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    The text is:
    Registered Office Akurdi Pune 411035 India CIN L65993PN2007PLC130076  18 October 2024 
To, 
Surveillance Department 
BSE Limited 
1st Floor, New Trading Ring Rotunda 
Building, P J Tower Dalal Street, 
Mumbai 400 001 
BSE Code: 532977 
Sub: Clarification on Increase in Volume  
Dear Sir/Madam, 
With reference to your email dated 18 October 2024 having reference no. 
L/SURV/ONL/PV/AA/2024-2025/253, seeking clarification on significant increase in the volume of our equity shares across exchanges in the recent past, we wish to inform that the Company has been consistently making disclosures within the stipulated time frame to the Stock 
Exchanges as required under Regulation 30 and other applicable provisions of the Securities 
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations, 2015”), as amended from time to time.  
The Company had notified to the stock exchanges: 
a. Intimation dated 26 September 2024 under Regulation 29 of the Listing Regulations,
2015 for meeting of the Board to consider unaudited financial results for second qua rter
and half yea r ended 30 September 2024 scheduled on 16 October 2024;
b.Outcome of the said Board Meeting held on 16 October 2024, within the stipulated time
frame (copy of financials results & press release is enclosed herewith for re ady
reference);
c. The audio recording of the earnings conference call held post conclusion of the Board
Meeting on 16 October 2024 was also notified to the stock exchanges on the same day.
We hereby clarify that there is no unpublished price sensitive information/event that has become due for disclosure to the stock exchanges in terms of the Listing Regulations, 2015. Any movement in the volume of equity shares of the Company is market driven and we are not privy 
to the same. 
The Company remains committed to ensure adherence and compliance with the Listing 
Regulations requiring disclosure of any inform ation / announcement, likely to have a bearing on 
the price / volume of the equity shares of the Company, to the stock exchanges on a timely 
basis. 
Request you to kindly take the same on records. 
Yours faithfully,  
For Bajaj Auto Limited 
Rajiv Gandhi 
Company Secretary & Compliance Officer ACS 11263  
Encl: As Above BAJAJ Bajaj Auto Limited, 
Akurdi, Pune 411 035, India, 
Tel <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Fax <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
bajajauto.com 
16 October 2024 
Corporate Relations Department 
BSE Limited 
1st Floor, New Trading Ring 
Rotunda Building, P J Tower 
Dalal Street, Mumbai 400 001 
Email: cor12. <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> 
BSE Code: 5329n 
Dear Sir/Madam, Corporate Relations Department 
National Stock Exchange of India Ltd 
Exchange Plaza, 5th Floor , 
Plot No.C-1, G Block 
Bandra-Kurla Complex 
Sandra (East), MUMBAI 400 051 
Email: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> 
NSE Code: BAJAJ-AUTO 
Sub: Outcome of the Board Meeting -Unaudited financial results for the second quartar.· 
and half year ended 30 September 2024 
In terms of the provisions of Regulations 30 (read with Part A Para A of Schedule Ill) and 33 of 
the SEBI (Listing Obligations & Disclosure Requirements) RE;lgulations .2015, we enclose the 
following statements for the second quarter anal tia:lf year -ended iO September 2024, which 
were approved and taken on record by the board of directors at iN·meeting held today Le. on 16 
October 2024: 
a)Unaudited Standalone and Consolidated Financial Results for the second quarter and
half year ended 30 September 2024;
b)Limited Review Reports (separately for Standalone & Consolidated) for the second
quarter and half year ended 30 September 2024; and
c)Press Release.
The meeting commenced at 11.30 a.m. and concluded at 04:20 p.m. 
Thanking you, 
Yours faithfully, 
For Bajaj Auto Limited, 
RAJIV Digitally signed by RAJIV 
NA TV AR LAL NATVARLAL GANDHI 
Date: 2024.10, 16 16:22:52 
GANDHI +os·3o'
Rajiv Gandhi 
Company Secretary & Compliance Officer 
ACS 11263 
Encl: as above 
Registered Office Akurdi Pune 411035 India CIN L65993PN2007PLC130076 11 •--:rJ:/,sFfNDIAN 
Bajaj Auto Limited 
CIN : L65993PN2007PLC130076 
Registered Office: Mumbai -Pune Road, Akurdi, Pune 411 035 
Website : www.bajajauto.com ; E-mail : <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> ; Telephone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> ; Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Statement of standalone unaudited financial results for the quarter and half year ended 30 September 2024 
(tin Crore) 
Particulars Quarter ended Half year ended Year ended 
30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 
Sales in numbers 1,221,504 1,102,056 1,050,975 2,323,560 2,078,066 4,337,466 
1 Revenue from operations 
(a)Revenue from contracts with customers 12,688.05 11,547.38 10,519.02 24,235.43 20,567.61 43,578.87 
{b) Other operating revenue 439.42 380.64 258.25 820.06 519.43 1,106.36 
Total revenue from operations 13,127.47 11,928.02 10,777.27 25,055.49 21,087.04 44,685.23 
2 Other income 384.54 320.94 361.35 705.48 707.68 1,402.45 
3 Total income (1+2) 13,512.01 12,248.96 11,138.62 25,760.97 21,794.72 46,087.68 
4 Expenses 
(a)Cost of raw materials and components consumed 8,722.67 7,516.60 7,222.54 16,239.27 13,919.50 29,268.59 
(b)Purchase of traded goods 742.79 664.96 623.12 1,407.75 1,218.28 2,545.30 
(c)Changes in inventories offinished goods, work-in-progress and traded goods (101.61) 171.10 (194.60) 69.49 (74.07) (70.45) 
{d) Employee benefits expense 393.49 434.96 381.61 828.45 765.77 1,537.56 
(e)Finance costs 15.92 20.67 6.53 36.59 18.62 53.50 
(n Depreciation and amortisation expense 95.60 93.69 87.63 189.29 171.16 349.84 
(g)Other expenses 727.86 731.72 617.25 1,459.58 1,196.02 2,628.86 
(h)Expenses capitalised (9.91) (6.58) (5.50) (16.49) (25.24) (47.53) 
Total expenses 10,586.81 9,627.12 8,738.58 20,213.93 17,190.04 36,265.67 
5 Profit before exceptional items and tax (3•4) 2,925.20 2,621.84 2,400.04 5,547.04 4,604.68 9,822.01 
6 Exceptional items #" \.l T n "--'-- - - -
7 Profit before tax (5·6) // °'.'I/ -.........<,;..'\, 2,925.20 2,621.84 2,400.04 5,547.04 4,604.68 9,822.01 
