Bajaj Consumer Care Ltd Management Discussions

Economic Overview

Global Economy

Global economic growth declined marginally from 3.3% in 2023 to an estimated 3.2% in 2024. This was marked by a slowdown in global manufacturing, particularly in Europe and parts of Asia coupled with supply chain disruption and weak consumer sentiment. In contrast, the services sector performed more creditably. The growth in advanced economies remained steady at 1.8% from 2023 to 2024 as the Emerging Markets and Developing Economies (EMDEs) witnessed a grew by 4.2% in 2024 (4.3% in 2023).

On the positive side, global inflation was expected to decline from 6.8% in 2023 to 5.9% in 2024 (projected at 4.2% in 2025 and 3.5% in 2026). This decline was attributed to the declining impact of erstwhile economic shocks, and labour supply improvements. The monetary policies announced by governments the world over helped keep inflation in check as well. The end of the calendar year was marked by the return of Donald Trump as the new US President. The new US government threatened to impose tariffs on countries exporting to the US unless those countries lowered tariffs for the US to export to their countries. This enhanced global trade and markets uncertainty and emerged as the largest singular uncertainty in 2025.

Performance of Major economies, 2024

United States: Reported GDP growth of 2.8% in 2024 compared to 2.9% in 2023.

China: GDP growth was 5.0% in 2024 compared to 5.2% in 2023.

United Kingdom: GDP growth was 0.8% in 2024 compared to 0.4% in 2023.

Japan: GDP growth was 0.1% in 2024 compared with 1.9% in 2023.

Germany: GDP contracted by (0.2% )in 2024 compared to a 0.3% decline in 2023.

Source: CNBC, China Briefing, ons.gov.uk, Trading Economics, Reuters, IMF

The global economy has entered a period of uncertainty following the imposition of tariffs of products imported into the USA and some countries announcing reciprocal tariffs on US exports to their countries. This is likely to stagger global economic growth, the full outcome of which cannot be currently estimated. This risk is supplemented by risks related to conflicts, geopolitical tensions, trade restrictions and climate risks. In view of this, World Bank projected global economic growth at 2.7% for 2025 and 2026, factoring the various economic uncertainties.

Source: IMF, United Nations

Indian Economy

Overview

The Indian economy grew at 6.5% in FY 2024-25, compared to a revised 9.2% in FY 2023-24. This represented a four-year low due to a moderate slowdown within the Indian economy (marked by slower manufacturing growth and a decline in net investments). Despite the slowdown, India retained its position as the world?s fifth-largest economy. India?s nominal GDP (at current prices) was H330.68 trillion in FY 2024-25 (H301.23 trillion in FY 2023-24).The nominal GDP per capita increased from H2,15,936 in FY 2023-24 to H2,35,108 in FY 2024-25, reflecting the impact of an economic expansion. The Indian rupee weakened 2.5% against the US dollar in FY 2024-25, closing at H85.47 on the last trading day of FY 2024-25. In March 2025, the rupee recorded the highest monthly appreciation since November 2018, rising 2.39% (arising out a weakening US dollar). (Source: Business standard and economic express) Inflationary pressures eased, with CPI inflation averaging 4.63% in FY 2024-25, driven by moderating food inflation and stable global commodity prices. Retail inflation at 4.6% in FY 2024-25, was the lowest since the pandemic, catalysing savings creation.

India?s foreign exchange reserves stood at a high of $676 billion as of April 4, 2025. This was the fourth consecutive year when rating upgrades outpaced downgrades on account of strong domestic growth, rural consumption, increased infrastructure investments and low corporate leverage (annualized rating upgrade rate 14.5% exceeded the decadelong average of 11%; downgrade rate was 5.3%, lower than the 10-year average of 6.5%).

Gross foreign direct investment (FDI) into India rose 13.6% to $81 billion during the last financial year, the fastest pace of expansion since 2019-20. The increase in the year was despite a contraction during the fourth quarter of 2024-25 when inflows on a gross basis declined 6% to $17.9 billion due to the uncertainty caused by Donald Trump?s election and his assertions around getting investments back into the US.

The banking sector continued its improvement, with gross non-performing assets (NPA) for scheduled commercial banks (SCBs) declining to 2.6% as of September 2024, down from 2.7% in March 2024. The capital-to-risk-weighted assets ratio for SCBs stood at 16.7% as of September 2024, reflecting a strong capital position. India?s exports of goods and services reached $824.9 billion in FY 2024-25, up from $778 billion in the previous fiscal year. The Red Sea crisis impacted shipping costs, affecting price-sensitive exports. Merchandise exports grew 6% YoY, reaching $374.1 billion. (Source: PIB)

India?s net GST collections increased 8.6%, totalling H19.56 lakh crore in FY 2024-25. Gross GST collections in FY 2024-25 stood at H22.08 lakh crore, a 9.4% increase YoY

On the supply side, real gross value added (GVA) was estimated to expand 6.4% in FY 2024-25. The industrial sector grew by 6.5%, supported by growth in construction activities, electricity, gas, water supply and other utility services. India?s services sector grew at 8.9% in FY 2024-25 (9.0% in FY 2023-24), driven by public administration, defence and other services (expanded at 8.8% as in the previous year). In the infrastructure and utilities sector, electricity, gas, water supply and other utility services grew a projected 6.0% in FY 2024-25, compared to 8.6% in FY 2023-24. Meanwhile, the construction sector expanded at 9.4% in FY 2024-25, slowing from 10.4% in the previous year. Manufacturing activity was subdued in FY 2024-25, with growth at 4.5%, which was lower than 12.3% in FY 2023-24. Moreover, due to lower public spending in the early part of the year, government final consumption expenditure (GFCE) is anticipated to have slowed to 3.8% in FY 2024-25, compared to 8.1% in FY 2023-24.

The agriculture sector grew at 4.6% in 2024-25 (2.7% in 2023-24). Trade, hotel, transport, communication and services related to broadcasting segment were estimated to grow at 6.4% in 2024- 25 (7.5% in 2023-24). From a demand perspective, the private final consumption expenditure (PFCE) exhibited robust growth, achieving 7.2% in FY 2024-25, surpassing the previous financial year?s rate of 5.6%. The Nifty 50 and SENSEX recorded their weakest annual performances in FY 2024-25 in two years, rising 5.3% and 7.5% during the year under review respectively. Gold rose 37.7% to a peak of $3,070 per ounce, the highest increase since FY 2007-08, indicating global uncertainties. Total assets managed by the mutual fund (MF) industry jumped 23% or Rs 12.3 lakh crore in fiscal 2025 to settle at Rs 65.7 lakh crore. At close of FY 2024-25, the total number of folios had jumped to nearly 23.5 crore, an all-time peak. During last fiscal, average monthly systematic investment plan (SIP) contribution jumped 45% to Rs 24,113 crore. (Source: Times of India) Foreign portfolio investments (FPIs) in India experienced high volatility throughout 2024, with total inflows into capital markets reaching approximately $20 billion by year end. However, there was significant selling pressure in the last quarter, influenced by new tariffs announced by the new US government on most countries (including India).

