26 April 2024

To, To,
Corporate Relations Department. Corporate Listing Department.
BSE Limited National Stock Exchange of India Ltd.
DCS-CRD Exchange Plaza, 5th Floor
Phiroze Jeejeebhoy Towers Plot No.C-1, G Block
Dalal Street, Bandra-Kurla Complex
Mumbai 400 001. Bandra (East), MUMBAI 400 051.
BSE Code: 500490 NSE Code: BAJAJHLDNG

Dear Sir/Madam,

Subject: Outcome of Board Meeting of Bajaj Holdings & Investment Limited held on
26 April 2024

A) Audited Standalone and Consolidated Financial Results

In terms of the provisions of Regulation 30 (read with Part A of Schedule III) and 33 of the SEBI
Listing Regulations, 2015, we enclose the following statements for the quarter and year ended
31 March 2024, which were approved and taken on record at the meeting of the Board of
Directors held today, i.e., on 26 April 2024:

a) Statement of Audited Standalone Financial Results for the quarter and year ended
31 March 2024 along with Audit Report;

b) Statement of Audited Consolidated Financial Results for the quarter and year ended
31 March 2024 along with Audit Report; and

c) Press Release.

The audit reports are submitted with unmodified opinion (free from any qualifications) and a
declaration to that effect is enclosed.

B) Dividend and Record Date

Kindly further note that a final dividend at the rate of Rs. 21 per share (210%) of face value of
Rs. 10 each on equity shares of the Company has been recommended by the Board of Directors
today, for the financial year ended 31 March 2024. The said dividend, if declared by the
shareholders at the ensuing Annual General Meeting, will be credited/dispatched on or before
29 July 2024.

www.bhil.in

Corporate Office: 6th Floor, Bajaj Finserv Corporate Office, Off Pune - Ahmednagar Road, Viman Nagar,
Pune - 411 014, Maharashtra, India | Tel: +91 20 7157 6066 | Fax: +91 20 7150 5792
Registered Office: C/o Bajaj Auto Limited Complex, Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra, India
Corporate ID No.: L65100PN1945PLC004656 | Email ID: [email protected]
Further, pursuant to Regulation 42 of the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015, the record date for the purpose of determining the members eligible to
receive the dividend for the financial year ended 31 March 2024, has been fixed as Friday,
28 June 2024.

C) Annual General Meeting (AGM)

The Annual General Meeting of the Company is scheduled to be held on Wednesday,

24 July 2024. Further details will be provided in due course.

D) Completion of term of Kalyaniwalla & Mistry LLP, one of the Joint Statutory Auditors

Pursuant to the Reserve Bank of India (RBI) circular dated 27 April 2021 on ‘Guidelines for
Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial
Banks (excluding RRBs), UCBs and NBFCs (including HFCs)’, Kalyaniwalla & Mistry LLP,
Chartered Accountants, was appointed as one of the Joint Statutory Auditors by the members
in November 2021 for a period of three years, i.e., to conduct audit of accounts of the Company
for the financial year ending 31 March 2022, 31 March 2023 and 31 March 2024, respectively.

The term of Kalyaniwalla & Mistry LLP, as Statutory Auditors will be coming to an end upon the
conclusion of 79th Annual General Meeting of the Company scheduled to be held on
24 July 2024.

The Audit Committee and the Board of Directors of the Company at their meetings held today,
i.e., on 26 April 2024, took note of the completion of term of Kalyaniwalla & Mistry LLP and
placed on record its appreciation for the valuable services rendered by them during their tenure
as Statutory Auditors of the Company.

E) Recommendation for appointment of P G Bhagwat LLP, Chartered Accountants, as

one of the Joint Statutory Auditors:

Consequent upon completion of term of Kalyaniwalla & Mistry LLP, the Board, based on the
recommendation of the Audit Committee, considered and recommended the appointment of
P G Bhagwat LLP, Chartered Accountants as one of the Joint Statutory Auditors for a
consecutive period of three years, i.e., to conduct the audit of accounts of the Company for the
financial year ending 31 March 2025, 31 March 2026 and 31 March 2027 respectively, for
approval of members in the ensuing Annual General Meeting of the Company scheduled to be
held on 24 July 2024.

www.bhil.in

Corporate Office: 6th Floor, Bajaj Finserv Corporate Office, Off Pune - Ahmednagar Road, Viman Nagar,
Pune - 411 014, Maharashtra, India | Tel: +91 20 7157 6066 | Fax: +91 20 7150 5792
Registered Office: C/o Bajaj Auto Limited Complex, Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra, India
Corporate ID No.: L65100PN1945PLC004656 | Email ID: [email protected]
The requisite disclosure, pursuant to Part A Para A of Schedule III of Regulation 30 of the SEBI
Listing Regulations and in terms of SEBI circular SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated
11 July 2023 and SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13 July 2023, is enclosed
as Annexure A.

The meeting commenced at 3.30 p.m. and concluded at 5.15 p.m.

Please take the above on your record.

Thanking you,

For Bajaj Holdings & Investment Limited

Digitally signed by SRIRAM SUBBRAMANIAM
DN: c=IN, st=Maharashtra,

SRIRAM 2.5.4.20=c83bd06986b0e5b17e4b1d879bed0a48aa37d591
97be8d8b3d454e47c81877c0, postalCode=400080,
street=B-406 DHAIVAT VAISHALI NAGAR MULUND WEST,

SUBBRAMANIAM
pseudonym=b35c03116c61c7b64ef177da3cbb9a7f,
serialNumber=fab56a2595022ebf5cc3e54d02aecccf88998
ea6c165b46ee1693ea45fa2cd7a, o=Personal, cn=SRIRAM
SUBBRAMANIAM
Date: 2024.04.26 17:26:29 +05'30'

Sriram Subbramaniam
Company Secretary

www.bhil.in

Corporate Office: 6th Floor, Bajaj Finserv Corporate Office, Off Pune - Ahmednagar Road, Viman Nagar,
Pune - 411 014, Maharashtra, India | Tel: +91 20 7157 6066 | Fax: +91 20 7150 5792
Registered Office: C/o Bajaj Auto Limited Complex, Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra, India
Corporate ID No.: L65100PN1945PLC004656 | Email ID: [email protected]
Annexure A
Information as required under Regulation 30 - Part A of Schedule Ill of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 - Appointment/Cessation
of Auditors:

Sr. Details of Events that need to be Information of such event(s)

No. provided
1 Reason for change Completion of term of Kalyaniwalla & Mistry LLP,
one of the Joint Statutory Auditors

Pursuant to the Reserve Bank of India (RBI) circular

dated 27 April 2021 on ‘Guidelines for Appointment of
Statutory Central Auditors (SCAs)/Statutory Auditors
(SAs) of Commercial Banks (excluding RRBs), UCBs
and NBFCs (including HFCs)’, Kalyaniwalla & Mistry
LLP, Chartered Accountants, was appointed as one
of the Joint Statutory Auditors by the members in
November 2021 for a period of three years, i.e., to
conduct audit of accounts of the Company for the
financial year ending 31 March 2022, 31 March 2023
and 31 March 2024, respectively.

The term of aforesaid auditors will be coming to an

end upon the conclusion of 79th Annual General
Meeting of the Company scheduled to be held on 24
July 2024.

Recommendation for appointment of P G

Bhagwat LLP, Chartered Accountants, as one of
the Joint Statutory Auditors

Consequent upon completion of term of Kalyaniwalla

& Mistry LLP, the Board, based on the
recommendation of the Audit Committee, considered
and recommended the appointment of P G Bhagwat
LLP, Chartered Accountants as one of the joint
Statutory Auditors, for approval of members in the
ensuing Annual General Meeting of the Company
scheduled to be held on 24 July 2024.