8 Tax expense '�/ \0'
(a)Current tax <I _ ... ,t:-'3:>T I 666.86 639.56 553.64 1,306.42 1,095.80 2,283.60 
(b)Deferred tax \lJ.\ r ... ,..,. 42.04 (6.06) 10.26 35.98 7.97 59.62 
(c)Deferred tax -exceptional item (see note 4a) � L'- /� -1, 211.26 - - 211.26 -
Total tax expense '\..'\C _..,.,.,,�V// 920.16 633.50 563.90 1,553.66 1,103.77 2,343.22 
Profit for the period, before deferred tax• exceptional item (7-8a-8b) ��� 2,216.30 1,988.34 1,836.14 4,204.64 3,500.91 7,478.79 
9 Profit for the period (7-8) 2,005.04 1,988.34 1,836.14 3,993.38 3,500.91 7,478.79 
10 Other comprehensive income, net of tax � .... -----
(a)Items that will not be reclassified to profit or loss (see note 4b) //�� .. � 524.96 81.40 31.09 606.36 367.64 765.13 
(b)Items that will be reclassified to profit or loss '/,.,,_"/ '\cf.:.'\ - - - -
Total other comprehensive income, net of tax a:f \� I 524.96 81.40 31.09 606.36 367.64 765.13 
11 Total comprehensive income (9+10) en\ 7 �J� 2,530.00 2,069.74 1,867.23 4,599.74 3,868.55 8,243.92 
12 Paid-up equity share capital (Face value of� 10) :\ .. \. h:S'1 279.26 279.18 282.96 279.26 282.96 279.18 
13 Other equity '\.'\..c.;s,,,.._,___....,, t,.V// 24,581.32 
14 Basic and diluted earnings per share (t) (not annualised) �•ttK�-� 71.9 71.2 64.9 143.1 123.8 264.6 
Page 1 of 11 Notes: 
1. Disclosure of slandalone assets and liabilities (Balance Sheet) as per Regulation 33 of the SEBI (Listing Obligalions and Disclosure Requirements) Regulations, 2015 
for the half year ended 30 September 2024 -
(? In Crore) 
Particulars As at As at As at 
30.09.2024 30.09.2023 31.03.2024 
(Unaudited\ IUnauditecii fAuditedl 
A Assets 
1 Non-current assets 
(a) Property, plant and equipment 3,079.13 2,727.33 3,137.85 
(bl Capital work-in-progress 130.92 45.11 24.29 
(c) Investment property 48.34 49.46 48.90 
(d) Intangible assets 5.96 19.88 11.91 
(e) Intangible assets under development 4.08 3.20 
(ij Investment in subsidiaries 3,051.95 1,823.42 2,088.42 
(g) Financial assets 
Investments 17,666.49 17,531.16 17,524.60 
Loans 1.68 2.04 2.06 
Other financial assets 28.91 35.32 27.68 
(h) Income tax assets (net) 937.47 750.36 905.74 
(i) Other non-current assets 127.68 156.23 118.82 
Sub-total -Non-current assets 25,082.61 23,140.31 23,893.47 
2 Current assets 
(a) Inventories 1,541.21 1,500.11 1,695.62 
(bl Financial assets 
Investments 5,628.22 3,909.49 4,879.48 
Trade receivables 3,039.99 2,096.85 2,122.40 
Cash and cash equivalents 844.05 621.10 448.61 
Other bank balances 160.62 125.41 88.01 
Loans 3.58 4.02 3.21 
Other financial assets 802.23 510.51 463.90 
(c) Other current assets 649.20 539.26 655.95 
Sub-total -Current assets 12,669.10 9,306.75 10,357.18 
Total• Assets 37,751.71 32,447.06 34,250.65 
B Equity and liabilities 
1 Equity 
(a) Equity share capital 279.26 282.96 279.18 
(b) Other equity 27,047.01 25,097.90 24,581.32 
Sub-total -Equity 27,326.27 25,380.86 '24,860.50 
2 Non-current liabilities 
(a) Financial liabilities 
Sales tax deferral 126.74 125.04 125.84 
(b) Provisions 0.84 15.34 0.84 
(c) Deferred tax liabilities (net) 922.51 398.41 506.94 
(d) Government grant 29.36 32.02 30.69 
(e) Olher non-current liabilities 0.08 0.20 0.14 
Sub-total • Non-current liabilities 1,079.53 571.01 664.45 
3 Current fiabillties 
(a) Financial liabilities 
Short-term borrowings 851.10 834.05 
Trade payables 
Total outstanding dues of micro enterprises and small enterprises 367.86 391.53 745.30 
Total outstanding dues of creditors olher than micro enterprises and small ente 6,488.38 4,869.13 4,864.88 
Other financial liabilities 626.66 416.37 551.41 
(bl Other current liabilities 599.94 458.89 1,521.16 
(c) Provisions 201.75 184.86 188.21 
(d) Government grant 2.65 2.65 2.65 
(e) Current tax liabilities (net) 207.57 171.76 18.04 
Sub-total• Current liabilities 9,345.91 6,495.19 8,725.70 
Total • Equity and liabilities 37,751.71 32,447.06 34,250.65 
Page 2 of 11 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 half year
ended 30 September 2024 -
� In Crore) 
Particulars Half year ended Half year ended Year ended 
30.09.2024 30.09.2023 31.03.2024 
(Unauditedl lUnauditedl (Audited) 
I.Operating activities
Profit before tax 5,547.04 4,604.68 9,822.01 
Adjustments to reconcile profit before tax to net cash flows: 
Add: 
i)Depreciation and amortisation 189.29 171.16 349.84 
ii)Loss on property, plant and equipment sold,
demolished, discarded and scrapped 0.75 1.41 2.91 
iii) Provision for doubtful debts and advances - (23.83) 
iv)Share based payment to employees 33.72 18.93 40.37 
v) Exchange loss/(gain) on cash and cash equivalents 0.23 0.07 (0.19) 
vi)Exchange loss/(gain) on trade receivables 1.60 (2.86) (6.17) 
vii)Exchange loss/(gain) on borrowings 3.80 1.35 
viii)Interest adjustment on Government grant 0.90 0.81 1.60 
ix)Interest expense 35,69 17.81 51.90 
265.98 207.33 417.78 
Less:
i)Investment income included in above:
Interest income on fixed income securities 62.04 104.97 195.55 
Interest income on fixed deposits 49.03 73.45 141.85 
Interest income on exchange traded funds 232.63 218.11 443.19 
Interest income on fixed maturity plans 24.48 23.12 46.90 
Profif/(loss) on sale of other investments, net 0.71 (16.61) 
Gain on valuation and gain on realisation of mutual funds measured at fair 300.68 202.43 437.11 
value through profit or loss 
Dividend income on other strategic investments 30.10 43.05 43.05 
Amortisation of premium/discount on acquisition of fixed income securities 4.14 32.03 96.50 
703.10 697.87 1,387.54 
ii) Government grants 1.33 1.33 2.65 
iii) Surplus on sale of property, plant and equipment 2.38 2.28 5.83 
1706.81' 1701.48' 11,396.02 
5,106.21 4,110.53 8,843.77 
Change in assets and liabilities 
i) (lncrease)/decrease in inventories 154.41 (102.21) (297.72) 
ii)(lncrease)/decrease in trade receivables (919.19) (317.87) (316.28) 
iii) (lncrease)/decrease in loans· and other assets (354.80) (89.34) (170.57) 
iv)lncrease/(decrease) in liabilities and provisions 1,337.84 1,156.43 1,801.68 
218.26 647,01 1,017.11 
Annuity payments (net) to VRS/Welfare scheme optees 10,071 0.09 0,01 
Net cash from operating activities before income-tax 5,324.40 4,757.63 9,860.89 
Page 3 of 11 ' 
<,,: ;..,. 
