MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

102 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS (iv) The expenditure incurred on Research and Development: T he Company spent Rs. 2,410.38 crores (including Rs. 1,541.60 crores on Capital Expenditure) for Research & Development work during the year, which was approximately 4% of the total turnover. (C) Foreign Exchange Earnings and Outgo Foreign Exchange earnings and outgo during the year under review are as follows: (Rs. in crores) Total Foreign Exchange Earned and Outgo For the Financial Year ended 31 st March, 2022 For the Financial Year ended 31 st March, 2021 Foreign Currency Earnings 3,294.13 2,000.03 Foreign Exchange Outgo 2,628.79 2,162.36 For and on behalf of the Board ANAND G. MAHINDRA Chairman Mumbai, 28 th May, 2022