Mahindra & Mahindra Ltd Management Discussions

Jul 24, 2024|03:32:25 PM

Mahindra & Mahindra Ltd Share Price Management Discussions

Mahindra & Mahindra Limited (M&M) is the flagship company of the Mahindra Group, which consists of diverse business interests across the globe.

At Mahindra, we constantly strive to create products and technology-led services that enable our customers and stakeholders to Rise. By focussing on customer requirement, delivering accessible technology, innovating and enhancing people capabilities, we continue to drive growth in the domestic market while pursuing global expansion.

In the Financial Year 2023-24, your Company sold 8,24,939 vehicles (a growth of 18.1% over the previous year) and 3,78,386 tractors (includes domestic sales and exports of Mahindra, Swaraj and Trakstar Brands, a de-growth of 7.2% over the previous year). This represents the highest combined sales of vehicles and tractors in any single year by the Company.



In Calendar Year (CY) 2023, worldwide sales of Passenger Cars and Commercial Vehicles increased to 92.7 million, a growth of 11.9% over the CY2022 sales of 82.9 million. Global Passenger Car sales and Commercial Vehicles sales reported a growth of 11.3% and 13.3% respectively. India has achieved 3rd rank in passenger vehicle segment by volume after China and United States of America.

The fastest growing segment worldwide was that of Electric Vehicles (EVs) which grew at 51% CAGR over the last ve years.

Annual global EV sales stand at 1 billion which is 15.5% of total PV sales for CY 2023.

(Source: OICA - Organisation Internationale des Constructeurs d Automobiles)

The long-term growth outlook for the Indian Auto Industry is positive, driven by robust economic growth outlook, focused Government policies with vision for 2047, Governments focus on road and infrastructure development, increasing income levels, current low levels of vehicle penetration, rapid urbanisation and a large, young and aspiring population. While the long-term outlook for the Indian Auto Industry is promising, when compared with FY 2018-19-Pre Covid levels, the industry has reached 96% in commercial vehicles and 99% in three wheelers while two wheeler industry is still down by 12%. Passenger Vehicles industry which had already recovered to pre-COVID levels last year, crossed 4.2 million vehicles in FY24.

Globally the Indian passenger

vehicle market has climbed to 3 position in 2023 behind China and the USA.

*Includes Domestic Sales, Exports along with subsidiaries

The Automotive and Farm Sectors, along with their subsidiaries, associate companies and joint ventures, achieved global sales of 1.22 million vehicles and tractors (8,27,720 vehicles and 3,94,537 tractors), a growth of 9% over the previous year.

Segment 2018-19 2023-24 F19-F24
PV (Domestic Sales) 33,77,389 42,18,746 4.5%
CV (Domestic Sales) 10,07,311 9,67,878 -0.8%
3W (Domestic Sales) 7,01,005 6,91,749 -0.3%
2W (Domestic Sales) 2,11,79,847 1,79,74,365 -3.2%

The shortage of semiconductors post-COVID-19 was eased with normalised global supply last year, while the increase in demand was influenced by higher disposable income, credit availability, new launches and minor impact due to regulations.

The Indian auto industry recognizes the importance of reducing dependence on imported oil, enhancing road safety and most importantly, ensuring clean air. Over the years, the industry has made significant investments in indigenisation of technologies in the conventional vehicles space e.g. meeting BS-VI in 3 years. In FY 2022-23, the industry has implemented BS6.2 emission norms in India. The Government has notified Electric vehicle technology and Hydrogen fuel cell technology as advanced automotive technology under PLI (Production Linked Incentive) scheme and has approved E-Vehicle policy to promote India as a manufacturing destination for e-vehicles. This will provide Indian consumers with access to latest technology, boost the Make in India initiative, strengthen the EV ecosystem by promoting healthy competition amongst EV players leading to high production volumes, economies of scale, lower production cost, a reduction in our crude oil imports, and hence lower trade deficit and positive impact on environment.

The Government has approved E-Vehicle policy to Promote India as a Manufacturing Destination for e-vehicles.


In FY 2023-24, passenger vehicle sales reached a new all-time high, with 4.2 million units sold, while commercial vehicle sales showed a marginal growth of 0.6% compared to FY23. The Indian auto industry (excluding two-wheelers) achieved its highest-ever sales of 5.88 million units, reflecting a year-on-year growth of 10.1%.

Over ten years between FY 2013-14 and FY 2023-24, the Utility Vehicle (UV) segment has been a key driver of Passenger Vehicle (PV) growth. FY 2014-24: UV grew at CAGR 17% vs PV which grew at CAGR 5.4%. UV, as share of PV, has increased from 21% in FY 2013-14 to 59.7% in FY 2023-24.

This growth in UV is driven by increased customer preference for UV-styled vehicles and new launches. In last two years, UVs have seen 20 new launches vs 2 launches in car segment.

We believe that electric vehicle adoption in India would be led by e-3W; the key drivers being improving operating economies, easy deployment for last/ rst mile connectivity (including at metro stations) and the growth of startups as 3W aggregators. For the year FY 2023-24, a total of 1,12,474 e-3W were sold with growth of 72.9%, accounting for 16.3% of the 3W industry.

Industry Segment

Domestic Industry Volume

YoY Growth
FY 2021-22 FY 2022-23 FY 2023-24 FY 2021-22 FY 2022-23 FY 2023-24
Passenger Cars 14,67,039 17,47,376 15,48,943 -4.9% 19.1% -11.4%
Utility Vehicles 14,89,219 20,03,718 25,20,691 40.4% 34.5% 25.8%
MPV (Vans) 1,13,265 1,39,020 1,49,112 4.1% 22.7% 7.3%
Passenger Vehicles 30,69,523 38,90,114 42,18,746 13.2% 26.7% 8.4%
MHCV 2,40,577 3,59,003 3,73,194 49.7% 49.2% 4.0%
MHCV Passenger 11,804 38,410 53,136 61.2% 225.4% 38.3%
MHCV Goods 2,28,773 3,20,593 3,20,058 49.2% 40.1% -0.2%
ICV Goods (7.5 to 12T) 34,822 35,298 37,667 24.5% 1.4% 6.7%
MCV Goods (12 to 18.5T) 51,835 68,187 62,705 38.6% 31.5% -8.0%
HCV Goods >18.5T 1,42,116 2,17,108 2,19,686 61.5% 52.8% 1.2%
LCV 4,75,989 6,03,465 5,94,684 16.7% 26.8% -1.5%
LCV Passenger 19,957 44,315 51,750 65.1% 122.1% 16.8%
LCV Goods < 2T GVW 1,71,461 1,92,982 1,76,310 22.4% 12.6% -8.6%
LCV Goods 2-3.5T GVW 2,51,944 3,31,655 3,19,040 11.6% 31.6% -3.8%
LCV Goods > 3.5T GVW 32,627 34,513 47,584 8.7% 5.8% 37.9%
Total CV 7,16,566 9,62,468 9,67,878 26.0% 34.3% 0.6%
3W Passenger 1,73,356 3,61,094 5,45,038 28.0% 108.3% 50.9%
3W Goods 76,174 97,540 1,11,519 -9.4% 28.0% 14.3%
3W-e-Rickshaw 10,580 26,654 31,290 NA 151.9% 17.4%
3W-e-Cart 1,275 3,480 3,902 NA 172.9% 12.1%
3W 2,61,385 4,88,768 6,91,749 19.1% 87.0% 41.5%
Scooters 41,12,672 51,90,702 58,39,325 -8.2% 26.2% 12.5%
Motorcycles 89,84,186 1,02,30,502 1,16,53,237 -10.3% 13.9% 13.9%
Mopeds 4,73,150 4,41,567 4,81,803 -23.3% -6.7% 9.1%
2W 1,35,70,008 1,58,62,771 1,79,74,365 -10.3% 16.9% 13.3%
Quadricycle 124 725 725 -1133.3% 484.7% 0.0%
Total Domestic 1,76,17,606 2,12,04,846 2,38,53,463 -13.6% 20.4% 12.5%
Total Domestic (Excl. 2W) 40,47,598 53,42,075 58,79,098 -15.2% 32.0% 10.1%


The long-term growth outlook for the Indian tractor industry remains positive. Over the period FY 2008-09 to FY 2023-24, the domestic tractor industry grew at a CAGR of 7.3%. The key growth drivers were increasing affordability, growing demand for farm mechanization, emergence of newer technologies in the farming sector and continued Governments focus on improving the state of agriculture in India.


