,194.25 308,551.55
Total Equity & Liabilities 383,316.25 499,273.13
The accompanying notes are an integral part of the Consolidated Financial Statements
Partner
Statement of Consolidated Profit and Loss for the year ended 31st March 2024
(H in Lakhs unless otherwise stated)

Particulars Notes
31-Mar-24 31-Mar-23
Income:
Revenue from operations 24 464,126.83 488,924.49
Other income 25 8,647.07 4,503.75
Total Income 472,773.90 493,428.24
Expenses:
Cost of raw materials consumed 26 51,349.38 49,239.36
Purchases of traded goods 256,674.51 291,698.35
Changes in inventories of work-in-progress, finished goods and traded goods 26 18,060.24 (4,676.74)
Erection and subcontracting expenses 27 2,621.02 1,887.07
Employee benefits expenses 28 36,492.85 34,370.61
Depreciation and amortisation expense 29 10,958.49 7,377.88
Other expenses 30 72,960.02 78,930.79
Finance costs 31 6,347.88 4,361.51
Total Expenses 455,464.39 463,188.83
Profit before share of profit / (loss) of an associate and tax from continuing 17,309.51 30,239.41
operations
Share of profit / (loss) of associate – –
Tax expense / (credit) :
Current tax 32 5,719.86 5,150.76
Deferred tax 9 (2,009.37) 3,544.49
Adjustment of tax relating to earlier periods 32 11.31 –
Total tax expenses from continuing operations 3,721.80 8,695.25
Profit for the year from continuing operations 13,587.71 21,544.16
Profit / (loss) before tax for the year from discontinued operations (681.26) 102.28
Tax expense / (Credit) from discontinued operations 32 (201.06) 28.04
Profit / (loss) for the year from discontinued operations (480.20) 74.24
Profit for the year 13,107.51 21,618.40
Items that will be reclassified to profit and loss in subsequent periods
Cash flow hedge reserve 35c 9.47 41.72
Income tax effect (2.38) (10.50)
Remeasurement (gains)/losses on defined benefit plans 21 75.94 (272.20)
Income tax effect 9 (21.09) 68.47
Other comprehensive (income) / loss net of tax from continuing operations 61.94 (172.51)
Remeasurement (gains)/losses on defined benefit plans (94.41) –
Income tax effect 23.46 –
Other comprehensive (income) / loss net of tax from discontinued operations (70.95) –
Total Comprehensive Income for the year net of tax 13,116.52 21,790.91
Statement of Consolidated Profit and Loss for the year ended 31st March 2024
(H in Lakhs unless otherwise stated)

Particulars Notes
31-Mar-24 31-Mar-23
Profit for the year attributable to
Equity holders of the parent 13,107.51 21,618.40
Non-controlling interest – –
Other comprehensive (income) / loss for the year attributable to
Equity holders of the parent (9.01) (172.51)
Total comprehensive income / (loss) for the year attributable to
Equity holders of the parent 13,116.52 21,790.91
Earnings Per Share from Continuing operations
Basic computed on the basis on profit from continuing operations 11.81 18.74
Diluted computed on the basis on profit from continuing operations 11.79 18.71
Earnings Per Share Discontinued operations
Basic computed on the basis on profit / (loss) from discontinued operations (0.42) 0.06
Diluted computed on the basis on profit / (loss) from discontinued operations (0.42) 0.06
Earnings Per Share
Basic computed on the basis of profit for the year 11.39 18.80
Diluted computed on the basis of profit for the year 11.37 18.77
The accompanying notes are an integral part of the Consolidated Financial
Statements
Partner
Consolidated Statement of changes in equity for the year ended 31st March 2024
A. Equity share capital (Note 16)

(H in Lakhs)
Particulars
31-Mar-24 31-Mar-23
Equity shares of H 2 each issued, subscribed and fully paid-up
At the beginning of the year 2,301.51 2,297.48
Changes in Equity Share Capital due to prior period errors – –
Restated balance at the beginning of the year 2,301.51 2,297.48
Issue of equity share capital during the year 2.41 4.03
At the end of the year 2,303.92 2,301.51

(H in Lakhs)
Share Reserves and surplus
Application Amalga- Effective
Name of the person or entity Money Securities Shares Retained Capital
Pending Adjustment premium Option earnings Redemption Total
Cashflow Reserve Reserve
Allotment reserve Outstanding * Reserve
Reserve Hedges
Balance as at 31st March 2023 – (2,327.15) (68.91) 66,594.40 1,874.06 45,967.75 76,069.03 135.71 175.18 188,420.07
Total – (2,327.15) (76.00) 66,594.40 1,874.06 45,967.75 89,192.64 135.71 175.18 201,536.59
Exercise of share options - transferred from – – – 207.14 (207.14) – – – – –
shares options outstanding account
Share application monies received 3.03 – – – – – – – – 3.03
Derecognised pursuant to discontinued – – – – – – (56,748.53) – – (56,748.53)
operations (refer note 45)
Charge for the year – – 37.69 – – – – – – 37.69
Balance as at 31st March 2024 3.03 (2,327.15) (38.31) 67,307.46 2,698.94 45,967.75 27,895.47 135.71 175.18 141,818.08
299
300
Consolidated Statement of changes in equity for the year ended 31st March 2024

(H in Lakhs)
Share Reserves and surplus
Application Amalga- Effective
Particulars Money Securities Shares Retained Capital
Pending Adjustment premium Option earnings Redemption Total
Cashflow Reserve Reserve
Allotment reserve Outstanding * Reserve
Reserve Hedges
Balance as at 31st March 2022 – – 88.29 65,356.13 1,198.56 45,967.75 57,936.30 135.71 175.18 170,857.92


Total comprehensive income for the year – – 57.07 65,356.13 1,198.56 45,967.75 79,758.43 135.71 175.18 192,648.83
Exercise of share options - transferred from – – – 344.84 (344.84) – – – – –
shares options outstanding account
Issue of share capital (0.19) – – 0.19 – – – – – -
Transfer from minority interest on account of 0.19 (2,327.15) – – – – (305.93) – – (2,632.89)
business combination
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 76,069.03 135.71 175.18 188,420.07
Summary of material accounting policies (Note 1B).

Partner
Consolidated Cash Flow Statement for the year ended 31st March 2024
(H in in Lakhs)
Particulars
31-Mar-24 31-Mar-23
Cash flow from operating activities

Profit before income tax from continuing operations 17,309.51 30,239.41
Adjustments for:
Depreciation and amortisation expense 10,958.49 7,377.88
Employee share-based payment expense 1,032.97 1,084.00
(Gain) / loss on disposal of property, plant and equipment (net) 79.76 (279.91)
Measurement of financial assets held at fair value through Profit or Loss (73.20) (110.85)
Measurement of financial assets and liabilities held at amortised cost (123.65) (58.37)
Finance costs 6,347.88 4,361.51
Interest income (5,560.20) (658.17)
Credit balances written back (1,341.65) (776.38)
Impairment allowance for doubtful debts & advances (net of write back) 633.88 (208.70)
Bad debts and other irrecoverable debit balances written off (379.28) (526.90)
28,884.51 40,443.52
Change in operating assets and liabilities:
(Increase)/decrease in trade receivables (current & non-current) (4,870.16) (49,532.60)
(Increase)/decrease in financial and other assets (current & non-current) (6,025.72) (11,425.94)
(Increase)/decrease in inventories 21,895.67 (6,487.63)
Increase/(decrease) in trade payables , provisions, employee benefit obligations, other financial (3,952.69) 73,534.04
liabilities and other liabilities (current & non-current)
Cash generated from operations 35,931.61 46,531.39
Income taxes paid (net of refunds) (253.98) (2,281.33)
Net cash inflow from operating activities from continuing operations 35,677.63 44,250.06
Net cash inflow / (outflow) from operating activities from discontinued operations (298.83) 688.77
Net cash inflow from operating activities from continuing and discontinued operations (A) 35,378.80 44,938.83
Cash flows from investing activities
Purchase of property, plant and equipment including capital work in progress and capital (12,365.70) (7,160.79)
advances
Purchase of intangible assets including intangible assets under development (750.99) (958.59)
Proceeds from sale of property, plant and equipment including advances received 43.77 968.93
Proceeds from sale of assets held for sale – 1,500.00
Proceeds from sale of investment properties 7.71 16.52
Loans repaid by an associate – 10.00
Purchase of mutual funds (10,445.63) (4,078.23)
Proceeds from sale of mutual funds 11,700.00 –
Investments / (realisations) in bank deposits (14,295.93) 534.16
Interest received 5,083.65 538.34
Net cash used in investing activities for continuing operations (21,023.12) (8,629.66)
Net cash used in investing activities for discontinued operations – (172.29)
Net cash used in investing activities for continued and discontinued operations (B) (21,023.12) (8,801.95)
Cash flows from financing activities
Proceeds from issues of shares 511.35 897.27
Payment of principal portion of lease liabilities (2,916.86) (1,604.66)
Interest paid on lease liabilities (1,551.30) (544.44)
Interest paid on borrowings (4,685.00) (4,143.79)
Dividend paid to equity shareholders (4,604.08) (3,447.13)
Net cash used in financing activities (13,262.54) (13,317.10)
Net cash used in financing activities for discontinued operations – (550.17)
Net cash used in financing activities for continuing and discontinued operations (C) (13,262.54) (13,867.27)
Net increase in cash and cash equivalents (A+B+C) 1,093.14 22,269.61
Consolidated Cash Flow Statement for the year ended 31st March 2024
(H in in Lakhs)
Particulars
31-Mar-24 31-Mar-23
Cash and cash equivalents at the beginning of the year 34,151.52 11,881.91
Less: Cash transferred pursuant to demerger (refer note 45) (23,842.51) –
Cash and cash equivalents at the end of the year 11,402.15 34,151.52
Cash and cash equivalents from continuing operations 11,402.15 34,151.52
Cash and cash equivalents from discontinued operations – –
Cash and cash equivalents from continuing and discontinued operations 11,402.15 34,151.52
(H in in Lakhs)
Change in liability arising from financing activities
31-Mar-24 31-Mar-23
Borrowings as on the beginning of the year 16.65 4,491.00
Borrowings as on the end of the year – 16.65