� 
�,-:-;.,: -....:::-�--=/ � In Crore) 
Particulars Half year ended Half year ended Year ended 
30.09.2024 30.09.2023 31.03.2024 
/Unaudited} (Unaudited) (Audited) 
Income-tax paid (1,148.62) (885.72) (2,382.62) 
Net cash flow from/ (used in) operating activities 4,175.78 3,871.91 7,478.27 
II. Investing activities
i) Investment in subsidiary (963.53) (36.98) (301.98) 
ii)Sale o/ investments 2,791.19 6,199.06 17,248.43 
iii) Purchase of investments (2,903.70) (4,371.44) (14,603.39) 
iv) Sale/(purchase) of liquid mutual funds, etc., net 561.49 (1,239.05) (2,073.32) 
v)Investment in treasury shares by ESOP trust 36.41 28.92 (25.76) 
vi)(Increase)/ decrease in other bank balances (72.61) (59.08) (21.68) 
vii)Purchase of property, plant and equipment (including advances) (258.46) (268.13) (807.69) 
viii) Sale proceeds of property plant and equipment 3.84 3.84 11.99 
ix)Expenditure on intangible assets (including under development) ro.89l (3.20) 
(806.26} 257.14 (576.60) 
x) Investment income 
Interest income on fixed income securities 62.04 104.97 195.55 
Interest income on fixed deposits 49.03 73.45 141.85 
Dividend income on other strategic investments 30.10 43.05 43.05 
141.17 221.47 380.45 
(Increase) I decrease in interest receivable 38.72 26.33 56.93 
179.89 247.80 437.38 
Net cash flow from/ (used in) investing activities (626.37 504.94 (139.22 
Ill. Financing activities 
i)Short term bank loan taken/(repaid) 13.25 832.70 
ii) Interest expense (35.69) (17.81) (51.90) 
iii) Equity share buy-back (incl. tax and expenses) (931.84) - (4,017.18) 
iv)Issue of capital (including securities premium) 29.34 86.53 
v) Dividend paid (2,228.80) (3,957.29) (3,960.20) 
Net cash flow from/ (used in) financing activities (3,153.74) (3,975.10) (7,110.05) 
Net change in cash and cash equivalents 395.67 401.75 229.00 
Cash and cash equivalents at the beginning of the year 448.61 219.42 219.42 
Add/(Less) : Effects of exchange (loss)/gain on cash and cash equivalents (0.23) (0.07) 0.19 
Cash and cash equivalents at the end of the year 844.05 621.10 448.61 
Page 4 of 11 Notes (contd.) : 
3 The Board of Directors at its meeting held on 08 January 2024 approved a proposal to buyback fully paid up 4,000,000 equity shares of the Company having a face value of r 1 O each at a price of r 
10,000 per equity share, on proportionate basis, for an aggregate amount not exceeding r 4,000 crore through tender offer process in accordance with Companies Act, 2013 and rules made
thereunder, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the "SEBI Buyback Regulations") as amended. The buy back issue opened on 6 March 2024 
and closed on 13 March 2024 (both days inclusive). 
The buyback outlay aggregated to r 4,932 crore (including tax on buyback). In accordance with relevant statutory provisions, the Company has created a capital redemption reserve of r 4 crore,
equal to the nominal value of shares bought back, as an appropriation from retained earnings. 
The Buyback Committee of the Company, at its meeting held on 27 March 2024, approved the completion and closure of the buyback. 
4a The Company invests its surplus funds into a range of asset classes including debt mutual funds, index funds and fixed maturity plans. In compliance with Ind AS 12, the Company was making 
accounting provisions for Deferred Tax as per applicable law (taking cognizance of the indexation impact) on changes in fair value on these investments. 
The Finance (No. 2) Act, 2024 withdrew the indexation benefit on long-term capital gains on debt mutual funds which were purchased prior to 1 April 2023 and the tax rate with respect to long-term 
capital gains for the said asset class was changed from 20% plus surcharge and cess (with indexation) to 12.5% plus surcharge and cess (without indexation). 
Due to withdrawal of the indexation benefit and change in tax rate, the accounting provision for Deferred Tax created on Investment Income has been consequently increased by r 211.26 crore as a
cumulative one-time provision while computing the profit after tax for the period ended September 30, 2024. 
It is to be noted that only a provision is being made in the books of accounts at this point of time to record the Deferred Tax in line with the applicable accounting standards and the recently enacted 
tax change. The actual payment of tax would be made at the time of redemption of this asset class. The cash outflow towards tax could be different at the time of redemption depending on the actual 
gain and prevailing tax regulations. 
4b The Company holds investment in Bajaj Holdings & Investment Limited (listed entity) and Yulu Bikes Private Limited. Changes in fair value in respect of these investments is accounted for in other 
comprehensive income. In compliance with Ind AS 12, the Company was making accounting provisions for Deferred Tax as per applicable law on changes in fair value on this investment. 
For the listed entity, the Finance (No. 2) Act, 2024 changed the tax rate with respect to long-term capital gains from 10% plus surcharge and cess to 12.5% plus surcharge and cess. 
Further, for the unlisted entity, the said Act withdrew the indexation benefit on long-term capital gains and the tax rate was changed from 20% plus surcharge and cess (with indexation) to 12.5% plus 
surcharge and cess (without indexation). 
Due to the aforesaid changes, the accounting provision for Deferred Tax created on changes in fair value has been consequently increased by r 75.80 crore while computing the other
comprehensive income for the period ended September 30, 2024. 
It is to be noted that only a provision is being made in the books of accounts at this point of time to record the Deferred Tax, in line with the applicable accounting standards and the recently enacted 
tax change. The actual payment of tax would be made at the time of sale/ transfer of these investments. The cash outflow towards tax could be different at the time of sale/ transfer depending on the 
actual gain and prevailing tax regulations. 
5 Figures for previous year I period have been regrouped wherever necessary. 
6 The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on 16 October 2024 and subjected to a limited review by the statutory auditors. 