Indian tractor industry with an annual sale of 8.76 lakh unit in FY24, saw a decline of around 7.4% compared to FY 2022-23. Exports out of India dropped by 21.5% YoY and can be partly attributed to macroeconomic challenges in global environment.

In FY 2023-24, the Indian tractor industry was impacted by erratic monsoon distribution both spatially and temporally. Farm output in both kharif and rabi season was affected by one of the strongest El Nino seen in the last 20 years. Prolonged dry weather also led to excess irrigation usage, thereby escalating farm input cost. This put pressure on the profit margin of farmers. Limited period of restrictions on export of food items like certain kinds of rice and onions to arrest domestic inflation, further hit farm incomes. Overall agriculture GVA showed muted growth at 1.4% in FY 2023-24 compared to 4.7% growth seen in previous year. Further, Government spending on rural and agriculture also remained muted. In FY 2023-24, employment generated under MGNREGA for households fell short of demand by 34 million.

Your Companys market share in the domestic tractor industry stood at 41.6% in FY 2023-24.



In FY 2023-24, your Company maintained momentum across all its SUV brands and was #1 position in SUVs by revenue. Your Company was also #1 in LCVs < 3.5T, a feat that has remained unchallenged in the industry for last nine years. Your Company was the official SUV partner to four popular IPL T-20 teams in the 2023 season: Royal Challengers Bangalore, Delhi

Capitals, Mumbai Indians and Rajasthan Royals. The content created with players generated a digital reach of 63 million+ and 100 million+ views on social media in collaboration with respective teams social handles. The table below summarises the performance of your Company across various Industry segments:

Industry Segment



M&M Market Share

FY 2022-23 FY 2023-24 Growth FY 2022-23 FY 2023-24 Growth FY 2022-23 FY 2023-24
Utility Vehicles 20,03,718 25,20,691 25.8% 3,56,961 4,59,864 28.8% 17.8% 18.2%
Passenger Cars 17,47,376 15,48,943 -11.4% 214 0 -100.0% 0.0% 0.0%
MPV (Vans) 1,39,020 1,49,112 7.3% 2,078 13 -99.4% 1.5% 0.0%
Passenger Vehicles 38,90,114 42,18,746 8.4% 3,59,253 4,59,877 28.0% 9.2% 10.9%
LCV Goods < 2T GVW 1,92,982 1,76,310 -8.6% 40,419 44,093 9.1% 20.9% 25.0%
LCV Goods 2-3.5T GVW 3,31,655 3,19,040 -3.8% 1,98,121 1,91,603 -3.3% 59.7% 60.1%
LCV Goods < 3.5T 5,24,637 4,95,350 -5.6% 2,38,540 2,35,696 -1.2% 45.5% 47.6%
LCV Goods > 3.5T GVW 34,513 47,584 37.9% 1,959 15,809 707.0% 5.7% 33.2%
LCV Goods Total 5,59,150 5,42,934 -2.9% 2,40,499 2,51,505 4.6% 43.0% 46.3%
M+ICV Goods (7.5 to 18.5T) 1,03,485 1,00,372 -3.0% 1,657 1,818 9.7% 1.6% 1.8%
HCV Goods > 18.5T 2,17,108 2,19,686 1.2% 4,742 6,146 29.6% 2.2% 2.8%
MHCV Goods 3,20,593 3,20,058 -0.2% 6,399 7,964 24.5% 2.0% 2.5%
LCV Passenger 44,315 51,750 16.8% 1,678 3,341 99.1% 3.8% 6.5%
CV Goods 8,79,743 8,62,992 -1.9% 2,46,898 2,59,469 5.1% 28.1% 30.1%
CV Total 9,24,058 9,14,742 -1.0% 2,48,576 2,62,810 5.7% 26.9% 28.7%
3W 4,88,768 6,91,749 41.5% 58,520 77,589 32.6% 12.0% 11.2%
Total Domestic 53,02,940 58,25,237 9.8% 6,66,349 8,00,276 20.1% 12.6% 13.7%

Your Company, on Indias Independence Day i.e. 15th August, 2023, unveiled the Go-Global vision: "Mahindra Futurescape", at a mega-event in Cape Town, South Africa. In presence of India and Global media; Vision of Thar.e was unveiled; a first look of Global Pik Up vehicle was unveiled along with launch of a new Visual Identity for Born Electric Vehicles and Sonic Identity and Brand Anthem for Born Electric Vehicles by AR Rahman.

In FY 2023-24, THAR crossed 1.5 lakh cumulative retails in just 3.5 years and we launched EARTH edition.

Your Company also delivered 3,000+ SCORPIO CLASSIC vehicles specially customised for Indian Army. SCORPIO-N also rolled out 1 Lakh vehicle in 20th Month of launch of the product; taking the cumulative tally of SCORPIO produced till date to 10 lakh+.

In FY 2023-24, your Company was official broadcast sponsor of the ICC Mens Cricket World Cup 2023 campaign with Disney+ Hotstar and Star Sports. This campaign along with other brand related activities resulted in your Company achieving #1 position in Brand Power rankings (Highest ever score).

XUV 400, the electric SUV; added another variant - 400 EL Pro - to its XUV line up with enhanced feature stack. The range was well received by consumers and won three Electric car of the Year Awards. Your Companys BOLERO is the only SUV brand across OEMs with lifetime sales of over 15 Lakh units.

Your Companys XUV700 became fastest Mahindra vehicle to achieve 1.5L+ vehicles sales within 30 months of launch. XUV 700 reinforced its superior Sci-F credentials by bringing the new 2024 line up.

Your Company continues to retain #1 position in LCV <3.5T segment which is largest segment of CV industry for a decade now with 47.6% market share. LCV <3.5T account for 56% of the total CV industry. Your Company has been the leader in the Pik-Up segment for over 24 years and it has always been your Companys endeavour to enhance the Customer Value Proposition of its offering. Your Company launched a whole new range of Pik-Up under the brand Maxx Pik-Up catering to multiple requirements of intracity, intercity as well as rural customers. The Maxx Pik-Up range launch had a series of 8 pickups with a range of payload from 1.2 ton to 2 ton, cargo lengths from 8 feet to 10 feet and fuel options of Diesel and CNG. In the new range, your Company delighted the customers by providing advanced connected technology iMaXX, class leading comfort with AC, D+2 seating and height adjustable seats across the range. The Pik-Up DNA of reliable, tough and rugged, high mileage and low maintenance cost was carried forward to Maxx Pik-Up as well. With this launch, your Company set the bar higher with the most capable pick-up with 10 feet cargo and 2 ton payload, which will be a difficult reach for competition. The new portfolio helped your Pik-Up portfolio grow by 4% against the competition de-growth of 4.6% in F24. With launch of Supro CNG Duo, your Company has entered into the dual-fuel small commercial vehicles segment. It runs both on CNG and Petrol, and offers high fuel efficiency and range.

Your Company also launched Supro Profit Truck Excel in January, 2024. This product is redefining last-mile connectivity in SCV segment and offers best-in-class payload, deck length and very high mileage. Excel CNG Duo offers a range of 500km+, which eliminates the range anxiety among customers completely.


Your Companys Chakan Plant produced highest ever 3.73 lakh vehicles in FY 2023-24 and crossed 2 million vehicles since inception. The Haridwar Plant crossed 14 lakh vehicles since inception and crossed 70,000 vehicles milestone of e-Alfa Platforms in FY 2023-24.