Partner
303
Notes to Consolidated Financial Statements for the year ended March 31, 2024
1A GENERAL INFORMATION. The Group presents assets and liabilities in the balance
sheet based on current and non-current classification.
Bajaj Electricals Limited (‘the Parent Company’) is an existing
Deferred tax assets and liabilities are classified
public limited company incorporated on 14th July 1938
as non-current.
under the provisions of the Indian Companies Act, 1913 and
deemed to exist within the purview of the Companies Act, The Group has prepared the consolidated financial
2013, having its registered office at 45/47, Veer Nariman Road, statements on the basis that it will continue to operate as
Mumbai-400 001. a going concern.
The Parent Company deals in Consumer Products (CP) (which An asset is treated as current when it is:
includes domestic appliances, kitchen appliances, and electric
Fans). The Parent Company deals in Lighting Solutions (which • Expected to be realised or intended to be sold or
includes consumer and professional lighting). The equity consumed in normal operating cycle
shares of the Parent Company are listed on Bombay Stock • Expected to be realised within twelve months after
Exchange Limited (“BSE”) and National Stock Exchange of the reporting period, or
India Limited (“NSE”). The consolidated financial statements
are presented in Indian Rupee (INR). The Consolidated • Cash or cash equivalent unless restricted from
financial statements comprises the financial statements of the being exchanged or used to settle a liability for at
holding Company and its subsidiary and an associate, together least twelve months after the reporting period
are referred to as “the Group” All other assets are classified as non-current.
The consolidated Parent financial statements have been A liability is current when:
recommended for approval by the audit committee and is
approved and adopted by the Board of the Parent Company, • It is expected to be settled in normal operating cycle
in their meeting held in Mumbai on May 14, 2024.
• It is due to be settled within twelve months after the
reporting period, or
1B MATERIAL ACCOUNTING POLICIES
This note provides a list of the significant accounting policies • There is no unconditional right to defer the
adopted in the preparation of these consolidated financial settlement of the liability for at least twelve months
statements. These policies have been consistently applied to after the reporting period
all the years presented. All other liabilities as classified as non-current.
1 Statement of Compliance and basis of preparation The operating cycle is the time between the acquisition
The consolidated financial statements of the Group have of assets for processing and their realisation in cash
been prepared in accordance with Indian Accounting and cash equivalents. The Group has identified twelve
Standards (hereinafter referred to as Ind AS) as notified months as its operating cycle.
by Ministry of Corporate Affairs pursuant to Section Basis of consolidation
133 of the Companies Act, 2013 (‘the Act’) read with
the Companies (Indian Accounting Standards) Rules, The consolidated financial statements includes financial
as amended from time to time and other relevant statements of Bajaj Electricals Limited and its subsidiary
provisions of the Act. (together referred as a Group), and an associate and
results, consolidated in accordance with Ind AS 28 -
The consolidated financial statements are prepared under Investments in associate and joint venture, Ind AS 111
the historical cost convention except for the following: – Joint Arrangements and Ind AS 110 – Consolidated
• certain financial assets and liabilities financial statements as given below:
(including derivative instruments) that are % share Consolidated
measured at fair value; Name of the Country of
holding of / Equity
Company Incorporation
• assets held for sale which are measured at lower of the Company accounted as
carrying value and fair value less cost to sell; Hind Lamps India 19.00% Associate
• defined benefit plans where plan assets are Limited
measured at fair value; and Bajel Projects India 100.00% Subsidiary (upto
Limited August 31,2023)
• share-based payments at fair value as on the grant
date of options given to employees.
Control is achieved when the Group is exposed, or has
Estimates, judgements and assumptions used in the rights, to variable returns from its involvement with
preparation of the consolidated financial statements and the investee and has the ability to affect those returns
disclosures are based upon management’s evaluation through its power over the investee. Specifically, the
of the relevant facts and circumstances as of the date of Group controls an investee if and only if the Group has:
the consolidated financial statements, which may differ
from the actual results at a subsequent date. The critical • Power over the investee (i.e. existing rights that give
estimates, judgements and assumptions are presented it the current ability to direct the relevant activities
in Note no. 1D. of the investee)
• Exposure, or rights, to variable returns from its that are recognised in assets, such as inventory
involvement with the investee, and and fixed assets, are eliminated in full). Ind AS 12
Income Taxes applies to temporary differences
• The ability to use its power over the investee to
that arise from the elimination of profits and losses
affect its returns
resulting from intragroup transactions.
Generally, there is a presumption that a majority of voting
Profit or loss and each component of other comprehensive
rights result in control. To support this presumption and
income (OCI) are attributed to the equity holders of the
when the Group has less than a majority of the voting
parent of the Group and to the non-controlling interests,
or similar rights of an investee, the Group considers all
even if this results in the non-controlling interests having
relevant facts and circumstances in assessing whether it
a deficit balance. When necessary, adjustments are made
has power over an investee, including:
to the financial statements of subsidiary to bring their
• The contractual arrangement with the other vote accounting policies into line with the Group’s accounting
holders of the investee policies. All intra-group assets and liabilities, equity,
• Rights arising from other contractual arrangements income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full
• The Group’s voting rights and potential voting rights on consolidation.
• The size of the group’s holding of voting rights
An associate is an entity over which the Group has
relative to the size and dispersion of the holdings of
significant influence. Significant influence is the power to
the other voting rights holders
participate in the financial and operating policy decisions
The Group re-assesses whether or not it controls an of the investee, but is not control or joint control over
investee if facts and circumstances indicate that there those policies.
are changes to one or more of the three elements of
A joint venture is a type of joint arrangement whereby
control. Consolidation of a subsidiary begins when
the parties that have joint control of the arrangement
the Group obtains control over the subsidiary and
have rights to the net assets of the joint venture. Joint
ceases when the Group loses control of the subsidiary.
control is the contractually agreed sharing of control of
Assets, liabilities, income and expenses of a subsidiary
an arrangement, which exists only when decisions about
acquired or disposed of during the year are included in
the relevant activities require unanimous consent of the
the consolidated financial statements from the date the
parties sharing control.
Group gains control until the date the Group ceases to
control the subsidiary. The considerations made in determining whether
significant influence or joint control are similar to those
Consolidated financial statements are prepared using
necessary to determine control over the subsidiary
uniform accounting policies for like transactions and other
events in similar circumstances. If a member of the Group Interest in associate and joint ventures are accounted for
uses accounting polices other than those adopted in the using the equity method. They are initially recognised
consolidated financial statements for like transactions at cost which includes transaction costs. Subsequent to
and other events in similar circumstances, appropriate initial recognition the consolidated financial statements
adjustments are made to that Group member’s financial include the groups share of profit and loss and OCI
statements in preparing the consolidated financial of equity accounted investee until the date on which
statements to ensure conformity with the Group’s significant influence or joint control ceases
accounting policies. The financial statement of all entities
used for the purpose of consolidation are drawn upto When the group’s share of losses in an equity-accounted
same reporting date as that of the parent company i.e., investment equals or exceeds its interest in the entity,
year ended 31st March 2024. including any other unsecured long-term receivables,
the group does not recognise further losses, unless it
Consolidation procedure: has incurred legal or constructive obligations or made
(a) Combine like items of assets, liabilities, equity, payments on behalf of the other entity. Unrealised gains
income, expenses and cash flows of the parent with on transactions between the group and its associates
those of its subsidiary. For this purpose, income and joint ventures are eliminated to the extent of the
and expenses of the subsidiary are based on the group’s interest in these entities. Unrealised losses are
amounts of the assets and liabilities recognised also eliminated unless the transaction provides evidence
in the consolidated financial statements at the of an impairment of the asset transferred.
acquisition date. 2 Business combination and goodwill
(b) Offset (eliminate) the carrying amount of the Business combinations are accounted for using
parent’s investment in each subsidiary and the the acquisition method. The cost of an acquisition
parent’s portion of equity of each subsidiary. is measured as the aggregate of the consideration
Business combinations policy explains how to transferred measured at acquisition date fair value
account for any related goodwill. and the amount of any non-controlling interests in the
(c) Eliminate in full intragroup assets and liabilities, acquiree. For each business combination, the Group
equity, income, expenses and cash flows relating to elects whether to measure the non-controlling interests
transactions between entities of the group (profits in the acquiree at fair value or at the proportionate share
or losses resulting from intragroup transactions
of the acquiree’s identifiable net assets. Acquisition- • Recognises the fair value of the
related costs are expensed as incurred. consideration received
At the acquisition date, the identifiable assets acquired, • Recognises the fair value of any investment retained
and the liabilities assumed are recognised at their
• Recognises any surplus or deficit in profit or loss
acquisition date fair values (including related deferred
tax). For this purpose, the liabilities assumed include • Recognise that distribution of shares of subsidiary
contingent liabilities representing present obligation to Group in Group’s capacity as owners
and they are measured at their acquisition fair values
irrespective of the fact that outflow of resources • Reclassifies the parent’s share of components
embodying economic benefits is not probable. previously recognised in OCI to profit or loss
or transferred directly to retained earnings, if
Goodwill is initially measured at cost, being the excess required by other Ind ASs as would be required
of the aggregate of the consideration transferred and if the Group had directly disposed of the related
the amount recognised for non-controlling interests, and assets or liabilities
any previous interest held, over the net identifiable assets
acquired and liabilities assumed. Policy for demerger transactions
The accounting for demerger transactions are
After initial recognition, goodwill is measured at cost less
applicable from the date on which all substantive
any accumulated impairment losses. For the purpose
approvals are received.
of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated The Group derecognises the carrying value of assets and
to each of the Group’s cash-generating units that are liabilities pertaining to the demerged undertaking, from
expected to benefit from the combination, irrespective the carrying value of assets and liabilities as appearing in
of whether other assets or liabilities of the acquiree are its books. The Group derecognises the carrying amount of
assigned to those units. investments. Loans and advances, receivables, payables
and other dues outstanding relating to the demerged
A cash generating unit to which goodwill has been
undertaking are cancelled and there are no further
allocated is tested for impairment annually, or more
obligation / outstanding in that behalf. The excess/deficit
frequently when there is an indication that the unit
if any, of the net assets transferred are adjusted with the
may be impaired. If the recoverable amount of the cash
retained earnings of the Group.
generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying 3 Revenue from contract with customers:
amount of any goodwill allocated to the unit and then
Revenue from contracts with customers is recognized
to the other assets of the unit pro rata based on the
when control of the goods or services are transferred to
carrying amount of each asset in the unit. Any impairment
the customer at an amount that reflects the consideration
loss for goodwill is recognised in profit or loss. An
to which the Group expects to be entitled in exchange
impairment loss recognised for goodwill is not reversed
for those goods or services. The Group has generally
in subsequent periods.
concluded that it is the principal in its revenue
If the initial accounting for a business combination is arrangements, because it typically controls the goods or
incomplete by the end of the reporting period in which services before transferring them to the customer.
the combination occurs, the Group reports provisional
The recognition criteria for sale of products and
amounts for the items for which the accounting is
construction contracts is described below
incomplete. Those provisional amounts are adjusted
through goodwill during the measurement period, or (1) Sale of products
additional assets or liabilities are recognised, to reflect
Revenue from sale of products is recognized at the
new information obtained about facts and circumstances
point in time when control of the asset is transferred
that existed at the acquisition date that, if known, would
to the customer, generally on dispatch of the
have affected the amounts recognized at that date.
product to the customer’s destination. The Group
These adjustments are called as measurement period
considers whether there are other promises in the
adjustments. The measurement period does not exceed
contract that are separate performance obligations
one year from the acquisition date
to which a portion of the transaction price needs
A change in the ownership interest of a subsidiary, to be allocated (e.g., customer loyalty points and
without a loss of control, is accounted for as an equity warranties). In determining the transaction price for
transaction. If the Group loses control over a subsidiary, it: the sale of product, the Group considers the effects
of variable consideration, the existence of significant
• Derecognises the assets (including goodwill) and
financing components, and consideration payable
liabilities of the subsidiary at their carrying amounts
to the customer (if any).
at the date when control is lost
The Group provides volume rebates to certain
• Derecognises the carrying amount of any non-
customers once the quantity of products purchased
controlling interests
during the period exceeds a threshold specified in
• Derecognises the cumulative translation the contract. Rebates are offset against amounts
differences recorded in equity payable by the customer. To estimate the variable
consideration for the expected future rebates, the regulatory and other related contract risks and
Group applies the most likely amount method. The their financial estimation; scope of deliveries and
selected method that best predicts the amount services required for fulfilling the contractually
of variable consideration is primarily driven by defined obligations and expected delays, if any.
the number of volume thresholds contained Provision for foreseeable losses/ construction
in the contract. contingencies on said contracts is made based on
technical assessments of costs to be incurred and
Generally, the Group receives short-term advances
revenue to be accounted for. The Group has long-
from its customers. Using the practical expedient
term receivables from customers. The transaction
in Ind AS 115, the Group does not adjust the
price for such contracts is discounted, using the
promised amount of consideration for the effects
rate that would be reflected in a separate financing
of a significant financing component if it expects,
transaction between the Group and its customers
at contract inception, that the period between the
at contract inception, to take into consideration the
transfer of the promised good or service to the
significant financing component
customer and when the customer pays for that
good or service will be one year or less. (3) Contract balances
The Group has a loyalty points program, “Retailer Contract asset
Bonding Program”, which allows customers to A contract asset is the right to consideration in
accumulate points that can be redeemed for free exchange for goods or services transferred to the
products. The loyalty points give rise to a separate customer. If the Group performs by transferring
performance obligation as they provide a material goods or services to a customer before the
right to the customer. A portion of the transaction customer pays consideration or before payment is
price is allocated to the loyalty points awarded to due, a contract asset is recognised for the earned
customers based on relative stand-alone selling consideration that is conditional.
price and recognized as deferred revenue until
the points are redeemed. Revenue is recognized Trade receivables
upon redemption of products by the customer. A receivable represents the Group right to an
When estimating the stand-alone selling price amount of consideration that is unconditional (i.e.,
of the loyalty points, the Group considers the only the passage of time is required before payment
likelihood that the customer will redeem the points. of the consideration is due).
The Group updates its estimates of the points that
will be redeemed on a quarterly basis and any Contract liabilities
adjustments to the deferred revenue are charged A contract liability is the obligation to transfer
against revenue. goods or services to a customer for which the
The Group provides a warranty beyond fixing Group has received consideration (or an amount
defects that existed at the time of sale. These of consideration is due) from the customer. If a
service-type warranties are bundled together with customer pays consideration before the Group
the sale of products. Contracts for bundled sales of transfers goods or services to the customer, a
products and a service-type warranty comprise two contract liability is recognized when the payment is
performance obligations because the product and made or the payment is due (whichever is earlier).
service-type warranty are both sold on a stand-alone Contract liabilities are recognised as revenue when
basis and are distinct within the context of contract. the Group performs under the contract.
Using the relative stand-alone selling price method, 4 Leases:
a portion of the transaction price is allocated to the
service-type warranty and recognised as deferred As a lessee:
revenue. Revenue for service-type warranties is Right-of-use assets
recognised over the period in which the service is
The Group recognises right-of-use assets at the
provided based on the time elapsed.
commencement date of the lease (i.e., the date the
(2) Construction contracts underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
Performance obligation in case of construction
depreciation and impairment losses, and adjusted
contracts is satisfied over a period of time, as
for any remeasurement of lease liabilities. The
the Group creates an asset that the customer
cost of right-of-use assets includes the amount
control and the Group has an enforceable right
of lease liabilities recognised, initial direct costs
to payment for performance completed to date if
incurred, and lease payments made at or before
it meets the agreed specifications. Revenue from
the commencement date less any lease incentives
construction contracts is recognised based on the
received. Unless the Group is reasonably certain to
stage of completion determined with reference
obtain ownership of the leased asset at the end of
to the actual costs incurred up to reporting date
the lease term, the recognised right-of-use assets
on the construction contract and the estimated
are depreciated on a straight-line basis over the
cost to complete the project. Cost estimates
shorter of its estimated useful life and the lease term.
involves judgments including those relating to
Right-of-use assets are subject to impairment test.
cost escalations; assessment of technical, political,
The Group determines the lease term as the non- (2) Others:
cancellable term of the lease, together with any
The Group recognises other income (including
periods covered by an option to extend the lease if it
income from sale of power generated, income
is reasonably certain to be exercised, or any periods
from scrap sales) on accrual basis. However,
covered by an option to terminate the lease, if it is
where the ultimate collection of the same is
reasonably certain not to be exercised
uncertain, revenue recognition is postponed
Leases are capitalised at the commencement to the extent of uncertainty. Rental income
of the lease at the inception date fair value of the arising from operating leases is accounted for
leased property or, if lower, at the present value on a straight line basis over lease terms unless
of the minimum lease payments. Lease payments the receipts are structured to increase in line
are apportioned between finance charges and with expected general inflation to compensate
reduction of the lease liability so as to achieve a for the expected inflationary cost increases
constant rate of interest on the remaining balance and is included in the Consolidate Statement
of the liability. Finance charges are recognised in of profit or loss due to its operating nature.
finance costs in the statement of profit and loss,
6 Property, plant and equipment :
unless they are directly attributable to qualifying
assets, in which case they are capitalized in A) Asset class:
accordance with the Group’s general policy
i) Freehold land is carried at historical cost
on the borrowing costs. Contingent rentals are
including expenditure that is directly
recognised as expenses in the periods in which
attributable to the acquisition of the land.
they are incurred.
ii) All other items of property, plant and
Lease liabilities
equipment (including capital work in
At the commencement date of the lease, the progress) are stated at historical cost less
Group recognises lease liabilities measured at the accumulated depreciation and impairment
present value of lease payments to be made over losses, if any. Historical cost includes
the lease term. The lease payments include fixed expenditure that is directly attributable to the
payments (including in-substance fixed payments) acquisition of the items.
less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and iii) Capital goods manufactured by the Group
amounts expected to be paid under residual value for its own use are carried at their cost of
guarantees. The variable lease payments that do production (including duties and other levies,
not depend on an index or a rate are recognised if any) less accumulated depreciation and
as expense in the period on which the event or impairment losses if any.
condition that triggers the payment occurs.
iv) Subsequent costs are included in the asset’s
In calculating the present value of lease payments, carrying amount or recognised as a separate
the Group uses the incremental borrowing rate at asset, as appropriate, only when it is probable
the lease commencement date if the interest rate that future economic benefits associated with
implicit in the lease is not readily determinable. the item will flow to the Group and the cost
Short-term leases and leases of low-value assets of the item can be measured reliably. The
carrying amount of any component accounted
The Group applies the short-term lease recognition for as a separate asset is derecognised when
exemption to its short-term leases (i.e., those leases replaced. All other repairs and maintenance
that have a lease term of 12 months or less from are charged to the consolidated statement
the commencement date and do not contain a of profit and loss. during the year in which
purchase option). It also applies the lease of low
they are incurred.
value assets recognition exemption to leases that
are considered of low value (i.e., below H 5,00,000). v) Losses arising from the retirement of, and
Lease payments on short-term leases and leases of gains or losses arising from disposal of
low-value assets are recognised as expense on a property, plant and equipments which
straight-line basis over the lease term. are carried at cost are recognised in the
5 Other income: consolidated statement of profit and loss.
(1) Interest income on financial asset is vi) Capital work-in-progress, property, plant
recognised using the effective interest rate and equipment is stated at cost, net of
method. The effective interest rate is the rate accumulated depreciation. Such cost
that exactly discounts estimated future cash includes the cost of replacing part of the
receipts through the expected life of the property, plant and equipment and borrowing
financial asset to the gross carrying amount cost for long-term construction projects if the
of the financial asset. When calculating the recognition criteria are met. When significant
effective interest rate, the Group estimates the parts of property, plant and equipment are
expected cash flows by considering all the required to be replaced at intervals, the Group
contractual terms of the financial instruments. depreciates them separately based on their
specific useful lives. Likewise, when a major vi ) The residual values, useful lives and methods
inspection is performed, its cost is recognised of depreciation of property, plant and
in the carrying amount of the property, plant equipment are reviewed at each financial year
and equipment as a replacement if the and adjusted prospectively, if appropriate.
recognition criteria are satisfied. All other
7 Intngible assets:
repairs and maintenance costs are recognised
in profit or loss as incurred. Capital work-in- An intangible asset shall be recognised if, and only if:
progress comprises cost of property, plant
(a) it is probable that the expected future
and equipment (including related expenses),
economic benefits that are attributable to the
that are not yet ready for their intended use at
asset will flow to the Group; and
the reporting date.
(b) the cost of the asset can be measured reliably.
B) Depreciation:
i) Depreciation is calculated using the Intangible assets are stated at cost less accumulated
straight-line method to allocate their amortization and impairment. Intangible assets are
amortized over their respective individual estimated
cost, net of their residual values, over
useful lives on a straight-line basis, from the date
their estimated useful lives. Premium
that they are available for use.
of Leasehold land and leasehold
improvements cost are amortised over Asset class & depreciation:
the primary period of lease.
Computer softwares / licenses are carried at
ii) 100% depreciation is provided in historical cost. They have an expected finite
the month of addition for temporary useful life of 3 years and are carried at cost less
structure cost at project site. accumulated amortisation and impairment losses.
Computer licenses which are purchased on
iii) Where a significant component (in annual subscription basis are expensed off in the
terms of cost) of an asset has an year of purchase .
economic useful life different than
Trademarks are carried at historical cost. They have
that of it’s corresponding asset, the
an registered finite useful life of 10 years and are
component is depreciated over it’s
carried at cost less accumulated amortisation and
estimated useful life.
impairment losses.
iv) The Group, based on internal technical
Brand (Nirlep) is recognised on business
assessments and management combination and is amortised over a
estimates, depreciates certain items of period of 5 years.
property, plant & equipment over the
estimated useful lives and considering Intangible assets with finite lives are amortised
residual value which are different from over the useful economic life and assessed for
the one prescribed in Schedule II of the impairment whenever there is an indication that the
Companies Act, 2013. The management intangible asset may be impaired. The amortisation
believes that these estimated useful period and the amortisation method for an
lives and residual values are realistic intangible asset with a finite useful life are reviewed
and reflect fair approximation of the at least at the end of each reporting period.
Changes in the expected useful life or the expected
period over which the assets are
pattern of consumption of future economic benefits
likely to be used.
embodied in the asset are considered to modify the
v) Useful life of asset is as given below: amortisation period or method, as appropriate, and
are treated as changes in accounting estimates.
Useful Life The amortisation expense on intangible assets
Asset block
(in years) with finite lives is recognised in the consolidate
statement of profit and loss unless such expenditure
Building – Office 1 to 70
forms part of carrying value of another asset.
Building – Factory 1 to 60
Ownership Premises 60 Research and development costs
Plant & Machinery 1 to 22 Research costs are expensed as incurred.
Furniture & Fixtures 1 to 15 Development expenditures on an individual project
Electric Installations 1 to 25 are recognised as an intangible asset when the
Office Equipment 1 to 16 Group can demonstrate:
Vehicles 8 to 10
• The technical feasibility of completing the
Dies & Jigs 1 to 16 intangible asset so that the asset will be
Leasehold Improvements 5 to 10 available for use or sale
Roads & Borewell 3 to 21
IT hardware 1 to 10 • Its intention to complete and its ability and
intention to use or sell the asset
Laboratory equipment’s 1 to 15
• How the asset will generate future An asset is impaired when the carrying amount of
economic benefits the asset exceeds the recoverable amount. The
recoverable amount is the higher of an asset’s
• The availability of resources to
fair value less costs of disposal and value in use.
complete the asset
For the purposes of assessing impairment, assets
• The ability to measure reliably the expenditure are grouped at the lowest levels for which there
during development are separately identifiable cash inflows which
are largely independent of the cash inflows from
Following initial recognition of the development other assets or groups of assets (cash-generating
expenditure as an asset, the asset is carried at units). Impairment loss is charged to the Statement
cost less any accumulated amortisation and of Profit & Loss Account in the year in which an
accumulated impairment losses. Amortisation of asset is identified as impaired. An impairment
the asset begins when development is complete, loss recognized in the prior accounting periods is
and the asset is available for use. It is amortised over reversed if there has been change in the estimates
the period of expected future benefit. Amortisation used to determine the assets recoverable amount
expense is recognised in the consolidate statement since the last impairment loss was recognised.
of profit and loss unless such expenditure forms
part of carrying value of another asset. During In assessing value in use, the estimated future cash
the period of development, the asset is tested for flows are discounted to their present value using
impairment annually. a pre-tax discount rate that reflects current market
assessments of the time value of money and the
8 Investment properties: risks specific to the asset. In determining fair value
Investment properties that are not intended to less costs of disposal, recent market transactions
be occupied substantially for use by, or in the are taken into account.
operations of the Group have been considered as
Impairment losses are recognised in the statement
investment properties. Investment properties are
of profit and loss, except for properties previously
measured initially at cost, including transaction
revalued with the revaluation surplus taken to OCI.
costs. Subsequent to initial recognition, investment
properties are stated at cost less accumulated For assets, an assessment is made at each reporting
depreciation and accumulated impairment loss, date to determine whether there is an indication
if any. The Group does not charge depreciation that previously recognised impairment losses no
to investment property land which is held for longer exist or have decreased. If such indication
future undetermined use. Though the Group exists, the Group estimates the asset’s or CGU’s
measures investment property using cost-based recoverable amount. A previously recognised
measurement, the fair value of investment property impairment loss is reversed only if there has been
is disclosed in the notes. Fair values are determined a change in the assumptions used to determine
based on an annual evaluation performed by an the asset’s recoverable amount since the last
accredited external independent valuer applying a impairment loss was recognised. The reversal is
valuation model. limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor
Investment properties are derecognised either
when they have been disposed of or when they
determined, net of depreciation, had no impairment
are permanently withdrawn from use and no future
loss been recognised for the asset in prior years.
economic benefit is expected from their disposal.
Such reversal is recognised in the consolidate
The difference between the net disposal proceeds
statement of profit or loss unless the asset is carried
and the carrying amount of the asset is recognised
at a revalued amount, in which case, the reversal is
in profit or loss in the period of derecognition. In
treated as a revaluation increase.
determining the amount of consideration from the
derecognition of investment property the Group 10 Financial instruments:
considers the effects of variable consideration,
A financial instrument is any contract that gives
existence of a significant financing component,
rise to a financial asset of one entity and a financial
non-cash consideration, and consideration payable
liability or equity instrument of another entity.
to the buyer (if any).
I. Financial Assets
Transfers are made to (or from) investment
property only when there is a change in use. The A) Initial recognition and measurement
Group depreciates its investment properties over All financial assets are recognised initially at
the useful life which is similar to that of property, fair value plus, in the case of financial assets
plant and equipment. not recorded at fair value through profit or
loss, transaction costs that are attributable to
9 Impairment of non-financial assets:
the acquisition of the financial asset.
The carrying amounts of assets are reviewed at
B) Subsequent measurement
each balance sheet date if there is any indication
of impairment based on internal/external factors. For purposes of subsequent measurement,
financial assets are classified in four categories:
• Debt instruments at amortised cost In addition, the Group may elect to
designate a debt instrument, which
A ‘debt instrument’ is measured at the
otherwise meets amortized cost or
amortised cost if both the following
FVTOCI criteria, as at FVTPL. However,
conditions are met:
such election is allowed only if doing so
• The asset is held within a business reduces or eliminates a measurement
model whose objective is to hold or recognition inconsistency (referred
assets for collecting contractual to as ‘accounting mismatch’). Debt
cash flows, and instruments included within the
FVTPL category are measured at fair
• Contractual terms of the asset value with all changes recognized
give rise on specified dates in the consolidated statement of
to cash flows that are solely profit and loss.
payments of principal and
interest (SPPI) on the principal • Equity instruments measured at fair
amount outstanding. value through other comprehensive
income (FVTOCI)
This category is the most relevant to the
Group. After initial measurement, such All equity investments in scope of Ind
financial assets are subsequently measured at AS 109 are measured at fair value.
amortised cost using the effective interest rate Equity instruments which are held for
(EIR) method. Amortised cost is calculated by trading and contingent consideration
taking into account any discount or premium recognised by an acquirer in a business
on acquisition and fees or costs that are an combination to which Ind AS103
integral part of the EIR. The EIR amortisation is applies are classified as at FVTPL. For
included in other income in the consolidated all other equity instruments, the Group
statement of profit and loss.. The losses may make an irrevocable election to
arising from impairment are recognised in the present in other comprehensive income
profit or loss. This category generally applies subsequent changes in the fair value.
to trade and other receivables. The Group makes such election on
an instrument-by-instrument basis.
• Debt instruments at fair value through The classification is made on initial
other comprehensive income (FVTOCI) recognition and is irrevocable.
A ‘debt instrument’ is classified as at the If the Group decides to classify an
FVTOCI if both of the following criteria are met: equity instrument as at FVTOCI, then all
• The objective of the business model fair value changes on the instrument,
is achieved both by collecting excluding dividends, are recognized
contractual cash flows and selling the in the OCI. There is no recycling of the
financial assets, and amounts from OCI to P&L, even on sale
of investment. However, the Group
• The asset’s contractual cash flows may transfer the cumulative gain or
represent SPPI. loss within equity.
Debt instruments included within the Equity instruments included within
FVTOCI category are measured initially as the FVTPL category are measured
well as at each reporting date at fair value. at fair value with all changes
Fair value movements are recognized in recognized in the P&L.
the other comprehensive income (OCI).
On derecognition of the asset, cumulative C) Derecognition
gain or loss previously recognised in OCI is A financial asset (or, where applicable, a part
reclassified from the equity to consolidated of a financial asset or part of a group of similar
statement of profit and loss. Interest earned financial assets) is primarily derecognised
whilst holding FVTOCI debt instrument (i.e., removed from the consolidated
is reported as interest income using balance sheet) when:
the EIR method.
• The rights to receive cash flows from the
• Debt instruments at fair value through asset have expired, or
profit or loss (FVTPL)
• The Group has transferred its rights
FVTPL is a residual category for debt to receive cash flows from the asset
instruments. Any debt instrument, or has assumed an obligation to pay
which does not meet the criteria for the received cash flows in full without
categorization as at amortized cost or as material delay to a third party under
FVTOCI, is classified as at FVTPL. a ‘pass-through’ arrangement and
either (a) the Group has transferred
substantially all the risks and rewards of • Financial liabilities at fair value
the asset, or (b) the Group has neither through profit or loss
transferred nor retained substantially
Financial liabilities at fair value through
all the risks and rewards of the asset but
profit or loss include financial liabilities
has transferred control of the asset.
held for trading and financial liabilities
When the Group has transferred its rights designated upon initial recognition
to receive cash flows from an asset or has as at fair value through profit or loss.
entered into a pass through arrangement, Financial liabilities are classified as
it evaluates if and to what extent it has held for trading if they are incurred
retained the risks and rewards of ownership. for the purpose of repurchasing in the
When it has neither transferred nor retained near term. This category also includes
substantially all of the risks and rewards of the derivative financial instruments
asset, nor transferred control of the asset, the entered into by the Group that are not
Group continues to recognise the transferred designated as hedging instruments
asset to the extent of the Group’s continuing in hedge relationships as defined by
involvement. In that case, the Group also Ind AS 109. Separated embedded
recognises an associated liability. The derivatives are also classified as held
transferred asset and the associated liability for trading unless they are designated
are measured on a basis that reflects the rights as effective hedging instruments. Gains
and obligations that the Group has retained. or losses on liabilities held for trading
are recognised in the consolidated
Continuing involvement that takes the form
statement of profit and loss.
of a guarantee over the transferred asset is
measured at the lower of the original carrying Financial liabilities designated upon
amount of the asset and the maximum initial recognition at fair value through
amount of consideration that the Group could profit or loss are designated as such at
be required to repay. the initial date of recognition, and only if
the criteria in Ind AS 109 are satisfied. For
D) Impairment of financial assets
liabilities designated as FVTPL, fair value
The Group assesses on a forward looking gains/ losses attributable to changes in
basis the expected credit losses associated own credit risk are recognized in OCI.
with its assets carried at amortised cost and These gains/ loss are not subsequently
FVOCI debt instruments. The impairment transferred to P&L. However, the Group
methodology applied depends on whether may transfer the cumulative gain or loss
there has been a significant increase in credit within equity. All other changes in fair
risk. For trade receivables only, the Group value of such liability are recognised
applies the simplified approach permitted in the consolidated statement of
by Ind AS 109 Financial Instruments, profit and loss.
which requires expected lifetime losses to
• Loans and Borrowings
be recognised from initial recognition of
the receivables. This is the category most relevant to
the Group. After initial recognition,
II. Financial Liabilities
interest-bearing loans and borrowings
A) Initial recognition and measurement are subsequently measured at
Financial liabilities are classified, at initial amortised cost using the EIR method.
recognition, as financial liabilities at fair value Gains and losses are recognised in
through profit or loss, loans and borrowings, profit or loss when the liabilities are
payables, or as derivatives designated as derecognised as well as through the EIR
hedging instruments in an effective hedge, amortisation process.
as appropriate. Amortised cost is calculated by taking
All financial liabilities are recognised initially into account any discount or premium
at fair value and, in the case of loans and on acquisition and fees or costs that
borrowings and payables, net of directly are an integral part of the EIR. The EIR
attributable transaction costs. amortisation is included as finance
costs in the consolidated statement of
B) Subsequent measurement profit and loss.
The measurement of financial liabilities • Financial guarantee contracts
depends on their classification, as
described below: Financial guarantee contracts issued
by the Group are those contracts
that require a payment to be made
to reimburse the holder for a loss it
incurs because the specified debtor normal course of business and in the event of
fails to make a payment when due default, insolvency or bankruptcy of Group or
in accordance with the terms of a the counterparty.
debt instrument. Financial guarantee
V. Derivatives and hedging activities
contracts are recognised initially as
a liability at fair value, adjusted for The Group enters derivatives like forwards
transaction costs that are directly contracts to hedge its foreign currency risks.
attributable to the issuance of the Derivatives are initially recognised at fair value
guarantee. Subsequently, the liability is on the date a derivative contract is entered
measured at the higher of the amount into and are subsequently marked to market
of loss allowance determined as per at the end of each reporting period with
impairment requirements of Ind AS profit/loss being recognised in consolidated
109 and the amount recognised less statement of profit and loss. Derivative assets/
cumulative amortisation. liabilities are classified under “other financial
assets/other financial liabilities”. Profits and
The fair value of financial guarantees is
losses arising from cancellation of contracts
determined as the present value of the
are recognised in the consolidated statement
difference in net cash flows between
of profit and loss.
the contractual payments under the
debt instrument and the contractual The Group designates certain hedging
payments that would be required instruments, which includes derivatives,
without the guarantee, or the estimated embedded derivatives and non-derivatives in
amount that would be payable to a third respect of foreign currency and commodity
party for assuming the obligations. risk, as either cash flow hedge, fair value
hedge or hedges or net investment in foreign
C) De-recognition
operations. Hedges of foreign currency risk
A financial liability is derecognised when the on firm commitments are accounted for
obligation under the liability is discharged cash flow hedges.
or cancelled or expires. When an existing
financial liability is replaced by another from For the purpose of hedge accounting, hedges
the same lender on substantially different are classified as:
terms, or the terms of an existing liability are • fair value hedge is when hedging the
substantially modified, such an exchange or exposure to change in fair value of
modification is treated as the derecognition a recognised asset or liability or an
of the original liability and the recognition of a unrecognised song commitment
new liability. The difference in the respective
carrying amounts is recognised in the • cash flow hedges when hedging the
consolidated statement of profit or loss. exposure to variability in cash flows
that is either attributable to particular
III. Reclassification of financial assets / liabilities risk associated with a recognised asset
After initial recognition, no reclassification or liability or highly probable forecast
is made for financial assets which are equity transaction or the foreign currency risk
instruments and financial liabilities. For in an unrecognised firm commitment.
financial assets which are debt instruments, At the inception of hedge relationship, the
a reclassification is made only if there is a Group formally designates and keeps the
change in the business model for managing hedge relationship to which the Group
those assets. Changes to the business model wishes to apply hedge accounting and risk
are expected to be infrequent. The Group’s management objective and strategy for
senior management determines change in undertaking the hedge. The documentation
the business model as a result of external or includes the Group’s risk management
internal changes which are significant to the objective and strategy for undertaking hedge,
Group’s operations. the hedging/economic relationship, the
IV. Offsetting of financial instruments hedged item or transaction, the nature of the
risk by hedged, hedge ratio and how the entity
Financial assets and liabilities are offset, will assess the effectiveness of changes in the
and the net amount is reported in the hedging instrument’s fair value in offsetting
consolidated balance sheet where there exposure to changes in the hedge item fair
is a legally enforceable right to offset the value or cash flow attributable to the hedge
recognised amounts and there is an intention risk. Such hedges are expected to be highly
to settle on a net basis or realise the asset and effective in achieving offsetting changes in
settle the liability simultaneously. The legally fair value or cashflows and are assessed on an
enforceable right must not be contingent on ongoing basis to determine that they actually
future events and must be enforceable in the have been highly effective throughout the
financial reporting periods for which they • In the absence of a principal market, in
were designated. Hedge that meet the strict the most advantageous market for the
criteria for hedge accounting accounted for asset or liability
as described below
The principal or the most advantageous market must
Cash flow hedges be accessible by the Group. The fair value of an asset
or a liability is measured using the assumptions that
The effective portion of the gain or loss on the
market participants would use when pricing the
hedging instrument is recognised in OCI in the
asset or liability, assuming that market participants
Effective portion of cash flow hedges, while any
act in their economic best interest.
ineffective portion is recognised immediately in
the consolidated statement of profit and loss. The A fair value measurement of a non-financial asset
Effective portion of cash flow hedges is adjusted takes into account a market participant’s ability to
to the lower of the cumulative gain or loss on the generate economic benefits by using the asset in
hedging instrument and the cumulative change in its highest and best use or by selling it to another
fair value of the hedged item. market participant that would use the asset in its
highest and best use.
The Group uses forward commodity contracts for its
exposure to volatility in the commodity prices. The The Group uses valuation techniques that are
ineffective portion relating to commodity contracts appropriate in the circumstances and for which
is recognised in other income or expenses. sufficient data are available to measure fair value,
maximising the use of relevant observable inputs
The amounts accumulated in OCI are accounted for,
and minimising the use of unobservable inputs.
depending on the nature of the underlying hedged
All assets and liabilities for which fair value is
transaction. If the hedged transaction subsequently
measured or disclosed in the consolidated financial
results in the recognition of a non-financial item, the
statements are categorised within the fair value
amount accumulated in equity is removed from the
hierarchy, described as follows, based on the
separate component of equity and included in the
lowest level input that is significant to the fair value
initial cost or other carrying amount of the hedged
measurement as a whole:
asset or liability. This is not a reclassification
adjustment and will not be recognised in OCI for the • Level 1 — Quoted (unadjusted) market
period. This also applies where the hedged forecast prices in active markets for identical
transaction of a non-financial asset or non-financial assets or liabilities
liability subsequently becomes a firm commitment
for which fair value hedge accounting is applied. • Level 2 — Valuation techniques for which
the lowest level input that is significant to
For any other cash flow hedges, the amount the fair value measurement is directly or
accumulated in OCI is reclassified to profit or loss indirectly observable
as reclassification adjustment in the same period or
periods during which the hedged cash flows affect • Level 3 — Valuation techniques for which the
profit or loss. lowest level input that is significant to the fair
value measurement is unobservable
If cash flow hedge accounting is discontinued, the
amount that has been accumulated in OCI must For assets and liabilities that are recognised in the
remain in accumulated OCI if the hedged future consolidated financial statements on a recurring
cash flows are still expected to occur. Otherwise, basis, the Group determines whether transfers
the amount will be immediately reclassified to have occurred between levels in the hierarchy
profit or loss as a reclassification adjustment. by re-assessing categorisation (based on the
After discontinuation, once the hedged cash flow lowest level input that is significant to the fair
occurs, any amount remaining in accumulated OCI value measurement as a whole) at the end of each
must be accounted for depending on the nature of reporting period. External valuers are involved for
the underlying transaction as described above. valuation of significant assets, such as properties
and unquoted financial assets.
11. Fair value measurements:
For the purpose of fair value disclosures, the Group
The Group measures financial instruments at fair has determined classes of assets and liabilities on
value at each balance sheet date. Fair value is the the basis of the nature, characteristics and risks of
price that would be received to sell an asset or the asset or liability and the level of the fair value
paid to transfer a liability in an orderly transaction hierarchy as explained above.
between market participants at the measurement
date. The fair value measurement is based on the This note summarises accounting policy for fair
presumption that the transaction to sell the asset or value. Other fair value related disclosures are given
transfer the liability takes place either: in the relevant notes.
• In the principal market for the asset 12. Cash and cash equivalents:
or liability, or Cash and cash equivalents in the consolidated
balance sheet and for the purpose of the
consolidated statement of cash flows, include cash determined. The gain or loss arising on translation
on hand, other short-term, highly liquid investments of non-monetary items measured at fair value is
with original maturities of three months or less that treated in line with the recognition of the gain or
are readily convertible to known amounts of cash loss on the change in fair value of the item (i.e.,
and which are subject to an insignificant risk of translation differences on items whose fair value
changes in value. gain or loss is recognised in OCI or profit or loss are
also recognised in OCI or profit or loss, respectively)
13. Inventories:
15. Income tax
Inventories are valued at the lower of cost and net
realisable value. Costs incurred in bringing each The income tax expense or credit for the year
product to its present location and condition are is the tax payable on the current year’s taxable
accounted for as follows: income based on the applicable income tax
rate for the jurisdiction adjusted by changes in
Raw materials: cost includes cost of purchase and
deferred tax assets and liabilities attributable to
temporary differences, unused tax losses and
to their present location and condition. Cost is
unabsorbed depreciation.
determined on first in, first out basis.
Current and deferred tax is recognized in the
Finished goods and work in progress: cost includes
consolidated statement of profit and loss. except
cost of direct materials and labour and a proportion
to the extent, it relates to items recognized directly
of manufacturing overheads based on the normal
in equity or other comprehensive income, in
operating capacity but excluding borrowing costs.
which case it is recognized in equity or other
Cost is determined on first in, first out basis.
comprehensive income.
Traded goods: cost includes cost of purchase and
A. Current income tax
to their present location and condition. Cost is The current income tax charge is calculated
determined on weighted average basis. on the basis of the tax laws enacted or
substantively enacted at the end of the
Initial cost of inventories includes the transfer of reporting period. The Group establishes
gains and losses on qualifying cash flow hedges, provisions, wherever appropriate, on the
recognised in OCI, in respect of the purchases of basis of amounts expected to be paid to the
raw materials. Net realisable value is the estimated tax authorities.
selling price in the ordinary course of business, less
estimated costs of completion and the estimated Current tax assets and liabilities are offset
costs necessary to make the sale. when there is a legally enforceable right
to set off current tax assets against current
14. Foreign currency transactions: tax liabilities.
Items included in the consolidated financial
B. Deferred tax
statements are measured using the currency of
the primary economic environment in which the Deferred tax is provided using the liability
Group operates (‘the functional currency’). The method, on temporary differences arising
consolidated financial statements are presented in between the tax bases of assets and
Indian Rupee (INR), which is the Group functional liabilities and their carrying amounts in the
and presentation currency. consolidated financial statements. Deferred
tax is determined using tax rates (and laws)
a) On initial recognition, all foreign currency that have been enacted or substantially
transactions are recorded at the functional enacted by the end of the reporting period
currency spot rate at the date the transaction and are expected to apply when the related
first qualifies for recognition. deferred income tax asset is realised, or the
b) Monetary assets and liabilities in foreign deferred income tax liability is settled.
currency outstanding at the close of reporting The carrying amount of deferred tax assets is
date are translated at the functional currency reviewed at each reporting date and adjusted
spot rates of exchange at the reporting date. to reflect changes in probability that sufficient
c) Exchange differences arising on settlement taxable profits will be available to allow all or
of translation of monetary items are part of the asset to be recovered.
recognised in the Consolidated statement of Deferred tax assets are recognised for all
profit and loss. deductible temporary differences and unused
Non-monetary items that are measured in terms of tax losses only if it is probable that future
historical cost in a foreign currency are translated taxable amounts will be available to utilise
using the exchange rates at the dates of the initial those temporary differences and losses.
transactions. Non-monetary items measured at fair Deferred tax assets and liabilities are offset
value in a foreign currency are translated using the when there is a legally enforceable right to
exchange rates at the date when the fair value is
offset current tax assets and liabilities and is sold to the customer. Initial recognition is
when the deferred tax balances relate to the based on historical experience. The estimate
same taxation authority. of warranty related costs is revised annually.
Deferred tax relating to items recognised If the Group has a contract that is onerous,
outside profit or loss is recognised outside the present obligation under the contract
profit or loss (either in other comprehensive is recognised and measured as a provision.
income or in equity). Deferred tax items are However, before a separate provision for
recognised in correlation to the underlying an onerous contract is established, the
transaction either in OCI or directly in equity. Group recognises any impairment loss that
has occurred on assets dedicated to that
16. Borrowing costs
contract. An onerous contract is a contract
General and specific borrowing costs under which the unavoidable costs (i.e., the
that are directly attributable to the acquisition, costs that the Group cannot avoid because it
construction or production of a qualifying asset has the contract) of meeting the obligations
are capitalised during the period of time that is under the contract exceed the economic
required to complete and prepare the asset for its benefits expected to be received under it. The
intended use or sale. Qualifying assets are assets unavoidable costs under a contract reflect
that necessarily take a substantial period of time to the least net cost of exiting from the contract,
get ready for their intended use or sale. Borrowing which is the lower of the cost of fulfilling it and
costs also include exchange difference arising any compensation or penalties arising from
from foreign currency borrowings to the extent failure to fulfil it. The cost of fulfilling a contract
they are regarded as an adjustment to interest comprises the costs that relate directly to
costs. Investment income earned on the temporary the contract (i.e., both incremental costs
investment of specific borrowings pending their and an allocation of costs directly related to
expenditure on qualifying assets is deducted from contract activities).
the borrowing costs eligible for capitalisation.
B. Contingent liabilities
Other borrowing costs are expensed in the period
in which they are incurred. Contingent liabilities are disclosed when
there is a possible obligation arising from
17. Provisions, contingent liabilities and contingent
past events, the existence of which will be
assets
confirmed only by the occurrence or non-
A. Provisions occurrence of one or more uncertain future
events not wholly within the control of the
A provision is recognised if
Group or a present obligation that arises from
• the Group has present legal or past events where it is either not probable
constructive obligation as a result of an that an outflow of resources will be required
event in the past; to settle the obligation or a reliable estimate of
the amount cannot be made.
• it is probable that an outflow of
resources will be required to settle the A contingent liability recognised in a
obligation; and business combination is initially measured
at its fair value. Subsequently, it is measured
• the amount of the obligation has been
at the higher of the amount that would
reliably estimated.
be recognised in accordance with the
Provisions are measured at the management’s requirements for provisions above or the
best estimate of the expenditure required amount initially recognised less, when
to settle the obligation at the end of the appropriate, cumulative amortisation
reporting period. If the effect of the time recognised in accordance with the
value of money is material, provisions are requirements for revenue recognition.
discounted to reflect its present value using
C. Contingent assets
a current pre-tax discount rate that reflects
the current market assessments of the time A contingent asset is a possible asset that
value of money and the risks specific to the arises from past events and whose existence
obligation. When discounting is used, the will be confirmed only by the occurrence or
increase in the provision due to the passage non-occurrence of one or more uncertain
of time is recognised as a finance cost. future events not wholly within the
control of the Group.
The Group provides for general repairs of
defects that existed at the time of sale, as A contingent asset is not recognised but
required by the law. Provision for warranty disclosed where an inflow of economic
related costs are recognised when the product benefit is probable.
18. Employee benefits (a) defined benefit plans - gratuity
and obligation towards shortfall of
A. Short-term obligations
Provident Fund Trusts
Liabilities for wages and salaries, including
non-monetary benefits that are expected to (b) defined contribution plans -
be settled wholly within 12 months after the Provident fund (RPFC Contributions),
end of the period in which the employees superannuation and pension
render the related service are recognised Defined benefit plans :
in the same period in which the employees
renders the related service and are measured The liability or asset recognised in the
at the amounts expected to be paid when the consolidated balance sheet in respect of
liabilities are settled. defined benefit plans is the present value
of the defined benefit obligation at the end
Retirement benefit in the form of provident of the reporting period less the fair value of
fund is a defined contribution plan. The Group plan assets excluding non-qualifying asset
has no obligation , other than the contribution (reimbursement right). The defined benefit
payable to the provident fund. The Group obligation is calculated annually by actuaries
recognises contribution payable to the using the projected unit credit method.
provident fund scheme as an expense, when The present value of the defined benefit
an employee renders the related services. obligation is determined by discounting the
If the Contribution payable to the scheme estimated future cash outflows by reference
for service received before the balance to market yields at the end of the reporting
sheet date exceeds the contribution already period on government bonds that have terms
paid, the deficit payable to the scheme is approximating to the terms of the related
recognised as a liability after deducting the obligation. The net interest cost is calculated
contribution already paid. If the contribution by applying the discount rate to the net
already paid exceeds the contribution due for balance of the defined benefit obligation
services received before the balance sheet and the fair value of plan assets. This cost is
date, then excess is recognised as an asset to included in employee benefit expense in the
the extent that the prepayment will lead to a consolidated statement of profit and loss.
reduction in future payment or a cash refund. Remeasurement gains and losses arising
from experience adjustments and changes in
B.
Other long-term employee benefit
actuarial assumptions are recognised in the
obligations
period in which they occur, directly in other
The liabilities for earned leave and sick leave comprehensive income. They are included
are not expected to be settled wholly within in retained earnings in the consolidated
12 months after the end of the period in which statement of changes in equity and in
the employees render the related service. the balance sheet.
They are therefore measured as the present
value of expected future payments to Insurance policy held by the Group from
insurers who are related parties are not
be made in respect of services provided by qualifying insurance policies and hence the
employees up to the end of the reporting right to reimbursement is recognised as a
period using the projected unit credit method. separate assets under other non-current and/
The benefits are discounted using the market or current assets as the case may be.
yields at the end of the reporting period that
have terms approximating to the terms of Changes in the present value of the defined
the related obligation. Remeasurements as a benefit obligation resulting from plan
result of experience adjustments and changes amendments or curtailments are recognised
in actuarial assumptions are recognised in the immediately in consolidated profit or loss as
consolidated statement of profit or loss. past service cost.
The obligations are presented as current Defined contribution plans :