Pune 
Date: 16 October 2024 INITIAL FOB iDENTIFlCATION 
BY 
SRIBC: & C!O LLP 
Page 5 of 11 By order of the Board of Directors 
For Bajaj Auto Limited 
t()��jaj
Chairman II W/o<IWlre ,t�AH 
Bajaj Auto Limited 
CIN: L65993PN2007PLC130076 
Registered Office: Mumbai -Pune Road, Akurdi, Pune 411 035 
Website: www.bajajauto.com ; E-mail : <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> ; Telephone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> ; Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Statement of consolidated unaudited financial results for the quarter and half year ended 30 September 2024 
{'C In Crore) 
Particulars Quarter ended Half year ended Year ended 
30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 
1 Revenue from operations 
(a) Revenue from contracts wilh cuslomers 12,815.53 11,557.97 10,584.67 24,373.50 20,640.18 43,782.08 
(b) Other operating revenue 431.75 374.10 253.57 805.85 509.97 1,088.35 
Total revenue from operations 13,247.28 11,932.07 10,838.24 25,179.35 21,150.15 44,870.43 
2 Other income 399.33 335.32 368.60 734.65 719.70 1.436.02 
3 Total income (1+2) 13,646.61 12,267.39 11,206.84 25,914.00 21,869.85 46,306.45 
4 Expenses 
(a) Cost of raw materials and components consumed 8,610.88 7,417.44 7,231.49 16,028.32 13,918.27 29,267.47 
(b) Purchase of traded goods 803.39 702.12 666.02 1,505.51 1,280.71 2,702.10 
(c) Changes in inventories of finished goods, work-in-progress and lraded goods (111.26) 175.34 (194.111 64.08 (77.391 (76,341 
(d) Employee benefits expense 474.91 491.81 400.88 966.72 802.23 1,627.00 
(el Finance costs 75.20 46.97 6.54 122.17 18.63 60.36 
(ij Depreciation and amortisation expense 98.27 95.01 91.82 193.28 179.05 364.77 
(gl Other expenses 825.74 781.50 609.33 1,607.24 1,189.17 2,636.17 
(hi Expenses capitalised (9,911 (6.581 (5,501 (16,491 (25.241 (47,531 
Total expenses 10,767.22 9,703.61 8,806.47 20,470.83 17,285.43 36,534.00 
5 Share of profits/(lossl of associate (see note 6a and 6bl (580.301 183.65 (580.301 183.65 267.59 
6 Profit before exceptional items and tax (3•4+51 2,299.09 2,563.78 2,584.02 4,862.87 4,768.07 10,040.04 
7 Exceptional items 
8 Profit before tax (6-7) 2,299.09 2,563.78 2,584.02 4,862.87 4,768.07 10,040.04 
9 Tax expense 
(a) Current tax 669.20 641.89 553.71 1,311.09 1,095.91 2,285.67 
(bl Deferred tax 33.19 (19.901 10.26 13.29 7.97 46.13 
(c) Deferred tax• exceptional item (see note 7a) 211.26 211.26 
Total tax expense 913.65 621.99 563.97 1,535.64 1,103.88 2,331.80 
Profit after tax, before deferred tax • exceptional item (8-9a-9b) 1,596.70 1,941.79 2,020.05 3,538.49 3,664.19 7,708.24 
10 Profit after tax (8-9) 1,385.44 1,941.79 2,020.05 3,327.23 3,664.19 7,708,24 
11 Profit attributable to non-controlling interest 
12 Profit for the period (10-11) 1,385.44 1,941.79 2,020.05 3,327.23 3,664.19 7,708.24 
13 Other comprehensive income, net of tax 
(a) Items that will not be reclassified to profit or loss (see note 7b) 524.96 81.40 31.09 606.36 367.64 763.70 
(bl Items that will be reclassified to profit or loss 261.61 (44.53) (123.23) 217.08 (148.54) (59.65) 
Total other comprehensive income, net of tax 786.57 36.87 (92.141 823.44 219.10 704.05 
14 Total comprehensive income (12+131 2,172.01 1,978.66 1,927.91 4,150.67 3,883.29 8,412.29 
15 Profit attributable to: 
Owners of the company 1,385.44 1,941.79 2,020.05 3,327.23 3,664.19 7,708.24 
Non-controlling interests .
16 Total comprehensive income attributable to: 
Owners of the company 2,172.01 1,978.66 1,927.91 4,150.67 3,883.29 8.412.29 
Non-controlling interests 
17 Paid-up equity share capital (Face value of? 10) 279.26 279.18 282.96 279.26 282.96 279.18 
18 Other equity 28,683.23 
19 Basic and diluted earnings per share (�I (not annualised) 49.7 69.6 71.4 119.2 129.6 272.7 
Page 6 of 11 Segment-wise revenue, results and capital employed (consolidated) 
Particulars 
30.09.2024 
(Unaudited) 
1 Segment revenue 
Automotive 13,070.73 
Investments 396.90 
Financing 178.98 
Total 13,646.61 
2 Segment profit before tax and finance costs 
Automotive 1,951.30 
Investments 395.95 
Financing (32.27) 
Total 2,314.98 
Less: Finance costs (excludes Financial Services business) 15.89 
Total profit before tax 2,299.09 
3 Capital employed 
Segment assets 
Automotive 14,563.65 
Investments 24,818.40 
Financing 5,522.51 
Unallocable 937.47 
Sub-total 45,842.03 
Segment liabilities 
Automotive 9,200.65 
Investments -
Financing 1,209.25 
Unallocable 207.57 
Sub-total 10,617.47 
Capital employed 
Automotive 5,363.00 
Investments 24,818.40 
Financing 4,313.26 
Unallocable 729.90 
Total 35,224.56 
Page 7 of 11 Quarter ended 
30.06.2024 30.09.2023 
(Unaudited) (Unaudited) 
11,852.69 10,844.61 
333.25 362.23 
81.45 -
12,267.39 11,206.84 
2,298.34 2,228.83 
333.10 361.73 
(46.87) -
2,584.57 2,590.56 
20.79 6.54 
2,563.78 2,584.02 
13,896.27 13,084.66 
24,362.71 22,631.99 
2,586.79 -
686.22 750.36 
41,531.99 36,467.01 
8,020.53 6,406.08 
- -
577.54 -
23.61 171.76 
8,621.68 6,577.84 
5,875.74 6,678.58 
24,362.71 22,631.99 
2,009.25 -
662.61 578.60 
32,910.31 -29,889.17
t;jp.u, 0
")8 ,;,,. I� pUNE-35 � * * 
�kll�Q' 
◄ ............ ·:.:.·. · ·,-Half year ended 
30.09.2024 30.09.2023 
(Unaudited) (Unaudited) 
I 24,923.42 21,160.23 
730.15 709.62 
260.43 -
25,914.00 21,869.85 
4,249.64 4,078.08 
729.05 708.62 
(79.14) -
4,899.55 4,786.70 
36.68 18.63 
4,862.87 4,768.07 
14,563.65 13,084.66 
24,818.40 22,631.99 
5,522.51 -
937.47 750.36 
45,842.03 36,467.01 
9,200.65 6,406.08 
- -
1,209.25 -
207.57 171.76 
10,617.47 6,577.84 
5,363.00 6,678.58 
24,818.40 22,631.99 
4,313.26 -
729.90 578.60 
35,224.56 29,889.17 f□�e.co,\\ 
� � 
'?,9� � tqED �t"'� � In Crore) 
Year ended 
31.03.2024 
(Audited) 
44,870.14 
1,419.66 
16.65 
46,306.45 
8,708.15 
1,417.60 
(25.35) 
10,100.40 
60.36 
10,040.04 
13,657.96 
23,520.93 
1,259.06 
905.74 
39,343.69 
8,701.54 
-
376.05 
18.04 
9,095.63 
4,956.42 
23,520.93 
883.01 
887.70 
30,248.06 Notes: 
1. Discklsure of consolidated assets and liabiities (Balance Sheet) as per Regulation 33 of the SEBI (Listing Obligations and Discklsure Requirements) Regulations, 2015 for 
the haH year ended 30 September 2024 • 
(f In Crore) 