In the Last Mile Mobility (LMM) business, your Company sold 1,01,011 vehicles (domestic plus exports) in FY 2023-24, as against 83,751 vehicles in FY 2022-23, a growth of 20.6%. Your Company has a wide range of offerings inclusive of electric, CNG, diesel and petrol products in 3W and 4W which further expanded with multiple new launches across the year. The new launch of Treo Plus has strengthened the Companys customer value proposition of flagship model with higher range and reliability. The continuous improvements in the EV range have been enabled by strong in-house competencies in the areas of battery, motor and telematics backed by rigorous validation and experience of putting more than 1,50,000+ three-wheeler EVs on the road.


Your Company recorded phenomenal growth of 31% over last year achieving 13,155 volumes. The industry grew by 2% and your Company outperformed by 15 times. All four Quarters in FY 2023-24 were EBDITA positive for your Company. Your Company launched the Blazo X m-Dura range of trucks which was declared as Debutant CV of the Year at Apollo CV Awards 2024.

Your Company is the pioneer for Electric Vehicles (EVs) in India, and during the year under review, sold 66,190 EVs (domestic plus exports) as against 43,693 EVs in the previous year, a growth of 51.5%. Your Company is committed to achieve sustainability targets with strong growth plan and lead the EV revolution from the front. In 4W segment, the launch of Jeeto Strong marked another important milestone in the Companys journey to strengthen the 4W last mile mobility. The Jeeto Strong retains the core value of Jeeto brand - best-in-segment mileage - while bringing in a higher payload capacity and more features.


During the year under review, your Company (under the Mahindra EarthMaster brand) sold 1,118 Backhoe Loaders (BHLs), a 13% increase as against 989 sold in the previous year. Your Company also has a presence in the road construction equipment business through motor graders (under the Mahindra RoadMaster brand).

During the year under review, your Company sold 306 motor graders, a 62.7% increase as against 188 sold in the previous year. Your Company also has a presence in the Sugar Cane Haulage market (under the Mahindra HaulMaster brand) in the export market. The BHL industry grew by 22% and the motor grader industry grew by 28% due to increased focus from the Government of India on infrastructure.


The Automotive Sector of your Company exported a total of 24,663 vehicles in FY 2023-24. Continued headwinds in South Asia and Africa impacted the overall export volumes. However, there was growth in the regions of Australia, New Zealand, South and Central America, driven by strengthened SUV portfolio. In Australia, XUV700 saw good momentum, driving a multi-fold increase in retail offtake. In South Africa, Scorpio-N stands among the top SUVs in the Body-on-Frame SUV segment. In Tunisia, XUV300 received the Golden Wheel 2023 award for "Best seller in its segment". The Scorpio-N set a Guinness World Record for fastest crossing by a production vehicle of the Simpson desert in Australia. Your Company continues to focus on bolstering its global operations through its portfolio of SUVs and commercial vehicles.


During the year, your Company marked numerous achievements, from a product, manufacturing and global perspective, amidst strong appetite for mechanisation among farmers. While domestic tractor demand slowed down, global tractor markets were also weak compared to the previous years. However, with a proactive approach, your company remains poised to capitalize on opportunities.

During the period under review, your Company sold a total of 3,78,386 tractors (domestic plus exports from India), under the Mahindra, Swaraj and Trakstar brands, against 4,07,545 tractors sold in the previous year, registering a de-growth of 7.2%.

Today, India has the third largest automotive industry in the world. Your Companys products have gained share in this competitive environment where multiple global OEMs are present. This gives us a strong base to expand our global reach through our global ready products. On the base, in Futurescape, South Africa, your Company revealed aspirations for global expansion in August. As part of this plan, your Company revealed the Global Pikup Concept at Futurescape, Cape Town to potentially target ASEAN, Australia, South Africa, South and Central America within the next few years. Your Company also revealed aspirations to add new potential markets like UK and Europe through the Born Electric Range.

Your Company sold 3,64,526 tractors, as compared to 3,89,531 tractors in the previous year in domestic market (these figures for the current year sales and previous year sales include tractors sold by Gromax Agri Equipment Limited, a subsidiary of the Company), reflecting a de-growth of 6.4%, as against the industry de-growth of 7.4%. The year marks the second highest ever tractor volumes sales achieved by your Company.

Your Companys FY 2023-24 market share at 41.6% continues to position it as the domestic market leader for the 41st consecutive year. Your Companys performance was supported by good performance of all products in the portfolio across all three brands viz. Mahindra, Swaraj and Trakstar.

Farm Mechanisation is an important enabler to address the concerns of farm productivity and farm labour shortage. Your Company has aggressive plans to grow its Farm Machinery business, through launch of Made in India farm machinery products. These include rotavators, harvesters and rice transplanters amongst others.

During the year, Mahindra Farm Machinery clocked the highest ever revenue with a YoY 32% growth. This growth was driven by record performance in rotavators where your Company is in 2nd position with a market share of 20.3% and a YoY volume growth of 62% in rice transplanters. Your Company also launched new products such as rotavators, loaders and backhoes in the North American market.

Going forward, M&M will continue to launch new implements and farm machinery in the country through our Centres of Excellence (CoEs) in Turkey, Finland and Japan (where your Company, over the years, has created footprints through strategic stakes and acquisitions).

Besides rolling out new products, your Company is also focussing on:

Revenue Growth

Growing Tractor Market share

Quantum Growth in Farm Machinery

Significantly Growing our International Operations: 1.6x by FY26

Pioneering Technology Leadership

Deliver ROCE of 18%++



For the year under review, your Company sold 13,860 tractors in the export market. Exports during the year were sluggish due to a slowdown in some key markets like the U.S., South Asia, etc.

In FY 2023-24, your Company launched the new Mahindra OJA in the U.S. market, the second largest market for Mahindra outside India.

Going forward, the Company will launch the Mahindra Tractor brand in new markets such as Europe and ASEAN for faster growth of overall exports.



Mahindra Powerol has been a significant player in the power back-up industry for over 20 years. With a No. 2 position (by volume) in the overall Power Generation market, Mahindra Powerols network is spread over 300 service and sales touchpoints nationwide and over 12 overseas locations. The Companys distinct business model strategically balances its service and product contributions, each equally vital to its revenue generation.

In addition to Telecom, Powerol has also been focusing on increasing its retail market share by HkVA range extensions. With the successful launch of CPCB4+ gensets, your Company has already sold over 500 units in market so far.

With a focus on green energy, Powerol has also initiated an EV charger business for home charger installations. Mahindra Powerol has already installed over 5,000 chargers nationwide. Your Company is also into Energy Storage Solutions through Li-ion batteries.


For the year under review, your Company (under the Mahindra EarthMaster brand) sold 1,118 Backhoe Loaders (BHLs), a 13.0% increase as against 989 sold in the previous year. Your Company also has a presence in the road construction equipment business through motor graders (under the Mahindra RoadMaster brand).

For the year under review, your Company sold 306 motor graders, a 62.7% increase as against 188 sold in the previous year. Your Company also has presence in the Sugar Cane Haulage market (under the Mahindra HaulMaster brand) in the export market. The BHL industry grew by 22% and the motor grader industry grew by 28% due to increased focus from the Government of India on infrastructure.


In line with the strategy for the two-wheeler business, your Company through its subsidiary, Classic Legends Private Limited had re-introduced the iconic brands Jawa and Yezdi to the Indian market in the Financial Year 2019 and 2022 respectively. During Financial Year 2022-23, 42 Bobber was introduced and during Financial Year 2023-24, Jawa 350 was introduced to the Indian market. In addition, the Company forayed into new international markets through iconic British brand BSA in UK and European market.

The volumes for Financial Year 2023-24 were impacted with delays in launching improved products and subdued marketing spends in the Domestic market. Export volumes fell owing to slowdown in the UK/European economies and the Russia-Ukraine conflicts, impacting demand sentiments. However, with funding tied-up for the next level of growth and new external investors coming on board, focus for FY 2024-25 will be on Product improvements, Dealer developments, Network expansion, Cost reductions and to grow the volumes multifold in FY 2024-25 and ahead.