liabilities in the balance sheet if the entity In respect of certain employees, the Group
does not have an unconditional right to defer pays provident fund contributions to publicly
settlement for atleast twelve months after administered provident funds as per local
the reporting period, regardless of when the regulations. The Group has no further
actual settlement is expected to occur. payment obligations once the contributions
have been paid. Such contributions are
C. Post-employment obligations
accounted for as employee benefit expense
The Group operates the following post- when they are due. Defined contribution to
employment schemes superannuation fund is being made as per the
scheme of the Group. Defined contribution to These are normally settled up to four months.
Employees Pension Scheme 1995 is made Where these arrangements are for goods used in
to Government Provident Fund Authority the normal operations of the Group with a maturity
whereas the contributions for National of up to four months, the economic substance of
Pension Scheme is made to Stock Holding the transaction is determined to be operating in
Corporation of India Limited nature and these are recognised as operational
suppliers’ credit and disclosed on the face of the
D. Share based payments
balance sheet under trade credits. Interest expense
The Parent Company operates a number on these are recognised in the finance cost.
of equity settled, employee share based
Payments made to vendors are treated as
compensation plans, under which the Parent
cash item and disclosed as cash flow from
Company receives services from employees
operating activity depending on the nature of the
as consideration for equity shares of the
underlying transaction.
Parent Company. Equity settled share based
payment to employees and other providing Customers’ credit
similar services are measured at fair value of
Customer credits include receivables which are
the equity instrument at grant date.
subject to factoring arrangements and channel
The fair value of the employee services financing facilities. Under this arrangement the
received in exchange for the grant of the Group has transferred the relevant receivables to the
options is determined by reference to the factor in exchange for cash. The Group continues to
fair value of the options as at the Grant Date recognise the transferred assets in their entirety in
and is recognised as an ‘employee benefits its balance sheet with the corresponding liability
expense’ with a corresponding increase in under customer credits.
equity. The total expense is recognised over
20. Segment reporting
the vesting period which is the period over
which the applicable vesting condition is to An operating segment is a component of the Group
be satisfied. The total amount to be expensed that engages in business activities from which it
is determined by reference to the fair value of may earn revenues and incur expenses, whose
the options granted excluding the impact of operating results are regularly reviewed by the
any service vesting conditions. entity’s chief operating decision maker to make
decisions about resources to be allocated to the
At the end of each year, the entity revises
segment and assess its performance and for which
its estimates of the number of options that
discrete financial information is available.
are expected to vest based on the service
vesting conditions. It recognises the impact Operating segments often exhibit similar long-term
of the revision to original estimates, if any, financial performance if they have similar economic
in the consolidated profit or loss, with a characteristics. Two or more operating segments
corresponding adjustment to equity. are aggregated by the Group into a single operating
If at any point of time after the vesting of the segment if aggregation is consistent with the core
share options, the right to the same expires principle of Ind AS 108, the segments have similar
(either by virtue of lapse of the exercise period economic characteristics, and the segments are
or the employee leaving the Parent Company), similar in aspects as defined by Ind AS.
the fair value of the options accruing in favour The Group reports separately, information about an
of the said employee are written back to the operating segment that meets any of quantitative
retained earnings in the reporting period in thresholds as defined by Ind AS. Operating
which the right expires. segments that do not meet any of the quantitative
The dilutive effect of outstanding options is thresholds, are considered reportable and
reflected as additional share dilution in the separately disclosed, only if management of the
computation of diluted earnings per share. Group believes that information about the segment
would be useful to users of the consolidated
19. Trade Credits financial statements
Suppliers’ credit
Information about other business activities and
Supplier’s credit also includes amounts payable operating segments that are not reportable
towards vendor financing entered into with the separately are combined and disclosed in an ‘all
suppliers. Under this arrangement, the supplier is other segments’ category
eligible to receive payment prior to the expiry of
extended credit period by assigning such invoices 21. Dividends
to a third-party purchaser bank based on security in The Parent Company recognises a liability to pay
the form of an undertaking issued by the Group to dividend to equity holders when the distribution is
the bank. Further, the supplier charges interest to authorised and is no longer at the discretion of the
the Group for the extended credit period which has Parent Company. As per the corporate laws in India,
been presented under Finance Cost. a distribution is authorised when it is approved
by the shareholders. A corresponding amount is Discontinued operations are excluded from the
recognised directly in equity. Interim dividends are results of continuing operations and are presented
recorded as a liability on the date of declaration by as a single amount as profit or loss after tax from
the Parent Company’s Board of Directors. discontinued operations in the statement of profit
and loss. All other notes to the financial statements
22. Assets held for sale and discontinued operations
mainly include amounts for continuing operations,
The Group classifies non-current assets and unless otherwise mentioned.
disposal groups as held for sale if their carrying
23. Earnings per share
amounts will be recovered principally through a sale
rather than through continuing use. Non-current Basic earnings per share is calculated by dividing
assets and disposal groups classified as held for the net profit or loss for the year attributable to
sale are measured at the lower of their carrying equity shareholders by the weighted average
amount and fair value less costs to sell. Costs to sell number of equity shares outstanding during the
are the incremental costs directly attributable to the year. Earnings/ (loss) considered in ascertaining the
disposal of an asset (disposal group), excluding Group ‘s earnings per share is the net profit / (loss)
finance costs and income tax expense. for the year. The weighted average number equity
shares outstanding during the year and all year’s
The criteria for held for sale classification is regarded
presented is adjusted for events, such as bonus
as met only when the sale is highly probable,
shares, other than the conversion of potential equity
and the asset or disposal group is available for
shares, that have changed the number of equity
immediate sale in its present condition. Actions
shares outstanding, without a corresponding
required to complete the sale/ distribution should
change in resources. For the purpose of calculating
indicate that it is unlikely that significant changes to
diluted earnings per share, the net profit or loss for
the sale will be made or that the decision to sell will
the year attributable to equity shareholders and the
be withdrawn. Management must be committed
weighted average number of share outstanding
to the sale and the sale expected within one year
during the year is adjusted for the effects of all
from the date of classification. For these purposes,
dilutive potential equity shares.
sale transactions include exchanges of non-current
assets for other non-current assets when the 24. All amounts disclosed in the consolidated financial
exchange has commercial substance. The criteria statements and notes have been rounded off to
for held for sale classification is regarded met only the nearest lakh (upto two decimals) as per the
when the assets or disposal group is available for requirement of Schedule III, unless otherwise stated.
immediate sale in its present condition, subject
only to terms that are usual and customary for 1C NEW AND AMENDED STANDARDS
sales of such assets (or disposal groups), its
The Ministry of Corporate Affairs has notified Companies
sale is highly probable; and it will genuinely be
(Indian Accounting Standards) Amendment Rules, 2023 dated
sold, not abandoned.
31 March 2023 to amend the following Ind AS which are
The Group treats sale of the asset or disposal group effective for annual periods beginning on or after 1 April 2023.
to be highly probable when: The Group applied for the first-time these amendments.
• The appropriate level of management is (i) Definition of Accounting Estimates - Amendments

committed to a plan to sell the asset (or to Ind AS 8
disposal group), The amendments clarify the distinction between changes
• An active programme to locate a buyer in accounting estimates and changes in accounting
and complete the plan has been initiated policies and the correction of errors. It has also been
(if applicable), clarified how entities use measurement techniques and
inputs to develop accounting estimates.
• The asset (or disposal group) is being actively
marketed for sale at a price that is reasonable The amendments had no impact on the Group’s
in relation to its current fair value, consolidated financial statements.
• The sale is expected to qualify for recognition (ii) Disclosure of Accounting Policies - Amendments
as a completed sale within one year from the to Ind AS 1
date of classification, and The amendments aim to help entities provide accounting
policy disclosures that are more useful by replacing the
• Actions required to complete the plan
requirement for entities to disclose their ‘significant’
indicate that it is unlikely that significant
accounting policies with a requirement to disclose their
changes to the plan will be made or that the
‘material’ accounting policies and adding guidance on
plan will be withdrawn.
how entities apply the concept of materiality in making
Property, plant and equipment and intangible are decisions about accounting policy disclosures.
not depreciated, or amortised assets once classified
The amendments have had an impact on the Group’s
as held for sale. Assets and liabilities classified as
disclosures of accounting policies, but not on the
held for sale are presented separately from other
items in the balance sheet.
measurement, recognition or presentation of any items in 2 Impairment allowance for trade receivables
the Group’s consolidated financial statements.
The Group makes allowances for doubtful accounts
(iii)
Deferred Tax related to Assets and Liabilities receivable using a simplified approach which is a dual
arising from a Single Transaction - Amendments to policy of an ageing based provision and historical
Ind AS 12 / anticipated customer experience. Management
believes that this simplified model closely represents
The amendments narrow the scope of the initial the expected credit loss model to be applied on financial
recognition exception under Ind AS 12, so that it no longer assets as per Ind AS 109. Further, in case of operationally
applies to transactions that give rise to equal taxable and closed projects, Group makes specific assessment of
deductible temporary differences such as leases. the overdue balances by considering the customer’s
The amendments had no impact on the Group’s historical payment patterns, latest correspondences with
consolidated financial statements. the customers for recovery of the amounts outstanding
and credit status of the significant counterparties where
STANDARDS ISSUED BUT NOT YET EFFECTIVE available. Accordingly, a best judgment estimate is
There are no standards that are notified and not yet made to record the impairment allowance in respect of
effective as on the date. operationally closed projects.
CLIMATE RELATED MATTERS 3 Project revenue and costs
The Group considers climate-related matters in estimates Revenue from construction contracts is recognised
and assumptions, where appropriate. This assessment based on the stage of completion determined with
includes a wide range of possible impacts on the Group reference to the actual costs incurred up to reporting
due to both physical and transition risks. Even though the date on the construction contract and the estimated cost
Group believes its business model and products will still to complete the project. The percentage-of-completion
be viable after the transition to a low-carbon economy, method places considerable importance on accurate
climate-related matters increase the uncertainty in estimates to the extent of progress towards completion
estimates and assumptions underpinning several items and may involve estimates on the scope of deliveries
in the financial statements. Even though climate-related and services required for fulfilling the contractually
risks might not currently have a significant impact on defined obligations. These significant estimates include
measurement, the Group is closely monitoring relevant total contract costs, total contract revenues, contract
changes and developments, such as new climate- risks, including technical, political and regulatory risks,
related legislation. and other judgments. The Group re-assesses these
estimates on periodic basis and makes appropriate
revisions accordingly.
1D SUMMARY OF CRITICAL ESTIMATES, JUDGEMENTS
AND ASSUMPTIONS 4 Fair value measurement
The preparation of consolidated financial statements requires When the fair values of financial assets and financial
the use of accounting estimates which, by definition, will liabilities recorded in the consolidated balance sheet
seldom equal the actual results. The management also needs cannot be measured based on quoted prices in active
to exercise judgment in applying the Group’s accounting markets, their fair value is measured using appropriate
policies. This note provides an overview of the areas that valuation techniques. The inputs for these valuations
involved a higher degree of judgment or complexity, and of are taken from observable sources where possible,
items which are more likely to be materially adjusted due to but where this is not feasible, a degree of judgement is
estimates and assumptions turning out to be different than required in establishing fair values. Judgements include
those originally assessed. Detailed information about each of considerations of various inputs including liquidity
these estimates and judgments is included below. risk, credit risk, volatility etc. Changes in assumptions/
judgements about these factors could affect the
1 Warranty provision
reported fair value of financial instruments. Refer Note
The Group generally offers 1-2 years standard warranties 34 of consolidated financial statements for the fair value
for its consumer products. The Group has taken disclosures and related sensitivity.
warranty insurance under which most of the products
are covered. The Group recognises warranty provision 5 Employee benefits
basis assumptions, on serviceable sales and cost to The cost of the defined benefit gratuity plan and other
service those serviceable sales. The warranty insurance post-employment leave benefits are determined using
premium paid is charged off to the statement of profit and actuarial valuations. An actuarial valuation involves
loss account and warranty insurance assets is created on making various assumptions that may differ from
an estimated basis. The insurance claims received are actual developments in the future. These include the
then netted against the said warranty insurance assets. determination of the discount rate, future salary increases
and mortality rates. Due to the complexities involved
The Group also sells certain lighting fitting to its
in the valuation and its long-term nature, a defined
customers. In few lighting fittings products, the drivers
benefit obligation is highly sensitive to changes in these
are an essential part and are expected to last for a longer
assumptions. All assumptions are reviewed at each
period. In such cases, the Group provides warranties
reporting date. The mortality rate is based on publicly
beyond fixing defects that existed at the time of sale. Basis
available mortality tables. Those mortality tables tend
this, the Group recognises this as a separate performance
to change only at interval in response to demographic
obligation and recognises revenue only in the period in
changes. Future salary increases are based on expected
which such service is provided based on time elapsed.
future inflation rates. Refer note 21 of financial statements previously revalued with the revaluation surplus taken to
for the disclosure. OCI. For such properties, the impairment is recognised in
OCI up to the amount of any previous revaluation surplus.
6 Leases
For assets excluding goodwill, an assessment is made
Estimates are required to determine the appropriate
at each reporting date to determine whether there is
discount rate used to measure lease liabilities. The
an indication that previously recognised impairment
Group cannot readily determine the interest rate implicit
losses no longer exist or have decreased. If such
in the lease, therefore, it uses its incremental borrowing
indication exists, the Group estimates the asset’s or
rate (IBR) to measure lease liabilities. The IBR is the rate
CGU’s recoverable amount. A previously recognised
of interest that the Group would have to pay to borrow
impairment loss is reversed only if there has been a
over a similar term, and with a similar security, the funds
change in the assumptions used to determine the asset’s
necessary to obtain an asset of a similar value to the right-
recoverable amount since the last impairment loss was
of-use asset in a similar economic environment. The IBR
recognised. The reversal is limited so that the carrying
therefore reflects what the Group ‘would have to pay’,
amount of the asset does not exceed its recoverable
which requires estimation when no observable rates are
amount, nor exceed the carrying amount that would have
available or when they need to be adjusted to reflect the
been determined, net of depreciation, had no impairment
terms and conditions of the lease. The Group estimates
loss been recognised for the asset in prior years. Such
the IBR using observable inputs (such as market interest
reversal is recognised in the statement of profit and loss
rates, bank rates to the Group for a loan of a similar tenure,
unless the asset is carried at a revalued amount, in which
etc). The Group has applied a single discount rate to a
case, the reversal is treated as a revaluation increase.
portfolio of leases of similar assets in similar economic
environment with a similar end date. 8 Retailer Bonding Program
7 Impairment of non-financial assets and goodwill The Parent Company has a loyalty points program,
“Retailer Bonding Program”, which allows customers to
In case of non-financial assets, the Group estimates
accumulate points that can be redeemed for free products
asset’s recoverable amount, which is higher of an asset’s
upto a limited time period. The loyalty points give rise to a
or Cash Generating Units (CGU’s) fair value less costs of
separate performance obligation as they provide a material
disposal and its value in use. In assessing value in use,
right to the customer. A portion of the transaction price
the estimated future cash flows are discounted to their
is allocated to the loyalty points awarded to customers
present value using pre-tax discount rate that reflects
based on relative stand-alone selling price and recognized
current market assessments of the time value of money
as deferred revenue until the points are redeemed.
and the risks specific to the asset. In determining fair
Revenue is recognized upon redemption of products by
value less costs of disposal, recent market transactions
the customer. When estimating the stand-alone selling
are taken into account, if no such transactions can be
price of the loyalty points, the Parent Company considers
identified, an appropriate valuation model is used.
the likelihood that the customer will redeem the points.
In assessing value in use, the estimated future cash flows The Parent Company considers various judgement and
are discounted to their present value using a pre-tax estimates like determination of fair value, redeemed points,
discount rate that reflects current market assessments of expiry, etc. The Parent Company updates its estimates
the time value of money and the risks specific to the asset. on a quarterly basis and any adjustments to the deferred
In determining fair value less costs of disposal, recent revenue are charged against revenue.
market transactions are taken into account. If no such
9 Share based payments
transactions can be identified, an appropriate valuation
model is used. These calculations are corroborated by The Parent Company initially measures the cost of
valuation multiples, quoted share prices for publicly cash-settled transactions with employees using a
traded companies or other available fair value indicators. binomial model to determine the fair value of the
liability incurred. Estimating fair value for share-based
The Group bases its impairment calculation on detailed payment transactions requires determination of the most
budgets and forecast calculations, which are prepared appropriate valuation model, which is dependent on
separately for each of the Group’s CGUs to which the the terms and conditions of the grant. This estimate also
individual assets are allocated. These budgets and requires determination of the most appropriate inputs to
forecast calculations generally cover a period of five years. the valuation model including the expected life of the
For longer periods, a long-term growth rate is calculated share option, volatility and dividend yield and making
and applied to project future cash flows after the fifth assumptions about them.
year. To estimate cash flow projections beyond periods
covered by the most recent budgets/forecasts, the Group 10 Taxes
extrapolates cash flow projections in the budget using
Deferred tax assets are recognised for unused tax losses
a steady or declining growth rate for subsequent years,
to the extent that it is probable that taxable profit will
unless an increasing rate can be justified. In any case,
be available against which the losses can be utilised.
this growth rate does not exceed the long-term average
Significant management judgement is required to
growth rate for the products, industries, or country or
determine the amount of deferred tax assets that can
countries in which the Group operates, or for the market
be recognised, based upon the likely timing and the
in which the asset is used.
level of future taxable profits together with future tax
Impairment losses of continuing operations, including planning strategies.
impairment on inventories, are recognised in the
11 For judgements relating to contingent liabilities,
statement of profit and loss, except for properties
refer note 40(a).
Note 2 : Property, plant and equipment
(H in 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 2022 3,722.28 9,756.63 9,087.55 12,789.79 2,606.46 1,421.82 1,837.33 808.73 6,500.26 376.09 126.59 99.18 8,461.40 57,594.11
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 4,946.33
Disposals – (6.14) (398.46) (316.00) (85.26) (1.34) (84.29) (90.55) – – – (0.94) (117.13) (1,100.11)
Discontinued operations (refer note 45) (1,274.47) (2,422.76) (4,232.60) (246.34) (350.67) (217.72) (586.18) (0.01) (95.55) (36.18) (324.08) (9,786.56)
Closing gross block as at 31st March 2023 3,722.28 8,734.24 6,271.54 9,701.23 2,406.79 1,357.43 1,641.53 392.67 8,138.13 383.92 31.04 159.44 8,713.53 51,653.77
Additions – 304.17 (16.62) 1,628.50 419.16 190.42 334.21 20.84 5,047.72 1,021.26 – 78.14 1,552.17 10,579.97
Disposals – (2.49) – (651.74) (80.12) (1.28) (53.43) (22.79) – – (2.83) – (3,164.93) (3,979.61)
Classified as held for sale – – (277.77) – – – – – – – – – – (277.77)
Discontinued operations (refer note 45) – 49.14 – (154.64) (7.63) (82.71) (6.86) 13.56 (0.01) – 2.83 – (5.06) (191.36)
Closing gross block as at 31st March 2024 3,722.28 9,085.06 5,114.54 10,523.35 2,738.20 1,463.86 1,915.45 404.28 13,185.86 1,405.18 31.04 237.58 7,095.71 56,922.39
Opening accumulated depreciation as at – 1,038.17 1,177.27 5,472.68 1,425.77 408.24 1,219.57 394.93 3,560.90 153.52 126.59 56.42 6,790.16 21,824.22
1st April 2022
Disposals – 45.88 (100.60) (66.13) (82.25) (0.60) (73.29) (53.32) 6.76 – – 0.00 (103.98) (427.53)
Discontinued operations (refer note 45) – (481.88) (347.43) (2,715.37) (192.06) (66.20) (196.99) (333.58) (0.01) (95.55) (32.05) (303.78) (4,764.90)
Closing accumulated depreciation as at – 936.25 897.94 3,178.50 1,477.89 496.15 1,152.76 98.43 4,817.74 187.38 31.04 29.88 7,213.78 20,517.74
31st March 2023
Disposal – – – (472.79) (71.75) (0.65) (46.62) (17.23) – – (2.83) – (3,095.75) (3,707.62)
Classified as held for sale – – (36.87) – – – – – – – – – – (36.87)
Discontinued operations (refer note 45) – (27.44) (18.19) 91.98 (11.77) (28.60) (8.82) (12.17) (0.00) – 2.83 (0.24) 41.12 28.70
Closing accumulated depreciation as at – 1,245.72 836.28 3,730.79 1,752.00 625.69 1,286.53 134.84 6,630.00 283.78 31.04 56.58 5,072.89 21,686.14
31st March 2024
Closing Net carrying amount as at 31st 3,722.28 7,797.99 5,373.60 6,522.73 928.90 861.28 488.77 294.24 3,320.39 196.54 – 129.56 1,499.75 31,136.03
March 2023
Closing Net carrying amount as at 31st 3,722.28 7,839.34 4,278.26 6,792.56 986.20 838.17 628.92 269.44 6,555.86 1,121.40 – 181.00 2,022.82 35,236.25
March 2024
321
(i) Leased assets
The Group has given following assets on operating lease to third parties, the gross block, accumulated depreciation and net book value
is as mentioned below:
(H in Lakhs)
Plant and Machinery
Cost / Deemed cost – 637.91
Accumulated depreciation – 426.15
Net carrying amount – 211.76
(ii) Property, plant and equipment pledged as security