Particulars Asat As at As at 
30.09.2024 30.09.2023 31.03.2024 
(Unaudited\ IUnauditedl IAuditedl 
A Assets 
1 Non-current assets 
(a) Property, plant and equipment 3,139.95 2,875.14 3,147.46 
(b) Capital work"n· progress 140.89 51.70 28.23 
(c) Investment property 48.34 49.46 48.90 
(d) Intangible assets 15.65 19.88 21.01 
(e) Intangible assets under deveklpment 10.31 6.87 
(n Investment in associate of subsidiary 4,444.91 4,660.16 4,820.40 
(g) Financial assets 
Investments 17,947.79 17,531.17 17,834.69 
Loans 2,830.90 2.04 576.99 
Other financial assets 28.99 35.32 28.32 
(h) Income tax assets (net) 965.28 751.22 910.02 
(i)Other non-current assets 131.56 158.81 122.43 
Sub-total • Non-current assets 29,704,57 26,134,90 27,545,32 
2 Current assets .
(a) Inventories 1.712.45 1,554.00 1,688.75 
(b) Financial assets 
Investments 6,159.77 4,112.80 5,431.59 
Trade receivables 2,818.56 2,089.95 2,075.53 
Cash and cash equivalents 1,110.39 675.04 560.45 
Other bank balances 442.81 685.10 394.87 
Loans 1,296.38 4.02 207.92 
Other financial assets 1,841.75 605.30 747.30 
(c) Other current assets 755.35 605.90 691.96 
Sub-total • Current assets 16·,137,46 10,332.11 11,798,37 
Total -Assets 45,842.03 36,467.01 39,343.69 
8 Equity and liabilities 
1 Equity 
(a) Equity share capital 279.26 282.96 279.18 
(b) Other equity 30,699.69 29,048.08 28,683.23 
Equity attributable to owners of the Company 30,978.95 29,331,04 28,962.41 
(c) Non-controlling interest 0.01 0,01 0.01 
Subtotal • Total equity 30,978.96 29,331.05 28,962.42 
2 Non-current liabilities 
(a) Financial liabiities 
Borrowings 3,204.47 633,33 
Sales tax deferral 126.74 125.04 125.84 
Other financial liabilities 25,11 
(b) Provisions 11.06 15.80 6,83 
(c) Defened tax liabiities (net) 882.38 398.41 493.13 
(d) Government grant 29.36 32.02 30.69 
(e) Other non-current liabilities 0.08 0,20 0.22 
Sub-total• Non-current liabilities 4,279.20 571.47 1,290.04 
3 Current liabilities 
(a) Flnancial Liabilities 
Sho1Herm borrowings 1,914.08 1,152.57 
Trade payables 
Total outstanding dues of micro enterprises and small enterprises 368.93 393.18 747.51 
Total outstanding dues of creditors other than micro enterprises and small enterpri 6,569.91 4,909.34 4,849.88 
Other financial liabilities 699.03 430.01 597.03 
(b) Other current liabiLities 612.37 471.83 1,530.90 
(c) Provisions 206.85 185.72 190.61 
(d) Government grant 2.65 2.65 2.65 
(e) Cunent tax liabilities (net) 210.05 171.76 20.08 
Sub-total • Currant liabilities 10,583.87 6,564.49 9,091.23 
Total • Equitv and liabilities 45,842.03 36,467.01 39,343,69 
Page 80111 Notes (contd.) 
2.Disclosure of consolidated Statement of Cash Flows as per Regulation 33 of lhe SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 for the half year
ended 30 September 2024 -
Particulars 
I.Operating activities 
Profit before tax
Adjustments to reconcile profit before tax to net cash flows: 
Add: 
i)Depreciation and amortisation
ii)Loss on property, plant and equipment sold, 
demolished, discarded and scrapped
iii)Provision for doubtful debls and advances 
iv) Share based payment to employees
v)Exchange rate differences on cash and cash equivalents 
vi)Exchange loss/(gain) on, trade receivables 
vii) Exchange loss/(gain) on borrowings 
viii) Interest adjustment on Government grant
ix)Interest expense
Less: 
i)Investment income included in above: 
Interest income on fixed income securities
Interest income on fixed deposits
Interest income on exchange traded funds
Interest income on fixed maturity plans
Profil/(loss) on sale of other investments, net
Gain on valuation and gain on realisation of mutual funds measured at fair
value through profit or loss
Dividend income on other strategic investments 
Amortisation of premium/discount on acquisition of fixed income securities 
ii)Share of profits/floss) of associate
iii) Government grants
iv)Surplus on sale of property, plant and equipment
Change in assets and liabilities 
i)(lncrease)/decrease in inventories
ii)(lncrease)/decrease in trade receivables 
iii) (lncrease)/decrease in loans and other assels
iv)lncrease/(decrease) in liabilities and provisions
Annuily payments (net) to VRS/Welfare scheme optees 
Net cash from operating activities before income-tax 
Page 9 of 11 Half year ended 
30.09.2024 
(Unaudited) 
193.28 
0.82 
33.72 
0.23 
1.60 
3.80 
0.90 
121.27 
62.04 
63.97 
232.63 
24.48 
312.79 
30.10 
4.14 
730.15 
(580.30) 
1.33 
2.38 
(23.70) 
(744.63) 
(4,513.22) 
1,469.53 4,862.87 
355.62 
(153.561 
5,064.93 
(3,812.02) 
(0.07 
1,252.84 Half year ended 
30.09.2023 
(Unaudited) 
179.05 
1.44 
18.93 
0.07 
(2.86) 
0.81 
17.82 
104.97 
80.50 
218.11 
23.12 
0.71 
207.13 
43.05 
32.03 
709.62 
183.65 
1.33 
2.28 
9.55 
(334.66) 
(102.19) 
1,153.14 4,768.07 
215.26 
(896.88) 
4,086.45 
725.84 
0.09 
4,812.38 (f In Crore' 
Year ended 
31.03.2024 
(Audited) 
364.77 
3.12 
(23.83) 
40.53 
(0.19) 
(6.17) 
1.35 
1.60 
58.76 
195.55 
162.53 
443.19 
46.90 
(16.61) 
448.55 
43.05 
96.50 
1,419.66 
267.59 
2.65 
5.87 
(125.20) 
(293.10) 
(1,198.75) 
1,777.88 10,040.04 
439.94 
(1,695.771 
8,784.21 
160.83 
O.D1
8,945.05 � In Crorel 
Particulars Half year ended Half year ended Year ended 
30.09.2024 30.09.2023 31.03.2024 
(Unauditedl /Unaudited\ !Audited\ 
Income-lax paid (1,176.38) (886,65) (2,386.89) 
Net cash flow from/ (used in) operating activities 76.46 3,925.73 6,558.16 
II.Investing activities 
i)Sale of investments 5,988.35 6,214.07 17,248.43 
ii)Purchase of investments (5,941.20) (4,373.34) (15,274.17) 
iii)Sale/(purchase) of liquid mutual funds, etc., net 463.29 (1,288.79) (2,091.31) 
iv)Investment in treasury shares by ESOP trust 36.41 28.92 (25.76) 
v) (Increase)/ decrease in other bank balances (47,94) (236.24) 53,99 
vi)Purchase of property, plant and equipment (including advances) (309.78) (301.44) (706.45) 
vii)Sale proceeds of property plant and equipment 3.84 3.84 12.15 
viii)Expenditure on intangible assets (including under development) (4,931 116,391 
188.04 47,02 1799,511 
ix) Investment income , .. Interest income on fixed income securities 62,04 104,97 195,55 
Interest income on fixed deposits 63.97 80.50 162.53 
Dividend income on other strategic investments 30.10 43.05 43.05 
156,11 228,52 401.13 
(Increase) / decrease in interest receivable 29.11 /51.40\ 54.65 
185.22 177.12 455,78 
Net cash flow from I (used in) investing activities 373.26 224.14 /343.731 
Ill. Financing activities 
i) Interest expense (121.27) (17.82) (58,76) 
ii) Borrowings taken/(repaid) 3,328.85 1,784.55 
iii)Equity share buy-back (incl. tax and expenses) (931.84) - (4,017.18) 
iv)Issue of capital (including securities premium) 29.34 - 86.53 
v)Transaction costs on issue of shares (0,25) (2.30) 
vi)Dividend paid (2,228.80) (3,957,291 13,960.20} 
Net cash flow from/ (used in) financing activities 76,28 13,975.361 f6,167.36 
IV, Change in foreign currency translation arising on consolidation 24.17 258.98 271.57 
Net change in cash and cash equivalents 550.17 433.49 318.64 
Cash and cash equivalents at the beginning of the year 560.45 241,62 241,62 
Add/(Less) : Effects of exchange (loss)/gain on cash and cash equivalents (0.23) (0,07) 0.19 
Cash and cash e□uivalents at the end of the year 1,110.39 675.04 560.45 
Page 10 of 11 Notes (contd.) 