Indian automotive industry has been christened as sunrise sector and champion industry, due to the immense contribution the industry makes to the Indian economy. Automotive industry turnover is 6.5% of Indias GDP and more than 40% of manufacturing GDP. In Financial Year 2023-24, Passenger vehicles have reached a new, highest-ever mark with 4.2 million sales units while commercial vehicles have shown flat growth of 0.6%. 3W reported growth of 41.5% with 0.7 million sales in FY 2023-24 vs 0.5 million sales in FY 2022-23. The shortage of semiconductors post-COVID-19 was eased with normalised global supply in the last year, while the increase in demand was influenced by higher disposable income, credit availability, new launches and minor impact due to regulations. To reduce the dependence on oil imports, the industry is exploring options of alternate fuels like CNG, LNG, Ethanol, etc. The industry is also exploring options of flex fuel vehicles in nearby future. The industry is also investing in next generation technologies like Electric Vehicles and hydrogen.

The Government of India (GoI) has approved E-Vehicle policy to promote India as a manufacturing destination so that e-vehicles with the latest technology can be manufactured in the country. Last year, the GoI introduced Production Linked Incentive (PLI) Scheme for Automobile, Auto components, ACC (Advanced Chemistry Cells) and semiconductors to overcome the cost disabilities of the industry for manufacture of Advanced Automotive Technology products in India. The GoI has recognised Electric Vehicle technology and Hydrogen fuel cell technology as an Advanced Automotive Technology in the country.


Robust government support has spurred uptake in farm mechanisation and contemporary farming techniques, alongside broader rural development efforts. India which has a substantial base of small and marginal farmers, grapple with numerous areas characterized by limited penetration of farm mechanisation. As labor scarcity persists, escalating labor costs, widespread adoption of diverse mechanization methods emerge as the way forward. Considering these circumstances, the trajectory of the tractor and farm machinery market is anticipated to exhibit long-term growth.


The rising demand for power backup solutions and infrastructure development will create opportunities in the power generation and infrastructure equipment space. This is an opportunity for the Company to grow its offerings in power solutions and construction equipment.




The Companys business is exposed to many internal and external risks and it has consequently put in place robust systems and processes, along with appropriate review mechanisms to actively monitor, manage and mitigate these risks.


Given the high growth potential of the Indian automotive market, all OEMs, homegrown as well as MNCs, have a presence across all vehicle segments in India. Today, multinational OEMs are deeply entrenched in the Indian market with local development centres, a strong local supplier base and good channel penetration. In the PV segment, the differentiation between cars and UVs is largely blurred. The industry has seen a shift in demand from cars to UVs. This resulted in a greater number of launches in UVs compared to cars.

In FY 2023-24, every second passenger vehicle sold was a utility vehicle. Milestone of 1 million annual UV sales was crossed in F20 and it took just 4 years to cross 2.5 million annual sales mark.

LCV Goods < 3.5T continue to dominate Commercial Vehicle sales with a share of 47.6%. With the aim to remain competitive in the market and sustain its leadership position, your Company continues to invest in new product development, technology upgradations, increasing channel reach, while focussing on delivering customer centric products, services and brand building.


India has traditionally seen a tax rate differential between small and large passenger vehicles. This differential is based on length of the vehicle, engine size and fuel type. While the flagship products of your Company attract higher tax rates, your Company has strengthened the UV product portfolio attracting lower tax rates with products like XUV300, Bolero Neo, Bolero Power Plus and Thar. XUV400 attracts minimum GST amongst all passenger vehicle categories.


Concerns over road safety are driving legislation and regulatory reforms. Any new legislation requires technology development and incurring of costs, in turn impacting vehicle prices. Your Company is geared up and is confident of meeting any new regulations introduced.


Your company has a comprehensive programme for development of new products and technologies which will enable it to remain competitive in the market, cater to emerging customer expectations and to meet any legislative requirements. Along with Electrification, your Company is also working on alternate fuels technology.


With concerns over air quality and the need to reduce dependence on fossil fuels, the Government is actively pursuing large scale adoption of EVs, especially for intracity uses in fleet application.

Your Company is a pioneer of Electric Vehicles in India and is actively pursuing development of the Electric Vehicle (EV) market, products and technology. Along with Electrification, your Company is also working on alternate fuels technology.


The Commodity prices in the FY 2023-24 were moderate for most part of the year compared to the previous year, on account of lower global manufacturing activity and weak economic outlook, due to elevated policy interest rates in the major world economies. Your Company stayed focused on cost reduction through measures like Value Addition (VA) / Value Engineering (VE), negotiation with suppliers, long term price contracting, etc. Your Company continues to watch the market situation closely and continues to focus on mitigating commodity price volatility through "Commodity Risk Management". Hedging of currencies and commodities is being governed in accordance with the Foreign Exchange Risk Management Policy and Commodity Risk Management Policy approved by the Board of Directors of your Company.


Through sustained efforts over the year, your Company has enhanced monthly capacities of SUVs by 25%. We anticipate producing 2,00,000 EVs between 2027 and 2029 from our cutting edge Born Electric range. Furthermore, our investment proposal of Rs. 10,000 Crores for electric vehicles was also approved under the Industrial Promotion Scheme of Government of Maharashtra for Electric Vehicles. Pursuant to our announcement of the Rs. 1,000 crores investment in Last Mile Mobility (LMM) business, we organised a ground-breaking ceremony for a new manufacturing unit. With this new facility, we aim to build state-of-the-art battery assembly line, producing power packs and manufacture electronic as well as drivetrain components for electric 3-wheelers and 4-wheelers.

We expect these steps in augmenting capacity to cater to the robust demand growth in domestic and international markets. In partnership with our key suppliers, we are leveraging digitisation to insulate our operations from supply chain volatility.


A normal monsoon is important for both agriculture as well as the rural economy at large. The tractor business in particular and the automotive business to some degree, run the risk of a drop in demand, in case of a significant variation in the monsoon. In addition, an untimely monsoon and uneven spread has the potential of adversely impacting the business.


Indian Meteorological Department (IMD) in its long range forecast, predicted seasonal rainfall (June to September, 2024) to be Above Normal i.e., at 106% of the Long Period Average (LPA). Skymets prediction was slightly lower at 102% of LPA. La Nina conditions are expected to develop in the later half of monsoon season.

The spatial distribution suggests that above-normal seasonal rainfall is very likely over most parts of the country except some areas over East and Northeast India, where below-normal rainfall is likely.

Early onset of monsoon and IMDs affirmation of above-normal rainfall is expected to boost rural sentiments.


Indian industry could have issues related to lower supplies of components due to supply chain blockages prompted by the ongoing Russia-Ukraine war and crisis in the Middle East. This could lead to a rise in domestic fuel prices.


Both the Automotive and Farm Sectors strive to sustain profitable growth, maintain leadership position in the domestic market and at the same time, explore global opportunities for growth. Simultaneously, your Company continues its focus on achieving cost leadership through focussed cost optimisation, productivity improvements, value engineering, supply chain management, and exploiting synergies between various group businesses.


As per the Automotive Mission Plan 2026 (AMP 2026), the mid to long-term outlook for the Indian auto industry is positive. Honble Prime Minister unveiled Indian Auto Industry Vision @ 2047 mentioning Auto Industry is the engine of economic growth.

While the long-term outlook for the Indian Auto Industry is promising, the industry took four years to pre-COVID levels in commercial vehicles, three-wheelers and two-wheelers. Passenger vehicles which had already recovered to pre-COVID levels last year, crossed the 4.2 million mark in FY 2023-24.

Factors that will significantly impact demand for automobiles in FY 2024-25 are:

Policies by the Government to boost consumption.

Aggressive Government push for infrastructure-led growth.

Increase in cost of ownership due to increase in commodity and fuel prices.


The mid to long term outlook for the Indian tractor industry is positive. The industry is expected to see an upswing this year with the expectations of above normal monsoon. Positivity in farm sentiments were evident with higher summer acreage recorded this year. Also, the hike in MSP by 6% YoY will further incentivise farmers. Kharif sowing is expected to begin on time, which is likely to boost tractor demand in the coming months.