Refer to note 18 for information on property, plant and equipment pledged as security by the Group.
(iii) Contractual obligations
Refer to note 40(b) for disclosure of contractual commitments for the acquisition of property, plant and equipment.
(iv) Capital work-in-progress
Capital work-in-progress mainly comprises of dies & jigs, plant and machineries and factory building amounting to H 5,840.46 lakhs
(March 31, 2023 - H 3,228.22 lakhs), H 23.50 lakhs (March 31, 2023 - H 376.72 lakhs) and H 37.87 lakhs (March 31, 2023 - H 236.14 lakhs)
respectively, pending to be put to use.
Movement of capital work-in-progress
(H in Lakhs)
Particulars
31-Mar-24 31-Mar-23
Opening at the start of the year 4,058.82 2,820.12
Additions during the year 5,796.29 2,590.10
Capitalised during the year (3,671.15) (1,351.40)
Closing at the end of the year 6,183.96 4,058.82
(v) Title deeds

The title deeds of immovable properties are held in the name of the Group. Certain title deeds of the immovable properties, in the nature of
freehold land and building, which were acquired pursuant to a Scheme of Amalgamation approved by National Company Law Tribunal’s
(NCLT) Order dated May 21st 2020 for Hind Lamps Limited, dated August 25th 2022 for Starlite Lighting Limited and dated March 07th
2024 for Nirlep Appliances Private Limited are not individually held in the name of the Parent Company, however the deed of merger has
been registered by the Parent Company on March 31, 2024.
(vi) Ageing schedule
CWIP aging schedule as at March 31, 2024
(H in Lakhs)
1 Year 3 years
Projects in progress 5,721.36 103.55 351.70 7.35 6,183.96
TOTAL 5,721.36 103.55 351.70 7.35 6,183.96
CWIP aging schedule as at March 31, 2023 (H in Lakhs)

1 Year 3 years
Projects in progress 2,621.48 1,415.75 14.24 7.35 4,058.82
TOTAL 2,621.48 1,415.75 14.24 7.35 4,058.82
All the upcoming projects of the Group are within the timelines as estimated during the original plan and the actual cost of projects are
within the total cost as estimated by the management of the Group as at the Balance Sheet date.
Note 3 : Right of use assets and Lease liabilities
The details of the right-of-use asset held by the Group is as follows:
Right-of-use assets
(H in Lakhs)
Particulars Buildings Equipments Leasehold land Total
Additions for the year 8,875.87 – 12.93 8,888.80
Additions for the year 19,327.08 – – 19,327.08
Discontinued operations (refer note 45) – – (324.30) (324.30)
Closing gross block as on March 31, 2024 25,791.16 22.72 2,494.32 28,308.20
Depreciation for the year 2,339.56 0.45 37.37 2,377.38
Deletions for the year (1,338.26) – 12.94 (1,325.32)
Depreciation for the year 4,717.27 – 35.08 4,752.35
Discontinued operations (refer note 45) 25.08 – (33.17) (8.09)
Closing accumulated depreciation as March 31, 2024 5,750.58 21.72 314.00 6,086.30
The details of the lease liabilities held by the Group is as follows:
Lease liabilities
(H in Lakhs)
Particulars
31-Mar-24 31-Mar-23
Opening lease liabilities 10,051.52 4,587.80
Additions for the year 18,958.89 8,766.02
Deletions / Modifications for the year (4,180.91) (1,625.52)
Discontinued operations (refer note 45) (423.08) (72.12)
Finance cost for the year 1,551.30 544.44
Lease instalments paid for the year (4,468.16) (2,149.10)
Closing lease liabilities 21,489.56 10,051.52
- classified as current 4,228.33 2,885.17
- classified as non-current 17,261.23 7,166.35
For maturity profile of lease liabilities, refer Note 35 (B)(ii)
Note 4: Intangible Assets

(H in Lakhs)
Trade Computer Brand Distributor Customer Total
Particulars Marks Software / Dealer relationships
Network
Opening gross block as at 1st April 2022 0.51 994.90 1,952.33 195.57 26.10 3,169.41
Additions – 2,374.79 – – – 2,374.79
Closing gross block as at 31st March 2023 0.51 3,369.69 1,952.33 195.57 26.10 5,544.20
Additions – 720.25 – – – 720.25
Disposals – (465.75) – – – (465.75)
Closing gross block as at 31st March 2024 0.51 3,624.19 1,952.33 195.57 26.10 5,798.70
Note 4: Intangible Assets (Contd..)
(H in Lakhs)
Trade Computer Brand Distributor Customer Total
Particulars Marks Software / Dealer relationships
Network
Opening accumulated amortization as at 1st April 2022 0.35 880.16 1,401.34 195.57 26.10 2,503.52
Amortisation charge for the year 0.05 611.16 390.47 – – 1,001.68
Adjustment * – 115.78 – – – 115.78
Closing gross accumulated depreciation as at 31st March 0.40 1,607.10 1,791.81 195.57 26.10 3,620.98
2023
Amortisation charge for the year 0.06 940.90 160.52 – – 1,101.48
Disposals – (465.75) – – – (465.75)
Closing accumulated amortization as at 31st March 2024 0.46 2,082.25 1,952.33 195.57 26.10 4,256.71
Closing Net carrying amount as at 31st March 2023 0.11 1,762.59 160.52 – – 1,923.22
Closing Net carrying amount as at 31st March 2024 0.05 1,541.94 – – – 1,541.99
* Adjustments includes changes in the value of the intangible assets due to system migration
(i) Note
Intangible assets under development mainly comprises of IT softwares license and implementation cost amounting to H 161.71 lakhs
(March 31, 2023 - H 130.94 lakhs).
(ii) Ageing schedule
Intangible asset under development (IAUD) ageing schedule as at March 31, 2024
(H in Lakhs)
1 Year 3 years
TOTAL 161.71 – – – 161.71
Intangible asset under development aging schedule as at March 31, 2023

(H in Lakhs)
1 Year 3 years
TOTAL 130.94 – – – 130.94
All the upcoming projects of the Group are within the timelines as estimated during the original plan and the actual cost of projects are
within the total cost as estimated by the management of the Group as at the Balance Sheet date.
(iii) Movement in intangible assets under development
(H in Lakhs)
Particulars
31-Mar-24 31-Mar-23
Opening at the start of the year 130.94 1,546.59
Additions during the year 161.71 130.94
Capitalised during the year (130.94) (1,546.59)
Closing at the end of the year 161.71 130.94
Note 4.1: Investment properties
(H in Lakhs)
Building & Land Total
Particulars Ownership
Premises
Gross block as at 1st April 2022 809.06 12,600.00 13,409.06

Disposals (58.59) – (58.59)
Gross block as at 31st March 2023 750.47 12,600.00 13,350.47
Disposals (20.76) – (20.76)
Gross block as at 31st March 2024 1,592.32 12,600.00 14,192.32
Accumulated depreciation as at 1st April 2022 332.02 – 332.02
Disposals (42.07) – (42.07)
Disposals (13.05) – (13.05)
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 of land as at 31st March 2024 is H 12,600 lakhs (H 12,600 lakhs as at 31st March 2023). 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.
Note 5.1 : Investments in an associate

(H in Lakhs)
Investment in equity instruments of an associate (fully paid up)
Unquoted
Investment in an associate
Non-current equity investments (unquoted) in Hind Lamps Limited. – –
– 1,140,000 (March 31, 2023 - 1,140,000) equity shares of H 25 each
Accumulated impairment allowance in value of investments in Hind Lamps Limited – –
Total investments in an associate – –
Note 5.2 : Financial assets (Investments)

(H in Lakhs)
Unquoted
Investment in mutual funds
Investment in equity/debt mutual funds 3,004.50 4,078.23
3,004.50 4,078.23
(H in Lakhs)
No. of Units as on No. of Units as on Value as on Value as on
Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
ICICI Prudential - Money Market Fund – 158,830.98 – 515.10
ICICI Prudential - Overnight Fund 38,828.39 24,860.12 501.09 300.43
HDFC Mutual Fund - Money Market Fund – 10,469.98 – 515.30
HDFC Mutual Fund - Liquid Fund 1.20 – 0.06 –
Note 5.2 : Financial assets (Investments) (Contd..)
(H in Lakhs)
No. of Units as on No. of Units as on Value as on Value as on
Particulars
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
HDFC Mutual Fund - Overnight Fund 14,087.24 9,025.93 500.54 300.42
LIC Mutual Fund - Liquid Fund – 1.28 – 0.05
DSP Mutual Fund - Money Market Fund – 1,120,166.24 – 515.14
DSP Mutual Fund - Overnight Fund – 25,022.25 – 300.43
SBI Mutual Fund - Money Market Fund – 1,371,425.20 – 515.26
SBI Mutual Fund - Overnight Fund 12,848.31 8,232.51 500.53 300.42
Tata Mutual Fund - Overnight Fund 39,625.06 – 500.56 –
Mirae Asset Mutual Fund - Overnight Fund 40,816.84 – 501.09 –
Kotak Mutual Fund - Money Market Fund – 13,455.57 – 515.12
Kotak Mutual Fund - Liquid Fund – – 0.06 –
Kotak Mutual Fund - Overnight Fund 39,189.49 25,123.67 500.57 300.56
Total 3,004.50 4,078.23
Aggregate value of quoted investments 3,004.50 4,078.23
Aggregate value of impairment in value of – –
investment
Note 5.3 : Financial assets (Investments - Non-Current)

(H in Lakhs)
Unquoted
Investment in equity shares
Non-current equity investments (unquoted) in M. P. Lamps Limited * 2.40 2.40
– 48,000 (March 31, 2023 - 48,000) equity shares of H 10/- each;
(Partly paid shares - H 2.50/- Per share paid up, Called up H 5.00/- per share)
– 95,997 (March 31, 2023 - 95,997) equity shares of H 10/- each;
(Partly paid shares - H 1.25 Per share paid up, Called up H 5 per share).”
Accumulated Fair value loss recorded in value of investments M. P. Lamps Limited. (2.40) (2.40)
– –
Non-current equity investments (unquoted) in Mayank Electro Ltd. 0.10 0.10
– 100 (March 31, 2023 - 100) equity shares of H 100/- each.
Total equity instruments 0.10 0.10
(b) Investment in debt instruments

(H in Lakhs)
Unquoted
Investment in venture capital fund
Units of Bharat Innovation Fund - 4,189.470 Units as on March 31, 2024 (4,189.470 Units as 492.67 600.11
on March 31, 2023)
Investment in other securities
Gold coins 0.37 0.37
Total debt instruments 493.04 600.48
Total non-current investments 493.14 600.58
Aggregate value of quoted investments – –
Aggregate value of unquoted investments 493.14 600.58
* 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
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.
Note 6 : Trade receivables
(H in Lakhs)
Current 116,317.50 111,130.26
Non-current 1,293.37 1,975.05
117,610.87 113,105.31
Unsecured, considered good 117,610.87 113,105.31
Unsecured, with significant increase in credit risk – –
Unsecured, credit impaired 6,649.85 6,224.83
Total 124,260.72 119,330.14
Impairment allowance, credit impaired (allowance for bad and doubtful debts) (6,649.85) (6,224.83)
Total trade receivables (net of impairment allowance) 117,610.87 113,105.31
The above includes receivables from related parties. Refer note 38 for more details.
Transferred receivables
The carrying amount of trade receivables, include receivables which are subject to factoring arrangements and channel financing facilities.
Under this arrangement the Parent Company has transferred the relevant receivables to the factor in exchange for cash. The Parent Company
therefore continues to recognise the transferred assets in their entirety in its balance sheet. The amount repayable under the factoring agreement
is presented as other financial liabilities.The amount repayable under the factoring agreement is presented as trade credits in note 22.1
(H in Lakhs)
Trade credits (Note 22.1) 59,442.37 57,967.35
Total Transferred receivables 59,442.37 57,967.35
Trade receivable are non-interest bearing and are generally received within the credit period. For trade and other receivables due from firms or
private companies in which any director is a partner, a director or a member, refer note 38.
(H in Lakhs)
Particulars Not Less than 6 months More than
Due 6 months -1 year 3 years
(i) Undisputed Trade receivables — considered good – 106,872.00 7,666.85 508.28 736.82 1,826.92 117,610.87
(vi) Disputed Trade Receivables — credit impaired – – 0.01 1,825.89 0.01 722.58 2,548.49
Total – 106,872.00 8,051.07 2,662.78 1,503.40 5,171.47 124,260.72

(H in Lakhs)
Particulars Not Less than 6 6 months More than
Due months -1 year 3 years
(i) Undisputed Trade receivables — considered good – 99,968.66 6,403.76 2,630.43 766.21 3,336.25 113,105.31
(vi) Disputed Trade Receivables — credit impaired – – 0.47 1,964.35 – 681.29 2,646.11
Total – 99,968.66 6,658.20 5,248.28 823.71 6,631.29 119,330.14
* Outstanding from the transaction date for FY24 & FY23

Note 7 : Loans
(H in Lakhs)
Current
Unsecured, considered good 50.38 34.59
Total current loans 50.38 34.59
Note 8 : Other financial assets

(H in Lakhs)
Security deposits, considered good 3,295.41 2,394.65
Security deposits, credit impaired 97.13 140.45
Impairment allowance for credit impaired security deposits (97.13) (140.45)
3,295.41 2,394.65
Long term deposits with banks with maturity period of more than 12 months (provided as security 1,182.43 92.96
for various regulatory registrations)
Total non-current other financial assets 5,027.53 2,495.18
For breakup of financial assets carried at amortised cost, refer note 34. For deposits with related parties, refer note 38
Note 9 : Deferred tax assets (net)

(H in Lakhs)
Deferred tax assets 6,627.66 6,767.53
Deferred tax liabilities (6,097.33) (7,307.26)
Total deferred tax assets/ (liabilities) (net) 530.33 (539.73)
Breakup and movement in deferred tax assets

(H in Lakhs)
Employee Employee Impairment Financial Assets Carried Lease Total
benefit benefit allowance assets held for forward liabilities
Particulars obligations obligations (allowance for measured at sale losses * and
(gratuity) (leave doubtful debts amortised Others
obligations) and advances) cost
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
to statement of profit and loss 89.02 140.07 (666.01) (0.55) 23.34 (3,415.22) 495.52 (3,333.83)
to other comprehensive income – – – – – – (68.47) (68.47)
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
to statement of profit and loss 93.19 47.78 141.55 (0.85) 28.34 1,414.71 (571.20) 1,153.52
to other comprehensive income 2.37 – – – – – – 2.37
to discontinued operations (56.13) (28.76) (1,126.02) – – – (84.85) (1,295.76)
As at 31st March, 2024 77.44 166.47 1,796.45 – 580.12 1,414.71 2,592.47 6,627.66
* Movement for FY 23-24 of H 1,414.71 lakhs pertains to deferred tax assets created on the losses of the subsidiary (Nirlep Appliances Private Limited) pursuant to
the merger, which were not earlier accounted as there was no reasonable certainty.
Note 9 : Deferred tax assets (net) (Contd..)
Breakup and movement in deferred tax liabilities
(H in Lakhs)
Property, Intangible Financial Financial Employee Investment Right of Total
plant and Assets Assets Liabilities benefit properties Use assets
Particulars equipment measured at measured at obligations and Others
Amortised Amortised (gratuity)
Cost Cost
As at 31st March, 2022 2,396.79 138.67 104.42 163.04 – 2,568.70 1,724.98 7,096.60
to Statement of Profit or Loss (33.74) (85.21) 3.20 (163.04) – (789.42) 1,278.87 210.66
As at 31st March, 2023 2,363.05 53.46 107.62 – – 1,779.28 3,003.85 7,307.26
to Statement of Profit or Loss (109.71) (53.46) (32.47) – – 868.93 (1,529.14) (855.85)
to discontinued operations (354.08) – – – – – – (354.08)
As at 31st March, 2024 1,899.26 – 75.15 – – 2,648.21 1,474.71 6,097.33
Note 10 : Other non-current assets

(H in Lakhs)
Capital advances 1,871.48 1,966.58
Impairment allowance for credit impaired capital advances (6.63) (24.94)
1,864.85 1,941.64
Sales tax recoverables 2,499.17 389.69
Balances with government authorities 80.83 –
Others 1,263.54 6,501.52
8,755.65 12,287.43
Impairment allowance for doubtful advances (258.80) (267.24)
Total other non-current assets 8,496.85 12,020.19
Note 11 : Inventories
(H in Lakhs)
Raw material 7,266.08 10,668.73
Work-in-progress 2,872.34 3,210.20
Finished goods 1,789.40 1,467.85
Traded goods 60,428.07 77,202.72
Material in Transit (traded goods) 2,261.77 3,531.06
Others (majorly stores and spares) 1,046.37 1,479.14
Total Inventories 75,664.03 97,559.70
The above includes provision of inventories of H 4,553.96 lakhs and H 3,814.46 lakhs for March 31, 2024 and March 31, 2023 respectively.
Note 12 : Cash and cash equivalents

(H in Lakhs)
Balances with banks
in current accounts 2,111.23 2,619.41
in cash credit accounts 5,776.30 5,482.47
Deposits with orignal maturity of less than three months 3,513.45 26,041.44
Cash on hand 1.17 8.20
Total cash and cash equivalents 11,402.15 34,151.52
There are no restrictions with regards to cash and cash equivalents as at the end of the reporting period and prior period.
Note 12.1 : Bank balances
(H in Lakhs)
Unpaid Dividend Accounts * 48.62 60.32
Fixed deposit under lien – 144.75
Deposits with maturity of more than three months & less than twelve months 16,013.45 2,545.67
Others 4.37 120.94
Total other bank balances 16,066.44 2,871.68
* There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at March 31, 2024 and March 31, 2023
Note 13 : Other current financial assets

(H in Lakhs)
Security deposits 948.27 590.11
Receivable from Gratuity Fund – 192.14
Derivative Asset – 135.83
Total other current financial assets 1,084.28 1,119.49
For deposits with related parties, refer note 38
Note 14 : Other current assets

(H in Lakhs)
Export benefits receivable 58.16 683.34
Balances with government authorities 13,627.71 14,694.93
Others * 21,087.98 11,361.72
Sales tax recoverables 113.53 113.53
Total other current assets 36,837.50 28,627.68
*Others mainly includes warranty insurance assets of H 5,715.82 lakhs (March 31, 2023 H NIL lakhs), insurance claims receivable of H 3,378.22 lakhs (March 31,
2023 H 416.03 lakhs) and advances to suppliers of H 11,454.96 lakhs (March 31, 2023 H 10,376.73 lakhs)
Note 15 : Assets classified as held for sale