3. 
4 
5 
6a The consolidated financial results include results of the followinq companies: 
Name of the company 
a. PT. Baiai Auto Indonesia 
b. Bajaj Auto International Holdinqs BV 
c. Baiaj Auto (Thailand) Ltd. 
d. Chetak Technology Ltd. 
e. Baiai Auto Credit Ltd. !earlier known as Baiai Auto Consumer Finance Limited\ 
f. Baiai Auto Spain S.L.U. 
g. Bajaj Do Brasil Comercio De Motocicletas Lida 
Key standalone financial information is given below: 
Particulars 
Revenue from operations 
Revenue from operations and other income 
Profit before tax 
Profit after tax % shareholding and voling power of 
Bajaj Auto Limited 
99.25% 
100% 
100% 
100% 
100% 
100% 
100% 
Quarter ended 
30.09.2024 30.06.2024 
/Unaudited run audited 
13,127.47 11,928.02 
13,512.01 12,248.96 
2,925.20 2,621.84 
2,005.04 1,988.34 Segment Consolidated as 
Automotive Subsidiarv 
Automotive Subsidiary 
Automotive Subsidiarv 
Automotive Subsidiary 
Financinq Subsidiarv 
Automotive Subsidiary 
Automotive Subsidiarv 
(, In Crore) 
Half year ended Year ended 
30.09.2023 30.09.2024 30.09.2023 31.03.2024 
(Unaudited) (Unaudited) (Unaudited) (Audited' 
10,777.27 25,055.49 21,087.04 44,685.23 
11,138.62 25,760.97 21,794.72 46,087.68 
2,400.04 5,547.04 4,604.68 9,822.01 
1,836.14 3,993.38 3,500.91 7,478.79 
The Board of Directors at its meeting held on 08 January 2024 approved a proposal to buyback fully paid up 4,000,000 equity shares of the Company having a face value of , 10 each at a price oft 10,000 per equity share, on proportionate basis, for an aggregate amount not 
exceeding , 4,000 crore through tender offer process in accordance with Companies Act, 2013 and rules made thereunder, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the "SEBI Buyback Regulations") as amended. The buy back 
issue opened on 6 March 2024 and closed on 13 March 2024 (both days inclusive). The buyback outlay aggregated to, 4,932 crore (including tax on buyback). In accordance with relevant statutory provisions, the Company has created a capital redemption reserve of, 4 crore, 
equal to the nominal value of shares bought back, as an appropriation from retained earnings. The Buyback Committee of the Company, at its meeting held on 27 March 2024, approved the completion and closure of the buyback. 
The Company, 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€ 474.0 million. In the current quarter ended 30 September 2024, the Company has accounted its share of six months consolidated loss of PBAG of€ 
63.08 million (, 580.30 crore) as the Company was unable to receive the quarterly financial results of PBAG. This is due to the differences in the regulations between India and Europe on the frequency for publishing financial results by listed companies. In view of this, the Company 
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 the Company only as per that publishing calendar. 
The Company has now accounted for its share of consolidated loss for six months in the results for the current quarter ended 30 September 2024 as received from PBAG. The auditors of the Company have modified their report in regard to this matter. 
6b As per the results announcement of PMAG, economically volatile and difficult conditions led to the negative results in H1 2024. The main drivers behind the negative results for the first half of the year were the decline in sales due to the economic environment (particularly in USA), 
expenses in connection with the restructuring of the Bicycle segment as well as the production and personnel costs in Europe. A copy of the Press Release as put out by PMAG can be accessed at-https://www.pierermobility.com/en/new sroom/eqsfeed/2831077?type=adhoc 
In view of the loss of€ 172 million for H1 2024 announced by PMAG, BAIHBV would effectively have to record in its financial results such share of loss from its associate (PBAG, which consolidates PMAG). It is to be noted that this matter pertains to the business and operations of 
Pierer Mobility AG and the material impact on BAIHBV and Bajaj Auto arises from the accounting requirements relating to an investment made in an associate company. 
7a The Company invests its surplus funds into a range of asset classes including debt mutual funds, index funds and fixed maturity plans. In compliance with Ind AS 12, the Company was making accounting provisions for Deferred Tax as per applicable law (taking cognizance of the 
indexation impact) on changes in fair value on these investments. The Finance (No. 2) Act, 2024 withdrew the indexation benefit on long-term capital gains on debt mutual funds which were purchased prior to 1 April 2023 and the tax rate with respect to long-term capital gains for 
the said asset class was changed from 20% plus surcharge and cess (with indexation) to 12.5% plus surcharge and cess (without indexation). Due to withdrawal of the indexation benefit and change in tax rate, the accounting provision for Deferred Tax created on Investment 
Income has been consequently increased by t 211.26 crore as a cumulative one-time provision while computing the profit after tax for the period ended September 30, 2024. It is to be noted that only a provision is being made in the books of accounts at this point of time to record 
the Deferred Tax in line with the applicable accounting standards and the recently enacted tax change. The actual payment of tax would be made at the time of redemption of this asset class. The cash outflow towards tax could be different at the time of redemption depending on 
the actual gain and prevailing tax regulations. 