India is expected to remain the fastest-growing major economy. Initial Reserve Bank of India estimates have forecast India?s GDP growth downwards from 6.7% to 6.5% based on risks arising from US tariff levies on India and other countries. The following are some key growth catalysts for India in FY26.

Tariff-based competitiveness

India identified at least 10 sectors such as apparel and clothing accessories, chemicals, plastics and rubber where the US? high tariffs give New Delhi a competitive advantage in the American market over other suppliers. While India faced a 10% tariff after the US suspended the 26% additional duties for 90 days, the levy remained at 145% on China, the biggest exporter to the US. China?s share of apparel imports into the US was 25%, compared with India?s 3.8%, a large opportunity to address differential (Source: Policy Circle, Grant Thornton).

Union Budget FY 2025-26

The Union Budget 2025-26 laid a strong foundation for India?s economic trajectory, emphasizing agriculture, MSMEs, investment, and exports as the four primary growth engines. With a fiscal deficit target of 4.4% of GDP, the government reinforced fiscal prudence while allocating H11.21 lakh crore for capital expenditure (3.1% of GDP) to drive infrastructure development. The February 2025 Budget marked a shift in approach, with the government proposing substantial personal tax cuts. Effective April 1, 2025, individuals earning up to H12 lakh annually will be fully exempt from income tax. Economists estimate that the resulting H1 lakh crore in tax savings could boost consumption by H3-3.5 lakh crore, potentially increasing the nominal private final consumption Expenditure (PFCE) by 1.5-2% of its current H200 lakh crore.

Free trade agreement

In a post-Balance Sheet development, India and the United Kingdom announced a free trade agreement to boost strategic and economic ties. This could lead to a significant increase in the export competitiveness of Indian shipments in the UK across the textiles, toys, leather, marine products, footwear, and gems & jewellery sectors. About 99% of Indian exports to UK will enjoy zeroduty access tariff cuts; India will cut tariffs on 90% of tariff lines and 85% could become fully duty-free within 10 years.

Monsoons

The India Meteorological Department predicted an ‘above normal? monsoon in 2025. This augurs well for the country?s farm sector and a moderated food inflation outlook.

Easing Inflation

India?s consumer price index-based retail inflation in March 2025 eased to 3.34%, the lowest since August 2019, raising hopes of further repo rate cuts by the Reserve Bank of India.

Deeper rate cuts

In its April 9 2025 meeting, the Monetary Policy Committee (MPC) reduced policy rates by 25 basis points, reducing it to 6% in its first meeting of FY 2025-26. Besides, India?s CPI inflation is forecasted at 4% for the fiscal year 2025 26. (Source: Reuters/TOI/ET)

Lifting Credit restrictions

In November 2023, the RBI increased risk weights on bank loans to retail borrowers and NBFCs, significantly tightening credit availability. This led to a sharp slowdown in retail credit growth from 20-30% to 9-13% between September 2023 and 2024. However, under its new leadership, the RBI has prioritized restoring credit flow. Recent policy shifts have removed restrictions on consumer credit, postponed higher liquidity requirements for banks, and are expected to rejuvenate retail lending. (Source: CNBC, Press Information Bureau, Business Standard, Economic Times, World Gold Council, Indian Express, Ministry of External Affairs, Times of India, Business Today, Hindustan Times, Statistics Times, The Hindu)

Industry Overview

FMCG Industry

The FMCG sector is poised for a modest revenue recovery of 100 to 200 basis points, reaching 6–8% growth in fiscal 2026, compared with an estimated 5–6% in fiscal 2025. This improvement will be driven by a 4–6% increase in volumes, supported by a gradual rebound in urban demand and steady rural consumption. Traditional FMCG companies are expected to remain resilient amidst intensifying competition, aided by strategic initiatives such as acquiring D2C brands, expanding digital presence, and introducing affordable product packs to drive penetration.

An additional ~2% revenue boost is anticipated through price realisations, as companies partially pass on inflationary pressures in categories like soaps, biscuits, coffee, hair oil, and tea. Elevated input costs particularly palm oil, coffee, copra, and wheat will continue to influence pricing strategies. Operating profitability is projected to remain healthy at 20–21% in fiscal 2026, stabilising after a 50–100 basis point decline in the prior fiscal. Despite the moderate growth trajectory, the credit profiles of FMCG companies remain stable, underpinned by strong cash flows, robust balance sheets, and ample liquidity buffers.

These insights are based on a CRISIL Ratings study covering 82 FMCG companies, representing approximately one-third of the sector?s estimated Rs. 5.9 lakh crore revenue in fiscal 2025. The sector?s performance continues to be shaped by a mix of macroeconomic and competitive factors. While urban demand has been impacted by high food inflation, elevated interest rates, and subdued wage growth, rural markets have shown resilience, aided by favourable monsoons and government welfare initiatives. As inflation moderates and policy measures such as tax relief and support for rural incomes take effect, a broad-based volume recovery is expected. To navigate the evolving landscape, traditional FMCG players are actively enhancing rural distribution, increasing digital advertising for premium offerings, and launching exclusive packs tailored for the growing quick commerce segment, which now comprises nearly 30% of E-Commerce sales. These strategic responses are helping the sector adapt and maintain momentum in a competitive environment.

Going forward, key factors to monitor include trends in input prices, the progress of the monsoon season, and the extent to which households deploy higher disposable incomes to boost consumption.

Source: Crisil

India?s domestic economic outlook remains robust, supported by a revival in private consumption, sustained momentum in government-led capital expenditure, and resilience in the services sector. RBI reinforced this optimism by reducing the repo rate by 25 basis points to 6.00% and shifting its stance to ‘accommodative?, reflecting a clear intent to nurture growth amid global headwinds. RBI revised its GDP growth forecast for FY2025-26 to 6.5%, factoring in global trade uncertainties, while retail inflation eased to a five-year low of 3.34% in March 2025, with an annual projection of around 4%, assuming a normal monsoon and stable commodity prices. Agricultural activity is expected to benefit from above-average rainfall, boosting rural demand and helping maintain food price stability. Further, the RBI?s decision to relax liquidity norms, potentially injecting INR 3 trillion into the banking system, aims to support credit flow and strengthen domestic investment. However, global conditions remain uncertain, marked by trade tensions, financial market volatility, and climate-related risks, necessitating careful policy calibration going forward.