2 Date of cessation The term of Kalyaniwalla & Mistry LLP will end upon
the conclusion of 79th Annual General Meeting of the
Company scheduled to be held on 24 July 2024.

www.bhil.in

Corporate Office: 6th Floor, Bajaj Finserv Corporate Office, Off Pune - Ahmednagar Road, Viman Nagar,
Pune - 411 014, Maharashtra, India | Tel: +91 20 7157 6066 | Fax: +91 20 7150 5792
Registered Office: C/o Bajaj Auto Limited Complex, Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra, India
Corporate ID No.: L65100PN1945PLC004656 | Email ID: [email protected]
 Date of appointment & term of The appointment of P G Bhagwat LLP as one of the
appointment Joint Statutory Auditors will be effective from the
conclusion of 79th Annual General Meeting of the
Company scheduled to be held on 24 July 2024.

The term of appointment of P G Bhagwat LLP will be

for a consecutive period of three years, i.e., to conduct
the audit of accounts of the Company for the financial
year ending 31 March 2025, 31 March 2026 and 31
March 2027.

3 Brief profile (in case of Brief Profile of P G Bhagwat LLP

appointment)
P G Bhagwat LLP, Chartered Accountants was
established in 1938 and has presence in Pune,
Mumbai, Bengaluru and other three cities in India.
The Firm has 16 partners and has more than 250
professional staff members representing separate
service verticals – Audit & Assurance, Corporate
Taxation, Information system audit, CFO and
business transformation Advisory. The Firm has
expertise in central statutory audits of various
nationalised banks and private banks and also has
NBFCs audit clients. The firm has assurance
engagements for clients in other fields such as
automobile / auto ancillary, manufacturing,
engineering, steel, software services, education and
so on.

4 Disclosure of relationships Not Applicable

between directors (in case of
appointment of a director)

www.bhil.in

Corporate Office: 6th Floor, Bajaj Finserv Corporate Office, Off Pune - Ahmednagar Road, Viman Nagar,
Pune - 411 014, Maharashtra, India | Tel: +91 20 7157 6066 | Fax: +91 20 7150 5792
Registered Office: C/o Bajaj Auto Limited Complex, Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra, India
Corporate ID No.: L65100PN1945PLC004656 | Email ID: [email protected]
Kalyaniwalla & Mistry LLP NBS & Co
3rd Floor, Pro - 1, Business Centre, 14/2, Western India House,
Senapati Bapat Road P M Road, Fort,
Pune 411016 Mumbai 400001

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS
BAJAJ HOLDINGS & INVESTMENT LIMITED

Report on the Audit of the Standalone Financial Results

Opinion
We have audited the accompanying Statement of Standalone Financial Results for the quarter
and the year ended March 31, 2024 of BAJAJ HOLDINGS & INVESTMENT LIMITED ("the
Company"), together with the notes thereon, attached herewith, being submitted by the
Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board
of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended ("Listing Regulations"), duly initialled by us for identification.

In our opinion and to the best of our information and according to the explanations given to
us, these standalone financial results:
i) are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
ii) give a true and fair view in conformity with the recognition and measurement principles
laid down in the applicable accounting standards generally accepted in India of the net
profit and other comprehensive income and other financial information for the quarter
and year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in
the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the standalone financial results under the provisions of the Companies
Act, 2013 ("the Act") and the Rules thereunder and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Management's Responsibilities for the Standalone Financial Results

These quarterly and annual Standalone Financial Results have been prepared on the basis of
the annual financial statements. The Company's Board of Directors is responsible for the
preparation of these standalone financial results that give a true and fair view of the net profit
and other comprehensive income and other financial information in accordance with the
applicable accounting standards prescribed under Section 133 of the Act read with relevant
rules issued thereunder and other accounting principles generally accepted in India and in
co mpliance with Regulation 33 of the Listing Regulations. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation of
the standalone financial results that give a true and fair view and are free from material
mlsstat - e t whether due to fraud or error.
~..,_\,LA ~~ I
~i· ~
< _,
'r. ~
.,>£.;."- I'-..~
~..f'" * ~~
Kalyaniwalla & Mistry LLP NBS & Co
3rd Floor, Pro - 1, Business Centre, 14/2, Western India House,
Senapati Bapat Road P M Road, Fort,
Pune411016 Mumbai 400001

In preparing the Standalone Financial Results, the Board of Directors is responsible for
assessing the Company's ability to continue as a going concern , disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
Board of Directors either intends to liquidate the Company or to cease operations , or has no
realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's fin ancial reporting
process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial
results as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Standalone Financial
Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial
results, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional om issions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circum stances. Under Section 143(3) (i) of the
Act, we are a1$0 responsible for expressing our opinion on whether the company has
adequate internal fin anci al controls with reference to financial statements in place and
tile operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the
related disclosures in the standalone fi nancial results or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, futu re events or conditions
may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial
results, including the disclosures, and whether the standalone finan cial resu lts
represent the underlying transactions and events in a manner that achieves fair
presentation.
Kalyaniwalla & Mistry LLP NBS & Co
3rd Floor, Pro - 1, Business Centre, 14/2, Western India House,
Senapati Bapat Road P M Road, Fort,
Pune 411016 Mumbai 400001

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings , including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

Other Matter

The figures for the quarters ended March 31, of the respective financial years as reported in
these standalone financial results are the balancing figures between the audited figures in
respect of the full financial year ended March 31 and the published year to date figures up to
the end of the third quarter of the relevant financial year. The figures up to the end of the third
quarter have only been reviewed and not subjected to an audit.

Our opinion on the Standalone Financial Results is not modified in respect of the above matter.

For Kalyaniwalla & Mistry LLP For NBS & CO.

Chartered Accountants Chartered Accountants
Firm Registration No.104607W/W100166 Firm Registration No.1101 OOW

~~
Anil A. Kulkarni
Partner
~
Devdas Bhat

Membership No.047576
UDIN: 2..t+ei41-5-=l--b ~\.'!SJ 1-\N (, :+ bb

Pune, April 26, 2024 Pune, April 26, 2024

 • HOLDINGS&
INVESTMENT

Bajaj Holdings & Investment Limited

CJN : L65100PN1945PLC004656
Registered Office: C/o Bajaj Auto Limited Complex, Mumbai· Pune Road, Akurdi, Pune • 411 035
Corporate Office: 6th Floor, Bajaj Flnserv Corporate Office, Off Pune • Ahmednagar Road, Viman Nagar, Pune • 411 014
Website : www.bhll.ln ; E·mall ID : [email protected] ; Telephone : +91 20 7157 6066

Statement of standalone audited financial results (Statement of Profit and Loss) for the quarter and financial year ended 31 March 2024
(~In Crore)
Particulars Quarter ended Year ended
31 .03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
{Aua1tea) (Kev1ewea1 {Aua1tea1 (Audited) {Audited:

1 Income
Interest income 73.65 75 32 64.37 292.66 254.77
DMdend income 3.74 11.82 5.21 1,610.01 1,569 02
Rental Income 5.44 5.44 4.61 20.45 18.37
Profit on buyback of equity shares (See note 4) 1,153.47 - - 1,153.47 -
Net gain on fair value changes 12.34 8.66 0.10 3532 30.08
Other investment income - - 2.72 - 2.91
Total revenue from operations 1,248.64 101.24 77.01 3,111.91 1,875.15
Other income 9 59 23.75 19.34 63.78 61 .86
Total income 1,258.23 124.99 96.35 3,175.69 1,937.01
2 Expenses
Employee benefits expenses 11.91 10 30 10.53 43.74 42.00
Finance costs - lnlerest on operating leae liability 0.54 055 4.92 2.16 6.94
DepreciaUon, amortisation and impairment 7.96 7.95 7.97 31.79 31.84
Other expenses 18.74 2056 13 85 77.18 77.38
Total expenses 39.15 39.36 37.27 154.87 158.16
3 Profit before tax (1-2) 1,219.08 85.63 59.08 3,020.82 1,778.85
4 Tax expense
Current tax 10 60 17.17 8.91 110.77 62.97
Deferred tax 4.11 2.90 5.04 13.59 4.30
Total tax e~ pense 14.71 20.07 13.95 124.36 67.27
5 Profit after tax (3-4) 1,204.37 65.56 45.13 2,896.46 1,711.58
6 Other comprehensive Income, net of tax
(a} Items that will not be reclassified to profit or loss 199.59 583.95 (379.51) 1,626 86 120.52
(b} Items that will be reclassified to profit or loss 3.84 (1 .92) 9.07 15.28 (52.23)
Total other comprehensive Income, net of tax 203.43 582.03 (370.44) 1,642.14 68.29
7 Total comprehensive Income (5+6) 1,407.80 647.59 (325.31) 4,538.60 1,779.87

8 Paid-up equity share capital (Face value of' 10) 111.29 111.29 111.29 111.29 111.29
9 Other equity 18,723 67 15,553 98
10 Basic and diluted earnings per share (f) (not annualised) 108.2 5.9 4.1 260.3 153.8

Page 1 ore
Notes:

1. Disclosure of standalone assets and liabilities (Balance Sheet) as per Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 for the year ended 31 March 2024

(' In Crore)

As at As at
Particulars
31.03.2024 31.03.2023
(AUOltea) (AUOJtea)

A Assets
1 Financial assets
Cash and cash equivalents 38.24 25.19
Bank balances other than cash and cash equivalents 9.18 8.83
Investment in subsidiaries and associates 2,889.81 2,913.35
Other investments 16,399.09 12,811.04
Other financial assets 107.84 101 .13
Sub-total • Financial assets 19,444.16 15,859.54
2 Non-financial assets
Current tax assets (net) 21.14 193.45
Investment properties 170.61 173.93
Right-of-use asset 55.98 83.97
Property, plant and equipment 7.26 7.58
Other non-financial assets 2.22 2.15
Sub-total· Non-financial assets 257.21 461 .08

Total • Assets 19,701.37 16,320.62

B Liabilities and equity
1 Financial liabilities
Trade payables
Total outstanding dues of micro enterprises and small
enterprises - -
Total outstanding dues of creditors other than micro
enterprises and small enterprises 2.64 1.59
Lease liability 62.57 92.79
Other financial liabilities 41 .19 38.71
Sub-total • Financial liabilities 106.40 133.09
2 Non-financial liabilities
Current tax liabilities (net) 34.91 8.96
Deferred tax liabilities (net) 716.64 504.71
Provisions 4.56 3.79
Other non-financial liabilities 3.90 4.80
Sub-total • Non-financial liabilities 760.01 522.26
3 Equity
Equity share capital 111 .29 111.29
Other equity 18,723.67 15,553.98
Sub-total • Equity 18,834.96 15,665.27
.....--~ i......

Total· Liabilities and Equity 19,701.37 ~t~20.'~S ':f;1:

II G ' / «.;:.

1\~
~

* *
t>-.l\ \
"4KURv\
f!? J
Notes (contd) :

2. Disclosure of standalone statement of cash flows as per Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 for the year ended 31 March 2024 -

(~ In Crore)
Particulars Year ended
31.03.2024 31.03.2023
(Audited) (Audited)

I. Operating activities
Profit before tax 3,020.82 1,778.85
Adjustments to reconcile profit before tax to net cash flows:
Depreciation, amortisation and impairment 31 .79 31.84
Interest on operating lease liability 2.16 6.94
Unrealised foreign exchange (gain)noss on revaluation 1.19 4.20
Provision for diminution in value of investments written back (2.91)
Profit on sale of investments, net (16.75) (8.62)
Amortisation of premium/discount on acquisition of debt securities (111.06) (70.81)
Profit on buyback of equity shares {1, 153.47)
Interest on income tax refund (3.62)
1,771.06 1,739.49
Change in assets and liabilities
{lncrease)/decrease in loans and other assets (6.78) (2.81)
(lncrease)/decrease in other bank balances (0.35) (2.11)
lncrease/{decrease) in liabilities and provisions 2.47 (1.87)
(Purchase) I sale of money market mutual funds, etc., net 58.03 60.31
Net cash flow from I (used in) from operating activities before income-tax 1,824.43 1,793.01
Income-tax paid (125.06) (123.54)
Income-tax refund received during the year 175.92
Net cash flow from operating activities 1,875.29 1,669.47

II. Investing activities

Purchase of property, plant and equipment (0.16) (0.42)
Sale proceeds of property, plant and equipment 0.02
Sale of investments 6,564.72 4, 197.48
Purchase of investments (8,201 .68) (4,330.44)
Proceeds from buyback of equity shares (See note 4) 1, 177.01
Net cash used in investing activities (460.11) (133.36)

Ill. Financing activities

Dividend paid (1 ,368.56) (1 ,500.35)
Cash payment for principal portion of operating lease liability (31.41) (25.10)
Cash payment for interest portion of operating lease liability (2.16) (6.94)
Net cash used in financing activities (1,402.13) (1,532.39)

Net change in cash and cash equivalents 13.05 3.72

Cash and cash equivalents as at the beginning of the year 25.19 21 .47
Cash and cash equivalents as at the end of the year 38.24 25)t
Notes (contd) :

3. The Company is essentially a holding and investment company focussing on earning income through dividends, interest and gains
on investments held. Hence, the Company's business activity falls within a single business segment i.e. investments.

4. The Company had tendered equity shares in buyback by Bajaj Auto Ltd. 1, 179,799 shares were accepted in buyback. Net o
transaction costs, the proceeds received on buyback of shares by the Company and profit thereon are ~ 1, 177.01 crore and
~ 1,153.47 crore respectively.
5. An interim dividend of~ 110 per equity share (1100%) was declared on 15 September 2023 and paid on 13 October 2023. The
Board of Directors have recommended a final dividend of~ 21 per equity share (210%), subject to the approval of shareholders.

6. The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the
published year to date figures upto the third quarter of the current financial year, which were subjected to a limited review.

7. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in the meeting held on
26 April 2024.

8. Figures for previous year I period have been regrouped wherever necessary.

By order of the Board of Directors

For Bajaj Holdil
n t lnves
!ent Limited
..- >-,
0
Pune ~iv Bajaj
26April 2024 Managing Director & CEO

Page 4 of 8
Kalyaniwalla & Mistry LLP NBS & Co
3 rd Floor, Pro - 1, Business Centre, 14/2, Western India House,
Senapati Bapat Road P M Road, Fort,
Pune 411016 Mumbai 400001

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS
BAJAJ HOLDINGS & INVESTMENT LIMITED

Report on the audit of the Consolidated Financial Results

Qualified Opinion

1. We have audited the accompanying Statement of Consolidated Fi nancial Results of

Bajaj Holdings & Investment Limited ("'the Holding Company") and its subsidiaries
(the Holding Company and its subsidiaries together referred to as "the Group"), and its
associates for the quarter and year ended March 31 , 2024, together with the notes
thereon, being submitted by the Holding Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, ("" Listing Regulations"), duly initialled by us fo r
identification.