(H in Lakhs)
Leasehold premises * 219.40 219.40
Ownership premises ** 240.69
Discontinued operations (EPC segment of the Parent Company), pursuant to the scheme of – 108,091.78
demerger (refer note 45)
Total assets classified as held for sale 460.09 108,311.18
* Upon relocation of Parent Company’s employees to new office premises in Mumbai, the erstwhile leasehold immovable property together 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 authorities and accordingly the said transaction of
sale and transfer of leasehold rights was to be completed within one (1) year. However, on 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 consummated.
The asset held for sale of H219.40 lakhs are not attached to any reported 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 near future. The same is shown as a liability under other
current liabilities.
** H 240.69 lakhs pertains to an ownership office premise at Mohali, for which the Board of Directors of the Parent Company have approved the sale in favour of
the purchaser vide Resolution dated October 27, 2023. The said transaction is expected to be completed in FY24-25.
Note 16 : Equity share capital
(H in Lakhs)
Authorised Amount Amount
75,50,00,000 *** equity shares (March 31, 2023 - 71,25,00,000) of H 2/- each. 15,100.00 14,250.00
i) Movement in Issued, Subscribed and Paid up Equity Share Capital

Issued capital
(H in Lakhs)
Particulars No of Shares Amount
As at 31st March 2023 114,874,114 2,297.48
Issue pursuant to merger of Starlite Lighting Limited 19 0.00
As at 31st March 2024 115,075,638 2,301.51
As at 31st March 2024 115,196,078 2,303.92
Paid-up capital –
Calls in arrears @ H 2 per share, under rights issue (refer note iii below) (55) (0.00)
As at 31st March 2024 115,196,023 2,303.92
ii) Terms and rights attached to equity shares

The Parent 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 Parent Company, the holders of equity shares will be entitled to receive remaining
assets of the Parent Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
iii) The Details of Shareholders holding more than 5% Shares:
(H in Lakhs)
As at 31st March 2024 As at 31st March 2023
Name of the Shareholder
Nos. % Holding Nos. % Holding
Jamnalal Sons Private Limited 22,548,276 19.57 22,548,276 19.59
Bajaj Holdings & Investment Limited 19,136,840 16.61 19,136,840 16.63
Kiran Bajaj 7,545,224 6.55 7,545,224 6.56
HDFC Small Cap Fund 6,793,915 5.90 6,475,269 5.63
Smallcap World Fund, Inc – – 6,098,271 5.30
iv) Share reserved for issue under employee stock option scheme
For details of shares reserved for issue under the employee share based payment plan of the Parent Company, please refer Note 33.
v) Change in promoter shareholding
(H in Lakhs)
As at 31st March 2024 As at 31st March 2023 % change
Promoter Name
No of shares % of total shares No of shares % of total shares during the year
Promoters
Mr. Shekhar Bajaj 1,814,639 1.58% 1,814,639 1.58% 0.00%
Mr. Madhur Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Mr. Niraj Bajaj 1,130,882 0.98% 1,130,882 0.98% 0.00%
Mr. Rajivnayan Bajaj **** 0 0.00% NA NA 0.00%
Promoter Group
Individuals :
Mrs. Kiran Bajaj 7,545,224 6.55% 7,545,224 6.56% (0.01%)
Ms. Minal Bajaj 694,674 0.60% 694,674 0.60% 0.00%
(H in Lakhs)
Promoter Name
Ms. Geetika Bajaj 2,160,084 1.88% 2,160,084 1.88% 0.00%
Ms. Nimisha Jaipuria 0.00% 0.00% NA NA 0.00%
Ms. Kumud Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Ms. Pooja Bajaj 1,541,875 1.34% 1,541,875 1.34% 0.00%
Ms. Suman Jain 110,700 0.10% 110,700 0.10% 0.00%
Ms. Kriti Bajaj 101,297 0.09% 101,297 0.09% 0.00%
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%
Bodies Corporate
Jamnalal Sons Private Limited 22,548,276 19.57% 22,548,276 19.59% (0.02%)
Bajaj Holdings And Investment Limited 19,136,840 16.61% 19,136,840 16.63% (0.02%)
Kamalnayan Investment & Trading Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Trusts
Neelima Bajaj Swamy Family Trust (Neelima Bajaj 812,973 0.71% 812,973 0.71% 0.00%
Swamy as a Trustee)
Nimisha Jaipuria Family Trust (Nimisha Jaipuria as a 628,043 0.55% 628,043 0.55% 0.00%
Trustee)
Kriti Bajaj Family Trust (Minal Niraj Bajaj as a Trustee) 500,000 0.43% 500,000 0.43% 0.00%
Niravnayan Bajaj Family Trust (Niraj Bajaj as a 500,000 0.43% 500,000 0.43% 0.00%
Trustee)
Rishab Family Trust 0 0.00% 471,052 0.41% (0.41%)
Nimisha Bajaj Family Trust (Madhur Bajaj as a 206,575 0.18% 206,575 0.18% 0.00%
Trustee)
Neelima Bajaj Family Trust (Kumud Bajaj as a Trustee) 21,644 0.02% 21,644 0.02% 0.00%
Kumud Neelima Family Trust (Madhur Bajaj as a 125,800 0.11% 125,800 0.11% 0.00%
Trustee)
Kumud Nimisha Family Trust (Madhur Bajaj as a 125,800 0.11% 125,800 0.11% 0.00%
Trustee)
Madhur Neelima Family Trust (Kumud Bajaj as a 125,800 0.11% 125,800 0.11% 0.00%
Trustee)
Madhur Nimisha Family Trust (Kumud Bajaj as a 125,799 0.11% 125,799 0.11% 0.00%
Trustee)
Total 72,342,279 62.82% 72,342,279 62.86% (0.04%)
(H in Lakhs)
Promoter Name
Promoters
Mr. Shekhar Bajaj 1,814,639 1.58% 1,814,639 1.58% 0.00%
Mr. Madhur Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Mr. Niraj Bajaj 1,130,882 0.98% 1,130,882 0.98% 0.00%
Promoter Group
Individuals :
Mrs. Kiran Bajaj 7,545,224 6.56% 7,545,224 6.57% (0.01%)
Ms. Minal Bajaj 694,674 0.60% 694,674 0.60% 0.00%
Ms. Geetika Bajaj 2,160,084 1.88% 2,160,084 1.88% 0.00%
Ms. Nimisha Jaipuria NA NA NA NA 0.00%
Ms. Kumud Bajaj 200,000 0.17% 200,000 0.17% 0.00%
Ms. Pooja Bajaj 1,541,875 1.34% 1,989,875 1.73% (0.39%)
Ms. Suman Jain 110,700 0.10% 110,700 0.10% 0.00%
Ms. Kriti Bajaj 101,297 0.09% 101,297 0.09% 0.00%
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%
Bodies Corporate
Jamnalal Sons Private Limited 22,548,276 19.59% 22,443,275 19.54% 0.06%
Bajaj Holdings And Investment Limited 19,136,840 16.63% 18,793,840 16.36% 0.27%
Kamalnayan Investment & Trading Private Limited 1,110 0.00% 1,110 0.00% 0.00%
Trusts
Neelima Bajaj Swamy Family Trust (Neelima Bajaj 812,973 0.71% 812,973 0.71% 0.00%
Swamy as a Trustee)
Nimisha Jaipuria Family Trust (Nimisha Jaipuria as a 628,043 0.55% 628,043 0.55% 0.00%
Trustee)
Kriti Bajaj Family Trust (Minal Niraj Bajaj as a Trustee) 500,000 0.43% 500,000 0.44% 0.00%
Niravnayan Bajaj Family Trust (Niraj Bajaj as a 500,000 0.43% 500,000 0.44% 0.00%
Trustee)
Rishab Family Trust 471,052 0.41% 471,052 0.41% 0.00%
(H in Lakhs)
Promoter Name
Nimisha Bajaj Family Trust (Madhur Bajaj as a 206,575 0.18% 206,575 0.18% 0.00%
Trustee)
Neelima Bajaj Family Trust (Kumud Bajaj as a Trustee) 21,644 0.02% 21,644 0.02% 0.00%
Kumud Neelima Family Trust (Madhur Bajaj as a 125,800 0.11% 125,800 0.11% 0.00%
Trustee)
Kumud Nimisha Family Trust (Madhur Bajaj as a 125,800 0.11% 125,800 0.11% 0.00%
Trustee)
Madhur Neelima Family Trust (Kumud Bajaj as a 125,800 0.11% 125,800 0.11% 0.00%
Trustee)
Madhur Nimisha Family Trust (Kumud Bajaj as a 125,799 0.11% 125,799 0.11% 0.00%
Trustee)
Total 72,342,279 62.86% 72,342,278 62.98% (0.11%)
* Considered as a Promoter post demise of Mr. Rahulkumar Bajaj on February 12, 2022
** Ceased to be a promoter post sad demise on February 12, 2022
*** Amended with effect from March 31, 2024, pursuant to the Scheme of Merger by Absorption of Nirlep Appliances Private Limited with Bajaj Electricals
Limited and their respective Shareholders under Section 230-232 of the Companies Act, 2013 (which was sanctioned by the Hon’ble National Company Law
Tribunal, Mumbai Bench, vide its order dated March 1, 2024, having reference number as C.P.(CAA)/250(MB)2023 connected with C.A.(CAA)/246(MB)2022).
**** Rajivnayan Bajaj classified in Promoter category from June, 2023 quarter
Note 17 : Other Equity

(H in Lakhs)
i) Securities premium reserve 67,307.46 66,594.40
ii) General reserve 45,967.75 45,967.75
iii) Share options outstanding account 2,698.94 1,874.06
iv) Retained earnings 27,895.47 76,069.03
v) Capital reserve 175.18 175.18
vi) Capital redemption reserve 135.71 135.71
vii) Efective portion of cash flow hedges (38.31) (68.91)
viii) Share application money pending allotment 3.03 –
ix) Amalgamation adjustment reserve (2,327.15) (2,327.15)
Total reserves and surplus 141,818.08 188,420.07
i) Securities premium reserve

(H in Lakhs)
Add: Exercise of share options 505.92 893.24
Add: Exercise of share options - transferred from shares options outstanding account 207.14 344.84
Add: Issue of share capital – 0.19
ii) General Reserve

(H in Lakhs)
iii) Shares options outstanding account
(H in Lakhs)
Add : Employee stock option expense for the year 1,087.46 1,084.00
Less : Transferred to retained earnings on account on lapse of vested options (55.44) (63.66)
Less : Exercise of options - to securities premium (207.14) (344.84)
iv) Retained earnings

(H in Lakhs)
Add: Net profit for the year 13,107.51 21,618.40
Add: Other comprehensive income 16.10 203.73
Add : Transferred from share options reserve for vested cancelled options 55.44 63.66
Less: Dividend on equity shares (4,604.08) (3,447.13)
Less: Derecognised pursuant to discontinued operations (refer note 45) (56,748.53) –
Less: Transfer from minority interest on account of business combination – (305.93)
v) Capital reserve
(H in Lakhs)
vi) Capital redemption reserve

(H in Lakhs)
vii) Effective Portion of Cashflow Hedges

(H in Lakhs)
Opening Balance (68.91) 88.29
Add / (less): Charge for the year 37.69 (125.98)
Add / (less): Other comprehensive loss (7.09) (31.22)
Closing Balance (38.31) (68.91)
viii) Share application money pending allotment

(H in Lakhs)
Opening Balance – –
Add / (less) : (Issue of share capital) / share application monies received 3.03 (0.19)
Less: Transfer from minority interest on accuont of business combination – 0.19
Closing Balance 3.03 –
ix) Amalgamation adjustment reserve
(H in Lakhs)
Opening Balance (2,327.15) –
Less: Transfer from minority interest on account of business combination – (2,327.15)
Closing Balance (2,327.15) (2,327.15)
Nature and purpose of reserves

Securities Premium
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Companies Act, 2013.
General Reserve
Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage in
accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than
10% of the paid-up capital of the Parent 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 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.
Share options outstanding account
The fair value of the equity-settled share based payment transactions is recognised in Statement of Profit and Loss with corresponding credit
to Employee Stock Options Outstanding Account.
Effective Portion of Cashflow Hedges
The Group uses hedging instruments as part of its management of foreign currency risk and interest rate risk associated on borrowings. For
hedging foreign currency and interest rate risk, the Group uses foreign 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 the 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.
Amalgamation adjustment reserve
The Group creates amalgamation adjustment reserve on account of business combination pursuant to any schemes for merger/demerger, etc.
Retained earnings
Retained earnings are the profits/(loss) that the Group has earned/incurred till date, less any transfers to general reserve, dividends or other
distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit plans, net of taxes that will not
be reclassified to Statement of Profit and Loss.
Capital reserve
In case of business combinations, if the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group
re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets
acquired over the aggregate consideration transferred, then the gain is recognised in OCI and accumulated in equity as capital reserve.
However, if there is no clear evidence of bargain purchase, the entity recognises the gain directly in equity as capital reserve, without routing
the same through OCI.
Capital redemption reserve
The Parent Company in the past had redeemed certain preference shares of H 1,000.00 lakhs. The Parent Company had set aside an equal
amount from retained earnings into capital redemption reserve. Further, the said capital redemption reserve was used for issue of bonus shares
in the year ended March 31, 2008 and an amount of H 864.29 lakhs was utilised from the said reserve.
Distribution paid and proposed
(H in Lakhs)
Dividend proposed
Final dividend proposed for the year ended March 31, 2024 of 3/- per share 3,455.88 –
Dividend paid:
Final dividend paid for the year ended March 31, 2023 of 4/- per share and March 31, 2022 of 3/- 4,604.08 3,447.13
per share
Note 18 : Borrowings
(H in Lakhs)
Particulars Note No. 31-Mar-24 31-Mar-23
Current
Unsecured
Sales tax deferral liability (payable in June 2023) Note a – 16.65
Total unsecured current borrowings – 16.65
Note a:
Sales tax deferral liability is interest free and repayable over predefined instalments from the initial date of deferment of liability, as per the
respective schemes. There are no amounts outstanding as on March 31, 2024.
Note b : Below are the details of the assets hypothecated and immovable properties charged towards the facility of fund and
non-fund based limits with the Group
First pari passu charge by way of hypothecation of inventories, book debts and all movable assets under the head ‘property, plant and equipment
First pari passu charge on the Parent Company’s immovable properties at
– Wardha premises - Plot no. 36, Block no. 17, Mouza no. 225, Bacharaj road, Gandhi Chowk, Wardha
– Hari Kunj - Flat No. 103 and 104, ‘B’ wing, Sindhi Society, Chembur East, Mumbai - 400071
Second pari passu charge over present and future property, plant and equipment of the Parent Company, situated at
– Chakan Unit : Village Mahalunge, Chakan Talegaon Road, Khed, Pune - 410501;
– Showroom on Ground floor and Office Premises on Second Floor at Bajaj Bhawan 226, Jamnalal Bajaj Marg, Nariman Point,
Mumbai 400 021.
– Office Premises No : 001, 502 and 701, ‘Rustomjee Aspiree’, Bhanu Shankar Yagnik Marg, Off Eastern Highway, Sion (East),
Mumbai - 400 022
– R & D centre at Plot no. 27/ pt 2/ at Millennium Business Park, TTC Industrial area, Mahape, Navi Mumbai
The below assets of the subsidiary have been kept on charge for the secured borrowings.
– First and exclusive charge by way of mortgage of land & building at Gut No. 16 Naigavhan, Khandewadi, Tq. Paithan, Paithan
Road, Aurangabad.
– First and exclusive charge by way of mortgage of land at Gut No 09, situated at Naighavan Khandewadi, Tq. Paithan, Paithan
Road, Aurangabad.
– First and exclusive charge by way of hypothecation of plant and machinery at Gut No 16, Naigavhan, Khandewadi, Tq. Paithan, Paithan
Road, Aurangabad.
– First and exclusive charge by way of hypothecation of inventory and receivables of the subsidiary.
The Parent Company has not defaulted on any loans which were due for repayment during the year.
Note c : The Group has used the borrowings from banks and financial institutions for the specific purpose for which it was taken. Further, the
Group 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 financial institutions which are in agreement with the books of accounts.
Note 19 : Other Financial Liabilities

(H in Lakhs)
Non Current
Employee benefit liabilities 16.35 16.52
Total other non-current financial liabilities 16.35 16.52
Current 31-Mar-24 31-Mar-23
Capital creditors 312.34 379.10
Unpaid dividends 48.62 60.32
Trade deposits (dealers, vendors etc.) 664.65 808.95
Derivative liability 2.18 –
Other payables * 968.64 32,720.37
Liability towards corporate social responsibility (shortfall) (refer note 43) 122.13 175.29
Employee benefit liabilities 4,401.01 5,998.63
Total other current financial liabilities 6,519.57 40,142.66
* includes H 31,557.03 lakhs payable to Bajel Projects Limited purusant to the scheme of demerger.
All the above financial liabilities are carried at amortised cost except for derivative liabilities (forward exchange contracts) which are fair valued
through profit and loss and financial guarantee contracts which are initially recognised at fair value.
Note 20 : Provisions
(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
Service warranties* 4,477.05 969.70 5,446.75 4,173.48 1,689.40 5,862.88
Legal claims 302.41 – 302.41 200.69 – 200.69
Other matters** 448.16 – 448.16 508.16 – 508.16
Total Provisions 5,227.62 969.70 6,197.32 4,882.33 1,689.40 6,571.73
Movement in provisions is as given below:

(H in Lakhs)
Particulars Service Warranties Legal Claims Other matters
Opening balance as on 1st April, 2022 8,147.02 373.42 1,643.46
Utilised during the year (2,284.14) (172.73) (1,135.30)
Provision for the year – 101.72 –
Utilised during the year (416.13) – (60.00)
*Refer note 1D(1)
**The Group 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.
Note 21 : Employee Benefit Obligations

(H in Lakhs)
31-Mar-24 31-Mar-23
Particulars
Leave obligations 458.03 1,356.61 1,814.64 374.57 1,165.79 1,540.36
Interest rate guarantee on provident fund – 547.58 547.58 – 311.23 311.23
Gratuity (refer note a below) 866.76 3,286.32 4,153.08 885.28 3,404.64 4,289.92
Total employee benefit obligations 1,324.79 5,190.51 6,515.30 1,259.85 4,881.66 6,141.51
Disclosure of defined benefit plans are as given below :

A. Gratuity :
The Group has a defined benefit gratuity plan in India (Funded) for its employees, which requires contribution to be made to a separately
administered fund.
The gratuity benefit payable to the employees of the Group is greater of the two : (i) The provisions of the Payment of Gratuity Act, 1972
or (ii) The Group’s gratuity scheme as described below.
(i) The provisions of the Payment of Gratuity Act, 1972 :
Benefits as per the Payment of Gratuity Act, 1972
Salary for calculation of Gratuity (GS) Last drawn basic salary including dearness allowance (if any)
condition applies.
Limit H 20 lakhs
(ii) The Group’s gratuity scheme :
Benefits as per the Group’s Gratuity Scheme for HO Employees ( Category S - Staff )
Salary for calculation of Gratuity (GS) Basic Salary + Special Pay + Personal Pay + Variable Dearness
Allowance + Fixed Dearness Allowance
condition applies.
Limit No Limit
Benefits as per the Group’s Gratuity Scheme for HO (Category E - Executives, Category PSG - Project Services Group and Category
Factory Staff - Chakan & Ranjangaon Employees)
Salary for calculation of Gratuity (GS) “HO Category E & PSG: Basic Salary
Factory Staff : Basic Salary + DA, if any”
Benefit on normal retirement Service Benefits
25 years & Above GS x SER
Benefit on early retirement / termination / resignation / Service Benefits
withdrawal Between 5 & 9 years 60% x GS x SER
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
service upto the date of exit.
Limit No Limit
# 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.
Changes in the Present Value of Obligation are as given below (Amounts in INR Lakhs) :
(H in Lakhs)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Interest Cost 326.52 303.54
Re-measurement (gain) / loss arising from: –
– change in demographic assumptions – (184.59)
– experience adjustments (i.e. Actual experience vs assumptions) 25.09 (130.64)
Benefits Paid (425.51) (369.86)
Acquisition Adjustment ( SLL Mfg absorbed in Merger ) – –
Changes in the Fair Value of Plan Assets is as given below (Amounts in INR Lakhs) :
For the year ended
Particulars
31-Mar-24 31-Mar-23
Fair Value of Plan Assets as at the beginning 200.15 682.36
Adjustment on account of merger 516.14 –
Benefits Paid (67.94) (124.05)
Return on plan assets , excluding amount recognised in interest (expense)/income 62.74 (403.16)
Fair Value of Plan Assets as at the end 763.13 200.15
Changes in the Fair Value of Reimbursement Right is as given below * (Amounts in INR Lakhs) :
For the year ended

Particulars
31-Mar-24 31-Mar-23
Fair Value of Reimbursement Right as at the beginning 4,232.55 3,958.57
Adjustment on account of merger 666.37 –
Less : Assets transferred to BAJEL as per Arrangement of Scheme (1,408.76) –
Benefits Paid (436.98) (389.56)
Fair Value of Reimbursement Right as at the end 3,844.18 4,232.55
* 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 Bajaj Electricals
Limited). The same has been disclosed in Note 10 and Note 14 of the consolidated financials statements
Amount recognised in balance sheet is as given below (Amounts in INR Lakhs) :
As on
Particulars
31-Mar-24 31-Mar-23
Fair Value of Plan Assets 763.13 200.15
Surplus / (Deficit) 4,153.08 4,289.92
Net Actuarially Valued Asset / (Liability) 4,153.08 4,289.92
Liability on an actual basis for employees at foreign branches – –
Total Net Asset / (Liability) 4,153.08 4,289.92
Amount recognised in statement of profit and loss and other comprehensive income is as given below (Amounts in INR Lakhs) :
For the year ended

Particulars
31-Mar-24 31-Mar-23
Interest Expense or Cost 326.52 303.54
Investment Income (375.88) (306.09)
Expense recognised in statement of profit and loss 430.85 457.85
Change in demographic assumptions – (184.59)
Change in financial assumptions 19.83 (90.69)
Experience adjustments (i.e. Actual experience vs assumptions) 25.09 (137.88)
Adjustment due to corporate action / de-merger 132.61 –
Return on plan assets , excluding amount recognised in interest expense/(income) (352.06) 0.70
(Income) / Expense recognised in Other Comprehensive Income (174.53) (412.46)
Major categories of Plan Assets & Reimbursement Right (as percentage of Total Assets)
As on
Particulars
31-Mar-24 31-Mar-23
Funds managed by Insurer 100% 100%
Total 100% 100%
As the funds are managed wholly by the insurance company, the break-up of the plan assets is unavailable
The significant actuarial assumptions are as follows:
Financial Assumptions
As on
Particulars
31-Mar-24 31-Mar-23
Discount rate (per annum) - Range 7.15% 7.25%
Salary growth rate (per annum) - Range 8.50% 8.50%
Demographic Assumptions
As on
Particulars
31-Mar-24 31-Mar-23
Mortality Rate 100% of IALM 100% of IALM
12-14 12-14
Withdrawal rates, based on age: (per annum) :
Up to 30 years 27.00% 27.00%
31 - 44 years 18.00% 18.00%
Above 44 years 18.00% 18.00%
*For the subsidiary Nirlep, it is 1.6% across all the categories
Summary of Membership Status
As on
Particulars
31-Mar-24 31-Mar-23
Number of employees 2,040 2,406
Total monthly salary (H In Lakhs) 908.79 953.50
Average past service (years) - Range 5.83 6.72
Average age (years) - Range 37.27 37.39
Average remaining working life (years) 20.74 20.62
Number of completed years valued 11,044 16,157
Decrement adjusted remaining working life (years) - Range 4.54 4.58
Normal retirement age 58 58
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.
The retirement date for Nirlep employee is the 58th date of birth of the employee
period, while holding all other assumptions constant. (Amounts in INR Lakhs)
(H in Lakhs)
(H in Lakhs)
31-Mar-24 31-Mar-23
Discount Rate (- / + 1%) 5,101.33 4,753.18 6,139.49 5,702.07
Salary Growth Rate (- / + 1%) 4,766.20 5,083.58 5,718.42 6,117.18
(% change compared to base due to sensitivity) (3.05%) 3.40% 16.32% 24.43%
Attrition Rate (- / + 50% of attrition rates) 5,320.02 4,714.47 6,357.45 5,695.06
Mortality Rate (- / + 10% of mortality rates) 4,917.75 4,920.99 5,912.39 5,912.47
(% change compared to base due to sensitivity) 0.03% 0.10% 20.26% 20.27%
The scheme is managed on funded basis. Payment for present liability of future payment of gratuity is being made to approved
gratuity fund, which fully covers the same under Cash Accumulation Policies of the Life Insurance Corporation of India (LIC) and
Bajaj Allianz Life Insurance Company Ltd. (BALIC). Every year, the insurance company carries out a funding valuation based on the
latest employee data provided by the Group. Any deficit in the assets arising as a result of such valuation is funded by the Group.
b Expected Contribution during the next annual reporting period (Amounts in INR Lakhs)

