Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Investor Day (June 2024)
177 slides from Mahindra & Mahindra's investor day presentation, Jun 14, 2024
Slide 1: Exchange intimation letter for Investor Day presentation
Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com REF:NS:SEC: 14th June, 2024 National Stock Exchange of India Limited BSE Limited "Exchange Plaza", 5th Floor, Phiroze Jeejeebhoy Towers, Plot No.
Slide 2: Welcome to Group Investor Meet
Welcome To INVESTO MEET
Slide 3: Agenda
AGENDA 9:00 to 9:30 Registration 9:30 to 11.30 Presentations 11:30 to 11:45 Tea Break 11:45 to 3:00 Tech Showcase + Working Lunch 3:00 to 5:30 Q &A Session 5:30 to 7:00 Tech Showcase + Hi Tea & Cocktails GROUP. INVESTOR MEET
Slide 4: Group Investor Meet
mahindra® GROUP: INVESTOR: MEET
Slide 5: Dr. Anish Shah, Group CEO & MD
GROUP. INVESTOR MEET Dr. Anish Shah Group CEO & MD Mahindra Group
Slide 6: Bold by Design
Bold by Design Dr Anish Shah
Slide 7: World Around Us
World Around Us India Opportunity Elections Climate Change China & Geopolitics War Demographics
Slide 8: India Opportunity: Rare moment in the History of a Nation
India Opportunity : Rare moment in the History of a Nation 2023 GDP 2030P GDP $ Tn India #1 #2 26.8 17.7 34.8 26.5 #1 #2 will add 4.4 7.2 #3 #3 as much as #4 4.2 6.0 #4 EU to the #5 #6 3.7 3.3 5.9 5.2 #5 #6 Global GDP by 2030 #7 3.0 3.9 #7 7
Slide 9: Viksit Bharat Vision - 2047
Viksit Bharat Vision - 2047 Manufacturing : 25% GDP … 16x increase GDP US $ 30 Tn Make in India for the World : US$ 8.7 Tn exports … ~11x increase US $ 17.5k per capita income Inclusive Growth : Women participation in labor force … 20% → 45% 8
Slide 10: Our DNA
mahindra™” Our DNA MAHINDRA j,M of private enterprise and the initiative of the individual. dignity of human toil. colour, creed nor caste should stand in the way GROUP NVESTOR MEET
Slide 11: Our Rise Philosophy
Our Rise Philosophy Drive positive change in the lives of our communities. Only when we enable others to rise will we rise. #Together we rise
Slide 12: Our Businesses
Our Businesses AUTO SERVICES FARM 11
Slide 13: Our Businesses
Our Businesses AUTO & FARM FINANCE & TECH M GROWTH GEMS 12
Slide 14: Market Leadership
Market Leadership In India AUTO & FARM FINANCE & TECH M GROWTH GEMS #1 SUVs #1 NBFC #1 Electric 3W #1 3PL Provider Rural & Semi-urban #1 Vacation Ownership Top 3 Farm Machinery #1 LCVs Top 5 IT Services #1 Auto Recycling Net Zero Residential Project #1 Tractors (Industry First) (Globally by Volume)
Slide 15: Who we are
Who we are Purpose Led Performance Driven Future gReady
Slide 16: Who we are
mahindra™” Who we are GROUP _— WWenEeT weet
Slide 17: Educating Girls
Educating Girls Since 1997 Academic support after school hours Supported ~5K Women Teachers School supplies 231,692 Annual supply of feminine hygiene material ~7K Academic Support Centers Girls in FY24 Professionally designed sports program ~4K Government Schools
Slide 18: Empowering Women
Empowering Women Since 2007 Employability Skilling Domain Skilling Agri Skilling Job Skilling for 228,540 Women in FY24
Slide 19: Planet Positive
Planet Positive Journey Commenced in 2008 Greening Ourselves Decarbonizing Our Industries Rejuvenating Nature
Slide 20: Planet Positive
Planet Positive Journey Commenced in 2008 Greening Ourselves Decarbonizing Our Industries Rejuvenating Nature 26% RE Share Transitioning to Green Portfolio: Enabling Sustainable Agriculture • EVs 100+% Increase in Efficiency • Net Zero Homes Hariyali: 2+ Mn Trees Planted in F24 • RE Portfolio 100+%
Slide 21: Highest Standards of Governance
Highest Standards of Governance Recognized in Golden Peacock Global Award National Award for Excellence in Leadership Category For Excellence in Corporate Corporate Governance for the Third Straight Year Governance
Slide 22: Who we are: Performance Driven
Who we are Performance Driven
Slide 23: History of Value Creation: PAT
History of Value Creation: PAT 11,269 PAT* (Rs. Cr.) 2002-2024 CAGR +84% CAGR 4,667 CAGR +43% -13% 1,813 66 FY02 FY14 FY21 FY24 22 * After Exceptional Items after Non-Controlling Interest
Slide 24: History of Value Creation: PAT
History of Value Creation: PAT 11,269 PAT* (Rs. Cr.) 2002-2024 CAGR +84% CAGR 4,667 CAGR +43% -13% 1,813 66 FY02 FY14 FY21 FY24 23 * After Exceptional Items after Non-Controlling Interest
Slide 25: History of Value Creation: PAT
History of Value Creation: PAT 11,269 PAT* (Rs. Cr.) 2002-2024 CAGR +84% CAGR 4,667 CAGR +43% -13% 1,813 66 FY02 FY14 FY21 FY24 24 * After Exceptional Items after Non-Controlling Interest
Slide 26: History of Value Creation: Market Cap
History of Value Creation: Market Cap 343K Market Cap M&M Ltd. (Rs. Cr.) 2002-2024 CAGR M&M is the best performing stock in the CAGR NIFTY 50 from 2002-2024: CAGR +51% TSR of 29% 99K 60K +7% +38% 1.2K FY14 FY21 10th Jun’24 25 FY02
Slide 27: Drivers of Value Creation
Drivers of Value Creation Trust Entrepreneurial Mindset Disciplined Execution Group Synergies 26
Slide 28: Transformation Journey
Transformation Journey FY25 – FY30 FY22 – FY24 FY21 Deliver Scale Pivot to Growth Capitalize on Market Leadership Capital Allocation Unlock full potential 5X growth challenge Disciplined capital allocation