The Government budget on infrastructure and rural development is likely to benefit commercial demand. Further, the demand for mechanisation is also growing on account of likely increase in labour cost owing to a shortage of agricultural labour. Several enabling factors supporting industry growth like increasing cropping intensity, diversification, institutional credit, consolidation of farm holdings by FPOs, etc. have shown a positive trend in the last few years. Increase in leasing of land from 10% in early 2000s to 17% in FY 2018-19 and the Government subsidy for mechanisation will increase mechanisation coverage amongst small farmers. An increasing trend of more farmers taking technical advice in agriculture, also reflects the growth of progressive farmers.

High international commodity prices and logistic disruptions may aggravate input costs leading to inflation. Quantitatively, the southwest monsoon seasonal rainfall over the country as a whole is likely to be 106% of the long period average (LPA) with a model error of ? 4%. Thus, above-normal rainfall is most likely over the country as a whole during the monsoon season (June to September, 2024).

Coupled with timely arrival of southwest monsoon in Kerala and northeastern states, this has improved the on-ground sentiments of farmers. Land preparation activities for Kharif crops are expected to begin on time, which are likely to boost tractor demand in coming months.



Your Company has been firing on all cylinders, moving from strength to strength this year. We reinforced our place as the #1 SUV player by revenue-share in the Indian market and are now the #2 Passenger Vehicle manufacturer by revenue. Mahindra LCVs and electric 3-wheelers dominate their respective segments with #1 market share and our Trucks and Buses business grew 15X faster than the industry. External investors continue to show faith in our EV vision. The Last Mile Mobility business entered into agreements to raise Rs. 1,000 crores at a valuation of over Rs. 6,000 crores from two external investors, International Finance Corporation and India-Japan Fund (a fund managed by National Investment and Infrastructure Fund Limited). We added another marquee investor, Temasek, in Mahindra Electric Automobile Limited (MEAL) for an investment of Rs. 1,200 crores (in addition to the previous investment from British International Investment Plc) at a valuation of up to Rs. 80,580 crores. We made heads turn at our Cape Town event where we revealed the future Lifestyle Global Pickup and the stunning Thar.e concept. Bringing these concepts to life is the diverse and talented workforce at Mahindra Research Valley, our flagship R&D and innovation centre. MRV continues making strides in cutting-edge areas such as EVs, Software Defined Vehicle, Digital Platforms and more with 612 patents granted.

Your Company continues its steadfast commitment to Environmental, Social and Governance (ESG). Not only are we ranked 4th among global OEMs on the Dow Jones Sustainability Index, but also the only Indian OEM to be featured for the third consecutive year.

We also received D&B ESG Champions Award. We signed commitments to increase the share of renewable energy from 34% to 60% by FY26, abating over 1,84,000 tons of CO2 emissions. Your Company plans to maintain the momentum by scaling core areas with blockbuster launches and growth in international markets. We also expect continued exceptional performance from our new growth areas.


During the year, your Company entered the next phase of growth amid heightened competition and disruption based on new technologies and trends, with farm mechanisation gaining more and more traction.

During the year, Mahindra launched various new tractor models, as well as new implements and farm machinery in the country through collaboration with its COEs in Turkey, Finland and Japan (where the Company, over the years, has created footprints through strategic stakes and acquisitions).

In F24, your Company launched multiple category-defining product platforms including Mahindras much awaited Oja light-weight tractor program, code named K2. A paradigm shift in tractor design and engineering, the OJA is Mahindras Future Ready range of Global Light Weight 4WD Tractors developed in collaboration with Mitsubishi Mahindra Agriculture Machinery, Japan. The OJA will be Made in India, for the World serving diverse markets across 6 continents. The OJA range is loaded with pioneering first-in-category technology features, based on Three Technology Packs MYOJA (Intelligence Pack), PROJA (Productivity Pack) and ROBOJA (Automation Pack).

During the year, the Company also launched a new range of Swaraj Target tractors, a Compact Light Weight tractor range, developed specifically for progressive and aspirational farmers who are eager to embrace latest agricultural practices and technology. The Swaraj Target range provides exceptional efficiency in spraying, interculture operations, and various other applications. The Company also launched a new range of Naya Swaraj tractors in Indias rapidly expanding and dominant 40-50 HP tractor segment. The new range has infused modern aesthetics, integrated contemporary design elements, and preserves the brands authentic timeless design, ushering in a sense of modernity and a new era for the brand. Swaraj has also roped in its own satisfied customer and legendary cricketer MS Dhoni to endorse the brand.

During the year, the Company also launched the Swaraj 8200 Smart Harvester. A first-of-its-kind in India, the industry-first features of Swaraj 8200 is its intelligent system, offering real-time information to machine owners, including live location tracking, business parameters tracking such as acres harvested, road kilometers traveled and fuel consumption.

In Farm Machinery, your Company also launched a new 6 row paddy transplanter called the Mahindra 6RO Paddy Walker. Ensuring uniform transplanting across the operational field, the Mahindra 6RO Paddy Walker is manually driven, is compact in design and is easy to manoeuvre even in confined spaces, significantly reducing labor cost, over an otherwise labour-intensive process. The new solution will further enable water preservation, lower environmental impact related to rice cultivation, while improving overall profitability of the crop. Your Company further consolidated its presence in the rotovators through the launch of newer products. Your Company also introduced a number of upgrades to its popular range of tractors. Your Company also launched new products in rotary tillers, loaders and backhoes in the North American market.


Krish-e, a division of your Company, is pioneering the Farming-as-a-Service sector in India, leveraging digital solutions to enhance agricultural productivity and farmer income. A strategic overview of Krish-es performance and future initiatives is given below:


Krish-e operates in more than 100 centres, providing both physical and digital farm advisory services, equipment sales, and IoT solutions. The core objective is to empower farmers with progressive, affordable, and accessible services throughout the crop cycle.

Operational Highlights

Takneek Plots: Transitioned to a phygital model, enabling 20,000+ farmers to digitally access advisory services. Achieved an average income increase of Rs. 5,000 to Rs. 15,000 per acre.

Equipment Focus: Doubled efforts on tractor and farm machinery (FM) sales, particularly rotavators, leading to a sale of 4,000 tractors, implement sales of Rs. 44 crores, and Agri-input sale of Rs. 15 crores. Agri-Input Expansion: Introduced a diverse range of crop input solutions, leveraging a network of over 700 Krish-e Marts.

Krish-e Smart Kits: Collaborated with Carnot Technologies to scale the deployment of Krish-e smart kits (KSK), facilitating real-time asset tracking for rental equipment owners. Efforts led to the sale and installation of over 30,000 kits in FY 2023-24.

Krish-e 2.0

Your Company, through Krish-e has made significant shifts in the strategic roadmap and is launching new initiatives in FY 2024-25, the groundwork for which has been ongoing in Q4 FY 2023-24. Some of these include:

Comprehensive Scientific Advisory: Enhancing advisory services with tech-based predictive analysis and revamped customer connectivity through a revamped Krish-e App for farmers.

One-stop Solution: Launching an e-commerce marketplace for Mahindra Agri Inputs, introducing Krish-e Gold subscription model and integrating Krish-e, FCM, and KSK apps.

E-commerce Convenience: Introducing doorstep delivery of Agri inputs, expanding mobile access to Krish-e offerings and offering choice in SKU selection and rental entrepreneurs.

The transition to Krish-e 2.0 signifies a strategic shift towards establishing Krish-e as an independent AgriTech start-up while maintaining its role as a crucial moat within the parent company.

Krish-es commitment to innovation and farmer empowerment positions it strongly for future growth. The strategic initiatives outlined for FY 2024-25 demonstrates a clear focus on enhancing customer value and expanding market presence.


Your Company is Indias #1 EV 3W player with market share of 58.7% in 3W EVs (as per SIAM). In the Companys pursuit to expand its market presence, the Company will focus on geographical expansion through cost-effective channel formats, ensuring broader access and increased market penetration. Concurrently, the Company will introduce new product refreshes and launches tailored to meet evolving market demands. The recent launches in 3W and 4W have witnessed a very strong momentum in both passenger and cargo segments.