The Group’s best estimate of Contribution during the next year 607.52 650.03
c) Maturity Profile of Defined Benefit Obligation (Amounts in INR)

Weighted average duration (based on discounted cashflows) 4 Years 4 Years
Expected cash flows over the next (valued on undiscounted basis):(Amounts in INR Lakhs):

1 year 1,629.89 1,775.19
More than 1 and upto 2 years 575.27 775.69
More than 10 years 1,223.51 1,421.97
d) Asset liability matching strategies

For gratuity, the Group 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 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 to
the duration of liabilities. Thus, the Group is exposed to movement in interest rate (in particular, the significant fall in interest rates,
which should result in a increase in liability without corresponding increase in the asset)
B. Provident Fund (Defined Benefit Plan) :
Bajaj Electricals Limited operates in two schemes for the compliance of provident fund statute - (i) Bajaj 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).
For exempt provident fund, the defined benefit obligation of the Group arises from the possibility that during anytime in the future,
the scheme may earn insufficient investment income to meet the guaranteed interest rate declared by government / EPFO / relevant
authorities as well as for fund assets shortfall as against the liabilities of the Trusts
The net defined benefit obligation as at the valuation date represents the excess of accumulated fund value (determined on actuarial
basis) plus interest rate guaranteed liability over the fair value of plan assets or vice-a-versa
The benefit valued under PF obligation are summarised below:
Normal Retirement Age 58 Years *

Benefit on normal retirement Accrued Account Value
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 employees.
The Group’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 schedules lies jointly with the Group and
the board of trustees. The board of trustees are composed of representatives of the Group and plan participants in accordance with the
plan’s regulations
Changes in the Present Value of Obligation of Trusts are as given below (Amounts in INR Lakhs) :
For the year ended

Particulars
31-Mar-24 31-Mar-23
Interest Cost 1,551.07 1,288.11
Transfer In / (out) of the liability 875.49 749.03
Benefits Paid (2,619.42) (2,343.73)
– experience variance (i.e. Actual experience vs assumptions), loss if positive 52.31 116.85
Changes in the Fair Value of Plan Assets of Trusts are as given below (Amounts in INR Lakhs) :
For the year ended

Particulars
31-Mar-24 31-Mar-23
Fair Value of Plan Assets as at the beginning 20,418.54 18,146.23
Investment Income 1,555.74 1,285.57
Employer’s Contributions 973.59 848.57
Transfers In 875.49 749.03
Benefits Paid (2,619.42) (2,343.73)
Fair Value of Plan Assets as at the end 23,505.39 20,418.54
A deterministic approach is considered to estimate the value of Interest Rate Guarantee on the Exempt Provident Fund. The per annum
cost of guarantee at which Interest Rate Guarantee Liability has been valued is mentioned below
Amount recognised in balance sheet of Trusts is as given below:
Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust (for Chakan unit employees) (Amounts in INR Lakhs) :
As on
Particulars
31-Mar-24 31-Mar-23
Present Value of Obligation 440.67 448.81
Fair Value of Plan Assets 1,018.38 966.73
Surplus / (Deficit) 577.71 517.92
Net Asset / (Liability) 577.71 517.92
The present value of obligation of Matchwel Electricals (India) Ltd Employees’ Provident Fund Trust represents the aggregate of
accumulated fund value of H 430.98 lakhs (As on March 31, 2023 - H 441.90 lakhs) and interest rate guarantee H 9.70 lakhs (As on March
31, 2023 - H 6.91 lakhs). Of the above, the interest rate guarantee is recognised as provision in the Group’s books, while the accumulated
fund value is recognised by the Trust. The interest rate guarantee so recognised in the Group’s books is considered as non-current liability
Bajaj Electricals Limited Employees’ Provident Fund Trust (for H.O. employees) (Amounts in INR Lakhs) :
As on
Particulars
31-Mar-24 31-Mar-23
Fair Value of Plan Assets 22,487.02 19,451.82
Surplus / (Deficit) (117.17) (428.15)
Net Asset / (Liability) (117.17) (428.15)
The present value of obligation of Bajaj Electricals Limited Employees’ Provident Fund Trust represents the aggregate of accumulated
fund value of H 22,106.9 lakhs (As on March 31, 2023 - H 19,574.05 lakhs) and interest rate guarantee H 497.33 lakhs (As on March 31, 2023
- H 305.92 lakhs). Of the above, the interest rate guarantee is recognised as provision in the Group’s books, while the accumulated fund
value is recognised by the Trust. The interest rate guarantee so recognised in the Group’s books is considered as non-current liability.
Since interest rate guarantee is already accounted in BEL’s books, the liability of H 22,106.86 lakhs (As on Mar 31, 2023 - H 19,574.05
lakhs) which is Accumulated Fund Value of H 380.17 lakhs (As on Mar 31, 2023 - H 122.23) in excess of Fair Value of Plan Assets of H
22,487.02 (As on Mar 31, 2023 - 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 return
on Trust’s investment in IL&FS as well as DHFL in past years; the partial recovery in the form of fresh debt security units and cash has
happened from DHFL and the differential value is funded by BEL to the Trust. BEL has also recorded full liability towards IL&FS which is
to be paid by BEL to the Trust to the extent of unrecovered balances from IL&FS
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 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 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. Accordingly, surplus assets of trust for
Chakan employees cannot be offset against liability relating to trust for H.O. employees
Amount recognised in statement of profit and loss and other comprehensive income of Trusts is as given below (Amounts in INR
Lakhs) :
For the year ended
Particulars
31-Mar-24 31-Mar-23
Interest Cost 1,551.07 1,288.11
Investment Income (1,555.74) (1,285.57)
Expense recognised in statement of profit and loss 1,023.43 908.57
– Experience variance (i.e. Actual experience vs assumptions) *” 52.31 116.85
For the year ended
Particulars
31-Mar-24 31-Mar-23
Return on plan assets , excluding amount recognised in interest expense/(income) (662.34) (216.62)
Expense recognised in Other Comprehensive Income (420.62) (157.64)
* included in other comprehensive income in the statement of profit and loss
The significant actuarial assumptions are as follows :

Particulars
HO Unit Chakan Unit HO Unit Chakan Unit
Discount rate (per annum) 7.17% 7.17% 6.94% 6.94%
Interest rate guarantee (per annum) 8.25% 8.25% 8.10% 8.10%
Discount Rate for the Remaining Term to Maturity of the Investment (p.a.) 6.94% 6.94% 6.94% 6.94%
Average Historic Yield on the Investment (p.a.) 7.91% 7.82% 7.82% 7.82%
Mortality Rate 100.00% 100.00% 100.00% 100.00%
As on
Attrition Rate, based on ages:
– Upto 30 years 4.99% 4.99%
– 31 to 44 years 3.63% 3.63%
– 45 to 57 years 3.62% 3.62%
– Above 57 years 0.38% 0.38%
Summary of Membership Status :
As on
Particulars
31-Mar-24 31-Mar-23
Dormant/Inoperative Employees 2,815 2,501
Live Number of employees 1,650 1,747
Total Number of employees 4,465 4,248
Major categories of Plan Assets (as percentage of Total Plan Assets)
As on
Particulars
31-Mar-24 31-Mar-23
Government of India securities 3.20% 3.70%
State Government securities 37.50% 38.60%
High quality corporate bonds 34.40% 33.60%
Equity shares of listed companies 0.00% 0.00%
Special Deposit Scheme 6.50% 7.50%
Funds managed by Insurer 0.00% 0.00%
Bank balance 0.40% 0.50%
Other Investments 18.00% 16.10%
Total 100.00% 100.00%
period, while holding all other assumptions constant. (Amounts in INR Lakhs)

(H in Lakhs)
Discount Rate (- / + 1%) 23,065.04 23,025.85 20,342.38 20,316.02
(% change compared to base due to sensitivity) 0.09% (0.08%) 0.07% (0.06%)
Interest rate guarantee (- / + 1%) 22,537.83 24,614.39 20,015.95 21,761.17
(% change compared to base due to sensitivity) (2.20%) 6.81% (1.54%) 7.05%
The scheme is managed on funded basis. Payment for present liability of future payment of PF is made by the Group 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 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 for EPF exempted establishments. Any deficit in the assets of PF Trusts is funded by the Group. The provident fund
for certain employees is a defined contribution plans covered under RPFC Contributions
b) Expected contribution during the next annual reporting period (Amounts in INR Lakhs)

The Trusts’ best estimate of Contribution during the next year 1,017.39 889.17
This has been calculated assuming that the employer’s contribution next year shall increase by 5%.
c) Asset liability matching strategies
For PF Trust Investments, the same are managed by Trustees as per advice and recommendations of a professional consultant. The
Employees’ Provident Fund Organisation, Ministry of Labour, Government of India, vide its notification in official gazette notified
the pattern of investment for EPF exempted establishments, which depicts the obligatory pattern of investments of PF contributions
and interests. The pattern mandates to invest as below :
Category / Sub-Category Percentage of amount to be invested

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%
C. Expenses Recognised during the year (Defined Contribution Plan) :
For the year ended

Particulars
31-Mar-24 31-Mar-23
Provident Fund 2,041.00 1,757.22
Superannuation 213.04 201.75
Pension 519.58 455.62
Note 22 : Trade Payables
(H in Lakhs)
Current
Trade payable due to others 52,117.97 57,145.80
Dues to micro, small and medium enterprises * 3,781.66 3,768.20
Total current trade payables 55,899.63 60,914.00
For payables to related parties, refer note 38

* 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 Group.
Principal amount and interest due thereon remaining unpaid to any supplier covered under MSMED Act, 2006:
(H in Lakhs)
Principal 3,454.50 3,212.00
Interest 327.16 556.20
The amount of interest paid by the buyer in terms of Section 16, of the MSMED Act, 2006 along 133.19 369.32
with the amounts of the payment made to the supplier beyond the appointed day during each
accounting year.
The amount of interest due and payable for the period of delay in making payment (which have – –
been paid but beyond the appointed day during the year) but without adding the interest specified
under MSMED Act, 2006.
The amount of interest accrued and remaining unpaid at the end of each accounting year. 327.16 556.20
The amount of further interest remaining due and payable even in the succeeding years, until such – –
date when the interest dues as above are actually paid to the small enterprise for the purpose of
disallowance as a deductible expenditure under section 23 of the MSMED Act, 2006.

(H in Lakhs)
1 Year 3 years
(ii) Others 21,694.67 28,392.50 841.33 743.66 444.88 52,117.04
(iv) Disputed Dues – Others – – – 0.12 0.81 0.93
TOTAL 25,076.28 28,723.28 857.88 766.25 475.94 55,899.63

(H in Lakhs)
1 Year 3 years
(ii) Others 18,271.23 31,120.00 3,729.96 3,536.19 486.73 57,144.11
(iv) Disputed Dues – Others – 0.12 0.07 0.50 1.00 1.69
TOTAL 21,540.01 31,533.80 3,739.19 3,564.16 536.84 60,914.00
Note 22.1 : Trade credits

(H in Lakhs)
Customer credits * 59,442.37 57,967.35
Supplier credits ** 68,830.01 60,721.79
Total trade credits 128,272.38 118,689.14
Considering the emerging practices in India and globally, the Group has certain obligations on behalf of suppliers or customers and in certain
cases bears portion of interest cost. The group has treated the same as a separate line item as trade credit arrangements on the face of the
balance sheet under financial liabilities to provide users to assess impact on liabilities, cash flows and liquidity risks more clearly. Suppliers
credit was hitherto included in trade payables and customer channel financing was included in other financial liabilities. These are not due as
on the date of the balancesheet.
* Customer credits include receivables which are subject to factoring arrangements and channel financing facilities. Under this arrangement the Group has
transferred the relevant receivables to the factor in exchange for cash. The Group continues to recognise the transferred assets in their entirety in its balance sheet
with the corresponding liability under customer credits.
** Supplier’s credit also includes amounts payable towards vendor financing entered into with the suppliers. Under this arrangement, the supplier is eligible to receive
payment prior to the expiry of extended credit period by assigning such invoices to a third-party purchaser bank based on security in the form of an undertaking issued
by the Group to the bank. Further, the supplier charges interest to the Group for the extended credit period which has been presented under Finance Cost
Note 23 : Other Current Liabilities

(H in Lakhs)
Statutory liabilities payable 2,817.72 3,198.42
Deferred revenue * 3,449.45 3,123.44
Others 833.06 1,003.99
Total other current liabilities 7,100.23 7,325.86
* Deferred revenue includes H 3,099.75 lakhs (March 31, 2023 - H 2,773.74 lakhs) for accrual of points under the Retailer Bonding Program and H 349.70 lakhs
(March 31, 2023 - H 349.70 lakhs) for extended warranty provision considered as a separate performance obligation.
Note 24 : Revenue from operations

(H in Lakhs)
Sale of products 453,623.31 459,612.33
Contract Revenue 8,611.29 27,164.95
Other operating revenue
Scrap sales 1,604.58 2,010.71
Insurance claims 36.80 110.09
Others 250.85 26.41
Total revenue from operations (Refer Note 41(i)) 464,126.83 488,924.49
Note 25 : Other income

(H in Lakhs)
Interest income on bank deposits and others 1,446.59 601.58
Interest income from financial assets at amortised cost 123.65 56.58
Interest on income tax refund 4,113.61 –
Rental income 152.85 251.57
Net gain on disposal of property, plant & equipment – 282.82
Net gain from sale of investment 180.63 310.56
Impairment allowance on trade receivables and others written back 705.08 927.87
Credit balance written back 1,341.65 776.39
Gain on termination of right-of-use assets 148.45 27.24
Others 434.56 1,269.15
Total other income 8,647.07 4,503.75
Note 26 : Cost of raw materials consumed

(H in Lakhs)
Raw materials at the beginning of the year 10,668.73 9,878.17
Add : Purchases 47,946.73 50,029.92
Less : Raw materials at the end of the year (refer note 11) 7,266.08 10,668.73
Total cost of raw material consumed 51,349.38 49,239.36
Note 26 : Changes in inventories of work-in-progress, finished goods, traded goods
(H in Lakhs)
Opening balance
Work in progress 3,210.20 2,241.77
Finished Goods 1,467.85 1,587.28
Traded goods 80,733.78 76,906.04
Total opening balance 85,411.83 80,735.09
Closing balance
Work in progress (refer note 11) 2,872.34 3,210.20
Finished Goods (refer note 11) 1,789.40 1,467.85
Traded goods (refer note 11) 62,689.85 80,733.78
Total Closing balance 67,351.59 85,411.83
Total Changes in inventories of work in progress, traded goods and finished goods 18,060.24 (4,676.74)
Note 27 : Erection and subcontracting expenses

(H in Lakhs)
Erection and subcontracting expense 2,621.02 1,887.07
Total Erection and subcontracting expense 2,621.02 1,887.07
Note 28 : Employee benefits expenses

(H in Lakhs)
Salaries, wages and bonus 32,729.65 30,534.74
Contribution to provident and other funds (refer note 21) 1,882.68 1,640.42
Employees share based payment expense (refer note 33) 1,087.46 1,084.00
Gratuity (refer note 21) 430.85 457.85
Staff welfare expenses 362.21 653.60
Total employee benefit expense 36,492.85 34,370.61
Note 29 : Depreciation and amortisation expense

(H in Lakhs)
Depreciation of property, plant and equipment (Note 2) 5,021.89 3,885.95
Depreciation on investment properties (Note 4.1) 82.78 112.87
Amortisation of intangible assets (Note 4) 1,101.47 1,001.68
Depreciation of Right of Use assets (Note 3) 4,752.35 2,377.38
Total depreciation and amortisation expense 10,958.49 7,377.88
Note 30 : Other expenses

(H in Lakhs)
Consumption of stores and spares 648.99 1,148.25
Packing material consumed 3,763.17 3,050.52
Power and fuel 1,434.43 1,147.28
Rent (refer note 42) 2,083.70 685.46
Repairs and maintenance
Plant and machinery 525.45 635.09
Buildings 9.74 29.66
Others 261.18 214.69
Telephone and communication charges 662.23 688.32
Rates and taxes 227.41 89.52
Note 30 : Other expenses (Contd..)
(H in Lakhs)
Travel and conveyance 3,987.57 3,554.04
Insurance 502.71 535.30
Printing and stationery 46.87 73.43
Directors fees 80.15 64.72
Non executive directors commission 68.00 47.91
Advertisement and publicity 11,264.96 13,443.80
Freight and forwarding 12,401.22 12,605.93
Product promotion, demonstration and installation charges 9,719.30 15,781.37
Sales commission 1,731.77 1,048.38
Impairment allowance for doubtful debts and advances (net of reversals) 1,338.96 718.57
Bad debts and other irrecoverable debit balances written off 379.45 526.89
Payments to auditors 150.72 194.56
Corporate social responsibility expenditure (refer note 43) 514.04 300.63
E-Waste Management 850.83 –
Legal and Professional Fees 2,477.15 2,080.47
Site support charges 59.95 58.73
Sales tax expenses (net) 224.28 (23.53)
Security service charges 1,246.49 574.38
Software expenses (AMC) 2,335.18 2,897.25
Warehouse Management Services 3,892.98 5,493.75
Warranty expenses (net of insurance premium and claims) 2,843.79 4,633.37
Miscellaneous expenses 7,227.35 6,632.05
Total other expenses 72,960.02 78,930.79
Note 31 : Finance costs

(H in Lakhs)
Interest expense on financing activities including trade credits 3,631.00 2,003.07
Interest expense on mobilization advances 677.29 1,536.70
Interest expense on lease liability (refer note 3) 1,551.30 544.44
Unwinding of discount on provisions 110.74 192.77
Other borrowing costs 377.55 84.53
Total finance cost 6,347.88 4,361.51
Note 32 : Income Tax Expense

(a) Income Tax Expense
(H in Lakhs)
Current Tax
Current income tax charge 5,719.86 5,150.76
Adjustments of tax relating to earlier periods 11.31 –
Total Current tax expense 5,731.17 5,150.76
Total deferred tax expense / (benefit) (2,009.37) 3,544.49
Income tax expense in the statement of profit and loss for continuing operations 3,721.80 8,695.25
Income tax expense in the statement of profit and loss for discontinued operations (201.06) 28.04
Income tax expense in the statement of profit and loss for continuing and discontinued 3,520.74 8,723.29
operations
(b) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate:
(H in Lakhs)
Profit from continuing operations before income tax expense 17,309.51 30,239.41
Profit / (loss) from discontinued operations before income tax expense (681.26) 102.28
Profit from continuing and discontinued operations before income tax expense 16,628.25 30,341.69
Income Tax @ standard tax rate of 25.168% (March 31, 2023 - 25.168%) 4,185.00 7,636.40
Permanent differences due to:
Corporate social responsibility 164.28 67.21
Interest on micro, small & medium enterprises 98.57 128.29
Donation expenses 18.37 6.48
Adjustment of tax relating to earlier periods 11.31 –
Deferred tax written off on account of utilisation of business losses – 393.95
Loss on impairment of capital assets – 214.09
Deferred tax (created) / not created on subsidiary’s losses (1,414.71) 356.05
Block of depreciable assets for subsidiary’ property, plant & equipment not recognised 405.17
earlier
Others 52.75 (79.18)
Income Tax Expense reported in statement of profit and loss 3,520.74 8,723.29
Note 33 : Employee stock options :

A. Summary of Status of ESOPs Granted :
The position of the existing schemes is summarized as under :
I. Details of the ESOS :
Sr.
No.
1 Date of Shareholder’s Originally approved in AGM held on 26 Jul 2007 As per the Postal Ballot dated 21 Jan 2016
Approval and revised in AGM held on 28 Jul 2010
2 Total Number of Options Bajaj Growth 2007 Scheme approved 4,321,440 30,27,073 shares of face value H2 each
approved shares of face value H2 each (erstwhile 864,288 equivalent to 3% of paid up equity i.e.
shares of H10 each prior to share-split) equivalent 100,902,426 shares as at the date of the
to 5% of paid up equity shares i.e. 86,428,800 announcement of scheme.
shares as at the date of the announcement of
scheme. The ESOP 2011 being the modified
ESOP 2007 Scheme approved aggregate
of 78,03,560 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.
3 Vesting Requirements & Options’ vesting happen only on continuation of employment being the vesting requirement.
Exercise Period The options are granted to employees with grade Assistant General Manager and above. As
per Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,
2014, SEBI (Share Based Employee Benefits) (Amendment) Regulations, 2015 and SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations, 2021, there is a minimum period of
one year between the grant of options and vesting of option observed by the Parent Company.
As per the Parent Company Policy, the vested options can be exercised anytime upto 3 years
from date of vesting. Options granted under the plan carry no dividend or voting rights till the
options are excercised and duly allotted to the employees. When exercisable, each option is
convertible into one equity share.
4 The Pricing Formula Closing price on the stock exchange where there is highest traded volume on working day
prior to the date of grant.
5 Maximum term of Options 7 Years 7 Years 7 Years
granted (years)
6 Method of Settlement Equity settled Equity settled Equity settled
7 Source of shares Fresh Issue Fresh Issue Fresh Issue
Sr.
No.
8 Variation in terms of ESOP Nil Nil The Nomination & Remuneration Committee
of the Parent Company at its meeting
held on 12 November 2021 amended the
Scheme to align it with the requirements of
the SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021
9 Equity Shares reserved The Parent Company has 3,027,073 Equity Shares of H2/- each available to issue as Employees
for issue under Employee Stock Options as its Total Pool Size as of March 31, 2024 under ESOPs 2015 Scheme, of which
Stock Options outstanding number of stock options not yet granted under ESOP 2015 scheme are 841,348, number
as at March 31, 2024 of stock options vested & exercisable under ESOP 2015 schemes are 439,225 and number
of stock options unvested under ESOP 2015 scheme are 729,250. Thus, total equity shares
reserved for issuance under ESOP Scheme outstanding as at March 31, 2024 are 2,009,823.
II. Option Movement during the year ended March 31, 2024

Sr. Wt. avg Wt. avg Wt. avg
Particulars No. of No. of No. of
No. exercise exercise exercise
price price price
1 No. of Options Outstanding at the beginning of the year – – – – 1,147,540.00 909.95
2 Options Granted during the year – – – – 255,000.00 1,063.20
3 Options Forfeited / Surrendered during the year – – – – 112,250.00 1,059.00
4 Options Expired (Lapsed) during the year – – – – 1,375.00 291.68
5 Options Exercised during the year – – – – 120,440.00 422.06
6 Number of options outstanding at the end of the year – – – – 1,168,475.00 875.16
7 Number of options exercisable at the end of the year – – – – 439,225.00 698.73
Option Movement during the year ended March 31, 2023
BAJAJ GROWTH
ESOP 2011 ESOP 2015
2007
Sr.
price price price
1 No. of Options Outstanding at the beginning of the – – 1,900 257.81 1,172,520 752.14
year
2 Options Granted during the year – – – – 327,500 1,138.71
3 Options Forfeited / Surrendered during the year – – – – 148,750 806.79
4 Options Expired (Lapsed) during the year – – 1,250 257.81 2,875 361.28
5 Options Exercised during the year – – 650 257.81 200,855 445.97
6 Number of options outstanding at the end of the year – – – – 1,147,540 909.95
7 Number of Options exercisable at the end of the year – – – – 296,790 688.66
III. Weighted Average remaining contractual life

101 to 200 Nil Nil 0.41
No. of Options Outstanding Nil Nil 1,500.00
201 to 300 Nil Nil 2.26

301 to 400 Nil Nil 2.78
401 to 500 Nil Nil 1.22
501 to 600 Nil Nil 1.25
601 to 700 Nil Nil 2.87
701 to 800 Nil Nil 3.86
901 to 1000 Nil Nil 4
1001 to 1100 Nil Nil 4.56

201 to 300 Nil Nil 0.40
301 to 400 Nil Nil 2.93
401 to 500 Nil Nil 3.18
501 to 600 Nil Nil 1.89
601 to 700 Nil Nil 1.78
701 to 800 Nil Nil 3.67
901 to 1000 Nil Nil 5
1001 to 1100 Nil Nil 4.02
1101 to 1200 Nil Nil 4.67
1201 to 1300 Nil Nil 4.51
IV Weighted average Fair Value of Options Granted during the year ended March 31, 2024 whose

Weighted average Fair Value of Options Granted during the year ended March 31, 2023 whose

V The weighted average market price of options exercised :

During the year ended March 31, 2024 NIL NIL 1,047.08
During the year ended March 31, 2023 NIL 989.70 1,135.93
VI Method and Assumptions used to estimate the fair value of options granted during the year ended March 31, 2024:
Variables BAJAJ GROWTH 2007 ESOP 2011 ESOP 2015

Weighted
Average
6. Price of the underlying share in market at the time of
1193.95
Method and Assumptions used to estimate the fair value of options granted during the year ended March 31, 2023:

Variables Weighted
Average
Assumptions:
Stock Price: Closing price on National Stock Exchange on the date of grant has been considered
Volatility: The expected price volatility is based on the historic volatility, adjusted for any expected changes to 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 corresponding with the expected life of the options.
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
Exercise Price: Exercise Price of each specific grant has been considered.
Time to Maturity: Time to Maturity / Expected Life of options is the period for which the Parent Company expects the options to be live.
Expected divided yield: Expected dividend yield has been calculated as an average of dividend yields for five financial years
preceding the date of the grant
VII Effect of Share-Based Payment Transactions on the Entity’s consolidated financial statement (H In Lakhs) :

1 Employee share based payment expense (refer note 28) 1,087.46 1,084.00
2 Share option outstanding reserve (refer note 17) 2,698.94 1,874.06
Note 34 : Fair value measurements

(i) Financial instruments by category
The carrying amounts of financial instruments by class are as follows
(H in Lakhs)
As at As at
Particulars
31-Mar-24 31-Mar-23
A. Financial assets
Trade Receivables 117,610.87 113,105.31
Loans 50.38 34.59
Cash and Cash Equivalents 11,402.15 34,151.52
Bank Balances other than above 16,066.44 2,871.68
Other Financial Assets 6,111.81 3,478.84
– Forward contracts – 135.83
Investments 3,497.64 4,678.81
154,739.29 158,456.58
B. Financial liabilities
Trade Payables 55,899.63 60,914.00
Other Financial Liabilities 6,533.74 40,159.18
Lease Liabilities 21,489.56 10,051.52
Trade credits 128,272.38 118,689.14
– Forward contracts 2.18 –
212,197.49 229,830.49
* Includes investment in preference shares of Starlite Lighting Limited (joint venture), where fair value is NIL
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 value of the
Group’s financial instruments, other than those with carrying amounts which are reasonable approximations of their fair
values:
(H in Lakhs)
Carrying Fair Values Fair Values Measurement using
Particulars Valuation Techniques
values Level 1 Level 2 Level 3
– Forward contracts Mark to Market (2.18) (2.18) – (2.18) –
3,495.46 3,495.46 – (2.18) 3,497.64
– Forward contracts Mark to Market 135.83 135.83 – 135.83 –
4,814.64 4,814.64 – 135.83 4,678.81
There have been no transfers between Level 1 and Level 2 during the year.
Note a
In case of investments, the fair value has been determined based on the NAV (net asset value).
(iii) Reconciliation of level 3 fair value measurement
(H in Lakhs)
Particulars Amount
Balance as on 31st March 2022 489.73
Change during the year 4,610.49
Loss recognised in statement of profit and loss (421.41)
Change during the year (1,254.37)
Profit recognised in statement of profit and loss 73.20
Note 35: Financial risk management objectives and policies

The Group’s principal financial liabilities comprise of trade payables, trade credits, lease liabilities and other financial liabilities. The main
purpose of these financial liabilities is to finance the entity’s operations and to provide support for its operations. The Group’s principal
financial assets include trade receivables, investments, cash and cash equivalents and bank balances, loans and other financial assets, that
derive directly from its operations.
The Parent Group lays down appropriate policies and procedures to ensure that financial risks are identified, measured and managed in
accordance with the entity’s policies and risk objectives.
The Group is exposed to credit risk, liquidity risk and market risk, which are explained in detail below:
A) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counter-party fails to meet its contractual obligations. Credit risk
encompasses the direct risk of default, the risk of deterioration of creditworthiness as well as concentration risks. The Group is exposed
to credit risk from its operating activities mainly in relation to trade and other receivables and bank deposits and investments.
Trade and other receivables
Trade and other receivables of the Group are typically unsecured and credit risk is managed through credit approvals and periodical
monitoring of the creditworthiness of customers to which the Group grants credit terms. In respect of trade receivables, the Group
typically operates in two segments:
Consumer products
The Group sells the products mainly through various channels i.e. dealers and distributors, institutions and e-commerce and through
government sector. The appointment of dealers, distributors, institutions is strictly driven as per the standard operating procedures and
credit policy followed by the Group. In case of government sector, the credit risk is low.
Lighting Solutions
In case of Business to Consumer (B2C) sub-segment, the credit risk of the receivables are similar to consumer products.
In case of Busienss to Business (B2B) sub-segment, the Group undertakes projects for government institutions (including local bodies)
and private institutional customers. The credit concentration is more towards government institutions. These projects are normally of
duration of 6 months to 1 year. Such projects normally are regular tender business with the terms and conditions agreed as per the
tender. The Group enters into such projects after careful consideration of strategy, terms of payment, past experience etc.
In case of private institutional customers, before tendering for the projects Group evaluate the creditworthiness, general feedback about
the customer in the market, past experience, if any with customer, and accordingly negotiates the terms and conditions with the customer.
The Group assesses its trade and other receivables for impairment at the end of each reporting period. In determining whether an
impairment loss should be recorded in profit or loss, the Group makes judgements 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 Group
has a provisioning policy that is commensurate to the expected losses. The provisioning policy is based on past experience, customer
creditability, and also on the nature and specifics of business. In case of B2B sub-segment in Lighting Solutions, the Group also provides
on more case-to-case basis.
The maximum exposure to credit risk as at March 31, 2024 and March 31, 2023 is the carrying value of such trade and other receivables
as shown in note 6, 8 and 13 of the consolidated financial statements.
Reconciliation of impairment allowance on trade and other receivables
(H in Lakhs)
Particulars Amount
Reversals during the year since amounts are written off (688.56)
Reversal during the year since provision no longer required (1,574.67)
Reversal during the year since provision no longer required (705.08)
Derecognised purusant to discontinued operations (refer note 45) (4,347.03)
Bank deposits and investments

The Group maintains its cash and bank balances with credit worthy banks and financial institutions and reviews it on an on-going
basis. Moreover, the interest-bearing deposits are with banks and financial institutions 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 31 March 2024
and 31 March 2023 is the carrying value of such cash and cash equivalents and deposits with banks as shown in note 8 and 12 of
the financials.
B) Liquidity risk
The Group has a central treasury department, which is responsible for maintaining adequate liquidity in the system to fund business
growth, capital expenditures, as also ensure the repayment of financial liabilities. The department obtains business plans from
business units including the capex budget, which is then consolidated 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 funding by maintaining availability under committed credit lines in the form of fund based and non-fund based (LC
and BG) limits.
The limits sanctioned and utilised are then monitored monthly, fortnightly and daily basis to ensure that mismatches in cash flows are
taken care of, all operational and financial commitments are honoured on time and there is proper movement of funds between the
banks from cashflow and interest arbitrage perspective.
(i) Financing arrangements
The Group had access to the following undrawn borrowing facilities at the end of the reporting period
(H in Lakhs)
Floating / Fixed Rate
– Expiring within One year (Bank overdraft and other facilities) 131,118.48 131,751.33
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 are usually renewed by all banks in normal
circumstances. Hence Bank overdraft facilities are available for use throughout the year.
(ii) Maturities of financial liabilities
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:
(H in Lakhs)
2024 years years
Trade payables 55,899.63 55,899.63 – – – 55,899.63
Lease liabilities (including expected 21,489.56 5,916.16 5,620.13 12,450.66 2,540.60 26,527.55
interest payable)
Trade credits 128,272.38 128,272.38 – 128,272.38
Total 212,197.49 196,607.74 5,636.48 12,450.66 2,540.60 217,235.48
(H in Lakhs)
Carrying value as upto 1 year Between 1 Between 2 More than 5 Total
Particulars
at March 31, 2023 and 2 years and 5 years years
Borrowings (refer note 18) 16.65 16.65 – – – 16.65
Trade payables 60,914.00 60,914.00 – – – 60,914.00
Lease liabilities (including expected 10,051.52 3,622.56 2,808.28 4,780.07 868.08 12,078.99
interest payable)
Trade credits 118,689.14 118,689.14 – 118,689.14
Total 229,830.49 223,385.01 2,824.80 4,780.07 868.08 231,857.96
(C) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk such as commodity risk.
(i) Foreign currency risk
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.
The Group 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 Britain 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 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 Foreign Exchange risk arising from future
commercial transactions and recognised assets and liabilities. The Group is a net importer as its imports and other forex liabilities
exceeds the exports. It ascertains its forex exposure and bifurcates the same into forex receivables and payables. These exposures
are covered by taking appropriate forward cover from the banks.
The Group takes a forward cover for the period which matches the maturity date of the forex liability which is proposed to be
hedged. On maturity date, the forward contracts are utilized for settlement of the underlying transactions.
(a) Foreign currency risk exposure:
The Group’s exposure to foreign currency risk at the end of the reporting period expressed in INR, are as follows :
(H in Lakhs)
As at March 31, 2024 As at March 31, 2023
Particulars Financial Financial Financial Financial
assets liabilities assets liabilities
USD 1,260.65 2,731.91 304.63 2,841.08
EUR – 37.97 – 13.82
CFA – – 63.55 9.33
GBP – 1.29 – 1.29
RMB – – 67.82 41.68
KES – – 253.18 71.00
ZMW – – – 95.01
SGD – 0.41 – 0.41
CNY 8.70 9.12 17.49 17.37
AED 0.45 5.41 9.46 2.62
Further, the Parent Company has open foreign exchange forward contracts amounting to USD 33.31 lakhs (March 31, 2023 -
USD 37.01 lakhs)
b) Sensitivity
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial
instruments is given below
(H in Lakhs)
Impact on profit after tax & Equity
Particulars
31-03-24 31-03-23
USD sensitivity
INR appreciates by 5% (31 March 2024 - 5%) 73.56 126.82
INR depreciated by 5%(31 March 2024 - 5%) (73.56) (126.82)
In respect of exposure in other currencies, the impact of sensitivity of which is very negligible.
(ii) Interest rate risk
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. Incase of short term borrowings, the interest rates is fixed in a large number of cases, hence the interest rate
risk is negligible.
(iii) Commodity Price risk
The Parent Company’s revenue is exposed to market risk of price fluctuations related to the sales of its products. Market forces
generally determine the prices for the products sold by the Parent Company. This prices may be influenced by the factors such
as supply, demand, production cost (including the cost of raw materials) , regional and global economic conditions and growth.
Adverse changes in any 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, Copper and other raw
material inputs.
Commodity hedging is used primarily as a risk management tool to secure the future cash flow in case of 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 copper purchases is in accordance with the risk management strategy
outlined by the Board of Directors. 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 year.
There is an economic relationship between the hedged items and the hedging instruments as the terms 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 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
effectiveness, the Parent Company uses the hypothetical derivative method and compares the changes in the fair value of the
hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks.
The hedge ineffectiveness can arise from:
• Differences in the timing of the cash flows of the hedged items and the hedging instruments
• Different indexes (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments
• The counterparties’ credit risk differently impacting the fair value movements of the hedging instruments and hedged items
• Changes to the forecasted amount of cash flows of hedged items and hedging instruments
A. The Parent Company is holding the following commodity future contracts
(H in Lakhs)
Maturity
Particulars Less than 1 to 3 3 to 6 6 to 9 9 to 12 Total
1 month months months months months
Aluminium
Copper
Aluminium
Copper
B. The impact of hedged items on the balance sheet is, as follows
Change in fair value Effective portion cost of cash flow

Particulars used for measuring of cash flow hedges
ineffectiveness hedges
Commodity future contracts – – –
Commodity future contracts 9.47 9.47 6.87
C. The effect of the cash flow hedge in the statement of profit and loss is, as follows
Total hedging Ineffectiveness Line item in Cost of Amount Line item in

gain/(loss) recognised in statement of hedging reclassified statement
Particulars
recognised in profit or loss profit and loss recognised from OCI to of profit
OCI* in OCI profit or loss and loss
Commodity future contracts – – Other – – –
comprehensive
(income) / loss
Commodity future contracts 9.47 – Other 6.87 8.35 1.40
comprehensive
(income) / loss
*This represents total unrealised gain/(loss) net of charges and net of taxes
Note 36: Capital Management
The Group has cash surplus and has no capital other than equity and reserves.
The cash surpluses are currently invested in income generating debt instruments (including through mutual funds) and money market
instruments depending on economic conditions in line with the guidelines set out by the Management. Safety of capital is of prime importance
to ensure availability of capital for operations. Further the objective of the Group’s capital management is to safeguard its ability to continue
as going concern, maintain strong credit rating, preserve cash and to ensure that it maintains an efficient capital structure and maximize
shareholder value.
The Group does not have any borrowings and does not borrow funds unless circumstances require. To maintain or adjust the capital structure,
the Group may adjust the dividend payment to shareholders or issue new shares. The Group is not subject to any externally imposed capital
requirements. No changes were made in the objectives, policies or processes for managing capital during the year ended March 31, 2024 and
March 31, 2023.
The cash surplus position as on March 31, 2024 and March 31, 2023 are as below.
(H in Lakhs)
Cash and cash equivalents 11,402.15 34,151.52
Balances other than cash and cash equivalents 16,066.44 2,871.68
Surplus investments 3,004.50 4,078.23
Total 30,473.09 41,101.43
NOTE 37: Segment reporting

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 . “Consumer Products” includes Appliances, Fans and Morphy Richards. “Lighting
Solutions” includes Professional Lighting (B2B) and Consumer Lighting (B2C).
1) Segment Results
(H in Lakhs)
b) Lighting 7,961.32 8,793.56
Operating Segment Profit 19,383.36 33,551.55
Unallocated income / (expenses)
Depreciation and amortisation expenses (510.73) –
Finance Cost (6,347.88) (4,361.51)
Interest income on financial assets measured at amortised cost 1,525.06 413.97
Profit / (Loss) on disposal of Property, plant & equipment (228.21) 120.11
Rent received 41.35 4.91
Interest on Income Tax refund 4,113.61 –
Others (667.05) 510.38
Profit / (loss) before tax for the year from discountined operations (681.26) 102.28
Profit before tax for the year from continuing operations and discountined operations 16,628.25 30,341.69
The operating segment results of continuing operations includes depreciation and amortization of H 9,377.37 lakhs (March 31, 2023 – H
6,286.66 lakhs) for consumer products and H 1,070.39 lakhs (March 31, 2023 – H 1,091.21 lakhs) for lighting solutions.
2) Segment Revenue:
(H in Lakhs)
b) Lighting 103,736.79 112,500.31
Sub-total 464,126.83 488,924.49
Less: Inter Segment Revenue – –
Net Sales / Revenue from Operations 464,126.83 488,924.49
There is no single customer which is more than 10% of the entity’s revenues. The amount of revenue from external customers broken
down by location of the customers is shown in table below:
(H in Lakhs)
India 456,964.47 482,485.78
Outside India 7,162.36 6,438.71
Total 464,126.83 488,924.49
3) Segment Assets:
Segment assets are measured on the same principles as they have been for the purpose of these consolidated financial statements.
These assets are allocated based on the operations of the segment and the physical location of the asset.
(H in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
b) Lighting 51,416.14 54,835.21
Total Segment Assets 298,203.46 302,093.05
Unallocated
Deferred tax assets 530.33 –
Investments 3,497.64 4,678.81
Investment properties 13,324.91 12,600.00
Property, Plant and Equipments, Capital work in progress, Intangible assets and Intangible 12,889.51 15,122.36
assets under development
Cash and cash equivalents and other bank balances 27,468.59 37,023.20
Assets held for sale 460.09 108,311.18
Others 18,607.60 6,642.07
Total assets as per balance sheet 383,316.25 499,273.13
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:
(H in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
India 106,425.81 93,130.89
Outside India – –
Total 106,425.81 93,130.89
The capital expenditure incurred for consumer products is H 6,038.80 lakhs (March 31, 2023 – H 3,217.05 lakhs), for lighting solutions is
H 169.54 lakhs (March 31, 2023 - H 177.07 lakhs) and for Unallocable is H 4,764.90 lakhs (March 31, 2023 – H 3,747.57 lakhs).
4) Segment Liabilities:
Segment liabilities are measured on the same principles as they have been for the purpose of these financial statements. The Group’s
borrowings and derivative financial instruments are not considered to be segment liabilities but are managed by the treasury function
(H in Lakhs)
As at As at
Particulars
March 31, 2024 March 31, 2023
b) Lighting 50,680.34 44,611.58
Total Segment Liabilities 226,068.93 221,744.95
Unallocated
Liabilities directly associated with assets classified as held for sale – 50,147.82
Current tax liabilities 2,687.45 1,886.08
Others * 10,437.87 34,756.06
Total liabilities as per balance sheet 239,194.25 308,551.56
* includes H 31,557.03 lakhs payable to Bajel Projects Limited purusant to the scheme of demerger.
Note 38: Disclosure of transactions with related parties
(H in Lakhs)
2023-24 2022-23

(A) Parent Entities
Not Applicable
(B) Subsidiary - Bajel Projects Ltd (till August 31, 2023) ##

As a Subsidiary (till August 31, 2023)
Contribution to Equity (50.00) – – 50.00
Reimbursement of Expenses 139.18 – 0.01 4.14
Cancellation of inter company receivable / (143.32) – – –
(payable) before demerger
Net payable created on demerger (basis (22,135.61) – – –
difference in capital employed)
Transactions pursuant to the scheme of
demerger (post Sep 1, 2023, i.e effective date)
Payment / adjustment of Payables (includes 21,590.56 (545.05) – –
bank transfers and settlement of LC paid on
behalf of them (property in trust))
Net Purchases 5,287.30 2,061.10 – –
Shared services 186.68 186.68 – –
Licensing fee agreement – – – –
Reimbursements of expenses 351.63 351.63 – –
Rent received 48.79 48.79 – –
(C) Associate - Hind Lamps Limited

Sales 283.40 5.34 300.59 34.77
Rent Received 2.23 – 2.77 –
(D) Key Management Personnel #

Short-term employee benefits 2,210.63 (774.56) 2,529.08 (1,199.07)
Post- employment benefits (contribution to 69.27 – 55.99 –
super annunation fund)
Long-term employee benefits (contribution to 61.16 – 60.01 –
provident fund)
Perquisite value of ESOPs excercised during – – 31.41 –
the year
Total Compensation 2,341.06 (774.56) 2,676.49 (1,199.07)
Reimbursment of Expenses 0.81 – – –
Purchase Of CCTV (part of Furnished 1.14 – – –
accomodation)
Received from chairman for advance rent of (30.93) 28.18 – –
Metaoxide (Hill Park Residence)
Sale of Asset (Laptop) 0.05 – – –
Purchase Of TV – – 7.30 –
Purchase of Car – – 186.91 –
(E) Transactions with the Entities which is Controlled or Jointly Controlled by a person identified in para 9 (a) of Ind AS 24 - Related
Party Disclosures
Reimbursement of Expenses 303.24 (19.76) 177.70 (3.27)
Interest Received – – 0.23 3.68
Rent Paid (net) 57.00 – 57.30 –
(H in Lakhs)
2023-24 2022-23

Deposits given – 27.00 – 27.00
Donations Given 29.28 – 25.00 –
Deposits Refund – – 1.24 –
Sales – 2.29 68.52 3.38
Purchases – – 90.17 (7.58)
(F) Dividend to Other Related Parties

Dividend Paid 2,937.94 – 2,203.14 –
(G) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures is a member of
the KMP of the entity
CSR Contribution 550.97 (0.19) 408.33 –
Sales (0.55) 0.83 0.33 1.38
Reimbursement of Expenses 4.79 – 4.79 –
Rent Deposit Advanced – 200.00 – 200.00
Rent Paid 49.56 – 49.56 –
Purchases 0.46 – – –
Purchase of asset – – 6.11 –
Rent Received 1.65 0.12 1.64 0.11
(H) Transactions with the entities in which a person identified in para 9 (a) (i) of Ind AS 24 - Related Party Disclosures has significant
influence over the entities
Services Received 49.79 0.44 50.30 (3.52)
Deposits Given/Refund 0.42 2.94 0.42 3.36
Sales 4.26 (0.19) 3.86 2.67
(I) Transactions with the entities which are the post employment benefit plans as identified in para 9 (b) (v) of Ind AS 24 - Related
Party Disclosures
Trustees Bajaj Electricals Ltd Employees 2,588.83 (208.67) 2,380.12 (200.48)
Provident Fund
Matchwel Electrical India Limited Employees 74.20 (6.72) 57.57 (6.21)
Provident Fund Trust
(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)
Sales – 0.08 4.40 0.08
Purchase of Capital Asset – – 3.90 (0.52)
Services Received – – 0.07 –
(K) Material transactions with related parties

Spencer Retail Limited
Sales 625.57 231.02 633.38 268.72
Services Received (6.45) (25.44) 25.56 (49.10)
Bajaj Allianz General Insurance Company
Limited
Insurance Premium paid 9,087.46 (17.02) 5,527.63 (32.02)
Advance Insurance Premium (Deposit) 1,001.22 1,001.22 680.54 680.54
Claims Received 7,462.98 3,378.22 1,169.81 408.08
(H in Lakhs)
2023-24 2022-23

Bajaj Allianz Life Insurance Co Ltd.
Insurance Premium paid 143.16 – 249.47 –
Claims Received 585.49 – 132.61 132.61
Advance Insurance Premium for next year 90.00 90.00 – 6,207.41
Employee Benefit Obligations and/or 4,997.38
Retiremental Benefits
Bajaj Finance Ltd
Sales 23.08 22.37 19.92 (2.87)
Fixed Deposit Placed 9,500.00 6,000.00 7,000.00 7,000.00
Interest Received on Fixed Deposit 419.12 146.31 53.58 48.22
# As the future liability for defined benefit obligations and other long term employment benefits is provided on an actuarial basis for the Group as a whole, the
amounts pertaining to key managerial personnel is not ascertainable and hence not included above.
There are no loans or advances granted to promoters, directors, KMPs and the related parties) that are repayable on demand or without any terms or period of repayment.
## Refer note 40(xii) and 40(xiii) for transactions entered between Bajaj Electricals Limited and Bajel Projects Limited pursuant to the scheme of demerger.
### The Parent Company has certain employee welfare funds which incurs expenses towards the benefit and welfare of the employees of the Group. The Parent
Company does not control these funds and hence the same is not disclosed as a related party.
Note 39. Earnings per share:
Profit / (loss) for the year (A) (H In Lakhs) - continuing operations 13,587.71 21,544.16
Profit / (loss) for the year (B) (H In Lakhs) - discontinued operations (480.20) 74.24
Profit for the year (A+B) (H In Lakhs) - continuing and discontinued operations 13,107.51 21,618.40
Weighted average number of equity shares for basic EPS ( C ) 115,104,879 114,962,035
Add: Effect of dilution (employee stock options - Refer Note 33) 175,578 238,771
Weighted average number of equity shares for diluted EPS ( D ) 115,280,457 115,200,806
Earnings Per Share in H :- continuing operations
(a) Basic EPS (A/C) 11.81 18.74
(b) Diluted EPS (A/D) 11.79 18.71
Earnings Per Share in H :- discontinued operations
(a) Basic EPS (B/C) (0.42) 0.06
(b) Diluted EPS (B/D) (0.42) 0.06
Earnings Per Share in H :- continuing and discontinued operations
(a) Basic EPS (A+B/C) 11.39 18.80
(b) Diluted EPS (A+B/D) 11.37 18.77
Note 40. Commitments and contingencies

a. Contingent liabilities
(H in Lakhs)
Contingent Liabilities not provided for :
i) Claims against the Group not acknowledged as debts (Refer Note x & xi below) 1,406.17 1,753.31
ii) Guarantees / Letter of Comfort given on behalf of Companies H Nil (Previous Year H – 31.34
31.55 lakhs)
iii) Excise and Customs duty matters under dispute 65.55 73.55
iv) Service Tax matters under dispute 149.40 149.40
Note 40. Commitments and contingencies (Contd..)
(H in Lakhs)
v) Income Tax matters under dispute – 625.73
vi) Sales Tax and Goods and Service Tax matters under dispute 7,910.00 5,020.21
vii) Uncalled liability in respect of partly paid Shares held as investments 7.20 7.20
viii) Others 1,062.60 1,062.60
ix) The E-waste Rules, 2022 replaced E-waste (Management) Rules, 2016 and became effective from April 1, 2023. The Group
manufactures wide range of products like, consumer electrical and electronics and photovoltaic panels, and large and small
electrical and electronic equipment, which are covered under the E-waste Rules, 2022. The Group has tied-up with various E-waste
collection providers for achieving the collection target and accordingly has provided around H 932.20 lakhs for the current financial
year for recycling due in current year.
x) These represent legal claims filed against the Group by various parties and these matters are in litigation. Management has
assessed that in all these cases the outflow of resources embodying economic benefits is not probable.
xi) The Parent Company had in earlier years terminated employment agreements of few die casting workmen at the Chakan plant. On 3rd
July, 2018, the Honourable Hight Court of Bombay had awarded the appeal in favour of the Parent 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 is not probable and has accordingly considered the claim of H 328.70 lakhs as contingent liability.
xii) For certain customer contracts that formed part of the demerged undertaking (erstwhile EPC Segment of the Parent Company), the
Parent Company had provided certain performance bank guarantees. For smooth transitioning of the demerged undertaking, the
Parent Company had allowed these guarantees to remain in place for a limited period post the effective date (September 1, 2023)
until such time as Bajel Projects Limited (BPL) is able to have them replaced by its own bank guarantees. In turn, BPL and the Parent
Company has entered into a back-to-back indemnity arrangement by way of an Undertaking cum Corporate Guarantee (“UGC”),
whereby BPL shall, inter alia, agree to indemnify the Parent Company for any loss, if any, suffered in the event that any Guarantee is
invoked by a customer during this interim period. The open exposure as on March 31, 2024 is H 14,101.96 lakhs.
xiii) Before the Scheme of Demerger between the Parent Company and Bajel Projects Limited (‘BPL’) (erstwhile EPC segment of the
Parent Company), took effect, the Group had secured a contract for developing the electric supply infrastructure in Sasaram and
Munger, Bihar, by South Bihar Power Distribution Company Limited (“Contract”). Following the Scheme, this Contract stands
transferred and vested in Bajel Projects Limited.
To facilitate this transition of the Contract smoothly, it was proposed to form a Tripartite Agreement among Bajel Projects Limited,
the Parent Company, and South Bihar Power Distribution Company Limited, alongside an Irrevocable Indemnity Cum Undertaking
between Bajel Projects Limited and the Parent Company.
b. Commitments
i. Estimated amounts of contracts remaining to be executed in capital account (net of capital advances) is H 755.58 lakhs (March 31,
2023, H 2876.60 lakhs).
Note 41: Disclosures of revenue from contracts with customers

