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

16 The Reigniting Value Creation exercise has already started yielding visible results in terms of profitability and ROE improvement. Based on this analysis, we took the following decisions: Having identified that the losses incurred by some of our subsidiaries as a major factor for the drop in overall Company performance, we undertook an exercise to categorise the businesses: A Entities with a clear path to profitability B Entities with quantifiable strategic impact, and C Unclear path to profitability CAPITAL ALLOCATION UPDATE Ÿ To exit SsangYong, GippsAero, GenZe, First Choice Services, Conveyor Systems and Dairy business. Ÿ To restructure Mahindra Automotive North America. Ÿ To divest metal fabrication business of Hisarlar in Turkey. RE IGNI TED VALUE CREAT ION Value creation is ingrained in Mahindra's DNA. In our journey of more than seven decades, we have consistently created value for our stakeholders and have uninterruptedly paid dividends, even before we went public in 1956. From a steel-trading venture to becoming a global brand, spanning nations and industries, we have grown significantly. We have constantly pushed the bound- aries of possibilities to create products and technology-led services that enable our customers and stakeholders to Rise. In F20, our performance was impacted due to losses in some of our international subsidiaries and slowdown in the Indian economy, exacerbated by COVID-19. We rebooted our strategy with a sharp focus on financial discipline and stream- lined capital allocation to maximise value creation for all stakeholders. COMPANY OVERVIEW REIGNITED VALUE CREATION OUTPERFORM FINANCIALLY FUTURE-READY ESG LEADERSHIP GLOBALLY INPUT-OUTPUT MODEL CORPORATE INFORMATION STATUTORY REPORTS FINANCIAL STATEMENTS