2. In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the repo rts of th e other auditors on
separate audited financial statements of subsidiaries and associates, except fo r the
effects of the matters described in the 'Basis for Qualified Opi nion section of our report,
the Consolidated Financial Results:

2.1 includes the results of the following entities:

a. Bajaj Auto Limited - Associate (i ncluding the results of PT Bajaj Auto

Indonesia; Bajaj Auto International Holdings B.V. ; Bajaj Auto (Thailand) Limited ;
Chetak Technology Limited, Bajaj Auto Credit Limited (earlier known as "Bajaj
Auto Consumer Finance Limited"), Bajaj Auto Spain S.L.U., Bajaj Do Brasil
Comercio De Motocicletas LTOA and Pie rer Bajaj AG. )

b. Bajaj Finserv Limited - Associate (including the results of Bajaj Finance Limited;
Bajaj Allianz General Insurance Company Limited; Bajaj Allianz Life Insurance
Company Limited ; Bajaj Finserv Direct Limited; Bajaj Finserv Health Limited ;
Bajaj Finse rv Asset Management Limited; Bajaj Finserv Mutual Fund Trustee
Limited; Bajaj Finserv Ventures Limited; Bajaj Housing Fi nance Limited; Bajaj
Financial Securities Limited; Bajaj Allianz Fi nancial Distributors Li mited; Pennant
Technologies Private Limited; Snapwork Techno logies Private Li mited; and Bajaj
Allianz Staffing Solutions Limited.)

c. Maharashtra Scooters Limited - Subsidiary

d. Bajaj Auto Holdings Limited - Subsidiary

Kalyaniwalla & Mistry LLP NBS & Co
Floor, Pro - 1, Business Centre,
3 rd 14/2, Western India House,
Senapati Bapat Road P M Road, Fort,
Pune 411016 Mumbai 400001

2.2 is presented in accordance with the requirements of Regulation 33 of the Listing

Regulations, as amended; and

2.3 gives a true and fair view, in conformity with the applicable Indian Accounting
Standards (Ind AS) , prescribed under section 133 of the Companies Act, 2013 (the
Act), read with relevant rules issued thereunder and other accounting principles
generally accepted in India, of consolidated total comprehensive income
(comprising of net profit and other comprehensive income) and other financial
information of the Group for the quarter and year ended March 31, 2024.

Basis for Qualified Opinion

3. We conducted our audit in accordance with the Standards on Auditing C;SAs") specified
under section 143(10) of the Act. Ou r responsibilities under those Standards are further
described in the Auditor's Responsibilities for th e Audit of the Consolidated Financial
Results section of our report. We are independent of the Group and its associates in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants
of India together with the eth ical requireme nts that are relevant to our audit of the
Consolidated Financial Results under the provisions of the Act and the Rul es
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence
obtained by us and respective independent auditors in terms of their reports referred
to in paragraph 14 and 15 in the "Other Matters" paragraph below, is sufficient and
appropriate to provide a basis for our opinion, except in respect of the matter stated in
paragraph 4 below.

4. As disclosed in Note 7 to the Consolidated Financial Results, the profit before tax for
the quarter ended March 31, 2024 includes the Group's share of profit in respect of
one associate company of Bajaj Auto Limited, Pierer Bajaj AG (PBAG ) for the six
months ended December 31, 2023, as part of its consolidated profit for the quarter
ended March 31, 2024. In the absence of availability of quarterly information of PBAG,
we are unable to determine the impact of the Group's share of profit/loss from PBAG
on the consolidated profit after tax, other comprehensive income and earnings pe r
share for the quarter ended December 31, 2023, and March 31, 2024. Our limited
review report for the quarter ended March 31, 2023 and December 3 1, 2023, was also
qualified in respect of this matter.

Management's Responsibilities for the Consolidated Financial Results

5. These Consolidated Financial Results have been prepared on the basis of the annual
consolidated financial statements. The Holding Company's Board of Directors is
responsible for the preparation and presentation of these conso lidated financial results
that give a true and fair view of the net profit and other comprehen sive income and
other financial fnformation of the Group including its associates in accordance with the
applicable accounting standards prescribed under Section 133 of the Act read with
relevant rules issued thereunder and other accountin g principles generally accepted
in India and in compliance with Regulation 33 of the Listing Regulations.
Kalyaniwalla & Mistry LLP NBS & Co
3rdFloor, Pro - 1, Business Centre, 14/2, Western India House,
Senapati Bapat Road P M Road, Fort,
Pune411016 Mumbai 400001

The respective Board of Directors of the companies included in the Group and of its
associates are responsible for maintenance of adequate accounting records in
acco rdance with the provisions of the Act for safeguarding of th e assets of the Group
and its associates and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the consolidated financial results that give a true and
fair view and are free from material misstatement, whether due to fraud or error, which
have been used for the purpose of preparation of the conso lidated fi nancial results by
the Directors of the Holding Company, as aforesaid.

6. In preparing the consolidated financial results, the respective Board of Directors of the
Companies included in the Group and of its associates are responsible for assessing
the ability of the Group and its associates to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern basis of
accounting unless the respective Board of Directors either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.

7. The respective Board of Directors of t11e companies included in the Group and of its
associates are also responsible for overseeing the financial reporting process of the
Group and of its associates.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

8. Our objectives are to obtain reasonable assurance about whether the consolidated
financial resu lts as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our opinion . Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they cou ld reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial resu lts.

9. As part of an audit in accordance with SAs, we exercise profess ional judgment and
maintain professional skepticism throughout the audit. We also:

9.1 Identify and assess the risks of material misstatement of the consol idated financial
results , whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opi nion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulti ng from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal contro l.
Kalyan iwalla & Mistry LLP NBS & Co
Floo r, Pro - 1, Business Centre,
3rd 14/2, Western India House,
Senapati Bapat Road P M Road, Fort,
Pune 411016 Mumbai 400001

9.3 Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the Board of Directors.
9.4 Conclude on the appropriateness of the Board of Directors' use of the going
concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group and its associates to continue as a
going concern. If we conclude that a material uncertai nty exists, we are required to
draw attention in our auditor's report to the related disclosures in the consolidated
financial results or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Group and its
associates to cease to continue as a going concern.
9.5 Evaluate the overall presentation, structure and content of the consolidated
financial results , including the disclosures, and whether the consolidated financial
results represent the underlying transactions and events in a manner that achieves
fair presentation.
9.6 Obtain sufficient appropriate audit evidence regarding the financial results of the
entities within the Group and its associates to express an opinion on the
Consolidated Financial Results. We are responsible for the direction, supervision
and performance of the audit of financial information of such entities included in
the Consolidated Financial Results of which we are the independent auditors. For
the other entities included in the Consolidated Financial Results, wh ich have been
audited by other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them . We remain solely
responsible for our audit opinion.

10. We commun icate with those charged with governance of the Holding Company and
such other entities included in the Consolidated Financial Resu lts of which we are the
independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our aud it.

11 . We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
commun icate wilh them all relationships and other matters that may reasonably be
thought to bear on our independence, and whe re applicable, related safeguards.