7b The Company holds investment in Bajaj Holdings & Investment Limited (listed entity) and Yulu Bikes Private Limited. Changes in fair value in respect of these investments is accounted for in other comprehensive income. In compliance with Ind AS 12, the Company was making 
accounting provisions for Deferred Tax as per applicable law on changes in fair value on this investment. For the listed entity, the Finance (No. 2) Act, 2024 changed the tax rate with respect to long-term capital gains from 10% plus surcharge and cess to 12.5% plus surcharge and 
cess. Further, for the unlisted entity. the said Act withdrew the indexation benefit on long-term capital gains and the tax rate was changed from 20% plus surcharge and cess (with indexation) to 12.5% plus surcharge and cess (without indexation). Due to the aforesaid changes, the 
accounting provision for Deferred Tax created on changes in fair value has been consequentl y increased by , 75.80 crore while computing the other comprehensive income for the period ended September 30, 2024. It is to be noted that only a provision is being made in the books 
of accounts at this point of time to record the Deferred Tax, in line with the applicable accounting standards and the recently enacted tax change. The actual payment of tax would be made at the time of sale/ transfer of these investments. The cash outflow towards tax could be 
different at the time of sale/ transfer depending on the actual gain and prevailing tax regulations. 
8 Figures for previous year/ period have been regrouped wherever necessary. 
9 The above results have been reviewed by the Audit Committee, approved by the Board of 01 ••· etIng held on 16 October 2024 and sub1ected to a limited review by the statutory auditors. 
B�UTQ(> 
By order of the Board of Directors 
") () INITIAL FOR IDENTIFICATION For Bajaj Auto Limited 
� puNE·35 � I BY 
� (J �� Pune 
��l<tt'il�-} Date 16 October 2024 Chairman -SRBC & co LLP SR BC & CO LLP 
Chartered Accountants Ground Floor 
Panchshil Tech Park, Yerwada 
( Near Don Bosco School) 
Pune • 411 006, India 
Tel : <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial 
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure 
Requirements) Regulations, 2015, as amended 
Review Report to 
The Board of Directors 
Bajaj Auto Limited 
1.We have reviewed the accompanying statement of unaudited standalone financial results of Bajaj
Auto Limited (the "Company") for the quarter ended September 30, 2024 and year to date from
April 01, 2024 to September 30, 2024 (the "Statement") attached herewith, being submitted by the
Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
2.The Company's Management is responsible for the preparation of the Statement in accordance with
the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34)
"Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended,
read with relevant rules issued thereunder and other accounting principles generally accepted in India
and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved
by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement
based on our review.
3.We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan
and perform the review to obtain moderate assurance as to whether the Statement is free of material
misstatements. A review of interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
Standards on Auditing and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
4.Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the accompanying Statement, prepared in accordance with the recognition and measurement
principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section
133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other
accounting principles generally accepted in India, has not disclosed the information required to be
disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or
that it contains any material misstatement.
For S R B C & CO LLP 
Chartered Accountants 
/S. Firm registration number: 324982E/E300003 
t) 
per Paul Alv res 
Partner 
Membership No.: 105754 
UDIN: 2..4 t O '"::,.54 3/<..@z!:: Q z.. S� lf
Place: Pune 
Date: October 16, 2024 
SR BC & CO LLP, a Limited l1<1b1lity Partnership with LLP Identity No. AAB·4318 
Regd. Office: 22, Camac Street. Block 'f3'. 3rd Floor, Kolr(aca·700 016 SR BC & CO LLP 
Chartered Accountants Ground Floor 
Panchsh,I Tech Park, Yerwada 
( Near Don Bosco School) 
Pune • 411 006, India 
Tel : <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the 
Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, 
as amended 
Review Report to 
The Board of Directors 
Bajaj Auto Limited 
1.We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of Bajaj Auto Limited
(the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the
Group") and its associate for the quarter ended September 30, 2024 and year to date from April 01, 2024 to
September 30, 2024 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the
requirements of Regulation 33 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (the "Listing Regulations").
2.The Holding Company's Management is responsible for the preparation of the Statement in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard 34, {Ind AS 34) "Interim Financial
Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued
thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the
Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors . Our 
responsibility is to express a conclusion on the Statement based on our review.
3.We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410,
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute
of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate
assurance as to whether the Statement is free of material misstatement. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019
{the "Circular") issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations,
to the extent applicable.
4.The Statement includes the results of the following entities:
a.PT Bajaj Auto Indonesia, Indonesia
b.Bajaj Auto International Holdings B. V. Amsterdam, Netherlands
c.Bajaj Auto {Thailand) Limited, Thailand
d.Chetak Technology Limited, India
e.Bajaj Auto Credit Limited, India (earlier known as 'Bajaj Auto Consumer Finance Limited')
f.Bajaj Auto Spain S.L.U., Spain
g.Bajaj Do Brasil Comercio De Motocicletas LTDA, Brasil
h.Pierer Bajaj AG, Austria
5.For the reasons more fully disclosed in note no. 6a to the Statement, the profit before tax for the quarter ended
September 30, 2024, includes the group's share of loss of Pierer Bajaj AG {PBAG) for the six months' ended September
30, 2024, as part of its consolidated profit for the quarter ended September 30, 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 consolidated profit after tax, other comprehensive income and earnings per share for the quarter ended
September 30, 2024. Our review report for the quarter ended June 30, 2024, and quarter ended September 30, 2023
was also modified in respect of this matter.
6. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the
consideration of the review reports of other auditors referred to in paragraph 7 and 8 below, except for the possible
effects of our observation in paragraph 5 above, nothing has come to our attention that causes us to believe that the
accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the
CO LL
Mforesa1d Indian Accounting Standards {'Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, 0� /J _.. ad with relevant rules issued thereunder and other accounting principles generally accepted in India, has not 
Q) <fl 
Q: 'z.
t./') � 
¥(',S.,4 
DTfRc:f\ .:_G :ft
_'!! I j SR BC & CO LLP, a Um,ted L1ab,l1ty Partnership with LLP Identity No AAB·4318 
'7 LV \V:,� Regd Office 22 Camac Street Block B', 3rd Floor, KoJ..;ala 700 016 
........:::::----��.,, SR BC &COLLP 
disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it 
is to be disclosed, or that it contains any material misstatement. 
7.The accompanying Statement includes the unaudited interim financial results and other financial information, in
respect of:
One (1) subsidiary, whose unaudited interim financial result include total assets of Rs. 5,555.82 crore as at September
30, 2024, total revenues of Rs. 178.98 crore and Rs. 260.43 crore, total net loss after tax of Rs. 24.15 crore and Rs.
59.22 crore, total comprehensive loss of Rs. 33.88 crore and Rs. 71.12 crore, for the quarter ended September 30,
2024 and the period ended on that date respectively, and net cash inflows of Rs. 105.06 crore for the period from
April 01, 2024 to September 30, 2024, as considered in the Statement which has been reviewed by its independent
auditor.
The independent auditor's report on interim financial results of this entities has been furnished to us by
Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in
respect of this subsidiary is based solely on the report of such auditors and the procedures performed by us as stated
in paragraph 3 above.