The disclosures as required for revenue from contracts with customers are as given below
(i) Disaggregation of revenue
Disaggregation of the Group’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)
A. Revenue from contracts with customers
Consumer products (includes appliances, lighting and fans) 360,196.55 376,323.94
Lighting solutions (includes professional and consumer lighting) 103,676.22 112,532.45
463,872.77 488,856.39
B. Reconciliation of contracted price with (A) above
Revenue at contracted price 497,028.52 500,437.60
Unbilled on account of work under certification (25.30) 173.54
Billing in excess of contract revenue (14.10) 287.36
Revenue deferred on customer loyalty program (1,421.01) 10,493.85
Discounts (31,545.59) (22,405.15)
Others (149.75) (130.81)
Note 41: Disclosures of revenue from contracts with customers (Contd..)
(H in Lakhs)
Revenue from contracts with customers (a) 463,872.77 488,856.39
Add: Miscellaneous other operating income (b)
Claims received, export incentives, etc 254.06 68.10
Revenue from operations (a+b) 464,126.83 488,924.49
(H in Lakhs)
For the year ended
Particulars
31-Mar-24 31-Mar-23
Timing of revenue recognition
At a point in time 402,008.81 421,467.33
Over a period of time 62,118.02 67,457.16
Revenue from operations 464,126.83 488,924.49
(ii) Contract balances

The details of the contract assets, contract liabilities and receivables are as under
(H in Lakhs)
Contract assets 325.07 350.37
Trade receivables 117,610.87 113,105.31
The contract assets and contract liabilities balances mentioned above pertain to the B2B sub-segment Lighting Solutions Unit of the
Group. The Group executes the work as per the terms and agreements mentioned in the contracts. The Group receives payments from
the customers based on the milestone achievement and billing schedule as established in the contracts.
Contract assets are initially recognised for revenue earned from supply of materials and erection services 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.
Contract liabilities are relates to payments received in advance of performance under the contract and billing in excess of contract revenue
recognised. Contract liabilities are recognised as revenue when the Group satisfies the performance obligation under the contract.
(iii) Performance obligations
Information about the Group’s performance obligations under Consumer Products and Lighting solutions segment are summarised below:
Consumer Product & Lighting Solutions Segment:
a) Delivery of goods:
The Group sells fans, appliances and lighting products to the customers. The performance obligation is satisfied and revenue is
recognised on dispatch of the goods to the customers. The stand alone selling price of the performance obligation is determined
after taking the variable consideration and right to return. The contracts do not have a significant financing component. The Group
offers standard warranty on selected products. The Group makes provision for same as per the principles laid down under Ind AS
37. The payment is generally due within 30 to 60 days across various streams of customers.
b) Loyalty program:
The Group operates a customer loyalty program (for retailers), where the customer is awarded certain points on purchase of
selected products from the Group. The customer (retailer) can redeem these 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 alone selling prices of sale of goods and loyalty points.
c) Extended warranties:
The Group provides a warranty beyond fixing defects that existed at the time of sale. These service-type warranties are bundled
together with the sale of products. Contracts for bundled sales of products and a service-type warranty comprise two performance
obligations because the product and service-type warranty are both sold on a stand-alone basis and are distinct within the context
of contract. Using the relative stand-alone selling price method, a portion of the transaction price is allocated to the service-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
B2B sub-segment of Lighting Solutions:
The performance obligations 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. Hence both of them are counted as a single performance obligation under the
contract. The satisfaction 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 use to the customer. The Group
uses the input method to determine the progress of the satisfaction of the performance obligation and accordingly recognises revenue.
The standalone selling price of the performance obligation is determined after taking the variable consideration and significant
financing component .”
iv) Unsatisfied performance obligations
The transaction price allocated to the unsatisfied performance obligations are as below:
(H in Lakhs)
Consumer products 3,099.76 2,773.74
Lighting solutions 349.70 349.70
Total 3,449.46 3,123.44
v) Assets recognised from the costs to obtain or fulfil a contract

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 amortizes the same over the period of the contract. The
total unamortised balances towards such cost is as below.
(H in Lakhs)
Unamortised portion of cost to obtain a contract 170.02 113.39
Amount recognised in the profit and loss account 260.18 217.71
Note 42: Leases:

The Group 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 lease period of 5 years or more also. Further, the Group has few
guest houses, residential premises and office premises also on leases which generally for a longer period ranging from 2-5 years.
The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Upon adoption of Ind 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 payments and right-of-use assets representing the right to use the underlying
assets, on the commencement of 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 extend the lease if it is
reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The
leases which the Group enters, does not have any variable payments. The lease rents are fixed in nature with gradual escalation in lease rent.
Apart from the above, the Group also has various leases which are either short term in nature or the assets which are taken on the leases are
generally low value assets (e.g. printers). Lease payments on short-term leases and leases of low-value assets are recognised as expense on a
straight-line basis over the lease term.
Disclosures under Ind AS 116
(H in Lakhs)
Amortization charge for right of use assets 4,752.35 2,377.38
Interest expense on lease liabilities 1,551.30 544.44
Lease rent expenses for short term leases 2,083.70 685.46
Cash outflow towards lease liabilities 4,468.16 2,149.10
- as principal 2,916.86 1,604.66
- as interest 1,551.30 544.44
Carrying amount of right of use assets 22,221.90 11,947.22
Carrying amount of lease liabilities 21,489.56 10,051.52
For movement of right of use assets, refer note 3

For movement of lease liability, refer note 3. For maturity profile of lease liabilities, refer note 35 (liquidity risk)
For significant judgements used for accounting right of use assets and lease liabilities, refer note 1D(6)
Note 43: Corporate Social Responsibility
As per section 135 of the Companies Act, 2013, the gross amount to be spent by the Parent Company during financial year 23-24 is H
514.04 lakhs (Previous year H 300.63 Lakhs). The Parent Company has spent H 396.24 lakhs (Previous year H 246.24 Lakhs) on various CSR
initiatives as below:
(H in Lakhs)
Two percent of average net profit of the Parent Company as per section 135(5) 514.04 300.63
Spent on ongoing projects 370.56 231.21
Spent on other than ongoing projects – –
Administrative expenses 25.68 15.03
Total Amount Spent for the Financial Year. (in H) (a) * 396.24 246.24
Total Amount transferred to Unspent CSR Account as per section 135(6) (b) 117.80 54.39
Total (a + b) 514.04 300.63
* The amount has been spent on purposes other than construction / acquisition of asset and no amounts are yet to be paid in cash
Details of amounts lying in unspent CSR

(H in Lakhs)
Financial year 2020-21 – 73.31
Financial year 2021-22 2.83 47.59
Financial year 2022-23 1.50 54.39
Financial year 2023-24 117.80 –
Total (refer note 19) 122.13 175.29
Note 44: Business combinations

Merger of Nirlep Appliances Private Limited (NAPL) into the Company
The Hon’ble National Company Law Tribunal, Mumbai Bench, vide its order dated March 01, 2024 (“Order”) [passed in the matter of Company
Scheme Petition No. C.P (C.A.A)/250(MB)2023 connected with C.A. (CAA)/246(MB)2022) (“Petition”) in respect of the Scheme], has inter-alia
approved the Scheme of Merger by Absorption of Nirlep Appliances Private Limited (“Transferor Company”) with Bajaj Electricals Limited
(“Transferee Company”) and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act,
2013 (“Scheme”).
Accordingly, the Group had accounted for the merger under the pooling of interest method retrospectively for all periods presented as
prescribed in IND AS 103 Business Combinations of entities under common control. This combination has no effect on the consolidated
Demerger of EPC segment
“During the current year, Hon’ble National Company Law Tribunal, Mumbai Bench (“”NCLT””) had approved the Scheme of Arrangement
between Bajaj Electricals Limited “Demerged Company”) and Bajel Projects Limited (“Resulting Company”) and their respective shareholders
(“”Scheme””). On July 5, 2023, the Company had received a certified true copy of the order dated June 8, 2023 (“”Order””) passed by the
Hon’ble NCLT approving the Scheme. The Company has completed the the process of obtaining the requisite consent, approval or permission
of the appropriate authorities, which by applicable law or contract, agreement, were necessary for the effective transfer of business and/or
implementation of the Scheme. The Scheme, has been made effective from September 1, 2023.
Accordingly, effect of the de-merger has been considered in the consolidated financial statements for the year ended March 31, 2024. The
assets and liabilities relating to the demerged undertaking have been de-recognised from the books and have been adjusted against the
retained earnings in the said consolidated financial statements. For the previous year, the same has been shown as discontinued operations. “
Below is the reconciliation of the reported numbers of Balance sheet of March 31, 2023 with the revised numbers of March 31,
2023, after considering the presentation for discontinued operations
(H in Lakhs)
Balance Sheet as at March 31,2023 Reported Demerger Impact Revised
BEL Consolidated as Discontinued BEL Revised Consolidated
Particulars
on March 31, 2023 Operations as on March 31, 2023
ASSETS
Non-Current Assets
Property, plant and equipment 35,548.52 (4,412.49) 31,136.03
Capital work in progress 4,100.11 (41.29) 4,058.82
(H in Lakhs)
Particulars
Right-of-use assets 12,298.88 (351.66) 11,947.22
Intangible assets 1,923.21 0.01 1,923.22
Intangible assets under development 145.91 (14.97) 130.94
Investment properties 12,947.65 – 12,947.65
Goodwill 19,001.09 – 19,001.09
Investments in subsidiaries and associate – – –
Financial Assets
i) Investments 600.58 – 600.58
ii) Trade receivables 8,436.72 (6,461.67) 1,975.05
iii) Other financial assets 3,080.13 (584.95) 2,495.18
Income tax assets (net) 12,802.45 0.01 12,802.46
Other non-current assets 15,583.73 (3,563.54) 12,020.19
Total Non-Current Assets 126,468.98 (15,430.55) 111,038.43
Current Assets
Inventories 107,207.48 (9,647.78) 97,559.70
Financial Assets –
i) Investments 4,078.23 – 4,078.23
ii) Trade receivables 148,062.32 (36,932.06) 111,130.26
iii) Cash and cash equivalents 34,175.92 (24.40) 34,151.52
iv) Bank balances other than (iii) above 2,871.68 – 2,871.68
v) Loans 35.21 (0.62) 34.59
vi) Other current financial assets 1,260.04 (140.55) 1,119.49
Other current assets 38,685.86 (10,058.18) 28,627.68
Contract assets 4,650.98 (4,300.61) 350.37
341,027.72 (61,104.20) 279,923.52
Assets classified as held for sale 219.40 108,091.78 108,311.18
Total Current Assets 341,247.12 46,987.58 388,234.70
Total Assets 467,716.10 31,557.03 499,273.13
EQUITY
Equity share capital 2,301.51 – 2,301.51
Other Equity 188,420.07 – 188,420.07
Total Equity 190,721.58 – 190,721.58
LIABILITIES
ia) Lease liabilities 7,183.97 (17.62) 7,166.35
ii) Other financial liabilities 16.52 – 16.52
Provisions 1,689.40 – 1,689.40
Employee benefit obligations 5,897.81 (1,016.15) 4,881.66
Deferred tax liabilities (net) 539.73 – 539.73
Total Non-Current Liabilities 15,327.43 (1,033.77) 14,293.66
Current Liabilities
i) Borrowings 16.65 – 16.65
ia) Lease liabilities 2,939.67 (54.50) 2,885.17
ii) Trade credits 124,257.14 (5,568.00) 118,689.14
iii) Trade payables
Total Outstanding dues of micro enterprises & small enterprises 5,498.99 (1,730.79) 3,768.20
Total Outstanding dues of other than micro enterprises & small 85,112.98 (27,967.18) 57,145.80
enterprises
iv) Other current financial liabilities 11,961.60 28,181.06 40,142.66
Provisions 4,876.02 6.31 4,882.33
(H in Lakhs)
Particulars
Employee benefit obligations 1,569.60 (309.75) 1,259.85
Current tax liabilities (net) 1,915.14 (29.06) 1,886.08
Contract liabilities 15,764.36 (9,656.03) 6,108.33
Other current liabilities 7,754.94 (429.08) 7,325.86
Liabilities directly associated with the assets held for sale – 50,147.82 50,147.82
Total Current Liabilities 261,667.09 32,590.80 294,257.89
Total Liabilities 276,994.52 31,557.03 308,551.55
Total Equity & Liabilities 467,716.10 31,557.03 499,273.13
Below is the reconciliation of the reported numbers of Profit & Loss Account of March 31, 2023 with the revised numbers of March 31,
2023, after considering the presentation for discontinued operations
Profit & Loss account for the year ended March 31,2023 Reported Demerger Impact Revised
BEL Consolidated BEL Revised
Discontinued
Particulars as on March 31, Condolidated as on
Operations
2023 March 31, 2023
Income:
Revenue from operations 542,926.48 (54,001.99) 488,924.49
Other income 7,584.93 (3,081.18) 4,503.75
Total Income 550,511.41 (57,083.17) 493,428.24
Expenses:
Cost of raw materials consumed 57,113.80 (7,874.44) 49,239.36
Purchases of traded goods 318,666.10 (26,967.75) 291,698.35
Changes in inventories of work-in-progress, finished goods, traded (4,592.82) (83.92) (4,676.74)
goods
Erection and subcontracting expenses 5,419.48 (3,532.41) 1,887.07
Employee benefits expenses 42,629.36 (8,258.75) 34,370.61
Depreciation and amortisation expense 8,173.30 (795.42) 7,377.88
Other expenses 87,921.35 (8,990.56) 78,930.79
Finance costs 4,839.15 (477.64) 4,361.51
Total Expenses 520,169.72 (56,980.89) 463,188.83
Profit before tax 30,341.69 (102.28) 30,239.41
Current tax 5,178.80 (28.04) 5,150.76
Deferred tax 3,544.49 – 3,544.49
Total tax expenses 8,723.29 (28.04) 8,695.25
Profit / (loss) for the year 21,618.40 (74.24) 21,544.16
Profit / (loss) before tax for the year from discontinued operations – 102.28 102.28
Tax expense / (Credit) from discontinued operations – 28.04 28.04
Net profit / (loss) for the year from discontinued operations – 74.24 74.24
Profit for the year 21,618.40 – 21,618.40
Items that will be reclassified to profit and loss in subsequent
periods
Cash flow hedge reserve 41.72 – 41.72
Tax impacts on above (10.50) – (10.50)
Items that will not be reclassified to profit and loss in subsequent
periods
Remeasurement (gains)/losses on defined benefit plans (272.20) – (272.20)
Tax impacts on above 68.47 – 68.47
Other comprehensive income / (loss) net of tax (172.51) – (172.51)
Total Comprehensive Income / (loss) net of tax 21,790.91 – 21,790.91
Note 45: Discontinued operations
The statement of profit and loss of EPC segment (discontinued operations) for the year are presented below:
(H in Lakhs)
For the period For the year
Particulars ended ended
31-Aug-2023 31-Mar-2023
Revenue from contracts with customers 34,037.96 54,001.99
Expenses 34,349.88 53,422.07
Finance costs 369.34 477.64
Profit/(loss) before tax from a discontinued operation (681.26) 102.28
Tax (expenses)/income: (201.06) 28.04
Profit/(loss) for the year from a discontinued operation (480.20) 74.24
Other comprehensive income 70.95 –
Total comprehensive income (409.25) 74.24
The major classes of assets and liabilities of EPC segment held for sale to Bajel Projects limited as at 31 March 2023 and as at
31 August 2023 are, as follows:
(H in Lakhs)
As at As at
Particulars
31-Aug-2023 31-Mar-2023
Assets
Property, plant and equipment 4,449.04 4,412.49
Capital work in progress 37.46 41.29
Right of use assets 700.76 351.66
Intangible assets under development – 14.97
Other non-current assets 3,217.24 4,148.47
Inventories 12,618.05 9,647.78
Trade receivable 45,447.89 43,393.73
Cash and cash equivalents, including cash attributable to the segment, pursuant to the scheme of 23,842.51 31,557.03
demerger
Other current assets 9,723.34 14,524.36
Assets held for sale 100,036.29 108,091.78
Liabilities
Trade credits 9,952.04 5,568.00
Trade payable 17,664.89 29,697.97
Employee benefit obligations 1,369.91 1,325.90
Others liabilities 2,633.95 3,899.92
Liabilities directly associated with assets held for sale 43,337.76 50,147.82
Net assets directly associated with disposal group 56,698.53 57,943.96
Add: Investments knocked off 50.00
Net debited to retained earnings 56,748.53
The net cash flows of EPC business are, as follows

(H in Lakhs)
For the period ended For the year ended
Particulars
31-Aug-2023 31-Mar-2023
Operating (298.83) 688.77
Investing – (172.29)
Financing – (550.17)
Net cash (outflow)/inflow (298.83) (33.69)
Note 46: Goodwill
(H in Lakhs)
Goodwill on acquisition of Nirlep Appliances Private Limited 2,644.36 2,644.36
Goodwill on acquisition of Business 16,356.73 16,356.73
TOTAL 19,001.09 19,001.09
During the year ended March 31, 2024, the Group has performed its annual impairment test and determined that there is no impairment.
The recoverable amounts of the CGU’s have been determined on the basis of the value in use calculations. The calculation uses cash flow
projections based on budgets approved by the management, discounting rate and terminal growth rate. Management believes that any
reasonably possible change in the key assumptions on which the specific CGU’s recoverable amount is based would not cause its carrying
amount to exceed its recoverable amount.
(i) Significant unobservable inputs used in Level 3 fair values as at March 31, 2024
Particulars Significant Unobservable Inputs Sensitivity

Goodwill on business BEL Nashik Unit BEL Nashik Unit
combinations Discount rate – 15.50% The enterprise value is greater than the value of the goodwill plus WDV of
Terminal value growth rate – 3% CGU of Nashik Unit and considering the sensitivity around the assumptions
BEL Aurangabad Unit
0.50% increase in discount rate will decrease fair value by H 320.52 lakhs.
Discount rate – 15.0%
Terminal value growth rate – 3%
0.50% increase in terminal value growth rate will increase fair value by H
217.52 lakhs.
H 200.79 lakhs
BEL Aurangabad Unit
The enterprise value is greater than the value of the goodwill plus WDV of CGU
of Aurangabad Unit and considering the sensitivity around the assumptions
0.50% increase in discount rate will decrease the fair value by H 67.97 lakhs.
0.50% increase in terminal value growth rate will increase fair value by H 48.79
lakhs.
H 44.89 lakhs
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, 2024.
(H in Lakhs)
Net Assets (i.e. Total Share in Profit or (loss) Share in other Share in total
Particulars assets minus total comprehensive comprehensive
liabilities) income income
1. Parent
Bajaj Electricals Limited 100.00% 144,122.00 100.00% 13,107.51 100.00% 9.01 100.00% 13,116.52
2. Subsidiary
Bajel Projects Limited 0.00% – 0.00% – 0.00% – 0.00% –
3. Associate
Hind Lamps Limited 0.00% – – 0.00% – 0.00% –
4. Intercompany eliminations and 0.00% – 0.00% – 0.00% – 0.00% –
consolidation adjustments
Total 100.00% 144,122.00 100.00% 13,107.51 100.00% 9.01 100.00% 13,116.52
Disclosure in terms of Schedule III of the Companies Act, 2013 as at and for the year ended March 31, 2023.
(H in Lakhs)
Net Assets (i.e. Total assets Share in Profit or (loss) Share in other Share in total
Particulars
minus total liabilities) comprehensive income comprehensive income
1. Parent
Bajaj Electricals Limited 99.99% 190,701.69 100.10% 21,639.01 100.00% 172.51 100.09% 21,811.52
2. Subsidiaries
Nirlep Appliances Private Limited 0.00% – 0.00% – 0.00% – 0.00% –
Bajel Projects Limited 0.01% 19.89 –0.10% (20.61) 0.00% – –0.09% (20.61)
3. Associate
Hind Lamps Limited 0.00% – 0.00% – 0.00% – 0.00% –
4. Intercompany eliminations and 0.00% – 0.00% – 0.00% – 0.00% –
consolidation adjustments
Total 100.00% 190,721.58 100.00% 21,618.40 100.00% 172.51 100.00% 21,790.92
Note 48: Other statutory information

1. The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any
Benami property.
2. The Group does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period,
3. The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
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:
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group
(Ultimate Beneficiaries) or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
5. The Group 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 Group shall
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
6. The Group has not any such transaction which is not recorded in the books of accounts that has been 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 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, 2024 and March 31, 2023.
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, 2024.”
10. Transactions with the companies which are struck off are as under
(H in Lakhs)
Count (FY24) Count (FY23) As on As on
Nature of Transaction
March 31, 2024 March 31, 2023
Receivables from customers 1 – 53.12 –
Receivables / (Payable) from /(to) vendors 11 59 0.39 71.43
11. The Group has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the software except that the Group is unable to
assess on whether certain features of the audit trail of the said software has operated from the period April 01, 2023 to June 04, 2023
and from October 08, 2023 to November 12, 2023 or whether there were any instances of audit trail feature being tampered during the
said period in the absence of log of changes to certain audit features. The same has been remediated as on date of adoption of these
consolidated financial statements.
Note 49: Subsequent events

The Group has evaluated subsequent events from the balance sheet date through May 14, 2024, the date at which the consolidated financial
statements were available to be issued, and determined that there are no material items to disclose.
Note 50:
Previous year’s figures have been regrouped / reclassed wherever necessary to correspond with the current year’s classification / disclosure.
Partner
Notes
Corporate Overview 077
45/47, Veer Nariman Road, Mumbai – 400 001
CIN: L31500MH1938PLC009887
www.bajajelectricals.com

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July 9, 2024

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

Brief details of the 85th AGM of the Company are as under:

Anant Dalvi Date: 2024.07.09 16:56:31

The Bajaj Group

EPC – Power Transmission Automobile Insurance

NBFC / Iron and Steel Travel

About Bajaj Electricals

#DecadeOfBajajElectricals development, leading to the creation

Our efforts in product

During the year, we executed several

Message from the Managing Director

Performance Highlights Awards and Accolades

Building on Celebrating our wins

Golden Peacock Award

Steering with visionary

Shekhar Bajaj Anuj Poddar Shailesh Haribhakti Vikram Hosangady

Madhur Bajaj Rajiv Bajaj Saurabh Kumar Swati Salgaocar

Pooja Bajaj Sudarshan Sampathkumar

Bajaj Electricals’ differentiating multi-

20% Higher Air Thrust*

A Portfolio of Sharply Differentiated, Consumer-Centric Brands

Inspired by the consumer’s spirit to be unstoppable

BAJAJ is now Built for Life

BAJAJ's extensive range of consumer Scan the QR

In essence, BAJAJ's "Built For Life"

Revolutionising Home Appliances in India

Nex - The performance-backed premium brand

What sets Nex apart is its relentless

designs that seamlessly integrate into

to enhance efficiency and elevate

Moreover, Nex doesn't just stop at

In a rapidly advancing digital era, Nex

Where happiness is engineered

Morphy Richards - The Iconic British lifestyle brand

At the heart of Morphy Richards'

What sets Morphy Richards apart is

Redefining healthy cooking

Nirlep understands everyday health needs

Nirlep's commitment to Every Day Health

The brand's dedication to promoting

With Nirlep, embracing a healthier

Lighting solutions and technological advancement. designs, unparalleled quality, optimal

Scan the QR Scan the QR

Illuminate your home with

Scan the QR Scan the QR

Blueprint for our long-term success

Input Value creation process Output Stakeholders impacted SDG’s

Financial Capital Our businesses Financial Capital

Enhancing the quality of life

Intellectual Capital B2C model Intellectual Capital

Consumer Lighting Human Capital

Social and Relationship Capital

Product Design and Manufacturing Quality Check

Natural Capital Natural Capital

Risk Management Risks Risk response Capitals at risk

Tiding over Volatile currencies, commodity prices,

Enhancing efficiency and performance of sales operations.

Social and Relationship Capital Natural Capital

Materiality Assessment Social

Tiding over Volatile currencies, commodity prices,