12. We also performed procedures in accordance with the circular issued by the SEBI
under Regulation 33(8) of the Listing Regulations, as amended, to the extent
applicable.
Kalyaniwalla & Mistry LLP NBS & Co
3 rd Floor, Pro - 1, Business Centre, 14/2, Western ·India House,
Senapati Bapat Road P M Road, Fort,
Pu ne 411016 Mumbai 400001

Other Matters

13. a) The joint auditors of Bajaj Allianz Life Insurance Company Li mited ("BALI C"), a
subsidiary of an associate, have reported that the actuarial valuation of liabilities for
life policies in force and for policies in respect of wh ich premi um has been discontinued
but liability exists as at March 31 , 2024 is the responsibility of the Appointed Actuary
and in his opinion, the assumption s for such valuation are in accordance with Ind AS
104 "Insurance Contracts", Ind AS 109 "Financial Instruments'', guidelines and norms,
issued by Insurance Regu latory and Development Authority of India ("IRDAI") and
Institute of Actuaries of India in concurrence with the IRDAI. BALIC's joint auditor's
have relied upon the BALIC's Appointed Actuary's certificate in this regard for the
pu rpose of their report.

b) The joint auditors of Bajaj Allianz General Insurance Company Limited ("BAGIC"),
a subsidiary of an associate, have reported that the actuarial valuation of liabilities in
respect of Incurred But Not Reported ("IBNR") and Incurred But Not Enough Reported
("IBNER") claims is the responsibility of the BAG IC's Appointed Actuary. The actuarial
valuation of these liabilities as at March 31, 2024 has been duly certified by the
Appointed Actuary. Th e Appointed Actuary has also certified that in his opinion , the
assumptions for such valuation are in accordance with guidelines and norms, issued
by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI.
BAGI C's joint auditor's have relied upon the Company's BAGIC's Appointed Actuary's
certificate in this regard for the purpose of their report.

Our opinion is not modified in respect of these matters.

14. The Statement includes the audited Financial Results of 2 subsidiaries, whose
Financial Results reflect Group's share of total assets of Rs. 29,448.48 Crore as at
March 31, 2024, Group's share of total revenue of Rs. 5.71 Crore and Rs. 224.78
Crore , Group's share of total net profit after tax of Rs. 0.67 Crore and Rs. 201.13 Crore
and total comprehensive income of Rs . 1,362.84 Crore and Rs. 8, 170.03 Crore for the
quarter and year ended March 3 1, 2024, respectively and net cash flows of Rs . 0.90
Crore for the year ended March 31, 2024, which have been audited by their respective
independent auditors and are before consolidation adjustments. The independent
auditors' reports on the financial Resu lts of these entities have been furnished to us
and our opinion on the Statement, in so far as it relates to th e amounts and disclosures
included in respect of these entities, is based solely on the report of such auditors and
the procedures performed by us as described in the Auditor's Responsibilities for the
Audit of the Consolidated Financial Results section of our report.

15. The Statement includes the Group's share of net profit afte r tax of Rs. 1,553.83 Crore
and Rs. 5,969.72 Crore and Group's share of total comprehensive income of Rs.
1,945. 50 Crore and Rs . 6,830.91 Crore for the quarter and year ended March 31, 2024,
respectively, as considered in the Statement before conso lidation adjustments, in
respect of 2 associates and their subsidiaries included therein, whose fi nancial results
have not been audited by us. These fin ancial results have been audited by respective
independent auditors whose reports have been furnished to us by the Management
and ou r conclusion on the Statement, in so far as it relates to the amounts and
disclosures included in respect of these associates and their subsidiaries, is based
solely on the reports of such auditors and procedures performed by us as described in
the Auditor's Responsibilities for the Audit of the Consolidated Financial Results
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Kalyaniwalla & Mistry LLP NBS & Co
Floor, Pro - 1, Business Centre,
3 rd 14/2, Western India House,
Senapati Bapat Road P M Road , Fort,
Pune411016 Mumbai 400001

Ou r opin ion on the Statement in respect of matters stated in paragraphs 14 and 15

above is not modified with respect to our reliance on th e work done and the report of
the respective independent auditors.

16. The figu res for the quarters ended March 31, of the respective financial years as
reported in these consolidated financial results are the balanci ng figures between the
audited figures in respect of the full financial year ended March 31 and the published
year to date figures up to the end of the third quarter of the relevant financial year. The
figures up to the end of the third quarter have only been reviewed and not subjected
to an audit.

Our opinion on the Consolidated Financial Results is not modified in respect of the
above matter.

Kalyaniwalla & Mistry LLP NBS & CO.

Chartered Accountants Chartered Accou ntants
Firm Registration No.104607W/W100166 Firm Registration No.1 101OOW

~
Ani ~
Partner

Pu ne, April 26, 2024 Pu ne, April 26, 2024

 .HOLDINGS&
INVESTMENT

Bajaj Holdings & Investment Limited

CIN : L65100PN1945PLC004656
Registered Office : C/o Bajaj Auto Limited Complex, Mumbai· Pune Road, Akurdl, Pune • 411 035
Corporate Ollice : 6th Floor, Bajaj Finserv Corporate Office, Off Pune • Ahmednagar Road, Viman Nagar, Pune • 411 014
Website: www.bhll.ln ; E-mail ID: investors@bhll,ln ; Telephone: +91 20 7157 6066

Statement of consolidated audited financial results (Statement of Profit and Loss) for the quarter and financial year ended 31 March 2024
('In Crore)
Particulars Quarter ended Year ended
31.03.2024 31.12.2023 31.03.2023 31 .03.2024 31.03.2023
(AUaiteO) (Kev1ewea) (Auanea (AUonedJ (Audited;

1 Income
Interest Income 76.54 77.97 67.71 303 90 269.20
Dividend i11C0111e 3.74 11.82 5.21 163.81 122.95
Rental Income 5.43 5.44 4.61 20.45 1839
Profit on buyback of equ~y shares (See note 5) 1,11098 . . 1,110.98
Nel gain on fair value changes 13.27 9.44 0.97 38 59 33.20
Other investment income . . 2.72 . 2.91
Revenue from contracts with customers · Sale of goods 1.88 3.38 5.47 1096 17.44
Total revenue from operations 1,211.84 10805 86 69 1,648 69 464 09
Other Income 9.77 24.45 19.40 64.77 63 26
Total income 1,221.61 132,50 106.09 1,713.46 527.35
2 Expenses
Employee benefits e>penses 14.13 12.17 12.33 51 .66 49.78
Finance CO$ls - Interest on operating re- liability 0.54 0 55 4.92 2.16 6.94
Cost of raw materials consumed 1.27 1.56 1.76 5.51 7.06
Changes In inventories of worll·in·progml (0.43) 0.36 2.40 (004) 2.52
Depreciation, amortisation and impairment 8.48 8.47 8.50 33 86 3386
Other expenses 20.1 6 21.92 15.39 83.10 82 69
Total expenses 44.15 45.03 45..30 176.25 182.85

3 Share of profits of a>aociales (See note 7) 1.553.63 1,577.98 1,306 85 5,955.30 4,667.01
4 Profit before tax (1·2+3) 2,731.09 1,665.45 1,367.64 7,492.51 5,011.51

5 Tax e.peose
Current ta. 10.81 17.60 9.43 131.17 83.76
Deferred lax 4.11 2.93 5.06 13.69 4.55
Tax credit pertaining to earlier year . . . (17.261 (2301)
Total la< expense 14.92 2053 14.49 127.60 6530
6 Profit after tax (4·5) 2,716.17 1,644.92 1,353.15 7,364.91 4,946.21
7 Profit attributable to non-<:entrolling interests 0.05 0.49 0.40 97.70 95 69
8 Profit for the period (6·7) 2,716.12 1,644.43 1,352.75 7,267.21 4,850.52