Global

The global hair oil market reached a size of USD 4.50 billion in 2024 and is projected to grow to USD 6.20 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period of 2025-2033. This growth is facilitated by factors, such as, the rising prevalence of hair-related issues, elevated consumer preference for non-sticky hair oil and a growing health-consciousness leading to the use of medicated oils.

The market is witnessing a transition towards herbal hair care products with natural ingredients, aligning with consumer preference for safer and more beneficial options for long-term hair health. Technological advancements have facilitated the development of lightweight, non-greasy formulations, broadening the appeal of hair oils across varied types of hair. The emergence of e-commerce and digital marketing platforms has expanded market reach, allowing consumers to explore and purchase products conveniently. Additionally, the trend towards customised products tailored to specific hair concerns is enhancing consumer satisfaction and loyalty.

Indian4

The Indian hair oil industry is a significant segment of the countrys personal care market, deeply ingrained in cultural traditions and daily grooming practices. Hair oiling has been a longstanding ritual in Indian households, contributing to a consistent high demand for various hair oil products. The market comprises different types of hair oils, including coconut oil, amla oil, cooling oils and light hair oils, each catering to distinct consumer base and regional variations. Among these, coconut oil dominates the market, particularly in southern India, due to its perceived nourishing and strengthening properties. The demand for hair oils is further bolstered by environmental factors such as heat, humidity and rising pollution levels, which lead to hair damage, dryness and scalp-related issues. With consumers increasingly approaching hair oils for protective and restorative solutions, the market continues to witness a steady growth. Additionally, aggressive marketing strategies, product diversification and endorsements by celebrities and influencers have further buttressed the presence of hair oil brands in the Indian market.

The Indian hair oil market is poised for steady growth, with projections indicating an elevation from USD 1.89 billion in 2025 to USD 2.51 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.8%. Factors such as shifting consumer preference, rising disposable income and a consumer inclination towards premium and natural hair care products are expected to further solidify the growth trajectory. The growing demand for light and non-sticky hair oils, particularly among younger consumers and urban population, is prompting manufacturers to innovate and introduce formulations that can cater to modern lifestyles. In addition, there is a considerable shift toward organic and herbal-based hair oils, as consumers become more conscious of the potential adverse effects of synthetic chemicals in personal care products. Brands are responding to this trend by incorporating ingredients such as aloe vera, argan oil and essential oils to enhance their product offerings. The e-commerce boom and the expansion of organised retail channels are also playing a crucial role in the market?s growth, enabling wider accessibility and consumer engagement. Given these dynamics, the Indian hair oil industry is expected to maintain a robust trajectory, with continued investments in research, product innovation and marketing strategies.

The Hair Care and Personal Care segments saw key shifts that reinforce growth resilience. Smaller pack sizes emerged as a significant growth lever, especially in rural India, catering to affordability-conscious consumers. Urban markets, meanwhile, are gravitating toward premiumisation and wellness-led innovations, with products featuring herbal or natural ingredients gaining ground. Volume growth across personal care was supported by essential categories such as soaps, shampoos, and hair oils. Moreover, the integration of e-commerce and offline channels, combined with sharper D2C activations and influencer-led campaigns, has accelerated both reach and relevance, setting the stage for sustained momentum in FY25.

The global beauty and personal care products market was valued at USD 529.5 billion in 2024, with projections indicating it will reach USD 802.6 billion by 2033, growing at a CAGR of 4.2% during 2025-2033. Elevated consumer focus on personal grooming, self-expression and personal well-being are the main factors augmenting the growth trajectory. The market is segmented into conventional and organic products, with conventional products representing the largest share due to its affordability and accessibility. Among product categories, skincare leads with over 27.7% market share, reflecting heightened awareness about skincare and self-care. Mass-market products dominate the pricing segment, accounting for over 71.8% of the market, appealing to budget-conscious consumers. In terms of distribution channels, supermarkets and hypermarkets are the most popular, representing over 28.5% of sales, offering convenience and a wide product selection. Female consumers constitute the largest user segment, holding over 61.8% of the market share.

Looking ahead, the beauty and personal care industry is poised for continued expansion, propelled by an evolving consumer preference and technological advancements. The Asia-Pacific region, which accounted for over 37.2% of the market share in 2024, is expected to maintain its dominance, fuelled by a growing middle class and increased urbanisation. Key trends shaping the industrys future include an ascending demand for natural and organic products, the integration of e-commerce and digital marketing strategies and a focus on sustainability and eco-conscious packaging. Additionally, the male grooming sector is witnessing remarkable expansion as men increasingly incorporate grooming and skincare in their daily routines. Brands that adapt to these trends by providing innovative, personalised and eco-conscious products are likely to thrive in the competitive landscape.

Indian

The Indian beauty and personal care (BPC) industry has been achieving notable enhancement in growth, establishing itself as one of the fastest-growing markets globally. This growth is powered by heightened consumer awareness, amplified disposable income and availability of a wider assortment of products. Notably, there is a significant shift towards natural and organic products, reflecting the global transition towards sustainable and health-conscious beauty solutions.

The future of the Indian beauty and personal care industry looks highly promising, with strong growth envisioned in the coming years. The Industry is projected to expand at a Compound Annual Growth Rate (CAGR) of 5.6%, aiming for USD46.6 billion by 2032.6 The proliferation of e-commerce and digital marketing will prove to be instrumental in shaping consumer preference, making beauty products more accessible across diverse regions. The widening appeal of premium and specialised skincare and cosmetic products indicates a transition towards bespoke beauty solutions. Social media, influencer marketing and cutting-edge improvements in beauty formulations are expected to play a crucial role in bolstering growth. With an expanding consumer base and evolving trends, the industry is set to flourish, offering immense opportunities for both established and emerging brands.

Company Overview

Bajaj Consumer Care Ltd. (BCCL), a prominent entity within the esteemed Bajaj Group, has been a trusted name in India?s FMCG sector for over 70 years. Renowned for iconic brands like Bajaj Almond Drops Hair Oil, Bajaj 100% Pure Coconut Oil and Nomarks, BCCL is devoted to delivering top-tier hair, beauty and personal care products that cater to the evolving needs of consumers. Guided by core values such as consumer prioritisation, fostering entrepreneurship, upholding integrity and embracing innovation, BCCL strives to enrich lives by introducing ground-breaking products and nurturing talent across all departments. The Company?s vision is to become a complete FMCG entity by fostering a culture of innovation and developing market-disrupting products for consumers worldwide.

Strategic Direction and Acquisition of Vishal Personal Care Limited (formerly Vishal Personal Care Private Limited)

BCCL?s focuses on strengthening its position in the Light Hair Oil segment with Almond Drops, whilst continuing to build non-Almond portfolio with Coconut 100% Pure Coconut Oil, Bajaj Amla Hair Oil and Bajaj Sarson Amla Hair Oil. In addition, the "Almond Drops" equity is being extended into adjacent Hair and Skin categories. BCCL is also leveraging ‘Ethnic? credentials with entry into categories like Gulab Jal and Henna. BCCL is also strengthening its Route-to-Market in General Trade and would continue to grow in Organized Trade.

BCCL?s acquisition of Vishal Personal Care Limited (formerly Vishal Personal care Private Limited) ("VPCL"), the owner of the Banjara?s brand, a well-established name in natural hair and skin care products aligns with BCCL?s vision to widen its footprint across Indian markets by leveraging the growing demand for natural and ayurvedic personal care products.

This acquisition highlights BCCLs devotion to innovation, quality and expansion, reinforcing its leadership in the fast-growing personal care market.

Sales and distribution

During the financial year under review, the Company embarked on its largest GTM transformation exercise under Project Aarohan. Some of the key areas that were looked at included market representation, direct reach, PMS creation for extended field team and channel partners, channel programs for retail and wholesale. BCCL started the project as a pilot in UP and MP. The results have been very positive in both states with a delta gain of 8-10% coming from Aarohan led changes. The Company shall now be expanding the project to rest of the country in a phased manner over the next one year.

We saw another strong performance by Organized Trade (OT) channel in FY 2024-25. OT achieved double digit growth on the back of expansion in Quick commerce platforms. The organization intends to leverage further from the inorganic growth in Ecommerce both in marketplace and Quick commerce and drive distribution in Modern Trade subchannels. Contribution of OT is 29% to the India business with 3 years CAGR growth of 30%. Better customer engagement, participating in customer events, building expanded portfolio and improving visibility execution both in modern trade and e-commerce are a few of the levers which the company drove and has resulted in improvement in market shares. Both Modern Trade and Ecom channels are set to partner, participate and grow in the coming years by enhancing visibility and brand presence. Ecommerce channel will continue to reach a wider consumer base and strengthen market penetration and improving overall presence & visibility in the Quick commerce and Beauty platform space.

Supply chain and procurement

This has been a mixed year in terms of material prices. The crude oil process and hence its derivatives like LLP saw a downward correction during the year with supplies being adequate and demand scenario benign. The edible oil on the other hand saw a spike in the 2nd half of the year due to implementation of import duties. The copra prices went significantly up in the 2nd half of the year and continues to be bullish now. The packing material prices have moved in a narrow range.

The Company continued to drive various initiatives for cost-reduction in material cost to stay competitive in the marketplace and has been able to garner significant benefits due to these initiatives over the last three years. Our supply chain remained flexible and responsive, enabling us to meet the evolving demands of our customers, particularly with the expansion of our business in modern trade and e-commerce channels.

Manufacturing

The manufacturing footprint in BCCL is a mix of our own and outsourced facilities. We continue to invest in our plants for additional capacity requirements, productivity improvements, energy efficiencies and upgradation of the safety and quality processes. The Company has adopted the Smart Manufacturing Processes to improve lead time, quality, cost, customer service, and flexibility with a process-driven approach implementing the techniques, such as doing it right the first time, Zero Defects, and operational excellence. The Company invests in automation and lean practices to continuously improve productivity and help the plants significantly offset the increase in the variable costs.

As we expand our product profile, we will continue to have a mix of taking production in-house and developing new contract manufacturers. During the year, we have added new partners, who bring in specific capabilities for certain product categories. We work with our partners to ensure the quality standards are at par with BCCL standards through adequate controls and capability enhancement of their teams.

Quality

At BCCL, we believe in maintaining the highest quality standards for our products. We have well-defined processes to ensure compliance with all the product and regulatory requirements. We continuously audit our vendor ecosystem and work with them to consistently maintain and upgrade the quality standards. All manufacturing facilities have completed annual certifications of ISO standards. Our laboratories are well equipped with analytical facilities that cover wet chemistry, microbiology, and packaging testing for day-to-day analysis as well as for supporting the development of new products.

Safety Standards

We have implemented several measures in our plants to continuously enhance safety standards. Basis the external study and our own internal assessments, the identified risks were promptly addressed, and appropriate mitigation measures were implemented to ensure compliance against any potential issues.

Environment and Sustainability

We strive to keep sustainability at the heart of our operations by ensuring optimal usage of resources like water and electricity. We work on both the demand and supply side of both these critical resources We have implemented rain water harvesting schemes in Guwahati and Paonta Sahib. This has helped us to recharge 5X of our consumption of water for the current year. In the case of energy, we reduce our carbon footprint by various initiatives including investing in newer technologies, continuously working on improving efficiency parameters in our operations. We have taken measures like Miyawaki plantation of trees near our plants and also working on sourcing of renewable sources of power. We intend to be carbon neutral in Scope 1 and Scope 2 in the medium term. The Company has fulfilled its obligations under the Extended Producer Responsibility (EPR) framework by effectively addressing plastic waste management. The Company is also done successful trials to incorporate recycled plastic in the packing materials and we intend to start commercially using it in FY26.

Human Resources

Maximizing Human Potential

We are committed to diversity in the workforce, systemic equity, and the development of an inclusive culture and to providing our employees with a work environment free from discrimination and harassment. We have a well-designed policy emphasizing the importance of equal opportunity. We have certain teams like R&D, Internal Audit, HR having over 39% representation of female employees. At BCCL factories about 35.39% workforce deployed are female, making it a 20% Female Population at an all employee Level.

Performance Management System

EDGE (Enhance, Develop, Grow, and Excel) is our Performance Management System designed to align employee aspirations with organizational goals through a transparent, structured framework. Guided by feedback from exit interviews, forums, and surveys, EDGE fosters individual growth and business success. Business goals focus on measurable outcomes aligned with KPIs, supported by the EDGE Playbook, which outlines lead (proactive) and lag (outcome-based) indicators. Behavioural goals assess collaboration, adaptability, leadership potential, and values alignment, based on a robust competency framework. People Managers receive annual training to deliver effective feedback, while new joiners are onboarded with EDGE processes for clarity and alignment. The impact of our approach is clear:

• 88% had meaningful mid-year performance discussions

• 90% received actionable feedback on business goals

• 85% reported clarity on goals and evaluation criteria These results highlight the strength of our performance system in driving motivation and organizational alignment.

Enhancing Employee Experience

Our employee experience framework CARE stands for Connect, Adequate, Recognize and Engage. It aims at Increasing Employee Productivity, Lower Employee Turnover, and Improved Customer Satisfaction.

To strengthen our Connect pillar of the CARE Framework, various Interactive platforms like "Aarambh", "Mann Ki Baat,", "Chai Pe Charcha," "Samvaad," and "Fireside Chat with Leaders" are successfully driven by various teams to foster continuous top-down and bottom-up communication across the organization.

Aarambh is Bajaj Consumer Care?s flagship onboarding program, crafted to offer a seamless and impactful induction experience for all new hires across Sales and Non-Sales functions. The program features tailored modules: Sales hires engage in shadow stints with experienced team members to gain hands-on exposure to distributor operations, retail management, and market strategies. Non-Sales hires undergo structured sessions emphasizing cross-functional collaboration, business processes, and strategic alignment. To support this journey, resources like an onboarding playbook, IT SOP guide, and market constructs are provided.

Aarambh also includes mandatory e-learning modules on POSH (Prevention of Sexual Harassment), Code of Conduct, Cyber Security, and Brand Protection—ensuring all employees are aligned with the organization?s values, compliance standards, and risk management practices from day one. The program?s effectiveness is reinforced through a 30-60-90-day structured feedback cycle, quizzes, and assessments—enabling continuous improvement and high engagement. It not only accelerates new hire productivity but also reflects Bajaj?s commitment to nurturing a purpose-driven, future-ready workforce.

To ensure timely and seamless communication of the company?s evolving strategy, the Managing Director hosts a quarterly "Townhall" with all employees within a week of publishing quarterly results. These sessions also feature an extended Open House segment, where employees are encouraged to raise individual concerns, share market insights, and discuss product-related and business-relevant topics.

Additionally, a monthly, location-specific communication forum called "SAMVAAD" is conducted by the respective Location In charge—be it a Mancom member, Regional Head, or Plant Head. These sessions serve to provide updates on organizational and functional developments and include recognition of employee contributions through reward and recognition events.

A variety of engagement initiatives are being driven which are relevant and close to heart of our employees—such as team gatherings, sporting events, offsite outings, and national holiday celebrations—were actively conducted across zonal offices, plant locations, and the Head Office. This year, a new initiative titled "Koffee without Kaaran" was introduced to encourage informal, agenda-free interactions and strengthen intra-departmental camaraderie—especially among team members spread across geographies. The initiative has quickly gained traction as a fun and effective way to break silos and build stronger interpersonal connections.

To Recognize and honor the remarkable contributions of our exceptional performers, we?ve built a strong culture of appreciation through multiple recognition platforms. Signature programs like Gold Star and the prestigious MD Circle of Excellence take center stage during our Annual Sales Conference. The annual Sales conference is being attended by all employees of BCCL and recognitions like Gold Star and MD Circle of excellence at such forums create a lasting impact on Employee Motivation.

Adding to this spirit of appreciation is our Peer-to-Peer Thank-You Card and Spotlight initiative – a simple yet powerful way for team members to recognize and celebrate each other?s efforts in real time. Whether it?s a grand award or a heartfelt thank you, we continue to foster a culture where every contribution is seen, valued, and celebrated.

To truly engage both the hearts and minds of our employees, we prioritize active listening and offer meaningful support wherever it?s needed. During our engagement sessions with the front-line sales team, women employees voiced a pressing challenge—the lack of access to proper sanitation while traveling to remote areas.

Understanding their concerns and keeping our focus on providing an enabling environment for all of our employees, we introduced the VEERA initiative—a powerful reflection of our Consumer Centricity, now extended to care for our own people. VEERA is designed to provide essential health and hygiene support specifically for our women employees, ensuring they feel safe, comfortable, and respected while on the field.

Learning & Development

Throughout the year, BCCL upheld a culture of ongoing education by providing a variety of modalities and formats to meet the interests and preferences of many learners. All of our employees participated in the compliance awareness programs on topics of POSH, Code of Conduct, Brand Protection, Cyber Security and Whistle Blower Policy.

Development efforts at BCCL are directed towards various levels of the organization through programs like:

Solution Orientation and Problem Solving Skills - The program was specifically crafted for all frontline Sales Officers operating in an individual capacity. It was conceptualized and delivered internally by the Learning & Development team. The primary objective was to equip participants with a structured methodology for effective problem-solving. Sessions were conducted zone-wise, with Area Sales Managers participating alongside their respective team members. Through this program over 200+ Frontline Sales Team members were covered. Through our Shikhar Program, all the participants embark on a comprehensive six-month learning journey led by external consultants. The training is designed to build both foundational and advanced skills in channel management through a blend of classroom sessions, one-on-one coaching, group coaching, and assessments.

Brand Management

WecollaboratedwithMICA(MudraInstituteofCommunications and Advertising) to develop customized content for our Brand Team. The result was a focused 2-day program that covered the fundamentals of brand management, with a specific emphasis on its application at BCCL.

Negotiation and Influencing Skills workshop

This is another example of rigor on development at BCCL. This program was designed after a thorough need analysis with the Head of Department of Supply Chain Team. 2 days hands-on workshop was designed basis this by engaging an expert in the field. The workshop was practical with practice sessions to ensure that the concepts learning was made relevant for the participants.

Smart Manufacturing Workshop is a key initiative to drive manufacturing excellence through the implementation of the Total Productive Maintenance (TPM) framework. With a well-defined roadmap and a multi-pillar approach, we?ve begun our TPM journey across factories, ensuring active involvement at all levels. To support this, we?ve launched skill-based training for our contractual workforce. Training needs are identified through individual skill assessments, and tailored modules are developed by in-house experts. Bimonthly training sessions focus on both foundational skills and the latest industry practices, empowering our workforce to contribute innovative ideas and enhance manufacturing efficiency and workplace conditions.

This year, we also partnered with LinkedIn Learning to foster a culture of self-driven learning.

Talent Management

Our Talent Management framework is designed to build a strong pipeline for critical roles within the organization. This involves identifying high-potential employees who are ready to take on next-level responsibilities. Each year, the leadership team comes together through the Talent Council—a dedicated forum to evaluate eligible candidates and define actionable steps for their growth. The Council also reviews career paths and succession plans for both key individuals and critical roles. Following these discussions, Individual Development Plans (IDPs) are crafted and implemented over the year. Based on these insights, tailored interventions are designed to engage, develop, and retain top talent.

Shikhar was launched to reduce attrition by offering a clear career growth path for Sales Officers into managerial roles. It introduced a structured assessment process to identify and promote high-potential talent within the sales team.

Selected individuals underwent rigorous evaluation and were elevated to the next level. With ongoing learning support, Shikhar has strengthened internal talent development and improved retention. Through these interventions, BCCL ensures that the diverse requirements of employees are taken care of when it comes to Talent Development. Helping everyone to realize their full potential and contribute to the organizational goals.

Building Tomorrow:

Building Tomorrow is BCCL?s flagship campus engagement initiative, designed to position the company as a Preferred Employer of Choice at top-tier B-schools. With a long-term branding vision, this program has significantly strengthened our presence on campuses, evident in the 60% conversion of Summer Interns to Management Trainees in FY24. It reflects our commitment to identifying and nurturing future leaders early in their careers.

Looking ahead, we?re expanding our efforts through live projects and case study competitions, enabling students to tackle real-world business challenges while experiencing BCCL?s value-driven culture. These initiatives not only attract top talent but also foster deeper, sustained campus relationships- playing a crucial role in shaping our employer brand and strengthening our EVP.

As part of this continued momentum, we aim to maintain year-round student engagement across both MBA years through project-based involvement across functions. This first-mile engagement is key in today?s competitive talent landscape and ensures a steady pipeline of future-ready professionals. At the core of this strategy is Lakshya, our structured campus hiring program that identifies grooms, and empowers high-potential talent from leading B-schools. It has three key segments:

• Summer Internship Program – First-year MBA students undertake impactful 2-month stints across Sales, Marketing, Supply Chain, and HR, supported by senior mentorship. In FY24, we onboarded 15 interns with a 60% PPO conversion rate.

• Management Trainee Program – Graduates from Tier 1 and 2 B-schools join BCCL full-time for a year-long program featuring cross-functional rotations and business immersion. The MT intake has grown from 4 in 2021 to 11 in 2024—a 3X increase, underscoring our focus on leadership development.

Together, Building Tomorrow and Lakshya are not just about hiring—they are about cultivating a future-ready ecosystem where talent can grow, lead, and drive meaningful impact at BCCL.

Culture@BCCL

The culture at BCCL is built on the foundation of our Core Values of Consumer First, Entrepreneurship, Innovation and Integrity. All the values are bonded together by Trust which defines the culture of the organization.

One important area of trust building is (was to remain flexible and responsive towards the unique need of employees. Some of the policies created during the pandemic time continue to be part of ways of working. Flexible working timings and work-from- home polices are continued keeping in mind employee welfare.) Chai Pe Charcha i.e., Skip-Level Meeting is a one-to-one meeting or one-to-many meeting that managers hold with their indirect reports with the objective of leveraging the power to build trust, invite a diversity of perspectives and gaining insight. They are helpful for:

• Building relationships with people on your team who don?t directly report to them.

• Gaining valuable insight into your team / state/ zone / function.

• Getting feedback about the managers.

‘Mann Ki Baat? is a monthly interaction conducted by the Regional HR business partners with the Sales frontline team members. Managers of these employees are kept out of the discussion to ensure that participants are open and candid in sharing their thoughts and feedback. Feedback from these sessions is then collated in 3 sections i.e., Feeling / Mood, Manager /organization related, and business related. Its helps to:

• Understand the pulse of the team monthly.

• Quick steps to ensure that business does not get impacted.

• Drive employee engagement initiatives by the manager and the organization.

We also foster a culture of Innovation within the organization by continuously striving to develop new products and improve the existing processes and systems.

Our core NPD i.e., New Product Development process is an important mechanism in BCCL for bringing new products to life. The process engages the R&D, Marketing, Supply Chain, Manufacturing, and Sales teams in each of its steps. Starting with idea generation where we use the principle of Design Thinking specifically to come out with ideas that have our consumers at its core, then idea screening where both the left-brained analytical approach and right-brain sensorial approach are used to distil ideas.

Awards and Accolades

Bajaj Consumer Care has proudly earned the Great Place to Work certification for the seventh consecutive year, a testament to our strong and consistent focus on employee experience. Our Trust Index score has steadily improved year-on-year, reflecting the growing trust, pride, and camaraderie among our teams. We are 1 point ahead of the FMCG industry average and at par with the overall GPTW question score, underscoring our competitive edge in fostering a positive workplace culture. This achievement reaffirms BCCL?s commitment to creating a supportive, empowering, and purpose-driven work environment.

Risk Management

At BCCL, risk management is an integral part of the Company?s strategy and planning process. The Company follows an institutionalised ‘BCCL Risk Management Framework? that allows it to identify risks impacting our business and deploy organisation-wide processes for assessing, prioritising and mitigating the risks. Evaluation of opportunities and risks is a constantly evolving field.

Steps in the risk management framework defined at BCCL for functional risks:

1. Define clear business objectives and strategies

2. Identify and assessRisk (3-dimension risk identification)

3. Priortise / Measure risk (aligned measurement function + RM team)

4. Manage (>> identify existing controls, identify residual risk, define risk treatment plan >> cost of mitigation >> mitigation plan)

5. Monitor and track progress of aligned action plan for risk mitigation

6. Report risk exposures (Board, Audit Committee, Risk Management Committee, ManCom) Currently, reassessment is done at the annual basis.

Risk Management Committee Governance Structure

The Company has created a risk mitigation infrastructure by setting up a Risk Management and ESG Committee at the apex. The Risk Management committee determines the risks in relation to the achievement of business objectives and appropriate risk responses. It is responsible for ensuring the effectiveness of our Company?s risk management framework, which helps the organisation to respond to identified risks through acceptance, avoidance, transfer and mitigation and also seek opportunities in assorted risk scenarios. The risks are identified based on their likelihood and severity and are categorised into key and non-key risks where the high and medium risks are part of key risks while the low risks are part of non-key risks.

Material Risks and Mitigation Strategies

The prioritised risks and corresponding mitigation strategies are reviewed and endorsed by the Board ESG and Risk Management Committee.

Risk Definition	Risk Vulnerabilities	Mitigations
Existing and Emerging Rules and Regulations	Non-compliance with existing and emerging laws and regulations may affect the business continuity and cause reputation risk, penalties, and damages	a. Onboarded consultants for managing statutory compliances in all offices, Plants and R&D centre b. Functional compliance reports are submitted periodically and action plans on gaps are tracked c. New regulations are tracked continuously and changes are discussed with relevant functions for effective implementation.
Macro Economic Risk and Revenue Growth	a. Inflation results in increase in the price of input materials, and other cost impacting profitability b. Economic slowdown impacting top-line growth due to reduced consumer purchasing power affecting consumption c. Overdependency of sales on few products/ channels/ geographies impacting revenue growth	a. Monthly ExCom meeting is held to discuss the actual profitability of the previous month and the latest forecast for subsequent periods. Corrective actions are agreed upon and implemented b. NPD portfolio continues to scale up with further product launches planned in the coming quarters some for specific channels, including quick commerce space c. Company continues to actively explore M&A opportunities for domestic and international markets. Acquisition of 49% stake in south India based personal care company, balance 51% is underway d. The company is continuously exploring new international markets for business growth
Changes in consumer preferences and competitive intensity	a. Shift in consumer tastes, preferences, and behaviors driven by cultural shifts, demographic changes, technological advancements, natural and sustainable brands b. Rising competition from new age brands in offline and online marketplaces	a. Continuously engaging with consumers to understand taste and behavioural changes through surveys, panel discussions, and competition insights b. Company is continuously doing brand health studies to understand consumer behaviour and take feedback. Incorporated a GenZ panel in order to ascertain key inputs of the younger audience primarily at getting the brands future ready c. Increased focus on organized trade to capture the shift in consumer purchase behaviour, ensuring presence across major E-commerce & Modern Trade players, including quick commerce d. Community marketing and social media activations around "Goodness of Almonds" and leveraging the Almond Drop equity for hair and skin care ranges e. A healthy mix of traditional and digital media is used for ADHO and other brands. Investments in traditional offline media heightened in Q3 and Q4 with the aim to generate higher offtakes f. The new TVC scores better than norms on key parameters of purchase intent uplift and message comprehension in the limited testing done using Kantar BLS studies on OTT.
Human Resource related risk	a. High attrition rate impacting organization stability and performance b. Lack of robust succession planning for key roles	a. Proactive retention through career progression initiative in sales (Shikhar – ASE) has helped in nurturing internal talent and drive long-term engagement b. Aarambh? was launched in Oct?2024 to ensure a structured and consistent onboarding experience, strengthening mentorship through Buddy and Shadow stints while driving market readiness c. Post the launch of the Talent Management process last year, Individual Development Plans (IDPs) were created for all eligible employees, Sr. Manager and above; action plans have been agreed with the individual employees, Functional heads, and Head-HR.
Supply chain risk	Inadequate supply of raw materials due to disruptions in the supply chain like a. RM unavailability, b. Dependency on a single vendor for RM / PM supply and c. Unfavorable price fluctuations	a. Risk assessment for major Raw and packing material has been carried out and mitigation plans have been drawn up and are in various stages of implementation b. Alternate vendors developed for critical raw materials like Almond Oil, Vitamin-E, extract of Aloe Vera and colours. Contingency plans developed for perfume vendors. Further, new packaging vendors developed for material like PET bottle and PP Caps c. Regular assessment of the market is done for all the major commodities and purchase actions are executed accordingly.
Violation of ethics and business Integrity	Any significant breach to our Code of conduct by employees or business partners would lead to damage to corporate reputation and financial results	a. Code of Conduct and business ethics training are imparted as a part of joining formalities and refresher training b. Digital training module on code of conduct, vigil mechanism and POSH polices with assessment mechanisms have been rolled out this year.
Cyber security and data protection	Breach of cyber security/ attack or unauthorised access to IT security/ system can cause • disruption of operations, • financial loss, • damage to brand reputation, • legal liability and leakage of valuable IPRs and personal data.	a. Implemented advanced cybersecurity solutions, including 24/7 managed threat detection and response (MDR) and a Web Application Firewall (WAF), to proactively monitor, detect, and protect against malicious activities and ensure robust web application security b. Apart from regular online backup of SAP and critical applications, Physical backup of SAP and Distributor Management System is also started on a monthly basis on an external hard disk, to deal with any eventuality of any cloud backup c. VAPT assessment had been done in FY 24 and identified gaps have been addressed. Regular security patches are also updated based on the security information shared by consultants and review by the internal IT team d. Mandatory digital training module on cyber security with an assessment mechanism has been rolled out this year.
Disruption in operations	Anydisruptionstoourmanufacturing or depot operations due to potential of accidents, fire incidents, strikes occurring at company premises poses threats to employee safety, property damage and business continuity	a. Internal and external assessments are done periodically by the plant safety team to prevent potential accidents and incidents b. A digitalised module is created for Plant safety induction and preparedness for any potential incidents for all the visitors c. Periodic mock drills are conducted and various safety trainings are imparted to all the people working at the plant and depots.
Brand & reputational Risk- Counterfeit products	Counterfeiting/ infringing/ copycat products may lead to revenue loss, loss of brand image and reputation. It also affects Consumer safety and trust amongst channel partners. Counterfeiting is more prevalent in the northern and eastern parts of India.	a. As a part of the Brand protection program, virtual trainings and awareness programs have been conducted to sensitize the sales force to report counterfeits and copycat products to legal for actions b. Legal cases filed and favorable court orders received against multiple copycat products. c. Cease & desist notices issued against copycat brands. (Action has been taken against 30+ copycat brands.) Several copycat products have been taken down on Amazon, Flipkart, Indiamart etc. d. Frequent actions are taken against counterfeiters through enforcement raids with the help of police and local administration. (50+ anti-counterfeiting raids conducted in the last few years).

Financial Review (Standalone)

(Rs.in lakhs)

Particulars	FY 2024-25	FY 2023-24	YoY%
Sales (Value)	92,768.50	95,156.79	-2.5%
EBITDA	13,627.73	16,260.10	-16.2%
Profit Before Tax (PBT)	15,769.03	19,237.90	-18.0%
Profit After Tax (PAT)	13,013.87	15,876.63	-18.0%

Summarized Profit and Loss Account of the Company

(Rs.in lakhs)

Particulars	FY 2024-25	FY 2023-24	YoY%
Sales (Value)	92,768.50	95,156.79	-2.5%
Other Operating Income	1,507.81	1,614.16	-6.6%
Total	94,276.31	96,770.95	-2.6%
Consumption	43,183.91	43,504.12	-0.7%
Salaries and Wages	10,646.93	9,631.42	10.5%
Promotional Expenses	13,780.89	16,000.04	-13.9%
Other Expenses	13,036.85	11,379.28	14.6%
EBITDA	13,627.73	16,260.10	-16.2%
Interest and Bank Charges	53.72	100.59	-46.6%
Depreciation	974.16	948.03	2.8%
CSR	383.76	438.46	-12.5%
Other Income	3,552.97	4,464.91	-20.4%
Profit Before Tax (PBT)	15,769.03	19,237.90	-18.0%
Taxes	2,755.16	3,361.24	-18.0%
Profit After Tax (PAT)	13,013.87	15,876.63	-18.0%
OCI Net of Taxes	-102.64	-15.18	565.6%
Profit After Tax (after OCI)	12,911.25	15,861.21	-18.6%

Key Profitability Ratios

Particulars	FY 2024-25	FY 2023-24
EBITDA / Sales	14.69%	17.09%
Profit Before Tax and Exceptional Item / Sales	17.0%	20.22%
PAT / Sales	14.03%	16.68%
Total Comprehensive Income / Sales	13.92%	16.76%
Basic Earnings Per Share (H)	9.38	11.12
Diluted Earnings Per Share (H)	9.38	11.12
Interest Coverage Ratio	294.55	192.22
Debt Equity Ratio	NA	NA
Profit Before Tax Margin	17.0%	20.22%

Detailed explanation of ratios

Interest Coverage Ratio: The Interest Coverage Ratio measures how many times a Company can cover its current interest payment with its available earnings. It is calculated by dividing PBIT by finance cost.