Slide 29: Evaluated Our Portfolio
Evaluated Our Portfolio Category A Category B Category C Clear path to 18% ROE Quantifiable strategic impact Unclear path to profitability 28
Slide 30: Took Tough Calls
Took Tough Calls Cat A&B: Turnaround Cat C: Exit PAT^ (INR. Cr.): Loss making entities (26)* (185)* (3,429) FY20 FY22 FY23 29 ^ International Auto & Farm operations; PAT After NCI, before EI: * FY22 and FY23 PAT is for continuing operations and does not include any losses of exited entities. F23 exc
Slide 31: Transformation Journey
Transformation Journey FY25 – FY30 FY22 – FY24 FY21 Deliver Scale Pivot to Growth Capitalize on Market Leadership Capital Allocation Unlock full potential 5X growth challenge Disciplined capital allocation
Slide 32: Strategic Imperatives
Strategic Imperatives Capitalize on Market Leadership Unlock Full Potential 5x Challenge AUTO & FARM FINANCE & TECH M GROWTH GEMS 31
Slide 33: Auto: Mindset Shift
Auto : Mindset Shift Category Creating SUVs • Best in class Value Products • Cutting-edge Technology • Performance, Safety, Premiumization 32
Slide 34: Auto: Blockbuster SUV Launches
Auto : Blockbuster SUV Launches Capitalize on Market Leadership THAR XUV 700 SCORPIO-N XUV 3XO AV 50,000 bookings 50,000 bookings 100,000 bookings 50,000 bookings in 30 DAYS in 3 HOURS in 30 MINUTES in 60 MINUTES 33
Slide 35: Farm: Ready to Capitalize on Growth Opportunities
Farm : Ready to Capitalize on Growth Opportunities Farm Machinery International (Tractors) FM as % of M&M Tractor* Tractor Sales 170% Market Share % 41.6% 20% 5.0% India Global Global (ex China) India 34 * Within <110 HP Tractor Segment
Slide 36: Mahindra Finance: Turnaround
Mahindra Finance : Turnaround Strong Financial Services Stable GNPAs Platform for Emerging India + Diversification Tech and Data Leader 35
Slide 37: Tech Mahindra: Turnaround
Tech Mahindra : Turnaround Drive 500 bps Margin Expansion Growth > Peer Average Augment Deep-Tech Drive Synergy from Portfolio Companies 36
Slide 38: Growth Gems: 4x Delivered
Growth Gems : 4x … Delivered F20 F21 F23 F24 ~$ 1 bn Target 5x $ 4.2 bn Cumulative Market Cap Growth Cumulative Market Cap $ 1 bn Each Challenge Market Cap 37
Slide 39: Growth Gems: 5x in 5-7 Years
Growth Gems : 5x … in 5-7 Years Strategic Focus Valuation ($ Mn, FY24) Strategic Focus Valuation ($ Mn, FY24) New launches; 5x capacity 792 Decarbonizing of Mobility and Energy 183 Block bluster launches 1,103 Strenghthen product portfolio; Exports * Scale up to 7GWp (5x) 337 Grow B2B services segme
Slide 40: Net Cash Generated Post Capex and Investments
Net Cash Generated Post Capex and Investments FY22-24 Auto Farm Services Rs 4,411 Cr Rs 6,376 Cr Rs 6,916 Cr 39
Slide 41: We have Delivered on Financial Commitments
We have Delivered on Financial Commitments EPS ROE 31% CAGR INR / Share +5 pts 101 18.4% 111 59 13.8% 49 81 16 1 FY19 FY24 FY19 FY20 FY21 FY22 FY23 FY24 40 1. Driven by gains from SEL and Susten, offset by Trucks and Buses impairment
Slide 42: Transformation Journey
Transformation Journey FY25 – FY30 FY22 – FY24 FY21 Deliver Scale Pivot to Growth Capitalize on Market Leadership Capital Allocation Unlock full potential 5X growth challenge Disciplined capital allocation
Slide 43: Strategic Imperatives
Strategic Imperatives Capitalize on Market Leadership Unlock Full Potential 5x Challenge AUTO & FARM FINANCE & TECH M GROWTH GEMS 42
Slide 44: We Play in 70% of Indian GDP growth
We Play in 70% of Indian GDP growth Sectors Sector contribution to GDP growth ($ Bn) 2023 2030 (Incremental) Consumer, lifestyle and e-commerce 800 1020 1,820 Mahindra Presence Agriculture solutions 610 310 920 Manufacturing and capital goods 420 390 810 Financial services 200 250 450 Logistics and
Slide 45: Growth Drivers
Growth Drivers Capitalize on Market Leadership Unlock Full Potential 5x Challenge AUTO FINANCE GROWTH GEMS ICE Momentum Asset Quality Best in Class EV Diversification Strength in CV Brand and Trust Digital Transformation International Underlying Market Expansion FARM TECH M Focused Growth Strategy I
Slide 46: One New Opportunity
One New Opportunity Strong Right to Win Meaningful Potential Market-leading Returns Ability to Execute 45
Slide 47: Make in India for the World
Viksit Bharat Accelerator Make in India for the World 46
Slide 48: Who we are
mahindra™” Who we are _— GROUP. NVESTOR MEET
Slide 49: Key Enablers: Talent
Key Enablers : Talent Leadership Pipeline Diversity, Equity and Inclusion Top Talent from leading companies 14 Women in CXO roles 76%+ new Group Executive Board 87% Leaders hired at Corporate are women 16/21 joined in last 5 years Targeted actions to enhance diversity 58 Future shapers and 100+ MALT
Slide 50: Key Enablers: Technology
Key Enablers : Technology Leader Attributes Outcomes 15% Time Reduction Each CEO must be a Tech Leader Maintenance of Shop Floor Machines Digital Twin 30 Minutes to 5 Minutes Customer Email Response Time Significant customer impact 80,000 Hours Metaverse Service Wait Time Reduction at Auto Dealers L
Slide 51: Key Enablers: Our Culture
mahindra™” Key Enablers : Our Culture 5 ‘ion ¢ 1.
Slide 52: Slide 52
Slide 53: Group Investor Meet
mahindra® GROUP: INVESTOR: MEET
Slide 54: Auto and Farm Sector speakers
mahindra ea) Mr. Rajesh Jejurikar ED & CEO Auto and Farm Sector Mahindra & Mahindra r=) y Mr. Nalinikanth Gollagunta CEO Automotive Division Mahindra & Mahindra @ Mr. R Veluswamy President Automotive Technology & Product Development Mahindra & Mahindra GROUP. INVESTOR cy MEET Mr. Pratap Bose Chief D
Slide 55: Automotive Sector
mahindra™” Automotive _— Sector GROUP. NVESTOR MEET
Slide 56: Rs 76.1k cr Auto Revenue in F24
Rs 76.1 k cr. Auto Revenue in F24 | 2.6x Growth 825 k Rs 6 k cr. VOLUME PBIT 1.7 X 4.6 X Revenue & PBIT as per reported Auto Consolidated segment; Volume is for Auto standalone including MLMML; All growth multiples are F24 vs F20
Slide 57: Sports Utility, Light Commercial, Heavy Commercial Vehicles
SPORTS UTILITY LIGHT COMMERCIAL HEAVY COMMERCIAL VEHICLES VEHICLES VEHICLES
Slide 58: SUV Brand
# 1 SUV Brand Inside Slide Heading: Quantum 16 PURPOSE Authentic, Sophisticated and Adventure Ready SUVs with Unmissable Presence Internal Combustion Engine Born Electric Vehicles WHO WE ARE AFRICA & MIDDLE UK WESTERN EUROPE WHERE TO PLAY INDIA SAARC ANZ LATAM EAST (Plan) (Plan) HOW TO WIN Customer
Slide 59: LCV Brand (<3.5T)
# 1 LCV BRAND (<3.5T) Inside Slide Heading: Quantum 16 PURPOSE Disruptive Products With Least Total Cost of Ownership To Help Customers Prosper WE GET THE TOUGH GOING WHO WE ARE MAXX PIKUP RANGE SUPRO RANGE SCORPIO PIKUP ‘NEW RANGE’ WHERE TO PLAY INDIA SAARC ANZ AFRICA MIDDLE EAST LATAM HOW TO WIN C
Slide 60: We get the tough going
We get the It’s crucial for both operators and enterprises to get the best solutions to get going tough going Our Agile, Bold and Collaborative people create tough disruptive products with the least cost of ownership, offering solutions which help you prosper
Slide 61: Market Leadership in LCVs (<3.5T)
Market Leadership in LCVs (<3.5T) | MOAT Difficult to Replicate #1 VOLUME MARKET SHARE (49%) Ranking & Volume share number is for F24
Slide 62: LCV industry segments and product range
Gold Camper Double Cabin 2WD, 4WD 2WD, 4WD Camper Gold INDUSTRY SEGMENT NEW RANGE Compact HD Large MAXX RANGE 1.7T, 2T (Multiple Fuel Options) 1.7-2T Growth Single Cabin Compact City Opportunity Classic Pikup 1.3T, 1.5T 2WD,4WD Medium 1.3-1.5T Small Supro & N/A 1.0-1.2T Jeeto HAULAGE Tonnage classif
Slide 63: LCVs
LCVs * * 5 ICE & 2 EVs in LCV < 3.5T 7 BY 2030
Slide 64: Sports Utility Vehicles
Sports Utility Vehicles
Slide 65: Market Leadership in SUVs | 26.5% CAGR
Market Leadership in SUVs | 26.5% CAGR REVENUE VOLUME #1 MARKET SHARE (20.4%) #2 MARKET SHARE (18.2%) *26.5% CAGR (F20-F24) of SUV Volumes, Rankings & Market share are for F24
Slide 66: SUV Industry Growth
SUV Industry Growth | 34% to 60% of PV Industry 20 SUVs > 4m Compact SUVs <4m 15 Average 1.27 Mn Selling Price (Ex Showroom, 1.26 Mn 10 Rs Lacs) ASP: ₹ 17.5 Lac 5 ASP: ₹ 10.5 Lac, F20 - F24 CAGR: 25% F20 - F24 CAGR: 31% SUV as share of Passenger Vehicle Industry, F20 (34%) to F24 (60%) as per SIAM,
Slide 67: Opportunity Mapping
Opportunity Mapping 13% 27% 15% 7% 21% 15% M&M Share (Volume) 34% 14% Ex Showroom Price (lacs) 5 - 7.5 7.5 - 10 10 - 12.5 12.5 - 15 15 - 20 20 - 25 25 - 30 >30 SUV Industry Volume % 49% 45% SUV Industry Revenue % 35% 56% Source: JATO Dynamics, F24
Slide 68: Explore The Impossible
Explore The Life is an adventure; live it boldly while caring for our planet Our agile, bold, and collaborative people create AUTHENTIC and SOPHISTICATED SUVs Impossible with sustainable, innovative technologies that inspire your spirit of exploration.
Slide 69: 55% of All Indian SUV Intenders Seek Authenticity
55% OF ALL INDIAN SUV INTENDERS SEEK AUTHENTICITY Source: Authenticity study conducted by Kantar Research F23
Slide 70: Right to Win
RIGHT TO WIN TOUGH & SAFE PERFORMANCE PRESENCE TECHNOLOGY M&M Competitor 1 SOPHISTICATION Competitor 2 Source: Kantar research for SUVs in ex showroom price range of 14-28L
Slide 71: Exciting SUV Portfolio
mahindra™” GROUP. _— WER eer MEET Exciting SUV Portfolio
Slide 72: XUV 3XO
XUV 3XO Opportunity to be #1 / #2 Player in Compact SUVs
Slide 73: ICE SUVs
ICE SUVs *3 Mid cycle enhancements including recently launched XUV3XO 9 3 MCE* + 6 New BY 2030
Slide 74: Authentic eSUVs with Cutting-edge technology
Authentic eSUVS with Cutting-edge technology
Slide 75: Born Electric Vehicles
Born 7 Electric Vehicles BY 2030
Slide 76: Customer Focus
CUSTOMER FOCUS Insights on What customers value Creating ‘Wow’ propositions #1 in Brand Power* *Brand Power study conducted by Kantar for SUVs, F24, 1000 samples per quarter
Slide 77: Technovation
TECHNOVATION Refinement and Off Road Safety Democratising Tech Sophistication Capability
Slide 78: SUV capacity expansion
▪ F25 Exit capacity includes: Per Month Capacity F20 Exit F23 Exit F24 Exit F25 Exit F26 Exit - Increase in SUV capacity (THAR 5D, XUV3XO/4OO) : 5K - EV capacity : 10K Overall SUVs ▪ Additional 8k EV capacity by F26 end 19K 39k 49k 64k 72k Capacity ▪ 3.5X+ expected capacity in F26 over F20
Slide 79: Value Creation
Value Creation Fixed Cost* % PBIT# % ROCE# % 660bps 350bps 4.4X 8.0% 42.0% 4.5% 9.5% F20 F24 F20 F24 F20 F24 *Fixed expenses & Personnel cost at Auto standalone segment level # At Auto consolidated segment level
Slide 80: Summary
Summary Leadership in SUVs & LCVs 690 Market momentum with 23 launches by 2030 INR 27k crore capex and investment in F25 – F27 Margins through operating leverage, cost control, pricing / varianting *
Slide 81: Farm Equipment Sector speakers
mahindra TRACTORS ea) Mr. Rajesh Jejurikar ED & CEO Auto and Farm Sector Mahindra & Mahindra i { ty) Mr. Hemant Sikka President Farm Equipment Sector Mahindra & Mahindra GROUP INVESTOR MEET
Slide 82: Farm Equipment Sector
mahindra™” _— arm Equipment Sector GROUP. NVESTOR MEET
Slide 83: Rs 33.5k cr Farm Revenue in F24
Rs 33.5 k cr. Farm Revenue in F24 | 1.6X 375 k Rs 4.3 k cr. VOLUME PBIT 1.3 X 1.9 X Revenue & PBIT as per reported Farm Consolidated segment; Volume is for Farm standalone; All growth multiples are F24 vs F20
Slide 84: We are the world's largest farm tractor manufacturer
395 k We are the world’s largest farm tractor manufacturer Series 1 Mahindra Competitor 1 Competitor 2 Competitor 3 Competitor 4 Mahindra F24 Volume
Slide 85: Strategic Priorities
Strategic Priorities DOMESTIC FARM PIONEERING TRACTORS MACHINERY INTERNATIONAL TECHNOLOGY MARGINS Industry growth India is tractorised OJA to enable Disruptive, Industry leading opportunity not mechanized scale up fit-for-purpose
Slide 86: Domestic Tractors
Domestic Tractors Our view on industry growth and our right to win
Slide 87: Indian tractor industry has significant headroom for growth
Estimated Tractor Population (Mn units) Indian tractor 17.0 industry has 11.0 significant headroom for 100% 65% growth Tractor Requirement @ 4 HP/ha F30 Estimate Past industry CAGR: 7.3% for past 15 years Note: Percentages in the chart indicate % of peak requirement
Slide 88: Farm Power Availability
A. Farm Power Available (kw/ha) Food grain yield (’00 kg/ha) Farm Power Availability To achieve 5 4.0 40 Food grain yield required 2030 4 2.5 2.9 30 3 foodgrain 2 33.4 20 demand, farm 1 22.9 24.9 10 power of 0 0 2018 2022 2030 4 kW/ha is required To meet expected farm power aspiration, tractors powe
Slide 89: Cropping Intensity has grown quickly
B. Area sown more than once (Mn ha) Cropping 2.2% 4.8% 78 Intensity has 52 57 59 47 grown quickly in the last decade 2002 2006 2011 2016 2022 Total net sown area in India is ~140 Mn Ha Higher cropping intensity will lead to more tractor utilization and faster replacement cycle Source: Ministry of Ag
Slide 90: Shift from Traditional Crops towards High-Value Crops
C. 250 209.6 F23 Value of Production Shift from Gross Cropped Ara (Mn Ha) 187.9 (Rs. ‘000/ha) 200 175.4 Traditional Crops 150 57.4% 51.9% 49.3% Cereals 40.6 towards 100 13.8% Pulses 27.6 High-Value 12.5% 12.4% 12.6% 13.5% Horticulture 182.7 50 Crops 9.4% 20.6% 23.1% 23.4% Others 59.5 0 Diversificati
Slide 91: Changing farmer aspirations and increasing labour cost
D. Inflation rate of tractors, % Wage rate change of agri labor, % Farmer’s aspirations are 9 8.4 changing - looking to move to 7.9 Changing 8 7.5 6.8 non-agricultural jobs farmer 7 5.8 6 aspirations 5 4.4 4.2 Unavailability of labour, and 4 especially during peak season increasing 3 2.0 2.2 2.3 lab
Slide 92: Market leadership in India for last 4 decades
We have had market leadership in India for last 4 decades 41.2% 41.2% 41.6% 40.2% 40.0% 38.2% COVID supply challenges given MH base for manufacturing F19 F20 F21 F22 F23 F24
Slide 93: Mahindra is well positioned to win in domestic markets
Mahindra is well positioned to win in domestic markets Strong product Deep customer Extensive channel Fit for purpose portfolio enhanced by connect and brand network technology features recent launches resonance
Slide 94: Farm Machinery
Farm Machinery Our view on India’s Mechanization potential and our right to win
Slide 95: Indian farm mechanization story yet to fully play out
Indian farm mechanization story yet to fully play out Farm Mechanisation Level (%) across countries Crop-wise Mechanisation Level (%) in India 95 % Seedbed Sowing/ Harvesting & Crop wise ` Crop Care 80 % preparation transplanting Threshing average 75 % Rice 80 35 35 60 53 60 % 47 % Wheat 85 65 50 75
Slide 96: Scale-up in FM driven by product and channel presence
Scale-up in FM will be driven by product and channel presence Strong product portfolio Synergies with tractor Independent channel for across categories channel pioneering products
Slide 97: Farm Machinery Catalogue
mahindra™” _— Farm Machinery Catalogue
Slide 98: International Markets
International Markets Well positioned to enter new markets and grow in existing ones
Slide 99: Large <110 HP global market - strong potential for scale-up
Large <110 HP global market - strong potential for scale-up GLOBAL TRACTOR INDUSTRY, $ BN GLOBAL TRACTOR VOLUMES, LAKHS 51 17.2 M&M play will focus 27 <110 HP 15.7 on this segment, (53%) <110 HP (91%) providing strong 24 potential for scale-up >110 HP 1.5 (47%) >110 HP (9%) Source: Internal estimate
Slide 100: Presence in the large <110 HP markets
We already have a presence in the large <110 HP markets <110 HP tractor industry volume (units) ~1,570 k Already present ~80 k ~625 k ~100 k ~45k ~30 k ~11k ~65 k ~35 k ~625 k ~260 k ~945 k Plans to enter Total India Total excl NAM Turkey Brazil Japan SNB Other W. Europe ASEAN Total (excl <110 HP In
Slide 101: Launch of Oja will strengthen our international play
Launch of Oja will strengthen our international play Engineered in Japan and Chennai Unmatched productivity • 4 Platforms Modern style & design • 20 different HP categories Automation to drive efficiency across 20 – 70 HP Comfort and convenience
Slide 102: Right product portfolio and market access for international scale-up
Right product portfolio and market access to scale up in international markets Significant on-ground Ability to leverage India scale and Strong product portfolio channel presence synergies
Slide 103: Technology
Technology
Slide 104: Pioneering technology leadership
Pioneering technology leadership Electrification and Automation and Digitalization, decarbonization autonomy connectivity and AI
Slide 105: Value Creation
VALUE CREATION
Slide 106: Value Creation
Value Creation Fixed Cost* % PBIT# % ROCE# % 1.4X 240bps 210bps 47.4% 12.9% 10.8% 33.7% F20 F24 F20 F24 F20 F24 *Fixed expenses & Personnel cost at Farm standalone segment level # At Farm consolidated segment level
Slide 107: Mahindra FES: Transform farming, enrich lives
Mahindra FES Transform farming, enrich lives
Slide 108: Group Investor Meet
mahindra® GROUP: INVESTOR: MEET
Slide 109: Mr. Mohit Joshi, MD & CEO Tech Mahindra
TECH mahindra GROUP INVESTOR MEET Mr. Mohit Joshi ( MD & CEO Tech Mahindra
Slide 110: Tech Mahindra
mahindra™” GROUP INVESTOR _— M T ‘D4 Tech Mahindra GROUP. NVESTOR MEET
Slide 111: Meet Tech Mahindra
Meet Tech Mahindra 6.3 Bn+ 90 1000+ 145K ESG Revenue Countries Global Clients People Leadership 10 of Top 10 in 6 of Top 10 in 4 of Top 10 in Automotive Healthcare Equipment Process Manufacturing 9 of Top 10 in 4 of Top 10 in 3 of Top 10 in Life Science Insurance Oil & Gas 3 of Top 5 in 5 of Top 10
Slide 112: We live in the new era of...
We live in the new era of… Mohit Joshi
Slide 113: Large enterprises' approach to technology has fundamentally changed
The way large enterprises approach technology and operations has fundamentally changed
Slide 114: Winners across industries are embracing a new mindset
Winners across industries are embracing a new mindset
Slide 115: AI, consumerization of tech, demographics and more
Need for Need for Network Client Channels and Consumer Margin Speed of technology Telecom complexity segments jurisdictions behavior compression change Consumer demand for Manufacturing Global supply chain Economies Products consumed as nimble software-driven & Automotive complexity of scale service
Slide 116: Tech partners: the biggest aren't fast enough
But when it comes to Tech partners The biggest aren’t fast enough … and the boutiques Communication barriers can’t reliably scale Lack of agility No Customization No full-spectrum capabilities Hierarchy dependent Dependency risk Distance from decision makers Shallow talent pools Limited global prese
Slide 117: The TechM Promise
The TechM Promise $6.3Bn from 1000+ clients Accessible & engaged leadership 145k employees in 90 countries Empowered front-end team Rich heritage of Mahindra Group Mahindra university Full stack services Entrepreneurial approach Extensive partnership network Relationship warmth
Slide 118: Client feedback validates this unique strength
Client feedback validates this unique strength Everybody can claim scale and speed, Speed & scale TechM is a good Two of the sustainable differentiators I think TechM has good scale with but you bring them together very well in are important differentiators and I combination of of TechM are speed &
Slide 119: Tech Mahindra
mahindra™™ TECH mahindra
Slide 120: Telco Leader
North American Tier 1 Telco Leader 119
Slide 121: The world's best companies are turning to Tech Mahindra
The world’s best companies are turning to Tech Mahindra for
Slide 122: Tech Mahindra FY27
TECH mahindra VISIGA.. FY27
Slide 123: What I have learnt about TechM so far
What I have learnt about Comprehensive set of offerings Scaling top accounts TechM Marquee clients with deep relationships Multi tower large deals so far Deep engineering roots Synergies from acquisitions Entrepreneurial energy Cost structure improvement ESG leadership Predictable and profitable gro
Slide 124: 3-year roadmap
3-year roadmap Q4 FY24 FY25 FY26 FY27 The beginning Turnaround phase Stabilization phase Reaping returns Structure and Ground the new org Continue above normal investments Improved long term structural mix strategy definition Investment in accounts, key markets, service lines Full integration of por
Slide 125: The TechM Flywheel
Balanced industry mix High growth services focus Focus on prioritized market Turbocharge program Large deal focus The TechM Flywheel Vision FY27 Top line growth > Peer avg Industry standard margins High predictability Productivity gains M&M synergy Synergy with portfolio cos Talent management Operat
Slide 126: Slide 126
Slide 127: Artificial Intelligence: Staying ahead of the curve
Artificial Intelligence Staying ahead of the curve DIFFERENTIATION STRATEGY TO GROW Launch of Indus LLM in 50+ prebuilt use cases and AmplifAI suite of offerings Focusing on reskilling the talent base India and Garuda in Indonesia with our OEM 100+ Qualified opportunities Dedicated team to drive eff
Slide 128: Portfolio prioritization
Portfolio prioritization Focus geos / markets Focus verticals Focus service lines PRIORITY ▪ Americas ▪ Telco ▪ Next Gen Services ▪ Europe ▪ Manufacturing ▪ Cloud & Infrastructure Services SEGMENTS ▪ Prioritized countries in ROW ▪ BFSI ▪ Engineering Services ▪ Hi-Tech ▪ Digital Enterprise Applicatio
Slide 129: Rise
ise mahindra’ GROUE mahindra NVESTOR: MEET
Slide 130: Operations Strategy
Operations Strategy Operational Productivity High margin Delivery Synergy with parameters gains services focus excellence portfolio cos ▪ Pyramid ▪ Lean ▪ Digital Enterprise ▪ Large deal review ▪ Culture alignment Applications ▪ Offshore mix ▪ Automation ▪ Quality process and ▪ Technology integratio
Slide 131: Rise
ise mahindra’
Slide 132: Organization Strategy
Organization Strategy High performance Talent Global ESG M&M culture Management Marketing Team Leadership Synergy ▪ Simplify ▪ Revamp employee ▪ Branding and positioning ▪ Climate resilience ▪ As an SI experience ▪ Clarify ▪ Demand generation ▪ Renewable energy ▪ Leverage group ▪ Empower frontline r
Slide 133: M&M Synergy
M&M Synergy #TogetherWeRise As an SI – Joint Assist the Use Mahindra co-creation / transformation of Group’s buying power co-innovation Mahindra Group to sell to its suppliers of digital assets along with ecosystem partners
Slide 134: FY27 Goals
FY27 Goals Revenue EBIT ROCE % Capital growth Margin % return Topline growth 15% >30% >85% of FCF > Peer average
Slide 135: The TechM Edge
The TechM Edge Rich heritage Passionate leadership team Full stack offerings High client satisfaction Speed to innovate
Slide 136: Tech Mahindra
TECH abe F GRO mahindra NVESTOR. MEET
Slide 137: Group Investor Meet
mahindra® GROUP: INVESTOR: MEET
Slide 138: Mr. Raul Rebello, MD & CEO Mahindra Finance
mahindra FINANCE pe INVESTOR MEET Mr. Raul Rebello MD & CEO Mahindra Finance
Slide 139: Mahindra Finance
mahindra™” GROUP INVESTOR _— M T ‘D4 Mahindra Finance GROUP. NVESTOR MEET
Slide 140: Today's agenda: Turbocharging Transformation for Full Potential
Today’s agenda : Turbocharging Transformation for Full Potential CURRENT POSITION EXTERNAL SHIFTS CUSTOMER NEEDS STRATEGY TEAM
Slide 141: An institution with Deep & Broad Roots
An institution with Deep & Broad Roots CUSTOMERS SCALE SOLUTIONS 10M+ 1400+ customers branches 100K Cr WHEELS SME/BL LAP/HL PL AUM - FY24 6000+ 10+ dealers OEMs Insurance FD Mutual Funds
Slide 142: 7 mega trends shaping Indian financial services playbook
7 mega trends shaping Indian financials services playbook Emerging Rising Rise AI & GenAI, Increasing Growing Premium on India ‘Mass’ of Digital & Formalization Financial Governance Opportunity Affluence Ecosystems Tech Inclusion Revolution
Slide 143: Emerging: Large middle-income segment with diverse needs
Emerging: Large middle-income segment with diverse financial services needs Lending products per customer Non-lending financial products Resilience 1% 5% High income 10% Insurance, Mutual Fund, FD, 7-8 High 30% Wealth management Middle 65% income 84% 5-6 Insurance, SIP, FD Medium-High 69% 30% Low in
Slide 144: Opportunity: Financial solutions for value seeking middle India
Opportunity: Financial solutions for the value seeking middle India - BHARAT BHARAT/ MIDDLE INCOME: ACCESSIBLE 65% HHs TIMELY 75-80% ~80% Non-metro Self employed, agri RIGHT OFFERING TRUST Savvy, Aspirational Source: PLFS (2022-23), CMIE, Census
Slide 145: Bharat ke PAAS, Bharat ke SAATH
Bharat ke PAAS, Bharat ke SAATH PAAS (Near Middle India) SAATH (With Middle India) ACCESSIBLE TIMELY ASSET BASED ASSET LIGHT TRUST RIGHT Branches, Seamless assisted and DIY digital Wheel dominance OFFERING Insurance, FD, Transparency, Smart branches, journeys SME/ BL, HL/ LAP, MF/ SIP, Cards smooth
Slide 146: Bharat ke PAAS, Bharat ke SAATH - Recent progress
Bharat ke PAAS, Bharat ke SAATH - Recent progress PAAS (Near Middle India) SAATH (With Middle India) ACCESSIBLE TIMELY RIGHT OFFERING TRUST 1400+ Branches 10 min - 1 day Sanction TAT Pre-approved offers to each AAA/Stable Rating 3 eligible customers 500+ Smart branches Servicing done via 50% + Digit
Slide 147: Improvement and reduced volatility in asset quality
Significant improvement and reduced volatility in asset quality in recent years GS-3 ASSETS (%) – FY16-24 GS-3 GROSSASSETS STAGE(%) – FY22-24 3 ASSETS (%) 15.5% 12.5% 10.7% 8.2% 8.4% 9.8% 7.7% 3.4% 7.7% 3.4% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2022 2023 2024
Slide 148: Recent Financial Performance
Recent Financial Performance 26% TOTAL SHAREHOLDER RETURN: MMFSL VS PEERS 102 CAGR CAGR CAGR (2005-2015) (2015-2022) (2022-2024 YTD) 65 MMFSL 22%1 1% 34% AUM in ₹ K Cr Peers 10-42% 2-51% 0-48% 2022 2024 Bankex 18% 10% 15% PROFIT (₹ Cr) 989 1,760 Nifty 15% 11% 14% 1. MMFSL TSR is from Mar-06 to Mar-1
Slide 149: Goals to deliver: 2.5% + ROA, 18% ROE
Goals to deliver : 2.5 % + ROA, 18 % ROE Stable Asset Quality Ace CVPs Market Share Returns Maintain <4.5% GS-3 across cycles Top 3 in customer value proposition Maintain 12% market share in wheels Improve RoA to 2.5% + Diversified Portfolio PPC NPS Growth Opex Fee Income 25-30% revenue from Non-whe
Slide 150: The core management team
The core management team SANDEEP VIVEK KARVE MAHESH SHIV KUMAR DEEPA MANISH DEVENDRA GAURAV VEDANARAYANAN ANTHONY SHANTANU MANDREKAR RAJARAMAN NV RANJEET SINHA SHARNAGAT VERMA SESHADRI HEREDIA REGE CBO - Wheels CFO CRO SME & LAP Digital CHRO Data/Analytics Underwriting MD, MIBL CEO - MMIMPL MD & CEO
Slide 151: Bharat ke PAAS, Bharat ke SAATH
BHARAT KE PAAS BHARAT KE SAATH
Slide 152: Group Investor Meet
mahindra® GROUP: INVESTOR: MEET
Slide 153: Mr. Amit Kumar Sinha, MD & CEO Mahindra Lifespaces
mahindra LIFESPACES Mr. Amit Kumar Sinha MD & CEO Mahindra Lifespaces GROUP. INVESTOR MEET
Slide 154: Mahindra Lifespaces
mahindra™” GROUP INVESTOR _— M T ‘D4 Mahindra Lifespaces GROUP. NVESTOR MEET
Slide 155: Mahindra Lifespaces
Mahindra Lifespaces 14th June 2024 OUR JOURNEY OUR STRATEGY OUR TEAM
Slide 156: About Mahindra Lifespaces
About Mahindra Lifespaces Industrial Developer since 1994 (2 World Cities, 3 Industrial parks) Resi: 50 projects since1996 (37.3 million sqft); 18K satisfied customers Industrial: Strategic partnerships with TIIDCO, RIICO, IFC, Sumitomo Resi: Strategic partnerships with Actis and HDFC Capital Indust
Slide 157: Our Journey So Far
Our Journey So Far… Total Sales Gross Development Value Free Cash Flow1 Net Debt2 (Rs Cr) (Rs Cr) (Rs Cr) (Rs Cr) 4,400 2,698 639 630 3.5x 4.4x 3.9x 610 991 778 163 FY20 FY24 FY20 FY24 FY20 FY24 FY20 FY24 1 Free Cash flow excluding cash outflow towards land acquisitions. 2 Net Debt (consolidated) ac
Slide 158: Structural long-term drivers fueling Real Estate in India
Structural long-term drivers fueling Real Estate in India INCREASING URBANIZATION… …HH INCOME… …& REGULATORY REFORMS… …HAVE LED TO “FLIGHT TO QUALITY” High High 40% 8Mn (3%) 29Mn >33 L (7%) 31% 23% Upper mid Upper mid 7 L – 33 L 61Mn (21%) 168Mn (44%) RERA 3.3 L – 7 L Lower mid Lower mid 10% 97Mn (3
Slide 159: Key Priorities
Our growth aspiration: Rs 8-10K Cr ($1-1.2bn) Rs. 8,000 -10,000 Cr RESIDENTIAL RESIDENTIAL & INDUSTRIAL BUSINESS Planned funding of Rs 45000 Cr “WOW” customer KEY PRIORITIES experience Rs 7000 Cr (~$5.4bn) of ($800mm); 50% cumulative GDV internal Rs. 2,698 Cr IC & IC Rs. 2,268 Cr Accelerated Monetiz
Slide 160: We have a strong right to win
We have a strong right to win RAZOR SHARP ROBUST BIZ SUPERIOR PROJECT IC&IC ROBUST FOCUS ON DEVELOPMENT CUSTOMER EXECUTION MAXIMIZATION FINANCIAL PORTFOLIO ENGINE EXPERIENCE EXCELLENCE DISCIPLINE • Depth in 3 core markets • Systematic growth with • Strong brand promise • “First time right” • Govt. a
Slide 161: Significant Momentum in our business in the last 12 months
Significant Momentum in our business in the last 12 months APR ‘24 MAR ‘24 MAR ‘24 FEB ‘24 OCT ‘23 JUN ‘23 Rs 350 Cr in 2 days Looking to build Acquired land Rs 800 Cr in 3 days Land Acquisition in Pune Forayed into first (Mahindra Zen) Rs 45K Cr pipeline (Rs 1800 Cr GDV) (Mahindra Vista) (Rs 1400 C
Slide 162: Exciting Launches planned over the next 12 months
Exciting Launches planned over the next 12 months Mahindra Vista Ph 2 Codename: Navy Codename: WestEra Mahindra Codename Crown Ph2 Kandivali, Mumbai Malad, Mumbai Santacruz, Mumbai Kharadi Annex, Pune Mahindra Citadel Ph3 Codename: B9 Hope Green Estates (Plotted) Project Pink (Plotted) Pimpri, Pune
Slide 163: Strong Leadership Team driving Execution
Strong Leadership Team driving Execution Strong second-in-line team in Place Vimalendra Singh, Chief Sudharshan KR, Chief Project Officer Avinash Bapat, CFO Business Officer – Residential Led 38 msft of resi & commercial Renewables and Auto Banking & Real estate Amit Kumar development Sinha, MD & CE
Slide 164: Thank You
Thank You Vista, Mumbai RERA Reg No: P51800054671 Artist’s Impression
Slide 165: Group Investor Meet
mahindra® GROUP: INVESTOR: MEET
Slide 166: Ms. Suman Mishra, MD & CEO Mahindra Last Mile Mobility
mahindra : LAST MILE MOBILITY alin INVESTOR MEET Ms. Suman Mishra MD & CEO Mahindra Last Mile Mobility
Slide 167: Last Mile Mobility
mahincdra _— LAST MILE MOBILITY
Slide 168: Enabling technology and sustainability for the last mile
Enabling technology and sustainability for the last mile Technology Sustainability Customer Impact Connected Zero tailpipe emissions Benefits economically underprivileged communities Electric Low Noise 20% higher earnings Innovative Cleaner Cities Inclusive.. Women & Senior Citizens
Slide 169: 4X EV Growth
Delivering Growth across All Parameters 130+ kilo metric tonnes CO2 saved 4X EV Growth 3.5+ Million Trees (equivalent) 4X 3 Billion eKMs 150 Mn+ Liters (cumulative) FY22 FY23 FY24 of fuel saved
Slide 170: A vision to enable sustainable last mile mobility
Partnered with marquee investors Raised Rs 1000 Cr A vision to enable sustainable last mile mobility for and beyond
Slide 171: Extensive and Innovative product portfolio for all last mile applications
Extensive and Innovative product portfolio covering all last mile applications 3W e-Rickshaw 3W Auto (L5M) 3W Cargo (L5N) 4W SCV(<2 Tn) New Launches in FY 24 Recognition Treo Plus Jeeto Strong EAlfa Super Treo Metal Apollo CV: EV of the Apollo CV : EV of the Year:2023 Year:2024 Zor Grand Treo Plus
Slide 172: Last Mile - Large Rapidly Electrifying Market
Last Mile – Large Rapidly Electrifying Market …already positive customer economics EV volumes : Last Mile (3 W + 4W*) 1,077 K Segment Wise EV FY24 FY30# Penetration -28% -46% Passenger: 3W Auto + eRick Electric Rickshaw 100% 100% 633 K Electric Autos (L5M) 11% 50% 328 K Cargo: 3W Auto + eCart Electr
Slide 173: LMM: Poised to Scale
LMM: Poised to Scale Channel Data as a backbone Brand Proprietary Technology At Scale Operations 800+ Outlets Cloud Connected Pan India Presence Analytics Led 80% Districts Covered Reputed Commercial Deep expertise in Battery, Motor and 3 Manufacturing Plants Vehicle Brand Embedded systems Strong Su
Slide 174: Building the ecosystem with partnerships
Building the ecosystem with partnerships Charging / Swapping Second Life & Recycling Fleet Partnerships Financing Partnerships Partnerships Partnerships 95% Home Charging Customized Solutions Enabling Attractive Financing Recycling basis state of 10K+ Charging Points Fleet Applications Leasing Optio
Slide 175: Promoting inclusivity and generating prosperity
Promoting inclusivity and generating prosperity
Slide 176: Group Investor Meet
mahindra® GROUP: INVESTOR: MEET
Slide 177: Panel and Q&A speakers
mahindra LAST MILE MOBILITY Dr. Anish Shah Group CEO & MD Mahindra Group Mr.Amarjyoti Barua Group CFO Mahindra Group Mr. Rajesh Jejurikar ED & CEO Auto & Farm Sector Mahindra & Mahindra (3) Ms. Suman Mishra Farm Equipment Sector Mahindra Last Mile Mobility GROUP INVESTOR MEET