9 Other comprehensive Income, net of tax

(including share of auociates)
(a) Items that will not be reclasified to profit or loss 87.35 (129 69) (2.018.84) 4,582.90 (2,&36 29)
(b) Items that will be reclasified to profit or loss 30639 30.02 67.42 41 1.75 (153.27)
Total other comprehensive income, net of tax 393.74 (99.67) (1,951.42) 4,994.65 (2,789.56)
10 Total comprehensive income (6+9) 3,109.91 1,545.25 (598.27) 12,359.56 2,156.65
11 Profit attributa.ble to:
Owners of the company 2,716.12 1,644.43 1,352.75 7,267.21 4,850 52
Non-<:enlrolling intert5ts 0 05 0.49 0.40 97.70 95 69
12 Total comprehensive income attributable to:
ONners of the company 3,177.92 1,942.46 190.46 10,921 09 3,413.91
Non-<:entrolling interests (68.01) (397.21) (788.73) 1,438.47 (1,257.26]

13 Paid-up equity share capital (Face value of t 10) 111.29 111.29 111.29 111.29 111.29

14 Other equity 54,136.22 44,071.49

15 Basic and diluted earnings per share (') (not annualised) 244.1 147.8 121.5 653.0 435.8

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Notes:

1. The consolidated financial results include consolidated results of the foUowing companies:
Name of the company 'lo shareholding and voting Consolidated
power of Bajaj Holdings & as
Investment Limited and Its
subsidiaries
a. Bajaj Auto Limited 3668% Associate'
b. Bajaj Finserv Limited 41 .56% Associate
c. Bajaj Auto Holdings Limited 100% Subsidiary
d. Maharashtra Scooters Limited 51% Subsidiary
•Equity picl<up of BHIL share in BAL's profit is net of elimination of cross-llolding of BAL in BHIL of 3.14%

2. Disclosure of consolidaled assets and liabilities (Balance Sheet) as per Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations. 2015 for the year ended 31 March 2024 -
(~In Crore)

As at As at
Particulars
31.03.2024 31.03.2023
Audited Aud~ed

A Assets
Financial assets
Cash and cash equivalents 39.73 25.78
Bank balances other than cash and cash equivalents 14.23 1369
Trade receivables 1.77 6.54
Investment in associates 34,26000 28,872.93
Other investments 30.454.58 23,682.49
Other financial aSMils 111.95 107.00
Sub-total · Financial assets 64,882.26 52,708.43
2 Non-financial asaets
Current tax. ~ts (net) 28.46 195.75
Investment property 170.61 173 93
Right-of-use asset 55 98 83.97
Property, plant and equipment 17.37 19.61
Inventories 366 3.80
Other non-financial 8"ets 2.74 2.61
Sub·total · Non-financial assets 278.82 479.67

Total · Assets 65,161.08 53,188.10

B Liabilities and equity
Financial liabilities
Trade payables
Total outslallding dues of micro enterprises and small
enterprises
Total outstanding dues of aeditors other than micro
enterprises and small enterprises 2.78 1.78
Lease liability 62.57 92.79
Other financial liabiliLies 47.16 44.60
Sub-total · Financial liabilities 112.51 139.17
2 Non-financial liabilities
Current tax liabilities (net) 38.75 12.79
Deferred tax liabilities (net) 2,028 62 1,463 22
Provisions 5.48 4.53
Other non-financial liablliUes 4.69 5.49
Sub-total· Non-financial llabllltles 2,077.54 1,486.03
3 Equity
Equity share capital 111.29 111.29
Ot/lerequity 54 ,136 22 44,071.49
Equity attributable to owners of the Company 54,247.51 44,182.78
Non-a>ntrolling interest 8,723 52 7,380.12
Sub-total· Total equity 62,971.03 51 ,562.90

Total • Liabilities and Equity 65,161.08 53,188.10

Notes (contd) :

3. Disclosure of consolidated statement of cash flows as per Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 for the year ended 31 March 2024 -
( ~I n Crore)
Particulars Year ended
31.03.2024 31.03.2023
(Audited) (Audited)

I. Operating activities
Profit before tax 7,492.51 5,011.51
Less: Share of profits of associates 5,955.30 4,667.01
Add: Dividend from associates 1,504.74 1,478.18
3,041.95 1,822.68
Adjustments to reconcile profit before tax to net cash flows:
Depreciation, amortisation and impairment 33.86 33.86
Finance costs - interest on operating lease liability 2.16 6.94
Unrealised foreign exchange (gain)noss on revaluation 1.19 4.20
Provision for diminution in value of investments written back (2.91)
Profit on sale of investments, net (23.07) (14.28)
Income from units of mutual fund 0.02 0.14
Amortisation of premium/discount on acquisition of debt securities (111.04) (70.74)
Profit on buyback of equity shares (1,110.98)
Interest on income-tax refund (3.81)
1,830.28 1,779.89
Change in assets and liabilities
(lncrease)/decrease in loans and other assets (5.67) 1.61
{lncrease)/decrease in trade receivables 4.78 3.48
(lncrease)/decrease in inventories 0.14 2.66
{lncrease)/decrease in other bank balances (0.35) (2.11)
lncrease/(decrease) in liabilities and provisions 2.58 (3.23)
(Purchase) I sale of money market mutual funds, etc.. net 66.46 66.23
Net cash flow from I (used in) from operating activities before income-tax 1,898.22 1,848.53
Income-tax refund for earlier years (net) 176.44 24.33
Income-tax paid (133.54) (145.21)
Net cash flow from operating activities 1,941.12 1,727.65

II. Investing activities

Purchase of property, plant and equipment (0.31) (2.00)
Sale proceeds of property, plant and equipment 0.11
Sale of investments 6,959.54 4,565.82
Purchase of Investments (8,692.68) (4.700.77)
Proceeds from buyback of equity shares (See note 5) 1,261.75
Net cash used In investing activities (471.70) (136.84)

Ill. Financing activities

Dividend paid (1.421.90) (1,554.87)
Cash payment for principal portion of operating lease liability (31.41) (25.10)
Cash payment for interest portion of operating lease liability (2.16) 6.94)
Net cash used In financing activities (1,455.47) (1,586.91)

Net change in cash and cash equivalents 13.95 3.90

Cash and cash equivalents as at the beginning of the year 25.78 21.88
Cash and cash equivalents as at the end of the year 39.73
Notes (contd) :

4. The Company is essentially a holding and investment company focussing on earning income through dividends, interest and gains on
investments held. Hence, the Company's business activity falls within a single business segment i.e. investments.

5. The holding Company and one of its subsidiary had tendered equity shares in buyback by one of its associate Bajaj Auto Ltd. 1,264,743 shares
were accepted in buyback. Net of relevant book costs & transaction costs, the proceeds received on buyback of shares and profit thereon are
~ 1,261.75 crore and ~ 1,110.98 crore respectively.

6. Bajaj Finance Ltd. (BFL) and its subsidiary Bajaj Housing Finance Ltd. (BHFL), subsidiaries of Bajaj Finserv Ltd., an associate company hold a
management and macro-economic overlay of~ 300 crore, in aggregate as at 31 March 2024.

7. Bajaj Auto Ltd. (BAL), an associate company of BHIL, through its wholly owned subsidiary, BAIHBV, holds 49.9% stake in one associate, i.e.,
Pierer Bajaj AG (PBAG). PBAG has a subsidiary, Pierer Mobility AG (PMAG) which is listed on the SIX Swiss Exchange, the regulated market
(General Standard) of the Frankfurt Stock Exchange and on the Vienna Stock Exchange (Official Market). The carrying value of investment by
BAIHBV in PBAG is€ 536.3 million.

In the current quarter ended 31 March 2024, BAL has accounted its share of six months consolidated profit of .PBAG of€ 9.31 million (~ 83.94
crore) as it was unable to receive the quarterly financial results of PBAG due to the differences in the regulations between India and Europe on the
frequency for publishing financial results by listed companies. BAL has been informed by PBAG, that the results of PMAG (included in PBAG) are
required to be published on a six-monthly basis as per the stock exchange regulations applicable to PMAG, and hence are permitted to be shared
with BAL only as per that publishing calendar. BAL has now accounted for its share of consolidated profit for six months in the results for the
current quarter ended 31 March 2024 as received from PBAG. The auditors of BAL have modified their report in regard to this matter and
consequently the auditors of BHIL have reproduced the same in their report.

