• The scheme of arrangement that we had announced last year for the demerger of our EPC business into a separate listed entity “Bajel Projects Limited” is in the final stages of regulatory approvals and the process will be completed in the coming few months. Operationally the teams are fully geared up for this.
• During the year we relaunched our flagship brand “BAJAJ” with the BUILT FOR LIFE positioning. I believe this will be a clear pivot and marker for the destiny and growth of the BAJAJ brand for several decades to come – to fortify its relationship with consumers and its distinct position in the marketplace.
• The investments and efforts in our research and development are beginning to deliver outcomes in the form of a wide range of new, distinct and innovative products across various categories. This along with our renewed brand thrust, has been and will continue to be the key enabler for growth in our market shares during the year gone by and the years to come.
• Our financial and operational performance continues to improve. In a year that has been challenging all around due to continuing impact of the Russia-Ukraine war and rising interest rates, leading to subdued consumption demand, our performance has been ahead of industry benchmarks and peers.
• ESG (Environmental, Social, and Governance) is an integral part of our business strategy. We prioritize responsible operations and value creation for all stakeholders. Through targeted initiatives, we reduce our environmental impact, promote social well-being, and uphold strong governance practices. Our commitment to ESG ensures sustainable growth, innovation, and positive contributions to the environment, society, and economy.
• We have continued to drive organisational transformation and strengthening, in terms of talent at all levels, systems and processes and workplace culture. As part of our commitment to better corporate governance as well as professionalising the management, during the year our Board decided to split the roles of Chairman and Managing Director. Accordingly, I continue as Executive Chairman of the Company, while our erstwhile Executive Director, Anuj Poddar was elevated to the position of Managing Director and Chief Executive Officer.

It would be worthy to note that all these changes and achievements (not just in the year gone by, but over the last few years), have been realised in a period that has been amongst the most volatile and challenging for all of industry and all countries and economies, based on my experience over the last several decades. That to me, is the most gratifying aspect of it, as it represents the new Bajaj Electricals Limited – and the grit, resilient and unwavering executional and strategic focus of our leadership and teams. So, I am tempted to say that while BUILT FOR LIFE is the positioning of our flagship consumer brand BAJAJ, it also reflects the ethos of what your company stands for and will become synonymous with.

Our future is equally exciting: as we soon split into 2 companies going forward – Bajaj Electricals Limited and Bajel Projects Limited – we have laid strong foundations for each of them to do well and grow at a faster pace and add more value in their respective domains.

As always, I remain deeply grateful for the contributions of Anuj Poddar, team Bajaj, business associates, our entire Board of Directors and you, our shareholders, for your trust in us.

Yours sincerely,

Shekhar Bajaj

Chairman