8.The accompanying Statement includes unaudited interim financial results and other unaudited financial information in
respect of:
Four (4) subsidiaries, whose interim financial results/statements and other financial information include total assets
of Rs. 177.03 crore as at September 30, 2024, and total revenues of Rs. 60.83 crore and Rs. 113.34 crore, total net
loss after tax of Rs. 10.19 crore and Rs. 11.17 crore, total comprehensive loss of Rs. 11.89 crore and Rs. 11.18 crore,
for the quarter ended September 30, 2024 and the period ended on that date respectively and net cash inflows of Rs.
10.22 crore for the period from April 01, 2024 to September 30, 2024.
The unaudited interim financial results and other unaudited financial information of these subsidiaries have not been
reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on
the Statement, in so far as it relates to the affairs of these subsidiaries is based solely on such unaudited interim
financial results and other unaudited financial information. According to the information and explanations given to
us by the Management, these interim financial results are not material to the Group.
Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to
our reliance on the work done and the reports of the other auditors and the financial results/financial information
certified by the Management.
For S R B C & CO LLP 
d Accountants 
Partner • • mber: 324982E/E300003 
Membership No.: 105754 
Place: Pune 
Date: October 16, 2024 BAJAJ AUTO LIMITED 
Press Release: Q2 FY25 
A quarter of record high sales and profits along with a decisive scale up of the Green Energy portfolio 
Quarter Highlights (Standalone) 
1.Revenue from operations at >f13,000 crores for the first time, was up 22% YoY arising from new highs on both vehicles and spares
oUnderpinned by double digit volume growth on the back of yet another robust domestic performance and a steady recovery of exports,
further buoyed by a richer sales mix
2.At z2,653 crores, EBITDA registered its best ever, growing a solid 24% YoY and with_ margin at >20% again
oDynamic management of the business enabled margins to be held constant while offsetting the drag from the significant step up of
e2Ws and commodity inflation; the +40 bps YoY accretion was driven primarily by favourable currency and operating leverage
3.Adjusting for the exceptional deferred tax provision, Profit after Tax (PAT) delivered a new record at z2,216 crores, up 21 % YoY
oReported PAT was at <2,005 crores, after making an additional provision of z211 crores to account for the cumulative one-time
impact on Deferred Tax on Investment Income, due to the withdrawal of indexation and change in tax rate in the Finance Act, 2024
4.Green Energy portfolio scales up to reach new milestones; ~1 OOK total units sold in Sept, 1 OOK electric vehicles sold in the quarter
oThe portfolio comprising of electric and CNG vehicles across both the 2W and 3W portfolio, now contributes a significant 40% of total
domestic revenues -a testament of the company's strategy being translated into action
5.Sustained momentum in the Domestic business led to its highest revenue and tenth consecutive quarter of double-digit growth
oLed by double digit growth on both motorcycles and commercial vehicles and propelled by the near trebling of electric scooters -a
reflection of the broader portfolio strength in leveraging opportunities across both conventional and emerging segments
6. Export revenue grew in double digits, on better USD/INR realisation, a richer mix and another record quarter for LATAM
oPulsar continues to gain traction across markets as it delivered its highest quarterly sales of >11 OK units, while Africa (notably Nigeria)
albeit lower than the previous year, continues to see an encouraging directional uptick, partly aided by focussed interventions taken
7.Motorcycles maintained double digit growth, as Pulsar's premiumization thrust drives sports segment competitive outperformance
olmpactful launch of 'Freedom 125', the world's first CNG integrated bike, which halves operating costs and offers best in class rider
comfort features (first in class mono-linked type suspension, long quilted seat); >30K units billed since start, now across >350 cities
8.Domestic market focus saw Triumph deliver 50% QoQ volume (1 OK domestic, 16.5K total) from an extended network of >100 dealers
oElevated the modern classic product line up with the launch of the Speed T4 (technology packed for relaxed riding experience) and
the MY25 Speed 400 (upgrade of the erstwhile Speed 400 offering a beefier look with enhanced performance features)
9.At 140K units, Commercial Vehicles clocked another all-time high on volumes and resultant revenue
oWell on the path to replicating the leadership of the ICE 3W segment to e3Ws, as the segment exit market share reached 35%,
having doubled from the end of last year, driven by quality products, a trusted brand, and network expansion to over 600 touchpoints10.Chetak electric scooters accelerate its competitive play-volumes at ?OK, up >3X YoY with Sept market share at 21 % (11 % in June)
oSharp execution of the EV strategy on both product and distribution fronts; the step up driven by the successful launch of the
affordable variant last quarter and leveraging the wider motorcycle network to expand availability to nearly 3,000 touch points now
11.Track record of strong cash generation continued with the quarter adding >�2.000 crores of Free Cash Flow
oBalance Sheet remains healthy with surplus cash of �16,392 crores, after having invested �1.200 crores behind strategic growth
enablers (primarily capital infusion into Bajaj Auto Credit Ltd. and EV capex) and distributing �2.233 crores as dividend in H1 FY25
Financial Summary (Standalone) 
Q1 Change FY25 
12,249 10% 
11,928 10% 
2,415 10% 
20.2% -
2,622 12% 
1,988 11% 
1,988 1% 
•Refer to Note -3 
Volumes (BAL + CTL) 
Q1 Change FY25 
5,82,497 9% 
1,08,124 29% 
6,90,621 12% 
3,68,420 8% 
43,015 12% 
4,11,435 8% 
9,50,917 9% 
1,51, 139 25% 
11,02,056 11% 
Chief Financial Officer 
Pune J 16" October 2024 Particulars 
Turnover 
Revenue from Operations 
EBITDA 
EBITDA % 
Profit before Tax 
Profit after Tax (prior to 
exceolional tax orovision) * 
Profit after Tax 
Particulars 
Domestic 
Two-wheelers 
CV 
Sub-total 
Exports 
Two-wheelers 
CV 
Sub-total 
Total 
Two-wheelers 
CV 
Grand Total Q2. 
FY25 
13,512 
13,127 
2,653 
20.2% 
2,925 
2,216 
2,005 
Q2 
FY25 
6,36,801 
1,39,910 
7,76,711 
3,96,407 
48,386 
4,44,793 
10,33,208 
1,88,296 
12,21,504 
2 (f Crores) 
Q2 Change H1 H1 Change FY24 FY25 FY24 
11,139 21% 25,761 21,795 18% 
10,777 22% 25,055 21,087 19% 
2,133 24% 5,069 4,088 24% 
19.8% 40 bps 20.2% 19.4% 80 tips 
2,400 22% 5,547 4,605 20% 
1,836 21% 4,205 3,501 20% 
1,836 9% 3,993 3,501 14% 
Q2 Change H1 H1 Change FY24 FY25 FY24 
5,05,320 26% 12,19,298 10,48,251 16% 
1,32,236 6% 2,48,034 2,30,861 7% 
6,37,556 22% 14,67,332 12,79,112 15% 
3,76,263 5% 7,64,827 7,22,662 6% 
40,134 21% 91,401 79,586 15% 
4,16,397 7% 8,56,228 8,02,248 7% 
8,81,583 17% 19,84,125 17,70,913 12% 
1,72,370 9% 3,39,435 3,10,447 9% 
10,53,953 16% 23,23,560 20,81,360 12% 

    Give the output in markdown format.
    
Assistant: