July 2015 version 2

Investor Presentation

Industry Overview

Light Hair Oils

(17%)**

Coconut based
Oils
(43%)**

Others
(13%)**

Hair Dyes
Rs. 2,630 cr
(USD 437 mn)
(16.0%)*

* Value based share of Hair Care Market

** Value based share of Hair Oil Market

Cooling Oils
(10%) **

Hair Conditioners
Rs. 413 cr
(USD 66 mn)
(2.0%)*

Perfumed Hair Oil Segment

Amla Based Hair

Oils
(17%)**

Hair Oil Market

Coconut Based Oil

Rs. 3768 cr
(USD 581mn)
(22%)*

7% salience

Light Hair Oil is the largest non-coconut hair oil segment

Source: AC Nielsen Retail Audit Report.

Only branded products data for CY 2014

Perfumed Oil
Rs. 4996 cr
(USD 805mn)
(29%)*

Shampoo
Rs. 5217cr
(USD 841 mn)
(31%)*

Hair Care
Rs. 17,102 cr (USD 2.75 bn)

FMCG
Rs.238,016 cr (USD 38.38 bn)

Industry Size and Structure

(In KLtr)

Light Hair Oil Volume

Overall Hair Oil Market Volume

Y-o-Y 31%
Y-o-Y 21%

Light Hair Oil Value

Y-o-Y 12.1%
Y-o-Y 13.6%
Y-o-Y 22%
Y-o-Y 12.7%
Y-o-Y 6.9%

Y-o-Y 12.2%

Overall Oil Market Value

Hair Oil category continues to see volume declines, however Light Hair Oils have seen a strong recovery.

Y-o-Y 30%
Y-o-Y 14%
Y-o-Y 8.6%
Y-o-Y 10.1%
Y-o-Y 1.2%
Y-o-Y 3.9%
Y-o-Y 3.1%

Hair Oil Market in India

Source: AC Nielsen Retail Audit Report, Jun 2015.

(In KLtr)

Y-o-Y 33%
Y-o-Y 18%
Y-o-Y 8.3%
Y-o-Y 12.5%
Y-o-Y 19.5%
Y-o-Y 11.9%
Y-o-Y 6.6%

Y-o-Y - 6.0%

Y-o-Y -1.6%

3M-o-3M - 1.2%

3M-o-3M 6.7%

(Rs. Cr.)

(Rs. Cr.)

Y-o-Y 40%
Y-o-Y 29%
Y-o-Y 16.4%
Y-o-Y 17.1%
Y-o-Y 30%
Y-o-Y 21.4%

Y-o-Y 6.7%

Y-o-Y 3.1%

3M-o-3M 11.0%

3M-o-3M 10.2%

(In KLtr)

(In KLtr)

Almond Drops Hair Oil Market - Value

Y-o-Y 40%
Y-o-Y 29%
Y-o-Y 16.4%
Y-o-Y 17.1%
Y-o-Y 30%
Y-o-Y 21.4%

Light Hair Oil Value

Almond Drops is the brand which is driving light hair oils and in turn the overall market

Source: AC Nielsen Retail Audit Report, Jun 2015.

Light Hair Oil Volume

Almond Drops Hair Oil Market - Volume

Y-o-Y 33%
Y-o-Y 18%
Y-o-Y 8.3%
Y-o-Y 12.5%
Y-o-Y 19.5%
Y-o-Y 11.9%
Y-o-Y 6.6%
Y-o-Y -1.6%

Light Hair Oil Market in India

Y-o-Y 51%
Y-o-Y 35%
Y-o-Y 17.9%
Y-o-Y 15.1%
Y-o-Y 26.2%
Y-o-Y 17.3%
Y-o-Y 13.4%
Y-o-Y 0.1%

3M-o-3M 6.7%

3M-o-3M 7.5%

(Rs. Cr.)

(Rs. Cr.)