8. An interim dividend of~ 110 per equity share (1 100%) was declared on 15 September 2023 and paid on 13 October 2023. The Board of Directors
have recommended a final dividend of ~ 21 per equity share (210%), subject to the approval of shareholders.

9. Key standalone financial information is given below:

(~In Crore)
Particulars Quarter ended Year ended
31.03.2024 31 .12.2023 31.03.2023 31.03.2024 31.03.2023
Audited) (Reviewed) Audited Audited) (Audited)
Total income 1,258.23 124.99 96.35 3,175.69 1,937.01
Profit before tax 1,219.08 85.63 59.08 3,020.82 1,778.85
Profit after tax 1,204.37 65.56 45.13 2,896.46 1,711.58

10. The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to
date figures upto the third quarter of the current financial year, which were subjected to a limited review.

11. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in the meeting held on 26 April 2024.

12. Figures for previous year I period have been regrouped wherever necessary.

By order of the Board of Directors

For Bajaj Holdinn &:v;stme~Limited

~~
Pune ~vBajaj
26April 2024 Managing Director & CEO

Page 8 of 8
 HOLDINGS&
INVESTMENT

26 April 2024

To To
Corporate Relations Department Corporate Listing Department
BSE Limited National Stock Exchange of India Ltd.
DCS-CRD Exchange Plaza, 5th Floor
Phiroze Jeejeebhoy Towe rs Plot No.C-1, G Block
Dalal Street, Bandra-Kurla Complex
Mumbai 400 001 Sandra (East), Mumbai 400 051
BSE Code: 500490 NSE Code: BAJAJHLDNG

Subject: Declaration in terms of Regulation 33(3)(d) of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

In terms of the second proviso to Regulation 33(3)(d) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, we declare that Kalyaniwalla & Mistry LLP and
NBS & Co., Joint Statutory Auditors of the Company, have submitted the Audit Report with
unmodified opinion, for Annual Audited Financial Results (standalone and consolidated) of
the Company, for the financial year ended 31 March 2024.

Thanking you,

Yours faithfully,
For Baj aj Holdings & Investment Limited

~~,\\<>~
Anant Marathe
Chief Financial Officer

BA:JA:J HOLDINGS & INVESTMENT LIMITED

www.bhil in

Corporate Office: 6"' Floor, Bajaj Finserv Corporate Office, Off Pune - Ahrnednagar Road, Virnan Nagar,
Pune - 411 014, Maharashtra, India I Tel: +91 20 7157 6066 I Fax: +91 20 7150 5792
Registered Office: Cl o Bajaj Auto Limited Complex. Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra, India
Corporate ID No.: L65100PN1945PLC004656 I Email ID: in• ~-· J.-~C.-.bhil in
 HOLDINGS&
INVESTMENT

Press release
Financial results - 04 and FY24
All-time high consolidated annual profit

A meeting of the Board of Directors of Bajaj Holdings & Investment Limited (BHIL) was held today t o
consider and approve the results for Q4 and FY24.

An interim dividend of~ 110 per equity share (1100%) w as declared on 15 September 2023 and paid
on 13 October 2023. The Board of Directors have recommended a final dividend of ~ 21 per equity
share (210 %). subject to the approval of shareholders.
(total dividend of 1310% compared t o previous year's 1230%).
The total amount of dividend is ~ 1.458 crore (Previous year ~ 1.369 crore).

Details about BHIL and companies consolidated in it. are included at t he end of this release.

1. Highlights

04 FY24v/s 04 FY23

./ Consolidated profit after tax - f 2,716 crore v/s ~ 1.353 crore

./ Standalone profit after tax - f 1,204 crore v/s ~ 45 crore

FY24 v/s FY23

./ Consolidated profit after t ax - f 7.267 crore v/s f 4,851 crore

./ Standalone profit after tax - f 2,896 crore v/ s ~ 1.712 crore

Like other shareholders, BHIL and its subsidiary. MSL. too tendered equity shares in buyback by
Bajaj Auto. Profit on buyback of equity shares of Bajaj Auto boost ed standalone and
consolidated profit after tax of the Company for Q4 and FY24 .

All the above profits for Q4 and FY24 include profit on buyback of equity shares of Bajaj Auto.

2. Consolidated results

Q4FY24
a. Bajaj Auto (consolidated) profit after t ax increased by 18% to f 2,011 crore in Q4 FY24 v/s ~
1.705 crore in Q4 FY23. Bajaj Auto (standalone) registered an excellent EBITDA margin of
20.1% in 04 FY24.
b. BFS (consolidated) profit after ta x increased by 20% to f 2,119 crore in Q4 FY24 v/s~1 ,769
crore in Q4 FY23, aided by strong performance of BFL. Adj ust ed for ma rk to ma rket
movement on equity investments across two period s, profit increased by 17%.

BAJAJ HOLDINGS & INVESTMENT LIMITED

WWW bhil jo

Corporate Office: 6th Floor. Bajaj Finserv Corporat e Office. Off Pune - Ahmednagar Road. Viman Nagar.
Pune - 4 11 014, Maharashtra. India I Tel: +9120 7157 6066 I Fax. +9120 7150 5792

Registered Office: C/ o Bajaj Auto Limited Complex. Mumbai- Pune Road, Akurdi, Pune- 411 035. Maharasht ra. India
Corporate ID No.: L65100PN1945 PLC004656 I Email ID: [email protected]
 HOLDINGS&
INVESTMENT

c. Maharashtra Scooters Ltd. profit after tax stood at ~ 0.10 crore in 04 FY24 v/ s ~ 0.82 crore in
04 FY23.
d. BHIL's consolidated profit after t ax increased to~ 2,716 crore in 04 FY24 v/s ~ 1.353 crore
in 04 FY23.

FY24

a. Bajaj Auto (standalone) profit after t ax increased by 33% t o an all-time high of ~ 7,479
crore in FY24 v/s ~ 5,628 crore in FY23.
Bajaj Auto (consolidated) profit after tax increased by 27% to ~ 7,708 crore in FY24 v/s ~
6,060 crore in FY23.
b. BFS (consolidated) profit after tax increased by 27% to an all-time high of~ 8,148 crore in
FY24 v/s ~ 6.417 crore in FY23. Adjusted for mark to market movement on equity
investments across two periods, profit increased by 21%.
c. Maharashtra Scooters Ltd. profit after tax increased to ~ 199.31 crore in FY24 v/s ~ 195.29
crore in FY23.
d. BHIL's consolidated profit after tax increased to an all-time high oft 7,267 crore in FY24 v/ s
~ 4,851 crore in FY23.
e. Annual profit after tax of all companies as mentioned above are at an all-time high.

Summary of consolidated financials of BHIL is as under:

~In Crore Q4FY24 Q4FY23 FY24 FY23

Total income 1.222 106 1.713 527
Share of profits of associates 1.554 1.307 5,955 4 ,667
Profit after tax 2,716 1,353 7,267 4,851

3. Standalone results

BHIL remains essentially a holding and investment company. It s focus is on earning income
through div idends, interest and profits on investments held. Details of standa lone financials are
given below:

~In Crore 04 FY24 Q4FY23 FY24 FY23

Dividend received 4 5 1.610 1,569
Profit on buy back of equit y shares 1,153 - 1,153 -
Profit on debt securities (net) 12 - 35 30
Interest on investments and
89 91 378 338
other income
Total income 1,258 96 3,176 1,937
Profit after tax (a) 1,204 45 2,896 1,712
Other comprehensive income, net of tax (b) 204 (370) 1.643 68
Total comprehensive income (a)+ (b) 1.408 (325) 4,539 1.780

BA:JA:J HOLDINGS & INVESTMENT LIMITED

WNW bhil jo

Corporate Office: 6"' Floor. Bajaj Finserv Corporate Office. Off Puoe - Ahmednagar Road. Viman Nagar.
Pune - 411 014. Maharashtra. India I Tel: +91 20 7157 6066 I Fax: +91 207150 5792

Registered Office: C/o Bajaj Auto Limited Comple)'.. Mumbai- Pune Road. Akurdi, Pune- 411 035. Maharashtra. India
Corporate ID No.: L65100PN1945PLC004656 I Email ID: i nvestor~@bhil in
 HOLDINGS&
INVESTMENT

4. Investments

The cost and market value of the investment portfolio is as under:

31-Mar-24 31-Mar-23
~In Crore
Cost Market Cost Market
value value
Strategic equity investments in group
companies 3,150 196,629 3,173 121.204
Equity shares - others 3,587 8,133 2,951 6,353
Debt securities 5,651 5.644 4,244 4 .188
Investment properties 171 301 174 289
Total 12,559 210,707 10,542 132,034

As against a book value of" 1,692 per share, NAV of the abov e investments was " 18,933 per
share as on 31 March 2024.

Anant Marathe

CFO

26 April 2024

BAJAJ HOLDINGS & INVESTMENT LIMITED

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Corporate Office: 6"' Floor. Bajaj Finseiv Corporat e Office. Off Pune - Ahmednagar Road. Viman Nagar.
Pune - 411 014, Maharasht ra, India I Tel: +91 20 7157 6066 I Fax : +9120 7150 5792

Regist er ed Office: C/ o Bajaj Auto Limited Complex. Mumbai- Pune Road, Akurdi, Pune- 4 11 035. Maharashtra. India
Corporate ID No.: L65100PN1945PLC004656 I Email ID: invest [email protected]
Annexure - Consolidated results BHIL (Ind AS)

('!' In Crore) Q4FY24 Q4FY23 FY24 FY23

1 Income
Interest income 76.54 67.71 303.90 269.20
Dividend income 3.74 5.21 163.81 122.95
Rental income 5.43 4.61 20.45 18.39
Profit on buyback of equity shares 1.110.98 - 1.110.98 -
Net gain on fair value changes 13.27 0.97 38.59 33.20
Other investment income - 2.72 - 2.91
Revenue from contracts with customers - Sale of goods 1.88 5.47 10.96 17.44
Total revenue from operations 1.211.84 86.69 1.648.69 464.09
Other income 9.77 19.40 64 .77 63.26
Total income 1,221.61 106.09 1,713.46 527.35

2 Expenses
Employee benefits expenses 14.13 12.33 51.66 49.78
Finance costs - Interest on opera t;ng lease liability 0.54 4.92 2.16 6.94
Cost of ra w materials consumed 1.27 1.76 5.51 7.06
Changes in inventories of work-in-progress (0.43) 2.40 (0.04) 2.52
Depreciation. amortisation and impairment 8 .48 8.50 33.86 33.86
Other expenses 20.16 15.39 83.10 82.69
Total expenses 44.15 45.30 176.25 182.85

3 Share of pro fits of associates 1.553.63 1.306.85 5.955.30 4.667.01

4 Profit before tax (1-2+3) 2,731.09 1,367.64 7,492.51 5,0 11.51

5 Tax expense
Current tax 10 .81 9.43 131.17 83.76
Deferred tax 4.11 5.06 13.69 4.55
Tax credit pertaining to earlier year - - (17.26) (23.01)
Total tax expense 14.92 14.49 127.60 65.30

6 Profit after t ax (4-5) 2,716.17 1,353.15 7,364.91 4 ,946.21

7 Profit attributable t o non-controlling interests 0.05 0.40 97.70 95.69

8 Profit for the period (6-7) 2,716.12 1,352.75 7,267.21 4 ,850.52

9 Other comprehensive income, net of t ax

(including share of associates)
(a) Items that will not be reclassified t o profit or loss 87.35 (2,0'18.84) 4.582.90 (2.636.29j
(b) Items that will be reclassified t o profit or loss 306.39 67.42 411.75 (153.27)
Tot al other comprehensive income, net of tax 393.74 (1,951.42) 4 ,994.65 (2,789.56)

10 Total comprehensive income (6+9) 3 ,109.91 (598.27) 12,359.56 2,156.65

11 Profit attributable to:

Owners of the company 2,716.12 1,352.75 7,267.21 4.850.52
Non- controlling interests 0.05 0.40 97.70 95.69

12 Total comprehensive income attributable to:

Ow ners of the company 3,177.92 190.46 10,921.09 3.413.91
Non-controlling interests (68.01) (788.73) 1.438.47 (1.257.26)

13 Paid-up equity share capital (Face value of~ 10) 111.29 111.29 111.29 111.29

14 Other equity 54,136.22 44.071.49

15 Basic and diluted earnings per share('!') (not annualised) 244.1 121.5 653.0 435.8
 HOLDINGS&
INVESTMENT

About BHIL:

BHI L remain s essentially a holding and investm ent company.

BHIL holds strategic stakes in Bajaj Auto Ltd .. Bajaj Finserv Ltd. and Maharashtra Scooters Ltd ..
which it conso lidates and other group companies. It has financial investments of o ver ~ 14.000 crore
(at market value).

BHI L also has a wholly owned subsidiary v iz. Bajaj Auto Holdings Ltd. (BAHL). which has investment
in group company.

The details of major group companies consolidated in BH IL have been given below:

Stake consolidated Explanation Consolidation

method
Bajaj Auto Ltd. (BAL)* BHI L's direct stake in BAL Equity pick-up
36.68% 34.22% +
MS L's 2.46% stake in BAL
Bajaj Finserv Ltd. (BFS) @ BHIL's direct st ake in BFS Equity pick-up
41.56% 39.06% + BAHL's 0.12% sta ke
in BFS + MSL's 2.38% stake in
BFS
Maharashtra Scoot ers Ltd. BHIL's direct st ake in MSL Full line by line
(MSL) 51% consolidation
51%

* BAL comprises of 49.90% stake in Pierer Bajaj AG

Equity pickup of BHIL share in BAL's profit is net of
elimination of cross -holding of BAL in BHIL of 3.14%

@ BFS comprises of 51.34% stake in Bajaj Finance Ltd. (BFL)

74% st ake in Bajaj Allianz General Insurance Company
Ltd. (BAGIC)
74% stake in Bajaj Allianz Life Insurance Company Ltd.
(BALIC)

BHIL is part of BSE 100 and Nifty 100 index of t op 100 companies listed in India. BFS and BFL are
included in t he benchmark BSE Sensex and Nifty 50 index of large cap stocks. while BAL is included
in Nifty 50 index. MSL is listed too.

BA:JA:J HOLDINGS & INVESTMENT LIMITED

w w wbb!I in

Corporate Office: 6th Floor. Bajaj Finserv Corpora te Office. Off Pune - Ahm ednagar Road. Viman Nagar.
Pune - 411 014. Maharashtra. India I Tel: +91 20 7157 6066 I Fax. +91 20 7150 5792

Regist ered Office: C/o Bajaj Auto Limited Complex. Mumbai- Pune Road. Akurdi, Pune- 411 035. Maharashtra. India
Corporate ID No.: l65100PN1945PLC004656 I Email ID: [email protected]