Your Company announced NIIFs partnership with IJFs investment in Mahindras Last Mile Mobility business. These investments shall be for setting up the manufacturing facility, development and production of the upcoming Electric Vehicles.

Mahindra Last Mile Mobility Limited ("MLMML") was incorporated as a subsidiary of your Company and commenced commercial operations in September, 2023. Indian Japan Fund ("IJF") will join International Finance Corporation ("IFC") as an investor in MLMML. The wealth of expertise of these marquee investors will be leveraged to drive the continued growth of MLMML.




The Mahindra Leadership University (MLU) has consistently delivered impact through high velocity programs over the course of FY 2023-24. In FY 2021-22, we re-defined our operating model to become a Centre of Excellence for leadership development and delivered on this mandate through multiple programs across critical areas. The inputs from the People Conversations, periodic connects with the CEOs and CHROs, and our focus on market scanning feeds into the flagship Leadership Development Initiatives such as:

Mahindra Accelerated Leadership Track (MALT): We have partnered with Carnegie Mellon University to develop an industry-leading accelerator programme called MALT. This track seeks to identify mid-career high potential talent from within the diverse Mahindra businesses annually and prepare them for an exciting career within the group. 71 associates across 2 batches have graduated so far. The third batch of 34 associates kickstarted their year-long journey in January 2024.

Future Shapers: We initiated the Mahindra Future Shapers programme with the intent to identify and nurture the next generation of leaders within our organization, consolidating their capabilities and preparing them to drive our Companys growth. The programme is being delivered through our long-term strategic tie-up with Harvard University and leading consulting firms. With two batches of 58 participants successfully concluded and the third batch ongoing, we are leveraging our strategic partnership with Harvard University and top consulting firms.

Development Programmes: Additionally, we introduced the Future HR Leaders Programme in the Third quarter of FY 2023-24, which focuses on empowering mid-level HR professionals with valuable business, functional and leadership skills. We successfully concluded the Emerging Finance Leaders Programme (EFLP) that was launched in the last quarter of FY 2022-23. In collaboration with a prominent leadership consulting firm and the prestigious Indian Institute of Management, Ahmedabad, we provided a comprehensive curriculum to equip emerging finance leaders with the necessary knowledge and skills to thrive in their careers. Furthermore, we introduced "She Is On The Rise" programme, a platform to empower and develop women leaders at junior level. This initiative aims to foster diversity, inclusivity, and gender equality, promoting the growth and advancement of women professionals in the workplace. Our Technology Academy continues to focus on developing deep skills across a range of emerging technology areas through a combination of in-person and online bootcamps.

These strategic initiatives reflect our commitment to nurturing leadership talent, upskilling our workforce, and empowering individuals to reach their fullest potential, driving sustained success for Mahindra.

Highlights of our Digital Learning Initiatives

From FY 2021-22 onwards, our focus has been to bring world class digital learning content to our employees across all management grades. To that effect, we have strategic partnerships with key content partners such as Udemy, Harvard Spark, etc. Furthermore, in-order to make the learning experience truly world class, we launched the EdCast by Cornerstone-Learning experience platform for employees across our Group companies.

Our learning experience platform now consolidates our various digital learning content providers under a single umbrella for the learner and by leveraging the power of artificial intelligence and machine learning, it can provide highly personalized learning content to our employees across the Group. Furthermore, we have been able to leverage the platform well beyond standardized e-learnings and have driven 50+ engagements across the year on the platform. This has led to both a high adoption rate as well as learner NPS. In FY 2023-24, we have seen 100% adoption rate and more than 1 million items of learning consumed. We believe this is a testament to our skills first approach of capability development and we anticipate further demand for learning content over FY 2024-25.


Our Nashik MLU campus is a world class facility built around the modern learner. With multiple Mahindra plants and offices located in a 100 km radius of this facility, the campus is generally a beehive of activity! It is detached from the hustle bustle of the city life and is surrounded by more than 650 trees, flora and fauna. Yet, because of our digital first approach to learning, our learners are always connected to the best learning resources always.

On an average, the campus hosts more than 9,000 learners each year. Furthermore, the Nashik campus has world class classroom facilities and can host more than 150 learners simultaneously. Apart from the ongoing maintenance activities, we have now re-imagined the entire classroom experience such that it creates a seamless blended learning experience. Our digital classroom connects with learners who are sitting in Nashik, Chennai, Mumbai and/or at home such that the learning experience is not impacted.

This enables us to bring them world class faculty from within our Group and outside at the touch of a button!

We hosted more than 8,133 learners over the course of the year with an average score of 4.73 in terms of an in-campus experience.


In our quest to build a healthy pipeline of technical talent in Product Development and associated areas, we set up the Mahindra Research Valley (MRV), with established design and development centres across multiple geographies, which serve as a crucible for innovation and technology for the Auto and Farm Divisions. Through MRVs unique concept of Tech Ladder, we identify and cultivate technical talent by working on performance management, talent management and capability building.

The Tech Ladder framework successfully caters to more than 3,500 engineers, covering multiple Centres of Excellence (CoE) and project functions across Automotive and Farm Divisions.


We deployed a flagship initiative i.e. Mahindra Leaders Program (MLP) for attracting top leadership talent at the entry-level from top B-Schools of the country. This program strengthens Mahindras position as an Employer of Choice across premier B-School campuses and creates a strong talent pool to drive future growth. In our quest to build a vertically integrated Talent Model in the Mahindra group (MLP to MALT to Future Shapers), this program helps us in providing a continuous feedstock of young talent. Through this program, MLPs join the Group across various Sectors and functions. As part of their first-year experience, each MLP will undergo a full-year stint with our Group Strategy Office and get exposure to various businesses.


At Mahindra, we prioritise Diversity and Inclusion (D&I) at our workplace and strive to provide equal opportunities to all individuals.

Our policies ensure that no discrimination occurs based on gender or disability regarding employment, promotion, termination or other related issues. We consciously and proactively track diversity representation in leadership roles, coverage in talent programs, equity of appraisal outcomes and diversity hiring percentage.

To enforce our commitment to D&I, the Group Diversity Council has implemented a metrics-driven scorecard with a strong emphasis on gender diversity. We also grant flexibility to our Group Companies regarding other aspects of D&I.

As part of our Equal Opportunity Policy, we equip our new recruits with the necessary training to perform their job functions efficiently. Our training programs include the Speak Up campaign for awareness about the Prevention of Sexual Harassment (POSH) refresher modules provided by our Ethics Counsellors.

Enabling policies

Our HR policies have been reviewed, revised and framed keeping employees at the core:

Employee Benefits: include professional and medical allowance, education assistance, mobile reimbursement, option of sabbatical, etc.

Work Conditions: cover flexible working hours policy, work from home arrangements and part time work options, etc.

Family Benefits: We have introduced policies to support better family life. These policies include women travel safety policy, a comprehensive 5-year maternity support policy, support for surrogacy, adoption and IVF, childcare facilities or contributions includes Company-provided creche or reimbursement for the facility, breastfeeding/lactation facilities or benefits, and paid parental leave, amongst others. Additionally, we have established an Equal Opportunity and Education Assistance Policy, reaffirming our commitment to supporting womens health and work-life balance while fostering a culture where every employee feels valued, respected and empowered to thrive.

Focussed hiring

We continue to attract, retain and develop diverse talent through initiatives where we focus on hiring and supporting women and Persons with Disability through specialised hiring consultants. We also want to improve gender diversity in areas of technology and business operations, which is also going to be a thrust area for the Company while ensuring a fair and inclusive recruitment process. To achieve this, we implement several practices aimed at fostering diversity and promoting equal opportunities for all candidates:

We provide comprehensive training to hiring managers through Hire Right Program, emphasizing the importance of diversity and inclusion throughout the recruitment process. This program equips our teams with the knowledge and skills necessary to identify and eliminate biases in hiring decisions.

We ensure that all job descriptions are free from biases in language and promote equal consideration for all candidates. By removing gender-specif ic language and emphasizing qualifications and skills, we attract a more diverse pool of applicants.