Debt Equity Ratio: This ratio is used to evaluate a Company?s financial leverage. It is a measure of the degree to which a Company is financing its operations through debt versus wholly-owned funds. It is calculated by dividing a Company?s total debt by its shareholder?s equity.

Profit Before Tax Margin (%): Profit Before Tax Margin is a profitability ratio used to calculate the percentage of profit a Company produces from its operations. It is calculated by dividing the Profit Before Tax by Sales.

Key Balance Sheet Ratios

Particulars	FY 2024-25	FY 2023-24
Return On Capital Employed (ROCE)	19.1%	22.8%
Return On Net Worth (RONW)	15.7%	18.8%
Book Value Per Share (H)	57.5	60.6
Debtors Turnover (in times)	15.9	25.7
Inventory Turnover (in times)	17.6	18.4
Current Ratio (in times)	4.7	5.8
Quick Ratio (in times)	4.4	5.4

Detailed explanation of key balance sheet ratios

Return On Capital Employed (ROCE): ROCE is a financial ratio that measures a Company?s profitability and the efficiency with which its capital is used. In other words, the ratio measures how well a Company is generating profits from its capital. It is calculated dividing by profit before interest on long term debt, exceptional items and tax by average capital employed during the year.

Return On Net Worth (RONW): RONW is a measure of profitability of a Company expressed in percentage. It is calculated by dividing profit after tax for the year by average capital employed during the year.

Book Value Per Share: It is calculated by dividing equity at year end by number of shares outstanding at year end.

Debtors? Turnover: The above ratio is used to quantify a Company?s effectiveness in collecting its receivables or money owed by customers. The ratio shows how well a Company uses and manages the credit it extends to customers and how quickly that short-term debt is collected or is paid. It is calculated by dividing sales by average trade receivables.

Inventory Turnover: Inventory Turnover is the number of times a Company sells and replaces its inventory during a period. It is calculated by dividing sales by average inventory.

Current Ratio: The Current Ratio is a liquidity ratio that measures a Company?s ability to pay short-term obligations or those due within one year. It is calculated by dividing the current assets by current liabilities.

Quick Ratio: The quick ratio is an indicator of a Company?s short-term liquidity position. It is calculated by dividing the current assets (excluding Inventory) by current liabilities.

Treasury Operations Highlight

During the Financial Year, the Company?s treasury operations were managed with remarkable efficiency, generating stable and consistent returns for the funds within a meticulously defined framework of investments. This strategic approach ensured the optimisation of returns while adhering to the Company?s risk management and investment policies.

Inflation Trajectory and Geopolitical Impact: The trajectory of inflation is envisioned to be notably influenced by the prevailing geopolitical situation and its consequent impact on global commodity prices and logistics. The Company remains vigilant in monitoring these factors, which play a crucial role in shaping the macroeconomic environment. By staying attuned to these dynamics, the Company aims to proactively adjust its strategies to mitigate potential risks and capitalise on emerging opportunities.

Strategic Allocation and Interest Rate Scenarios: The Company will continue to dynamically adjust the allocation between bonds of varying tenors in response to the evolving interest rate scenario and prevailing liquidity conditions in the market. This tactical shift allows the Company to optimise its investment portfolio, balancing short-term and long-term gains. The primary objective is to maintain a robust and flexible investment strategy that adapts to market fluctuations while ensuring steady returns.

Ensuring Top-Notch Credit Quality: Safeguarding the credit standards of its investment portfolio is one of the core areas of focus for the Company. The Company meticulously assesses the creditworthiness of potential investments, ensuring that there is no exposure to credit risk within the portfolio. This rigorous approach to credit quality highlights the Company?s devotion to preserve the integrity and stability of its investments.

Active Portfolio Management: The Company treasury is dedicated to actively managing the investment portfolio to achieve superior returns without compromising on the credit quality of the assets. This active management approach involves continuous monitoring, evaluation and rebalancing of the portfolio to align with market conditions and investment objectives. By employing sophisticated risk management techniques and leveraging market insights, the Company strives to enhance portfolio performance.

Credible Reputation in Debt Markets: Over the last decade, the Company?s Treasury operations have established a credible and respected reputation in the debt markets. This reputation is built on a foundation of consistent and stable investment operations, prudent risk management and a commitment to generating value for stakeholders. The Company?s enduring presence in the debt markets and its track record of reliable performance have garnered the trust and confidence of investors and market participants.

Looking ahead, the Company Treasury remains focused in its pursuit of excellence in investment management. By maintaining a strategic focus on credit quality, actively managing the portfolio and adapting to market dynamics, the Company aims to continue delivering superior returns and sustaining its reputation for excellence in treasury operations.

Dividend

The Board of Directors do not propose to declare any Final Dividend for FY 2024-25.

Treasury Operations Highlight

During the Financial Year, the Company?s Treasury operations were managed efficiently to generate stable returns for the funds within the defined framework of investments. The inflation trajectory will largely depend upon the geopolitical situation and its impact on global commodity prices and logistics. The Company will continue to tactically shift the allocation between bonds of different tenors depending upon interest rate scenario and liquidity condition in the market. However, it will assure that the credit quality of the portfolio of investments remains top notch and there is no credit risk in the portfolio. The Company Treasury remains committed to actively manage portfolio to generate higher returns without sacrificing the credit quality of portfolio. Over the last decade of treasury operations, the Company has achieved credible reputation in debt markets for regular and stable investment operations.

Cautionary statements

TheinformationintheMDAsectionmaycontainforwardlooking statements within the meaning of applicable securities laws and regulations. These statements reflect the BCCL?s goals, plans, expectations and estimates for future events. Forward-looking statements are based on certain assumptions and expectations, but there is no guarantee that they will be correct or realised by BCCL. Actual results may differ significantly from those expressed or implied in the statement owing to factors beyond BCCL?s control. BCCL makes no commitment to publicly amend, change, or revise any forward-looking statements based on subsequent developments.