Y-o-Y 54.5%
Y-o-Y 48.9%
Y-o-Y 26.7%
Y-o-Y 22.6%
Y-o-Y 34.8%
Y-o-Y 25 .6%
Y-o-Y 17.3%
Y-o-Y 4.4%

Y-o-Y 12.2%
Y-o-Y 3.1%
3M-o-3M 10.2%

3M-o-3M 11.8%

0%

0%

Source: AC Nielsen Retail Audit Report, Jun 2015

*Market Share in the Light Hair Oil Category

10%

10%

07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16

(3M)

20%

40%

50%

20%

54.4%

60%

30%

38.4%

44.1%

48.0% 49.1%

51.9%

57.9% 58.9% 58.9%

70%

30%

40%

50%

60%

70%

Volume MS

50.7%

55.0%

56.9%

59.5% 60.7% 60.9%

07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16

(3M)

40.3%

46.5%

53.0%

Value MS

Market Shares Trends (All India - Urban Plus Rural)

2008

2.1

2009

2.7

2010

3.2

2011

3.4

2012

4.0

2013

4.3

2014

4.4

Growth in Relative market share demonstrates the strength of the brand

Source AC Nielsen Retail Audit Report, Jun 2015

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Relative MS - Val

Relative Market share is the ratio of Almond Drops market share to

the next largest competitor in LHO segment

2015(6M)

4.3

ADHO Relative Market Share Value Trend

4.4

Maharashtra
West Zone
Andhra Pradesh

1st
1st
1st
1st
1st

1st
1st

4.7
4.1
5.4
3.1
10.2

5.2
3.6
8.5

6.3
1.8

0.6
1.6
4.3

Karnataka

Kerala
Tamil Nadu
South Zone
All India

1st
1st
1st

6.0
4.3

1.0

3.0

3.5

Mumbai

1st

4.6

2.1

1st

5.0

Gujarat

1st

3.3

4.5

1st

3.8

3.7

Central Zone

1st

1.5

Madhya Pradesh

Relative MS

7.8

1st

4.5

State
Chhattisgarh

Rank

Relative MS

Source AC Nielsen Retail Audit Report, Jun 2015

Relative Market share is the ratio of Almond Drops market share to the next largest competitor in LHO segment
Rank is the position of ADHO in respective state

State
Delhi
Rajasthan
Uttar Pradesh
Punjab
HP-JK
Haryana
Uttaranchal
North Zone
Assam
North East
Bihar
Orissa
West Bengal
Jharkhand
East Zone
All India

ADHO Relative Market Shares Value

1st

1st

2nd

1st

1st

2nd

1st

1st

1st

1st

1st

1st

1st

Rank

Saliency
100.0%
5.8%
5.6%
6.0%
8.6%
21.5%
1.0%
5.1%
5.1%
1.3%
1.3%
7.3%
5.9%
12.3%
3.6%
6.3%
1.2%
1.4%
0.5%
0.1%

LHO Volume

Source: AC Nielsen Retail Audit Report, MAT Jun 2015

All India (U+R)

Punjab
Haryana
Delhi
Rajasthan
Uttar Pradesh
Uttaranchal
Assam
Bihar
Jharkhand
Orissa
West Bengal
Gujarat
Madhya Pradesh
Chattisgarh
Maharashtra
Karnataka
Andhra Pradesh
Tamil Nadu
Kerala

Jul 14 - Jun 15

Statewise Market Share

Urban
62.8%
75.2%
75.2%
100.0%
63.6%
58.4%
55.9%
51.4%
50.8%
68.1%
66.6%
54.8%
69.6%
47.5%
38.7%
74.3%
83.5%
79.7%
81.8%
91.1%

Rural
37.2%
24.8%
24.8%
NA
36.4%
41.6%
44.1%
48.6%
49.2%
31.9%
33.4%
45.2%
30.4%
52.5%
61.3%
25.7%
16.5%
20.3%
18.2%
8.9%

Proportion %
Total
59.0%
53.9%
60.3%
59.2%
48.2%
63.1%
60.4%
54.6%
77.1%
75.2%
62.9%
48.0%
53.1%
61.3%
76.1%
59.6%
60.7%
36.7%
23.6%
23.8%

Urban
56.5%
51.4%
56.7%
59.2%
48.5%
59.4%
53.3%
49.8%
74.2%
73.7%
62.0%
45.8%
48.3%
62.3%
70.5%
62.0%
59.0%
39.5%
23.2%
23.5%

Rural
63.1%
61.4%
71.0%
NA
47.9%
68.2%
69.5%
59.6%
80.0%
78.4%
64.7%
50.6%
64.0%
60.4%
79.6%
53.0%
69.6%
25.8%
25.2%
27.6%

ADHO Market Share % (Vol)

Source: AC Nielsen Retail Audit Report, Feb 2015

75ml
3%

50-60 ml
19%

400-500ml
10-45ml
5%
4%
2-5ml
9%

100-150ml
35%

200-250ml
18%

300-350ml
7%

All India
- Urban
64%

Urban dominated
segment due to its
relatively higher
pricing but Rural is
leading the
growth.

Given the
dominance of the
urban market,
larger units
account for bulk
of the sales.
However, smaller
units growing fast
in Rural Markets

SKU wise break up of LHO market

All India
- Rural
36%

Rural Urban break up of LHO market

Small
Grocers,
23%

Large
Grocers,
31%

Cosmetics,
5%
Grocers dominate
distribution, but
alternate channels
like modern retail
demonstrating
higher growth rate

East, 21%

West, 28%

South, 4%

North,
48%

Sales tend to be
concentrated in
the Northern parts
of the country, but
East is the fastest
growing region

Region wise break up of LHO market

Medium
Grocers,
28%

Chemists,
6%

% - Market share

Modern
Stores, 3%

Pan Plus ,
4%

Share of Distribution Channels in LHO market

Light Hair Oil Market Key Characteristics

6M-o 6M - 1.8%

Y-o Y( -4.5)%

Y-o-Y (-3.3%)

Y-o-Y 8.7%

Y-o-Y - 12%

Y-o-Y - 13%

Y-o-Y - 18%

Source AC Nielsen Retail Audit Report, Jun 2015

Kailash Parbat Distribution Trend

Y-o-Y - 14%
Y-o-Y - 12%

Y-o-Y - 23%

Kailash Parbat Volume Market Share Trend

Y-o-Y 18%

Cooling Hair Oil Volume

Y-o-Y 4.1%

Cooling Hair Oil Value

Y-o-Y (- 2.4)%

Cooling Hair Oil Market in India

Rs. Cr.

Lakh outlets

KLtr
%

6M-o-6M 0.6%

10

Company Overview

*Source: AC Nielsen Retail Audit Report, Jun 2015.

Other brands - Brahmi Amla, Bajaj Kailash Parbat

Cooling Oil and Jasmine (all hair oil brands) and
Black tooth powder

Premium positioning commands one of the

highest per unit prices in the industry

Market leader with over 60% market share*

of LHO market

New Product Launch: Bajaj Amla Hair Oil

2nd largest brand in the overall hair oils

segment

Key brand Bajaj Almond Drops Hair Oil

Brands licensed to BCL for 99 years from

2008

BCL is the exclusive licensee of brands

owned by BRL

Subsidiary of Bajaj Resources Ltd. (BRL)

Part of Bajaj Group which has business interests

in varied industries including sugar, consumer
goods, power generation & infrastructure
development

Bajaj Corp Ltd. (BCL) An

Overview

Bajaj Kala Dant Manjan An oral care product for

the rural market.

Bajaj Jasmine Hair Oil - A Jasmine flower perfumed

hair oil. In demand due to cultural significance.

Competitors - Shanti Badam Amla Hair Oil (Marico)

Bajaj Amla Variant in the low price amla hair oil

segment catering to price conscious consumers

Competitors - Dabur Amla, Dabur Sarson Amla

Bajaj Brahmi Amla Hair Oil - Traditional heavy hair

oil. Brand has been in existence since 1953

Competitors: Himani Navratna

Bajaj Kailash Parbat Cooling Oil An ayurvedic

formulation containing Sandal & Almond extracts

Competitors Keo Karpin (Deys Medical), Hair &

Care (Marico), Clinic All Clear (HUL)

Bajaj Almond Drops Hair Oil - A premium perfumed

hair oil containing almond oil and Vitamin E

Haircare Portfolio

12

Bajaj NOMARKS Creams for

All Skin, Oily Skin & Dry Skin Types, available in
sizes 12g & 25g

Bajaj NOMARKS Exfoliating Walnut Scrub, 50g & 100g

and Bajaj NOMARKS Dry Face Pack 25g

Bajaj NOMARKS Soaps for

All Skin, Oily Skin & Dry Skin Types & Neem Soap, available in sizes
125g & 75g

Bajaj NOMARKS Facewash for

All Skin, Oily Skin & Dry Skin Types & Neem Facewash, available in
sizes 15g, 50g, 100g

Skincare Portfolio

. . . But not at the cost of pricing power

Almond Drops has created a unique positioning for itself through initiatives like product differentiation
(Almond based), focused marketing, unique packaging (glass vs. plastic used by competition etc.)

Competitor
itor Brands

Comparative Price of Different Brands for 100 ml in the Hair Oil Segment

Strong Market Share Growth in Recent Years

Bajaj Almond Drops - A Premium Brand

Source: AC Nielsen Retail Audit

Report Jun 2015, Kotak
Institutional Research

(MRP of 100ml (Rs.)

14

44

28

243

502

151

21

127

70

278

669

45

178

1801

234

205

625

506

MT - 79

348

1 - as on Jun 30, 2015. Nielsen New Sample

Retail Outlets
(1,106,410)1

Redistribution Stockist
(1,643)

Urban Distribution

Retail Outlets
(1,782,986)1

Sub-Stockist (5690)

Super Stockist (204)

Rural Distribution

Regional Distribution Centre (29)

Central Warehouse (1)

OWN Himachal Pradesh -2, Uttarakhand- 1

THIRD PARTY - Himachal Pradesh-2, Rajasthan-1, Guwahati-1,
Uttarakhand- 2

Factory (9)

Distribution Structure

Over the years, BCL has created a large distribution network (that continues to grow) which can be leveraged to
introduce new products

414

544

211

45

The company reaches

consumers through 2.89mn
retail outlets serviced by
7324 distributors and
15,122 wholesalers

Distribution Network

Strong Distribution Network

15

*Source: AC Nielsen Retail Audit Report, MAT Jun 2015.

n In Apr-Jun 2015
Bajaj Almond Drops Hair Oil got 40.1 % of its sales from Rural India
Volume Growth in Rural India 8.1% (Urban + Rural = 7.5%)
Market share in Rural India 64.0% (Urban + Rural = 58.9%)

n Vans cover 8177 uncovered Towns and Villages on a monthly basis

n Currently operating 112 vans (for Sales)

n Piloted 39 Vans in Q4 FY 13

n Started in FY 13 with a objective of increasing Rural Sales

Van Operations

16

Company
Secretary

Sr. Manager
Treasury

Regional
Commercial
Manager- 5 in
No's

AGMFinance

Head- QC & R&D

Manager
Planning &
Logistics

Works Manager
3 in Nos(3 MUs)

DGM-Key
Accounts

VP Marketing
Mr. Gurpreet S
Amrit

Purchase
Manager

GM- Operations
Mr. Kabir Sahni

Country ManagerBangladesh, Nepal,

GCC and SEAN

Head International
Business

Mr. Dharmesh J. Sanghavi

DGM IT

Chief Financial officer

Mr. V.C. Nagori

President Operations
Mr. Apoorv Bajaj

Vice President (Finance)

Mr. D.K. Maloo

HeadInternal
Audit
Mr. Manoj
Gupta

Managing Director
Mr. Sumit Malhotra

Chairman
Mr. Kushagra Nayan Bajaj

Organization Structure

GM- Sales

AGM- East

AGM - Central

AGM - North

West

DGM South &

VP HR
Mr. Subhamay
Chatterjee

17

BAHO
1.4%

11.75

11.75
50.15
39.61
20.73%

61.89

72.15

60.40
47.51
21.76%

191.07
54.60
28.58%

Q1FY15

218.37
67.38
30.86%

Q1FY16

219.31
173.31
21.15%

46.98

266.29

819.50
242.74
29.62%

FY 15

KPCO
0.7%

ASHO
0.0%

ADHO
90.6%

BTP
NOMARKSAHO
0.2%
4.5% 2.1%
JHO 0.5%

Brandwise Sales Break-Up for FY 2015

Profit Before Tax(PBT)

Net Profit after Tax
Net Profit Margin

(Rs. In Crore)
Sales (Net)
EBITDA
EBITDA Margin
Profit Before Tax & Exceptional
Item
Exceptional Item (Trademark &
Intellectual Properties)

Particulars

Summary Income Statement

Financial Information

188.63
150.45
22.43%

28.60

217.23

670.68
186.65
27.83%

FY 14

25.64

387.56

148.50

561.70

Among the highest EBITDA margins in the

industry
Company is a Debt free company.

22.36

338.83

160.89

522.08

10.36

371.07

110.38

491.81

Strong demonstrated growth track record

Key Highlights

41.10

400.03

98.20

539.33

Q1FY16 Q1FY15 2014-15 2013-14

Net Current Assets

Investments
(including Bank FDs, Bank
CDs and Government
Securities & Bonds)

Net Fixed Assets

Shareholders Equity

Particulars
(Rs. In Crore)

Summary Balance Sheet

18

11.75

60.40
47.51

Profit Before Tax

(PBT)

Profit After Tax (PAT)

72.15

Profit Before Tax &

Exceptional Item

Exceptional Item
(Trademark & Intellectual
Properties)

67.38

FY 15

FY 14

46.98

28.60

39.61 19.94% 173.31 150.45

50.14 20.45% 219.31 188.63

11.75

61.89 16.57% 266.29 217.23

54.60 23.41% 242.74 186.65

Q1FY16 Q1FY15 YoY%

EBITDA

Particulars

EBITDA & PAT Performance

15.20%

16.27%

22.59%

30.05%

YoY%

` in Crore

19

Material Cost
% of Sales
Employees Cost
% of Sales
Advertisement & Sales Prom.
% of Sales
Other Expenses
% of Sales
EBITDA
% of Sales
Other Income
% of Sales
Finance Cost
Depreciation
Corporate Social Responsibility
Profit Before Tax & Exceptional Item
Exceptional Item (Trademark & Intellectual
Properties)
Profit Before Tax(PBT)
Tax Expenses
Profit After Tax(PAT)
% of Sales
Diluted EPS (Rs.)

Net Sales
Other Operating Income

Particulars

77.98
40.81%
9.63
5.04%
30.53
15.98%
18.58
9.72%
54.60
28.58%
9.07
4.75%
0.02
0.85
0.91
61.89
11.75
50.14
10.53
39.61
20.73%
2.69

11.75
60.40
12.89
47.51
21.76%
3.22

Q1FY15
191.07
0.25

77.26
35.38%
11.13
5.09%
40.60
18.59%
22.74
10.41%
67.38
30.86%
6.81
3.12%
0.01
1.00
1.03
72.15

Q1FY16
218.37
0.73

19.94%

20.45%

16.57%

23.41%

YoY%
14.29%

46.98
219.31
45.99
173.31
21.15%
11.75

315.36
38.48%
38.05
4.64%
145.14
17.71%
80.00
9.76%
242.74
29.62%
31.55
3.85%
0.10
4.24
3.67
266.29

FY 15
819.50
1.80

Profit & Loss Q1 FY2016 and for the year 2015

28.60
188.63
38.18
150.45
22.43%
10.20

268.75
40.07%
33.94
5.06%
113.30
16.89%
69.07
10.30%
186.65
27.83%
40.13
5.98%
5.88
3.67
217.23

FY 14
670.68
1.05

15.20%

16.27%

22.59%

30.05%

YoY%
22.19%

` in Crore

20

50

100

150

200

250

Q1 FY15

191.07

Q1 FY16

218.37

Sales (Value) :
Q1FY15 v/s Q1FY16
900
800
700
600
500
400
300
200
100
0

FY 14

670.68

Sales (Value) :
FY14 v/s FY15

FY 15

819.50

% volume wise.

Sales for the quarter ended June15 has increased by 14.29% value wise and 12.11

In ` Crores

Sales Performance

In ` Crores

21

12.11%

Q1 FY 16
1,241,928
7,435
14,073
66
49,630
40,210
7,472
1,360,814

% to Total
91.26%
0.55%
1.03%
0.00%
3.65%
2.95%
0.55%
100.00%

Q1 FY 15
1,123,144
15,805
9,671
2,184
58,222
4,848
1,213,874

197.85
1.48
3.05
0.01
4.66
9.92
1.41
218.37
14.29%

% Increase over corresponding period of Previous Year

Q1 FY 16

PRODUCT
ADHO
KPCO
BAHO
ASHO
AHO
Nomarks
Others
Total

% to Total
90.60%
0.68%
1.40%
0.00%
2.14%
4.54%
0.65%
100.00%

Q1 FY 15
170.91
2.92
2.00
0.23
14.13
0.89
191.07

STATEMENT OF QUARTERWISE SALES (VALUE - In Rs. Crores)

% Increase over corresponding period of Previous Year

PRODUCT
ADHO
KPCO
BAHO
ASHO
AHO
NOMARKS
OTHERS
Total

STATEMENT OF QUARTERWISE SALES (VOLUME - In Cases )

Statement of Quarter wise Sales (Volume & Value)

7.39%
0.47%
100.00%

% to Total
89.45%
1.53%
1.04%
0.12%

% to Total
92.53%
1.30%
0.80%
0.18%
0.00%
4.80%
0.40%
100.00%

22

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

27.09% 27.04%

28.65% 28.58% 28.27%

29.24%

29.83%
21.06%

12.36%
3.51%
-6.40%

0.26%

6.85%
0.90%

16.48%
14.96%

23.18%
20.16%

25.31%
19.12%

31.84%
22.33%

27.25%
18.70%

29.53%
22.35%

30.86%

Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16

18.55%
8.80%

30.00%

29.03%
28.25% 28.37%
28.19% 28.76%

31.88%

27.82%
23.03%

35.00%

EBIDTA

Gr (Vol)

Gr (Value)

Consistent Performance over the last 13 successive quarters

14.29%
12.11%

23

2.89%
1.55%
2.02%
4.89%
35.04%

Perfumes & other additives

Corrugated Boxes
Caps
Others
TOTAL

*For Bajaj Almond Drops

* Consumption is 35.04% of Sales

% to Sales
11.49%
8.45%
3.76%

Key Raw & Packing Material

LLP
Glass Bottles
Refined Veg. Oil

Breakup of RM/PM Costs (for Q1 FY 16)

8.24%
4.41%
5.75%
13.96%
100.00%

% to Total Cost
32.80%
24.12%
10.72%

24

Qtr1 FY15 vs FY16

FY14 vs FY 15

40

59.51

75.75 75.62
20

86.00

60

80

100

20

40

60

80

100

Per Kg Rates of LLP

Qtr1 FY15 vs FY16

70.17 73.15

FY14 vs FY 15

73.58 71.59

Per Kg Rates of Oil

During the quarter average price of LLP decreased to Rs. 59.51/kg from Rs. 86/kg in
corresponding quarter of previous year.
During the quarter average price of Refined Oil increased to Rs. 73.15/kg from Rs. 70.17/kg in
corresponding quarter of previous year.

Amount (Rs.)

Change in Prices of Key Ingredients

Amount (Rs.)

25

146.03

PSU Corporate Bonds

344.59

111.09

Liquid Plans of Mutual

Funds

Total

87.47

Amount (in Rs. Crores)

Bank FDs

Particulars

26

The total Fund available with the company as on 30th June 2015 is Rs.344.59 Crores
This has been invested in Bank Fixed Deposits, Certificate of Deposits of Banks , PSU Bonds,
Government Securities and Liquid MFs.
There is no investment in ANY Inter Corporate Deposit

n Fund Position:

Fund Position

No. of Shares
(in Lacs)

1,475
1,475
1,475
1,475

295

Year

2014-15

2013-14

2012-13

2011-12

2010-11

2,802.50

5,900.00

9,587.50

9,587.50

16962.50

190%

400%

650%

650%

1150%

Dividend Payout
% to Capital
(Rs in Lacs)

Face
Value

Dividend Payout History

9.50

4.00

6.50

6.50

11.50

Dividend per
share
(Rs.)

27

n The Bajaj Group is well aware of issues regarding Corporate Governance and
would like to state that they will be no financial interaction between any of the
listed entities within the group.

n The corporate Headquarters of Bajaj Corp Ltd will be constructed on this land.
The Construction is expected to be completed by mid 2016.

n The Company acquired in September 2011 (Uptown Properties) owns a piece of

land and building in Worli, Mumbai. Uptown Properties was previously owned by
the C.K. Raheja Group (i.e. Mr. Chandu Raheja)

n Bajaj Corp Ltd has not and will not transfer funds from and to from any other
company within the Bajaj Group

n Bajaj Corp Ltd is a part of the Bajaj Group of companies. The other listed entity
in the group is Bajaj Hindusthan Ltd

Corporate Governance

28

Pursue inorganic
Opportunities

Leverage existing
strengths to introduce
new products

Focus on rural
penetration

Market share gains from

other hair oil segments

Strategy

The inorganic growth opportunities will focus on targeting niche brands which can benefit from BCLs
strong distribution network so that they can be made pan India brands

Will seek inorganic growth opportunities in the FMCG and hair oil market as part of growth strategy

BCL has over the years created a strong distribution network across 2.87 mn. retail outlets which can
be optimally utilized by introducing new products

Among its key competitors, our Almond Drops is the only brand which is available in sachets a
marketing initiative to penetrate the rural market

BCL intends to extend Almond Drops platform developed by its Almond Drops Hair Oil brand to
other personal care products to leverage on the strong connotation of Almonds with nutrition

Tap the increase in disposable income of rural India and convert rural consumer from unbranded to
branded products by providing them with an appropriate value proposition

Convert coconut hair oil users to light hair oil users through sampling, targeted advertising
campaigns, product innovation and creating awareness about product differentiation including
communicating the advantages of switching to lighter hair oils. Aim for a market share of 65% by the
year 2015-16

Action Steps
n

Growth Strategy

29