We provide equal opportunities to all applicants, regardless of their background, ensuring a level playing field for every candidate. Our commitment to fairness and equity ensures that everyone has an equal chance to showcase their talents and capabilities.

Our referral program offers an extra 25% incentive for female referrals, incentivizing the diversification of our talent pool. By encouraging employees to refer qualified candidates from underrepresented groups, we expand our reach and increase diversity within our organisation.

We regularly track diverse profiles on the interview slate, ensuring significant representation at the initial stages of the recruitment process. By monitoring diversity metrics, we hold ourselves accountable and drive meaningful progress towards our DEI goals.

Revive, second career program, offers support and flexible opportunities for women re-entering the workforce. With a focus on professional development and community engagement, the program empowers participants to reignite their careers and achieve long-term success. While fostering diversity and inclusion, our hiring decisions are purely based on talent, skills, and qualifications, ensuring a meritocratic approach. By prioritising merit over other factors, we create a culture of excellence and empower individuals to succeed based on their abilities.

Talent management

We are committed to advancing the career development of women at all levels. We provide them with the chance to acquire new skills and interact with senior leaders through various initiatives.

The Women Mentoring program for the managerial band provides career guidance and coaching opportunity to women from senior leaders, enabling women to excel in their career paths. Similarly, Generation Valuable, a unique mentorship program under Valuable 500, offers people with disabilities to build future executive leadership and drives disability inclusion through systematic change.


Awareness in this area has been created by a POSH campaign reiterating Mahindras commitment to providing a safe workplace for all its employees. During the year, the Company organized sensitization and awareness programs through inductions training for new joinees, sending emailers, creating standees and posters to sensitize all employees to conduct themselves in a professional manner. IC members were trained on Capability and Skill Building. POSH Policy is translated in 8 vernacular languages.


The Transformational Work Culture initiative aims to create an engaged workforce with an innovative, productive and a competitive shop-floor ecosystem. Some of the initiatives towards the same include creating a culture of self-managed teams; Nayi soch - Naya dristikon - a mindset transformation program for cell members and union leaders; i4-idea generation program, Rise award for associates and Employee of the Year program for associates. All employees also undergo trainings on Code of Conduct, POSH, ABAC and Human Rights to ensure appropriate behaviour and governance. The organization has also invested in capability-building programs which include both behavioral and functional programs to ensure that the workforce is equipped with future-ready skills and skills to advance in their careers such as trainings on behaviour-based safety, quality tools, TPM, personal presence and programs on current and future skills such as Robotics, Mechatronics, Auto Electric Diagnostics, Electric Vehicle Technology, etc.

Industrial relations

The industrial relations scenario continued to be largely positive across all the manufacturing locations. Long-term wage and bonus settlements were closed amicably for all the plants. The sustained efforts towards building a transformational work culture resulted in zero production loss in FY 2023-24.

Health and Safety

At Mahindra, we prioritise employee safety by implementing the highest safety standards and upgrading our rigorous procedures in line with technological advancements and best practices.

Employee Health Index is maintained at an individual level, and this has been a useful tool in identifying employees who require focused counselling and monitoring.

The Wellness App is available to employees for quick access to critical health-related information.

Various awareness sessions on driving employees towards a healthy and better lifestyle, Mental and Emotional Wellbeing, Nutrition, Mindfulness, etc. were touched upon by experts during the exclusive sessions for employees and their family members.


The Mahindra Skill Excellence is an internal platform that aims at holistic skill enhancement program for the shop floor associates. Over the years, it has matured and in the current year, 3,032 associates have participated from across all its manufacturing units.

The Company had a total of 24,405 Permanent employees on its rolls as on

31 March, 2024.


Your Company maintains adequate internal control systems commensurate with the nature of its business and size and complexity of its operations. These are regularly tested for their effectiveness by Statutory as well as Management Auditors. Your Companys Internal Financial Controls are deployed through the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organisations of the Treadway Commission (COSO), that addresses material risks in your Companys operations and Financial reporting objectives.

The framework is a combination of entity-level controls (including Enterprise Risk Management, Legal Compliance Framework, Internal Audit and Anti-Fraud Mechanisms such as Ethics Framework, Code of Conduct, Whistle-Blower Policy, etc.), process level controls, information technology-based controls, period end nancial reporting and closing controls.

Further, the Internal Control Systems have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information. In the highly networked IT environment of the Company, validation of IT Security receives focussed attention from IT specialists and Statutory Auditors.

The Chief Internal Auditor reports administratively to the Chairman of the Board and functionally to the Audit Committee. The Internal Audit function develops an audit plan for the Company, which covers, inter alia, corporate, core business operations, as well as support functions. The Audit Committee reviews the annual internal audit plan. Significant audit observations are presented to the Audit Committee, together with the status of the management actions and the progress of the implementation of the recommendations. The Audit Committee reviews the adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations. During the year, the Company has taken steps to review and document the adequacy and operating effectiveness of internal controls. Nonetheless, your Company recognises that any internal control framework, no matter how well designed, has inherent limitations and accordingly, regular audits and review processes ensure that such systems are reinforced on an ongoing basis.

Your Companys Management has carried out the evaluation of design and operative effectiveness of these controls and noted no significant deficiencies/material weaknesses that might impact financial statements as at the Balance Sheet date.




The financial statements have been prepared in accordance with Ind AS as per the Companies (Indian Accounting Standards) Rules, 2015 as amended and notified under Section 133 of the Companies Act, 2013 (the Act) and other relevant provisions of the Act.

The Groups consolidated financial statements have been prepared in compliance with Ind AS 110 on Consolidation of Accounts and presented in a separate section.




As at 31st March, 2024, the Property, Plant and Equipment and Intangible Assets stood at Rs. 21,284 crores as compared to Rs. 19,761 crores as at 31st March, 2023. During the year, the Company incurred capital expenditure of Rs. 5,029 crores (previous year Rs. 4,354 crores). The majority capital expenditure was on new product development and capacity enhancement.


(Rs. crores)

Borrowings F24 F23 Decrease
Long-term borrowings 1,135 2,332 (1,197)
Short-term borrowings 450 2,312 (1,862)
Unclaimed matured deposits 0 0 0
Total 1,585 4,644 (3,059)

Borrowings have decreased from Rs. 4,644 crores in the previous year to Rs. 1,585 crores in the current year mainly due to repayments in the current year.


F24 F23
Raw materials and bought out components 4.8% 7.0%
as a % of cost of materials consumed
Finished goods and Stock-in-trade as a % 5.3% 4.4%
of sales of products


Trade Receivables are Rs. 4,549 crores as at 31stMarch, 2024, as compared to Rs. 4,042 crores as at 31st March, 2023. As a percentage of revenue from sales of products and services, trade receivables are lower at 4.7% as at 31st March, 2024, as compared to 4.9% for the previous year mainly on account of better collection efforts and higher volume.



(Rs. crores)

Particulars F24 F23 Increase
Amount % to Income from Operations Amount % to Income from Operations %
Sales of products 94,972 93.8 82,032 94.7 15.8
Sale of services 1,923 1.9 1,219 1.4 57.8
Other operating revenue 1,868 1.9 1,709 2.0 9.3
Income from investment related to 2,456 2.4 1,684 1.9 45.8
subsidiaries, associates, and joint ventures
Income from operations 1,01,219 100.0 86,644 100.0 16.8
Other income 1,938 1.9 924 1.1 109.9


The net sales and income from operations of the Company increased by 16.8% as compared to the previous year mainly driven by performance of the Auto business. Sales volume in Auto segment witnessed an increase of 11.7% clocking 7,80,475 vehicles in the current year from 6,98,456 vehicles in the previous year. Increase in volumes combined with higher realisation and increase in investment related income from subsidiaries, associates, and joint ventures led to Income from operations growing by 16.8% as compared to the previous year.

Other income during the year ended 31st March, 2024 at Rs. 1,938 crores is higher than Rs. 924 crores earned in the previous year mainly on account of higher fair value gain on certain non-current investment in the current year.

Raw materials and bought out components as a percentage of cost of materials consumed has decreased mainly on account of build-up of inventory last year due to BS6.2 Transition, Shortage of critical components, which has been brought under control during the year with various initiatives taken by the management. However, finished goods and stock-in-trade as a percentage of sales of products has increased mainly due to build up of inventory for on account of new product launches and for the upcoming seasons.

Particulars F24 F23 Inc./(Dec.)
Amount (Rs. crores) % to Income from Operations Amount (Rs. crores) % to Income from Operations %
Material costs 74,006 73.1 64,558 74.5 14.6
Employee bene ts expense 4,416 4.4 3,650 4.2 20.98
Finance costs 139 0.1 273 0.3 (49.1)
Depreciation, amortisation and 3,439 3.4 3,154 3.6 9.0
impairment expense
Loss from investment related to 253 0.3 63 0.1 301.6
subsidiaries, associates and joint ventures
Other expenses 7,421 7.3 6,310 7.3 17.6
Total expenses 89,674 88.6 78,008 90.0 15.0


The total expenditure during the year as a percentage of income from operations is 88.6% as compared to 90.0% in the previous year. The reduction reflects the cost management initiative undertaken by the Company.


The material cost as a percentage of income from operations has decreased from 74.5% in the previous year to 73.1% in the current year mainly on account of benign commodity prices and various initiatives taken by the management for higher material cost savings.


The personnel cost as a percentage of income from operations has increased from 4.2% in the previous year to 4.4% in the current year.


Other expenses as a percentage of income from operations is same as previous year at 7.3% mainly for various cost management initiatives undertaken by the Company.



Loss from investment related to subsidiaries, associates and joint ventures as a percentage of income from operations has marginally increased from 0.1% in the previous year to 0.3% in the current year.


Depreciation, amortisation and impairment expenses as a percentage of income from operations shows decrease over the previous year mainly due to higher revenue base in current year.


The interest expense as a percentage of income from operations has decreased from 0.3% in the previous year to 0.1% in the current year mainly on account of repayment of borrowings in current year.


Exceptional items in the previous year comprises of profit earned on sale of certain long-term investments partly offset by impairment of certain investments in subsidiaries, associates and joint ventures and certain long-term assets.


The provision for current tax and deferred tax for the year ended 31st March, 2024, as a percentage to profit before tax is 20.5% is higher than the previous year of 19.5% mainly on account of deferred tax assets created out of accumulated capital losses in the previous year.

The key financial ratios of the Company are given as below:

Particulars M&M
2024 2023
Debtors Turnover (times) 22.6 23.5
Inventory Turnover (times) 8.1 8.7
Interest Coverage Ratio (times) 66.6 28.5
Current Ratio (times) 1.4 1.3
Debt Equity Ratio (times) 0.03 0.11
Operating Pro t Margin (%) 14.9% 13.9%
Net Pro t Margin (%) 10.6% 7.6%
Return on Net Worth (%) 22.4% 16.1%

Explanation for variation of 25% or more in Key Financial Ratio: Interest Coverage Ratio: The interest coverage ratio is healthier at 66.6 times in FY 2023-24 as against 28.5 times in the previous year primarily due to decrease in finance cost resulting from repayment of borrowings during the year. Debt Equity Ratio (times): The debt equity ratio is at 0.03 in current year as against 0.11 in previous year primarily due to repayment of borrowings during the year.

Net profit margin (%): Ratio has improved on account of increase in profit for the year.

Return on Net Worth (%): Ratio has improved on account of increase in profit after tax in current year.



As on 31st March, 2024, for the purpose of consolidation as per Indian Accounting Standards (Ind AS), the Group comprised of the flagship holding company Mahindra & Mahindra Limited, 129 Subsidiaries, 22 Joint Ventures and 29 Associates.

The Consolidated Income from operations is Rs. 1,39,078 crores in the current year as compared to Rs. 1,21,362 crores in the previous year, registering an increase of 14.6%.

The Consolidated Profit before exceptional items, share of profit of associates and joint ventures and tax for the current year is Rs. 14,856 crores as compared to Rs. 11,305 crores in the previous year, registering an increase of 31.4%. The consolidated profit after tax after non-controlling interest and exceptional items for the year is Rs. 11,269 crores as compared to Rs. 10,282 crores in the previous year, registering an increase of 9.6%.

Tech Mahindra Limited, Flagship Company in the IT Sector, reported a consolidated operating revenue of Rs. 51,996 crores in the current year as compared to Rs. 53,290 crores in the previous year, registering a decrease of 2.4%. Its consolidated profit after tax after non-controlling interests is Rs. 2,358 crores as compared to Rs. 4,831 crores in the previous year, registering a decrease of 51.2%. With a new leadership team, Tech Mahindra has embarked on a multi year transformation. The overarching goal is to achieve leadership in the segments it operates in with well defined growth and operational strategy. The positive long-term growth outlook for the technology sector, driven by digital transformation, increasing adoption of new-age technologies, and expanding global markets, supports Tech Mahindras strategic focus.

The Groups finance company, Mahindra & Mahindra Financial Services Limited, a listed subsidiary of the Company (Mahindra Finance), reported a consolidated operating revenue of Rs. 15,797 crores during the current year as compared to Rs. 12,700 crores in the previous year, registering an increase of 24.4%. The consolidated profit after tax after non-controlling interests for the year is Rs. 1,933 crores as compared to Rs. 2,072 crores in the previous year, registering a decrease of 6.7%. Mahindra Finance customer base has crossed 10.0 million customers. During the year, AUM (Business assets) crossed 1 Lakh crores i.e. Rs. 1,02,597 crores with a year on year increase of 24%.

Mahindra Lifespace Developers Limited, a listed subsidiary in the business of real estate and infrastructure, reported a consolidated operating revenue of Rs. 212 crores as compared to Rs. 607 crores in the previous year, registering a decrease of 65.1%. The consolidated profit after tax after non-controlling interest for the year is Rs. 98 crores as compared to Rs. 101 crores in the previous year, registering a decrease of 3.0%. By launching multiple new projects and achieving record sales, Lifespaces exemplifies how we have used a focused growth strategy to expand our footprint in key urban markets of Mumbai Metropolitan Region (MMR), Bangalore and Pune while making innovative and sustainable urban developments our core differentiator.

Mahindra Holidays & Resorts India Limited, a listed subsidiary in the business of timeshare, registered a consolidated operating revenue of Rs. 2,705 crores as compared to Rs. 2,517 crores in the previous year, registering an increase of 7.5%. The consolidated profit after tax after non-controlling interests for the year is Rs. 116 crores as compared to Rs. 115 crores in the previous year, registering an increase of 0.9%. As the leading vacation ownership brand in India, Club Mahindras expansion plans and innovative offerings in hospitality highlight our strategic focus on enhancing customer experience and expanding market reach for Emerging India and its aspirations.

Mahindra Logistics Limited, a listed subsidiary in the logistics business, reported a consolidated operating revenue of Rs. 5,506 crores as compared to Rs. 5,128 crores in the previous year registering an increase of 7.4%. The consolidated loss after tax after non-controlling interests for the year is Rs. 55 crores as compared to a profit of Rs. 26 crores in the previous year, registering a decrease of 311.5%.

Swaraj Engines Limited, a listed subsidiary in the business of manufacturing of Diesel Engines and its components, reported operating revenue of Rs. 1,419 crores as compared to Rs. 1,422 crores in the previous year registering a decrease of 0.2%. The profit after tax for the year is Rs. 138 crores as compared to Rs. 134 crores in the previous year, registering an increase of 3%.



The results achieved by major business segments of the Group are given below:

(Rs. in crores)

Segments F-2024 F-2023
1. Automotive 6,057 2,011
2. Farm Equipment 4,327 5,028
3. Financial Services 2,557 2,836
4. Industrial Businesses and 2,259 4,476
Consumer Services
5. Eliminations (1) 18
Total 15,199 14,369


Certain statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations.

Actual results could differ from those expressed or implied. Important factors that could make a difference to the Companys operations include raw material availability and prices, cyclical demand and pricing in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other incidental factors.

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